Home buyers across Canada are being thrust into multiple offer situations, and this is not just limited to the hot markets of Toronto and Vancouver, reports the Financial Post.
As the housing market begins to heat up for the spring, experts believe that the supply will remain tight in most major centres. The Canadian Real Estate Association and Sotheby’s International Realty Canada released reports last week predicting that sales and prices would increase across the nation.
“It’s becoming more of a reality,” says Toronto-based Royal LePage agent Belinda Lelli. “There’s just nothing out there. There is zero supply and 100 per cent demand.”
Bidding wars have been rapidly increasing in Toronto and Vancouver, two of Canada's largest real estate markets. This kind of activity has not been seen for quite some time.
“In Toronto and Vancouver, we’re starting to see bidding wars that we haven’t seen in two or three years,” Sotheby’s International Realty Canada president and CEO Ross McCredie said in an interview.