VANCOUVER (NEWS 1130) – Prices are up, and buyers are bidding. As the option of remote work continues, the demand for property is also continuing to rise.
One of the country’s leading brokerages says there is a real estate boom in Vancouver, and while low interest rates and pent-up demand are factors, the pandemic has helped fuel it.
Royal LePage CEO Phil Soper says the aggregate price of a Greater Vancouver home last quarter rose more than seven per cent to a little over $1.1 million.
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New data from Royal LePage finds more than half of Canada’s largest real estate markets have seen double-digit price growth over the last few months.
The brokerage says multiple offers have again become common and almost every detached home is attracting competitive bids.
Soper says 2020 was the strangest year of his career and that the term “recovery” is an understatement. He adds that, looking at fourth quarter results, he can state without hyperbole that the health crisis has triggered a real estate boom.