These 5 Toronto neighbourhoods had the highest real estate bidding wars in 2016
By now, it’s evident real estate is a hot topic in Toronto.
From its soaring costs to the lack of homes being sold, real estate has become a seller’s market in the city.
In 2016, the average home sold for over 9 per cent of its listing price, according to Wishpad. The average was based on a list price of a 3-bedroom home, which was around $818,264. These homes sold for an average price of $890,067 – a difference of $71,803.
And while this may seem like a big difference, some neighbourhoods in the city exceeded that average percentage.
In fact, there were five neighbourhoods where over one-third of freeholds sold went for over 20 per cent above list price.
And some of these may surprise you.
Wishpad
Around the city, there were 21 instances of homes selling for over 150 per cent of list price, including a house in Parkwoods-Donalda which sold over 158 per cent over its listing.
According to Wishpad, many homes are listed well below market value in order to attract the maximum number of participants in the bidding process.