Homebuyers across the Greater Toronto Area gained stronger negotiating power in March after new data revealed that most neighbourhoods saw properties sell below their listing prices. A report from digital real estate platform Wahi found that nearly three quarters of GTA communities recorded under-asking sales last month, highlighting a noticeable slowdown in competition across the region’s housing market.
The analysis examined bidding activity in 213 neighbourhoods and showed that only a small share remained in overbidding territory. Just six per cent of communities experienced bidding above asking prices, while the overwhelming majority were classified as underbidding areas. Only a tiny fraction of neighbourhoods saw homes selling exactly at their listed price, reinforcing the trend toward softer market conditions.
Researchers described March as the weakest month for homebuyer competition in at least four years. Economists pointed to a mix of global uncertainty, colder than usual early spring weather, and ongoing affordability challenges as key factors contributing to reduced activity. Together, these conditions created a slower than expected start to the traditional spring housing season.
Detached homes continued to attract stronger demand than condominiums. About 14 per cent of neighbourhoods with sufficient detached home sales experienced overbidding activity, compared with only one per cent of condo markets. Overall, roughly 23 per cent of properties sold above asking prices in March, down significantly from the same period last year, while about 74 per cent sold below their listing price.
Regional differences also emerged across the GTA. Lower priced areas such as parts of Durham Region recorded the highest share of above-asking transactions, while more expensive markets such as Halton Region saw much weaker competition. Within Toronto itself, some traditionally high-value neighbourhoods including Rosedale, Forest Hill, and Summerhill ranked among those with the largest price reductions from listing to sale.
Real estate analysts say the shift suggests buyers currently have more leverage in negotiations than at any point in recent years. While some neighbourhoods continue to see pockets of strong demand, the overall trend points to a market environment where patience and timing are increasingly working in favour of purchasers.
