Spring homebuyers facing possible bidding wars, BMO poll suggests

Spring is here, and for some that means the hunt is on for a new home. What they might find themselves involved in, however, is a bidding war. Respondents in the online survey, conducted by Leger Marketing for Bank of Montreal, were all Canadians between the ages of 25 and 45, and intended to buy a home within the next two years. Those who had been part of a bidding war in the past (16% of respondents), on average, said they were prepared to pay 9% above the listed price. Still, homebuyers are advised to maintain fiscal discipline when shopping for a home. "It's important to take a practical approach by setting your spending limit and sticking to it," said BMO mortgage expert Laura Parsons.