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

Open house held to learn about Quran in Hope

Society brings religious text, open answers to Hope Recreation Centre

Abbotsford mosque gets online hate for exhibit on Jesus

Event meant to bring community together gets attacked teaching religous differences

Manning Park snowshoe trip planned for familes

Cambie Creek inviting for trekkers of all abilities

Homeless count is coming to the Fraser Valley to help track the numbers

Training Feb. 27 in Chilliwack to help volunteers adopt respectful and compassionate approach

End of the road for Meals on Wheels in Hope

Hope Community Services ends contract but stays optimistic another group will pick up food service

VIDEO: B.C. senior recalls ‘crazy’ wartime decision to grab bear cub from den

Henry Martens – now 96 – says he was lucky to be alive after youthful decision to enter a bear’s den

New Alberta forward joins Vancouver Giants’ ranks

new left-handed 18-year-old is a familiar face to Giants head coach Michael Dyck

‘A bag full of garbage every 15 metres’: Surrey industrial area filled with trash

Local workers looking to recruit business, raise funds to help dispose of litter

Cheapest in B.C.: Penticton gas prices dip below $1 per litre

Two stores in Penticton have gas below a dollar.

Brand new Tesla crashes into Surrey store front, mounts gas line

Driver was heading to the Autoplan store, straight off the lot

Loans or gifts? Judge rules woman must pay B.C. man back $7K

B.C. judge rules that woman must pay back more than $7,000 in advanced funds to man

VIDEO: Outpouring of worldwide support for bullied Australian boy

Australian actor Hugh Jackman said ‘you are stronger than you know, mate’

Mugging with airsoft gun results in Langley school lockdown

Police found the weapon and a stolen phone later

‘A horror show:’ Ex-employee shares experience at problematic Chilliwack seniors’ home

Workers are paid below industry standard at all Retirement Concepts facilities

Most Read