TAGS: #BIDDINGWARS #HOMEAUCTIONS #SUPPLYANDDEMAND #LIBERALGOVERNMENT
Going once… going twice… going…… thrice sold to number 43!
That’s what home buying could look like in the near future, so you better have a good-looking front yard!!! (Tip – Higher the Gardener, local franchise).
FYI: Open auctions are the norm in Australia and New Zealand, where sellers overwhelmingly choose to use an open process. Auction fever creates a three-ring circus on front lawns, as hopeful buyers crowd in front of a home with a live auctioneer, or online, and then the bidding begins. Far from making homes more affordable, auctions can drive prices higher, and dangerously push buyers to make rushed decisions involving tens of thousands of dollars in just minutes.
The major concern I addressed during a recent conversation with family, friends, neighbours, and clients is the rising home prices & how our children are not going to be able to afford a home. However, the current landscape of bidding wars is proof of a larger issue the Canadian housing market is facing. I refer back to my 2004 Bachelors’ Degree in Economics that was based on the LAW OF DEMAND & SUPPLY!!! We clearly have a shortage of homes that are not able to meet the demand of the enthusiastic home buyer.
This is how I feel: Ontario’s families deserve choice. A home is a family’s greatest asset – it’s where we raise our families, and how we save for retirement. Consumers and sellers should be in the driver’s seat when the time comes to buy or sell.
I’d love to hear your thoughts on the matter. Feel free to give me a call or send me a text!
If you have any questions or would like a further debate, we look forward to hearing from you.
Written by:
Tanya Fernandes
Broker | Owner
