Realtors say that bidding wars are gaining heat in Vancouver’s Lower Mainland with prices rising sharply. CTV News quotes Re/Max All Points realtor Krista Marion: “It’s been pretty amazing. I’d say since November we’ve seen prices going up $30,000 a month. In a market where a tear-down can sell for $2.4 million and where the median price for a detached home is now above $2 million, the escalation of bidding wars will add more pressure to first time buyers in particular and intensify calls for action to stem the surge in prices.
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