The average home is now going for way under asking price in almost 100% of the GTA

The days of Toronto serving as one of the hottest cities in the world for real estate have come and gone, as the region continues to struggle with an abundance of condos, townhomes and houses that no one seems interested in purchasing.

Leaders continue to underscore how crucial it is that we ramp up residential construction, yet a record number of homes — upwards of 30,000 — sit on the market each month.

The disparity between supply and demand has hit a new high this year, but in the complete opposite way than most may have expected: sales activity is in freefall as more and more properties hit the market, and properties are sitting on the market for far longer as a result. 

It means that those few who aren't balking at interest rates, recession, tariffs and general economic precarity, and are actually looking to invest, have been able to nab quite a deal.

According to recent data, in a whopping 98 per cent of neighbourhoods in the Toronto area, the average home is now going for under its asking price.

Local real estate platform Wahi, which inspects underbidding and overbidding trends each month, released the figures in its latest report for August. It also outlined where buyers can get the biggest bargains, as far as the dollar amount they could potentially save on a home compared to what it's being listed for.

"Homebuyers had already been holding the cards in the Greater Toronto Area for some months, but they were dealt an even stronger hand in August as the share of neighbourhoods in underbidding territory across the region matched a three-year high," the firm wrote on Thursday.

"August represented an increase from July, when 95 per cent of neighbourhoods were underbid, as well as compared to the same time a year ago, when the share of underbid neighbourhoods reached 89 per cent."

In total, 79 per cent of homes sold over the course of August were given up for less than their list price — a number that is also on the rise, compared to 76 per cent the month prior and 71 per cent this time last year.

Here are the neighbourhoods where prospective homeowners are getting away with the most lowball offers, for better or for worse, for the market right now:

• Eastlake, Oakville — underbid by an average of $206,166 (with a median sold price of $3,881,334)
• York Mills, North York — underbid by an average of $194,000 (with a median sold price of $2,334,000)
• Rural Vaughan, Vaughan — underbid by an average of $180,000 (with a median sold price of $2,220,000)
• Vales of Humber, Brampton — underbid by an average of $169,500 (with a median sold price of $1,537,000)
• Forest Hill, Toronto —  underbid by an average of $158,000 (with a median sold price of $3,370,000)

Comparatively, here are the few pockets where sellers are still able to get slightly more than what they'd hoped for their homes. One will notice that the overbid amounts are far less drastic than the above-mentioned underbid amounts, even when the lower home prices in these areas are taken into account:

• Cobban, Milton — overbid by an average of $20,001 (with a median sold price of $920,000)
• Middlefield, Markham — overbid by an average of $11,000 (with a median sold price of $1,035,800)
• Princess Rosethorn, Etobicoke — overbid by an average of $1,750 (with a median sold price of $1,501,250)
• Brock Ridge, Pickering — overbid by an average of $1,500 (with a median sold price of $690,000)