While individual buyers are required to publicly register the property they own, investors can set up numbered corporations, trusts and partnerships that are allowed to buy and sell property anonymously, making Canada a global hotspot for money laundering and fraud.
Establishing a public registry of property owners in Ontario will reduce housing speculation, tax evasion, money laundering, and fraud in the real estate sector, and support Ontarians in accessing safe, affordable housing opportunities.
My bill, the Anti-Money Laundering in Housing Act would end the practice of numbered companies buying up swaths of homes while shielding themselves from transparency.
Add your name below to tell Premier Ford, Minister Clark, and your MPP that homes are for people first.