Under Asking: “If you receive a fair offer, take it right away.” Three realtors share why they sold for less

It was a chilly winter for sellers, and buyers are reaping the rewards this spring. In March, 70 per cent of GTA homes sold below their asking prices, according to a new report from real estate platform Wahi. Today, house hunters have the upper hand, and many selling agents are pricing just below market value to avoid listings sitting too long. Here, three realtors representing three very different homes explain why they sold at a discount. 

South Parkdale: Cowan Avenue

The place: A century home with a porch and a portico on a corner lot Listing price: $1,295,000 Sold for: $1,255,000 Date sold: March 2, 2026 Bedrooms: 3 Bathrooms: 3 Size: 1,100 square feet Real estate agent: Ingrid Menninga, Keller Williams Referred Urban Realty

“This home was fully renovated, with parking for three cars and a finished basement. My client had owned it for 45 years, but she recently purchased a new home in Mimico for $1.2 million. Her goal was to sell this house for roughly the same price to cover costs. We decided to price slightly above our expectations. In mid-February, we listed at just under $1.3 million, anticipating many offers below asking but within a range that would work for her.”

“We had solid traffic at the open house, with lots of serious buyers coming through. After just over a week, we received a bid. As expected, it came in below asking, and we went back and forth a few times to bring it up before settling at $1.25 million. That was $40,000 under the list price but right in my client’s sweet spot.”

“The industry is seeing more homes come to market that have had the same owners for decades. Those people are retiring or downsizing now. More to the point, older properties such as these often need major repairs and therefore take longer to attract interest and ultimately sell. This heritage home performed so well because it was move-in ready. That made all the difference.”

The Beaches: Duart Park Road

The place: A recently built Jenga tower with three terraces Listing price: $3,479,000 Sold for: $3,250,000 Date sold: March 6, 2026 Bedrooms: 4+1 Bathrooms: 6 Size: 2,900 square feet Real estate agent: Shea Warrington, Royal LePage Signature Realty

“This four-bedroom came with high-end finishes and heated floors, plus stunning views of both Glen Stewart Ravine and the lake. It was on the block with another realtor last fall for $3.85 million. In February, my clients and I tried a different approach: listing at the $3-million mark—well below its true value—to build buzz.”

“That lower price point generated tons of interest, but the offers were too low. So we upped the price to just under $3.5 million. At that level, two offers came in that were close in price. In the end, we went with the $3.25-million offer. That was $229,000 under asking but a significant improvement over bids we considered at the original price.”

“In total, the team hosted 24 showings over 17 days, which is strong activity for Toronto’s luxury category. Even so, favourable conditions have shifted toward buyers at all price points. Plus, many buyers entering the luxury scene come from smaller homes that need to be sold, thus delaying sales across the sector.”

Dovercourt–Wallace Emerson–Junction: Delaware Avenue

The place: A Victorian farmhouse with a big backyard Listing price: $1,299,000 Sold for: $1,285,000 Date sold: March 29, 2026 Bedrooms: 3 Bathrooms: 2 Size: 1,471 square feet Real estate agent: Rachel Levy, RE/MAX Hallmark Realty

“Besides its great location near Christie Pits Park, this home also had plenty of flexibility: two separate units that could easily be converted into a single-family residence, along with space out back for a future laneway house. Our initial plan was to price it at market value—around $1.35 million. But the real estate landscape was very quiet leading up to our March 25 listing date. I told my clients we needed to create urgency where there wasn’t any and recommended re-listing below value, at just under $1.3 million.”

“Over the next four days, my clients hosted 35 showings, plus packed open houses. Nearly half of the people who came through were interested in using the property as an intergenerational home, living with senior parents or adult children. But we eventually accepted a bid from someone who wanted it as a single-family home. After some negotiating, they offered $1,285,000 ($14,000 under asking) with a deposit at the ready and no conditions. We accepted right away.”

“While the home sold for slightly less than my clients had hoped, it was a strong result in this market. My advice to sellers is not to wait around for something better. If you receive an offer that’s close to fair market value, take it right away. The longer a property sits, the more it risks losing momentum, and buyers may start to see an opportunity to swoop in and take advantage.”

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