You can't buy the same house after 3 weeks

It is not fun. It is true in nowadays Toronto real estate market.

let's say, your house worth 60k and you want to move to another location and buying a new house worth 60k. So, the game is simple, sell your house and buy the new one.

In day one, you sell your house in 60k. You set your closing dates in 3 months, the reason is you want to much time to look for your dream house which is worth 60k in the market.

But the thing is: when you go through the market, you find that the price of house is keep raising month by month. So the story is, if you find a house you like, in day 1 it is 60k and you can afford it, but after few weeks or 1 month you no longer can afford it because the house price is raise. The house price keeps raising afterward. 

At the result, when you sell your house in day 1 with 60k and think that you can afford a house with equal value which is also 60k. In day 1 you can, but it may be 70k after 3 months. The longer you are in the market, the more you are difficult to find a house with equal value of your original house. The most possible time frame to buy the same value of house is within 2 to 3 weeks nowadays in Toronto, otherwise, you fail.

And don't forget you may not buy the house as you want for many special but common reason. Such as bidding. a house listed 60k doesn't mean that it must be sold in 60k in bidding.

The real estate market goes crazy in Toronto? No, it happens in other provincial too, B.C. A woman sells her house with 1 million, but finally, she only can buy a house which value is lower than 1 million as she stays in the market too long.