{"id":31645,"date":"2024-08-28T06:00:00","date_gmt":"2024-08-28T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=31645"},"modified":"2024-08-29T09:31:51","modified_gmt":"2024-08-29T13:31:51","slug":"homes-are-selling-below-list-price-toronto","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/homes-are-selling-below-list-price-toronto\/","title":{"rendered":"Homes Are Selling Below List Price Across Toronto: Here\u2019s How Much You Could Save\u00a0"},"content":{"rendered":"\n<p>Just a few months ago, the majority of Canada\u2019s housing markets were in or were leaning towards being a <a href=\"https:\/\/www.zoocasa.com\/blog\/canadas-spring-2024-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">seller\u2019s market<\/a>. The excitement of future rate cuts brought competition up, but the momentum didn\u2019t last long. The Bank of Canada\u2019s two rate cuts haven\u2019t yet brought a rebound to the market, and with prices remaining elevated, many buyers are waiting on the sidelines. This cooling demand has led to many homes selling under the listing price, especially in Toronto and the Greater Toronto Area (GTA).&nbsp;<\/p>\n\n\n\n<p>Zoocasa analyzed recent listing prices and selling prices in the Toronto region to better understand just how much homes are selling for below the asking price. Average sold prices, list prices, and sales-to-new-listings ratios were sourced from the Toronto Regional Real Estate Board (TRREB). All prices are average prices of approximately five to 200 listings per city and all property types from August 1, 2024, to August 22, 2024. Brock had no sales during this period, and Scugog had less than three sales and was excluded.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1862\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/08\/Frame-683-2.png\" alt=\"\" class=\"wp-image-31646\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/08\/Frame-683-2.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/08\/Frame-683-2-97x300.png 97w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/08\/Frame-683-2-330x1024.png 330w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/08\/Frame-683-2-768x2384.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/08\/Frame-683-2-495x1536.png 495w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/08\/Frame-683-2-660x2048.png 660w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Properties in 29 of 30 Cities are Selling for Under the List Price<\/h1>\n\n\n\n<p>It\u2019s shaping up to be an advantageous market for prospective buyers this fall as homes are selling for under their list price in nearly every city in the GTA. Across the entire Toronto Region, homes are selling for an average of $67,730 below the list price.&nbsp;<\/p>\n\n\n\n<p>Prospective buyers may even find the best deals in some of Toronto\u2019s most expensive markets. In <a href=\"https:\/\/www.zoocasa.com\/king-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">King<\/a>, homes sell for 9.7% under the average list price of $2,154,98. That works out to a more than $200,000 difference between the average list price and the average sold price. Similarly, properties in <a href=\"https:\/\/www.zoocasa.com\/oakville-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Oakville<\/a>, Burlington, <a href=\"https:\/\/www.zoocasa.com\/vaughan-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vaughan<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/halton-hills-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Halton Hills<\/a> are selling for at least $100,000 below the average list price.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/toronto-and-gta-condo-inventory-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Here\u2019s How Much Condo Inventory Skyrocketed in Toronto and the GTA Since Last Year<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>In the <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">City of Toronto<\/a>, where the majority of sales are happening, the difference between average selling and listing prices is $50,010. Properties were listed for an average of $1,101,501 and were sold for an average price of $1,051,492. With an extra $50,000 saved, prospective buyers could invest in renovations, furniture, or even a second down payment for an <a href=\"https:\/\/www.zoocasa.com\/blog\/the-best-cities-for-torontonians-to-rentvest-in\/\" target=\"_blank\" rel=\"noreferrer noopener\">investment property<\/a>.&nbsp;<\/p>\n\n\n\n<p>The only city in the GTA where homes sell for higher than the average listing price is <a href=\"https:\/\/www.zoocasa.com\/markham-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Markham<\/a>, although the difference is minimal. In Markham, the average selling price is $1,311,268, which is 0.7% higher than the average listing price of $1,302,436. Despite this $8,000 difference, buyers in Markham are benefitting from an increase in listings, which is putting downward pressure on prices. Average home prices in Markham are down 1% from what they were in July 2023, with condo apartment prices significantly decreasing. In July 2023, the average condo price in Markham was $792,274 and in July 2024 it dropped by 3% to $767,110.