[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_margin_tablet=”||-24px||false|false” custom_margin_phone=”||-34px||false|false” custom_margin_last_edited=”on|phone” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.20.2″ _module_preset=”default” custom_margin_tablet=”” custom_margin_phone=”30px||-10px||false|false” custom_margin_last_edited=”on|phone” global_colors_info=”{}”][wahi_breadcrumb-link title=”Real Estate 101″ 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text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_padding=”||0px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|desktop” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n
Affordability and listing strategies are some of the factors behind the stronger bidding activity on homes that Wahi has observed in a handful of Greater Toronto Area neighbourhoods in 2024, local experts say. <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_margin=”||11px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n By Josh Sherman<\/a>\u00a0<\/span>| 5 minute read<\/p>\n [\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”||26px|||” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|desktop” custom_padding=”0px||9px|||” global_colors_info=”{}” width__hover_enabled=”off|desktop”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2024\/12\/Meet-the-4-GTA-Neighbourhoods-.jpg” alt=”The number of homes on the market continues to climb in major Canadian cities giving some buyers a shot at a discount.” title_text=”Meet-the-4-GTA-Neighbourhoods-” align=”center” force_fullwidth=”on” _builder_version=”4.24.2″ _module_preset=”default” custom_margin=”1px||29px|||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.75rem” custom_margin=”-18px||2px|||” custom_padding=”||7px||false|true” custom_padding_tablet=”||7px||false|true” custom_padding_phone=”|15px|7px|15px|false|true” custom_padding_last_edited=”on|phone” hover_enabled=”0″ text_font_size_tablet=”1.13rem” text_font_size_phone=”0.9rem” text_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n The most overbid neighbourhoods in the GTA<\/a> over the past year are located in Old Toronto, Markham, and Richmond Hill, respectively.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” min_height=”791.1px” custom_padding=”32px||23px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” min_height=”765.1px” custom_margin=”||-48px|||” custom_padding=”6px||68px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Across the Greater Toronto Area, most homes are selling for less than listed<\/a>, but in a handful of the region\u2019s neighbourhoods buyers have been paying far more than the asking price this year.<\/span><\/p>\n \u00a0<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n Toronto\u2019s Danforth, Richmond Hill\u2019s Rouge Woods, and a trio of Markham communities, Milliken Mills West, Raymerville, and Victoria Square, have appeared on Wahi\u2019s top five most overbid neighbourhoods ranking for three separate months this year, the most of any of the approximately 400 neighbourhoods the digital real estate<\/a> platform tracks.<\/p>\n <\/p>\n The monthly ranking is based on the differences between list and sold prices, and only includes neighbourhoods with at least five transactions. Neighbourhoods with the greatest spread between the list and sold prices, which is represented as the median overbid amount, and considered the top overbidding neighbourhoods in a given month.<\/p>\n <\/p>\n Wahi caught up with local Realtors\u00ae to go behind the numbers and see what’s influencing the real estate markets in the top overbidding neighbourhoods. Experts provided\u00a0a variety of reasons home prices are getting bid up in these GTA neighbourhoods, citing low-ball listings, the quality of homes, relative affordability to other parts of the region, and more. <\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span> September was the third and final time to date this year that the Danforth was among Wahi\u2019s monthly ranking of the most overbid neighbourhoods. At the time, homes sold for a median price of $1,110,000.<\/span><\/p>\n \u00a0<\/span><\/p>\n Location, location, location \u2014 that\u2019s the primary driver of bidding competition in the Danforth, suggests Nadia Cawley, a Realtor at Right at Home Realty. \u201cIt\u2019s really the convenience of the area,\u201d she tells Wahi. <\/span> <\/span><\/p>\n <\/span><\/p>\n \u00a0<\/span><\/p>\n <\/span> Of the frequently overbid neighbourhoods in the GTA, Milliken Mills West is the most recent to appear in Wahi\u2019s monthly top five. In November, the neighbourhood had a median sale price of $1,603,000 and a median overbid amount of just over $200,000. In June, the neighbourhood was overbid by 15%.