Mississauga takes first place for underbidding standards for property in the GTA

As the provincial real estate market continues to shift over the summer, so has the landscape of property listings. 

According to the real estate research team at Wahi, due to an uneventful and sluggish Spring market season, an abundance of property listings have flooded provinces nationwide — and cities in Ontario are no exception. 

As indicated by Wahi’s data — in central Toronto alone — 24,000 active property listings are available throughout the city, signaling a substantial shift to a buyer’s market that hasn’t been seen in Ontario in over a decade. 

Data collected on behalf of the Canadian Real Estate Association also points out that, on a national scale, home sales have been down by a nearly six per cent margin when compared to last year. As a result, potential buyers have never had so much in the way of choice concerning bargaining power. 

According to Wahi’s report, the market is in such a state of flux that a home in Oshawa recently sold for $800,000 below the asking price.

Additional data also indicates that in the GTA alone, 71 per cent of listed homes in residential areas fell heavily into an underbidding territory, with the neighbourhood of Mineola in Mississauga taking first place with a median underbid margin of $250,000. 

Wahi’s data then went on to summarize that condos retained that dominant when it came to underbidding behaviors in the GTA, with an underbidding standard of 90 percent

Detached family homes, however, maintain an underbidding standard of 57 per cent.