Cognitive Dissonance and Canada's Real Estate Boom

Yesterday, on Victoria's housing blog, House Hunt Victoria, a real estate agent said:

Wrote 4 unconditional offers over the weekend ranging from 30k to 110k over asking and none accepted. It is brutal out there ...

Phew — as the last patches of snow from last week's storm melt away, the real estate market is so crazy in the capital of British Columbia that an agent not only needs offers above asking, they need offers much, much above asking.