Why are you labeling that as "Political Correctness?"
People who label things, including labeling things as "Political Correctness" are driving this country to a place I never thought it could go.
May 8th, 2019 2:17 pm
Why are you labeling that as "Political Correctness?"
May 8th, 2019 7:35 pm
I wouldn't say much of the money is foreign as we don't necessarily know the exact sources of all of the funds laundered. It's accurate to say that much of the media coverage has been centred around foreign funds. I suspect that a lot of domestic money also gets laundered through many of the same mechanisms reported on especially if it comes to payment for the import of illegal stuff.cbr600 wrote: ↑May 8th, 2019 11:23 ambecause no one wants to be labelled a racist by simply pointing out the truth which is much of the money laundering in BC is foreign. So for the sake of political correctness, nothing gets investigated or done.
Of course this political correctness isn't a problem in foreign countries, just our own
May 8th, 2019 7:36 pm
May 8th, 2019 7:46 pm
May 9th, 2019 2:22 pm
May 9th, 2019 4:27 pm
An estimated $5.3 billion worth of real estate transactions in B.C. last year were the result of money laundering, helping fuel the meteoric rise of housing prices in the province, 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 home prices.
The effect could be more significant in certain markets, including Metro Vancouver, according to the panel.
Altogether, dirty money in the real estate market accounted for an estimated 72 per cent of the $7.4 billion that the experts believe was laundered in B.C. last year.
May 9th, 2019 7:13 pm
More than $7 billion in dirty money was laundered in B.C. in 2018, hiking the cost of buying a home by about 5%, according to British Columbia’s Expert Panel on Money Laundering in Real Estate.
Read the Expert Panel on Money Laundering in Real Estate’s full report:
https://news.gov.bc.ca/files/Combatting ... Report.pdf
Read Peter German’s report:
https://news.gov.bc.ca/files/Dirty_Mone ... Part_2.pdf
See the Expert Panel on Money Laundering in Real Estate’s presentation:
https://news.gov.bc.ca/files/Combatting ... tation.pdf
See Peter German’s presentation:
https://news.gov.bc.ca/files/Dirty_Mone ... _Part2.pdf
May 9th, 2019 7:51 pm
May 9th, 2019 8:04 pm
hugeinpants wrote: ↑May 9th, 2019 2:22 pmhttps://www.cbc.ca/news/canada/british- ... -1.5128769
CBC News • Province releasing 2 reports today into money laundering in real estate
Attorney General David Eby called the contents of the reports 'disturbing'
The province is set to release two reports into money laundering in B.C.'s real estate industry shortly after noon on Thursday.
One report is the remainder of former Mountie Peter German's report, while the second was written by criminal law expert Maureen Maloney.
Attorney General David Eby said Maloney's report was written with expertise from international experts and will make recommendations.
"It's a big picture report about policy in British Columbia and the potential impact of money laundering on B.C.'s real estate market," he said on Wednesday.
Eby will be discussing the report along with B.C.'s minister of finance, Carole James.
The latest reports come amid the release of a flurry of reports into money laundering in B.C., including an explosive report into the luxury car sector earlier this week.
"The trend around money laundering in British Columbia has been that when we look, we find disturbing information and I don't think these reports are any exception," said Eby.
"The reason we commissioned these reports was to get this information out to the public and I'm glad we've been able to do it as quickly as we have been."
danishh wrote: ↑May 9th, 2019 4:27 pmhttps://www.cbc.ca/news/canada/british- ... -1.5128769
Both of these sources are a bit thin on talking about the scope of the issue... they seem to say that it's a BC only problem...hugeinpants wrote: ↑May 9th, 2019 7:13 pmhttps://news.gov.bc.ca/releases/2019FIN0051-000914
BC Gov News - Billions in money laundering increased B.C. housing prices, expert panel finds
If anything, the entire report shows that BC isn't as bad as the media makes it out to be especially if you consider that Alberta and the Prairies have more money laundered and they have a much smaller population base as well as lower immigration numbers. Ontario is understandable as they have a higher population base with more economic activity so there should be more criminal activity there in an absolute term - ie not normalized over the population.However, her report concluded $47 billion in money laundering occurred in Canada in 2018.
Of that, $7.4 billion was in B.C., making it only the fourth-highest in the country behind Ontario, Alberta and the Prairies.
And of that, $5.3 billion was in real estate, altering the market upwards by an estimated five per cent. Maloney’s report concedes it could be higher or lower depending on the type of property, and although it was not broken down by geographic region it could likely heavily impact the Lower Mainland and Whistler.
It is also more likely to affect single-family homes than condos in the Lower Mainland, according to the report.
“It is also not clear how much demand would fall if significant inroads were made into reducing money laundering,” read Maloney’s report.
“The housing affordability problem cannot be solved by reducing money laundering but reducing money laundering can certainly help,” Maloney wrote.
“It is alarming to know that Greater Vancouver has also acted as a laundromat for foreign organized crime, including a Mexican cartel, Iranian and Mainland Chinese organized crime, all seeking a safe and effective locale in which to wash their proceeds of crime,” read the report written by German.
May 9th, 2019 11:19 pm
May 10th, 2019 12:03 am
Keep thinking home prices are a direct result of dirty money. People in today's age will take something and run with it. Let me know how affordable homes will be in 10 years. You think $5M homes will drop to $500K?adamtheman wrote: ↑May 9th, 2019 11:19 pmIt's funny to look back at all the people who insisted that Vancouver RE prices were not influenced by foreign money or illicit funds. "Vancouver is just a really desirable place to live"...... "There's no more land"....... and comparisons to major cities like Toyko and New York and London. Once this cookie crumbles, Vancouver is just going to be regular old Vancouver again for a while and there will be no shortage of housing, guaranteed. Looking forward to it.
May 10th, 2019 12:10 am
"Normal" people don't care about $5M homes, genius.
May 10th, 2019 12:49 am
May 10th, 2019 1:01 am
May 10th, 2019 1:39 am