Toronto Housing Market: Sellers are Big Time Cutting Prices 📉💸

The Deets

Yo, Toronto real estate is going through it right now. Like, sellers are straight-up panicking and slashing prices. We're talking a major shift, fam. Apparently, like 66% of homes in April sold for less than the asking price. That's the most in over a decade, no cap!

Peep this: homes are selling at an average of 98% of the list price. That might not sound like a lot, but that’s the biggest discount we've seen in April since the pandemic started. For example, one four-bedroom home sold for nearly $100K less than the list. A semi-detached home sold for $50K less, and even a duplex had to drop the price by $60K to get snatched up! Sheesh!

So, what's the tea? Turns out, this is all happening during the busiest season for buying houses, but economic instability is killing the mood. Apparently, a global trade war (thanks, Uncle Sam!) is making everyone sus. Potential buyers are like, "Nah, I'm good on making big moves rn."

Basically, Toronto is a buyer's market now. It hasn't been this good for buyers since the 90s! But sellers are sweating because home sales are the lowest they've been in 30 years (not counting the pandemic, obvi). Experts are saying prices will probably keep dropping in Toronto and other big cities like Vancouver. Buyers are out here making lowball offers and not afraid to walk away if sellers don't budge. Savage!

Some sellers are having to lower their prices just to sell, especially if they need that cash to buy another place. It's a whole mess, tbh. Keep your eyes peeled, fam, it's gonna be a wild ride.