GTA homes selling for under asking in nearly all neighbourhoods: report

CTV News political commentator Scott Reid looks ahead to the Liberal party’s caucus meetings, and the closure of small schools in Ontario.

Almost all of Toronto’s neighbourhoods with at least five sales last month saw homes sell for under the asking price, according to a new report.

“Homebuyers had already been holding the cards in the Greater Toronto Area for some months,” wrote Josh Sherman, of Wahi, a real estate analysis firm. “But they were dealt an even stronger hand in August as the share of neighbourhoods in underbidding territory across the region matched a three-year high.”

In August, 98 per cent of GTA neighbourhoods with at least five home sales throughout the month were in underbidding territory, the Sept. 4 report, said. That’s up from 95 per cent in July, and 89 per cent from a year ago.

A report from Urbanation, published July 15, another real estate research firm, saw that condos sales were down 69 per cent in the second quarter of this year.

Wahi found that 97 per cent of the 102 neighbourhoods that saw at least five condo sales were “in underbidding territory,” this month.

Toronto’s condo market has been cooling lately but this report highlights that it’s more than just condos that are underselling.

“The condo market downturn is part of the story, but we’re also seeing more underbidding activity in the single-family home segment,” Wahi Economist Ryan McLaughlin wrote in analysis accompanying the report.

RBC also previously reported that “supply-demand conditions have shifted in (the) buyer’s favour” in Ontario this year.

Although “the summer months are typically softer than the spring for home sales,” Laughlin said he believes there is “more at play than homebuyers taking vacations,” to explain the underbidding.

In neighbourhoods with at least five single-family home sales last month, 94 per cent saw underbidding.

Just two per cent of GTA homes sold at asking price in August 2025, with 19 per cent above and 79 per cent below.

Neighbourhoods in Oakville, North York, Vaughan, and Old Toronto saw the most underbidding in August 2025. All of those neighbourhoods had median underbidding ranging from $158,000 to just over $200,000.