News Release
These Are the Fastest- and Slowest-Selling Neighbourhoods in the GTA
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Depending on the neighbourhood, the average number of days that a home remains listed for sale in the Greater Toronto Area ranges between 10 and 63.
TORONTO, ONT. —November 14, 2024 — It’s taking longer for homes to sell in 86% of neighbourhoods across the Greater Toronto Area compared to last year, but they’re still changing hands at a rapid fire rate in select pockets.
So suggests the latest market analysis from digital real estate platform Wahi, which examined the average period of time that homes stayed listed on the market before selling (or being delisted) in approximately 400 neighbourhoods throughout the GTA during the third quarter of the year. In general, the neighbourhoods with the quickest turnover were low-rise neighbourhoods in the City of Toronto.
Wahi’s study reveals how the speed of home sales varies drastically in different parts of the region, as the neighbourhoods with the lowest and highest average days on market (ADOM) were separated by a difference of eight weeks.
“People talk about there being a Toronto housing market, but real estate is also influenced by factors on a much more local level,” says Wahi CEO Benjky Katchen. “The type of property, how it’s priced, the neighbourhood it’s located in, and more all have an impact on how quickly it sells,” he adds.
Looking at the entire region as a whole, homes stayed listed for an average of 28 days in Q3, up nine days from the same time last year, but in some neighbourhoods, the average days on market was much lower.
Here’s Where Homes are Selling the Fastest in the GTA
Of the 340 neighbourhoods that had at least five home sales in the third quarter of 2024 just 39 saw homes stay listed on the market for less time on average this year than last. In nine neighbourhoods, homes sold in less than two weeks on average. Raymerville led, with homes in the centrally located Markham neighbourhood staying on the market for an average of 10 days.
Other Findings on the Fastest-Selling GTA Neighbourhoods:
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- The average days on market declined on a year-over-year basis in six of the fastest-selling neighbourhoods last quarter.
- Just three of the nine fastest-selling neighbourhoods in the Greater Toronto Area were located outside the City of Toronto.
- While the majority of the fastest-selling neighbourhoods were in the City of Toronto, they were located outside the core in lower-density communities where single-family homes are concentrated. Wahi’s recent Great Canadian Dream Home Survey, which gauges homebuyer preferences, found that most Ontarians still prefer single-family homes over condos.
- All but two had median sale prices above $1 million, making them generally more expensive than the slowest-selling neighbourhoods (those with the highest average days on market). This price trend likely reflects the softness in the GTA condo market, since neighbourhoods with lower median prices are more likely to have a higher share of condos, which in turn are taking longer to sell in general and drive up the average days on market overall.
- In Q3, condo listings stayed on the market for an average of 33 days versus 25 for single-family homes.
Here’s Where It’s Taking Homes the Longest to Sell in the GTA
Four of the seven slowest-selling neighbourhoods in the GTA were found within Burlington. While many of these neighbourhoods have seen a higher level of condo development, there are some exceptions. For example, Tyandaga is a leafy low-rise neighbourhood lined with detached homes.
Homes in the slowest-selling neighbourhood (Freeman, Burlington) take six times as long to sell on average than the region’s fastest-selling neighbourhood (Raymerville, Markham).
“Homes that are competitively priced are still attracting attention, but some sellers haven’t been willing to adjust their expectations, “ explains Katchen. “Depending on their motivations for listing, some sellers are willing to wait out the current market or delay listing until spring in hopes of getting the price they want later.”
About Wahi
Wahi redefines the homebuying experience by putting more power into consumers’ hands. By combining cutting-edge tech and market data with expert Realtors, Wahi offers unmatched access to insights, tools and the team that makes buying a home faster and easier. Learn more at wahi.com.
News Media Contacts:
Kristin Doucet
Wahi
Tel: 877-207-4273