Here’s a Fun Fact! Did you Know? average sale prices for housing in New Zealand rose dramatically over the last 3 years? And this is a country who has OPEN BIDDING, just like art auctions. All buyers know what each is bidding. Some people would like to see open bidding in Ontario and across Canada, believing that secret bidding is responsible for ‘inflated’ prices but here are some numbers to chew on:
OPEN BIDDING increases in New Zealand: population 4.9 Million
2019/average sale prices rose 12.4% year over year.
2020/prices rose 19%.
2021/prices rose 21%
CLOSED BIDDING increases in the GTA: population 6.4 Million
2019/prices rose 4% year over year
2020/prices rose 14%.
2021/prices rose 18%
And a study done in our office also showed the gap between the winning bid and the second highest bid was, on average, a mere 4.5%. Anecdotes are fun, but actual data points are even better.
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