Vancouver Real Estate Crackdown’s Next Step: A Big Watchdog
- Province to expand purview of financial-services regulator
- Single regulator can better fight money-laundering: government
Vancouver is one North America’s most unaffordable housing markets after prices more than doubled in a decade.
Photographer: Jennifer Gauthier/BloombergThis article is for subscribers only.
British Columbia plans to create a single real estate regulator to better combat money-laundering in markets like Vancouver, where the government says dirty money has helped drive up housing prices.
The provincial government intends to introduce legislation late next year that would establish a joint financial-services and real estate watchdog by the spring of 2021, the Ministry of Finance said Tuesday.