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Record underbidding dominates GTA real estate market: Wahi reveals top neighbourhoods

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Last month, underbidding in GTA’s market hit levels never seen before, with 98 per cent of the region’s neighbourhoods in the underbidding realm, an analysis from Wahi says. (122 of about 400 GTA neighbourhoods were evaluated since many didn’t have enough sales activity.)

This was up five per cent from November 2023 and is the seventh month in a row that an increase in the share of underbidding neighbourhoods was seen.

Source: Wahi

 

Of all neighbourhoods evaluated, 120 were in underbidding territory, and two were in asking-price territory (Pine Valley Business Park in Vaughan, and Woodbine Gardens in Toronto).

No neighbourhoods were found to be in overbidding territory, which is down from 16 in November last year.

“The Bank of Canada’s rate hikes last year are clearly having an impact on real estate markets across southern Ontario,” says Wahi CEO, Benjy Katchen. “That said, with interest rates recently stabilizing or in some cases even falling, now could be a great time to potentially purchase a home due to having a greater selection of properties for sale and potentially being able to cut a sharper deal than even just a few months ago,” Katchen continues.

 

The GTA’s top 5 underbidding neighbourhoods

 

Like before, the GTA’s top underbidding neighbourhoods were in the most expensive areas — Old Oakville, Eastlake, The Annex and Deer Park. This time, though, East Woodbridge in Vaughan was an exception.

Rank Neighbourhood Median underbid amount Median sale price
1 Old Oakville -$449,000 $3,550,000
2 Eastlake, Oakville -$250,000 $3,900,000
3 The Annex, Toronto -$145,000 $1,750,000
4 East Woodbridge, Vaughan -$128,000 $1,100,000
5 Deer Park, Toronto $123,500 $1,989,000

 

Median underbid amount

 

The median underbid amount in the GTA last month was $24,900. When compared with the median underbid amount proportion of the median sold price, a few cities had comparable underbidding with the GTA (-3 per cent): Hamilton, London, Waterloo, Barrie, St. Catharines and Kingston.

 

Read the full report here.

 


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