Vancouver's housing crisis wasn't caused by dirty money, probe finds

The inquiry, led by British Columbia Supreme Court Justice Austin Cullen, was widely anticipated among local politicians, media and housing advocates, who in recent years have blamed the nation’s most expensive property market on criminal money — in particular, from Asia.

In the last two decades, the price of a benchmark Vancouver home has roughly tripled, coinciding with a surge in so-called millionaire migrants from Asia drawn by Canadian immigration policies designed to attract the rich. The region was riveted by stories of Chinese high rollers showing up at casinos with bags full of cash and Asian students declaring no income but owning multi-million-dollar homes.

Footage released by Horgan’s government in 2018 of Asian gamblers at Vancouver-area casinos had particularly inflamed public opinion. Cullen’s report acknowledged that hundreds of millions of dollars of illicit cash gambled at the facilities had fuelled “an extraordinary growth in suspicious cash transactions.” But he cautioned against assuming the patrons were all criminals.

Source: Loan Digest (loandigest.net)

bullshit

I don't think most people believe that. If homes are bought and sold by the people that live in the community and earn an average salary, nobody would be able to pay 1 million for a house, so the market would dictate affordable prices. There is something very wrong here.

Money can't be dirty as it dosent know where it came from.

Lol

My body fat was not caused by overeating and lack of exercise, study finds.

Lol. Who did the probe? The same people that let it happen, or are so heavily invested in market they can't produce findings that will make change.

From the report, it appears that mass unchecked immigration played a significant role. It's time this was finally addressed (better late than never):

In other news, water is wet.....

So they’re looking inside Canada to find money laundering? 😆 It’s all clean before it hits the border. The small fish have Chinese mailing addresses. The whales have sophisticated operations.

Yeah, because the Chinese Communists clean their money first.

Just foreign nationals creating an imbalance in the market....

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