$5 billion laundered through B.C. real estate in 2018, driving up home prices

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posted in Community by mollyareb

I knew there was was some funny business going on but never realized it was that high.

https://www.ctvnews.ca/canada/5-bil...tate-in-2018-driving-up-home-prices-1.4415765

VICTORIA -- A report that estimates $5 billion was laundered through British Columbia's real estate market last year also lifts the lid on the extent of illegal cash moving across Canada.

Some $7.4 billion overall was laundered in B.C. in 2018, out of an estimated total of $47 billion in Canada, concluded the report by an expert panel led by former B.C. deputy attorney general Maureen Maloney.

The report is one of two released Thursday and says B.C. ranks fourth for money laundering among a division of six regions in Canada, behind Alberta, Ontario and the Prairies -- collectively Saskatchewan and Manitoba.

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