70-year-old bungalow sold for $1 million over asking

A 70-year-old Vancouver bungalow has sold for $1 million above the asking price, reports the National Post.

UBC real estate professor Tsur Somerville says the home might have been listed for less than its estimated value–a common practice.

“It looks a whole lot like a realtor playing games,” said Somerville. “You get these realtors who are in love with the idea of pricing low, giving buyers hope that is non-existent and starting a bidding war.”

A similar article appeared in The Province.