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

The sluggish spring market has carried well into summer, driven largely by uncertainty around the ongoing trade war with the US. Facing this fog, the Bank of Canada maintained interest rates at 2.75 per cent earlier this week, citing signs of economic resilience. But, with buyers still hesitant, inventory remains high. That means many Toronto properties are languishing on the market or selling below asking. Here, three agents representing three very different properties explain how—and why—they sold for less this summer.

Related: “Market uncertainty is the new normal”—Three realtors explain why they settled for a discount

Forest Hill South: Spadina Road

The place: A two-storey semi near Upper Canada College Listing price: $1,598,000 Sold for: $1,500,000 Date sold: June 25, 2025 Bedrooms: 2 Bathrooms: 2 Size: 1,700 square feet Real estate agent: Howard Lende, Forest Hill Real Estate

“This place was fully rebuilt in 2015, making it a great entry point into Forest Hill, one of the city’s most desirable and expensive neighbourhoods. Many homes in the area go for well over $10 million, and there weren’t many comparable properties at our price point. Last fall, my clients listed slightly above market value at $1.7 million, hoping the home’s uniqueness would help it stand out.”

“After three slow winter months, we weren’t getting much traction, so we took the listing off the market. I immediately re-listed at the lower price of $1.6 million, but once again, buyer activity came only in sporadic waves. In late June, we finally got strong interest from someone. My clients were very motivated to sell given their six-month wait. After some back and forth, we settled at $1.5 million—about $100,000 below asking.”

“There’s no urgency in the market right now, which makes it a good time to buy. House hunters can take their time, shop around and wait for something that truly fits their needs. It’s rare to see the Toronto market this relaxed and leisurely. Even with pent-up buyer interest and lower rates, there’s still no clear signal that activity is going to pick up any time soon.”

Cabbagetown–South St. James Town: Sumach Street

The place: A detached fixer-upper built in the 1860s Listing price: $1,749,000 Sold for: $1,652,500 Date sold: June 28, 2025 Bedrooms: 2+1 Bathrooms: 2 Size: 1,600 square feet Real estate agent: Richard Silver, Silver Burtnick and Associates, Sotheby’s International Realty Canada

“This cottage predates all the surrounding properties. Its standout feature is the backyard garden: completely private and oriented away from neighbouring homes. While it’s currently a two-bedroom, the deep lot offers potential for expansion. There were no comparables in the area, so we listed it in mid-June for $1.7 million. That was a modest bump from the $1.4 million my clients paid in 2019, and it was a price that acknowledged the need for updates.”

“The sellers hosted a lot of showings that drew strong interest, especially from neighbours. After 12 days on the block, we received two similar offers: one was firm, the other had a condition for a home inspection even though we’d already done one. My clients felt more comfortable accepting the firm offer. Both came in under asking, but we were happy to move on given the unusually slow market and the fact that our pricing had been a bit of a guessing game. The buyer ended up being someone who lived just two doors down.”

“This isn’t the kind of property you buy to flip in a few years. It’s a home with real character. Even in a slower market, unique places like this will find a new owner, so you can’t afford to hesitate too long. Buyers can crunch the numbers and factor in things like inspections, but if a place feels like home the moment you walk through the door, I always say to go with your gut.”

Roncesvalles Village: Roncesvalles Avenue

The place: A sixth-floor condo with a private terrace Listing price: $1,545,000 Sold for: $1,403,000 Date sold: July 24, 2025 Bedrooms: 2 Bathrooms: 2 Size: 1,142 square feet Maintenance fees: $1,341 per month Real estate agent: Paul Johnston, Right at Home Realty

“This was a particularly large boutique two-bedroom in Roncesvalles with a fantastic 600-square-foot south-facing terrace. It’s been a tough landscape for condos lately, but another unit in the building had recently sold for above asking. So in June, my clients opted to list theirs for slightly under market value at $1.2 million, hoping the low price point would attract multiple offers.”

“We got plenty of traffic and received three offers, but none were high enough to entice us. After two weeks, I pulled the listing and tried again in early July—this time at $1.5 million, closer to my sellers’ desired price. We then had five more showings, and one group from the first round came back for a second look. They ended up buying it three weeks later for $1.4 million. That was about $140,000 under asking but still well above the first round of offers.”

“These days, underpricing to spark bidding wars is a bit of a gamble. That said, our first attempt at listing below market value brought in about 20 showings, which is far more traffic than we likely would have seen at a higher price. Plus, one of those early showings ended up being the eventual buyer, so the strategy worked in the long run. Selling any condo at all right now feels like an accomplishment.”

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