Bidding war tips
After reading today's story about how housing affordability has sharply deteriorated in Toronto, I'm certainly glad Mr. Speedy and I bought in the spring, when the market was gentler and we were lucky enough to be able to purchase the first home we fell in love with. We even got it for just under asking price!
Now, about six months later, it's certainly an entirely different story. Twitter friends share stories of making offers and losing out on house after house, even offering $90,000 over asking and still not getting the property.
Experts say that "low interest rates, pent-up demand and a lack of listings", along with the improvement in stock markets, is driving the demand - pushing the average Toronto resale home price to $402,762 from July to September. (Read the full story here.)
If you are in the market for a new home, there is perhaps some consolation to be found in the fact that at least you're not in Vancouver - which remains the most unaffordable housing market.
And, to help you cope, I've pulled together some of our tips for handling (and winning) bidding wars:Real estate bidding wars make a comeback