[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” 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
It\u2019s unclear to what extent, if any, a new tax incentive for new home buyers had on the resale market this spring, but there was an uncharacteristic pullback in bidding competition this May. <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _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>| 4 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=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.27.4″ _dynamic_attributes=”src” _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=”4.27.4″ _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” text_font_size_tablet=”1.13rem” text_font_size_phone=”0.9rem” text_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n 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.<\/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=”11px||14px|||” 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=”4.27.4″ _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” 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 Bidding competition over resale homes in the Greater Toronto Area sputtered during what would normally be the peak of the spring market following the recent unveiling of a major tax incentive for buyers of new and pre-construction homes. <\/span> <\/p>\n <\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2026\/06\/wahi-market-pulse-may-2026.png” alt=”Wahi Market Pulse July 2025″ title_text=”wahi-market-pulse-may-2026″ force_fullwidth=”on” _builder_version=”4.27.4″ _module_preset=”default” min_height_tablet=”” min_height_phone=”” min_height_last_edited=”on|phone” custom_margin=”1px||-13px|||” hover_enabled=”0″ locked=”off” global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”11px||14px|||” 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=”4.27.4″ _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” 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 Some 7% of the 303 GTA neighbourhoods in which atleast five resale homes changed hands were in overbidding territory last month, <\/span>down from 13%<\/span><\/a> of the 289 neighbourhoods that met the sales minimum in April. A remaining 92% of neighbourhoods across the region were in underbidding territory last month, while 1% were selling at-asking. <\/span> \u00a0<\/span><\/p>\n <\/span><\/p>\n <\/b><\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2026\/06\/wahi-market-pulse-may-2026-pie-chart-2.jpg” alt=”Wahi Market Pulse July 2025″ title_text=”wahi-market-pulse-may-2026-pie-chart-2″ force_fullwidth=”on” _builder_version=”4.27.4″ _module_preset=”default” min_height_tablet=”” min_height_phone=”” min_height_last_edited=”on|phone” custom_margin=”1px||-13px|||” hover_enabled=”0″ locked=”off” global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _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” 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 <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/p>\n <\/p>\n \u201cFor the third straight year, the traditionally busier spring market seems to have evaded the GTA,\u201d says McLaughlin. \u201cOn the plus side, this favours homebuyers, who are far less likely to encounter bidding wars than they would be in a normal spring market.\u201d<\/span><\/p>\n <\/p>\n <\/span><\/p>\n When it came to the top overbidding neighbourhoods this spring, two trends were playing out. <\/span> <\/p>\n [\/et_pb_text][et_pb_text content_tablet=”<\/p>\n
<\/span>
<\/span>So suggests new analysis from digital real estate platform Wahi that compares list and sold prices for resale homes across the GTA in May.\u00a0<\/span><\/p>\n
<\/span>
<\/span>\u201cIt could be that some buyers who were previously considering a resale home are setting their sights on pre-construction properties thanks to Ontario\u2019s recently announced HST rebate on new homes,\u201d says Wahi Economist Ryan McLaughlin.<\/span>
<\/span>
<\/span>Towards the end of March, the <\/span>Ontario government announced<\/span><\/a> it was broadly waiving HST on new homes priced under $1 million, saving potential buyers up to $130,000. \u201cThat should certainly be enough to encourage some buyers to purchase a new home, though it\u2019s difficult to gauge to what extent the incentive is affecting the resale market,\u201d adds McLaughlin. <\/span>
<\/span>
<\/span>While the Wahi analysis includes sales data for all property types, it does not count new or pre-construction home sales. However, a separate report from the Building Industry and Land Development Association (BILD) points to a <\/span>recent surge in sales of some new homes<\/span><\/a>.<\/span>
<\/span>
<\/span>Much of the demand for these new homes following the rebate announcement appears to be concentrated in the single-family home category. New single-family home sales in the GTA outpaced the 10-year average by 22% in April, whereas new condo sales were 88% under the long-term norm for the month, according to BILD. <\/span>
<\/span>
<\/span>This is also the market segment that saw the sharpest pullback in resale bidding competition this May. <\/span>
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<\/span>Some 12% of the 257 GTA neighbourhoods with at least five single-family home sales were in overbidding territory this May, down from 21% in April. Meanwhile, 1% of the 115 neighbourhoods in which five or more condos changed hands were overbid, compared to 3% in April. <\/span>
<\/span>
<\/span>Single-family homes in Wahi\u2019s analysis include detached- and semi-detached homes as well as row houses and townhomes without maintenance fees. Condos include units in mid- and high-rise buildings as well as townhome communities with monthly <\/span>fees. <\/span>
<\/span>
<\/span>When looking at all May resale transactions regardless of housing type or neighbourhood, bidding competition also wilted slightly. Approximately 73% of all homes that sold on the resale market in the GTA last month did so for less than the asking price, versus 74% in April.\u00a0<\/span><\/p>\nToronto\u2019s East End Overbidding Persists<\/b><\/h2>\n
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<\/span>For one, neighbourhoods in Toronto\u2019s east end have seen some of the strongest overbidding. Also, the majority of the top five overbidding neighbourhoods in recent months have been found within the City of Toronto. <\/span>
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<\/span>These trends held true in May. Three of the top five overbidding neighbourhoods were from Toronto (Riverdale, the Beaches, and the Danforth) and all were located within the 416.\u00a0<\/span>
<\/span><\/p>\n