Most home buyers would walk away from bidding war, poll suggests

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

The web-based survey of 1,000 house and condo owners 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 those willing to bid against other buyers 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.

Men were more willing than women to bid as much as 120 per cent of the listing price.

Only one-in-five women (20 per cent) said they’d bid 120 per cent of asking price, compared with about one-in-three men (34 per cent).

Respondents in Ontario, Manitoba and Saskatchewan were the most likely to agree to pay above asking price. Those surveyed in Quebec and Atlantic Canada were the least likely to participate in a home bidding war.

A survey of this type is considered accurate within 3.1 percentage points, 19 times out of 20 — although regional breakdowns are less accurate.

The survey was conducted March 19 to March 22.