$5 billion laundered through B.C. real estate in 2018 | CTV News
VICTORIA — An independent report has found that $5 billion was laundered through British Columbia’s real estate market last year and increased the cost of buying a home by five per cent.
The report by former B.C. deputy attorney general Maureen Maloney estimated that $7.4 billion overall was laundered in B.C. last year, a figure she says is conservative and added the total amount across Canada was about $47 billion.
The provincial government commissioned two reports last September to shed light on money laundering by organized crime in the province’s expensive real estate market.
Former deputy RCMP commissioner Peter German says in his report that the infusion of illicit money into the B.C. economy led to a frenzy of buying that raised the assessed values of homes throughout much of Metro Vancouver.
German’s report says the aggregated declared value of cash buys in real estate transactions over the past 20 years is $84 billion to $212 billion.
He says his report found thousands of specific properties worth billions at high risk for potential money laundering.
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