Bidding Wars in Around Town

August 27, 2020

Your Weekly Construction Briefing

Housing prices on Vancouver Island have been shooting up in the last 30 days, with many properties selling for tens of thousands of dollars higher than asking price.

The Vancouver Island Real Estate Board is reporting a rapid increase in home prices on Vancouver Island, with homes selling for much more than the asking price.

Vancouver Island Real Estate Board President Kevin Reid says the Island has always been a choice destination for people across Canada, but the COVID-19 pandemic appears to have encouraged people to take the leap and move here.

Reid says bidding wars for homes are now common, with one Comox Valley home priced in the 800’s recently sold for $130,000 over the asking price.

The Home Price index, which can be lower than market prices, shows the average home price in the following markets: Campbell River: $456,000, Comox Valley: $557,000, Nanaimo: $593,000, and Duncan: $500,000.

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