The summer real estate season kicked off on a cooler note in the Greater Toronto Area (GTA), with the majority of homes selling for less than the listed price, according to new data from Canadian real estate platform Wahi.
In June 2025, 71% of all GTA home sales were below asking price. And in a broader look at buyer behavior, 93% of GTA neighbourhoods with five or more sales recorded under-asking transactions, up from 71% during the same month last year.
This marks the second-highest level of underbidding activity across the region since Wahi began tracking buyer competition trends in July 2022.
📉 Buyer Competition Dips Across Most Property Types
According to Wahi CEO Benjy Katchen, this trend doesn’t mean sellers are taking massive losses on every deal.
“When a neighbourhood is in underbidding territory, it doesn’t mean every property is selling below asking,” Katchen explained. “It’s a general market signal that competition has cooled.”
The median underbid across the GTA stood at $22,450 in June, similar to December 2024 levels, when underbidding was also widespread.
🏢 Condos See More Underbidding Than Houses
Condo sales saw the most pronounced softening in June:
- 79% of GTA condos sold below asking, with a median underbid of $17,300
- 67% of single-family homes (including detached, semi-detached, and townhomes) also sold below asking, with a higher median underbid of $24,974
📊 How Wahi Measures Market Sentiment
To determine whether a neighbourhood is in “overbidding” or “underbidding” territory, Wahi compares median list prices to actual sold prices at the end of each month. Only neighbourhoods with at least five sales are included in the monthly analysis.
In June, 289 neighbourhoods across the GTA met this threshold, roughly 72% of the region’s 400 neighbourhoods.
🔍 Key Stats at a Glance
- 71% of all GTA homes sold below asking in June
- 93% of GTA neighbourhoods with 5+ sales were underbidding
- 5% of neighbourhoods saw homes sell over asking
- 2% were at asking price
- Condos underbid by: –$17,300
- Single-family homes underbid by: –$24,974
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