Real estate markets in Toronto and Vancouver are still red hot with bidding wars driving up prices, mainly for detached homes under $1 million. One reason is that listings are in short supply.
In at least one case, I know of, more than 20 offers were received and in others buyers are paying tens or hundreds of thousands of dollars over the asking price. What’s worse, many buyers are putting in offers without any conditions, hoping this will help them clinch the deal.
In this kind of market, buyers can still protect themselves.