BIDDING WARS! Still Happening???

Detached Properties in Fraser Valley that sold for over their asking list price in February 2015
Detached Properties in Greater Vancouver that sold for over their asking list price in February 2015

Last week CBC News reported that "Vancouver real estate: detached homes spark bidding wars." They also stated that "Real estate agents say locals, not mainland Chinese buyers, are driving the market."

Is this true? The answer is YES!
Are we seeing multiple offers? The answer again is YES!

For the month of February alone, the total number of single family detached homes / properties that sold in both the Greater Vancouver and Fraser Valley areas of BC is 506. 364 for Greater Vancouver and 142 for Fraser Valley respectively.

Here is the interesting part of it, 145 out of the 364 total sales in Greater Vancouver sold for over the asking price, and 35 out of the 142 total sales in Fraser Valley sold for over the asking price. For full details please refer to the attached pdf files.

Now do the math and you will find out that over 35% of the total sales recorded in the month of February actually sold for over their asking price. This is good news for Sellers.

The important lesson to take from this brief article is that the real estate market for both the Greater Vancouver and Fraser Valley areas of BC is strong and alive. It is a Seller's market. it is also a good time for first time home Buyers, Buyers looking to upgrade into a larger property, and small / big investors to get into the market and take advantage of all of these offers because of the all time low interest rates currently being offered by virtually all lenders, and the real potential to build even more equity on the current value of these properties in 5-10 years time.

Please do not hesitate to contact me if you have any questions about the value of your property or neighbourhood.

CBC Link: http://www.cbc.ca/news/canada/british-columbia/vancouver-real-estate-detached-homes-spark-bidding-wars-1.2937732