It's happening again, the Vancouver home surge is sending bidding wars and price surges outwards. This ripple effect is finding it's way into communities on the North shore, Tri-Cities, and even into the Fraser Valley.
The Vancouver housing marketing, most importantly detached homes, are going for more than asking price. This trend towards an ever increase in value is driving buyers outwards looking to get more value for their money. But even as these buyers head outwards to try and find more value they are still part of a larger volume of home buyers doing the same thing. Even in North Vancouver and Coquitlam some homes have bidding wars and the home ends up selling more than asking price. This trend has even been noticed as far as Maple Ridge again.
In January, there were about 50 homes for sale in North Vancouver for more than $1.2 million and 42 sold within 8 days of listing them. Many experts attribute this increase in buying power to dropping interest rates. This increases the overall value for foreign investment as well as local investment as interest rates are not hovering around the 2.19% mark.