Under Asking: “Condos sitting cold is the new norm.” Three agents on why they sold at a discount

This past October, only 54 new condos sold in Toronto, a stark sign that the city’s market crash is in full force. More and more, sellers face an unenviable decision: eat their losses or watch their units sit idle for months. The slowdown has hit sub-400-square-foot downtown condos the hardest, but its ripple effects have spread to larger units across the city. Here, three agents representing three very different two-bedroom condos explain how—and why—they sold for under asking.

Related: “Selling any condo is an achievement right now.” Three agents on why they sold for less

Annex: Davenport Road

The place: An eighth-floor unit in a boutique mid-rise Listing price: $1,160,000 Sold for: $1,080,000 Date sold: November 7 Bedrooms: 2 Bathrooms: 2 Size: 939 square feet Maintenance fees: $1,307 a month Real estate agent: Rebecca Himelfarb, Forest Hill Real Estate

“My clients bought this home for $1.16 million in 2017, when the building was brand new. It has an open-concept layout with floor-to-ceiling windows, plus a parking spot. Eight years later, they hoped to make at least a modest profit. Based on comparable properties that recently sold, we listed it last March for $1.32 million.”

“We received two offers early on, but both came in below the owners’ 2017 purchase price, so they passed. When no new offers came in after two months, we reduced the listing to $1.24 million. Four months later, in September, with still no traction, I re-listed it at $1.16 million—the same price my clients had originally paid. In November, one of the prospective buyers who had made an offer earlier in the year came back with an improved bid. We sold to them for just over $1 million, which was $80,000 under our updated ask.”

“It’s telling when a property sells for less in 2025 than it did in 2017. Today, there are far fewer buyers and far more inventory. Units just take longer to move these days. Sellers entering the market should expect to wait a couple of months before completing a successful transaction. The era of week-long turnarounds is over.”

Trinity-Bellwoods: Ossington Avenue

The place: A seven-year-old condo on the Ossington strip Listing price: $1,149,000 Sold for: $1,090,000 Date sold: November 15 Bedrooms: 2+1 Bathrooms: 2 Size: 1,001 square feet Maintenance fees: $841 a month Real estate agent: Clive McLean, Bosley Real Estate

“In 2018, my clients purchased this unit for $950,000. Its exposed concrete and 10-foot ceilings give it a hard-loft vibe. Being on the third floor, it also has sight lines over the neighbouring houses, and its location right on Ossington is a major draw. I advised pricing it between $1 million and $1.1 million, but the owners believed that they could push higher, so we listed it at $1.18 million in September.”

“Traffic was slow over the next seven weeks. I told my clients we weren’t going to see much more activity at their desired asking price, especially because cheaper listings in the building weren’t selling either. At the end of October, we re-listed it at $1.15 million: a $30,000 reduction. That brought in more viewings, and in mid-November, we sold for just over $1 million. That was near the low end of my original estimated range.”

“The condo market is still trending downward. Would-be buyers won’t spend a dollar more than what they believe a property to be worth, and many are walking away from a deals—even when the difference is a few thousand dollars—simply because they have options. Larger condos like this one still move faster than smaller units, but it’s a tough market, and it may take a couple of years to recover.”

Woodbine Corridor: Battenberg Avenue

The place: A condo townhouse with a backyard patio Listing price: $750,000 Sold for: $700,000 Date sold: November 24 Bedrooms: 2 Bathrooms: 1 Size: 900 square feet Maintenance fees: $804 a month Real estate agent: Sean Miller, Property.ca

“My client had lived in this semi for 25 years, but she was moving to BC and keen to sell quickly. My strategy was to price it around $700,000, because several similar homes nearby had been sitting for months and I didn’t want us to fall into that trap. She was reluctant to start at that price, so we tested the market in late September, listing at $775,000.”

“We didn’t get any offers, so in mid-October, we re-listed at $750,000. Around that time, an identical townhouse in the same complex received a lowball offer that went nowhere. I learned that the bid had come from a buyer who had also viewed our property. So I reached out to that person’s agent and let him know that my clients were motivated to sell. They came in low again, but we were able to negotiate and get them up to $700,000—$50,000 below our revised list price.”

“Starting at $775,000 probably cost us time, but some sellers need to play the field before accepting how much the market has shifted. Even so, two months on the market isn’t bad right now. That other unit I mentioned remains unsold. It’s still far from a seller’s market, but buyer activity is slowly returning, and savvy movers are spotting opportunities. This is a moment when upsizing can make real sense since buyers can secure strong deals on more-expensive properties.”

Are you an agent who recently sold for under asking? Send your story to realestate@torontolife.com.