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Toronto Bidding Wars So Fierce Homebuyers Skip Inspections

  • Firms see 30% decline in property inspections from a year ago
  • It’s a sign speculation has entered the market, lawyer says
Home inspector in garage in Toronto, Ontario, Canada. April 1st, 2017.
Updated on

In Toronto, some homebuyers are so desperate to win bidding wars that they’re rushing to make offers without even getting an inspection.

The average price for a detached home in Canada’s largest metropolitan area jumped to C$1.21 million ($905,950) in February, up a third from a year earlier, amid a dearth of properties for sale. In the same period, Toronto-based home-inspection firm Carson Dunlop saw a 34 percent drop in volume. Murray Parish, president of the Ontario Association of Home Inspectors, said he’s seen a 30 percent decline at his firm, Parish Home Inspections.