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August Stats
Sep 04, 2019

Metro Vancouver housing market sees summer uptick in sales

Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.

Last month’s sales were 9.2 per cent below the 10-year August sales average.

“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith. 

There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).

For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By property type, the ratio is 12 per cent for detached homes, 18.4 per cent for townhomes, and 21.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3 per cent decrease over August 2018 and a 0.2 per cent decrease compared to July 2019.

Sales of detached homes in August 2019 reached 706, a 24.5 per cent increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and a 0.7 per cent decrease compared to July 2019.

Sales of apartment homes reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.

Attached home sales in August 2019 totalled 409, a 21.4 per cent increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000. This represents a 7.8 per cent decrease from August 2018, a 0.2 per cent increase compared to July 2019.

Download the August 2019 stats package. 

Canadian home prices set to rise, but by how much?
Aug 20, 2019

There are signs that Canada’s housing market is about to get hotter.

At least that’s what Capital Economics, a UK-headquartered economic-research firm, is suggesting.

In a recent report, Stephen Brown, Capital Economics’ senior Canadian economist, notes that the country’s sales-to-new listing ratio has returned to 60 percent.

That means that for every 10 homes that are listed, six are sold — and in the past, this level of activity has corresponded with year-over-year price increases of 10 percent.

Ratios over 60 percent generally indicate a seller’s market, where increased competition for properties drives land values up.

“As the ratio has overstated gains in the last year, we doubt house price inflation will accelerate quite that far,” says Brown.

So double-digit price growth doesn’t look like it’s in the cards.

However, Capital Economics forecasts Canadian home prices will begin to increase at an annual rate of between 3 and 5 percent by early next year.

Declining interest rates have helped Canada’s housing market rebound, and there is no indication that this will change any time soon.

Capital Economics says mortgage shoppers were being offered average promotional five-year fixed rates of 2.65 percent in July, compared with 3.43 percent in March.

“That means buyers can afford to pay 19% more than they could in March for a given monthly mortgage payment,” Brown explains.

But the mortgage stress test that was introduced in January 2018 remains a hurdle, and mortgage rates have yet to return to 2017 lows.

For now, Canadian home prices remain muted even as sales activity picks up. According to the Canadian Real Estate Association, the index price of a Canadian home was up 0.2 percent annually in July, while sales surged 12.6 percent.

“While the Bank of Canada will welcome the rebound in home sales to more normal levels, officials are unlikely to want to see house price inflation materially outpacing income growth again. Unless sales rise much further in the coming months, however, we don’t think such concerns will prevent the Bank from cutting interest rates this year,” says Brown.

Source: Josh Sherman: Livabl

Vancouver showing promising recovery signs
Aug 14, 2019

While it’s early days yet, Vancouver’s real estate market seems to be coming back to life.

July sales figures released by the Real Estate Board of Greater Vancouver revealed a 23.5% year-over-year increase, as regional residential home sales totalled 2,557, trumping last year’s 2,070. It also marked a 23.1% increase over the 2,077 home sales recorded in June 2019.

And while sales in July were 7.8% below the 10-year average for the month, Jason Turcotte, Cressey Development Group’s VP of development, notes the last decade has been an aberration.

“The 10-year averaged a number we will always struggle to meet because those were unprecedented 10 years,” he said. “I think the whole dynamic of the marketplace has changed in Vancouver, and what it shows us is that with ‘normal’ buying activity we see prices hold.”

Juxtaposed with a year ago, when nobody knew where the Vancouver market was headed, consumer confidence has returned to the market. As evidence, Turcotte points to the city’s single-family detached market.

“A year ago, the single-family market was virtually non-existent,” he said of the 32% year-over-year sales increase. “Now there’s reason to be cautiously optimistic because it’s a sign that comfort has returned to the market and we’re seeing ‘normal’ activity.”

The benchmark price for detached properties remains exorbitant at $1,417,000, however, it’s a 10.5% year-over-year decrease from July 2018 and a 0.5% drop from the previous month. Moreover, the Canada Mortgage and Housing Corporation just designated Vancouver’s housing market stability as moderate after being “highly vulnerable” for the past three years.

“When they talk about prices and affordability, it’s still very much in their red zone,” said Turcotte. “The reason the designation had to do with the slowing pace of sales and the slight reduction of pricing, but the latter alone wouldn’t have done it. It’s not an overheated marketplace where demand exceeds supply, which drives prices up at unprecedented levels. If we look at prices relative to local incomes, they’re still unaffordable and there’s no question we have to recognize we’re not only a local economy: we have global appeal with growth of high-income immigration. The strong demand here will, from a global interest perspective, keep prices high.”

Source: Neil Sharma: Mortgage Broker News

July Stats
Aug 02, 2019

Home sales increase in July

Home buyer demand picked up across Metro Vancouver last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019.

