Price Check: “What sellers paid in the past doesn’t matter in today’s market”

This summer, the average home price in the GTA dropped 5.2 per cent year-over-year to $1.1 million, and the chill has extended to more luxurious properties listed at $2.5 million and up. Buyers are hesitant, taking their time to revisit listings and sometimes walking away entirely. Sellers, meanwhile, are facing tough decisions: reduce their prices (sometimes below what they originally paid) or risk languishing on the sidelines for months. Here, three different agents who recently sold for roughly $2.5 million share their experiences.

Related: “Market uncertainty is the new normal”—Three realtors on why they sold for less

Broadview North: a Tudor-style detached with a laneway garage

Listed for: $2,490,000 Sold for: $2,450,000 Date sold: July 2, 2025 Bedrooms: 3+1 Bathrooms: 4 Size: 2,300 square feet Parking spots: 5 Real estate agent: Noni Fenby, RE/MAX Hallmark Realty

“This two-storey detached home had plenty of appealing features. A rear extension added about 20 years ago made space for a large kitchen and an exquisite main bedroom with vaulted ceilings. It also had parking for up to four cars in the driveway, plus a one-car garage—an unusual bonus for this part of town. In early June, we listed the property for $2.8 million.”

“The home was on the market for 11 days and had a few showings but no offers. Given the tough landscape, we weren’t surprised. My clients decided to lower the asking price to $2.4 million, which brought in a bit more traffic. After nearly two weeks, we received a bid. It came in $40,000 under asking, but we accepted since it was close enough to the revised price.”

“At the peak of the market four years ago, pricing was much clearer because we could point to exact recent sales as comparables. One home on this same street, for example, sold for $3.4 million. But now, with a slower market, it’s harder to pin down value. There’s a lot of uncertainty, especially around the US tariff situation, and buyers are understandably nervous. Still, homes are selling. That tells us that, while confidence may be shaken, there’s underlying demand. People just need the right conditions to act.”

Yorkville: a unit on the 12th floor of the Four Seasons

Listed for: $2,750,000 Sold for: $2,550,000 Date sold: July 18, 2025 Bedrooms: 2 Bathrooms: 3 Size: 1,578 square feet Parking spots: 2 Maintenance fees: $3,067 per month Real estate agent: Janice Fox, Hazelton Real Estate

“This property was already in one of the city’s most sought-after buildings, making any sell easier. What made it especially valuable was that it came with two parking spots. Most units only have one, and each is worth nearly $200,000 in this tower. We looked at recent sales and noticed that a neighbouring unit one floor up was also on the market. So, in June, we priced competitively at $2.7 million—slightly under the other unit—to give ourselves an edge.”

“We didn’t see a huge amount of traffic, but given how slow things are right now, I was satisfied with the number of showings. The listing sat on the market for over a month because the eventual buyers took their time. After viewing the place, the buyer and the sellers had many back-and-forth negotiations. In mid-July, we reached a deal for $2.5 million, which was $200,000 under our asking price.”

“Toronto is back to roughly 2019 pricing for higher-end condos, meaning owners need to accept that what they once paid is somewhat irrelevant in today’s market. A big part of my job right now is managing clients’ expectations. On the buyer’s side, the sheer volume of inventory is creating decision paralysis; there’s no urgency to act, and house hunters are being a lot more selective. Since there’s hesitancy on both sides, properties are taking longer to sell. I don’t expect that dynamic to change this year.”

Clanton Park: a massive suburban home with a backyard gazebo

Listed for: $2,480,000 Sold for: $2,458,000 Date sold: July 26, 2025 Bedrooms: 4+2 Bathrooms: 5 Size: 3,900 square feet Parking spots: 9 Real estate agent: David Anderson Oey, Harvey Kalles Real Estate

“This detached was larger than most in the area, with a three-car garage and a great room with 18-foot ceilings. But it was also older, so it needed some updating. The owners looked at nearby sales over the previous six months, and based on those, we listed at just under $2.5 million in May.”

“Over something like two months, we had 12 showings. That was far less activity than we would have seen in previous years when the market was much more active. In late July, we received three offers, and we accepted the strongest one. It was just $22,000 below our asking price, so my clients were happy.”

“Even in a slow market, there are still plenty of buyers looking for homes at higher price points like this one. But people’s decision-making in general has been much more cautious. They’re revisiting multiple properties and weighing their options carefully. Given that reality, sellers need to be patient rather than rushing to reduce their price. This home was on the market for nearly three months, and I had another listing in the GTA that sat for a year at the same price before selling. Holding your ground takes time, but it can pay off.”

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