Younger adults are more willing to go to war — a bidding war, that is — for their dream home.
According to a survey commissioned by Toronto-Dominion Bank, 51% of adults under 35 said they’re prepared to offer above list price for a dream home.
Older survey participants were less enthusiastic about bidding wars: 31% of respondents between 35 and 54 said they’d be prepared to go above asking. Only 18% of respondents aged 55 and older were game for a bidding war.
The survey also found that some bidders are more competitive — and have deeper pockets — than others.
TD reported that 19% of competitive bidders were willing to offer up to $50,000 over the asking price of a home, while 13% were willing to go $50,000–$100,000 over asking — or even higher.
Depending on the size of their down payment, those competitive bidders could soon be paying even more for a home, with the Office of the Superintendent of Financial Institutions proposing a tougher stress test for uninsured mortgages.
TD commissioned Ipsos to conduct an online poll of 1,001 adults in Canada between March 31 and April 6. Online polls cannot be assigned a margin of error because they do not randomly sample the population.