Neighbourhoods Best-known for Under and Overbids

In the Greater Toronto Area, average home prices were up 3.6% month-over-month in September, but this does not mean sellers now have the advantage. While figures indicate a more balanced market than in August, it’s still very much in favour of buyers, with underbidding the norm.

The trend is more pronounced in certain areas of the region, where, according to house hunting app Wahi, properties are selling for more than $100,000 under the asking price.

So, which neighbourhoods are best to get bargains?

Wahi reports the leading deals can be found in Toronto’s Forest Hill (underbid by an average $272,500), Ledbury Park (-$145,000), Lawrence Park (-$145,000) and York Mills (-$126,888), and Oakville’s Eastlake community (-$105,000).

Despite being the norm, there are pockets that are seeing bidding wars, with properties selling, on average, for more than list price. These include Toronto’s Dovercourt Park (overbid by an average $202,000), the Danforth (+$127,000), Riverdale (+$115,000), Syme (+$78,000) and Harbord Village (+$65,000).

It’s worth noting that all four Toronto neighbourhoods in underbidding territory are located in and around the city’s midtown area, particularly in wealthier enclaves with median prices in the $3 million-plus range. The average home price in the overbidding communities is $1,218,300.