For the last couple of years, buyers have had something they almost never get in Toronto real estate.
Time.
Time to think. Time to negotiate. Time to sleep on it. Time to go back for a second showing. Time to compare one property against another.
And in many cases, that patience has paid off.
But I’m starting to wonder how much longer buyers will have quite this much breathing room.
The latest July numbers from TRREB are interesting because they show a market that is not quite as simple as the headlines might suggest. GTA home sales were almost flat compared to July of last year, down just 0.9%. But new listings dropped by 17.8%. The average selling price was $1,003,956, down 4.5% compared to July 2025.
So prices are still lower than they were a year ago.
But fewer new properties are coming onto the market.
That’s the part I think buyers need to pay attention to.
This does not mean the market has suddenly turned hot again. It does not mean bidding wars are back everywhere. It does not mean buyers should panic or rush into the wrong property.
But it does mean the balance may be shifting.
When sales hold relatively steady but new listings fall, buyers can start to lose some of the choice they had before. And when buyers have fewer good options, their negotiating power can begin to shrink.
We are already seeing how different one property can be from another.
A well-priced house in a desirable neighbourhood can still attract plenty of attention. A condo that is priced realistically can sell. But a property that is still priced as though it is 2021 or 2022 can sit for weeks, sometimes months.
That is why this market is so nuanced.
It is not simply a buyer’s market or a seller’s market. It depends on the property type, the neighbourhood, the price point, the condition, the building, and how much competition is currently available.
Condos are still one of the more interesting parts of the market right now. There is still choice. There is still room to negotiate. And for first-time buyers or downsizers, there are opportunities today that would have been very difficult to find a few years ago.
But even there, the best value does not always sit around forever.
The mistake some buyers make is assuming that because the overall market has been soft, every property is automatically overpriced and every seller will take a huge discount. That is not always the case. There is a big difference between a property that is overpriced and one that is simply good value in a softer market.
So if you are a buyer, the question is not, “Should I rush?”
The better question is, “Am I prepared?”
Do you know what good value looks like in the neighbourhoods you are considering? Do you know which buildings have reasonable maintenance fees? Do you know which layouts will be easier to resell in five or ten years? Do you know when to negotiate hard and when to move quickly?
Because the opportunity in this market is not just that prices are lower.
The opportunity is that thoughtful buyers still have room to make smart decisions before everyone else feels confident again.
And if you are a seller, the message is just as important.
Pricing matters more than ever. Buyers are watching closely. They know what else is available. They are not afraid to wait if a property feels overpriced. But when something is positioned properly from the beginning, there are still buyers out there.
The market rarely announces when it is changing.
It usually shifts quietly.
First, a few more showings. Then, fewer competing listings. Then, a good property sells faster than expected. Then, buyers who were waiting suddenly realize they do not have quite as much choice as they thought.
We are not in a runaway market.
But we may be in a market where the best opportunities are not quite as endless as they felt a few months ago.
So the question I would ask is this:
Would you rather buy when everyone is confident the market has recovered — or while everyone is still debating whether it has?
And don’t forget if you know of anyone that needs to buy or sell, please tell them to call Davelle.
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