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You have foreign buyers, developers, flippers and people who actually want to buy a house to live in. The inventory of homes on the market in the lower Mainland is very low and there's way too many buyers which will continue to drive up prices in the near future.
I bought a house in Ocean Park which I paid close to asking last year, rented it out and I'm getting 2-3 calls from Realtors every week if I want to sell. I could walk away with $200k but my plan is to build a new home on it next year and flip it because the entire area is set to be redeveloped because most of the homes have been bought up by developers.
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