Bidding wars? In this economy? - Macleans.ca

Bidding wars? In this economy?

Toronto bucks the housing market trend

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The housing market in the U.S. has been devastated by the current recession. In Canada, it has also taken a beating. Homes for sale are languishing on the market and values are plummeting. At least, they are in most places. Toronto, on the other hand, has amazingly seen the return of the housing-boom bidding war. They have “surged back from extinction” this spring reports the Toronto Star. One bungalow that recently went up for sale for around $500,000 ended up attracting 10 other potential buyers and sold for $564,000 (134 per cent of the asking price). In the first two weeks of May, house sales were up compared to the same period last year. The numbers are further confirmation that Toronto has side-stepped the worst of the downturn.

Toronto Star

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