2 ms·

Holy cow. 5% would be high. 30% is dizzying. You're saying that if I pick a random recently sold BC property, there's a one in three chance it's bought with cas

Holy cow. 5% would be high. 30% is dizzying. You're saying that if I pick a random recently sold BC property, there's a one in three chance it's bought with cash? That's not a money laundering problem, that's a money laundering infestation.

sbarre 3y ago
Again, not across all of BC, but in hot markets like parts of Vancouver and Victoria.. It sounds high but it seems to be normal enough? I found this with some quick Googling: https://www.thestreet.com/housing/a-surprising-number-of-homes-are-bought-for-cash https://www.thestreet.com/housing/a-surprising-number-of-hom... https://www.washingtonpost.com/business/interactive/2023/all-cash-buyers-housing-market/ https://www.washingtonpost.com/business/interactive/2023/all...
beambot 3y ago
1 in 3 U.S. Homebuyers Are Paying All Cash, the Highest Share in Nearly a Decade Just over one-third (34.1%) of U.S. home purchases in September were made in cash, up from 29.5% a year earlier and the highest share in nearly a decade. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. https://www.businesswire.com/news/home/20231108812516/en/1-in-3-U.S.-Homebuyers-Are-Paying-All-Cash-the-Highest-Share-in-Nearly-a-Decade https://www.businesswire.com/news/home/20231108812516/en/1-i...
- gruez 3y ago
  AFAIK "Paying All Cash" doesn't necessarily mean the buyer has $1M (or whatever the purchase price of the house) saved up. It just means their offer isn't contingent on them securing a mortgage, and they have the money secured somehow (probably through a preexisting loan). https://www.bankrate.com/real-estate/all-cash-offer-upfront-underwriting/#how-to-make https://www.bankrate.com/real-estate/all-cash-offer-upfront-...
  - Scoundreller 3y ago
    100%. Not unusual for a multi-property investor to buy “cash” through a cheque on their line of credit to close quickly (you’ve already decided you want to properly and quick close can be a competitive advantage). Then arrange the mortgage later, possibly after some capital-value improving… improvements.
- margalabargala 3y ago
  Huh. Apparently it's my expectations that are wrong, not the market. Thanks, I learned something today!

sbarre 3y ago

Again, not across all of BC, but in hot markets like parts of Vancouver and Victoria.. It sounds high but it seems to be normal enough? I found this with some quick Googling: https://www.thestreet.com/housing/a-surprising-number-of-homes-are-bought-for-cash https://www.thestreet.com/housing/a-surprising-number-of-hom... https://www.washingtonpost.com/business/interactive/2023/all-cash-buyers-housing-market/ https://www.washingtonpost.com/business/interactive/2023/all...

beambot 3y ago

1 in 3 U.S. Homebuyers Are Paying All Cash, the Highest Share in Nearly a Decade Just over one-third (34.1%) of U.S. home purchases in September were made in cash, up from 29.5% a year earlier and the highest share in nearly a decade. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. https://www.businesswire.com/news/home/20231108812516/en/1-in-3-U.S.-Homebuyers-Are-Paying-All-Cash-the-Highest-Share-in-Nearly-a-Decade https://www.businesswire.com/news/home/20231108812516/en/1-i...

gruez 3y ago
AFAIK "Paying All Cash" doesn't necessarily mean the buyer has $1M (or whatever the purchase price of the house) saved up. It just means their offer isn't contingent on them securing a mortgage, and they have the money secured somehow (probably through a preexisting loan). https://www.bankrate.com/real-estate/all-cash-offer-upfront-underwriting/#how-to-make https://www.bankrate.com/real-estate/all-cash-offer-upfront-...
- Scoundreller 3y ago
  100%. Not unusual for a multi-property investor to buy “cash” through a cheque on their line of credit to close quickly (you’ve already decided you want to properly and quick close can be a competitive advantage). Then arrange the mortgage later, possibly after some capital-value improving… improvements.
margalabargala 3y ago
Huh. Apparently it's my expectations that are wrong, not the market. Thanks, I learned something today!