37% of Metro Vancouver sees real estate industry as ‘extremely corrupt’

Report comes as the B.C. government continues to probe alleged links of money laundering in casinos to real estate

In Metro Vancouver, the real estate industry touches a nerve for many when asked about corruption, according to a new report.

Transparency International Canada released results this week from its survey on western Canada’s perceptions of corruption. The survey explored 1,207 people’s views on a wide range of sectors, including political parties and the oil and gas industry.

Nearly four-in-ten, or 37 per cent, of Greater Vancouver respondents described the real estate sector as “extremely corrupt.” That’s compared to to 15 per cent of other respondents.

REPORT: Money laundered through B.C. casinos for years

The report comes as the B.C. government continues to probe hefty allegations linking money laundering in casinos to real estate. Efforts include appointing an expert panel and commissioning Peter German to investigate the movement of dirty money into real estate, horse racing and the luxury car market.

READ MORE: Money laundering in B.C. casinos was a ‘collective’ system failure: report

READ MORE: B.C. asking for tips on ‘dirty money’ in horse racing, real estate, luxury cars

Still, real estate remains a dominant issue due to soaring housing prices, Transparency International Canada said.

“These prices created lucrative opportunities for unethical conduct by real estate agents, with conflicts of interest representing both buyers and sellers enabled by lax and ineffective regulation and a lack of transparency,” the report reads.

“While these practices have led to new rules and government regulation, allegations of conflicts of interest continue to be made against Vancouver politicians and the real estate industry.”

Overall, 47 per cent of respondents perceived federal political parties to be most affected by corruption, according to survey results, followed by provincial political parties and then the federal government.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Surrey bus driver tests positive for COVID-19

Routes he drove have not been disclosed

Surrey mayor denies property tax deferral motion

Councillor’s notice of motion for Surrey property taxes to be deferred until Dec. 2 out of order

Team refunds OK’d for cancelled Surrey Mayor’s Cup soccer tournament

The decision follows the amalgamation of the Central City Breakers club with Surrey Football Club

COVID-19: 4 new deaths, 25 new cases but only in Vancouver Coastal, Fraser Health

A total of 1,291 people have tested positive for the novel coronavirus

COVID-19: Don’t get away for Easter weekend, Dr. Bonnie Henry warns

John Horgan, Adrian Dix call 130 faith leaders as holidays approach

COVID-19: Trudeau says 30K ventilators on the way; 3.6M Canadians claim benefits

Canada has seen more than 17,000 cases and at least 345 deaths due to COVID-19

RCMP call on kids to name latest foal recruits

The baby horses names are to start with the letter ‘S’

As Canadians return home amid pandemic, border crossings dip to just 5% of usual traffic

Non-commercial land crossing dipped by 95%, air travel dropped by 96 per cent, according to the CBSA

Logan Boulet Effect: Green Shirt Day calls on Canadians to become organ donors

While social distancing, the day also honours the 16 lives lost in the 2018 Humboldt Broncos Crash

COMMENTARY: Knowing where COVID-19 cases are does not protect you

Dr. Bonnie Henry explains why B.C. withholds community names

B.C. wide burning restrictions come into effect April 16

‘Larger open burns pose an unnecessary risk and could detract from wildfire detection’

B.C. secures motel, hotel rooms for COVID-19 shelter space

Community centres, rooms reserved for pandemic self-isolation

Most Read