Southern Ontario-based home buyers, who offer cash to purchase houses in poor condition, have started to make inroads in northern Ontario, due to the region’s hot real estate market.
Devin Labranche, a Sudbury-based realtor with eXp Realty, started his career in London, Ont., where he said the practice of cash offers for homes was already common by 2017.
“We started to see the market grow there quite a bit and we could kind of tell through demographic distribution that people were spreading out through the greater GTA area to other areas due to the housing crisis,” he said. “So it was just a matter of time before they came here [to Sudbury].”
Since the start of the COVID-19 pandemic Labranche, said he has heard from clients and family members who have seen advertisements from companies that offer cash buyouts for homes with no strings attached.
The companies include SLG Home Buyer and Cash House Buyer. Some use roadside signs, and others send out…