The British Columbia government will hold a public inquiry into money laundering.
The decision comes after a report last week revealed $7.4-billion of dirty money flowed through the province past year.
One of the reports said $5 billion of that was siphoned into real estate, forcing the costs of homes up by at least five per cent, although it said that figure could be significantly higher - upwards of 20 per cent - in Metro Vancouver.
"It became abundantly clear to us that the depth and magnitude of money laundering in British Columbia was far worse than we imagined when we were first sworn in, and that's why we established the inquiry today", Horgan told reporters Wednesday.
The government appointed B.C. Supreme Court Justice Austin F. Cullen to head the inquiry, which will look into the impacts on real estate, gaming, financial institutions, and the corporate and professional sectors.
Premier John Horgan said the findings of three independent reviews into dirty money and the impacts it's had on different parts of the B.C. economy have made it clear a public inquiry is needed.
The reports also shed more light on the possibility that money laundering is a larger problem in other provinces. It also said B.C. only accounted for 15 per cent of the $47 billion laundered across Canada previous year.
When the reports were released last week, Prime Minister Justin Trudeau said the information was "extremely alarming", adding that money laundering is hurting people by disrupting the housing market. A final report is expected by May 2021.