Bidding wars come to the suburbs

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Mississauga, March 18 (CINEWS): Bidding wars became the norm last year in Toronto’s over-heated real estate market, now it isn’t uncommon to have bidding wars for homes even in the 905 area. Notably the Peel Region and Richmond Hill.
In earlier times, the suburbs offered a possibility of home ownership to families and individuals who had been priced out of the city. Now that gap is closing. Bidding wars are ensuring that prices keep going up steadily.
Earlier it could be said that owning a home in the suburbs was more cost-effective and the only real price was the time it took to commute to and from work. But with prices of homes in the burbs upward bound that advantage is quickly being lost.
Daily commuting from say Burlington to Toronto could cost around $3,000.
Commuting, whether by car or public transportation, is also an issue. Of course if one had to factor in the value of time spent commuting, it could be a lot higher.
Actually the cost of an average detached home in suburbs just outside of Toronto jumped 23 per cent last month, compared to 11.8 per cent in the city. If prices continue to rise at this pace, then buyers may simply opt to rent rather than own their own home.

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