WOW! Canadians So Desperate To Move Rural 2.4 Acres Sells For Over One Million Dollars!
Canada's housing crisis worsens as bidding wars become more intense as shortages persist. A combination of people leaving cities and seeking rural properties mixed with a housing shortage has resulted in skyrocketing prices that are not sustainable.
According to The Globe and Mail, home prices in Canada surged 22% over the past year, and the median home price is at record highs. Cheap loans from the Bank of Canada (BoC), housing shortages, and people exiting cities have resulted in bidding wars.
Take, for example, Palgrave, a small town 31 miles northwest of Toronto. A rancher built in the 1970s had an asking price of $998,000 in June and sold later that month for $1,365,000. Just days on the market, a fierce bidding war broke out with 13 bidders who ultimately bid up the price 37% above list.
https://www.zerohedge.com/markets/ontario-rancher-gets-13-offers-sells-367000-over-list