Toronto's housing market, like Vancouver's, has become magnet for money launderers: study

Toronto’s housing market has become a target for money laundering or “snow washing,” thanks to anonymous property ownership, weak regulation and lax enforcement, according to a new study.

In that period, $9.8 billion of housing was bought by companies through cash purchases, largely bypassing anti-money laundering checks on fund sources and beneficial owners, according to the study, which analyzed more than 1.4 million residential sales dating back to 2008. The report follows a similar one on Vancouver in 2016 that revealed almost half of the city’s most valuable property owners were unknown and hiding behind shell companies, trusts and nominee owners. This led to greater enforcement from the provincial government, including proposing a registry for beneficial owners for property.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Two development companies planning office towers to reshape downtowns of Toronto and VancouverThe buildings are centrally located near transit, linked to clean energy and the fastest possible broadband, offering big office floors for easy collaboration, and built to have some easy back-and-forth with the city around them
Source: globeandmail - 🏆 5. / 92 Read more »

Luxury realtor takes optimistic view in bearish Vancouver marketSales at the high end of Vancouver’s property market slid at the start of 2019, but Sotheby’s realty is encouraged by the looky-loos.
Source: VancouverSun - 🏆 49. / 61 Read more »

Second generation of Vancouver-designed electric vehicle to be on market by September“We are alerting people right now about the impending delivery of cars. September we will ramp up to hundreds per month and then we will sell and lease the cars to the public. The target is 7…
Source: VancouverSun - 🏆 49. / 61 Read more »

Canada’s housing market headed for weakest year in almost decade, warns CREA in updated outlookSales down 4.4% in February, prices down 5.2%
Source: nationalpost - 🏆 10. / 80 Read more »