First-time buyers should still prepare for the 'Wild, Wild West' entering today's housing market

Toronto first-time homebuyers are being warned to expect “Wild, Wild West” behavior even as prices have fallen. A Toronto realtor, Anya Ettinger, told the story’s author that home values across Canada are down an average $176,600 from the 2022 peak, with drops averaging $353,900 for Toronto and as much as $529,100 for Oakville. Yet she says a gap remains between buyers’ willingness to pay and sellers’ expectations. The article describes early-search frustrations including AI-generated listing photos that conceal gut renovations, properties marketed at prices far below what sellers would likely accept, and listings with tenants or major fixer-uppers. Ettinger outlines three buyer scenarios: underpriced-against-expectations listings, tenant-occupied homes where eviction risk exists, and a third category where pricing shows “absolutely no rhyme or reason,” such as listings described as “seller unmotivated” or homes sitting 180 days in poor condition while sellers seek above-asking prices.