The Canadian Press

More Canadians are willing to enter a bidding war and fight it out to secure a property, according to a home buying report released today by Bank of Montreal.

Comment: That amazes me. But does it mean they do it willingly, or just they are willing to go through it because they have to.

It says 34% of Canadians surveyed are willing to enter a bidding war when it’s time to buy a home, an increase of six points, or 21%, from a year ago.

The survey, conducted by Pollara for BMO, suggests the appetite for competitive bids among major cities is the highest in Toronto, at 44%, and Vancouver, at 41%.

Comment: Maybe because they don’t have a choice!

On a provincial basis, prospective buyers in the Prairies and British Columbia are the most willing to compete on the price of a home, with a reading of 38% in both regions.

The BMO survey also reports current homeowners say they visited an average of 9.5 homes before buying. While 49% said they were successful on their first bid, the figure drops to 42% among those who bought in the past five years — including 32% in Vancouver and 24% in Toronto.

Comment: Isn’t that scary. Over the past 5 years, not even 1 in 4 Toronto home buyers were successful in their first multiple offer situation. Not that surprising, though. Having been through the process with many buyers, they don’t really know what is going to happen the first time. And it can take a few go-rounds before they really see how it works and figure out how to get aggressive and really go after something. That or they just get worn down and do whatever it takes just so that it all ends.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.
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