Finance committee  We don't have data from all our members on this, but we know that complying with FINTRAC costs between $10,000 and $100,000 for different reporting entities. For small businesses, a one- or two-person operation, it could cost them up to $10,000. That doesn't include all the time

Finance committee  It's not necessarily data. What we can explain is that a realtor has to ID their client and fill out several forms for each transaction. That information is filed away and is usually never seen by FINTRAC. FINTRAC will see a large, suspicious cash transaction. All the other files

Finance committee  Unfortunately, we don't have data on the sales that exclude realtors. We know how many transactions our members complete, but unfortunately from either mere posters or for-sale-by-owners, FSBOs, we don't have any data on that. We know in certain provinces it's definitely higher t

Finance committee  In Quebec it's more like 20% of the market. We know that in that province it is higher. Other provinces, I would guess are at less than 20%, but I can't say for sure.

Finance committee  To the company that allows that to happen, not to the individual.

Finance committee  Do you want to take this one?

Finance committee  They can't keep up? CREA would like to see a stable legislative and regulatory environment giving realtors an opportunity to fully understand and comply with the existing obligations without continually having to adjust. Closing existing loopholes for the real estate sector sho

Finance committee  Thank you, Mr. Chair. I'm Dina McNeil, Director of Government Relations at the Canadian Real Estate Association, or CREA. I'm joined today by Simon Parham, one of CREA's in-house legal counsel. We would like to thank the committee for the opportunity to participate in the five-y