–<\/span><\/p>\n The share of Greater Toronto<\/a> Area condos that are selling for less than the asking price has been creeping up in recent months, reaching 80% in December. \u00a0<\/span><\/p>\n <\/i><\/p>\n <\/i><\/p>\n TORONTO, ONT. \u2014January 9, 2025 \u2014 The vast majority of condo buyers in the Greater Toronto Area last month paid less than the list price for units, according to new analysis from digital real estate<\/a> platform Wahi. <\/p>\n Overall, 80% of existing condos that changed hands across the GTA<\/a> in December 2024 sold for less than asking, up from 78% in November but down from 84% a year ago. This does not include pre-construction units.<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n \u201cGTA condo buyers have been able to negotiate lower prices in part because supply levels remain high,\u201d says Wahi CEO Benjy Katchen. As new buildings are completed and begin occupancy, some investors may continue to list units on the resale market, adding to existing supply, he notes. \u201cThere are also fewer condo buyers in the market, so there\u2019s less bidding competition,\u201d Katchen adds.<\/span><\/p>\n <\/p>[\/et_pb_text][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2025\/01\/GTA-Marketpulse-chart-condos-December-2024.png” alt=”GTA Marketpulse chart condos December 2024″ title_text=”GTA Marketpulse chart condos December 2024″ url=”https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/gta-market-pulse-december-2024\/” _builder_version=”4.24.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_image][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”17px” text_line_height=”1.9em” header_2_font_size=”22px” header_2_line_height=”1.1em” custom_margin=”||50px|||” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″] A high share of single-family homes are also selling below asking, although not quite to the extent of the condo segment. The single-family home segment is also showing signs of tightening. In December, 71% of single-family dwellings, which include detached and semi-detached homes as well as row and townhouses, sold for less than the list price. That\u2019s a decline from 73% in November and 79% at the same time in 2023.<\/p>\n <\/p>\n \u201cAs with condos, the number of single-family homes available for sale right now remains high compared to the long-run norm, but there\u2019s more buying competition for houses,\u201d notes Katchen.<\/p>\n <\/p>\n For one, the cap on insured mortgages recently increased<\/a> from $1 million to $1.5 million. That means more buyers can potentially purchase single-family homes without a 20% downpayment. The previous cap meant that many detached and semi-detached homes were out of reach even if a buyer had the necessary income. \u201cNeeding to save up $250,000 or more for a detached house was unrealistic for many households,\u201d notes Katchen.<\/p>\n <\/p>\n More GTA Neighbourhoods in Underbidding Territory in December 2024<\/strong><\/p>[\/et_pb_text][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2025\/01\/wahi-market-pulse-neighbourhoods-overbidding-underbidding-december-2024.png” alt=”2025 February GTA Market Pulse” title_text=”wahi-market-pulse-neighbourhoods-overbidding-underbidding-december-2024″ url=”https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/gta-market-pulse-december-2024\/” _builder_version=”4.24.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_image][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”17px” text_line_height=”1.9em” header_2_font_size=”22px” header_2_line_height=”1.1em” custom_margin=”||50px|||” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″] Wahi also tracks bidding activity at the neighbourhood level each month. In December, 93% of GTA neighbourhoods with at least five home sales were in underbidding territory, up from 91% in November. An additional 6% were in overbidding territory and 1% were selling at asking in December.<\/p>\n When looking only at single-family homes, the share of underbidding neighbourhoods drops to 86%. Meanwhile, 99% of neighbourhoods were in underbidding territory for condos. The lone exception was Flemingdon Park, in Toronto\u2019s North York<\/a> community. With a median condo price of $512,500, it\u2019s one of the region\u2019s more affordable neighbourhoods. For comparison, the GTA-wide median price of a condo in December was $635,000.<\/p>\n <\/p>\n <\/p>\n
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