News Release

92% of GTA Neighbourhoods Still Underbidding as Overbidding Creeps Back

Buyers are still in control of the Greater Toronto Area housing market, although competition for homes is making a comeback in some parts of the GTA, especially in the single-family home segment.

TORONTO, ONT. —Buyers are still in control of the Greater Toronto Area housing market, although competition for homes is making a comeback in some parts of the GTA, especially in the single-family home segment. In September, 8% of neighbourhoods in the GTA were in overbidding territory, up from just 1% in August, according to a new report from digital real estate platform Wahi. Meanwhile, 92% were underbid, and 1% sold at asking.

August had painted a starker picture, with nearly all GTA neighbourhoods seeing homes sell for under the list price. Although, as Wahi Economist Ryan McLaughlin points out, “We shouldn’t read too much into one month of more widespread overbidding activity, given the role seasonality plays.”

The uptick in overbidding activity is driven by demand for single-family homes, McLaughlin explains. In September, 10% of neighbourhoods where at least five or more single-family homes changed hands saw overbidding, up from 4% in August. By contrast, there were no condo neighbourhoods in overbidding territory, as 98% of them were underbid, with 2% selling at asking.

Top overbidding hotspots were concentrated in Toronto, including Dovercourt Park, Harbord Village, The Danforth, and Riverdale, while most underbidding neighbourhoods clustered in midtown Toronto and affluent neighbourhoods outside the city, including Oakville.

Download the full report with charts here.

About Wahi

Wahi is a digital real estate platform that redefines the homebuying experience by putting more power into consumers’ hands by combining cutting-edge tech and market data with expert REALTORS®.

News Media Contacts:

Kristin Doucet

Wahi

Tel: 877-207-4273

Kristin.Doucet@wahi.com