The Greater Toronto Area (GTA) housing market is showing early signs of increased competition, with 11% of neighbourhoods experiencing overbidding in January 2025, up from 6% in December 2024. Despite this rise, most neighbourhoods remain in underbidding territory (83%). Wahi CEO Benjy Katchen notes that buyers still have opportunities to negotiate lower prices due to high inventory levels, particularly in the condo market, though drastic price discounts are unlikely. January saw the highest share of overbidding neighbourhoods since September 2024, contrasting with January 2024 when no neighbourhoods were overbid. Durham region led in over-asking sales, with 33% of homes sold above the list price, followed by York at 25% and Toronto at 20%. Single-family homes experienced more overbidding than condos, at 26% versus 16%. Lower-priced neighbourhoods in York region and Toronto’s St. Clair West were the most prone to overbidding. Wahi ranks neighbourhoods based on the difference between list and sold prices to determine overbidding and underbidding trends.
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