Toronto Condo Prices Hit Their Lowest Point in Four Years, And Single-Family Homes in the GTA are Being Underbid

This week’s top real estate stories.

By Jared Lindzon | 2 minute read

Every Friday, Wahi brings you the most important real estate stories from the past week. 

Vancouver Home Sales Still Down, but Less Aggressively So

You know things are bad when a modest drop in annual sales is considered a big win, but that’s just where the housing market in Vancouver is these days. According to Greater Vancouver Realtors, home sales were down “just” 2% in July, compared to last year, in what they’re calling the “early signs of a recovery.” Though a sales drop is usually considered a bad thing, it’s hard to blame them for getting excited after June’s disappointing 10% sales plummet. At the same time, listings jumped nearly 20% while prices dropped 2.7% compared to last July.

Toronto Condos on Sale  

You won’t see any banners, balloons or commercials, but the GTA is having a major inventory sale on condos. According to the Toronto Regional Real Estate Board, condo prices hit their lowest price point in more than four years after dropping 9.3% since last July. Now buyers can own their own piece of Toronto’s skyline for an average price of $ 651,000. That represents a discount of about 21% since condo prices hit their peak in 2022. Townhouses were also down 7.4% since last year, detached homes are selling for 5% less than last year, while semi-detached homes are down 2.3%.

Toronto Single-Family Homes Being Underbid  

Buyers aren’t just getting a good deal on condos in Toronto; they’re also bidding down the cost of single-family homes in almost every corner of the city. According to our latest data, 92% of the city’s neighbourhoods saw a majority of single-family homes sell below asking. That represents the highest proportion of areas in underbidding territory since January of 2024. In fact, that month and December of 2023 were the only times we saw more widespread underbidding since we started tracking the data three years ago. Overall, 76% of homes that changed hands in July were sold below asking.

Toronto Flips the Script  

Turns out Toronto didn’t need external validation after all, just a little self-confidence. After suggesting nothing short of a trade deal with the Americans and an interest rate cut would bring the market back to life last month, TRREB just reported the city’s strongest July market in four years, despite neither of those things happening. Though conditions have hardly changed since last month, sales are up nearly 11% since last July. Home prices, meanwhile, fell 5.4% in the last year, though remained relatively flat compared to June. Listings were only up 5.7%, suggesting some modest inventory tightening. 

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