Here’s Where GTA Homes Are Most Likely to Sell Above Asking

While bidding competition on homes in the Greater Toronto Area remains low, the share of listings selling above asking varies across the region.

By Josh Sherman | 3 minute read

The spring thaw may be coming early for the Greater Toronto Area’s housing market.

There were some early signs of more widespread bidding competition among homebuyers in the Greater Toronto Area during the first month of the year, suggests the latest monthly Market Pulse data from digital real estate platform Wahi. 

Overall, 11% of GTA neighbourhoods with at least five home sales were in overbidding territory in January, up from 6% in December 2024, according to Wahi’s analysis of list and sold prices. The vast majority of neighbourhoods remained in underbidding territory (83%), with the remainder (6%) selling at asking. 

“While bidding activity picked up to begin the New Year, nearly three-quarters of homes that sold in the GTA this January were purchased for less than the listed price,” Wahi CEO Benjy Katchen points out. “With inventory levels remaining high, those buying a home in the GTA right now continue to have the opportunity to be more selective and in some cases negotiate lower prices — especially in the condo market,” he continues.

However, Katchen cautions that homebuyers shouldn’t expect massive price discounts. “As our recently released second-annual Housing Snapshot Report shows, home prices across the GTA held relatively stable over the past year, remaining roughly flat or down only slightly in 2024 depending on the area,” he adds.

Though homebuying competition remains muted — and sits at a level that is generally indicative of a buyer’s market — January’s uptick resulted in the highest share of neighbourhoods in overbidding territory since September 2024 (13%). It also represents a sharp increase from market conditions a year ago, as not a single GTA neighbourhood was overbid in January 2024.

The Top 5 GTA Overbidding Neighbourhoods in January 2025

As has typically been the case since Wahi began tracking monthly bidding activity in July 2022, the neighbourhoods with the highest median overbid amount in January tended to have lower price points than the neighbourhoods that were most underbid. These top overbidding communities were concentrated in the Regional Municipality of York, with the exception of Toronto’s St. Clair West neighbourhood.

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.

The Top 5 GTA Underbidding Neighbourhoods in December 2024

The five GTA neighbourhoods with the highest median underbid amounts were more widely distributed across two regions (York and Halton) as well as the City of Toronto. Two recorded median sale prices in the multi-million-dollar range.

Where GTA Homes Are Most and Least Likely to Sell Over Asking

While a greater number of GTA neighbourhoods were in overbidding territory in January compared to the previous month, the share of listings selling above-asking throughout the region was roughly unchanged on a month-over-month basis. Across the entire GTA, 22% of sold listings in January were bid up, with 74% selling below asking and 4% going for the list price.

One-third (33%) of the homes that changed hands in Durham region last month sold for more than the list price, compared to 25% in York region, 20% in the City of Toronto, 19% in Peel, and 15% in Halton.

GTA-wide, the split between the harder-hit condo and the more resilient single-family-home segments persisted in January. Condo buyers spent more than the list price on 16% of the units that sold last month, while 26% of single-family homes were bid up.

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 236 neighbourhoods out of the GTA’s approximately 400 met this threshold in January, down from 250 in December 2024. 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.