Buyer competition across the GTA continued to ease through mid-Q3, with only 2% of qualifying neighbourhoods experiencing overbidding—down from 3% earlier in the quarter. Out of 267 qualifying areas, an overwhelming 97% of homes sold below the asking price, and just 1% at asking, signaling that bidding wars have truly become the exception rather than the rule. The gap between condos and single-family homes is shrinking as well: 95% of single-family neighbourhoods and 98% of condo neighbourhoods saw underbids. An economist recently noted that mid-Q3 marked one of the quietest stretches for GTA real estate in recent memory, which has translated into less competition for buyers. Looking at the numbers, 79% of the 4,200 homes sold in mid-Q3 changed hands below asking—up slightly from 78% earlier in the quarter—as even single-family properties now reflect the softer demand. As someone who closely tracks these shifts to guide clients through every market condition, I see this as a unique opportunity for buyers to approach the GTA market with renewed confidence.
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