Multiple offers on homes in Greater Vancouver driving up prices once again

WATCH ABOVE: While it’s not the complete madness it was a few years back – we’re seeing multiple offers again. Some homes even going for hundreds of thousands of dollars over the asking price. Rumina Daya reports.

VANCOUVER – It’s not a great market to be a home buyer in Greater Vancouver as the days of multiple offers on real estate are back.

Places in East Vancouver, North Vancouver and Burnaby are among the hottest on the housing market right now.

For example, a home in East Vancouver that is just under 1,800 square feet was listed for around $940,000.

It sold for 1.9 million – $180,000 more than the asking price.

According to the numbers from the BC Real Estate Association, home sales across the province were up 25 per cent this June compared to last year.

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“The hot properties sell quickly,” said Nels Agerbo from Blu Realty. “I’m seeing anywhere from seven to 10 offers on a property and the property’s selling within a week. So the Realtor will list it at the beginning of the week, first open house on Thursday or Saturday, offers by Sunday, 10 offers, and then sold.”

“I’ve seen some for well over $100,000 [extra] on the east side.”

– With files Rumina Daya