The newspaper said some of the hottest neighbourhoods right now are Mount Pleasant, Commercial Drive and Stathcona. A 100-year-old east Vancouver house took in 20 offers last week and sold for $800,000, some $151,000 more than the list price, cited the story.
Countless other examples can be found throughout the city.
But not everywhere in Vancouver is there such hot demand. The cityâ€™s Olympic Village condominiums are reportedly selling for about 30% off, and in some cases as much as 50% off, according to some media reports. The city paid $740 million for the development last year, but sales have stalled and only 30% of the units have been purchased. Retailers have also balked at moving in until more residents arrive.
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The demand is being pushed even harder now because of looming amortization changes and expected interest rate hikes, according to the Vancouver Sun. But itâ€™s challenged first time buyers who already saw a 14% increase in average housing prices in 2010.