‘It is a frenzied market’: Vancouver Island home prices soar to new highs

Sold signs have become an indicator of the times across Nanaimo, as the soaring real estate market has caused houses to sell within days.

Many times, for tens and even hundreds of thousands of dollars over the asking price.

“The pressure’s intense,” said Nanaimo resident Debbie Smith.

The Nanaimo woman’s dream home just sold for $108,000 over the asking price, with no conditions, in the wake of a painful divorce during the COVID-19 pandemic. Following the sale, the Nanaimo grandmother is scrambling to find a new place to live.

“It is a frenzied market. Everything seems to be so overpriced that as a home buyer, I can’t go buy right now because everything is over what it is worth. So I’m forced into a rental situation,” said Smith.

“I’m hearing time and time again, people selling their house thinking ‘I’ll sell my house, I’ll get top dollar, I’ll invest it in my next house,’ and the market is passing them by,” said 460 Realty real estate agent, Matt Scheibel.

According to Scheibel, the real estate market is akin to a high-speed train right now, as a critical shortage of properties sends prices soaring.

Scheibel said that it has made it hard not only for first-time buyers but longtime owners like Smith to land a property.

“It is warp speed. We are on a rocket ship right now,” said Scheibel.

With no end in sight to the rising prices, or low-interest rates, Scheibel recommends sellers have a plan of where they’re moving before they list.

Since many people are now finding themselves having sold their home with nowhere to go.

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