A new real estate report shows that almost every neighbourhood in the Greater Toronto Area (GTA) saw homes selling for less than the asking price in August, underscoring a shift toward a strong buyer’s market.
According to analysis by Wahi, 98 per cent of GTA neighbourhoods with at least five sales were in “underbidding territory” last month, the highest share in three years. This figure is up from 95 per cent in July and 89 per cent in August 2024.
The trend is particularly pronounced in the condominium market. Of the 102 neighbourhoods with at least five condo sales, 97 per cent saw properties sell below list price. But analysts say the pattern now extends well beyond condos. “The condo market downturn is part of the story, but we’re also seeing more underbidding activity in the single-family home segment,” said Wahi economist Ryan McLaughlin.
Among single-family home sales, 94 per cent were below asking, with just two per cent of GTA homes overall selling at list price in August. Nineteen per cent sold above asking, while 79 per cent sold below.
Neighbourhoods in Oakville, North York, Vaughan, and Old Toronto recorded the deepest underbidding, with median gaps ranging from $158,000 to more than $200,000.
The report follows data from Urbanation, which noted condo sales dropped 69 per cent in the second quarter of 2025, and from RBC, which concluded that Ontario’s supply-demand conditions have shifted decisively in favour of buyers.
While summer months typically see softer home sales, McLaughlin said current market conditions point to more than seasonality: “There is more at play than homebuyers taking vacations.”
The findings suggest affordability challenges, high borrowing costs, and changing demand are continuing to reshape Toronto’s housing market.