Oakville, Pickering among top GTA communities for underbidding
Published August 9, 2022 at 11:54 am
While the real estate market is cooling off there are still communities where realtors are seeing overbidding on homes, with a new-ish north Whitby neighbourhood cracking the top five in the GTA in that dubious category.
Conversely, Oakville’s established Clearview neighbourhood is number one in the GTA for underbidding while the upscale Rougemount community in Pickering sits third in what is becoming a challenging time to be buying a home.
The stats are courtesy of Wahi, a state-of-the-art digital real estate platform based in Toronto and Montreal, which has launched its new Market Pulse tool to help Canadians make sense of market ups and downs and how they impact housing prices.
Recent interest rate hikes have left Canadian homeowners on edge about their finances, with one in four anticipating the need to sell their homes for a more affordable mortgage, and listings getting cancelled at unprecedented rates. The current housing market is leaving many out in the dark and unsure of what their next move should be.
Wahi’s Market Pulse tool offers current data for almost 400 GTA neighbourhoods so Canadians can compare median sold and list prices to understand what areas are seeing overbidding or underbidding. These hot – or not – neighbourhood insights can help homebuyers make informed decisions about when and where to buy or sell, leveraging insights for a 30-day period at a time.
New July 2022 data shows that 84 per cent of GTA neighbourhoods are in underbidding territory with a median $20,000 or -2.2 per cent underbid versus list price. Compared to July 2021, 68 per cent of transactions were sold at or above list price with a median overbid of $7,005 (+0.9 per cent).
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GTA homebuyers can explore their neighbourhood and understand overbidding and underbidding trends by visiting Wahi’s Market Pulse tool.
July 2022 Market Pulse Data
| Top 5 Neighbourhoods for Overbidding in the GTA | |||
| Municipality | Neighbourhood | Sold vs List $ | Sold vs List % |
| Markham | Berczy Village | $266,000 | +22.8% |
| East York | East York | $110,100 | +11.0% |
| Markham | Cathedraltown | $105,000 | +10.1% |
| Scarborough | Dorset Park | $62,601 | +6.9% |
| Whitby | Taunton North | $61,000 | +6.6% |
| Top 5 Neighbourhoods for Underbidding in the GTA | |||
| Municipality | Neighbourhood | Sold vs List $ | Sold vs List % |
| Oakville | Clearview | -$149,000 | -8.9% |
| North York | Windfields | -$169,000 | -7.5% |
| Pickering | Rougemount | -$112,900 | -7.1% |
| Etobicoke | Long Branch | -$69,900 | -7.0% |
| Richmond Hill | Westbrook | -$99,000 | -6.6% |