Toronto’s condo market is seeing a growing wave of so-called “zombie listings,” properties that appear active on real estate platforms but are priced far above comparable sales and have little chance of selling at their asking price.
Real estate professionals warn that these listings are distorting market perceptions and slowing sales, leaving both buyers and sellers frustrated.
“Zombie listings might look alive on Condos.ca, but they’re dead on arrival to market,” said downtown realtor Devin Glowinski, noting that buyers often waste valuable time viewing and bidding on units that have no realistic chance of selling.
Robert Van Rhijn, broker of record with Strata, said the phenomenon is “taking oxygen out of the market” just as sales volumes have slumped. He explained that some sellers have struggled to adjust to post-2022 price declines and continue to list their condos tens of thousands of dollars above recent comparables.
According to the Toronto Regional Real Estate Board, nearly 2,600 downtown condos were listed in September, the highest figure for the month since 2020. However, sales are on track for just 350 closings — significantly below previous years. Realtors say unrealistic pricing is contributing to the slowdown.
Extended listings also come at a cost for sellers. “Any property that sits on the market for an extended period means owners are carrying condo fees and mortgage payments with no return,” said Van Rhijn, warning that some agents may encourage unrealistic pricing simply to secure a listing contract.
Industry watchers say the outlook depends on broader economic conditions. If unemployment rises and tariffs further impact investors, overpriced sellers may be forced to lower expectations. But if the economy remains strong, some sellers may continue to resist price drops, prolonging what agents call a “market standoff.”
Despite the challenges, realtors emphasize that buyers still hold significant leverage in today’s market. For now, Toronto’s condo market will continue to grapple with the balancing act between seller expectations and market realities.