<\/span> \u00a0<\/span><\/p>\n The other thing Milliken Mills has going for it is the price point. Single-family homes are available in the $1 to $1.5 million range, which is still attainable for a number of households even amid higher borrowing costs. \u201cIn a slow real estate market you still have buyers\u2026 but these buyers generally come with\u00a0 restricted budgets,\u201d says Chen. Looking ahead, he expects these factors will help Milliken Mills continue to recover faster than many others.<\/span><\/p>\n <\/span><\/p>\n <\/p>\n <\/span> Raymerville was one of Wahi\u2019s top overbidding neighbourhoods for three months running, a streak that ended in October. <\/span> \u00a0<\/span><\/p>\n As Cawley noted, listing a home below market value is one way sellers can try to attract more bids. In these cases, a home may sell above asking, but the final price is more reflective of its actual value rather than a situation where buyers are overpaying amid strong demand.<\/span><\/p>\n \u00a0<\/span><\/p>\n The strategy is not unique to Raymerville or Markham<\/a> in general, the local Realtor adds. \u201cI\u2019m seeing it everywhere,\u201d he says. \u201cIf you look at Durham<\/a> region, they\u2019re very much like that.\u201d<\/span><\/p>\n <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”32px||23px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider show_divider=”off” _builder_version=”4.18.0″ _module_preset=”default” height=”30px” custom_margin=”||-6px|||” locked=”off” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” module_id=”sell-widget” _builder_version=”4.24.2″ _module_preset=”default” background_color=”#f0faf4″ custom_padding=”0px||0px||false|false” da_popup_slug=”sell-widget” da_disable_devices=”off|off|off” global_module=”300579″ global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.24.0″ _module_preset=”default” background_enable_color=”off” module_alignment=”center” 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header_text_align_last_edited=”on|phone” header_font_size_tablet=”” header_font_size_phone=”30px” header_font_size_last_edited=”on|desktop” custom_css_main_element=”font-weight: 800 !important;” custom_css_free_form=”#sell-widget h1{|| font-weight: 700 !important;|| font-size: 30px;||}” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”22px” text_line_height=”26px” header_font=”||||||||” header_line_height=”26px” header_2_font_size=”22px” header_2_line_height=”26px” max_width=”100%” max_width_tablet=”” max_width_phone=”270px” max_width_last_edited=”on|phone” module_alignment=”left” custom_margin=”||30px||false|false” text_font_size_tablet=”” text_font_size_phone=”18px” text_font_size_last_edited=”on|phone” text_orientation_tablet=”” text_orientation_phone=”center” text_orientation_last_edited=”on|phone” module_alignment_tablet=”” module_alignment_phone=”center” module_alignment_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n We’ll match you with a proven agent in your area.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/wahi.com\/ca\/en\/find-a-realtor-in-your-area” button_text=”Learn more” button_alignment=”left” button_alignment_tablet=”” button_alignment_phone=”center” button_alignment_last_edited=”on|phone” _builder_version=”4.24.2″ _module_preset=”default” custom_button=”on” button_text_size=”12px” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”|700|||||||” button_use_icon=”off” custom_margin=”||||false|false” custom_padding=”10px|20px|10px|20px|true|true” button_text_size_tablet=”” button_text_size_phone=”13px” button_text_size_last_edited=”on|phone” custom_css_main_element=”font-weight: 800 !important;” custom_css_free_form=”#sell-widget a.et_pb_button{|| font-weight: 600 !important;||}||||@media (max-width: 600px){||#sell-widget a.et_pb_button{||display: block;||text-align: center;||}||}” global_colors_info=”{}” custom_css_main_element_last_edited=”on|phone” custom_css_main_element_phone=”font-weight: 800 !important;||display: block;||text-align: center;” custom_css_main_element_tablet=”font-weight: 800 !important;”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”29px||0px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n <\/span><\/p>\n Wahi analysts also note that the median price of homes that have recently sold in Raymerville is on the higher end for the GTA. This can result in a larger dollar-amount difference between list and sold prices even if on a percentage basis, Raymerville is no more overbid than lower-priced neighbourhoods. Percentages aren’t used in the ranking because there would be too many ties, Wahi analysts note.