Chaotic frenzy describes well what is happening with real estate in Canada. My family recently sold our deceased mother’s house in London Ontario the day it was listed for cash offers all well over asking with no contingencies. Nothing special, around 1100 sq ft, single level with finished basement, no garage, 6000 sq ft lot, good area. Bought 1972 for $23k, sold for $750k (CA $$). At the current rate of appreciation noted in the article property could be worth $1M before years end. Of course this craziness pales in comparison with Toronto and Vancouver.
I’ve used your comment from another forum topic “It’s not your father’s San Diego anymore” when discussing real estate with friends, some who’ve lived in SD for decades. They have an Aha moment and accept the new reality.
Its absoultely bonkers here and no one saw what is happening coming when it did. I always expected a steady climb up for decades but the last couple years have been nuts.
I just got back from Southeast Florida and its nuts there also though not as crazy as here. The entire country seems to have shifted its mindset towards real estate
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