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Bidding wars back on the rise in Toronto despite prolonged market downturn

It's been over a year of extraordinarily meagre activity in the Toronto area housing market, but despite the prolonged sales slump, a torrent of people looking to sell, and now a trade war with the U.S. that is set to worsen Canada's economic recession, bidding wars are somehow on the rise.While having to offer more than a home's listing price was once the norm for would-be homeowners in the region, the market downturn that dominated last year has provided them with more options and negotiating power, leading to progressively more buyers landing houses and condos for less than their listed price.By the end of 2024, properties in 93 per cent of GTA neighbourhoods were selling for less than sellers had hoped to get.But, the tides have started to turn after multiple months of the underbidding trend.Toronto seeing most new home listings in Canada but hardly anyone is buying https://t.co/zwVWkjWtUV— blogTO (@blogTO) February 23, 2025According to W...


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