Money laundering is a multibillion-dollar problem in Ontario’s housing market, crowding out hardworking families looking to achieve their dreams of one day owning a home. Ontario Realtors do not want to see a single dollar of dirty money in the Province’s housing market. Young families should not have to compete against drug dealers and corrupt officials to achieve their dreams of homeownership.
OREA supports the Province’s commitment in the Fall Economic Statement to combat money laundering. Specifically, Realtors are calling on the Province to create a beneficial ownership registry using the land title system. A beneficial ownership registry would help stop the practice of criminals using shell companies to buy up Ontario homes, giving law enforcement and government an important tool to keep dirty money out of the Province’s housing market.
- Tim Hudak, CEO of the Ontario Real Estate Association