Bidding wars common in Vancouver, but not at Olympic Village

The demand is being pushed even harder now because of looming amortization changes and expected interest rate hikes, according to the Vancouver Sun. But it’s challenged first time buyers who already saw a 14% increase in average housing prices in 2010.

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 city’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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