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Realtors have called for an end to pre-emptive bids, but a ban won't address the root of the problem.
With affordability strained in many housing markets, homebuyers are going to some extreme lengths to get on the property ladder.
It's not a new concept for builders to offer incentives in the form of upgrades to potential buyers. However, I've been astounded by other incentives that have recently popped up in the Toronto real estate market. For example, Kylemore Communities has been offering $35,000 towards any new BMW, with a purchase of one of their specific condo developments.
Whether you're in Ontario or in a different province, you've likely heard about Toronto and GTA housing prices. Last night was the first time we placed an offer in over two years -- and was the first time ever we participated in a home bidding war!
An article in The Atlantic entitled "The 11 Ways That Consumers Are Hopeless at Math" reveals how businesses use fact and psychology to persuade shoppers into making purchases they normally wouldn't make. They're tricks some Canadians face at the mall, the car dealership and even the grocery store. But what about the housing market? Are Canadian house hunters having the wool pulled over their eyes? Whether you're buying, selling or just window shopping, here are three things to consider.