{"id":20579,"date":"2022-12-08T06:00:00","date_gmt":"2022-12-08T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=20579"},"modified":"2022-12-07T19:14:09","modified_gmt":"2022-12-08T00:14:09","slug":"sold-vs-list-price-gta-nov-2022","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/sold-vs-list-price-gta-nov-2022\/","title":{"rendered":"How Much Are Homes Selling For Under List Price in the GTA?"},"content":{"rendered":"\n<p>Interest rate increases have caused downward pressure on <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/blog\/impact-of-rates-on-home-prices\/\" target=\"_blank\">home prices across Canada<\/a>. Since the <a rel=\"noreferrer noopener\" href=\"https:\/\/zoocasa.wpengine.com\/boc-march-2022\/\" target=\"_blank\">first announcement<\/a> in March following the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/blog\/crea-january-2022\/\" target=\"_blank\">housing price peak<\/a>, prospective buyers have been understandably hesitant to enter the market and less willing to part with their money. At the beginning of 2022, many homes were selling over asking price; while the market was competitive and the cost of borrowing was low, sellers were eager to list. The <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/blog\/boc-dec-2022\/\" target=\"_blank\">seventh and final interest rate increase<\/a> of 2022 was announced yesterday, and with the cost of borrowing increasing by 4.25 basis points total this year, many homes are selling for under the listing price, especially in <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\">Toronto<\/a> and the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\">Greater Toronto Area (GTA)<\/a>. To see how the landscape has changed, we analyzed listing prices and selling prices in the Toronto region, to understand just how much homes are selling for below the asking price.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"991\" height=\"3769\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/12\/Zoocasa_sale_vs_list_price_graphic.png\" alt=\"\" class=\"wp-image-20586\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/12\/Zoocasa_sale_vs_list_price_graphic.png 991w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/12\/Zoocasa_sale_vs_list_price_graphic-79x300.png 79w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/12\/Zoocasa_sale_vs_list_price_graphic-269x1024.png 269w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/12\/Zoocasa_sale_vs_list_price_graphic-768x2921.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/12\/Zoocasa_sale_vs_list_price_graphic-404x1536.png 404w\" sizes=\"auto, (max-width: 991px) 100vw, 991px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Properties in 24 of the 31 Cities are Selling for Under the Listing Price<\/h2>\n\n\n\n<p>Prospective buyers will be happy to hear that as of November, <a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-nov-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">prices in the Toronto region<\/a> are down 7.2% year-over-year. Many of the higher-priced markets are experiencing the biggest gap between list and selling prices; in <a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Mississauga<\/a>, homes are selling for 5.78% under the average list price of just over $1 million. <a href=\"https:\/\/www.zoocasa.com\/burlington-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Burlington<\/a> is following suit at an average listing price of $1,023,057 and an average selling price of $964,939. Although inventory is below the historical average in many of these cities, prospective buyers should consider making their move if they find a property they love at the right price point.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Related Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-nov-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>GTA Home Sales Hit 10 Year Low as Market Continues to Struggle: TRREB<\/strong><\/a><\/li><\/ul>\n\n\n\n<p>Properties in a handful of cities are selling just below the average listing price. In <a href=\"https:\/\/www.zoocasa.com\/uxbridge-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Uxbridge<\/a>, the average selling price of $1,233,811 is only 0.14% less than its listing price of $1,235,511. <a href=\"https:\/\/www.zoocasa.com\/whitby-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Whitby <\/a>has the smallest difference between its average listing price of $960,589 and sale price of $960,360, only 0.02% difference. Of the 31 cities covered, 16 of them had a difference of less than 3% between their listing and sold prices.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Related Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/determine-home-worth\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>3 Steps to Determine What Your Home is Worth<\/strong><\/a><\/li><\/ul>\n\n\n\n<p>In <a href=\"https:\/\/www.zoocasa.com\/scugog-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Scugog<\/a>, the difference between average selling and listing prices is the greatest of all the GTA cities. Homes were listed for an average of $910,094 and sold for $818,700, a difference of 10.04%. <a href=\"https:\/\/www.zoocasa.com\/brock-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Brock<\/a> is right behind Scugog on our list, with a 7.83% difference between the listing price of $774,045 and the selling price of $713,450. Of the 15 cities where homes are selling for over $1,000,000, just two of the cities have higher average selling prices than listing prices, suggesting that buyer bullishness is greater in these more expensive markets.