As quoted in the article: CBC British Columbia·Updated
Laundered money funded $5.3B in B.C. real estate purchases in 2018, report reveals
B.C. Finance Minister Carole James, Attorney General David Eby and money laundering investigator Peter German present their findings into money laundering in the provincial real-estate market. (Mike McArthur/CBC)
An estimated $5.3 billion worth of real estate transactions in B.C. last year were the result of money laundering, helping to fuel the province’s skyrocketing housing prices, according to a new report.
An expert panel on dirty money in the real-estate market estimates that five per cent of purchases in 2018 were made for laundering purposes, contributing to about a five per cent rise in prices.
The effect could be more significant in certain markets, including Metro Vancouver, according to the panel, which was commissioned by the provincial government.