6 March 2014

“The housing market of Calgary keeps showing the strongest results, Vancouver has finally recovered. Meanwhile, Toronto market is still relatively balanced, although the condo market shows higher supply,” – noted Robert Kavcic, senior economist at BMO Capital Markets. “We expect sales to remain relatively steady in the year ahead. In addition to it, the price growth is more likely to stay below the level of income growth.”

BMO also warned about the danger of getting too involved into bidding wars, as you may end up paying extra money for a house that’s not worth it.

We want to remind buyers that before going into bidding war please see your mortgage broker for pre-qualification. It’s also a good idea to have an access to extra funds in case appraisal will come in lower than price you’ve paid while fighting with other buyers.