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CBSA blames money laundering for Vancouver market

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Canadian Realestate Magazine | 05 Aug 2015, 09:00 AM Agree 0
A report from the Canada Border Service Agency shows that money laundering is impacting the Vancouver real estate market as the agency reports it has seized millions of dollars meant for investment over the years.
  • None | 05 Aug 2015, 02:22 PM Agree 0
    It's interesting why only the Chinese are called out on this. The report almost makes it sound like Americans don't do this, Persians, Japanese, Koreans. Nobody else does it.
  • Jobs | 05 Aug 2015, 02:24 PM Agree 0
    If BC wishes to curb inflows of foreign investment capital, then simply enact laws that prohibit it. It's really quite simple.
  • Not chinese | 05 Aug 2015, 02:30 PM Agree 0
    We are in a technical recession and the economy is neck deep in water and is being held up by the real estate markets specifically in Toronto and Vancouver. We need investors to help bring in cash to continue us afloat. Now this article makes it seem like all Chinese investors are deceitful parasites that have no moral compass and are laundering money. Don't miss my point when I say there are always a small percentage of any groups of people who will try to play the system. Doesn't mean a certain group needs to be singled out here seems more of a politically infused article in my opinion.
  • Michael | 05 Aug 2015, 03:38 PM Agree 0
    I can only say this is purely political and Racial Discrimination
  • | 05 Aug 2015, 03:52 PM Agree 0
    I think it's a mistake to cry Racism. If authorities were to back off based on such slurs, and we find out down the road it was in fact a huge problem, and Chinese by far the most prominent, those same ppl will be screaming at the Gov for not acting! Of all the various investors, we know it's the Chinese that are inundating the Left Coast, so that that is their focus, is not unreasonable, particularly in light of the fact they're also the most communist of other countries named by some (hence the greater need to get money out).
  • Michael | 05 Aug 2015, 04:06 PM Agree 0
    Then go to China, talk with more people and find the truth by yourself. Harper's government is hypocrite, we need a new leader.
  • Derek | 05 Aug 2015, 07:47 PM Agree 0
    remember when they said that most of the money in the Condo market wasn't from foreign ownership, I am sure toronto has the same issue . Foreigners love our two largest cities because tha'ts where the money is , pretty simple ,its not your local Canadian making the market move beyond reason . The government should be doing something . I know other countries make adjustments to foreign investment . I think at every level we are just greedy , and so don't want to stop the flow . But as hsitory shows it will happen, at some point .
  • J Martin | 05 Aug 2015, 08:01 PM Agree 0
    This activity has been going on for years. And a blind eye has been implemented by the present federal government. It is beyond a total disgrace. These bandits are laughing at our Country and the many good decent hard working citizens in it. By funneling all their dirty money thru our system which is presently broken and right now a disaster. It's that way because the federal government allows it to be this way.

    These people know well before hand just take as much money in cash into the country and it doesn't matter if you are found out or not. You will receive a ridicules small fine and away you go. Have a nice day and welcome to laundering as much money as you can. We the Canadian government are here to assist you as best we can to do it. This is confirmed by the present Micky mouse penalties now in place.

    What a complete disgrace. Never mind all the bs! Every decent Canadian citizen knows this is going on and has been for way to long. Time for these no guts politicians to have some balls and put a stop to this as soon as possible.

    Don't hold your breath however as there is an election coming up. So it will be business as usual. Continued money laundering as usual, even more so. The people who are responsible to fix this are a total disgrace. That ladies and gentleman is your federal government. One of the great cities of the World Vancouver, is owned in large part by Chinese laundered money. How sick is that for reality?
  • J West | 05 Aug 2015, 11:53 PM Agree 0
    The Government of China has complained of the laundering of looted money into Canadian real estate for years. The Canadian media, for whatever reason have refused to run the stories. The GOC has recently worked tirelessly to sign extradition treaties with 62 countries around the world in order to try and recover the loot and the crooks who stole the money. Canada has been embarrassingly slow to face a well known issue. The GOC has the arrest warrants ready. It's no secret who the thieves are...and there are hundreds of thousands of them spread out around the world...with many tens of thousands residing in Canada...thinking Canada will protect the stolen loot against the protests of the GOC.

    A recent case had the Mayor of Vancouver in a torrid relationship with the daughter of a corrupt Minister from Harbin China who had laundered millions into Vancouver real estate. The woman's greed was so monumental that she went back to China to steal more and when she did she was promptly arrested by the GOV and is now in prison awaiting trial. Many such stories have surfaced...but for whatever reason..the Canadian media will not run the stories.

    I am hoping that after the federal election the party in power will step up and stop the use of our beloved Canada as a toilet for Chinese Nationals.
  • valentin | 05 Aug 2015, 11:57 PM Agree 0
    Take a look at Richmond, Surrey, Yaletown, metrotown, Coquitlam Centre; These municipalities have experienced a huge influx of Chinese and East Indian population in the last five years. Not only buying residential properties but buiness as well. With Two Billion, three hundred million population in China, and our current immigration policies, we are becoming a second China already.
  • | 06 Aug 2015, 05:38 AM Agree 0
    Why is the government turning a blind eye to the locals who are over leveraging just to compete with foreign money to buy their first homes? Canadian debt levels all time high, and when the housing correction hits, it is the locals that are going to get burned.
  • | 11 Jan 2016, 02:09 AM Agree 0
    Why to single out specific community. Every community has few crooks who are always playing with a system and making money. Catch big fishes from the dirty pond.
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