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.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: