Following market corrections and economic uncertainty, one mortgage broker says Toronto real estate is now seeing improved buying conditions, with $1 million stretching further than it has in the past.
Leah Zlatkin, licensed mortgage broker and LowestRates.ca expert, said in a statement to BNNBloomberg.ca Tuesday that Toronto’s real estate market has come a “long way” since 2022 with bidding wars and soaring home prices. She said that today, $1 million can go further in the hands of buyers for those looking at condos, townhouses and even semi-detached and detached units – all of which have seen price declines.
According to Zlatkin, the latest data from the Toronto Regional Real Estate Board (TRREB) reinforced buyer friendly conditions that will put more negotiating power in the hands of purchasers, allowing them to try to push for things like more square footage or a better location. However, she said she recommends buyers move to capitalize on the current conditions.
“There are hidden costs to waiting,” Zlatkin said. “As the market normalizes, sidelined buyers could jump back in, driving prices up and eliminating negotiation opportunities. Right now, buyers have access to more space and better value for their money. For those who are confident in their finances, this is a rare window to act before conditions shift.”
Home sales in the Greater Toronto Area declined by 23.3 per cent in April amid economic uncertainty, according to TRREB. During the month, 5,601 homes changed hands, compared to 7,302 during that same period a year earlier.
Additionally, 18,836 new homes were listed in the region last month, marking an 8.1 per cent increase compared to the previous year.
Zlatkin noted that some key shifts in the market have taken place in recent years, where prices peaked in 2022, followed by a sharp correction in 2023 and are currently stabilizing. This correction, she said, has made properties more affordable to some buyers.
Zlatkin highlighted TRREB data that shows condo prices have fallen by around $105,450 between the first quarter of 2022 and the first quarter of 2025. During that same period townhouses have fallen by $189,250, semi-detached homes by $249,400 and detached homes dropping roughly $324,450.
Zlatkin said the price changes have supported purchasing power among buyers.
“With reduced competition, it’s easier to negotiate better deals and more favorable terms. This is a unique moment to move confidently and lock in value that simply wasn’t available during the peak of the market,” she said.
