"Competing offers — also referred to as bidding wars — are very common occurrences in hot real estate markets.
I know it can be very frustrating for buyers to bid and repeatedly lose out on properties that are getting five, 10, 20 or more offers.
Low housing supply, or inventory, is often a significant contributing factor and low supply is the current situation in many markets across Ontario. First-time buyers may find it especially hard to come out as the “winners” during these home competitions, and may need to expand the parameters of their searches. My advice is to take a long view, be patient and continue to save your money until the right property comes along." Joe Richer, Registrar, RECO
Click the link to read the full article from the Real Estate Council of Ontario
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