Ontario Homes Are Selling Way Over Asking & Here Are Cities To Avoid To Save Your Wallet

Ontario homes are currently selling for way over the asking price in some cities and it might hurt your wallet if you're looking to buy.

According to a new study by Zoocasa, the aftermath of COVID-19 has caused the province's smaller cities to become hot spots for "unprecedented price growth" thanks to a desire for space and remote work.

The top five cities in Ontario where homes are currently selling for way over asking are Ottawa, Whitby, Windsor, Oshawa and Ajax.

Ottawa is the worst, with an average price spike of 27.88% and average listings of $523,842 selling for $669,874.

Meanwhile, Whitby has seen an average list-to-sold increase of 16.42%, with listings of $938,831 selling for over $1 million, on average.

"Notably, 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," an excerpt from the report reads.

However, if you're looking to score a house under asking, there are some spots to look. Caledon, Oakville and Kingston all have the biggest decreases in the selling price from the list price, on average.

In the month of September, homes in Caledon sold for 42.73% less than what they were listed for, with average listings of $2,784,334 selling for $1,594,531.