This represented a massive drop in the number of pre-sale inspections conducted in the city, which stood at 75 per cent only a little over a year ago, as reported by Matt Kieltyka of Vancouver Metro News
“Things have changed, definitely,” buyer Kevin Girard stated.
Girard, who recently beat four other rivals in a bidding war over a 90-year-old property in East Vancouver, said that he won by putting in a bid “void of subjects”.
“Going subject-free is the next evolution of this market that I can see,” he predicted.
Even when he ended up having to spend more than $25,000 in repairs since acquiring the home, Girard said that he would bid in a similar manner again if it would mean getting another house.
“I think it’s bit like the Wild West,” he observed. “Looking at the prices over the last year, if we were going to own a house in Vancouver it would have had to be now.”
The intense competition in the city’s real estate segment is such that realtors have taken to warning consumers whenever a property needs further work.
Last week, the Home Inspectors Association petitioned the B.C. government to mandate a 7-day “cooldown period” right after bidding to allow would-be buyers to perform inspections on their purchases.
“It’s the biggest investment of their lives and they’re not able to find out what’s wrong with their home,” according to Darryl Bailey of AusCan Building Inspections. “There needs to be more time [built in for inspections].”
Buyers suffer most in bidding wars—observer
Sales data access can lead to more informed purchases
Fresh data from the Home Inspectors Association of British Columbia revealed that in 2016 so far, as much as 9 out of 10 homes in Vancouver get sold without any inspections prior to the transaction.