Toronto is seeing fewer bidding wars, according to realtor chatter

Battle-weary house hunters rejoice—crazy bidding wars are (probably) becoming less frequent in Toronto. Sourcing realtor chit-chat, Moneyville suggests that properties are getting fewer bids than earlier in the year and that the number of homes drawing multiple offers is also down. Realtors had a couple of different reasons for the slight cooling: they say buyers are more cautious because of all the household debt reports; the market is rebalancing after an anomalous January to March period, which saw fewer homes and more buyers (and 15-person bidding wars); and sellers are getting greedy with their listing prices, turning off potential buyers. So far the evidence is only anecdotal, but hey, we’ll take whatever good news we can get in this unstoppable (though sometimes heart-stopping) market. [Moneyville]