Toronto Real Estate: Bidding War Strategy
February 20, 2014
If you’re planning on buying a house in Toronto this year, there is a good chance that you’re going to be involved in a bidding war; plain and simple! The issue is basically a function of supply and demand – there’s no more room in the city to build homes so existing homes go for a premium, even if they need to be gutted. The stakes are high, so being part of a bidding war is very emotional. However, there are some things you can do to prepare yourself so that you don’t spend more than you can afford and if you don’t end up with the house, to feel as though you gave it your best shot.
Joseph Richer, registrar of the Real Estate Council of Ontario (RECO) recently wrote a good piece for the Star. Click here for his article