Canadian Housing market is heating up...

The Canadian Real Estate Associations previous forecast called for a 0.8 per cent drop in prices this year. CREA, which represents realtors, predicts average home prices nationally will rise by 1.3 per cent in 2011 to $343,300, and another 1.3 per cent in 2012 to $347,900.
That’s not what it said in November, after it had downgraded its forecasts four times in a row. The previous prediction of a 0.8 per cent drop in prices would have made 2011 the first time after 15 years that home prices went into negative territory.
Les Sohar, a realtor with Re/Max said "I was on an offer on Wednesday night and had to compete against another agent, always a sign of a hot market, thankfully I won"

The Toronto Real Estate Board is even more bullish than the CREA for 2011, forecasting price increases of anywhere from 3 per cent to 5 per cent.
Sohar said " there was a home listed under power of sale for $233,000, no showings were allowed inside due to “potential mould and safety reasons.” it received 49 offers. It sold for $355,000, or 152 per cent of the listing price."