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Price Competition Among Home Buyers Heating Up In 2014

More than one-in-three Canadians (34%) are willing to get into a bidding war to buy a home they want, according to the BMO Home Buying Report released today.

The report, conducted by Pollara, revealed:

  • in Vancouver 41% of home buyers will get into a bidding war
  • current homeowners say they visited an average of 9.5 homes before buying. While half (49%) were successful on their first bid, this figure drops to 42% among those who bought in the past 5 years – including 32% per cent in Vancouver.

BMO Economics also notes that average home prices across Canada continue to rise on average 10%.

BMO Economics also notes that average home prices across Canada continue to rise on average 10%.

“The competition for real estate in Canada, particularly in hotter markets, can be fierce,” said Laura Parsons, Mortgage Expert, BMO Bank of Montreal.

“For those willing to negotiate on the price of a home, the most important part of preparing is ensuring they get pre-approved by their bank so they know exactly what their limits are and can stick within them.”

Willingness By   Region

National % Willing to Enter Bidding   War

ATL

QC

ON

MB/SK

AB

BC

Mon

Tor

Cal

Van

34%

34

%

31

%

35

%

38

%

30

%

38

%

31

%

44

%

38

%

41

%

Here is the report and survey this article is based on.

For information, contact Andrew Peck, vice-president and general manager.


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