TORONTO – In almost every neighbourhood in Toronto and the GTA, homes sold for below asking prices last month, according to a report by Wahi, a real estate analytics firm. “In August, the share of neighbourhoods in underbidding territory across the region matched a three-year high” said Wahi’s Josh Sherman. According to the report, released on September 4 (and available here), 98% of GTA neighbourhoods with at least five home sales during the month were underbid in August, up from 95% in July and 89% a year ago.

Furthermore, another report from Urbanation (another real estate research firm: here the whole report), published on July 15, found that apartment sales had fallen by 69% in the second quarter of this year. Toronto’s apartment market has thus cooled recently, but Wahi’s report highlights that it wasn’t just apartments that were underpriced in August. “The condo market downturn is part of the story, but we’re also seeing more underbidding activity in the single-family home segment” wrote Ryan McLaughlin, economist at Wahi, in the analysis accompanying the report.

RBC had also previously reported that in Ontario, “supply and demand conditions have shifted in favor of buyers” in 2025. Indeed, in August, only 2% of homes in the GTA sold for their asking price (here RBC’s report).

The GTA neighborhoods that saw the highest number of low bids in August 2025 (municipality in parentheses) are: Eastlake (Oakville), median sold price $3,881,334, median underbid amount -$206,166; York Mills (North York), $2,334,000, -$194,000; Rural Vaughan (Vaughan), $2,220,000, -$180,000; Vales of Humber (Brampton), $1,537,000, -$169,500; Forest Hill (Old Toronto), $3,370,000, -$158,000. Here are the neighborhoods where the sale price was higher than the asking price: Cobban (Milton) median sold price $920,000, median overbid amount +$20,001; Middlefield (Markham) $1,035,800, +$11,000; Princess Rosethorn (Etobicoke) $1,501,250, +$1,750; Brock Ridge (Pickering) $690,000, +$1,500.

Meanwhile, rents continue to fall, with August marking the eleventh consecutive month of rent decline in the country, according to a new Rentals.ca report released Monday. Compared to August last year, the average asking rent in Canada fell 2.3% last month, reaching $2,137 per month, according to the latest National Rent Report from Rentals.ca and Urbanation. However, despite the reduction in rents, the asking rent remained well above the national average of $1,718 in August 2020. Compared to August 2023, the rent increased by 1%.

Full Rentals.ca’s report here: https://rentals.ca/national-rent-report

Photo by Richard Hong from Unsplash