Bidding competition in the Greater Toronto Area resale market softened in May, with only 7% of neighborhoods overbidding, down from 13% in April. Most homes sold below asking price, indicating a buyer-friendly market. Overbidding for single-family homes dropped from 21% to 12%, while condo overbidding remained low. Some buyers may be shifting focus to pre-construction homes due to a new HST rebate on new properties.
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