Ever see a neat project in another city and wonder: could we do it here? Should we? We have too, and as part of an ongoing series we’ll be taking ideas from around the world and running them through the lens of Toronto.
And in B.C., the province has launched a Land Owner Transparency Registry, which was created as a requirement under the Land Owner Transparency Act, passed in May 2019, in order to address money laundering and create transparency in the housing market. The invasion of Ukraine has brought into focus the “dire security threat” that anonymous shell companies, created to purchase property to protecthide funds from the government, pose, said James Cohen, the executive director of Transparency International Canada, an anti-corruption organization that’s a chapter within the advocacy group Transparency International.
The report explains that as investment properties sit empty in Toronto, there is a shortage of rental housing and rising prices.
Nahanni_ Yes we should SteveClarkPC douglasdowney
Housing affordability needs attention and changes must come from the top tiers of Governments REDCanada
The registry hardly made a dent in the problem much like the gun registry.
Why doesn't Ontario already have a public land registry? Oh, wait a minute... who's the Ont. Premier!
Why doesn't it already?
They definitely need to get that put in place all over Ontario.
To be fair, the BC public land registry is not doing a whole lot to fight money laundering.
Ah* after tve following has happened.
Do you think?
As a certified land planner w/15yrs govt experience & dual 🇨🇦/ 🇺🇸 citizenship, I’ve seen it all. The answer to this question is: YES!! Give people transparency, the power to investigate. Let them choose to whom they give patronage w/their hard-earned money. MoneyLaundering
You bet!
As a certified land planner with 15 years govt experience and dual 🇨🇦/ 🇺🇸 citizenship, I’ve seen it all. And the answer to this question is: YES!! Give people the power to investigate and choose who to whom they give patronage with their hard-earned money.
Yes, the Russian oligarchs obviously got away with a lot in many western countries so we should examine the source of foreign investment in property.
Is foreign individuals/business cash vetted before it hits real estate market? This is the issue. Seems they’ve left just enough loop holes. Good optics to make believe they’re actually serious! Big banks overlooked foreign deposits in Christie Clark era, no consequences.
Um.. obviously yes.
BC does nothing . To say real estate has gone up 20% in the last couple of years, try 100 to 200 % for accuracy!!! And rents have tripled! We are losing young families as BC is sold out to the highest bidders and crooked realtors.
Zero. Number of Russian oligarch properties seized to date in Canada.
TheResetSniper let's just put them all on a public ledger next? hmmm
Gee, I guess all these Mafia Oligarchs are in trouble, right, fordnation? Where on earth will your kickbacks come from now?
Don’t be naive real estate agents and real estate investors control a huge pool of money and are more important to this government that you or I. The Ontario government will do absolutely nothing.
Yes!
Duh! OntarioPCParty probably would fight this all the way to SCC_eng
Well yes.
Yes! Housing needs to be addressed from all fronts
Of course!