Homebuyer competition across the Greater Toronto Area (GTA) weakened further in August, as softer demand spread to single-family homes that had previously been holding up better than condos.
New data from digital real estate platform Wahi shows just 2 per cent of GTA neighbourhoods with at least five resale transactions were in overbidding territory, down from 3 per cent in July. Of the 267 qualifying neighbourhoods, 97 per cent were underbid and 1 per cent sold at asking.
The gap between condos and single-family homes also continued to narrow. In August, 95 per cent of neighbourhoods with at least five single-family sales were underbid, compared with 98 per cent of qualifying condo neighbourhoods, the smallest gap this year.
Overall, 79 per cent of the 4,199 GTA homes sold in August changed hands below asking, up slightly from 78 per cent in July.
“August is typically one of the quietest months in GTA real estate, and this has been especially true in recent years,” says Wahi Economist Ryan McLaughlin. “The upshot is homebuyers have less competition, and single-family homes are no longer the exception.”
The complete report, including downloadable charts, is available here.
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