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Most home buyers would walk away from bidding war: poll

Most home buyers would walk away from bidding war: poll

 

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A real estate agent puts up a 'sold' sign in front of a house in Toronto on Tuesday, April 20, 2010. The Canadian Real Estate Association says Canada's home prices continued to rise last month and a majority of the country's local markets showed a balance between supply and demand, including in Toronto. (THE CANADIAN PRESS/Darren Calabrese)

TORONTO — A new Canadian survey reports that one-quarter of those polled would willingly get into a bidding war when buying a house.

The survey of 1,000 adults was conducted last month by Leger Marketing for BMO Bank of Montreal.

It found that 75 per cent of respondents said they would walk away from a bidding war on a home they wanted to buy.

But about half of the willing participants said they'd pay as much as 10 per cent above the list price.

A small percentage said they'd pay as much as 20 per cent above list price when bidding for a home