It wasn’t a normal April by any stretch. The recently decided federal election was still a toss-up as Canadians were heading to the polls, and concerns over the economy and Canada’s relationship with the U.S. were — and still are — running high.
Against this backdrop, it was also the quietest April for bidding competition on homes in the Greater Toronto Area since Wahi began tracking the market midway through 2022.
Some 84 per cent of GTA neighbourhoods with at least five home sales were in underbidding territory last month, up from 73 per cent in March. That’s an increase compared to the same point last year (57 per cent), as well as in April 2023 (39 per cent). Just 13 per cent of neighbourhoods were in overbidding territory in April, and an additional 2 per cent saw homes generally selling at the asking price. (Percentages may not equal 100 due to rounding.)
“The economy has been top of mind for many Canadians, especially during the recent federal election cycle and at a time of unprecedented trade tensions with the U.S.,” says Wahi CEO Benjy Katchen. “Recent data appears to show consumer confidence took a hit as a result of all the uncertainty, and some Canadians put off buying big-ticket items, including homes, as a result,” he notes. With the election results now in, there’s at least one less element of uncertainty, Katchen adds, though it’s too soon to see how a new government affects real estate sentiment and the housing market at large.
The latest decline sees bidding activity return to levels seen at the start of the year and suggests the typically busier spring real estate market hasn’t really gotten into gear with two months remaining before the usual seasonal summer slowdown.
Condos continued to lag behind single-family properties, including detached and semi-detached homes as well as row and townhouses. However, the gap in demand between the two is closing. In April, the share of neighbourhoods in underbidding territory for single-family homes was 76 per cent, while for condos it was 97 per cent — a significant but narrowing gap of 21 percentage points. In March, there was a 34-percentage-point spread between the two, as 60 per cent of neighbourhoods were underbid for single-family homes and 94 per cent for condos, which include townhouses with monthly maintenance fees.
Top 5 GTA Underbidding Neighbourhoods in April 2025
The most underbid GTA neighbourhoods in April remained mostly concentrated in the City of Toronto and in pricier communities. Three were located in the 416, compared to four in March. Lawrence Park maintained its position atop the list, the lone repeat from the previous month’s top five.
Top 5 Overbidding Neighbourhoods in April 2025
March was the first month in which all of the five most overbid neighbourhoods were found within Old Toronto, which encompasses the city’s pre-amalgamation borders. In April, four Old Toronto neighbourhoods were represented, with the Danforth the only carryover. These neighbourhoods once more tended to have lower price points. With the exception of Rouge Woods, which is more suburban, these are particularly urban, walkable neighbourhoods where homebuyers will still find single-family homes. According to a previous Wahi survey, nearly two-thirds of Canadians prefer single-family homes.
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