Vancouver Real Estate Investigation: $7 Billion in Suspect Chinese Money Traced Through BC Casinos Since 2015

VANCOUVER – A CanadaPress investigation has traced $7.3 billion in suspicious funds flowing through British Columbia casinos and into Vancouver real estate since 2015, much of it originating from Chinese nationals using proxies and shell companies. The scheme, known as the Vancouver Model, involved gamblers arriving at BC casinos with suitcases full of cash, losing small amounts, and having the remainder laundered through casino receipts that could be presented as legitimate income for mortgage applications. We were basically providing money-laundering services with a side of blackjack, said a former casino employee who worked in the high-roller rooms. Nobody asked questions because the money was too good. The casinos were making record profits, and real estate agents were selling $5 million homes like they were hot dogs. The $7.3 billion figure comes from FINTRAC reports and BC government inquiries, including the Cullen Commission. Despite multiple investigations and two public inquiries, not a single senior executive has been charged. The RCMP says the investigations are complex and ongoing. Meanwhile, Vancouver housing prices have increased by 85% since 2015, pricing an entire generation out of the market. The Chinese government has denied any role in the scheme and accused Canada of harbouring anti-China sentiment. Several of the implicated shell companies have since been dissolved.

This story involves public funds. See our Hall of Shame for more on the worst abuses of taxpayer money since 2015.