Return of the FOMO- Bidding Wars are Back in Vancouver Real Estate

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It looks like the bidding wars are back, at least for certain segments of the market in Vancouver. Several of my clients have been grossly outbid on entry level condos and entry level houses. Yes the high end of the housing market is still coming down, so there is basically a compression happening.

We can see in the data that there is a renewed optimism for real estate in this country. Residential mortgage credit growth on a 3 month annualized pace is growing at 6.72% as of December, that is faster than before the B-20 mortgage stress test.