Canadian home buyers not into bidding wars: Survey

Canadian home buyers not into bidding wars: Survey

Most Canadian home buyers would rather walk away from their dream home than get sucked into a bidding war, according to a survey released Tuesday.

Just 28% of house hunters said they would fight over a listing, the BMO Home Buying Report said. The numbers were higher among first-time buyers, with 39% of those polled willing to pay above asking price.

Bidding wars were most likely to happen in Toronto, Vancouver and Calgary, where the largest proportion of sellers polled (25%, 17% and 12%, respectively) said they would intentionally under-price their home to try and spur competition.

The average home price in Canada is currently $378,532, BMO said, after prices continued to rise "modestly" over the past year, recording "unusually calm" single-digit increases.

The poll was conducted between February 25 and March 5 by Pollara, using online interviews with a random sample of 2,000 adult Canadians. It has a margin of error of 2.2%, 19 times out of 20.

SOURCE: Canoe.ca


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Pauline Ha

Pauline Ha

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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