Are real estate agents in Burnaby wearing metal gloves or oven mitts these days?
I ask this because the real estate market is so scorching hot that I’m worried sellers are going to burn their hands.
The latest example come from real estate consultant Michael Geller, who tweeted out a quick tale about his dealings in the Burnaby market.
“Helped my daughter put in an offer on a house in Burnaby,” Geller tweeted. “I didn't like it but she did. We went 30% over assessment & well over asking with extremely favourable terms. Just told we need to be 45%+ over assessment to get it. Time to rent!”
One Burnaby real estate agent told me that sellers are getting cocky and an offer that isn't way over asking and assessment will "get you laughed at."
Yikes. That’s how bad things are (for buyers) and how good things are (for sellers).
The British Columbia Real Estate Association says homes sales in the province moved at a "blistering pace" in February, up just over 89 per cent compared with the same period last year.
Yes, you read that right – 89 per cent.
The association reports 10,918 sales of residential units last month, an increase of more than 1,000 homes from the previous record set for February in 2016.
Prices also jumped by more than 17 per cent, making the average home in B.C. worth close to $890,000.
The association's chief economist, Brendon Ogmundson, says there's a drought of resale inventory across the province and with so much demand for single-detached homes, average prices have increased dramatically.
There were 20,185 total active listings in February in the province, the lowest on record, going back to 2000.
The association says total sales in dollar volume reached $9.7 billion, almost a 122 per cent increase from the same month the year before.
- With files from the Burnaby NOW
