Price Check: “This is the ideal moment for first-time homebuyers to pounce”

Toronto’s market continued to chill in November, with sales dropping nearly 16 per cent from a year earlier. Many sellers are testing ambitious selling prices only to be disappointed and re-list at a lower figure. In turn, buyers are increasingly selective as the city’s empty housing inventory grows. Here, three different agents share their experiences selling three very different $1-million homes.

Mount Dennis: A detached new-build with a backyard

Listed for: $1,099,000 Sold for: $ 1,085,000 Date sold: October 29, 2025 Bedrooms: 3+1 Bathrooms: 4 Size: 1,199 square feet Parking spots: 1 Real estate agent: Guneet Parmar, Royal LePage Supreme Realty

“The original home on this lot was built in the 1950s, like many others in the neighbourhood. In 2024, my client rebuilt it, keeping only the foundation. It’s special because there aren’t many new-builds in Mount Dennis, so we decided to test the market and price it aggressively. In July, we listed at just under $1.5 million.”

“Traffic was slow for nearly two months, which made it clear that our price point was too high. After we re-listed at $1.1 million at the end of September, interest picked up immediately, and we got a steady stream of showings. A month later, a couple who visited during an open house purchased the property for just over $1 million—slightly under asking.”

“If this home was south of St. Clair, it would have fetched at least $1.6 million. In west end pockets north of St. Clair, like Mount Dennis and Weston, buyers are more price sensitive. They’re people who’ve been priced out of downtown. Mount Dennis attracts young professionals and newer families who want more space and larger lots, and are willing to compromise a bit on location. Now is a great time to buy in this area before prices start climbing.”

The Junction: A fixer-upper semi with heritage charm

Listed for: $1,125,000 Sold for: $1,050,000 Date sold: November 2, 2025 Bedrooms: 3 Bathrooms: 2 Size: 1,355 square feet Real estate agent: Alex Beauregard, Sutton Group

“This home is in a great location, on a quiet one-way street close to Bloor, but the unfinished basement will require at least $50,000 in renovations. Even so, we priced high at $1.17 million in September. We knew that buyers in this climate have been coming in under asking, and we banked on negotiating.”

“Five days later, we got an offer just over $1 million, but my client felt it was too low, so we turned it down. We stayed on the market for a month at $1.17 million—45 showings—but no new offers. Buyers weren’t eager to take on a basement reno project. So we dropped the price by $50,000, and in mid-October, we received another $1-million offer conditional on inspection. After the inspection found some property damage, the buyers asked for a $50,000 abatement, which I felt was ambitious since the necessary repairs were minor. I advised my seller to counter with a $10,000 abatement and walk away if they declined. The buyers accepted, bringing the final price to $1,050,000—the same price as that original offer we received.”

“It’s a buyer’s market right now, and buyers prefer move-in-ready homes. Four days after we sold, the neighbouring semi listed at $1.1 million. On their offer night six days later, they received 28 offers and sold for $1.5 million, simply because it was fully renovated. Buyers currently have the luxury of time and choice. They can include conditions on inspection and financing, negotiate hard on price, and walk if it doesn’t suit them. Sellers have to decide whether to stand firm and wait, and in today’s landscape, that wait can stretch for months, even in coveted neighbourhoods.”

The Danforth: A starter home with a pristine kitchen

Listed for: $989,000 Sold for: $980,000 Date sold: November 12, 2025 Bedrooms: 2 Bathrooms: 2 Size: 867 square feet Real estate agent: Ameera Rajwani, Real Estate Homeward

“This was a move-in-ready home with a finished basement and $80,000 worth of recent renovations. I usually favour listing low to attract multiple offers, but this property needed a different approach: it was only two bedrooms and didn’t have parking, and most first-time buyers today are aiming for three bedrooms with a parking spot. My goal was to get my clients close to $1 million, so in early November, I listed at $989,000, a price that would feel like a bargain for the right first-time buyer.”

“The price point drew a lot of interest from couples eager to get into the neighbourhood. Within four days, we had a serious prospect, and after some back and forth, they came in with a conditional offer at $980,000. We finalized the deal the following week, selling for $9,000 under asking.”

“Even in a slow market, sellers shouldn’t underprice a well-kept home. My client’s previous agent had suggested targeting around $800,000, but given the property’s condition, I believed house hunters would still value it near the $1 million mark—and they did. The market may soften further, but for first-timers, this price range remains a strong entry point.”

Are you an agent with tips for house hunters? Send your story to realestate@torontolife.com.