Bidding Wars are on the Decline


Stewards Log: 14:30:04:16:2010

With a Canada wide increase in properties for sale, 25% increase over last year, those fun filled bidding wars to get the home you wanted may soon be over.

Last week in Ottawa 641 new homes went up for sale, almost twice the rate homes have been selling all year.  So with supply rising so rapidly, it won’t take long to see demand level off.  We have already seen buyers in the city wanting to wait for a more level palying field, and there chance could be up very shortly.

“If this isn’t the top, we are very close to it in terms of sale activity and price,” said Gregory Klump, chief economist with CREA. (taken from the linked article above)

So here’s the thought…

If we are at the top, or nearly top of the market….why are home owners only thinking about selling their homes and not doing it?
Dave Williams
Steward
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