The Greater Toronto Area’s once-hot real estate market has turned amid a series of aggressive interest rate hikes by the Bank of Canada to tamp down too-high inflation. Bidding wars have become a thing of the past in many neighbourhoods — 84% of those in the GTA are now in underbidding territory with a median $20,000 (-2.2%) underbid versus list price in July. Compare this to the same month last year when 68% of homes were sold at or above list price with a median overbid of $7,005 (+0.9%).
But which neighbourhoods offer the best ‘deals’ for buyers? And are some bucking the current downtrend in prices? (The answer is ‘yes.’)
Here are the top GTA neighbourhoods for underbidding and overbidding in July.
Top Underbidding Neighbourhoods
1. Clearview, Oakville -$149,000 (-8.9%)
2. Windfields, North York -$169,000 (-7.5%)
3. Rougemount, Pickering -$112,900 (-7.1%)
4. Long Branch, Etobicoke -$69,900 (-7%)
5. Westbrook, Richmond Hill -$99,000 (-6.6%)
Top Overbidding Neighbourhoods
1. Berczy Village, Markham +$266,000 (+22.8%)
2. East York, East York +$110,100 (+11%)
3. Cathedraltown, Markham +$105,000 (+10.1%)
4. Dorset Park, Scarborough +$62,601 (+6.9%)
5. Taunton North, Whitby +$61,000 (+6.6 %)
Want to know how home sales and prices are performing in your neighbourhood in these uncertain times? Contact Clare Tattersall at 647-625-3282 or email@example.com.
Data source: Wahi