As Toronto's real estate market remained well-supplied throughout the spring and early summer, prospective home buyers benefitted from increased negotiating power — meaning many homes continued to sell well below their listing prices. 

One recent example is this three-bedroom, three-bathroom home in Toronto's Silverthorn neighbourhood, which sold in June at a devastating loss of $207,500. 

According to its listing, the property presents an "opportunity to invest or renovate for the buyer" and is located steps away from the future Keelesdale LRT subway station. 

In December 2021, the property sold for $950,000, at a time when home prices in Toronto shot to an all-time high and broke records in terms of both volume of home sales and the average selling price. 

"Toronto Detached Home Plummets"

📍 Toronto, ON 🇨🇦

In 2021, a Toronto detached home on Yarrow Rd sold for $950k.

Once Listed at $1M in 2023, now sold in June 2024 for $742k.

That's a $207k (21.8%) loss. pic.twitter.com/YX4wivkWO9

— Shazi (@ShaziGoalie) July 15, 2024

The home was re-listed twice in April 2023, once for $849,000 and once just shy of $1.05 million, but failed to close any deals. In July 2023, the home was put back on the market for just under $1 million but failed to attract any buyers once again. 

Finally, the home was listed for $799,000 in March 2024, and after three months on the market, it managed to sell below its listing price for $742,500 — exactly $207,500 less than it originally sold for two and a half years earlier. 

This isn't the only property in the GTA to sell well below its listing price this year. In another example last month, a three-bedroom, two-bathroom apartment unit under condo ownership in Brampton also sold at a $238,000 loss after nine failed attempts to sell. 

A one-bedroom, one-bathroom unit in Oakville's Glen Abbey neighbourhood was also recently sold at a significant loss of $237,000.

According to the Toronto Regional Real Estate Board's (TRREB) latest report, home sales in the GTA were lower compared to the same month last year. 

GTA Realtors reported 6,213 home sales through TRREB's MLS System in June 2024 – a 16.4 per cent decline compared to 7,429 sales reported in June 2023.

The MLS Home Price Index Composite benchmark was down by 4.6 per cent on a year-over-year basis in June 2024. The average selling price of $1,162,167 was down by 1.6 per cent over the June 2023 result of $1,181,002.

"The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price," said TRREB Chief Market Analyst Jason Mercer.

"Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices."