Canada’s housing market keeps changing. How to navigate the bidding process - National | Globalnews.ca

While these kinds of scenarios are rarer in hot housing markets, in Vancouver he’s seen a few more offer-any time listings pop up during the Bank of Canada’s latest rate hike cycle.

The Bank of Canada’s rate hike cycle cooled down the market through 2022 and has left some sellers with “unrest” and fears that they might not get as much as they’re hoping for their home on offer night, MacKenzie says.MacKenzie says that in order to arrive at the asking number, she takes a look at the last sale price of the home in question and then looks at how properties in the same area have appreciated since that time to get a ballpark figure for the home’s current value.

She likes to ask the other agent what the seller’s motivating factors might be, such as whether the seller has lived in the home all their life and is transitioning to a care home or if it’s an investor looking to make a certain amount of profit. But on the off chance that your letter finds a seller feeling nostalgic about their old home and making sure it ends up in good hands, it’s worth a shot, MacKenzie argues.

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