Toronto area homebuyers are increasingly negotiating below asking prices as market conditions shift from a seller's market to a more balanced one. In July, 78.1% of homes sold below asking, with a median discount of 2.8%. Higher-priced homes saw larger discounts, with 86.4% selling below asking. Buyers now have more leverage due to greater inventory and choice, though signs show this advantage may lessen if listings decline. Realistic pricing and market responsiveness are key for sellers.
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