Looking for a discount on home purchase? Two Oakville neighbourhoods lead the list

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Published January 15, 2024 at 4:32 pm

A pair of Oakville neighbourhoods are the place most people are going deal-hunting in the GTA, although that might still be subjective.

In the final month of 2023, underbidding activity in the Greater Toronto Area’s housing market reached unprecedented levels, according to new analysis from Wahi, an online real estate analysis company.

“In December, a staggering 98 per cent of GTA neighbourhoods were in underbidding territory, up from 93 per cent in November,” said the report.

“This is the seventh consecutive month the share of underbidding neighbourhoods has increased. It also represents the highest share of underbidding neighbourhoods recorded since Wahi began tracking bidding activity in July of 2022.”

At the end of each month, Wahi compares the differences between median list and sold prices to determine whether a neighbourhood is in overbidding or underbidding territory.

The top overbidding and underbidding neighbourhoods are ranked by the median overbid or underbid amount. This is calculated by subtracting the sold price from the list price of each individual listing in a given neighbourhood. These are then ranked by the median of all subtractions and presented as the median overbid or underbid amount.

The two Oakville neighbourhoods leading the way are Old Oakville and Eastlake. And although they lead in underbig amount, they’re both still among the most expensive neighbourhoods in the GTA.

“The Bank of Canada’s rate hikes last year are clearly having an impact on real estate markets across southern Ontario,” said Wahi CEO Benjy Katchen. “That said, with interest rates recently stabilizing or in some cases even falling, now could be a great time to potentially purchase a home due to having a greater selection of properties for sale and potentially being able to cut a sharper deal than even just a few months ago.”

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