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.