Editor's Edition: Rationalizing irrational Canadian real estate

Psychology plays a huge role in buyers' minds when purchasing real estate.

For many, it doesn't feel irrational to pay way above the asking price because they think prices will keep going up.

We’ve been getting monthly updates from the ground floor from Realosophy Realty’s John Pasalis and Oakwyn Realty’s Steve Saretsky, who help make sense of it all, with advice for anyone buying or selling a home.

Also See: The latest real estate news for housing prices, mortgage rates, markets, luxury properties and more at Yahoo Finance Canada.

They told us where they think Greater Toronto Area and Vancouver housing markets seem to be headed in the coming year. They also weighed in on interest rates, policy measures, and offered tips for buyers thinking of entering bidding wars.

If you have questions, email them to and John or Steve will answer them on the next episode.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.