Municipal governments are starting to put green standards in place for developers and builders to follow to help protect the planet. But will it really work?
The investigation into money laundering through British Columbia’s real estate industry is not being heavily impacted by the coronavirus outbreak.
The Cullen Commission, led by B.C. Supreme Court Justice Austin F. Cullen, began in February 2020 with a remit of assessing how the province’s real estate and gambling industries are being utilized by criminals to launder dirty money.
In a statement this week, the Commission said that it is monitoring the situation around the COVID-19 spread and is focused on the safety of its team and those assisting with the probe.
But with many staff able to work remotely, it says it has closed its physical office and has the technology available for those who are self-isolating or social-distancing.
The Commission says that its work it continuing to move forward “as expected.”
Public hearings are due to take place from the end of May.
Lack of compliance A recent report from Global News cited an internal report from the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) which shows that just 52% of real estate firms are compliant on training employees to spot the signs of potential money laundering; and 53% on identifying clients.
And The British Columbia Real Estate Association has called for greater federal and provincial cooperation to help combat money laundering in the province.
The survey shows that buying a home in a major city centre has risen 5% since last year.
The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.
Coming to Toronto May 14-15 is an in-person event discussing multifamily investing and the benefits it can have for new and experienced investors.
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