As Toronto’s housing market increasingly tilts in favor of buyers, certain pockets offer even greater negotiating power. A recent report from HouseSigma reveals that nearly 74 percent of homes sold in the Greater Toronto Area (GTA) in May went for under their asking price.
Oakville Tops the List for Discounts
Oakville leads the region with the highest proportion of discounted sales: 86.5 percent of homes sold below the asking price. King, a township in York Region north of Toronto, followed closely with more than 85 percent of sales at a discount. Georgina, on Lake Simcoe, and Newmarket each saw almost 84 percent of homes sold under list price.
Scugog, a township north of Oshawa, also offered strong deals, with nearly 83 percent of homes selling below asking.
Toronto Condo Market Offers Bargains
In Toronto’s condo market, the median price in May was $549,000, down 7.7 percent from last year and an average of 3.21 percent below the asking price. Detached home prices fell only 2.3 percent year-over-year and sold 2.65 percent below asking.
“For buyers, those looking for a condo are getting not only the lowest entry point but also the most room to negotiate, while move-up buyers shopping the firmer middle should expect to pay much closer to asking,” the report stated.
Overall Market Trends
Home sales in the Toronto area rose 6.3 percent in May compared to last year, according to Toronto Regional Real Estate Board (TRREB) data. Condo sales increased 4.2 percent. The median home price across the GTA was $922,050, down 4.4 percent from last year but up 3.3 percent from April.
For sellers, HouseSigma recommends adjusting prices relative to comparable recent sales rather than comparing to last year’s figures. “With the Bank of Canada keeping borrowing costs steady, neither side is waiting on cheaper money any more, and the task now is reading where each part of the market actually stands, which in May meant three very different places,” the report noted.
