Underbidding for homes in Durham Region continued to rise in July, compared to the previous month, as more Durham neighbourhoods saw homes selling for under asking.
In July, only 10 per cent of the neighbourhoods in Durham Region were in overbidding territory, similar to June, where overbidding was at 9 per cent. The percentage of neighbourhoods in underbidding territory was up slightly in July at 88 per cent, compared to 84 per cent in June, and only 2 per cent of neighbourhoods had homes selling at asking, compared to 7 per cent the previous month.
Overall, the Greater Toronto Area saw the highest underbidding for single-family homes since January 2024, suggesting a narrowing gap between neighbourhoods with condos and those with detached or semi-detached homes selling below list price. Last month, 97 per cent of neighbourhoods with condos were underbid, compared to 92 per cent of single-family homes. Overall, 95 per cent of GTA neighbourhoods saw homes go for below asking — up from 82 per cent a year ago.
The Top-4 Overbidding Neighbourhoods in July
Excluding neighbourhoods with fewer than five sales, four of the 42 neighbourhoods in Durham had homes selling for over asking in July. The four neighbourhoods were spread across the region, and the most overbid neighbourhood was in Brock Ridge, Pickering, with a median sold price of $732,500 and a median overbid amount of $60,550.
When a neighbourhood is in overbidding territory, it doesn’t necessarily mean that every home is selling above list price. Instead, it’s a general reflection of overall market behaviour, which can be influenced by seasonal factors, for example, or decisions by sellers, such as listing homes below market value to attract more bids.
The Top-5 Underbidding Neighbourhoods in July
Three of the top-5 most underbid neighbourhoods were in Whitby. Lynde Creek, Whitby, was the most underbid, with a median sold price of $1,165,000 and a median underbid amount of -$38,000.
Generally speaking, the top underbidding neighbourhoods in Durham Region tend to be more expensive, while the top overbidding neighbourhoods have comparatively lower list prices.
Note: Benjy Katchen is the CEO of Wahi, a digital real estate company that redefines the homebuying experience by putting more power into consumers’ hands. By combining cutting-edge tech and market data with expert realtors, Wahi offers unmatched access to insights, tools and the team that makes buying a home faster and easier.
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