In February, almost 20% of the residential listing sales in Calgary were selling for higher then the listing price. Since then, the trend has continued. In some cases, a home can be listed for just a few short hours before the multiple offers start flying in and bidding wars start. Some of the homes are receiving unconditional offers as well.
Many buyers have to go through these bidding wars in order to have a chance of getting the property they want. Most of the homes that do run into a bidding war scenario sell within a day of being listed at a higher asking price.
Part of the problem stems from the low inventory of single-family homes that are available. This, along with the low interest rate is stirring up a market frenzy. While Calgary is…
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