Not yet a reality television program, but one can imagine that a show based on residential real estate bidding wars might fare well. According the latest report, more Canadians are willing to enter bidding wars to buy a home, with, you guessed it, Vancouver and Toronto as the top ‘bidding war zones’.
A Bank Of Montreal survey found that “34% of Canadians surveyed are willing to enter a bidding war when it’s time to buy a home, an increase of six points, or 21%, from a year ago.
The survey, conducted by Pollara for BMO, suggests the appetite for competitive bids among major cities is the highest in Toronto, at 44%, and Vancouver, at 41%.
On a provincial basis, prospective buyers in the Prairies and British Columbia are the most willing to compete on the price of a home, with a reading of 38% in both regions.
The BMO survey also reports current homeowners say they visited an average of 9.5 homes before buying. While 49% said they were successful on their first bid, the figure drops to 42% among those
who bought in the past five years — including 32% in Vancouver and 24% in Toronto.
The survey results are based on random online interviews with 2,007 Canadians between Jan. 24 and Feb. 3. Of those, 1,051 were prospective homebuyers and the remainder were current homeowners.
The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.”
Source: Canadian Press