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Is Now the Best Time to Buy? Nearly All Toronto Markets Favour Buyers<\/h1>\n\n\n\n<p>Fall is typically the second busiest period for real estate after the spring, so competition usually ramps up again. However, this year market conditions are balanced or favouring buyers in every single market in the GTA.&nbsp;<\/p>\n\n\n\n<p>For comparison, the sales-to-new-listings ratio (SNLR) for the Toronto Region in August 2023 was 43%, suggesting a balanced market, and in July 2024, it was 33%, suggesting a buyer\u2019s market. Across the GTA, market conditions are becoming less and less competitive, giving new opportunities to buyers for price negotiations.&nbsp;<\/p>\n\n\n\n<p>Several cities have SNLR\u2019s below 30%, indicating a significant number of new listings with very few buyers. These cities include <a href=\"https:\/\/www.zoocasa.com\/brampton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Brampton<\/a>, <a href=\"https:\/\/www.zoocasa.com\/bradford-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Bradford<\/a>, <a href=\"https:\/\/www.zoocasa.com\/innisfil-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Innisfil<\/a>, <a href=\"https:\/\/www.zoocasa.com\/richmond-hill-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Richmond Hill<\/a>, Vaughan, and King. Prospective buyers in these cities have an even greater advantage than those in other buyer\u2019s markets because there is an even greater supply, offering even more choices to buyers.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/the-best-cities-for-torontonians-to-rentvest-in\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Best Cities for Torontonians to Rentvest In<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>With an SNLR of 32.7%, prospective buyers in the City of Toronto will also benefit from the number of new listings outweighing the number of buyers. The only markets that are not favouring buyers are <a href=\"https:\/\/www.zoocasa.com\/oshawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Oshawa<\/a>, <a href=\"https:\/\/www.zoocasa.com\/orangeville-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Orangeville<\/a>, <a href=\"https:\/\/www.zoocasa.com\/uxbridge-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Uxbridge<\/a>, <a href=\"https:\/\/www.zoocasa.com\/stouffville-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Stouffville<\/a>, and Burlington, which are all balanced markets. However, it\u2019s important to note that in Oshawa and <a href=\"https:\/\/www.zoocasa.com\/burlington-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Burlington<\/a>, the SNLR\u2019s are just slightly above 40%, meaning they could likely become buyer\u2019s markets in the coming months.&nbsp;<\/p>\n\n\n\n<p>&#8220;Sellers are adjusting their expectations as homes stay on the market longer, which is putting buyers in a stronger position to negotiate.&nbsp; This is particularly evident in areas where inventory is abundant,&#8221; says Carrie Lysenko, Zoocasa CEO. &#8220;For anyone who&#8217;s been on the fence, this Fall might offer the best chance to secure a favourable deal&#8221;.<\/p>\n\n\n\n<p>Do you have questions about entering the real estate market? <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call!<\/a> Our experienced real estate agents will help you navigate the market to find the right home for you.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Looking in Toronto?<\/div>\n<div class=\"cta-body\">Contact us today to talk to a Realtor in your area<\/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>Just a few months ago, the majority of Canada\u2019s housing markets were in or were leaning towards being a seller\u2019s market. The excitement of future rate cuts brought competition up, but the momentum didn\u2019t last long. The Bank of Canada\u2019s two rate cuts haven\u2019t yet brought a rebound to the market, and with prices remaining [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":31659,"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_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1111,1194,1160,181],"tags":[],"class_list":["post-31645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","category-home-featured","category-market-insights","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Homes Are Selling Below List Price Across Toronto<\/title>\n<meta name=\"description\" content=\"Cooling demand from homebuyers has led to many homes selling under the listing price, especially in Toronto.\" \/>\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\/homes-are-selling-below-list-price-toronto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homes Are Selling Below List Price Across Toronto\" \/>\n<meta property=\"og:description\" content=\"Cooling demand from homebuyers has led to many homes selling under the listing price, especially in Toronto.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/homes-are-selling-below-list-price-toronto\/\" \/>\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=\"2024-08-28T10:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-29T13:31:51+00:00\" \/>\n<meta property=\"og:image\" 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