As both a listing and purchaser representive I have dealt with multiple offers on both ends of deal. It can be exciting and good for everyone if handled well.
A reasonable price set, with purchasers looking for homes in that range where demand sparks multiples, is a healthy market, and fair to all.
I can sympathize with buyers who despite every effort to win in a multiple come up short. This occurs more commonly when a property is underpriced to get attention. As a buyer representative, I can advise my client on what the area is going for, what the pros and cons of the neighbourhood are, and what I range I expect the property to sell in. I advise on the logic and the facts, my emotion however is not involved, and as we know home purchasing is an emotional process. The best advice I give to buyers- know your limit, get a home inspection done before the offer, get your financing secured and do not get attached until the deal is firm. There are many many homes in the city of Toronto and when the right one is there it will all come together.
Multiple offers are deemed to be the answer for the seller - best price, best terms, firm deal. Price it well, Present it beautifully, Time it right and all will be well. Sounds simple enough but...The highest dollar offer is not always the best choice, holding off offers can backfire and possibly miss a good solid offer if the timing is off. A firm offer without disclosure of all relevant material facts can cause numerous headaches and heartaches down the road. Above all the seller's representative must be in tune with the market and the seller needs to take heed if the representative senses the market is turning. The first few weeks are critical after that the listing is old. Purchasers will continue to come, but be prepared for a longer haul and perhaps less attractive terms.