Real Estate News Headlines // March 24th 2016
Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines
Dozens of Vancouver-area real estate firms are failing to comply with federal anti-money-laundering laws that require them to identify who their clients are and where their money comes from, The Globe and Mail has learned.
The Financial Transactions and Reports Analysis Centre (FinTRAC), which enforces the legislation, says it found “significant” or “very significant” deficiencies within some five dozen B.C. brokerages in the past year. It decided to step up scrutiny over worries that money primarily from China is being laundered through Vancouver real estate.
The provincial Opposition New Democrats have introduced two pieces of legislation aimed at alleviating Vancouver’s affordable housing crisis.
One of the bills calls for a two per cent tax on people who treat homes solely as investments.
