Housing prices in two of our larger cities (Vancouver and Toronto) are also crazy high (eg $1M to buy a starter home)...actually in Vancouver proper at the moment the cheapest home (single family, not strata) is $1.2M...surprisingly (to me) in Toronto the cheapest home on the market is $650K (ignoring some listed for $1 as clearly there is a catch).Our mortgages work differently than in the US, and what we get for rates are only locked in for 1-5 years (typically) and then we have to renew at whatever the current rates are. 

I'm making the bet after 3yrs rates will be low enough to make sense to refinance  Why won't it be smarter to buy the interest rate down and lock in a lower interest rate now.

5yr ust is 380bps the spread seems more than fair I like the 5yr lock but just personal preference 

But should I get copies of the keys or replace all the locks?

Plus if they pay for it, in theory they lock in the bid and it is on them to cover the difference (of course change orders can exist).

However, it's important to note that using leverage in an IRA can trigger Unrelated Business Income Tax (UBIT), and there are strict IRS rules to follow to avoid prohibited transactions.

So I shorten my reply, remove some triggering words and my reply goes through. 

Is it common to ask for bids before locking in contracts?

If it’s a new purchase and the sale triggered a reassessment then you can certainly appeal it if you think they overvalued it.

Section 721 of the Internal Revenue code allows an investor to exchange property held for investment or business purposes for shares in a Real Estate Investment Trust (REIT) or an Operating Partnership without triggering a taxable event.Many investors are aware of a 1031 Exchange where an investor must find a replacement property to defer capital gains taxes on the property that was sold.