Sold-to-list price ratio
Also called sale-to-list ratio, sale price to list price
The sold-to-list price ratio is the average sale price of the homes sold in a month as a percentage of their asking price. At 100% homes sell for what they are listed at; above it, for more; below it, buyers are negotiating discounts.
Formula: average sale price ÷ average list price × 100
By the HousingPortal.ca team · Data: each board's latest report · Updated
How it is read
A ratio above 100% means bidding wars are common: in the GTA's 2021 and early 2022 it reached 110% and more. Around 98% to 100% is a balanced market where most homes sell close to asking after a round of negotiation. Below 97%, sellers are accepting real discounts, and a ratio that keeps falling usually precedes price cuts on new listings.
The ratio is only as honest as the asking prices. In Toronto, many homes are deliberately listed below their worth to draw multiple offers, which inflates the ratio in a hot market; in a slow one, sellers who cut their price and then sell near the new price show 99% although they took far less than they first asked. Read it with days on market.
Who publishes it
TRREB prints it for the GTA and every area as the average sale price over the average list price. Calgary and Edmonton print a sale-to-list ratio per month. Boards that do not publish it have no equivalent on our pages.
Sold-to-list price ratio in each market now
Across the 6 markets whose boards publish it, it runs from 96.8% in Hamilton to 98% in Edmonton.
| Market | Figure | Note |
|---|---|---|
| Greater Toronto Area | 98% | Average sale price / list price |
| Hamilton | 96.8% | Sold price as a share of the asking price |
| Burlington | 96.9% | Sold price as a share of the asking price |
| Ottawa | 97.5% | Sold price as a share of the asking price (98.1% a year earlier) |
| Edmonton | 98% | Sold price as a share of the asking price |
| Calgary | 97.4% | Sold price as a share of the asking price |
Figures for September 2026, as each board publishes them; the market pages have the area-by-area figures. Markets whose board does not publish this measure are not listed.
Sold-to-list price ratio: Quick Answers
What does a sold-to-list ratio over 100% mean?
That the average home sold for more than it was listed at, which happens when several buyers bid for it. It is the clearest sign of a seller's market, though in Toronto it is partly a listing tactic: homes priced low on purpose to start a bidding war sell "over asking" even in a normal month.
How much below asking do homes sell for?
In a balanced Canadian market the average sale lands 1% to 3% under the asking price. In a buyer's market the gap widens to 4% or 5%, and the asking prices themselves have usually already been cut. The ratio on each report page gives the current figure for that market.
Related terms and pages
The information presented on HousingPortal.ca is intended for general illustrative purposes only. While the information is believed to be reliable, it cannot be guaranteed for accuracy, completeness, or currency. Neither HousingPortal.ca and its employees, nor any other party identified in this guide/report, assumes any liability for the information provided. The views and opinions expressed by the analysts at HousingPortal.ca are their own and should not be considered as investment advice. It is recommended that you seek the advice of a licensed real estate professional before making any decisions regarding real estate investments.