With Toronto’s real estate market getting off to a hot start in 2016, we thought it would be interesting to look at which neighbourhoods have been the most competitive so far this year.
To measure how competitive a neighbourhood is we decided to calculate the percentage of home sales in each neighbourhood that sold for more than the seller’s asking price. This metric is a good way to estimate how many houses are getting multiple offers since buyers are generally not going to pay more that a seller's asking price if there are not multiple offers.
The higher the percentage of homes selling for more than their asking price, the more competitive a neighbourhood is.
Our Top 10 List of the Hottest Neighbourhoods during the first quarter of 2016 is dominated by neighoburhoods that have great access to public transit. Six of the ten are directly on the subway line or the St.Clair streetcar line and another three are within a twenty minute walk to a subway station.
You can browse our heat map below or click here for a full view of the map to see the results for every neighbourhood in Toronto.