...and now...back to the news for non hallucinating while on pharma viewers:
Money laundering funded $5.3B in B.C. real estate purchases in 2018, report reveals
Reports point to numerous gaps allowing criminals entry to province's housing market
An estimated $5.3 billion worth of real estate transactions in B.C. last year were the result of money laundering, helping to fuel the province's skyrocketing housing prices, according to a new report.
An expert panel on dirty money in the overall real-estate market estimates that five per cent of the value of 2018 purchases were for laundering purposes, contributing to about a five per cent rise in housing prices.
The effect could be more significant in certain markets, including Metro Vancouver, according to the panel, which was commissioned by the provincial government.
Altogether, dirty money in the real estate market accounted for an estimated 72 per cent of the $7.4 billion that the experts believe was laundered in total in B.C. last year.
"Our economy should work for regular people, not criminals," said B.C. Finance Minister Carole James. "Housing should provide shelter, not a vehicle for proceeds of crime."
Well... a fine time to lock those barn doors now - the horses are already out and long gone...