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Wait, There’s More: Money laundering in B.C.’s real estate market

Prices are cooling, but it’s still one of the most expensive places on earth to buy a house. The average price of a home in Vancouver is around $925,000. Jonathan Hayward / THE CANADIAN PRESS

The real estate market in B.C. is one of the most unaffordable real estate markets in the world.

In May, a panel of experts found that the impact of alleged money laundering in B.C. pushed up real estate prices by 3.7 to 7.5 per cent.

READ MORE: How Chinese gangs are laundering drug money through Vancouver real estate

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On this episode of Wait, There’s More, host Tamara Khandaker speaks with Sam Cooper, Global News reporter, about his investigation into money laundering in B.C.’s real estate market.

Cooper explains how alleged criminals use something called bare trusts to launder money through anonymous real estate deals. “They have made B.C., especially in Canada, a tax haven and a money laundering haven for international corruption suspects, the international elite and criminals.”

 

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