<\/span><\/p>\n <\/p>\n Current demand in Raymerville is for turnkey properties, especially those with finished basements, the Realtor says. With the number of listings on the market elevated, buyers are pickier, and higher mortgage rates have some looking for help with the carrying costs, something a basement rental can provide. \u201cCarrying costs are everything right now,\u201d he says.<\/span><\/p>\n <\/p>\n Raymerville has several qualities that continue to attract homebuyers, he adds. \u201cIt\u2019s an area with a good history, good schools, safety, [and a sense of] community.\u201d <\/span><\/p>\n <\/p>\n <\/span> As recently as August, Rouge Woods was a leading GTA neighbourhood for overbidding, when the median sale price was $1,606,944 and the median overbid amount reached a jaw-dropping $123,000. <\/span><\/h2>\n
<\/span><\/p>\nThe Danforth<\/a>, Toronto
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<\/span>\u201cIt\u2019s close to DVP, it\u2019s close to downtown, the subway stations are usually within walking distance of the properties, and, not only that, there are tonnes of restaurants and cafes \u2014 it\u2019s a really diverse neighbourhood,\u201d she continues. <\/span>
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<\/span>She says some buyers have been capitalizing on houses that are fixer-uppers, which can still be purchased for less than $1 million in the neighbourhood. After a proper renovation, these homes can sell for between $1.2 to $1.5 million, she estimates. \u201cYou\u2019re able to reap the benefits of the investment that you put into the home.\u201d<\/span><\/p>\n
<\/span>Of course, some overbidding is the function of properties that were listed too low to begin with. \u201cIt\u2019s a strategy that most agents use to list low and then expecting multiple offers on an assigned presentation date,\u201d Cawley explains.\u00a0<\/span><\/p>\nMilliken Mills West<\/a>, Markham
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<\/span>Deven Chen, a Realtor<\/a> at Avion Realty Inc., says Milliken Mills West has fared better than many other neighbourhoods during the broader real estate downturn. <\/span>
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<\/span>\u201cFrom my point of view, it has to do with two things \u2014 one is location,\u201d he explains. He says that the area, which borders northern Toronto, is loaded with nearby amenities, including Pacific Mall and many restaurants and shops. \u201cIt\u2019s super convenient for a lot of people,\u201d he says, noting it\u2019s also well-connected with public transit.<\/span><\/p>\nRaymerville<\/a>, Markham
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<\/span>One local Realtor Wahi spoke to says bidding activity in Raymerville is largely influenced by listing strategies. \u201cMore often than not, the original price point is undervalued,\u201d the Realtor says.<\/span><\/p>\nFind the Right REALTOR\u00ae for You<\/h1>\n
<\/span><\/p>\nRouge Woods<\/a>, Richmond Hill
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<\/span>\u201cIt\u2019s because it\u2019s cheaper than Toronto,\u201d Gregory Stavropoulos, a Realtor with Century 21 New Concept Brokerage, of demand for real estate in Rouge Woods. <\/span>
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<\/span>\u201cAffordability is the key throughout the GTA,\u201d says Stavropoulos, a long-time resident of the neighbourhood. \u201cWhat\u2019s moving is the townhomes because of the price,\u201d he notes.\u00a0<\/span><\/p>\n
Rouge Woods in particular is a stone\u2019s throw from Ontario<\/a> Highway 404, making it a convenient place for commuters to the city to put down roots. It\u2019s also near top-rated schools, Stavropoulos adds. <\/span>A Realtor of 40 years, Stavropoulos also suspects agents are listing homes in Rouge Woods at unrealistically low prices to try and drum up more bids: \u201cCertain homes, they underprice.\u201d<\/p>\n