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Decentralized Democracy

House Hansard - 187

44th Parl. 1st Sess.
April 28, 2023 10:00AM
Context: House Hansard - 187 - Apr/28/23
Ms. Jenny Kwan (Vancouver East, NDP)
  • Apr/28/23 12:45:02 p.m.
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Mr. Speaker, on the issue of money laundering, the impact on housing has been significant. In fact, in British Columbia, it has been indicated that it has contributed to inflating the cost of housing as much as 5%. With this piece of legislation, could the member advise whether or not it would be effective in addressing the issue particularly on the land registry perspective?
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Context: House Hansard - 187 - Apr/28/23
Mr. Chandra Arya
  • Apr/28/23 12:45:37 p.m.
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Mr. Speaker, I am not aware that the land registry can be dealt with in this bill. I am not particularly sure, but I do agree with the sentiment expressed by the hon. member on the impact of corporations investing in real estate and driving up the prices unnaturally, causing a hardship for Canadians in owning a property.
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Context: House Hansard - 187 - Apr/28/23
Mr. Majid Jowhari
  • Apr/28/23 12:58:20 p.m.
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Madam Speaker, indeed, we need to make sure that we tackle money laundering through real estate. I believe that, if the real estate is purchased through corporations, the current bill would be able to assist, but I strongly suggest that we introduce a land registry with a clear indication of who the beneficiaries are, because that in itself is a tool to flip real estate and further assist in the laundering of money.
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