10th Property: Surprisingly Sold way Below Asking Price
As we delve into 2024, the real estate landscape in the Greater Toronto Area (GTA) continues to evolve, presenting unique opportunities for prospective homebuyers. The latter half of 2023 marked a significant shift in the market, with many hopeful buyers stepping back as soaring borrowing costs rendered home ownership seemingly unattainable. This change, primarily fueled by a lack of affordability, resulted in numerous homes selling below their listing prices or lingering on the market for extended periods.
Interestingly, while home prices in the GTA haven’t seen a drastic decline, the trend of properties selling for less than their initial listing prices persists into 2024, as highlighted in a recent Zoocasa report. Here’s a closer look at 10 houses that have recently sold for significantly below their asking prices, offering a glimpse into the current market dynamics.
1. 35 Green Valley Road, Toronto
In the plush Hoggs Hollow neighbourhood, this modern four-bedroom, seven-bathroom home, complete with a backyard waterfall and floor-to-ceiling windows, was listed at $11.89 million but sold for $10.8 million, a notable $1.09 million below asking.
2. 204 Derrydown Road, Toronto
A stone’s throw from York University, this three-bedroom, three-bathroom detached home was initially priced at $1.2 million. It eventually sold for $1.092 million, $108,000 under the listing price.
3. 55 Stibbard Avenue, Toronto:
Rebuilt in 2014 and designed by Peter Higgins Architect Inc., this home, boasting a large deck and high-end appliances, sold for $2.985 million, $300,000 below its $3.285 million listing price.
4. 54 Danville Drive, Toronto
In the affluent St. Andrew-Windfields neighbourhood, this four-bedroom, three-bathroom home was listed for $2.2 million but sold for $1.91 million, $290,000 less than asked.
5. 312 Strathmore Boulevard, Toronto
Steps from Coxwell subway station, this three-bedroom home with a detached garage sold for $1.275 million, $125,000 under its $1.4 million asking price.
6. 530 Glebeholme Boulevard, Toronto
An eight-minute walk from Woodbine subway station, this three-bedroom, two-bathroom home with a detached garage sold for $915,000, $84,000 below the $999,000 listing price.
7. 42 Thyra Avenue, Toronto
This home, blending old and modern styles, sold for $887,000, $38,000 under its $925,000 asking price.
8. 157 Hannaford Street, Toronto
Despite recent upgrades, this two-bedroom house near Gerrard Street East sold for $920,000, $79,900 below the $999,900 listing price.
9. 241 Scarborough Golfclub Road, Toronto
A cottage-like property with a modern kitchen and sunlit living spaces, this three-bedroom, two-bathroom home sold for $1,000,020, $79,980 below its asking price.
10. 132 Bonspiel Drive, Toronto
In the Morningside neighbourhood, this four-bedroom house with a full backyard and large rec room sold for $800,000, $50,000 under the asking price.
These sales underscore a significant shift in the GTA’s real estate market, where high borrowing costs and affordability concerns are influencing property values. For buyers who have been on the sidelines, this could be an opportune time to enter the market, as sellers adjust their expectations and more properties become available at reduced prices. As always, it’s crucial for buyers to conduct thorough research and consult with real estate professionals to navigate this changing landscape effectively.
