In buyer’s market, Scarborough house sells for $135,000 below asking

A house in Scarborough recently sold for $1.46 million, which is $135,000 less than the original asking price of $1.595 million. The property is located near Colonel Danforth Park, in a residential part of Toronto that has seen slower sales recently.

The homeowner decided to test the market two weeks before accepting any offers. Within that time, only two offers came in, and neither matched the asking price. Faced with those options, the owner chose to negotiate, ultimately welcoming a lower bid rather than continuing to wait.

This sale points to a buyers’ market in the area: demand is lower, and sellers are under pressure to accept less to make a sale. When homes stay on the market longer and fewer offers come in, buyers gain negotiating power — and that’s exactly what happened with this Scarborough listing.

For prospective buyers, this signals opportunity. If you’re looking to purchase in the Scarborough area, you might find homes sold for well under their original asking prices. However, it’s still important to act quickly and work with a trusted agent who knows how to negotiate in today’s conditions.

On the other side, sellers must adjust their expectations. In this market, listing prices need to reflect current demand — that means being realistic about what buyers are willing to pay. Pricing too high can lead to limited interest and forced reductions.

In short, this Scarborough sale shows that in a buyers’ market, patience and flexibility on price are key for both buyers and sellers. Buyers may enjoy lower prices, while sellers must balance their goals with market trends to find the right offer.