OREA: Federal Budget Targets Money Laundering, Encourages Home Renovations


David Oikle, President of the Ontario Real Estate Association issued the following statement yesterday on the 2021 Federal Budget which targets money laundering, encourages home renovations and more broadband for rural areas in Canada:

“Today’s 2021 Federal Budget aims to get dirty money out of real estate and taps into the housing sector to help drive Canada’s recovery from the COVID-19 pandemic. Notably, Budget 2021 commits to creating a national beneficial ownership registry; will help Canadians lower their energy bills while doing green retrofits; and further invests in broadband infrastructure across the country.

Money laundering is a multibillion-dollar problem in Ontario’s housing market, crowding out hardworking families looking to achieve their dream of one day owning a home. Our province’s REALTORS® do not want to see a single dollar of dirty money competing against hardworking young families in our housing market.

OREA would like to commend the Federal government’s commitment to create a national beneficial ownership registry. A beneficial ownership registry would help stop the practice of criminals using shell companies to buy up homes, giving law enforcement and government an important tool to keep dirty money out of Canada’s housing market.

The Budget also proposes to offer significant interest-free loans to Canadian homeowners looking to make their homes more energy efficient. Encouraging green home renovations will lower energy bills and generate spinoff activity in construction, helping to kickstart the economy and create jobs.

And finally, as many Ontarians look to move to our more rural and smaller communities, having access to reliable high-speed internet is essential. ‘How’s the internet’ is one of the top questions Ontario REALTORS® get from clients, and investing in broadband across the country through the Universal Broadband Fund will help address the infrastructure gap in these communities. This new investment will ensure that more Canadians will be able to work remotely, creating jobs, and reversing out-migration in smaller communities across the country.”