Where people in the GTA are overbidding and underbidding on homes the most
The majority of neighbourhoods in the Greater Toronto Area have entered underbidding territory, but homes remain out of reach for many first-time buyers.
According to new data from real estate agency Wahi’s Market Pulse Tool, 86 per cent of GTA neighbourhoods were in underbidding territory in October.
Despite the lower bids, however, homes in the neighbourhoods were listed between $1,600,000 and $4,000,000, making them out of reach for first-time home buyers.
Of the top five neighbourhoods in the GTA for underbidding in October, two were in Oakville, two were in the City of Toronto, and one was in North York.
In Forest Hill, the average home sold for nine per cent ( $169,000) under asking in October, while properties in Lawrence Park fetched an average of six per cent ($197,499) below the listed price.
The biggest price discrepancy was found in Oakville’s Eastlake neighbourhood - homes in the area sold for an average of 10 per cent ($307,500) below the listed price last month.
Wahi’s Market Pulse Tool compares sold and listed prices in nearly 400 neighbourhoods across the GTA. Data from October shows that, despite recent changes in the market, some parts of the region are still experiencing "strong demand and steady pricing."
According to Wahi, seven per cent of neighbourhoods in the GTA remained in overbidding territory last month. Many are located in Markham and North York, and offer more competitively-priced properties ranging from $1,000,000 to $1,600,000.
The biggest variance between sold and listed price was found in Westbrook in Richmond Hill, where homes went for an average of 14 per cent ($176,000) over asking in October.
Markham’s Greensborough neighbourhood followed, with properties selling for roughly 10 per cent above the listed price. The price difference was smaller, though, at just $98,500.
Homes in North York’s Bayview Woods-Steeles, Oshawa’s Kedron, and Markham’s Wismer neighbourhoods all sold for an average of nine per cent above asking in October.
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