In the GTA’s cooling housing market, home sales have plummeted, but prices remain stubbornly high, showing a clear disconnect between demand and affordability.

Homes are staying on the market much longer than before, a stark contrast to the crazy bidding wars seen in the past. When they do sell, it’s often below the asking price, reflecting the pressure of soaring interest rates and a sluggish market.

According to a recent Zoocasa report, homes across Ontario are selling, on average, for about 10% less than their listed prices

In some regions, this difference is even more pronounced, with buyers offering only 58% of the advertised price by September 2023.

This trend intensifies in expensive areas like Caledon and Halton Hills. In Caledon, homes are listed at an average of $2,365,199 but sell for around $1,363,853, a substantial 42.12% less. Halton Hills follows a similar pattern, with an average listing price of $1,899,393 and an average selling price of $1,083,709, marking a 42.94% difference.

Uxbridge, Aurora, and Burlington also experience significant gaps between listing and selling prices, underscoring the disparity. However, Orangeville, among the more affordable places, demonstrates a more modest difference of 10.09% between listing ($908,292) and selling prices ($816,626).

In contrast, Brampton and Ajax present a unique situation where selling prices are lower than listing prices, showcasing a challenging market.

For potential homebuyers, the top five affordable places in the GTA based on September sales prices are Oshawa ($756,906), Essa ($758,206), Brock ($767,132), Orangeville ($816,626), and Clarington ($852,373). The listing price data aligns similarly, emphasizing the possibility of negotiation in the current GTA housing market.