These areas of Toronto were most likely to experience a bidding war last year

The real estate market in much of the Toronto area may have weakened over the past 12 months, but there are still pockets where bidding wars have persisted, despite activity generally trending downward .

Unlike the region’s best places to get a good deal on a home relative to asking prices – which included Eastlake in Oakville, Lakeview in Mississauga and Huttonville in Brampton – the communities that were most outbid saw residences climb up to at 24 percent. more than they were listed for, on average.

The most popular by far has been the Danforth in Toronto, where homes have not only been the most overbid anywhere in the Greater Toronto Area in a single month (by the aforementioned 24 percent in April), but where properties have been the most systematically outbid this year.

According to Wahi, a real estate listings site that summarizes how well list prices of homes in various locations sell each month, the Danforth was in the top five most overbid neighborhoods three out of 11 months rated, and was also the second most searched for by potential buyers during all months.

Chart of the most overbid spots in the Greater Toronto Area this year, according to Wahi.

Close behind is Rouge Woods in Richmond Hill, as well as Raymerville, Victoria Square and Milliken Mills West in Markham, all of which were also in Wahi’s top 5 bidding zones three times this year.

The company writes that “at the neighborhood level, there has not been a runaway leader in bidding wars this year,” but places Danforth at the top due to two factors above that indicate higher real estate demand than the average.

The main factors? The ideal location next to public transportation, highways and the city center, as well as all kinds of restaurants, shops and other amenities.

There are also plenty of relatively reasonably priced, ready-to-renovate homes along the Strip, allowing people to create their dream home exactly the way they want it, or “reap the benefits of any investment you make in the house,” as one local said. the real estate agent told the firm for its year-end conclusion.

Buyers are still snapping up homes well below asking price in parts of the GTAhttps://t.co/3NBkBii01P

– blogTO (@blogTO) December 10, 2024

However, when it comes to bidding wars, Wahi notes that “listing a home below market value is a way for sellers to try to attract more offers.” In these cases, a home may sell for above the asking price, but the final price better reflects its true price. rather than a situation where buyers overpay in the face of high demand. »

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