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Top Neighbourhoods For Under And Overbidding

Top Neighbourhoods for Under and Overbidding

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 β€” 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 β€˜deals’ for buyers? And are some bucking the current downtrend in prices? (The answer is β€˜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 clare@realtorontowest.com.

Data source: Wahi