Vancouver, BC has been in news recently for not only for its red hot real estate market, but also for malpractices like shadow-flipping and foreign investment with reports of Chinese buyers accounting for 33 percent of total real estate sale last year. What is being done to address this problem?
Efforts are being made at all levels. While RECO (BC) have sprung into action, Prime Minister Justin Trudeau has promised half a million ($500,000) to get the data of foreign buyers. With this and other measures in place and being worked out, people are hoping that real estate scams will be curtailed.
However, according a report published in the Ottawa Citizen, Vancouver and Canadian experts feel that money laundering, fraud and tax evasion in B.C.’s speculative real estate market could be impossible to tackle unless agency information silos are broken and enforcement is increased with high-tech efficiency.