Last month’s sales were 7.8 per cent below the 10-year July sales average.

“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashley Smith, REBGV president said. “Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”

There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2019. This represents a 3.3 per cent decrease compared to the 4,770 homes listed in July 2018 and a 2.9 per cent decrease compared to June 2019 when 4,751 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,240, a 17.3 per cent increase compared to July 2018 (12,137) and a 4.9 per cent decrease compared to June 2019 (14,968).

For all property types, the sales-to-active listings ratio for July 2019 is 18 per cent. By property type, the ratio is 13.5 per cent for detached homes, 20 per cent for townhomes, and 22 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,“ Smith said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4 per cent decrease over July 2018 and a 0.3 per cent decrease compared to June 2019.

Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.

Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.

Attached home sales in July 2019 totalled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.

Download the July 2019 stats package.

Property taxes could increase by as much as 10% in Vancouver next year
Jul 22, 2019

A new city staff report states that property taxes in Vancouver next year could increase as much as 10%, to help cover the costs of city council motions that have been put forward “over the past months, some of which will have budget implications over the next few years.”

The report said that a preliminary scan of the budget numbers “indicates that expenditure pressures will exceed those estimated in the 2019-2024 Five-Year Financial Plan.”

That plan estimated a 4.9% property tax increase to balance the budget. However, “the 2020-2024 outlook indicates that the pressure would require a higher tax increase of 6% to 7% to balance and could be as high as 10% to implement all of the various council motions.”

The report said the capital budget will reflect the second year of the four-year capital plan approved in 2018.

Initial estimates for 2020 are to bring forward projects of approximately $450 million or 20% of the four year plan, “with higher levels expected in future years as planning and design are completed and construction begins on major projects,” it said.

“Following this high level scan, staff will undertake the process of reviewing costs and revenues, including utilities and fees, in developing a proposed budget.”

This, the report noted, will include consideration of increased revenues and revenue sources, cost savings through technology, process improvement or service changes, and other opportunities to deliver services and programs.

Between now and when the draft budget is presented to council in late fall, the city will embark on its annual public engagement process for the budget.

Starting in mid-August, the public will have opportunities — online, in person, in workshops, etc. — to share their thoughts on the budget with city council, “as well as their own priorities for the services and programs we should fund more―or less,” the report added.

Last year, Vancouver city council approved a 4.5% property tax increase, as part of the city’s $1.513 million operating budget for 2019 and a $365.8 million capital budget for new projects in 2019.

Source: Eric Zimmer: Daily Hive

Royal LePage 2019 housing price survey and forecast
Jul 18, 2019

Read the latest update on housing prices and forecast across Canada:

https://www.royallepage.ca/en/realestate/news/canadian-real-estate-market-shows-signs-of-a-sustainable-recovery-with-modest-price-gain-of-1-1-in-second-quarter/

June Stats
Jul 03, 2019

Housing supply up, home sales and prices down in June

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.

Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 1998.

“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”

On the supply side, there were 4,751 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2019. This represents a 10 per cent decrease compared to the 5,279 homes listed in June 2018 and an 18.9 per cent decrease compared to May 2019 when 5,861 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 per cent increase compared to June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685).

“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”

For all property types, the sales-to-active listings ratio for June 2019 is 13.9 per cent. By property type, the ratio is 11.4 per cent for detached homes, 15.8 per cent for townhomes, and 15.7 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019.

This is the first time the composite benchmark has been below $1 million since May 2017.

Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.

Sales of apartment homes reached 941 in June 2019, a 24.1 per cent decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment property is $654,700. This represents an 8.9 per cent decrease from June 2018 and a 1.4 per cent decrease compared to May 2019.

Attached home sales in June 2019 totalled 390, a 6.9 per cent decrease compared to the 419 sales in June 2018. The benchmark price of an attached unit is $774,700. This represents an 8.6 per cent decrease from June 2018 and a 0.6 per cent decrease compared to May 2019.

Download the June 2019 stats package.

Vancouver real estate sees uptick in interest from Hong Kong buyers following extradition unrest
Jun 19, 2019

Real estate agents in Vancouver have noticed something unusual in the past few weeks. For the first time in recent memory, the number of Hong Kong Chinese attending open-house showings has exceeded that of mainland Chinese buyers, who have been a visible presence in the city’s real estate market over the past decade.

The people arriving at home showings in Vancouver offer a vivid example of the global dislocations under way as Hong Kong finds itself newly immersed in fear that its unique status under China’s one-country, two-systems framework is under threat. Millions have marched in the city to protest a proposed extradition law, which has heightened fears that Beijing is encroaching on the legal system that upholds the city’s liberties.

