Wahi Reveals Top GTA Neighbourhoods For Overbidding And Underbidding in July 2022

·4 min read

The digital real estate platform's new Market Pulse tool helps homebuyers determine which areas are hot or not

TORONTO, Aug. 8, 2022 /CNW/ - Entering the real estate market can be daunting for anyone and, these days, buying a home has never felt more challenging. With escalating interest rates and record setting home prices, many Canadians have found themselves exploring unfamiliar ground, unsure about where to turn and how to navigate the ever-changing landscape. Fortunately, Wahi, a state-of-the-art digital real estate platform, has launched its new Market Pulse tool to help Canadians make sense of market ups and downs and how they impact housing prices.

Top 5 Neighbourhoods for Overbidding in the GTA in July 2022 (CNW Group/Wahi)
Top 5 Neighbourhoods for Overbidding in the GTA in July 2022 (CNW Group/Wahi)

Wahi understands that buying a home in the Greater Toronto Area (GTA) can be expensive and overwhelming, but it doesn't need to be. That's why its Market Pulse tool offers current data for almost 400 GTA neighbourhoods so Canadians can compare median sold and list prices to understand what areas are seeing overbidding or underbidding. These hot—or not— neighbourhood insights can help homebuyers make informed decisions about when and where to buy or sell,  leveraging insights for a 30-day period at a time. New July 2022 data shows that 84% of GTA neighbourhoods are in underbidding territory with a median $20,000 or -2.2% underbid versus list price. Compared to July 2021, 68% of transactions were sold at or above list price with a median overbid of $7,005 (+0.9%).

GTA homebuyers can explore their neighbourhood and understand overbidding and underbidding trends by visiting Wahi's Market Pulse tool.

July 2022 Wahi Market Pulse Data

Top 5 Neighbourhoods for Overbidding in the GTA

July 2022

Municipality

Neighbourhood

Sold vs List $

Sold vs List %

Markham

Berczy Village

$266,000

+22.8 %

East York

East York

$110,100

+11.0 %

Markham

Cathedraltown

$105,000

+10.1 %

Scarborough

Dorset Park

$62,601

+6.9 %

Whitby

Taunton North

$61,000

+6.6 %

Top 5 Neighbourhoods for Underbidding in the GTA

 July 2022

Municipality

Neighbourhood

Sold vs List $

Sold vs List %

Oakville

Clearview

-$149,000

-8.9 %

North York

Windfields

-$169,000

-7.5 %

Pickering

Rougemount

-$112,900

-7.1 %

Etobicoke

Long Branch

-$69,900

-7.0 %

Richmond Hill

Westbrook

-$99,000

-6.6 %

"There's no question that the GTA housing market has been extremely volatile as of late, and Canadians are looking for some consistency amid all the uncertainty to help inform their next move," says Wahi Chief Executive Officer Benjy Katchen. "Wahi's approach to real estate doesn't follow the status quo, and we deliver a reliable service and touchpoint for homebuyers every step of the way. Our new Market Pulse tool is just another example of our commitment to providing innovative data and resources, and it's just one example of what our platform has in store for Canadians."

As a digital first real estate company, Wahi offers an immersive end-to-end platform that approaches the housing market the Wahi way. Its market-leading Wahi Price helps Canadians save an average of $20,000 on the price of their new home, cutting up to 70% of the buyer's fee off every sale. The platform's cost effective solutions to buying coupled with its objective and transparent information arms Canadians with everything they need to feel confident on the way to their dream home.

Learn more about Wahi's digital real estate platform and new home buying offers and tools by visiting wahi.com.

About Wahi

Wahi is a digital real estate platform that uses state-of-the-art tools and best-in-class realtors to bring control, choice and clarity to the real estate journey. Wahi's mission is to reclaim real estate for consumers by harnessing the power of technology in the service of truth and transparency.

Methodology

Wahi analyzed the list and sold prices of properties within 383 GTA neighbourhoods from their Market Pulse tool in July 2022. The top 5 for overbidding and underbidding were ranked based on the percentage difference in sold price versus list price. Neighbourhoods with less than 4 sold properties in July were not considered in the data set as it is not considered to be representative of the market. The median amount of overbidding or underbidding in each neighbourhood is based on the actual listing price and actual sold price of homes and does not take into consideration individual listing or bidding strategies, for example setting a low listing price to generate multiple offers.

Top 5 Neighbourhoods for Underbidding in the GTA in July 2022 (CNW Group/Wahi)
Top 5 Neighbourhoods for Underbidding in the GTA in July 2022 (CNW Group/Wahi)
Wahi (CNW Group/Wahi)
Wahi (CNW Group/Wahi)

SOURCE Wahi

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Cision

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