Home ownership rates in Canada are on the decline for the first time on record and young families are struggling to do what generations before them have done – buy a home.
The money laundering problem in Canada’s real estate market is impacting home prices and hurting hardworking Canadian families. Young couples looking to buy their first home are competing against shell companies who are sometimes drug runners or arms dealers who can afford to pay whatever it takes to get the property. Frustrated young families deserve better. It’s time to get dirty money out of the Canadian housing market and rip the veil off criminal shell companies buying up Canadian homes.
Ontario Realtors are pleased to see NDP Leader Jagmeet Singh commit today to, if elected, tackling the problem of dirty money in the Canadian housing market by creating a beneficial ownership registry, which would require owners of real estate to identify themselves to land title authorities.
This marks the second Federal political party to commit to tackling money laundering in Canada’s housing market. OREA has been a leading voice for the need for a beneficial registry. OREA is also pleased to see three out of the four political parties putting ideas on the table to help make home ownership more affordable. This level of commitment shows how important it is to voters especially Millennials and Baby Boomers.
- Karen Cox, OREA President