What Is a Buyer’s Market Like?

Let’s be honest — Toronto hasn’t seen a true buyer’s market in quite some time. So when one starts to creep in, it’s understandable that many buyers (and sellers) are caught off guard. After years of high-speed bidding wars and limited inventory, it feels unfamiliar to have more choice, more time, and yes — more negotiating power.

Right now, much of Toronto’s condo market has stepped into buyer’s market territory, though this shift isn’t universal. Houses in Toronto are not currently in a buyer’s market. Historically, they are usually firmly planted in seller’s market territory, but even the coveted house is drifting toward a more balanced market in some neighhbourhoods. Still, if you’re navigating the condo space, especially in less competitive buildings, you’re likely in a buyer-friendly zone.

But what exactly does that mean? And how should you approach this kind of market? Let’s break it down.

What Is a Buyer’s Market?

A buyer’s market happens when there are more properties for sale than there are active buyers — which means more choice, longer listing times, and downward pressure on prices.

If you’re data-minded, here’s a benchmark: when the Months of Inventory (MOI) exceeds 6 months, we’re in buyer’s market territory. Currently, condos are hovering close to 8 months, though this varies by building and neighbourhood.

So — how does this shift affect you?

1. You’ve Got Time (and That’s a Good Thing)

Gone are the days of panic offers and blind bidding. In a buyer’s market, you can breathe. You have the luxury of time — to explore options, revisit properties, and negotiate without urgency. That doesn’t mean every home will move slowly (great listings still get snapped up), but overall, the market pace is much more forgiving.

In fact, time itself can become a negotiation tool. If a seller isn’t keen on your first offer, wait. Let the days tick by. Many sellers soften as time goes on, especially when their property sits longer than expected.

2. Strategies Shift — Especially for Sellers

The market strategy that worked last year may not work today. If you’re a seller who plans to buy another property, consider this: in a buyer’s market, it often makes more sense to sell first.

Why? Because most buyers still need financing — and banks won’t issue a bridge loan unless your current home is firmly sold. If the tougher task is selling, tackle that first. Don’t get caught with a looming closing on a new home and no buyer for your current one.

On the buying side, this market means less competition — and more leverage. It’s also a good time for my agents to dust off their negotiation skills, especially after years of bully offers and bidding wars.

3. Comps Need Context

In a shifting market, looking at comparable sales is still critical — but it requires a little nuance. Sales from even a few months ago might have closed at higher prices. So, when reviewing comps, remember to adjust for time. In a buyer’s market, that likely means subtracting — not adding — to those past numbers.

4. Not Every Listing Is a Steal

More listings don’t automatically mean better ones. Some properties linger because they’re poorly presented, have problem tenants, or worse — a raccoon infestation in the attic (yes, it happens). Not everything is low-hanging fruit.

Still, buyers benefit from more selection, stronger negotiating power, and less pressure to act fast. That’s a powerful trifecta.

Final Word: Smart Selling in a Buyer’s Market

If you’re selling, the key is to stand out. That means thoughtful staging, strategic pricing, and marketing that speaks to today’s buyer — not the buyer from when  you purchased. You are not buying the property.

Properties are selling. The question is: what are you doing to make yours one of them?