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Gone berzerk – thoughts on the Vancouver housing market

By Wendy Riches

It’s official. The Vancouver housing market has gone berserk.

In a time when we’ve just surpassed Manhatta for average house prices, AND we’re technically still in an economic downturn, Vancouver’s residential resale market has gone off the charts.

Because I was potentially looking to purchase a home, our realtor set us up on the Private Client Service Listing, through which you get email alerts on any homes matching your criteria that come on the market. Today, I got NINE updates. Yesterday, six. What?!
Homes (with my criteria anyway) are averaging less than one week on the market. Selling for more than list price. And having offers taken only on the same day as the first open houses.

On the weekend, I arrived with only ten minutes remaining to an open house for a home that had just gone on the market a few days prior, and people were still clambering to get through as the realtor was locking up. When I told him I’d have to have my husband come back to view the house before we could consider making an offer (that night), he looked at me like I was from Mars. He was off to the next open house and couldn’t possibly fit in another showing. Wow, two hours of poor customer service for a mere 7/2.5%!

I appreciate that interest rates are set to rise and the impending HST has everyone in a tizzy, but in my opinion, when one has less than six hours to make a million dollar decision, that’s just insane.