Toronto Buyer Files Complaint Over Realtors Driving Bidding Wars

Toronto real estate: First foray into bidding wars leaves homebuyer bruised

Gallant thinks RECO should be reviewing what have now become commonplace practises in the GTA: brokers “underlisting” properties for far less than their market value and then holding off accepting bids until there is a frenzy of demand that many believe has helped fuel the bidding war frenzy and driven up prices.

Bidding wars are no longer just a City of Toronto phenomenon, according to a recent ReMax study. They are impacting househunters in suburban areas, as well as some cities in resource-rich provinces such as Manitoba, Alberta and Nova Scotia.

“I’ve gotten to the point where if they are holding back offers, I won’t even bother to go see the house,” says Gallant, who’s been looking in earnest for a month now in the Vaughan and Newmarket areas with her fiancé.

More buyers need to learn to walk away.