Overbidding Hits Multi-Year Low for April in the GTA’s Housing Market

More Greater Toronto Area neighbourhoods slipped into underbidding territory in April as overbidding competition fell month-over-month, with single-family homes seeing the biggest month-over-month drop.

By Josh Sherman | 4 minute read

Following a quieter-than-usual March, bidding activity once again pulled back in the GTA in April sinking to a multi-year low.

Against this backdrop, it was also the quietest April for bidding competition on homes in the Greater Toronto Area since Wahi began tracking the market midway through 2022.

Some 84% of GTA neighbourhoods with at least five home sales were in underbidding territory last month, up from 73% in March. That’s an increase compared to the same point last year (57%), as well as in April 2023 (39%). Just 13% of neighbourhoods were in overbidding territory in April, and an additional 2% saw homes generally selling at the asking price. (Percentages may not equal 100 due to rounding.)

“The economy has been top of mind for many Canadians, especially during the recent federal election cycle and at a time of unprecedented trade tensions with the U.S.,” says Wahi CEO Benjy Katchen. “Recent data appears to show consumer confidence took a hit as a result of all the uncertainty, and some Canadians put off buying big-ticket items, including homes, as a result,” he notes. With the election results now in, there’s at least one less element of uncertainty, Katchen adds, though it’s too soon to see how a new government affects real estate sentiment and the housing market at large.

The latest decline sees bidding activity return to levels seen at the start of the year and suggests the typically busier spring real estate market hasn’t really gotten into gear with two months remaining before the usual seasonal summer slowdown.

Condos continued to lag single-family properties, including detached and semi-detached homes as well as row and townhouses. However, the gap in demand between the two is closing. In April, the share of neighbourhoods in underbidding territory for single-family homes was 76%, while for condos it was 97% — a significant-but-narrowing gap of 21 percentage points. In March, there was a 34-percentage-point spread between the two, as 60% of neighbourhoods were underbid for single-family homes and 94% for condos, which include townhouses with monthly maintenance fees. 

The Top 5 GTA Underbidding Neighbourhoods in April 2025

The most underbid GTA neighbourhoods in April remained mostly concentrated in the City of Toronto and in pricier communities. Three were located in 416, compared to four in March. Lawrence Park maintained its position atop the list, the lone repeat from the previous month’s top five.

The Top 5 GTA Overbidding Neighbourhoods in April 2025

March was the first month in which all of the five most overbid neighbourhoods were found within Old Toronto, which encompasses the city’s pre-amalgamation borders. In April, four Old Toronto neighbourhoods were represented, with the Danforth the only carryover. These neighbourhoods once more tended to have lower price points. With the exception of Rouge Woods, which is more suburban, these are particularly urban, walkable neighbourhoods where homebuyers will still find single-family homes. According to a previous Wahi survey, nearly two-thirds of Canadians prefer single-family homes.

Note that when a neighbourhood is in overbidding territory, it doesn’t mean that every home is selling above-asking. Nor does it mean that buyers are paying more than a home is worth. Instead, it’s a general reflection of market behaviour, which can be influenced by seasonal factors, for example, or decisions by sellers, such as to list homes below market value to try and attract more bids.

Methodology: How Wahi Ranks Overbidding and Underbidding Neighbourhoods

At the end of each month, Wahi compares the differences between median list and sold prices to determine whether neighbourhoods are in overbidding or underbidding territory, excluding those neighbourhoods with fewer than five transactions in a given month. A total of 289 neighbourhoods out of the GTA’s approximately 400 met this threshold in April, up from 272 in March. Data is sourced from Information Technology Systems Ontario (ITSO) and the Toronto Regional Real Estate Board (TRREB).

The top overbidding and underbidding neighbourhoods are ranked by the median overbid or underbid amount. The median overbid and underbid amounts are calculated by subtracting the list price from the sold price of each individual listing in a given neighbourhood. These are then ranked by the median of all subtractions and presented as the median overbid or underbid amount. For the latest data on overbidding and underbidding at any point in the month, Wahi’s Market Pulse tool provides readings based on the past 30 days of transactions.