One signal that these predictions for the rest of the year are indeed true is the fact that bidding wars have returned to the city, with nearly half of neighbourhoods in and around T.O. now considered"in bidding war territory" according to local real estate agencyfrom the firm this week says that the trend of offering more than the asking price to secure a given property is escalating rapidly so far this year, especially for townhomes, semi-detached and detached houses.
"We're beginning to see more homebuyers step off the sidelines, resulting in more bidding competition in a growing number of neighbourhoods," the report reads. While the cities of Markham and Richmond Hill dominated the overbidding list, surprisingly, two Toronto locales topped the list for most-underbid areas in the region: Princess Rosethorn, Etobicoke with an average price of $1.9 million, and The Annex .
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