If you've read recent headlines, you’ve likely come across bold claims like:
“The majority of homes in Toronto are selling below asking as the market tanks.”
It's a strong statement—and one that has sparked concern. But what do the numbers actually show, and how much of the narrative is being driven by selective reporting?
What the Headlines Say vs. What’s Actually Happening
Recent reports suggest that 87% of neighbourhoods in the GTA are in “underbidding” territory, meaning homes are, on average, selling for less than their asking price. On the surface, that sounds grim. But there's more context to consider.
That same report reveals that the remaining 13% of Toronto neighbourhoods are still seeing bidding wars, with homes selling for well over asking. These aren’t random pockets—they’re the city’s most sought-after areas, including:
Moore Park – Average sold price: $3.9M | Overbid: $195K
Lawrence Park – Average sold price: $3M+ | Overbid: $164.5K
York Mills – Average sold price: $2.475M | Overbid: $135K
Riverdale – Average sold price: $1.435M | Overbid: $118K
The Junction – Average sold price: $1.27M | Overbid: $103K
Leslieville – Average sold price: $1.19M | Overbid: $91K
Scarborough – Average sold price: $945K | Overbid: $100K
So yes—many homes are selling below asking. But the ones that aren’t are in Toronto’s most desirable, family-friendly neighbourhoods with great schools, walkability, and established communities.
The Two-Sided Market Reality
The truth is that Toronto’s real estate market is currently divided. On one side, homes that are well-staged, updated, and priced correctly in prime locations are still getting multiple offers and selling within 5–7 days. On the other side, homes that are outdated, overpriced, or located in less competitive neighbourhoods are sitting longer and often selling below list price.
In the condo market, especially in the downtown core (e.g., CO1 and CO8), inventory is high, and only the best-priced units with strong layouts and great presentation are selling. Buyers are being selective—and they should be. With similar floor plans across units, pricing and presentation make all the difference.
What This Means for Buyers and Sellers
If you’re a buyer, there are opportunities—especially in segments where inventory is high and demand is softer. Condos, in particular, offer plenty of choice, and negotiating room exists in many neighbourhoods.
If you’re a seller, your strategy matters more than ever. Homes that are move-in ready, show well, and are priced appropriately are still generating significant attention—some even seeing 40+ showings in under a week. This is especially true in areas like:
Riverdale
Bloor West Village
The Junction
Leslieville
Trinity-Bellwoods
Beaches
Midtown
Lawrence Park
These neighbourhoods remain competitive in any market cycle.
Yes, the market has changed. But the most desirable pockets in Toronto are still performing well—just not at the explosive levels seen in 2021 or early 2022. Pricing may be more grounded, but demand hasn’t disappeared—it’s simply more concentrated and price-sensitive.
Always read beyond the headline. A deeper look into the numbers shows that Toronto’s real estate story is not all doom and gloom. It’s more accurate to say: well-positioned homes are still moving quickly and for strong prices, while others need sharper strategy and expectations.
“The majority of homes in Toronto are selling below asking as the market tanks.”
It's a strong statement—and one that has sparked concern. But what do the numbers actually show, and how much of the narrative is being driven by selective reporting?
What the Headlines Say vs. What’s Actually Happening
Recent reports suggest that 87% of neighbourhoods in the GTA are in “underbidding” territory, meaning homes are, on average, selling for less than their asking price. On the surface, that sounds grim. But there's more context to consider.
That same report reveals that the remaining 13% of Toronto neighbourhoods are still seeing bidding wars, with homes selling for well over asking. These aren’t random pockets—they’re the city’s most sought-after areas, including:
Moore Park – Average sold price: $3.9M | Overbid: $195K
Lawrence Park – Average sold price: $3M+ | Overbid: $164.5K
York Mills – Average sold price: $2.475M | Overbid: $135K
Riverdale – Average sold price: $1.435M | Overbid: $118K
The Junction – Average sold price: $1.27M | Overbid: $103K
Leslieville – Average sold price: $1.19M | Overbid: $91K
Scarborough – Average sold price: $945K | Overbid: $100K
So yes—many homes are selling below asking. But the ones that aren’t are in Toronto’s most desirable, family-friendly neighbourhoods with great schools, walkability, and established communities.
The Two-Sided Market Reality
The truth is that Toronto’s real estate market is currently divided. On one side, homes that are well-staged, updated, and priced correctly in prime locations are still getting multiple offers and selling within 5–7 days. On the other side, homes that are outdated, overpriced, or located in less competitive neighbourhoods are sitting longer and often selling below list price.
In the condo market, especially in the downtown core (e.g., CO1 and CO8), inventory is high, and only the best-priced units with strong layouts and great presentation are selling. Buyers are being selective—and they should be. With similar floor plans across units, pricing and presentation make all the difference.
What This Means for Buyers and Sellers
If you’re a buyer, there are opportunities—especially in segments where inventory is high and demand is softer. Condos, in particular, offer plenty of choice, and negotiating room exists in many neighbourhoods.
If you’re a seller, your strategy matters more than ever. Homes that are move-in ready, show well, and are priced appropriately are still generating significant attention—some even seeing 40+ showings in under a week. This is especially true in areas like:
Riverdale
Bloor West Village
The Junction
Leslieville
Trinity-Bellwoods
Beaches
Midtown
Lawrence Park
These neighbourhoods remain competitive in any market cycle.
Yes, the market has changed. But the most desirable pockets in Toronto are still performing well—just not at the explosive levels seen in 2021 or early 2022. Pricing may be more grounded, but demand hasn’t disappeared—it’s simply more concentrated and price-sensitive.
Always read beyond the headline. A deeper look into the numbers shows that Toronto’s real estate story is not all doom and gloom. It’s more accurate to say: well-positioned homes are still moving quickly and for strong prices, while others need sharper strategy and expectations.
