"Report after report have shown that money laundering is a major problem in Canada’s housing market. While other jurisdictions like British Columbia and the United Kingdom have implemented laws to deter money laundering, Ontario’s robust housing market and lack of transparency in public land registries have created the ideal environment for international criminals to anonymously flow money through residential real estate.
Ontario REALTORS® don’t want to see a single dollar of dirty money being used to snap up homes that could be purchased by law-abiding Canadians. The Ontario Real Estate Association (OREA) commends NDP MPPs Jessica Bell and Bhutila Karpoche for bringing forward legislation that supports the creation of a public and searchable beneficial ownership registry requiring home purchasers to identify themselves to land title authorities.
A lack of transparency is having a direct impact in Ontario: an estimated $30 billion of laundered money infiltrated the housing market between 2008 – 2018 alone. A publicly accessible beneficial ownership registry is essential to put a stop to money laundering and strengthen public and economic trust in our province.
By eliminating the opportunity for criminals to hide behind numbered companies to buy up Ontario homes, the government and law enforcement will be given an important tool to investigate suspicious transactions, leaving more homes on the market for Ontario families."
- Tim Hudak, CEO of the Ontario Real Estate Association
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Ontario Real Estate Association
Manager, Media Relations
416-445-9910 ext. 246
OREA AI Assistant