Bidding wars heat up in Calgary’s hot housing market

CALGARY- It’s been a frustrating few months for Balwinder Saroa, who was trying to buy a house. Every time he found one within his budget, someone else looking at the same home outbid him.

Saroa was forced to increase the amount of money he budgeted.

“In Balwinder’s case, we did like about five of the houses,” says realtor Puma Banwait. “We lost four and finally the one that we got for them in Saddleridge was listed for $334,900. We actually got it for $341,000.”

And that beat offers from seven other buyers.

The number of single family listings in Calgary is very low, especially in the mid-price range.  That comes at a time when more people are looking for affordable homes.

“There’s been a large amount of net migration into the city,” says Ann-Marie Lurie of the Calgary Real Estate Board. ”And combine that with the fact we’ve had a very tight rental situation, that has limited a lot of availability in the market. “

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To maximize your success in buying a new home, realtors have the following tips:

  • Try to view a home as soon as possible after it’s listed- the first day is best.
  • Don’t low ball on the first offer.
  • Come equipped with pre-approved financing.
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