Yes, this is a sign of the end of a bubble. -vreaa.
“In the Greater Van area prices are, as of the month of December , going through the roof. Taking a steep spike upwards, no question about it. Is this a sign of the end of the bubble, as my financial advisor told me? (Not that I trust him!) Properties that were listed for $750,000 3 months ago, are now being listed for $900,000. Check out the MLS listings for Richmond. Tear-down properties for just under one mil. Unfortunately, I sold a property 4 months ago, thinking I was very smart, and am now kicking myself. Could have listed now for $50,000 – $100,000 more than in August. Real estate markets go up and go down, but I am beginning to think there is no end to the upside in Vancouver. People are RE mad!!!! There doesn’t seem to be a limit to what they will pay.”