Fall is historically a busy market and with interest rate decreases we're seeing more Buyers ready to purchase. However, transaction levels and bidding activity is still well below the numbers at this time, in 2023. 

Luxury homes priced between $2 and $4 million dominated the list of underbidding neighbourhoods.  Statistics reveal that currently most home sales are actually in the luxury market.

Forest Hill was at the top, of Toronto neighbourhoods, selling at less than the list price and St. Clair West was next in line. The Danforth and Parkwoods areas were the top overbidding areas in August.

Where do Single Family Homes Stand vs Condos?

The competition between housing types is diverging, with condominiums and single-family homes moving in opposite directions. Just 5% of neighbourhoods, with at least 5 condominium sales, saw overbidding in September, down from 8% per cent in August and 10% in the same period last year. Condo sales are still lagging because so many of them are for sale.

For single-family homes, however, 18% of neighbourhoods experienced overbidding, up from 13% in August. Despite this increase, bidding activity remains far below 2023 levels, when 35% of neighbourhoods saw overbidding for single-family homes.

Most homes still selling below asking.

The majority of Toronto homes sold in September were purchased for less than their list price, with 69% of all properties selling below asking — down slightly from 70% in August. A year ago, 61% of homes sold for under their listing price.

By housing type, the trend continues to differ. For single-family homes, 64% were purchased below-asking in September, a slight improvement from August. However, for condominiums, 77% of sales were below asking, consistent with August figures.