Buyers are getting homes for way under asking price across these GTA neighbourhoods

Home sales are slowly starting to pick up again in and around Toronto, which has seen an extended period of real estate turmoil while buyers wait to see what comes of the trade war with the U.S. and the economic recession.

Sick of standing by for a better time that may never come, more homeowner hopefuls waded into the market in July, which had the largest uptick in transaction volumes of any July since 2021.

Part of what helped this was softer prices, especially in the condo sector, where the standard unit now sells for 9.3 per cent less than it was a year ago.

Meanwhile, the average sales price across housing types in the region has fallen 5.5 per cent over the same period, in part due to bidders successfully offering less than the asking price to desperate sellers whose properties are sitting up for grabs for far longer than ever.

Toronto-based real estate agency Wahi regularly assesses where and to what degree houses and condos in the region are going for under asking, with its latest report from this past week stating that this trend is now dominant in a staggering 95 per cent of neighbourhoods (up from 87 per cent at this time last year).

Chart from Wahi

Looking at homes that switched hands regardless of where they were located in the GTA, a total of 76 per cent were nabbed for less than list price (again, an increase from last July, when this figure was 71 per cent).

And, there are neighbourhoods where the average savings were as much as a whopping $485,000.

The five pockets where the firm found the largest dollar amount difference between listing price and sales price in July were Toronto's Casa Loma, Rural Vaughan, and North York's Ledbury Park, where the typical home sold for $485,000, $208,500, and $203,500, respectively, under asking.

Also in the top five "underbidding" neighbourhoods were York Mills in North York (where the average home was purchased for $199,999 less than sellers had hoped to get), and Princess Rosethorn in Etobicoke ($164,000 less).

To be fair, homes in these areas range from an exorbitant $1,825,000 to $3,000,000, based on the median sold price in July.

Chart of the top five most underbid areas in and around Toronto in July 2025 from Wahi.

Then, there were the communities where Wahi found buyers ended up having to bid up their desired properties to land them. These were Toronto's Danforth, where the average home sold for $66,000 more than its listed price; Scarborough Village ($65,100 over); Pickering's Brock Ridge ($60,550 over); Markham's Wismer neighbourhood ($48,800 over); and the Syme part of York ($40,100 over).

Chart of the top five most overbid areas in and around Toronto in July from Wahi.

One will notice that these overbidding figures are far lower than the underbidding ones, which is in part due to the fact that real estate in these locales went for an average of just $870,000 (Syme) to $1,341,800 (Wismer).

Even so, the underbidding is still far more pronounced, in more ways than one, across the region.

As the team's experts write, "the condo market's cooldown has been grabbing headlines, but we're seeing many buyers have recently been able to purchase a house for below asking, too."

They add that while underbidding is still more common on condo units, with 97 per cent of neighbourhoods in underbidding territory for condos specifically, the gap between the two sectors "has been narrowing."

"The level of underbidding on single-family homes across the GTA in July increased to the highest point since January 2024 as an increasing share of properties sold below asking throughout the region... One difference between last month's underbidding activity and the peak is that this time, it occurred when more homes were actually selling," they continue.