The latest report from the digital real estate platform Wahi revealed that the housing market in the Greater Toronto Area remained relatively quiet ahead of spring, which is traditionally the busiest season for home sales.
The report indicated that only 7% of neighborhoods recorded sales above the asking price in February, compared with 6% in January. Meanwhile, the vast majority of neighborhoods (91%) experienced underbidding situations, while 2% of homes were sold exactly at the listed price.
Despite the overall stability in the market, East Toronto saw the highest levels of demand, with three standout neighborhoods experiencing strong bidding activity: The Beaches, Danforth, and Leslieville. These areas offer relatively competitive prices considering their central locations.
The report also noted that factors such as seasonality and pricing strategies can influence bidding activity. Some agents may list homes at lower prices to attract multiple offers. In addition, York Mills dropped off the list of the most buyer-friendly areas, replaced by Eastlake in Oakville, which was identified as the most affordable neighborhood in the region for 2024.
