The Greater Toronto Area housing market is shifting, and for prospective buyers, the balance of power is tilting in their favor. A new report from HouseSigma reveals that nearly 74% of all homes sold across the GTA in May went for less than their original asking price. If you are hunting for a deal, geography is your greatest asset: Oakville leads the region, with an impressive 86.5% of sales closing below list price. Other buyer-friendly pockets include King (85%), Georgina (84%), and Newmarket (84%).
While the overall median price of $922,050 saw a 4.4% year-over-year decline, the condo market currently offers the deepest discounts and the lowest entry point for those entering the market. With the Bank of Canada holding borrowing costs steady, the ‘wait-and-see’ approach is fading. For a detailed breakdown of these regional trends and expert advice on navigating current listings, read the full report at the Financial Post.
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