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These days, it’s the norm for sellers to hold off offers for a few days, then receive multiple competing offers at once – most with no financing or inspection conditions attached. Langlois said 65 to 70 per cent of single-family homes sold in the region are going for above the listed price. “We are massively undersupplied and we have tremendous demand and pricing is very difficult in this market.” As of the end of April, just 1,133 homes were listed for sale in the region, a sharp drop from the 2,300 listings at the end of April last year. Sales have been brisk 1,173 properties changed hands in March, a 92.9 per cent increase from the 608 in March 2020. ....
The first months of 2021 have seen limited supply of real estate for sale and overwhelming demand, resulting in rising prices. The benchmark value for a single-family home in the Victoria core in March 2020 was $879,600. That rose to $968,700 in March 2021, up by 2.2 per cent from the previous month, according to the Victoria Real Estate Board. article continues below ....
OTTAWA Some real estate experts and would-be homebuyers are calling for an end to “blind bidding” as a way of cooling what they say is an unsustainable housing market. Karen Scutt is in the market for a new home in Toronto and placed an offer $100,000 above the asking price of a $1.8-million home, only to find out within minutes that she was out of the running as someone had bid upwards of $400,000 more than the asking price. “They re pricing the houses so much under what they want that even if the listing is in your range, you re already resolved that you re not going to get it,” she told CTV News. ....
Strong local demand, lack of options, push up housing prices timescolonist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timescolonist.com Daily Mail and Mail on Sunday newspapers.
VICTORIA The real estate market on southern Vancouver Island continues to be red hot. “Condos were up single digits, low single digits,” said David Langlois, president of the Victoria Real Estate Board. “Whereas single family homes in a lot of markets were sort of low double digits.” Inventory for condos has been holding its own. In contrast, the inventory for those sought-after single-family homes is bleak. “When we look at the single-family home market, (there’s) very limited inventory and very strong competition for buyers,” said Langlois. Besides inventory, developers say that the rising cost of building materials may also lead to a rise in costs for home buyers. ....