By Susan Pigg | Thu Apr 19 2012
When it comes to the blood sport of real estate bidding wars, men are more enthusiastic combatants than woman and more willing to up the ante to 120 per cent of asking price, according to a poll by BMO Financial Group.
Some 75 per cent of Canadians are unwilling to get involved in bidding wars, but we’re more prone to play the hugely emotional game in Ontario, Alberta and the Prairies, the study found.
About 34 per cent of men and just 20 per cent of women said they were prepared to go above and beyond to get the home of their dreams — up to 120 per cent of asking price, according to the Property Wars study released Thursday.
“Men are just willing to spend more for what they want,” says Laura Parsons, a mortgage expert with BMO. “Women tend to manage the household finances so they may be making different decisions because they see the overall financial picture.
“They may be slightly more conservative.”
That comes as surprising news to GTA realtors for whom bidding wars are now an almost daily part of doing business, thanks to an ongoing shortage of homes listed for sale, especially in prime neighbourhoods.
“I don’t see a difference at all,” says Coldwell Banker realtor Farrell Macdonald. “When there is emotional attachment to a house, the competitiveness can come out, especially when there’s the potential for loss.
The big determinant of bidding stamina tends to be personality rather than gender, says ReMax realtor Adrienne Lake.
A buyer who is cautious or analytical by nature is far less likely to bid higher than asking than someone who is more emotionally driven, says Lake.
There is only pretty much one certainty when it comes to signing on the dotted line, says Macdonald.
“There’s almost always a disparity. One person is a little more emotional, a little more unpredictable and a little more excitable. It’s not always the wife, but it’s always one or the other partner.
“They are never usually on the same wavelength at the same time, which is why it’s just best for me to walk away for a little while and let them hash it out.”