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0 pointssbarre2y ago0 comments

> Most real estate bought in BC is paid in cash, often by some dizzying maze of LLCs or whatever the Canadian equivalent is.

This is provably false. It's not "most" real estate, it has only recently approached 30% or so, and only in hot markets like Vancouver and Victoria.

There's a money laundering problem in Canadian real estate for sure, but let's try to be reasonably accurate in our statements, shall we?

0 comments

margalabargala2y ago

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.

beambot2y 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-i...

gruez2y 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-...

1 more reply

margalabargala2y ago

Huh. Apparently it's my expectations that are wrong, not the market. Thanks, I learned something today!

sbarreOP2y 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-hom...

https://www.washingtonpost.com/business/interactive/2023/all...

j / k navigate · click thread line to collapse

0 pointssbarre2y ago0 comments

> Most real estate bought in BC is paid in cash, often by some dizzying maze of LLCs or whatever the Canadian equivalent is.

This is provably false. It's not "most" real estate, it has only recently approached 30% or so, and only in hot markets like Vancouver and Victoria.

There's a money laundering problem in Canadian real estate for sure, but let's try to be reasonably accurate in our statements, shall we?

0 comments

margalabargala2y ago

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.

beambot2y ago

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...

gruez2y ago

https://www.bankrate.com/real-estate/all-cash-offer-upfront-...

1 more reply

margalabargala2y ago

Huh. Apparently it's my expectations that are wrong, not the market. Thanks, I learned something today!

sbarreOP2y 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-hom...

https://www.washingtonpost.com/business/interactive/2023/all...

j / k navigate · click thread line to collapse