South Surrey / White Rock Real Estate Update
Foreign buyers depositing large sums of money into third party bank accounts has been being tracked and reported to the government between January 2012 and July 2015.
This has been a “hot topic” amongst the real estate community for years. I read a Mortgage Broker News update this morning, which confirmed the same. Financial institutions in Vancouver, Richmond, West Vancouver and North Vancouver alone, reported 5,895 transactions from unknown origin, with 1660 transactions from Canadians.
Most these incoming funds were suspect, from China to purchase real estate in Canada.
Potential money laundering in Canada has been a hot topic of growing interest. As our local prices continue to soar, fueled by foreign investment, it does make a person ponder, how this will affect our real estate down the road.
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