The housing market is absolutely insane. I know neighbors who have sold for nearly double what they paid for their house just a few years ago. My realtor friends are amazed by it. But it's nothing like what's happening in Canada.
If you are not ready to pay cash and/or pay more than a home is worth, you won’t get one… especially in Toronto. Recently a townhouse in a busy part of Toronto went up for sale. Several people were in a bidding war for the place and the “winner” paid well over its worth. It originally listed at 1 million dollars.
The end price: $1.52 million. We’re talking an overpayment of $420-thousand! Heck, it didn’t even have a yard!