The Toronto-area housing market is showing faint signs of recovery — but make no mistake, it’s still in the throes of a deep correction. Despite a slight uptick in sales, prices continue to slide as listings flood the market, leaving sellers and realtors frustrated while cautious buyers sit on the sidelines, spooked by talk of recession, tariffs, and steep borrowing costs.

For those who are ready to buy, however, opportunity has finally knocked. A new report from Wahi shows that in September, 92% of GTA neighbourhoods saw homes selling below asking price. It’s a slight improvement from August’s 98%, but still a buyer’s market by every definition.

The biggest bargains? Luxury pockets like Forest Hill, where homes went for an average of $272,500 under asking, followed by Ledbury Park, Lawrence Park, and York Mills. Meanwhile, hot spots such as Dovercourt Park and The Danforth are still seeing bidding wars, with homes selling well above list.

Interestingly, the underbidding tends to hit Toronto’s priciest addresses hardest — the average sold price in Forest Hill still tops $3.1 million, even after discounts.

Wahi analysts caution against calling this a full recovery just yet, noting that seasonal factors may be behind the modest shift. But if multiple-offer situations keep returning, Toronto’s real estate cycle may finally be inching toward balance.