Real estate buyers in Toronto find competition has returned

The real estate market in the Greater Toronto Area is shifting gears and buyers who became used to a languid pace are scrambling to keep up.

John Pasalis, president of Realosophy Realty, says people looking at properties in the fall became used to taking their time. They could submit offers with conditions on financing or a home inspection, for example, and rarely came up against rival bidders.

“It’s very frustrating for some. They go to a showing and there are four other buyers there. They’re finding themselves in a more competitive market.”