WATCH: Vancouver’s hot real estate market is showing no signs of cooling down.
Another day, another Metro Vancouver home selling for a sky-high price.
In this case, a West Vancouver home sold within hours for $1.1 million over the asking price.
“I think this one was quite sharply priced at 2.988 [million dollars] and we had a ton of interest,” said Realtor Viv Harvey. “So we ended up with nine offers: the lowest was full price and all the way up to $4.1 million, which is where it sold.”
This is the latest home to draw the attention of buyers from everywhere, driving the price way up.
“The winning bid was an offshore purchaser and he will be building,” said Harvey. “He hasn’t quite decided whether he’s going to build for himself or to resell the property.”
Two months ago a home in East Vancouver sold for $567,000 over the asking price. This trend is proving to be a challenge for buyers in a very competitive market.
“You might have five builders trying to get a deal. You might have a couple of people looking to buy a house for themselves, somebody that’s maybe wanting to build their dream home. The more offers you have on the table, then that’s where you get into the situations where you get some crazy numbers like that,” said Mark Rasmussen of Sutton West Coast Realty Rasmussen Group.
Rasmussen says investment from foreigners appears to be having a trickle-down effect.
“You’re getting the foreign investment driving those prices up in those key areas that are getting the big, huge dollars.
“And then those people are taking their windfall and they’re buying something like a beautiful house in North Vancouver. So it’s driving up the prices in North Van, and places like Burnaby, New Westminster. Those people are benefiting too.”
-with files from Asa Rehman