Toronto-area real estate buyers who sat out the fall market are suddenly back and ready to compete.

As seen in the Globe and Mail, February 22, 2023: Spirited bidding is common for properties around the $1-million mark, which is typically the entry point for a single-family home. In that range, agents are regularly reporting sales with 10 to 20 offers. To drum up that many bids, agents are listing with an eye-catching asking price, then setting a date for reviewing offers.

In Scarborough, the three-bedroom detached house at 17 Sandyhook Square was listed with an asking price of $899,000 and sold for $1.038-million with 16 offers.At 58 Antique Dr. in Richmond Hill, Ont., a three-bedroom detached house was listed with an asking price of $1,299,900 and sold for $1,487,500 with 10 offers.

Tyler DeClute, a real estate agent with DeClute Real Estate Union Realty, says most of the competition is taking place in the segment between $999,000 and $1.3-million. But even with multiple bids, the action is not approaching the frenzy at this time last year.