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Why home buyers should stay out of bidding wars

Yahoo Finance Canada Videos
Updated

Record low interest rates and a strong desire to upgrade living spaces as more people work from home is leading to increased competition among home buyers.

Realtors are reporting as many as 65 bids for a single properties, which are often listed at reduced prices to spark bidding wars to fetch a higher sale price.

Realty’s John Pasalis operates in and analyzes the Greater Toronto Area market. He tells us why it's best to just sit out bidding wars and how they lead to unnecessary anxiety.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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