Bidding wars still common in Toronto's housing market but demand is easing

Toronto's real estate market has been all over the place in recent months, with contradicting trends and forecasts leaving prospective buyers and sellers more confounded — and apprehensive — than ever.

But, things continue to trend in the opposite direction, with a radical surge in the number of homes sitting on the market, fewer and fewer people buying them up, and now, a decline in bidding wars, which the city was once notorious for.According to a new report from real estate website Wahi,"the tables have turned" in the the GTA, at least as far as the phenomenon of bidding wars are concerned.

"There was a surprise pullback in bidding competition in the Greater Toronto Area housing market," Wahi wrote in its report this week, adding that this was especially noticeable in the condo market, where the share of neighbourhoods in underbidding territory surged to a staggering 89 per cent.

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