Toronto Real Estate and Bidding Wars
So – I have been looking for a condo or house for a few months now, but it is really crazy in the Toronto real estate market right now. I put in an offer on a townhouse in Parkdale which was selling at a reasonable price. There were six other offers and I ended up losing the bidding war to someone who paid significantly higher than the asking price.
I then saw this article about a house that went 605k above the asking price! There were 10 bidders on this property – one agent apparently brought in family pics in an attempt to sway the seller. It seems like people are really losing it!
But really, this hot market will not last forever, so losing this battle is not really losing the war. I read about a similar situation in California where people were paying 100k over the asking price, then selling for significantly less over five years later.
Plus the day after I lost the bidding battle (not war) an arsonist set a bunch of garbage cans on fire right in front of the house. Hah.
Arsonist, eh? Sounds suspicious. Anyone you know, Stefanie? Someone that just lost a bid battle, perhaps?
Heh – I have no idea what you are talking about
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It’s happening here, in Vancouver too. If not more so. I haven’t heard of any homes actually GOING for the asking price. What? Pay what they are asking? That’s nuts.
I, too, am waiting for the lunacy to settle down before jumping in downtown here. If I were to actually buy the place I’m in right now, it’d be $700+K. How insane is that??!
Is that really true? I’m also looking for a condo in Toronto, but its really pitty, when the difference between askind and selling price is 605k. I have already found something interesting, but I’m not sure, I can get it for the price I wish
But we can’t give up:)I suppose that market will be saturated soon and then it will be much more easier for us to find a condo for an appropriate price
Good luck with searching