Is Your Neighbourhood Hot or Not?
We reveal the top GTA neighbourhoods for overbidding and underbidding.
By Emily Southey | 2 minute read
If you’re a homebuyer or seller in the Greater Toronto Area (GTA), trying to navigate market ups and downs and how they impact housing prices can feel like an uphill battle. While a few GTA neighbourhoods are still seeing bidding wars, other pockets have cooled off completely, leaving many Canadians uncertain about how to price and bid on homes. It’s difficult to predict where the market is going, and with interest rates on the rise, affording a home in the GTA may seem out of reach for many.
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Fortunately, we’ve got just the tool to help Canadians make their next move with confidence and certainty. The Wahi Market Pulse tool offers current data for almost 400 GTA neighbourhoods, so homebuyers and sellers can compare median sold and list prices to discover the neighbourhoods with homes sold for over or under asking. These hot ⸺ or not ⸺ neighbourhood insights can be leveraged for a 30-day period and can help Canadians make informed decisions about when and where to buy or sell.
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New July 2022 data shows that homes in 84% of GTA neighbourhoods were sold under list price by an average of $20,000 (median price vs list price). This is in stark contrast to where the market was a year ago when 68% of homes in the GTA were sold at or above list price by an average of $7,000.
“New July 2022 data shows that homes in 84% of GTA neighbourhoods were sold under list price by an average of $20,000 (median price vs list price). This is in stark contrast to where the market was a year ago when 68% of homes in the GTA were sold at or above list price by an average of $7,000.”
Top 5 Neighbourhoods for Overbidding and Underbidding
We’ve all heard stories of people who have endured countless bidding wars in hot markets. And now, with the recent cooldown, many home sellers have had to reduce the listing price, creating opportunities for homebuyers looking for a better deal. Whether you’re looking to buy or sell in a particular neighbourhood, knowing which areas are overpriced and which offer the best value, puts you ahead of the game.
Top 5 Neighbourhoods for Overbidding in the GTA
Top 5 Neighbourhoods for Underbidding in the GTA
How the Tool Works
Wahi analyzed the list and sold prices of properties within 383 GTA neighbourhoods from their Market Pulse tool in July 2022. The top 5 for overbidding and underbidding were ranked based on the percentage difference in sold price versus list price. Neighbourhoods with less than four sold properties in July were not considered in the data set as it is not considered to be representative of the market. The median amount of overbidding or underbidding in each neighbourhood is based on the actual listing price and actual sold price of homes and does not take into consideration individual listing or bidding strategies, for example setting a low listing price to generate multiple offers.
Market Pulse Tool
Kristin Doucet
Wahi Writer