These past few months have been a whirlwind of emotions. We’ve been on the hunt for a new house, and for those who have experienced what it’s like to try to buy a house in an already-overpriced market in a sought-after city, well, you probably understand how tough it can be.
We’ve lived in our “starter” home for the last six years, doing one renovation after another. After our last large reno, which involved adding a sunroom addition on to the back of the kitchen that served as my photo studio, we realized we’re ready for something new. Don’t get me wrong—I love our little house—but we’re starting to get the itch for something new, maybe (hopefully) a little closer to the downtown core.
We’ve had our heart set on a particular area in the east end of Toronto for some time now, but never thought we’d be able to afford it. The bidding wars here are kind of insane—most houses are priced low to attract attention and then end up in bidding wars with a sale price at least $100,000 over asking. It kind of blows my mind.
The experience parallels speed dating in many ways: a house goes on the market on a Tuesday, for example, and then you have to look at it and decide if you’re willing to bid on it before they take offers the following Tuesday. In other words, you see it, chat for 30 seconds, and decide whether you’re ready for marriage (not just a second date). Over the last three months, we have fallen in love with and then subsequently lost three houses to higher bidders.