The hot housing market isn’t just happening in Vancouver.
In some neighbourhoods in Surrey, some “For Sale” signs are creating an auction-like response with hundreds of people turning up to make an offer and the house being sold within hours, for thousands over the asking price.
President of the Fraser Valley Real Estate Board Jorda Maisey points to a low inventory of detached homes and more demand.
“Inventory levels haven’t increased yet, they are very consistent, we are down a little bit of new listings compared to last year this time but you have the same number of buyers so they are all trying to find something.”
Maisey says many of those searching for a house south of the Fraser River are condo dwellers from Coquitlam or Burnaby.
“I took one buyer through an open house on Sunday. The realtor was just shocked because he’s never had that kind of activity and then he was presenting offers that evening to his client and he had four offers on it.”