Real Estate News

As Toronto housing stabilizes bidding wars make a comeback

Image by Photo Mix from Pixabay

When art director Cory Ingwersen started searching for a home in Toronto earlier this year, his hunt began in a slumping housing market.

Yet bidding war after bidding war, Ingwersen says he and his wife made multiple offers on several properties, only to be met by counter-bids that were 10 to 20 per cent more than the asking price – and more than they were willing to spend.

“We felt defeated,” Ingwersen, 32, said in an email interview.

Ingwersen isn’t alone in his home-buying experience, as some in the real estate industry say that bidding wars are now making a comeback in the city. And this is occurring despite the country’s largest housing market cooling considerably last year, as a result of officials tightening mortgage regulations, imposing taxes on foreign buyers and taking other measures aimed at curbing dizzying prices.

“We’re starting to see [bidding wars] happen,” said Toronto-based mortgage broker David Larock, in a July 11 interview with BNN Bloomberg. “The sky not falling and interest rates falling have combined to bring some enthusiasm back to the housing market.”

Continue to read on: BNN Bloomberg

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