Toronto’s housing market is continuing to shift in a major way, with new data showing buyers now have significantly more negotiating power than in recent years.
A report from Wahi found that 92% of homes across the Greater Toronto Area sold below asking price in March, marking the weakest level of buyer competition in at least four years.
Buyer Competition Drops Sharply
According to the report:
- Only 6% of homes sold above asking price
- Just 2% sold at asking
- The vast majority – 92% – sold below asking
This represents a sharp decline from March 2025, when roughly 20% of homes were still selling above asking, highlighting how quickly market conditions have changed.
Wahi analyzed 213 GTA neighbourhoods with at least five sales, reinforcing the broad-based nature of the slowdown.
What’s Behind the Market Shift?
Despite some easing in economic uncertainty, multiple factors are continuing to weigh on the housing market.
Ryan McLaughlin pointed to:
- Ongoing global geopolitical tensions
- Unseasonably cold spring weather
- Affordability challenges, even with slight improvements
Together, these factors are contributing to subdued housing activity across the region.
Buyers Regaining Leverage
Real estate professionals say the current market is opening the door for buyers who were previously priced out.
Shay Asnani noted that:
- Buyers are negotiating $20,000 to $100,000 off asking prices
- Some properties are selling for significantly less than peak market values
- More inventory is giving buyers additional options and time
This marks a major shift from the peak pandemic market, when bidding wars and firm offers were the norm.
More Flexible Conditions Are Back
In addition to lower prices, buyers are also regaining the ability to negotiate key conditions in their offers.
These include:
- Home inspections
- Financing conditions
- Flexible closing dates
During the height of the market, many of these protections were often waived to stay competitive.
Where Homes Are Selling the Furthest Below Asking
Some of the largest price gaps were seen in higher-end neighbourhoods, including:
- Rosedale (Toronto) – approx. $177K below asking
- Mineola (Mississauga) – approx. $143K below asking
- Forest Hill (Toronto) – approx. $142K below asking
- King Township – approx. $140K below asking
- Summerhill (Toronto) – approx. $138K below asking
Meanwhile, limited overbidding activity persisted in select pockets like Runnymede, Bloor West Village, and Riverdale.
What This Signals for the GTA Housing Market
The latest data reinforces a clear trend – Toronto’s housing market has moved away from extreme competition and into a more balanced, buyer-friendly environment.
With most homes selling below asking, increased inventory, and more flexible conditions, buyers are gaining opportunities that haven’t been seen in years.
However, affordability remains a key constraint, meaning the recovery in demand may continue to be gradual rather than immediate.
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References
Ferreira, B. (2026, April). 92% of Toronto homes were sold below asking price in March. Here’s what that means for buyers – NOW Toronto
Wahi. (2026). GTA housing market report – March 2026. The Greater Toronto Area’s Housing Market Stalls
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