If you’ve been tracking Toronto’s real estate headlines, the recent surge in homes selling below their asking price might feel like a market crash. However, new data from HouseSigma reveals that 78.1% of homes sold below asking in July—a figure that actually aligns with historical norms from 2003 to 2013. The frenzied, above-asking bidding wars of 2021 and 2022 were the true outliers, not today’s more rational, negotiation-heavy environment. Currently, buyers are leveraging their ability to walk away, particularly in the luxury segment where 86.4% of homes priced over $2 million sold below list. While the market is shifting, experts note that ‘below asking’ doesn’t mean ‘below value,’ but rather a return to strategic pricing. For a deeper dive into how this shift is impacting your local neighborhood and the latest insights from industry experts, visit the full report at the Financial Post.
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