–<\/span><\/p>\n While bidding competition on homes in the Greater Toronto<\/a> Area remains low, the share of listings selling above asking varies across the region. \u00a0<\/span><\/p>\n <\/i><\/p>\n <\/i><\/p>\n TORONTO, ONT. \u2014February 5, 2025 \u2014 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<\/a> platform Wahi. <\/p>\n Overall, 11% of GTA neighbourhoods with at least five home sales were in overbidding territory in January, up from 6% in December 2024<\/a>, according to Wahi\u2019s analysis of list and sold prices. The vast majority of neighbourhoods remained in underbidding territory (83%), with the remainder (6%) selling at asking.<\/p>\n <\/span><\/p>\n \u201cWhile bidding activity picked up to begin the New Year, nearly three-quarters of homes that sold in the GTA<\/a> this January were purchased for less than the listed price,\u201d Wahi CEO Benjy Katchen points out. \u201cWith 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 \u2014 especially in the condo market,\u201d he continues.<\/p>\n <\/p>\n However, Katchen cautions that homebuyers shouldn\u2019t expect massive price discounts. \u201cAs our recently released second-annual Housing Snapshot Report<\/a> 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,\u201d he adds.<\/p>\n <\/p>\n Though homebuying competition remains muted \u2014 and sits at a level that is generally indicative of a buyer\u2019s market \u2014 January\u2019s 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.<\/p>\n <\/p>\n 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\u2019s St. Clair West<\/a> neighbourhood.<\/p>\n <\/p>\n Note that when a neighbourhood is in overbidding territory, it doesn\u2019t mean that every home is selling above-asking. Nor does it mean that buyers are paying more than a home is worth. Instead, it\u2019s 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.<\/p>\n <\/p>\n <\/p>\n
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