Secretive methods such as shell companies were used to buy nearly half of Vancouver’s most expensive properties, according to a new report from Transparency International.
If you don’t know who owns a property, that can mean it’s easier for people to launder money or evade taxes, according to NDP housing critic David Eby, who supplied the documents used by the transparency watchdog for this report.
“If we don’t know where the money’s coming from, we don’t know who brought it in, because it’s held by a company rather than the individual who actually owns it, we’re unable to enforce money laundering rules.”
The documents show that 46 out of the priciest 100 Vancouver properties were bought under this shroud.
