Announcer: “In Richmond, West Vancouver and on Vancouver’s Westside, 25% of the sales come with bidding wars.”
Mahmood Ladhani, BMO Area Manager: “There are some bidding wars happening within our markets, where people are getting passionate about buying a home.”
Announcer: “Some of the off-shore buyers aren’t even coming to view the homes, they’re doing it by remote control.. viewing the images on the internet and making bids.”
Ladhani: “In certain parts of Vancouver you start to see helicopters flying around and … you know people are taking pictures, and.. you start to see people just buying stuff through the internet.. realtors are very active with the overseas market.. it’s driving up prices because people aren’t taking a look at the properties, they’re actually just making bids on it.”
1. More info regarding market losing breadth towards top.
2. ‘Passionate’ about buying houses? ‘Panicked’ and ‘Desperate’ also apply. All signs of a mania. Remember, locals are doing more than 80% of this buying. They are all buying expecting future price gains.
3. Sky-Cams and “Remote” buying by internet? We particularly like the sinister shot of the surveillance device under the chopper. A higher order of hyper-efficient buyer has taken over!.. We’re becoming game-pieces in some kind of intercontinental computer game!.. (are the implications). All smack of top o’ the bubble stuff but, as we’ve said before, we’ve made so many prior incorrect calls on the matter we’re not making them any more. We’re just patiently waiting for the inevitable to play itself out.