A lot of fuss about nothing. Watch, nothing will come of this because there isn’t much cash changing hands, it’s all checks and transfers that are already known about. This is just a reporter trying to get a story rolling and bring in some eyeballs.

It is more than a bit disingenuous to say “realtors never touch any money”. The transactions are facilitated by the real estate supposed professional and, although you are not “p.i.’s” it is obvious that many transactions are being financed in ways that are not entirely on the up and up and that any reasonable person would be able to spot them. If one chooses not to look I guess you don’t see it. (I, by the way, worked for one of Vancouver’s largest developers at one time and did see people with the storied briefcases full of cash – we just didn’t handle it).

I guess the real question is why would you use cash in a real estate transaction? The property is owned by someone and its easy to find out how much was paid, so what’s the advantage of using cash? Anyone with half a brain would have their money washed long before the real estate transaction.

The only reason I could think of to hand an agent cash would be to take a shortcut on the open bid system and I doubt that’s happening much if at all.

Fact the feds income has sunk due to oil crash. ..as a result watch for CRA and various Gov seeking revenue from non reported suite income to money laundering in Real Estate. ..they will and need money. .watch out folks my sister works for CRA and this is the primary focus now

3 ex-kitsie: I have to side with PaulB. It’s the lawyers who handle the funds in a real estate transaction. The most the realtor might do is hand over a client’s cheque for a deposit. I can’t imagine anyone handing over a briefcase of cash to a realtor, it would happen in the lawyer’s office. And the lawyer would then write a trust cheque to the vendor for the purchase amount.

6 Gov ment: The Federal revenues are down in the billions of dollars, auditing a few real estate transactions in Vancouver is not going to make a dent in that!

11k party next Tuesday!

As the article explains — tossing the transactions over to the lawyers meets the loophole requirement, to eliminate the appropriate scrutiny. Meanwhile realtors can pretend they have no ‘splainin to do….

Very disingenuous comment Paul B.

“we’re not P.I.’s”

Gotta say, I am a bit disappointed with you Paul B, although I guess…. this is how you make your living. May God have mercy on your soul.

http://www.vancitybuzz.com/2015/08/stefano-ricci-vancouver-store-west-georgia-street/

Does the average reported income in Vancouver justify this retailer whose only other locations are NYC and Beverly Hills?

This retailer knows that there is huge money in Vancouver and its not the local resident taxpayer who has it. That same money is responsible for real estate prices, and also for al the luxury car dealerships.

Stefano Ricci, Versace, it is stale pimp-loved Italian brand, only welcomed in Vancouver, I am stunned.

Lawyers have managed to exempt themselves from the money laundering regs. Coz the client/lawyer relationship is so sacred, wouldn’t you know.

How convenient.

Meanwhile banks and realtors and accountants are NOT exempt and no one can bring in $5M to buy a high priced house without the knowledge of one of these three.

Likely they are turning a blind eye, as they know there is such lax enforcement. I will believe Harper’s belated conversion when they haul away the first banker to jail and disbar a few realtors and remove the lawyer exemption.

All unlikely.

I heard a young couple attending university in Vancouver want to buy a house, just curious how the money transfer to Canada, of course parents will pay for it.
Drive me crazy,they are both with student visas

A student visa is an easy way to start the citizenship path. Many of these kids will get work permits, then PR, and citizenship. They will enter the workforce with high expectations of concuring the world. But once the reality of office drugery sets in they’ll simple quit and live of mom and dad’s (who they have sponsered by now) money and the welfare state.

I’ve seen it happen more than once at my office.

Property sales spike sparks money laundering fears

https://www.biv.com/article/2015/4/property-sales-spike-sparks-money-laundering-fears/

An article from April that is interesting to read now.

Not my job but chit chat over lunch today with a colleague of mine. ..tells me he repo a Rolls Royce yesterday in Point Gray. ..he never repo so many 6 figure cars in 20 yrs as he has this year. All Asians

@boost

Amazing that people believe and up-vote your fake anecdotes.

Crikey, who in the Senate holds duel citizenship? What is the breakdown by race, culture and religion? Yknow it’s all about influence.

Property is ephemeral, and not the legal definition of Real Estate. If the Senator has a mortgage perhaps the forum reader will rest easier knowing the Senator is a debt slave too.

What then is the ratio of Senators to indebtedness? and how does it differ from the Van Real Estate players. What is the measure when assessing a politician, knowing which side he plays for? Cant count on the media to inform us, with facts and stats. This is the real problemm. Quality info is hoarded, monetized, bought and sold.

24 YLTNboomerang:

I have only purchased and sold one property so I am not a player, but I can tell you that in both transactions, my realtor had no idea of my financial situation and I did not even talk to the other realtor!

Your comment to PaulB is complete hyperbole.

And no, I don’t know Paul.