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A large beast indeed. Real estate is vital to the economy of Vancouver and B.C. The real estate and construction industries combine to represent more than a quarter of British Columbia’s gross domestic product, according to Statistics Canada, representing a bigger portion of B.C.’s economy than the oil and gas sector accounts for in Alberta.

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B.C.’s economy is a perennial leader among the Canadian provinces, and Vancouver, as its financial hub, is of growing global significance. But according to Eby, “our international reputation is on the line.”

At a speech to a conference last December co-hosted by anti-corruption group Transparency International Canada, Eby said: “Our province under the last administration has gained an international reputation as a scofflaw. As a jurisdiction where the rules do not apply to white collar crime, fraud, tax evasion, and money laundering.”

There’s no timeline yet for German’s investigation into money laundering in B.C.’s real estate sector, and it’s too early to know if he’ll find a proliferation of dirty cash like he found in the gaming industry.

But, Fintrac’s findings suggest that conditions exist in B.C.’s real estate business that could leave it vulnerable to money laundering. And if a deep investigation into B.C.’s real estate — at once the province’s largest industry and a sector that makes a difference in the life of anyone trying to live here — finds the housing market is anywhere near as rife with dirty money as its casinos, expect the repercussions to be far bigger.

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