VICTORIA – Tammi Dimock is a real estate agent at Royal LePage Realty in Sooke. On Thursday, just before speaking with CTV News, she received a “tactile” message from a fellow realtor.
“It says come in and get my offer if I want to present on this one,” Dimock said. “There are already five in hand.”
The post concerns a house for sale that she has shown to her customers. The list is what is called a deferred offer.
“He wants to have them all by 1pm and present by 3pm,” Dimock said.
This is a common situation in the hot Sooke real estate market. The properties receive several offers, everywhere in demand.
“The winning bids will usually be around $ 30,000 more if it’s a $ 600 to $ 700,000 home,” Dimock said. “Sometimes they cost $ 50,000 and we’ve seen them up to $ 100,000 more.”
She refers to today’s market as exhausting for buyers, real estate agents and, believe it or not, sellers. Sellers can profit from their sale, but then have to buy a new home in the same market.
“We have people who have been sidelined,” Tim Ayres, another Royal LePage real estate agent told Sooke. “We have people who are just tired of competing.”
Sooke is considered an affordable community with homes that sell for less than in downtown Greater Victoria. Five years ago, you could have bought a single-family home with a suite for around $ 500,000 in Sooke.
“You know, now it’s approaching a minimum of $ 750,000 for something with a sequel,” Ayres said.
It’s not just residential homes that are flying off the proverbial shelves. Bare earth is recovered just as quickly.
“Basically the day the land comes on the market, it’s sold here,” said Kris Bucci, owner of Uncovered Oasis Development. “We’re just building as fast as possible.”
Bucci became a developer three years ago. He originally planned to build two to three houses per year. It’s safe to say that demand has changed its business model.
“So right now we have about 210 homes, units, townhouses, and condos on the lists to build over the next few years,” Bucci said.
He’s going to keep the house he’s currently building and rent it out. Meanwhile, demand is also high in Sooke’s rental market.
“By the time I’m at drywall, I’ll put it on the market and have 50 applicants for hire,” the developer said.
Dimock says that despite unprecedented demand during the pandemic, Sooke is still a more affordable option than buying closer to Victoria. But right now, whether you’re buying or selling, get ready for a roller coaster ride.