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Interest Intensifies in Greater Vancouver’s Hot Housing Market

Interest Intensifies in Greater Vancouver’s Hot Housing Market

When we start to hear that entry-level homes are holding an interest for buyers and investors, we can safely say the housing market must be sizzling. And those currently owners of single-family detached properties, will be interested to know that every property hunters’ eyebrows rise and mouth goes into a circular shape the moment they see such a home in a property listing.

Even those single family town houses that need fixing up and a bit of renovation are getting interest from prospective buyers; and all this comes as the price of entry within the city of Vancouver nudges ever closer to the $1 million mark.

On the east side of Vancouver, investors can expect to be looking at paying around $800,000 for detached property on an average-sized plot. But there is much competition and to say it’s a bit of a seller’s market is an understatement. More often than not, the buyers get into a kind of bidding war, where the winning bidder often ends up paying well over the original asking price.

Interest is intensifying in Greater Vancouver’s bubbling housing market and one real estate agent in the area has told of one property, listed at $800,000, ended up selling for a whopping $958,000 as buyers waged war on who gained the property. It exceeded all the expectations of the Realtor, even by its own admission. And when real estate agents are surprised by its successes, you know the market is very hot.

Bidding wars are now breaking out as a matter of routine in Greater Vancouver’s bubbling home market and many real estate agents can boast examples of how detached bungalows and townhouses are attracting bids as a matter of routine.

Even entry-level homes sitting on a standard 33-foot wide plot of land are nudging on the $1 million mark. In fact, as we move towards the spring and summer months, homes in Greater Vancouver that would normally have attracted little interest from buyers are now gaining so much interest that buyers.

Put simply, hosing supply is now no longer keeping pace with demand. So homes – particularly detached homes – are seeing asking prices driven up and close to that $1 million mark (for small plot detached houses).

In Vancouver’s east side, that figure has already busted through the $1-million mark. That according to figures released for April 2015 – a figure which is some 16.2 per cent higher than a year earlier.

To help you find a decent detached or attached home for sale in a reasonable budget, please contact our Greater Vancouver real estate agent.