It found that 47 per cent of respondents would consider going 10 per cent over-budget and almost a third would think about pushing their limits by up to 20 per cent. These figures rise to 57 and 38 per cent in Greater Toronto Area where bidding wars are more common.
“Our research findings make it clear that too many Ontarians may be struggling to keep a cool head in the hot and highly-competitive real estate markets that are becoming the norm,” said Joe Richer, Registrar of RECO. “Buying or selling a home can be a rollercoaster of emotions. People tend to let their heart rule their heads, especially first-time buyers.”
RECO is launching a tour of 13 locations across the province from the fall to help buyers and sellers understand how to overcome the challenges of the hot market.
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Homebuyers in Ontario are willing to stretch their budgets to bag their dream home according to a poll by the Real Estate Council of Ontario.