Bidding Wars in Today’s Real Estate Market
The bidding war phenomenon, common in the Quebec real estate market for a few years now, has intensified in recent months. What does this mean exactly, and what is the impact for buyers and sellers? Truth in numbers In the Greater Montreal area, the price paid for a property is generally higher than the original list price now. This is a good indicator of how volatile the market has become. In fact, it is not uncommon for several different buyers to submit offers on the same property—and in trying to outbid everyone else drive up the price by thousands of dollars. “I have seen offers go as high as 20 percent above the original list [...]