What a lovely family! They don't look like they are discussing buying a home, yet!
Here's the thing. Living in Toronto specifically Etobicoke we have heard from the media and friends about certain home transactions going into bidding wars and selling for "over asking". As of late this has become a marketing strategy by most agents. They list your home with an aggressive price in hopes of exciting many buyers to the offer table. The ones that excite are fetching higher than average results for the market. Low inventory , low-interest rates and immigration all add to the increasing prices.
You might ask "Well where does the money come from?" Hopefuly the Bank but there is the down payment and closing costs which may bring us to The Bank of