WATCH ABOVE: The Greater Vancouver housing market is heating up yet again and the dreaded bidding wars are back, with astonishing results. Leigh Kjekstad tells us what’s driving the madness this time.
Want more evidence that Metro Vancouver’s housing market is back on the rise?
A modest two-storey house in Burnaby Heights, built in 1959 but renovated six years ago, was recently put on the market for just under $800,000.
It sold for more than a million dollars, with more than 35 offers.
“We don’t have a lot of inventory right now, so when a house comes out on the market that’s attractive to more than a few groups of people, it’s going to create a lot of buzz.”
The Real Estate Board of Greater Vancouver said there were 3,061 sales on the Multiple Listing Service in February, 20.2 per cent above the 10-year sales average for the month. The average price for a single family detached property in Metro Vancouver rose to $1,026,300. The largest year-to-year increases came from the east side of Vancouver (13.2 per cent), North Vancouver (12.1 per cent), the west side of Vancouver (12 per cent) and Richmond (11.9 per cent).
“Right now we’re coming out of a six to eight month balanced market, where the buyers and sellers were somewhat equal,” says Ray Harris, President of the real estate board. He says homes with two kitchens and laneway homes are helping to drive up value.