The latter half of 2023 witnessed many hopeful homebuyers in the GTA taking a step back from the real market as the cost of borrowing made buying a home an inconceivable prospect. 

This decline in interest, driven by a lack of affordability, saw many homes in the region sell for less than their listing price or sit on the market for long periods. 

And while prices haven't exactly declined in the GTA, there are still many homes that continue to be sold for less than their initial listing prices into 2024, as shown in a recent Zoocasa report. 

Here are 10 houses that recently sold for way below their asking price. 

35 Green Valley Road, Toronto 

This modern four-bedroom, seven-bathroom home is nestled in the luxurious Hoggs Hollow neighbourhood. With opulent elements like a cascading waterfall, backyard oasis and floor-to-ceiling windows, it's no wonder why the property was listed for a staggering $11.89 million.

Despite this, the home recently sold for $10.8 million, more than $1 million below its original asking price.

Photo: RE/MAX Realtron Barry Cohen Homes Inc. Brokerage.

204 Derrydown Road, Toronto 

Located just a stone's throw away from York University, this three-bedroom, three-bathroom detached home was originally listed for $1.2 million. Despite its optimal location, the home was eventually sold for roughly $100,000 below its asking price at $1.092 million. 

Photo: Royal LePage Meadowtowne Realty Brokerage.

55 Stibbard Avenue, Toronto 

This three-bedroom, four-bathroom home was rebuilt in 2014 and designed by renowned firm, Peter Higgins Architect Inc. Despite its large deck, Electrolux icon appliances, wine fridge and quartz countertops, the home sold for $300,000 below its listing price of $3.285 million. 

Photo: Right at Home Realty Brokerage.

54 Danville Drive, Toronto 

Originally listed for $2.2 million, this four-bedroom, three-bathroom home in Toronto's affluent St. Andrew-Windfields neighbourhood recently sold for $1.91 million — approximately $200,000 less than its asking price. 

Photo: RE/MAX Realtron Barry Cohen Homes Inc. Brokerage.

312 Strathmore Boulevard, Toronto 

Located steps away from Coxwell subway station, this three-bedroom, three-bathroom home with a fully detached garage, private driveway and finished basement recently sold for $1.275 million — exactly $125,000 less than its original asking price of $1.4 million. 

Photo: Royal LePage Frank Real Estate Brokerage.

530 Glebeholme Boulevard, Toronto

Situated just an eight-minute walk from Woodbine subway station, this three-bedroom, two-bathroom comes with "well-maintained" amenities, a detached garage and off-street parking. It was recently sold for $915,000, well below its listing price of $999,000. 

Photo: Vertical Marketing Realty, Brokerage.

42 Thyra Avenue, Toronto

According to its listing, this charming home combines both old and modern elements with its spacious breakfast area, modern kitchen and welcoming front porch. It was recently sold for $887,000, roughly $40,000 below its asking price of $925,000. 

Photo: Royal Lepage Frank Real Estate Brokerage.

157 Hannaford Street, Toronto

Despite lots of recent upgrades to its windows, roof, drains and mudroom, this two-bedroom property just off Gerrard Street East recently sold for $920,000, thousands of dollars below its original listing price of $999,900. 

Photo: Royal LePage Estate Realty, Brokerage.

241 Scarborough Goldclub Road, Toronto

This fairytale, cottage-like property features an oversized porch, a modern kitchen and sun-drenched living spaces. Although it comes with a long list of amenities, the three-bedroom, two-bathroom home was sold for $1,000,020 — $80,000 below its listing price. 

Photo: Century 21 Percy Fulton Ltd., Brokerage.

132 Bonspiel Drive, Toronto

This four-bedroom, 3.5-bathroom house in Toronto's Morningside neighbourhood recently sold for $800,000.

Photo: Keller Williams Advantage Realty, Brokerage.

The property was sold roughly $50,000 below its asking price despite boasting a full backyard, eat-in kitchen, laminated flooring throughout, and a large rec room.