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Overbidding common in three Markham neighbourhoods

Overbidding was a common trend in a handful of York Region neighbourhoods last year, with Markham’s Berczy Village coming out “fiercely on top.”

The following neighbourhoods landed in the top five ranking on Wahi’s Top Greater Toronto Area (GTA) Neighbourhoods for Overbidding multiple times since July: Berczy Village, Milliken Mills West in Markham, Rouge Woods in Richmond Hill, Parkview-Topham Park in East York, and Wismer in Markham.

Those neighbourhoods have proven attractive to young families and first-time homebuyers because each provides “a flourishing residential oasis away from the city bustle, while still offering an easy commute,” says Wahi, a digital real estate platform. “Each neighbourhood, while some newer than others, also offers great access to an abundance of amenities and greenspaces.”

Wahi has been using its Market Pulse tool to monitor up to 400 GTA neighbourhoods over the past six months for pricing trends. It found York transaction volume fell 49 per cent year over year in December to 513 transactions, the lowest since April 2020. The average days on market increased by 114 per cent to 31 days. New listings fell by 20 per cent year over year in December to 738 new listings, marking the slowest month since January 2022. Home prices fell by six per cent year over year in December, led by detached home prices, which fell five per cent and by condo prices, which fell one per cent.

Here’s a look at the months each of those Markham neighbourhoods made Wahi’s Top 5 Overbidding list and the median sold versus list price: Berczy Village (July: +$266,000, September: +$99,050, November: +$214,000 and December: +$225,500), Milliken Mills West (August: +$62,000 and September: +$44,050) and Wismer (August: +$46,500 and October: +$89,000).

In Whitchurch-Stouffville, the average single detached home is selling for $1.325 million, which is nine per cent higher than the GTA median, while a semi-detached is selling for $955,000, which is two per cent lower than the GTA median, Wahi reports. The average condominium is selling for $630,000, which is three per cent lower than the GTA median, and a townhouse is fetching $775,000, which is three per cent higher than the GTA median.

The average GTA home sold for $1.19 million in 2022, according to the Toronto and Region Real Estate Board. That’s up 8.6 per cent compared to $1.095 million in 2021. The year started off strong and the pace of pace of growth moderated beginning in the spring. The average Markham home netted nearly $1.264 million and the average Whitchurch-Stouffville home sold for about $1.342 million.

 

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