The 10 GTA Neighbourhoods Where Buyers Are Still Bidding Home Prices Higher

In the Greater Toronto Area’s calmer-than-usual real estate market, homebuyer competition has been brewing in select neighbourhoods outside of the city.

By Josh Sherman | 4 minute read

At the end of each month, digital real estate platform Wahi compares the differences between median list and sold prices to determine whether neighbourhoods are in overbidding or underbidding territory.

The usual summer slowdown — combined with economic uncertainty — put the brakes on the Greater Toronto Area’s real estate market in July, with bidding competition limited to a handful of neighbourhoods, according to the latest monthly analysis from digital real estate platform Wahi.

This July, 3% (10) of the 297 neighbourhoods in which at least five home sales were recorded landed in overbidding territory, down from 6% (18) of the 306 neighbourhoods that met the minimum sales threshold in June. Some 94% (280) of neighbourhoods were underbid, while an additional 2% (7) saw homes selling at asking.

These findings are based on comprehensive analysis by Wahi of list and sold prices for all homes that transacted on the resale market last month, including condos and single-family properties. 

The latest numbers are roughly unchanged from the same time last year but are significantly weaker than what was observed towards the beginning of the post-pandemic slowdown. For example, in July 2022, when Wahi began tracking bidding competition in the GTA, 14% of neighbourhoods were overbid. 

“Seasonality is only part of the story this July. While it’s normal for homebuying competition to ease substantially in June, July, and August, bidding activity has been muted even by summer’s usual standards,” says Wahi Economist Ryan McLaughlin.

“Economic uncertainty has not abated this summer and remains a headwind for housing markets across the country. The Greater Toronto Area is no exception,” he adds.

Throughout Toronto’s post-pandemic price correction, homebuying competition for single-family homes has been more resilient than for condos, but the gap has narrowed this summer.

When only looking at condo sales, nearly every single neighbourhood (98%) where at least five units changed hands was in underbidding territory last month — and not a single one was overbid. However, single-family homes were not far off, with 92% of neighbourhoods in underbidding territory for this housing type. Note that single-family homes include detached and semi-detached properties as well as row and townhouses. 

In April, the demand gap between single-family homes and condos was at its widest point of the year. During that month, about three-quarters (76%) of neighbourhoods were underbid for single-family homes compared to 95% for condos. Since then the two segments have been converging.

8-out-of-10 GTA Homes Sold for Below Asking in July

The overall share of homes selling for under the asking price also increased last month. Some 78% of the 4,977 homes of all types that changed hands last month sold for less than the listed price. That’s up from 74% in June and 76% in July of 2025. Although the level of below-asking sales is elevated and suggestive of a buyer’s market it has remained relatively consistent throughout the first half of the year having peaked in January (82%).

“Toronto’s housing correction is stabilizing rather than worsening,” says McLaughlin. “All eyes are turning to the fall to see whether the market finally enters recovery mode,” he adds. 

Overbidding Shifts Outside the City 

During the first half of the year, much of the strongest bidding activity was playing out in established neighbourhoods situated within the City of Toronto. This changed in July.

What limited overbidding activity there was at the neighbourhood level occurred beyond the 416. According to the latest rankings — which are based on the median overbidding amount — three of the five top neighbourhoods for overbidding were located outside of the city, in Richmond Hill and Markham, specifically. Of the 10 neighbourhoods in overbidding territory last month, half were found in the 905. However, based on the median overbid amount, just five neighbourhoods exceeded $5,000.

Note that a variety of factors can influence bidding trends, from seasonality to selling strategies. For instance, in some cases, REALTORS® may be more likely to price a home below market value in hopes of attracting multiple offers.

Despite a shift in geography for overbidding, these neighbourhoods — like previous top overbidding neighbourhoods — generally had more attainable home prices than the top communities for underbidding. 

Eastlake, in Oakville, led all neighbourhoods for underbidding in July, breaking into the top five for the third consecutive month. In recent years, Eastlake has been among the most consistently underbid neighbourhoods in the entire region. Part of this has to do with the neighbourhood’s high price point.

Because neighbourhoods are ranked by the median underbid amount, neighbourhoods with higher price tags will generally rank higher. For instance, two neighbourhoods could both be underbid by 10%, but the one with higher home prices will have a larger underbid amount and, consequently, rank higher.

However, higher-than-average home prices don’t tell the full story. Within Eastlake, you’ll also find many more recently built custom homes. It can be difficult to set realistic pricing for such homes given a lack of direct comparables. Rather than a sign of correcting prices, a below-asking sale of such a property may simply reflect the home’s true value. 

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 297 neighbourhoods out of the GTA’s approximately 400 met this threshold in July, down from 303 in June. 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.