Fierce bidding wars a new reality in Lower Mainland housing market

(March 30, 2016 )

Its a wave that has come from Vancouver, to Burnaby, to Coquitlam, to PoCo. It took a while to get to Langley and Maple Ridge—but it is here.The concept of a fierce bidding war is a daunting reality check for buyers, including D. and L. Sello. The couple is moving from North Vancouver to Langley with their two young children for the lower cost of living – but is concerned that is no longer a reality.“[Prices have] gone up drastically, just in a few months. When we first started looking, we could get a lot more,” said Mrs Sello. “It’s all relative, but it’s definitely going up everywhere. You’re not just seeing the big boom in places like the North Shore.”Tsur Somerville, UBC Sauder School of Business, says the last year has been “somewhat crazy” in Vancouver’s housing market.“When you start getting price increases in the Fraser Valley of 10 to 15 per cent, then you’re getting homes that looked affordable before starting to move out into that area where they’re not at all,” Somerville told CTV News. “People seeing real estate as a way to park cash has really amped up.