We have experienced a resurgence in multiple offers, or bidding wars, in days of late. This occurs when more than one party offers on the same property at the same time.  Working for both buyers and sellers, we at the PRIME team fully understand what the nervous buyer is experiencing and what the anxious seller is feeling in the bidding war process.

Organized real estate employs “rules of engagement” in the handling of multiple offers to give all buyer parties a level and fair playing field, favoring no single party.  Unlike Australia, where live open bidding occurs (often on the front lawn of the house), a blind bidding process is employed.  Buyers are encouraged to write their final and best offer, with the Seller reviewing all (in private) and accepting the offer with best terms and conditions.  They are not obligated to counter offers or to give second chances: often it is simply a matter of accepting the best package.

For sellers, the probability of selling high (at list price or beyond) plus reduced or eliminated number of subject conditions means the seller stands a lot to gain.

For buyers, it is an emotional roller coaster not knowing whether their best foot forward is good enough.  Some buyers go thru this process several times until finally landing their home.  Some actually give up, especially in a rising market, created by continued bidding wars.

Working with agents who are well versed in the process- from both buyer and seller perspectives- is crucial.  Give us a call to learn more about how we can help.

Listen to The Whole Home Show with Tony Joe Saturdays 12 noon on CFAX1070.com

When a property is new to market, Sellers are excited at the prospect of garnering a swift sale at maximum dollar, encouraged by the fact that showing activity is high since the new listing is “fresh” on the market.

Often, an offer to purchase materializes from an interested buyer in the first days of the listing, posing a critical juncture which has the potential to alter the path of the seller’s journey to success.

If the offer is good- asking price or slightly below- at this early stage, Human Nature steps in and we hear from sellers words which often go something like “I’ll wait until something better comes along”.  Here’s the problem: sometimes a better offer never comes along.

A property is most marketable in its first 14 days of listing.  Buyers are receiving daily updates from their agents, seeking new or “fresh” listings as they hit the market.  Those are the ones which are most desirable, receive the most attention and as a result, traffic and showings hit their peak in those first days. After that point, the freshness wears off and buyers are looking elsewhere.

At the very least, consider countering the early offer to keep the ball in play.  A role of the agent is to negotiate every offer to terms acceptable by their client.  Sometimes an acceptance is not possible.  But if the offer is good, or one that you’d take in future, consider the ramifications of not acting now.  We’ve seen too many sellers later regret that they didn’t take “the one that got away”. 

Listen to The Whole Home Show with Tony Joe Saturdays 12 noon on CFAX1070.com

The real estate licensing program trains candidates on legal matters, agency, mortgages and construction & structural topics. Individuals leave the course having a higher knowledge in these areas relative to the task of helping consumers buy and sell real estate.

What isn’t covered is why being involved in the community is important.  While agents are instrumental both in the selling and buying transaction for consumers, we don’t just sell bricks and mortar.  We sell the community too. From schools to recreation to faith centres to shopping and amenities to transit access, home buyers are buying the complete package beyond just the home.

We are fortunate that Victoria already possesses the attributes that continue to bring Canadians here- both for tourism and for relocation - but there’s so much more to offer here than what is seen on the surface.

Some time ago, we realized that our roles as REALTORs means we are ideally positioned to serve clients in their relocation while also supporting local business and commerce.  We are constantly networking with trades and service providers and learning more about local businesses and amenities to best serve our clients.  This is why community involvement is a core value for us at The PRIME Real Estate team.

The investment in relationships we’ve built means we can connect clients with services which have proven themselves to be trustworthy and effective.  This is very different from just finding a positive review online or in a directory.  We know these people personally and have usually had a positive prior experience thru the eyes of our clients.

We’re involved in many groups including Rotary, Sovereign Order of St. John, Knights of Columbus, Think Local First, Oak Bay Tourism, Belfry Theatre, Victoria Symphony plus many other organizations.  We roll up our sleeves as engaged members of the community, so we can be a high value to our clients.  We’d be pleased to help you as well.

Tony is the 2026 Victoria Chamber of Commerce Member of the Year.  Listen to The Whole Home Show Saturdays 12 noon on CFAX1070.com

Most sellers think pricing higher gives them “room to negotiate”… but that strategy usually backfires.

The common belief is simple: ask for more, leave space, and you’ll end up with a better result. Sounds logical—but in real estate, it rarely works that way.

When a home is overpriced, it actually helps your competition. Buyers don’t stretch—they compare. If your property feels off relative to the market, they move on. Showings drop, marketing loses momentum, and your listing starts to sit. Even worse is when your home is used to demonstrate how much better priced your competitors are.

And once that happens, things compound. Fewer showings and little activity. Longer days on market raise red flags. Eventually, you’re not negotiating from strength—you’re catching up. 

You can see it play out clearly. Homes priced 6–12% over market often sit for 3–6 months with minimal activity. Push beyond that, and you’re looking at drive-bys and little else. Even 4–6% over can mean showings without offers.

Meanwhile, properties priced correctly tend to generate offers within the first month. And in some cases, pricing slightly under market creates strong demand—and can even push the final sale price higher than market due to multiple offers.

What actually matters isn’t asking more—it’s positioning your home where buyers see value immediately.

If you’re ever unsure where that sweet spot is, we’re always happy to give you a clear, no-pressure pricing breakdown.

The unprecedented activity during and post COVID in the 2021 and 2022 markets prompted home buyers to compete for homes, making multiple offers and bidding wars commonplace.  Some buyers faced 5-10 (or more)  competitors with properties selling often 10% over list price, almost always with contracts lacking any conditions such as financing or building inspection.  This meant buyers not only paid maximum dollar for the property but also prevented them from conducting due diligence which is a common practice in normal markets.

Buyer remorse is a human trait, especially when a consumer spends over a million dollars in a matter of hours- for a house they only viewed for 15 minutes.

As a result, the Province of BC implemented the Home Buyer Rescission Period in 2023.  This is a regulatory requirement which cannot be waived by parties in the transaction.  It enables a buyer to change their mind within 3 business days of acceptance of their contract. If the buyer executes the rescission, a fee of 0.25% of the purchase price is paid to the seller.

The Rescission is rarely executed based on our informal polls.  But for buyers, it’s added protection in a high pressure environment.

Call us if a move is in your future.

What’s your home worth?

Having an Agent perform a Comparative Market Analysis (CMA) can help you in many ways.

For Sellers, it helps determine a likely sale price, ensuring the home is competitively priced as opposed to being cluelessly optimistic.

For Buyers, it helps make an informed offer to purchase and provides market clarity.

For Owners who aren’t selling, it can provide a baseline for future decision to stay, sell or renovate.  

Here is what a CMA includes.

Data- size, vintage, lot attributes

Current Listings - your competition

Recent Sales- what neighbours with similar homes have actually sold for

How is a CMA different from an Appraisal?  Appraisers are licensed under the Appraisal Institute and are unbiased third party evaluations, generally hired under contract by lenders or consumers.  The data used is actually from the Victoria Real Estate Board which is shared with Appraisers under a Data Use Agreement.  In other words, appraisers and agents use the same data. Unlike REALTORs, appraisers rarely have the opportunity to physically view sold properties as they generally work with historic information.

A value that agents bring to home owners is that they often have visited sold properties while they were on the market and are able to make comparisons from a consumer’s perspective.  Agents also understand current market conditions, being able to comment on whether the home is in a fast moving segment or otherwise. 

Looking for an evaluation of your property?  Give us a call for an in-depth discussion.