Home buyers looking for deals in expensive Oakville neighbourhoods

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Published June 6, 2024 at 2:50 pm

Three Oakville neighbourhoods made a list of the most under-bid for homes sales in the GTA.

According to a list compiled by the online real estate company Wahi, southwest Oakville, Eastlake and Old Oakville all saw bidding well under the listed price.

With median sold prices of over $2M, however, it’s no wonder buyers are looking for bargains.

“This week’s rate cut from the Bank of Canada will likely change consumer psychology thereby giving homebuyers the confidence to bid on properties,” says Wahi CEO Benjy Katchen.

“Wahi’s next Market Pulse analysis will include June home sales and should provide insights into whether the rate cut affects GTA real estate.”

The Oakville neighbourhoods being underbid are actually running opposite of the GTA-wide trend.

According to Wahi, more than half of the region’s neighbourhoods were in overbidding territory when looking at houses, but there was much less competition for condos.

Overbidding activity in the Greater Toronto Area real estate market slid for the second consecutive month in May as potential buyers may have been waiting for the Bank of Canada’s rate announcement this week.

On the heels of April’s surprise pullback in bidding competition in the resale market, the share of GTA neighbourhoods in overbidding territory fell to 36 per cent in May, according to digital real estate platform Wahi’s latest Market Pulse analysis. That’s down from 39 per cent in the previous month and 68 per cent a year ago.

Underbidding neighbourhoods totalled 180 last month. The top underbidding neighbourhoods were located in desirable, upscale communities, the other two being in King and North York’s Hogg’s Hollow.

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