Under Asking: “Market uncertainty is the new normal.” Three realtors on why they sold for less

Despite multiple Bank of Canada rate cuts, home sales this March were down nearly 24 per cent compared with the same time last year. Inventory, meanwhile, has surged. Active listings reached their highest level for March since 2009 as sellers rushed to offload properties amid growing uncertainty around trade and immigration policy. With buyers hesitant and options abundant, Toronto realtors are being forced to compromise. Here, three agents representing three very different properties explain how—and why—they sold at a discount this spring.

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The Annex: Marlborough Place

The place: A two-storey freehold row house near Casa Loma Listing price: $1,349,000 Sold for: $1,265,000 Date sold: March 16, 2025 Bedrooms: 2+1 Bathrooms: 1 Size: 1,300 square feet Real estate agent: Jeannine Volpe, Royal LePage, Heaps Estrin

“The location was spectacular—just steps from Yonge, with plenty of nearby parks. It is on the smaller side, but its wide footprint made it stand out. The interior could have used a refresher, so would-be buyers needed to set aside a renovation budget when considering this place. There weren’t many recent comparables in the area, especially at this price point, so we based our pricing on square footage and overall condition. We landed on $1.35 million, which felt right for the market.”

“The home was on the market for just under two weeks and saw a decent amount of traffic. We ended up in conversation with one serious buyer, and the negotiation was collaborative from the start. It sold for $84,000 under asking, so both the buyer and the seller walked away satisfied.”

“Toronto is made up of many micro-markets, and right now that’s more true than ever. What to expect really depends on the neighbourhood, price point and condition of the home. With so much global and economic uncertainty, I’m seeing more buyers and sellers take a collaborative approach like I witnessed on this listing. In this climate, flexibility and open communication are key to making a deal work for everyone.”

Trinity-Bellwoods: Euclid Avenue

The place: A two-storey century home with a detached garage Listing price: $1,650,000 Sold for: $1,610,000 Date sold: March 31, 2025 Bedrooms: 3 Bathrooms: 2 Size: 1,600 square feet Real estate agent: Allan Ward and Justine Pajkovic, Russell and Ward Realty

“I sold this red-brick Victorian to the current owners back in 1999, and it’s always been a standout. It’s located in a great school district and is a long-time family home. When the owners’ kids moved out, they were ready to downsize into a condo or rental. We listed it at $1,650,000—within $50,000 of what I felt was its market value.”

“We got our first offer within four days, but it came in well below asking. We countered, and they came back again—still low. Then a second buyer emerged with an offer closer to what the sellers were hoping for. In the end, we accepted a $1,610,000 bid, which was a $40,000 discount. Could we have held out for another $10,000 or $20,000? Maybe. But the sellers were happy with the number, especially since it was an unconditional offer.”

“The first buyers could have secured the home, but they pushed too hard on the negotiation and lost out. That’s the risk in the Toronto market: even if things are slower and there’s room to negotiate, another buyer can always swoop in. If the home feels right, act fast and don’t overplay your hand.”

The Beaches: Elmer Avenue

The place: A stone-covered detached with a finished basement Listing price: $2,275,000 Sold for: $2,218,000 Date sold: April 5, 2025 Bedrooms: 3+1 Bathrooms: 4 Size: 2,300 square feet Real estate agent: Vivian Souroujon, Forest Hill Real Estate

“This property was well maintained and very functional—nine-foot ceilings, a main floor powder room and high-end kitchen appliances. My client bought it for $2.1 million in 2021, at the height of the market. We were listing under very different conditions, right as macro-economic uncertainty was ramping up with the US trade war. In mid-March, we priced it at $2.4 million. This was on the higher side, but we wanted to test the landscape without leaving any money on the table.”

“We didn’t get much traction during the first two weeks. Some buyers may have been put off by the absence of a private driveway or garage, even though street parking is readily available. In early April, we dropped the price by $120,000. Within three days, it sold for $2,218,000—$57,000 below the new asking price. The quick turnaround after the cut told us we’d found the right number.”

“We were fortunate to find a strong buyer, because right now, many people are sitting on the fence. There’s a lot of uncertainty, and that seems to be the new normal. This is a highly dynamic environment. The money is out there, but buyers are cautious. With so much inventory available, they’re being choosy and taking their time to make decisions.”

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