Toronto Sellers Face Longer Waits, Sharper Price Cuts as Homes Linger on Market

The average home in Toronto now sits on the market for 32 days-nearly a week longer than in June 2025-as buyers grow pickier and sellers lean more heavily on discounts to close the deal, according to new monthly data from the Toronto Regional Real Estate Board (TRREB).

This shift comes as local listing volumes tick upward for the second straight quarter and mortgage rates cling stubbornly above 5.9%. With global economic jitters flaring and a record 144,500 new immigrants expected across the GTA in 2026, balancing supply and demand on Toronto’s residential streets feels more precarious than ever.

Discount Drama from Dovercourt to the Beaches

Open houses are bustling on Roncesvalles Avenue but fewer offers are hitting above the asking price. Sellers in the Annex and Leslieville, once insulated from market hiccups, are adjusting strategies. At Chestnut Park’s midtown office, agents tell The Daily Toronto that properties under CAD 900,000 are still attracting multiples, but higher-price segments, including detached houses around Forest Hill and Lawrence Park, are facing their longest lag times since the start of the pandemic.

"A home on Withrow Avenue priced at CAD 1.25 million took six weeks to move after the vendor chopped $70,000 off the sticker," one agent reported. In newly built towers near the Distillery District, some sellers have dropped initial asking prices by up to 8% after condos idled for more than a month.

By the Numbers: Double-Digit Discounts Rarer but More Widespread Cuts

Recent TRREB figures show the average listing-to-sale price ratio city-wide dropped to 96.7% in June 2026, down from 98.2% a year ago. In practical terms: a home listed at $1.1 million currently sells, on average, for roughly $1.064 million. Local brokerage Bosley Real Estate reports that vendor discounting-once a tactic reserved for stale luxury listings-is now showing up for semis off Queen East and lofts in King West, where average days on market have climbed to 29 and 34 days, respectively. In Etobicoke’s Alderwood, detached homes now regularly exceed a month before finding a buyer, even after $40-60,000 knockdowns.

Toronto’s June active inventory stood at 11,442 homes, according to Realosophy Realty, up 19% from this time last summer. Realtors say many would-be buyers are pressing pause, waiting for firmer rate-cut signals from the Bank of Canada or clutching pre-approved mortgage offers hoping for properties to get cheaper still.

For sellers, agents recommend honest pricing and curb appeal repairs before listing-and warn against holding out for pre-2022 windfalls on family homes from Cabbagetown to High Park.

What’s Next for Buyers and Sellers

With Bank of Canada governor Tiff Macklem set to speak on July 11 and another rate decision due end of month, the market’s tempo could shift rapidly. For now, buyers with stable financing and flexibility on location-say, east of Coxwell or along the St. Clair West corridor-hold the upper hand, while sellers need to factor in the reality of longer waits and more aggressive offers below list.

Industry insiders expect the average days on market to tick above 35 by August if inventory keeps growing and macroeconomic anxieties persist. For Toronto homeowners thinking about selling before fall, the advice is straightforward: price exactly at fair market value, stage meticulously, and expect the first offer might not be the one you accept.