Nearly three quarters of Greater Toronto Area (GTA) homes that sold in March did so for less than the list price, according to the latest analysis from digital real estate platform Wahi.
Durham Region was the most competitive of the GTA’s five regions, with 50 per cent of homes selling at or above asking.
Last month, 73 per cent of GTA neighbourhoods saw homes selling for under asking, while some 20 per cent of neighbourhoods saw homes selling above list price, unchanged from February.
As Canada’s trade relationship with the U.S. remains uncertain due to the threat of more tariffs from the Trump administration, bidding activity on homes in the Greater Toronto Area (GTA) came to a standstill in March.
Some 20 per cent of GTA neighbourhoods with at least five sales were in overbidding territory in March—unchanged from February and down from 43 per cent a year ago. The majority (73 per cent) remained in underbidding territory, with another 7 per cent of homes selling at asking.
The March slowdown followed a brief surge in February, when the share of overbidding neighbourhoods roughly doubled compared to January. The last time the majority of GTA neighbourhoods were in overbid territory was June 2023.
Given all the economic uncertainty, some homebuyers could be holding off on making a purchase. Those who are going ahead with their homebuying plans are benefiting from less competition.
Looking at overall sales, 65 per cent of GTA homes sold for less than the listed price in March—unchanged from February and up from 53 per cent in March 2024.
Looking at overall sales, nearly two-thirds (65 per cent) of GTA homes sold for less than the listed price in March—unchanged from February and up from 53 per cent in March 2024.
Other Highlights:
- Condos continued to be more likely to sell below asking, with 75 per cent selling under list price, compared to 58 per cent of single-family homes.
- Durham Region was the most competitive of the GTA’s five regions, with 50 per cent of homes selling at or above asking.
- Halton Region saw the least bidding activity, with only 25 per cent of homes selling at or above asking.
For the first time since Wahi began tracking bidding activity in July 2022, all of the top five overbidding neighbourhoods were in Old Toronto—defined by the city’s pre-amalgamation boundaries. Four of these neighbourhoods had a median sale price of around $1.3 million.
It’s worth noting that being in “overbidding territory” does not necessarily mean every home sold above the list price, nor that buyers overpaid. It reflects general market trends, which may be influenced by factors such as seasonality or pricing strategies like listing homes below market value to attract more offers.
Old Toronto also appeared prominently in the top underbidding neighbourhoods, claiming three of the top five spots. These areas typically had significantly higher price points than those in the overbidding category.
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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