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Real Estate Survey

Here is an interesting survey done by BMO ( Bank of Montreal) as published in Vancouver Sun this week.

When it comes down to it, many British Columbia home buyers just aren’t willing to battle for their dream home, according to a BMO Home Buying Report released Thursday.

In the survey, 22 per cent of Canadians said they were willing to enter into a bidding war when making an offer on a home.

"Of those prepared to fight, half would pay up to 110 per cent of the asking price, while a quarter would be willing to bid up to 120 per cent," the report said.

Those surveyed in Manitoba/Saskatchewan ranked first in eagerness to enter into a mortgage bidding war (32 per cent). They were followed by respondents in: Ontario (28 per cent), Alberta (25 per cent), B.C. (23 per cent), Atlantic Canada (13 per cent) and Quebec (10 per cent).

The study also noted that 52 per cent of Canadians surveyed said they're willing to pay between 100 and 110 per cent of the asking price, with Quebec ranking first at 62 per cent. It was followed by: Alberta and B.C. (53 per cent), Ontario (51 per cent), Manitoba/Saskatchewan (48 per cent) and Atlantic Canada (44 per cent).

Meanwhile, 27 per cent of Canadians said they would pay between 100 to 120 per cent, with the highest in Atlantic Canada (33 per cent), then Ontario and B.C. (30 per cent), Quebec (25 per cent), Manitoba/Saskatchewan (22 per cent) and Alberta (17 per cent).

I find these numbers fascinating but I am always skeptical about these kind of survey since I don't know how they are selecting the groups. So I thought I would ask all my subscribers these two questions:

1. Would you be willing to enter into biding war situation?

2. Would you pay over market value price ?

Please comment and I will report the results in my next blog post.

Kind Regards,

Tibor Bogdan

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