While assuming Toronto would be on this list is an easy guess, somehow the expensive city is not among Canadian city’s where homes are selling for the most above their asking price.
According to Zoocasa, Ottawa tops the list, with homes selling for an average of 27 percent above asking price at an average of $669,874 based on a $523,842 listing price.
“COVID-19 has shifted that reality; markets big and small across Ontario have experienced unprecedented price growth over the course of the pandemic, with the benchmark home price for the province up 19.7 percent from September 2020, according to the Canadian Real Estate Association,” says the report.
Next up is Whitby with an average list price of $938,831 and a selling price of $1,092,945, followed by Windsor, Oshawa and Ajax, where homes sold between 16 percent and 13 percent above asking in September.
“Three of the top five markets are located in the Durham Region, long considered a hot alternative to the City of Toronto, at a commutable distance,” says the report.
On the other hand, housing in Toronto sells for a surprising average of seven percent under asking at $1,191,064 vs $1,033,373.
To read Zoocasa’s full report, follow this link.