Video published on Instagram · 12,431 plays on Instagram · Transcript below
Takeaways
- A $750,000 list price drew 85 offers.
- Crossing $1 million changes the mortgage insurance math, so down payments matter in bidding wars.
- Jim's advice: do not join an 85-offer fight without restraint.
Note, October 30, 2026: this video was recorded when the insured mortgage limit was $1 million. That limit has since increased, so the $1 million threshold Jim describes no longer applies the same way. The transcript below is verbatim.
Transcript
Transcribed from the video audio. Obvious transcription errors fixed where the intended word was certain; wording is Jim's.
You wanted to know about the outcome for that house with the 85 offers in Mississauga. I have the information for you. It sold for, remember, it was listed at $750,000. It sold for $999,999. What does that tell us? Well, number one, the buyers probably didn't have 20% down because the moment you hit a million dollars, you cannot get mortgage insurance and you need a minimum of 20% down So that gives us some insights into the offers that came to the table.
They accepted an offer from someone who didn't have a great large down payment And what that tells us is that Well, I think it's crazy and I would never encourage you to put in an offer when there are that many offers There is still some restraint in the market not because buyers are wanting to be restrained but because High interest rates are keeping people in their lane
Questions about what Jim said here? Ask him directly.
Message Jim on WhatsApp