In a year when most Greater Toronto Area homes sold below asking price, a few neighbourhoods in York Region’s Markham and Richmond Hill broke the mould, standing out for their intense bidding wars. So, where are these hot spots?
Data from Wahi, a digital real estate platform, revealed that Milliken Mills West, Raymerville, Victoria Square in Markham, and Rouge Woods in Richmond Hill appeared multiple times among the top five most overbid neighbourhoods in 2024.
Milliken Mills West, Markham
Of the frequently overbid neighbourhoods in the GTA, Milliken Mills West is the most recent to appear in Wahi’s monthly top five. In November, the neighbourhood had a median sale price of $1,603,000 and a median overbid amount of just over $200,000.
Realtor Deven Chen from Avion Realty Inc. attributes the area’s popularity to its location and price point.
“It’s super convenient for a lot of people,” Chen says, highlighting nearby amenities like Pacific Mall, numerous restaurants, and excellent transit connections.
In addition, single-family homes in Milliken Mills West typically range from $1 to $1.5 million, a price point Chen believes is still attainable for many households despite rising borrowing costs.
Raymerville, Markham
Raymerville made Wahi’s list of top overbidding neighbourhoods for three consecutive months, a streak that ended in October.
According to Christopher LaFace, a broker at HomeLife Excelsior Realty Inc., Brokerage, bidding wars in Raymerville are often driven by strategic underpricing.
“More often than not, the original price point is undervalued,” he explains.
Raymerville’s lasting appeal lies in its strong sense of community, reputable schools, and safe environment. LaFace emphasizes these qualities, along with the growing preference for turnkey properties, especially those with income-generating features like finished basements, which provide potential rental income to offset carrying costs.
Victoria Square, Markham
In February, bidding activity in Victoria Square hit a peak, when the median overbid amount reached $255,100, the third-highest amount recorded in any neighbourhood this year. This translated to a 20 per cent difference between sold and list prices, according to Wahi’s data.
Realtor Valerie Guo credits the high demand to the neighbourhood’s concentration of new builds.
“Buyers are kind of picky,” she says, adding that move-in-ready homes requiring minimal renovation are especially desirable.
Despite a general increase in listings across the GTA, Victoria Square remains competitive due to its quality homes.
“They want the property to be fully renovated … and they don’t need to put money to renew them,” Guo explains.
Rouge Woods, Richmond Hill
Also in York Region, Rouge Woods was a leading GTA neighbourhood for overbidding in August, when the median sale price was $1,606,944 and the median overbid amount reached a jaw-dropping $123,000.
Realtor Gregory Stavropoulos believes the neighbourhood’s appeal is its affordability relative to Toronto.
“It’s because it’s cheaper than Toronto,” he says, adding that townhomes are particularly sought after.
With its proximity to Highway 404 and top-rated schools, Rouge Woods is an ideal choice for families and commuters, solidifying its place as one of York Region’s most competitive markets.
