Chinese Buyers continue to bid up price wars in Vancouver, primarily on high end residential detached homes. In the past 2 days, 47 sales over $1 million were recorded, 16 of which sold for over asking, some as much as $550,000, or 33% over asking price, often $500-$600,000 over tax/assessed values.
The hottest region is Vancouver West but savvy Buyers are coming over to the Northshore quickly, where comparable product is selling for half the price.
If you are in the market for a house in this price range or market, be prepared with a great Realtor who is on top of the market and willing to go the extra mile for ie door knocking or mailouts, and get your financing approved and bring an inspector to first showings as cash offers are now the norm. If you can, you may want to wait until this cools off, or look at a slower market such as West Vancouver or North Vancouver before they heat up.
The Apartment market in Vancouver and The Northshore is very strong with good product selling within a week as the supply is very low. We are not seeing the multiple offers as much, but in a busy market like this is critical to stay on top of daily new listings.
As a Seller, make sure your Realtor is on top of this surge, because if you price on last years comps, you could sell for $500,000 less than todays market is willing to pay.
If you have any questions about Vancouver Real Estate please write or call me and it would be my pleasure to help.
604.562.0532
stu@stubell.com
