Hong Kong newspaper reveals CRA knew impact of foreign cash on Vancouver real estate in 1996
Posted August 18, 2016 4:25 pm.
This article is more than 5 years old.
METRO VANCOUVER (NEWS 1130) – A group of auditors tried to warn the Canada Revenue Agency 20 years ago about the massive influence of foreign money in our real estate market.
That’s according to a story written by South China Morning Post Vancouver correspondent Ian Young.
“In the details regarding Burnaby and Coquitlam, I found that immigrant buyers, recent immigrant buyers, made up 93 per cent of luxury home buyers,” says Young.
“That’s buyers who are buying homes worth more than $600,000 at the time.”
Young says his source — a retired CRA auditor — was disappointed by the inaction of his bosses.
“Basically, it was a call out for help, saying, ‘Look, we’ve identified likely massive problem of under reporting of global income. What can we do about it?'” explains Young.
“And in the words of my source, they were ignored. This is why my source has now come forward and is really upset about it.”
