Housing Is a Magnet for Money Launderers in Toronto: Study
- Billions of dollars from anonymous owners went into home deals
- Report looked at 1.4 million sales as property market surged
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Toronto’s housing market has become a target for money laundering or “snow washing,” thanks to anonymous property ownership, weak regulation and lax enforcement, according to a new study.
Since 2008, C$28.4 billion ($21.3 billion) worth of housing was acquired in the Toronto region largely through private entities where owners can remain anonymous, according to a report released Thursday by Transparency International Canada, Canadians for Tax Fairness and Publish What You Pay Canada.