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In the Toronto region, the average sale price of a home in 2018 fell slightly to $787,300 from $822,681 — still excessive when taking income-to-pricing into consideration.

Much more must be done by governments. The foreign-buyer tax can be evaded easily because there are no transparency and disclosure requirements. Anti-corruption organization Transparency International offered a glimpse into the scale of foreign speculation abuse in 2015 with an analysis of Vancouver’s 100 most valuable property deals. It found nearly 50 per cent of ownerships were hidden through shell companies, nominees and trusts. The same likely applies to Toronto and Montreal, where money is parked in condos that are often left vacant.

Statistics Canada says the RCMP estimates up to $15 billion of laundered money enters Canada each year. That doesn’t include laundering by crooks who also bury proceeds in real estate. What governments must do, according to the latest report by the United Nation’s Financial Action Task Force (FATF) is crack down on money laundering enablers in Canada — lawyers, real estate agents, notaries and developers.

“Requirements (in Canada) are inoperative toward legal counsels, legal firms and Quebec notaries,” said the FATF report. “In light of these professionals’ key gatekeeper role, in particular in high-risk sectors and activities such as real-estate transactions and the formation of corporations and trusts, this constitutes a serious impediment to Canada’s efforts to fight money laundering (or terrorist financing).”