Dominating the first list is downtown Toronto, with neighbourhoods like Corktown, the Entertainment District and CityPlace found to have the cheapest waterfront properties (averaging around $632,000, $635,500 and $649,900, respectively). "For the right waterfront property, some buyers may be prepared to pay much more than they would for a comparable non-waterfront home," the report further explains. "One reason homes are often selling below asking in Eastlake may have to do with the prevalence of newer custom homes. Unlike a home in a subdivision, where many similar listings could be found, it is more difficult to find comparables for a custom home when setting the list price. Sellers may test the water with a higher price and agree to sell for less, depending on the offers," the firm says.