The low-interest loan program introduced by the B.C. government to help first-time home buyers get into the market appears to be having a big impact on entry-level condos.
While government intervention in the real estate market put a chill on prices this summer, it looks like the new loan initiative is heating up prices again.
Bidding wars have returned, and some experts believe Victoria bears some of the blame.
This 415-square-foot studio in Vancouver’s Yaletown neighbourhood sold for $24,000 over asking.
Realtor Steve Saretsky said last month a full 25 per cent of deals went into multiple offers. In Vancouver “it’s basically anything under $700,000 that’s really moving quite quickly. We’re seeing a lot of multiple offers,” he said.
