Cheapest homes also come with deepest discounts in the Greater Toronto Area

Published June 11, 2026 at 11:02 am

A new report finds the cheapest homes came with deepest discounts last month in the Greater Toronto Area.

Condos were both the most affordable entry point to the market and the segment where buyers negotiated the largest discounts in May, new data from real estate platform HouseSigma found.

The median GTA condo apartment sold for $549,000 in May 2026, the report found.

That’s down 7.7 per cent from May 2025, the steepest decline of the three home types; detached homes, by comparison, slipped just 2.3 per cent annually, HouseSigma said.

Condos also sold for a median 3.21 per cent below asking price, the widest gap of any home type, the report found.

But that doesn’t mean all condos are a deal.

HouseSigma points to one two-bedroom North York condo apartment that was listed at $399,000 and sold for $660,000, 65 per cent over asking.

“It’s proof that the right unit at the right price still draws a crowd even in the most-discounted segment,” HouseSigma said.

The biggest premium in dollar terms was a Toronto semi-detached home that sold $711,000 above its $1,599,000 list price.

On the flip side, many homes sold well below the asking price.

A North York detached bungalow listed at just under $3.75 million sold for $2,650,000, 29 per cent below asking, which is the month’s biggest percentage drop.

And the biggest dollar cut was seen by a five-bedroom luxury home, also in North York, which sold for a whopping $1.45 million under its asking price of $8,995,000.

While not as extreme as the above examples, most home types are selling for below the list price.

Attached homes, such as townhouses and semis, sold at a median of 1.87 per cent below asking, the closest to list of any segment, and at a median price of $853,000.

Detached homes sat between the two, typically selling 2.65 per cent under asking and at a median of $1,230,000.

Across all property types, 73.9 per cent of GTA homes sold below their list price in May, with the typical sale closing about 2.56 per cent, or roughly $20,000, under asking, HouseSigma found.