Berczy Village and Cathedral Town in Markham were among the top five neighbourhoods in the Greater Toronto Area (GTA) for overbidding last month.
That’s according to Wahi, a digital real estate platform that launched a new Market Pulse tool that promises to help Canadians make sense of market ups and downs and how they impact housing prices.
“There’s no question that the GTA housing market has been extremely volatile as of late and Canadians are looking for some consistency amid all the uncertainty to help inform their next move,” says Wahi Chief Executive Officer Benjy Katchen.
The average home in Berczy Village sold for $266,000 or 22.8 per cent above list price, according to Wahi. The average home in Cathedral Town, meanwhile, sold for $105,000 or 10.1 per cent above asking. East York, Dorset Park in Scarborough and Taunton North in Whitby rounded out the top five GTA neighbourhoods for overbidding.
The top five neighbourhoods in the GTA for underbidding were Clearview in Oakville, Windfields in North York, Rougemount in Pickering, Long Branch in Etobicoke and West Brook in Richmond Hill, according to Wahi.
The top five for overbidding and underbidding were ranked based on the percentage difference in sold price versus list price, it explains. The median amount of overbidding or underbidding in each neighbourhood is based on the actual listing price and actual sold price of homes and doesn’t consider individual listing or bidding strategies, such as setting a low listing price to generate multiple offers.
The Wahi Market Pulse tool offers current data for 383 GTA neighbourhoods and provides insights for a 30-day period at a time. According to July data, 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).
Top 5 Neighbourhoods for Overbidding in the GTA in July 2022. CNW Group/Wahi