Affordable Mississauga neighbourhood makes list of best places to avoid a bidding war
Published June 14, 2023 at 10:21 am
A Mississauga neighbourhood made a list for underbidding on homes in the GTA.
As home prices are on the rise again in Mississauga, buyers may want to check out more affordable neighbourhoods.
The average price of a detached home in Mississauga was up 3.4 per cent to $1,620,829 in May. Experts believe prices will continue to be high in some areas due to a low housing supply.
Rising prices can lead to bidding wars and in May 68 per cent of GTA neighbourhoods landed in overbidding territory, Wahi, a digital real estate platform, noted in a recent report.
That’s up from 57 per cent in April and part of a longer-term trend that has been playing out for much of the year.
“Competition among homebuyers is getting even tighter across the Greater Toronto Area during the spring real estate season as more neighbourhoods are entering overbidding territory,” Wahi notes.
The Wahi compared the differences between list and sold prices for all types of homes, including condo units and houses, to identify overbidding and underbidding neighbourhoods.
Looking at 326 GTA neighbourhoods, Wahi found 222 were in overbidding territory in May.
A Mississauga neighbourhood landed on the list of five that have more affordable homes and are experiencing underbidding right now.
Erin Mills, on the western border of Mississauga, was number three on the list.
Wahi found the median sold price was $660,000 in Erin Mills last month and the median underbid amount was -$14,000.
Erin Mills is growing recently with a new movie theatre and entertainment complex, Cineplex Juxion, in the large Erin Mills Town Centre. And several new restaurants and shops are coming to the new Erin Mills Centre plaza.
The top five underbidding neighbourhoods are:
- York University Heights, North York
- Yorkdale, North York
- Erin Mills, Mississauga
- Concord, Vaughan
- Smithfield-Clairville, Etobicoke
For the complete Wahi report, see the website here.insauga's Editorial Standards and Policies advertising