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.
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.
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).
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.
