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I'm not sure you understand what I meant by someone offering $100k+ over ask. In the current market properties generally get listed and then are under contract

I'm not sure you understand what I meant by someone offering $100k+ over ask. In the current market properties generally get listed and then are under contract in under 72 hours, which means in the market you're describing in GTA this would be like someone listening a property for $1.5M, expecting it to increase in value by (let's be generous) $10k in the 72 hours it takes to sell, and the bidders offer $1.7-$1.8M for that property. It's hard to express how much importance is also being put on these offers having NO clauses and being all-cash. It's just a straight, NSA cash offer, which is something investors can do with hedge fund / foreign money laundering capital, that someone who actually has to live in the place cannot. Personally, I will NEVER waive an inspection because I don't want my family's health put at risk.

wnolens 5y ago
I think he's implying that it means those houses are underpriced, to be snapped up at 100k over asking so easily. By comparison, a GTA home with a sale price of 1.5M regularly sells for 1.5-1.6. But last year it would have only cost 1.2M (not joking, I've been watching that market for about 3 years). In Toronto, real estate is religion. It's how a significant fraction of the population accrues wealth. And owning a home is held as the highest ideal. Also I agree, I would never waive an inspection.. but right now that's congruent with saying "I never want to buy a home".
jdsully 5y ago
Houses are frequently getting sold $300-400k above asking in the GTA, listers are intentionally low balling the asking price to strike bidding wars. Usually what happens is a seller sets the house up for viewings which are so packed you only get 15 minutes. Then they take offers 2-3 days from the initial listing date, where you will compete with at least 10 other offers (usually a lot more) in a blind bid. There is not room for conditions like a home inspection and home inspectors are actually going out of business because of it.
- tristor 5y ago
  > There is not room for conditions like a home inspection and home inspectors are actually going out of business because of it. Wow, that is truly ridiculous. I guess as the saying goes, "it can always be worse". I'm glad I'm not trying to buy in GTA, at least. This is not a tenable and sustainable situation though, at some point people will be fed up enough it'll cause the break down of societies.

wnolens 5y ago

I think he's implying that it means those houses are underpriced, to be snapped up at 100k over asking so easily. By comparison, a GTA home with a sale price of 1.5M regularly sells for 1.5-1.6. But last year it would have only cost 1.2M (not joking, I've been watching that market for about 3 years). In Toronto, real estate is religion. It's how a significant fraction of the population accrues wealth. And owning a home is held as the highest ideal. Also I agree, I would never waive an inspection.. but right now that's congruent with saying "I never want to buy a home".

jdsully 5y ago

Houses are frequently getting sold $300-400k above asking in the GTA, listers are intentionally low balling the asking price to strike bidding wars. Usually what happens is a seller sets the house up for viewings which are so packed you only get 15 minutes. Then they take offers 2-3 days from the initial listing date, where you will compete with at least 10 other offers (usually a lot more) in a blind bid. There is not room for conditions like a home inspection and home inspectors are actually going out of business because of it.

tristor 5y ago
> There is not room for conditions like a home inspection and home inspectors are actually going out of business because of it. Wow, that is truly ridiculous. I guess as the saying goes, "it can always be worse". I'm glad I'm not trying to buy in GTA, at least. This is not a tenable and sustainable situation though, at some point people will be fed up enough it'll cause the break down of societies.