Laundered money funded $5.3B in B.C. real estate purchases in 2018, report reveals
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.