Governments have no idea who owns many of the country's priciest properties, but that may soon change.
The crackdown on money laundering may be welcome, but it will still hurt financially.
The country would fall into recession if three-quarters of the money laundering suddenly disappeared, a new analysis says.
But this could just be the tip of the iceberg.
StatsCan itself says its data so far is “just the tip of the iceberg.”
Money laundering through real estate feeds poverty and worsens inequality, Transparency International says.
As gift cards become more popular with consumers and merchants, criminals also want a piece of the holiday pie. As criminals get savvier, they are finding new loopholes to exploit, and e-gift cards are increasingly becoming a lucrative way to commit fraud and to launder money.
A money launderer and wealthy entrepreneur from abroad may both be considered "Foreign Investors" with similarly disparate outcomes. A great deal of the former (money launderers) are infiltrating a porous Canadian financial system to purchase real estate in Vancouver and Toronto and have contributed to the out of control housing prices in both cities.
There appears to be some uncertainty on the real estate association's part about some of the regulations.
Unless the world unites as a federation, as a whole, it will be very difficult to stop our future generations to suffer calamities on a proportion which this globe has never been exposed to before. One example is climate change. New models now predict the possibility of flooding occurring at major cities at a much faster pace than was thought before.