Canadian Housing Not for Canadians -Toronto penthouse condo sells for $16M - Major Housing RIP OFF!

Oh, to have $16 million to spend on a penthouse condo in the heart of the city.
That’s the record-breaking amount someone local paid — in April 2020, at the height of the pandemic and in the midst of Toronto’s downtown being a ghost town — to acquire the top-tier crib at KING Toronto.

According to the developer Westbank, it’s the highest-known condo sale to happen in the city during 2020 and 2021.

The KING Toronto condo development is located on King St. W. and is set atop a collection of heritage buildings.

“The penthouses at KING Toronto were envisioned as floating sanctuaries and as the final layer to the individual mountain peaks,” a news release says, adding the penthouses come outfitted with extravagant extras such as an indoor matured planted tree and a two-storey library.

The penthouse — designed by Bjarke Ingels Group — comes in at a sprawling 5,000 square feet.

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Westbank Corp. and Allied Properties has launched the sale of the development’s remaining penthouses, ranging from 2,000 to 3,000 square feet.

A lot of gems in last week’s BC money laundering report, but the biggest one wasn’t about the province. The report’s numbers suggest one of Canada’s fastest growing industries is washing money. In an advanced economy with low but stable gross domestic product (GDP) growth, this is a big issue. The numbers show laundering cash is now the difference between growth and recession in Canada.

The Amount of Money Laundered Is An Underestimate
The amount of money laundered in the report underestimates the total. The gravity model used is only as accurate at fund sources, which are hard to measure. Obvious understatements would be included in corruption, bribery, and tax avoidance. Further, funds washed and entering Canada for layering or integration wouldn’t be counted. When the report mentions the number is most likely an understatement, it most likely is.

Over $200 Billion Money Laundered Across Canada Over 5 Years
The amount of cash laundered over a five year period tops a couple hundred billion. In 2015, the model estimates over $41.2 billion cash was laundered, up 9% from 5 years ago. This represents 2.13% of GDP, a fairly consistent number seen over the five year period. From 2011 to 2015, the total estimated amount of money laundered is $200.5 billion. This excludes reinvestment, typical in the layering and integration process of money laundering.