Vancouver Experiences Property Market Inflation Due to Money Laundering

By in

Global AML campaigners have been speaking up about the results of a specialist report commissioned by the British Columbia government, which estimates that approximately CAD $5.3 billion of unlawful funds have been passed into the Canadian economy using sales of property in the region, the majority of it in Vancouver.

A considerable amount of the purchases, which at one time made up one in 20 property and land exchanges, were overpriced and had the impact of raising overall property prices by 5%, the board is claiming.