Metro Vancouver real estate bidding wars spreading to suburbs

Vancouver’s real estate market appears to be heating up again, but this time real estate agents say the bidding wars are spreading to the suburbs as well.

Real estate agent Nicola Campbell, who specializes in home sales on the North Shore, said this year’s market is the busiest she’s ever seen.

Last month, there were 50 listings in North Vancouver for under $1.2 million. Of those, 44 sold, and most within eight days, she noted.

Campbell said its a complete turn around compared to a year ago, when there were more than twice as many listings, but fewer sales.

“I haven’t seen anything like this in North Vancouver,” said Campbell.

In January 2014, there were 113 listings in the same price range but only 32 sold.

“It’s very atypical for the markets. So normally what we see is a slowdown in December and then a slow ramp up in in January,” she said.

According to Greater Vancouver Real Estate Board president Ray Harris, there were 14 per cent fewer properties listed for sale across the region this past January when compared with January 2014.

“This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years,” said Harris.

Read More