Multiple bids flood Sooke's red-hot real estate market
VICTORIA -- Tammi Dimock is a realtor with Royal LePage Realty in Sooke. On Thursday, just before talking with CTV News, she received a "touch base" message from a fellow realtor.
"It says get in there and get my offer in if I want to present on this one," said Dimock. "There’s already five in hand."
The message is in regards to a house that is for sale that she showed her clients. The listing is what is referred to as a delayed offer listing.
"He wants them all in by 1 p.m. and is presenting at 3 p.m.," said Dimock.
This is a common situation in Sooke’s red-hot real estate market. Properties are receiving multiple bids, all over asking.
"The winning bids are going to be usually about $30,000 over if it’s a $600-to-$700,000 house," said Dimock. "Sometimes they’re $50,000 and we’ve seen them up to $100,000 over."
She refers to the current market as being exhausting for buyers, realtors, and believe it or not, sellers. Sellers may be cashing in on their sale, but then have to repurchase a new home in the same market.
"We’ve got people that have been priced out," said Tim Ayres, another realtor with Royal LePage in Sooke. "We’ve got people that are just tired of competing."
Sooke is seen as an affordable community with homes selling for less than in the Greater Victoria core. Five years ago, you could have bought a detached home with a suite for around $500,000 in Sooke.
"You know, now that’s approaching $750,000 at a minimum for something with a suite," said Ayres.
It’s not just residential homes that are flying off the proverbial shelves. Bare land gets scooped up just as fast.
"Basically, the day land goes on the market it’s sold out here," said Kris Bucci, owner of Uncovered Oasis Development. "We’re just building as fast as we can."
Bucci became a developer three years ago. He originally expected to build two to three houses per year. It’s safe to say demand changed his business model.
"So right now we have about 210 houses, units, townhouses and condos on the dockets to build over the next few years," said Bucci.
He’s going to keep the house he is currently building and turn it into a rental. Meanwhile, demand is high in Sooke’s rental market as well.
"By the time I’m at drywall I’ll put it on the market and I’ll have 50 applicants for rentals," said the developer.
Dimock says despite the 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 rollercoaster ride.