Oshawa’s Kedron community #4 on housing overbidding list; two in Oakville make underbidding list

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Published November 2, 2022 at 4:43 pm

A sure sign that the real estate market in the GTA still has its hot spots is the number of neighbourhoods where overbidding on properties is still a thing.

There’s even one neighbourhood in Oshawa in the top five in this category, with the city’s prestigious north-end Kedron community coming in at #4 on the list for markup per centage (number three for selling price), according to Wahi Market Pulse data. Homes in Kedron are selling an average of $100,000 over the listed price, a nine per cent markup.

Richmond Hill’s Westbrook neighbourhood is #1 with homes selling at 14 per cent above list, averaging $176,000 above the original price.

Number 2 is the Greensborough community in Markham ($98,500, 10 per cent), followed by the Bayview Woods Steeles neighbourhood of North York ($163,500, nine per cent) in the #3 position and a second Markham neighbourhood – Wismer – at #5, with homes selling on average $89,000 above list, also a nine per cent markup.

Two Oakville communities make the top five in the underbidding category, with Eastlake and Iroquois Ridge North placing first and third on the list.

Sellers in Eastlake are taking a $307,000 bath on their home sales (10 per cent) and those in Iroquois Ridge North are getting an average of $159,000 under asking for their properties, an eight per cent cut.

Others on the underbidding list include Toronto’s old money neighbourhoods of Forest Hill (#2) and Lawrence Park (#5) and North York’s York Mills community at #4.

Underbidding made up 86 per cent of GTA neighbourhoods in October (down slightly from 90 per cent in September), with the homes on the underbidding list ticketed at between $1.6 million and $4 million, making them out of reach from first-time buyers.

The homes in the overbidding category range from $1 million to $1.6 million; a more competitive price point for first time buyers.

Top 5 Neighbourhoods for Overbidding in the GTA 

October 2022

Municipality Neighbourhood Sold vs List $ Sold vs List %
Richmond Hill Westbrook $176,000 14.00%
Markham Greensborough $98,500 10.00%
North York Bayview Woods Steeles $163,500 9.00%
Oshawa Kedron $100,000 9.00%
Markham Wismer $89,000 9.00%

 

Top 5 Neighbourhoods for Underbidding in the GTA

 October 2022

Municipality Neighbourhood Sold vs List $ Sold vs List %
Oakville Eastlake -$307,500 -10.00%
Toronto Forest Hill -$169,000 -9.00%
Oakville Iroquois Ridge North -$159,000 -8.00%
North York York Mills -$274,000 -6.00%
Toronto Lawrence Park -$197,499 -6.00%

 

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