Are bidding wars causing home prices to rise?

Two scenarios where bidding wars meant big wins for sellers
  • In some situations, bidding wars can increase a selling price up to 70 percent above listing price.

There have been many reports about increasing home prices lately; here’s my take from North of the border. In Toronto, the average house value for a single-family detached home is about $1.1 million. An average house price for a semi-detached home, one of two homes that share a common wall, is about $660,000.