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Few Markets Have Higher Sold Prices than Listing Prices<\/h2>\n\n\n\n<p>There are only seven markets where homes are selling for higher than the average listing price. In <a href=\"https:\/\/www.zoocasa.com\/markham-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Markham<\/a>, the average selling price is $1,344,123, 7.44% greater than the list price of $1,251,033. <a href=\"https:\/\/www.zoocasa.com\/ajax-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Ajax<\/a> is next in line with a difference of 4.98%, while the other five cities are all selling for around 2% more than the average listing price. Despite this, it is worth noting that only a few of these markets are currently favouring buyers. The sales-to-new-listings (SNLR) ratio determines whether a market is more beneficial to buyers (40% or less), sellers (60% or more), or if it\u2019s in a state of balance (between 40% and 60%). <a href=\"https:\/\/www.zoocasa.com\/oshawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Oshawa\u2019s<\/a> SNLR of 56.1%, indicates that the market is in a balanced state. However, none of the 31 markets we analyzed are currently in a seller\u2019s market, and just three are in a buyer\u2019s market (<a href=\"https:\/\/www.zoocasa.com\/king-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">King<\/a>, <a href=\"https:\/\/www.zoocasa.com\/innisfil-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Innisfil<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/adjala-tosorontio-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Adjala-Tosorontio<\/a>).<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Related Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/expensive-affordable-sold-november\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Most Expensive and Affordable Homes Sold in November 2022<\/strong><\/a><\/li><\/ul>\n\n\n\n<p>Although many Canadians have been priced out of the market due to rising interest rates, there are still deals to be found, even in the GTA! <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call<\/a> today to speak to a real estate agent in your area and discuss your home buying and\/or selling plans. Keep an eye on our <a href=\"https:\/\/www.zoocasa.com\/blog\" target=\"_blank\" rel=\"noreferrer noopener\">Market Insights<\/a> blog for our predictions about what\u2019s to come in 2023 and <a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\">sign up for our newsletter<\/a> to get updates sent directly to your inbox.<\/p>\n\n\n\n<p><strong>We want to hear from you!<\/strong> Share your opinion regarding the 2023 Canadian real estate market? Fill out this quick <a href=\"https:\/\/zoocasa.typeform.com\/to\/yHVaHUy4\" target=\"_blank\" rel=\"noreferrer noopener\">45-second survey<\/a> by Friday, December 9 \u2013 all responses are collected anonymously.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sources and Methodology:<\/h3>\n\n\n\n<p>Average sold prices, list prices, and sales-to-new-listings ratio were sourced on December 1, 2022, from the Toronto Regional Real Estate Board. All prices are average prices of approximately 200 listings per city and all property types.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Considering Moving this Winter?<\/div>\n<div class=\"cta-body\">Sign Up for a Free Buyer Consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Interest rate increases have caused downward pressure on home prices across Canada. Since the first announcement in March following the housing price peak, prospective buyers have been understandably hesitant to enter the market and less willing to part with their money. At the beginning of 2022, many homes were selling over asking price; while the [&hellip;]<\/p>\n","protected":false},"author":119,"featured_media":20581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[58,181,1156],"tags":[],"class_list":["post-20579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-toronto-real-estate","category-where-to-buy-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Much Are Homes Selling For Under List Price in the GTA? | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Interest rate increases have caused downward pressure on home prices across Canada. Since the first announcement in March following the housing price Interest rate hikes have put downward pressure on home prices across Canada. Many homes are selling for under listing price, especially in the GTA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/sold-vs-list-price-gta-nov-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Much Are Homes Selling For Under List Price in the GTA? | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Interest rate increases have caused downward pressure on home prices across Canada. Since the first announcement in March following the housing price Interest rate hikes have put downward pressure on home prices across Canada. Many homes are selling for under listing price, especially in the GTA.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/sold-vs-list-price-gta-nov-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-08T11:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T00:14:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/12\/Zoocasa_sale_vs_list_nov_2022.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Daniel Crook\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daniel Crook\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/sold-vs-list-price-gta-nov-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/sold-vs-list-price-gta-nov-2022\/\"},\"author\":{\"name\":\"Daniel Crook\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/2a4b65285e841ed26e0f85235df85c59\"},\"headline\":\"How Much Are Homes Selling For Under List Price in the GTA?\",\"datePublished\":\"2022-12-08T11:00:00+00:00\",\"dateModified\":\"2022-12-08T00:14:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/sold-vs-list-price-gta-nov-2022\/\"},\"wordCount\":758,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Affordability\",\"Toronto Real Estate\",\"Where to Buy Real Estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/sold-vs-list-price-gta-nov-2022\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/sold-vs-list-price-gta-nov-2022\/\",\"name\":\"How Much Are Homes Selling For Under List Price in the GTA? | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2022-12-08T11:00:00+00:00\",\"dateModified\":\"2022-12-08T00:14:09+00:00\",\"description\":\"Interest rate increases have caused downward pressure on home prices across Canada. 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Daniel\u2019s insights provide home buyers and sellers with knowledge of local and national markets to aid them in their real estate pursuits. Daniel covers a multitude of topics, ranging from mortgages to local market trends, as well as data-driven reports uncovering national trends. His work has been featured in outlets such as BNN Bloomberg, CTV News, the National Post and the Globe and Mail. 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