March has been another record breaking month for sales and activity in the Vancouver real estate market. Homes selling for over asking price to bidding wars to multiple offer situations, today's market is on fire.
"We're seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” Darcy McLeod, REBGV president said. “For sellers, this means that it's taking less time, on average, for your home to sell if you have it priced correctly for today's market."
With the Greater Vancouver area limited to amount of buildable space there will always be a high demand for detached homes. This demand is also fueled by the drive for people to want to live on the West Coast. With Vancouver's projected growth being estimated at 3 million residents by 2040, detached homes will only increase in demand.