Telephone pole real estate ad an indication of Vancouver’s hot market
Posted June 26, 2015 4:28 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – An offer to pay you $2-million for a 33-foot lot has been posted on a telephone pole in Vancouver, and a local real estate organization suggests this shows just how tough it is to buy in this market.
The sign is an indicator of just how difficult it is to acquire land in Vancouver at a good price, says Darcy McLeod with the Greater Vancouver Real Estate Board.
“It’s indicative of a hot real estate market where there’s a lot of demand for properties in certain neighbourhoods,” says McLeod. “When there’s not a lot of supply, people will resort to pretty much any means to come up with a property to buy.”
He says he hasn’t seen anything like this before and doesn’t feel it’s an effective strategy.
“It may be a situation where somebody is frustrated by landing in several multiple offer situations, and they’re trying to try something a little different to maybe get their hands on properties before they get to the public market, where there is competition,” says McLeod.
As for whether that price they’re offering represents good value, McLeod says it really depends on the neighbourhood.
