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Toronto real estate ripe for laundering money

Mortgage Broker News.ca

In light of renewed concerns about Canadian real estate being used to launder money, the federal government has pledged to take action.

“This issue was identified as a real priority—it has become a priority for my government,” Bill Blair, Canada’s federal minister for organized crime reduction, told Bloomberg. “We recognize and acknowledge the impact that this criminal activity—money laundering—has had on British Columbia, on the affordability of housing, and on the integrity of our financial institutions.”

Last week, a study by Transparency International Canada, Canadians for Tax Fairness and Publish What You Pay Canada revealed that, since 2008, $28.4 billion worth of housing in Toronto alone was purchased anonymously, $9.8b of which in cash. The study drew upon 1.4 million homes to reach its conclusion.

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