Agents at Macdonald Real Estate Group in Vancouver have seen a “noticeable” change in who is arriving at doorsteps, president Dan Scarrow said. “The ratio of Hong Kong Chinese to mainland Chinese at their open houses increased significantly over the last few weekends,” he said.

An estimated 300,000 people in Hong Kong hold Canadian passports and the extradition bill, even though its passage has now been suspended, has provided a new push to look elsewhere.

This whole episode has reminded Hong Kongers that they will be 100-per-cent mainland in 28 years regardless,” Mr. Scarrow said. Beijing has pledged to give Hong Kong a high degree of autonomy under the one-country, two-systems formula until 2047.

Syrus Lee, a prominent real estate agent in the Vancouver Chinese community, has noticed the same phenomenon: The number of Hong Kong-related home buyers now exceeds those from mainland China, he said. That’s in part because the 20-per-cent foreign-buyers tax that British Columbia has placed on home purchases in the Vancouver region has caused mainland buyers to retreat.

The tax doesn’t apply to Canadian citizens, including those who live in Hong Kong but are now thinking about moving to Canada amid the controversy over the extradition legislation, which was designed to ease the ability of other countries, including mainland China, to bring back people considered fugitives of serious crimes. It has raised fear in Hong Kong that it would provide an opening for Beijing to legally seize dissidents and others on trumped-up charges.

At the office of Hong Win International Group, interest in buying Canadian condos is up by roughly a third over the past few months, the period during which debate over the extradition bill has seized the city.

The controversy has been a “catalyst” for people who might have already been considering a move back to Canada, said Michael Chan, executive director of Hong Win, which works with property developers to sell newly built condo units to buyers in Hong Kong. His 22nd-floor office is decorated with sales trophies and brochures for condos in Toronto and Vancouver.

”This bill and these protests have really enhanced their thinking about going back,” he said, with some bringing forward moving plans by several years. Some now feel as if “they have to make a decision,” he said.

Expensive housing, pricey education and a latent worry about Chinese influence have already caused some people to consider leaving Hong Kong. Thousands have moved to Taiwan, while some of the city’s ultrawealthy have discussed transferring assets to Singapore. Thousands more have become re-returnees, members of families who left for Canada decades ago, then came back to Hong Kong in following years – only to now once again move across the Pacific to Canada.

Changes to Canadian immigration law have provided another impetus, since those born abroad must give birth to their own children on Canadian soil to maintain a Canadian passport.

For someone in that situation, “when you see things like what’s happening in the last few years, and you feel that China is taking its place more and more in Hong Kong – often those people need a nudge, just a soft nudge, to say, ‘you know what, let’s move back,’” said Jean-François Harvey, a Canadian lawyer who is worldwide managing partner for Harvey Law Group, which specializes in immigration and taxation.

And the protests and violence over the extradition law have been “a big nudge, for sure,” he said. People have been calling his office to inquire about whether there are any legal obstacles to buying a house in Canada. “The last 10 days in Hong Kong we see a big surge” in calls, Mr. Harvey said. “People are getting fed up,” he added, although at the moment it’s not “a surge of people moving out. It’s a surge of people getting ready to do that.”

It doesn’t hurt, he added, that a small apartment in Hong Kong is worth enough to “buy a very nice house in Vancouver.”

Property developers around the world have taken note.

At Spacious, a Hong Kong-based online real estate listings service, listing and advertising inquiries from overseas developers are up by 62 per cent in the past two months.

“These developers and brokers have told us they think the recent events provide an opportunity to market and sell their overseas properties to Hong Kong’s international property buyers,” chief operating officer James Fisher said.

Though 2047 remains nearly three decades away, that is a relatively short time horizon for investors buying property that could be used for generations. Without any clarity from Beijing on how Hong Kong will be treated after 2047, it’s a question, Mr. Fisher said, that is likely to weigh increasingly heavily on the city.

“Investors don’t like uncertainty or questionable legal systems, so the recent events are a net negative for Hong Kong asset markets, including property,” he said. And, he added, they are “a net positive for property markets favoured by internationally minded Hong Kongers – like those in the U.K., Canada, USA and Australia.”

source: Nathan Vanderklippe: Globe and Mail

May Stats
Jun 04, 2019

May sees modest increase in home sales while housing supply reaches five-year high

Monthly Metro Vancouver1 home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019.

Last month’s sales were 22.9 per cent below the 10-year May sales average and was the lowest total for the month since 2000.

“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, REBGV president said.

There were 5,861 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver last month. This represents an 8.1 per cent decrease compared to the 6,375 homes listed in May 2018 and a 2.1 per cent increase compared to April 2019 when 5,742 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,685, a 30 per cent increase compared to May 2018 (11,292) and a 2.3 per cent increase compared to April 2019 (14,357). This is the highest number of homes listed for sale since September 2014 (14,832).

“Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market,” Smith said. “To be competitive, it’s important to work with your local REALTOR® to assess and understand the latest trends in your neighbourhood and property type of choice.”

For all property types, the sales-to-active listings ratio for May 2019 is 18 per cent. By property type, the ratio is 14.2 per cent for detached homes, 20 per cent for townhomes, and 21.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index2 composite benchmark price for all residential homes in Metro Vancouver is currently $1,006,400. This represents an 8.9 per cent decrease over May 2018, a 3.4 per cent decrease over the past six months, and a 0.4 per cent decrease compared to April 2019.

Sales of detached homes in May 2019 reached 913, a 1.4 per cent decrease from the 926 detached sales recorded in May 2018. The benchmark price for a detached home in the region is $1,421,900. This represents an 11.5 per cent decrease from May 2018, a 5.4 per cent decrease over the past six months, and a 0.5 per cent decrease compared to April 2019.

Sales of apartment homes reached 1,246 in May 2019, a 12.9 per cent decrease compared to the 1,431 sales in May 2018. The benchmark price of an apartment property is $664,200. This represents a 7.3 per cent decrease from May 2018, a two per cent decrease over the past six months, and a 0.5 per cent decrease compared to April 2019.

Attached home sales in May 2019 totalled 479, a 0.6 per cent increase compared to the 476 sales in May 2018. The benchmark price of an attached unit is $779,400. This represents a 7.6 per cent decrease from May 2018, a 3.5 per cent decrease over the past six months, and a 0.6 per cent increase compared to April 2019.

Download the May 2019 stats package.

Is money laundering driving the BC real estate bus?
May 28, 2019

A simple addition and subtraction equation might not add up to the right answer when calculating money laundering’s impact on the B.C. economy, according to some experts.

A May report led by Simon Fraser University public policy professor and former B.C. deputy attorney general Maureen Maloney concluded $5.3 billion was laundered through the province’s real estate market in 2018.

This activity in turn inflated homes prices by 3.7% to 7.5%, according to the report.

Meanwhile, the Business Council of British Columbia (BCBC) estimated in 2016 about one-third of the province’s economic growth was tied to what it described as the residential real estate industrial complex: home building, home renovation, real estate sales, mortgage underwriting, home appraisals and other linked activities.

So what would happen, in theory, to the B.C. economy if money laundering were to instantly evaporate?

“The true answer is we don’t know,” BCBC chief policy officer Jock Finlayson said.

“The difficulty is that [real estate prices] are already going down in the major urban markets, and they’ve been going down by a lot more than 5% before the Maloney report ever saw the light of day.”

Average residential prices in B.C. slid 7% to $680,671 in April compared with a year earlier, according to data released in May by the BC Real Estate Association.

Home sales, meanwhile, plummeted 18.2% last month compared with the same period a year ago, to 6,652 units.

The B.C. real estate market slowdown has been underway since 2017, long before the release of multiple high-profile reports on money laundering from former RCMP deputy commissioner Peter German.

Finlayson attributed the declines to two main factors.

The first is the federal government’s so-called mortgage stress test, which has made it more difficult for first-time homebuyers to qualify for a mortgage.

The second is the introduction of a foreign-buyers tax on the provincial level, which grew to 20% from 15% between 2016 and 2018.

“The money laundering thing to me is some added colour to that narrative, but it’s not what’s driving the bus, either on the way up or the way down,” Finlayson said.

But even the starting point for a definitive answer may be difficult to determine, according to BMO senior economist Robert Kavcic.

“We pretty much know just using common sense, and looking at what’s happening with the sales and the price data, that certain types of activity are going on,” he told Business in Vancouver. “But to back it up with good hard data would be a better situation.”

Kavcic said economists and policy-makers need access to a “clean and historical” set of data on both non-resident and domestic investment activity to effectively determine what economic impact on B.C.’s real estate sector should be expected if an effective money laundering crackdown were to unfold.

Agencies such as Statistics Canada and the Canada Mortgage and Housing Corp. (CMHC) have recently been collecting more of this data.

A June 2018 CMHC report estimated the share of non-resident owners of condominiums stood at 2.2% in Vancouver and 2.5% in Toronto.

Statistics Canada’s estimate pegs the share of non-resident ownership for all properties at 4.8% in Vancouver and 3.4% in Toronto.

While data on those two cities is helpful, Kavcic said experts need a broader picture to see how this activity compares with other cities across the country.

“At the end of the day, it’s the calculus around cost and benefits that will drive the behaviour,” Finlayson said.

“And so far the benefits of money laundering have been extensive and the likelihood of being caught and convicted have been infinitesimal. So no wonder the activity has flourished.”

Source: Tyler Orton: BIV

 

 

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