The real estate market in the Greater Toronto Area (GTA) has been shifting over the past year, with homes now taking varying amounts of time to sell depending on the neighborhood. While some areas are experiencing rapid sales, others are seeing properties sit on the market much longer. If you’re curious about the latest trends, here’s a look at where homes are selling the fastest — and the slowest — across Southern Ontario.
The Changing Pace of Home Sales in the GTA
According to a recent analysis by the digital real estate platform Wahi, homes across the GTA are taking anywhere from 10 to 63 days to sell, depending on the neighborhood. On average, properties are taking 28 days to sell, which is about 9 days longer than the same period last year. However, these figures tell only part of the story, as there are some communities where homes are selling at a much quicker pace.
The GTA market is still showing signs of rebounding, but not all areas are experiencing the same level of activity. In fact, 86% of neighborhoods in the GTA are seeing slower sales compared to the previous year, but there are notable exceptions where homes are changing hands quickly.
The Fastest-Selling Homes in the GTA
If you're in the market for a home and want to know where properties are moving fastest, you’ll want to look at low-rise neighborhoods in the City of Toronto. These areas tend to have a quicker turnover compared to other parts of the region.
One standout neighborhood is Raymerville in Markham, where homes sell at lightning speed. Homes in Raymerville are moving six times faster than in some of the slower-selling neighborhoods in the region. This trend can be attributed to several factors, including pricing, the type of properties in the area, and overall demand.
Other pockets of fast-moving homes can be found in urban and suburban areas of Toronto, where demand for detached and semi-detached homes is high. Properties that are priced well and in desirable locations are still attracting competitive bids and moving quickly.
The Slowest-Selling Homes in the GTA
On the flip side, there are certain neighborhoods where homes are sitting on the market for much longer. Burlington is home to several of the slowest-selling neighborhoods in the GTA. Four out of the seven slowest-selling areas in the region are found here, particularly in neighborhoods like Freeman.
Why is this the case? Burlington has seen an increase in condo development in recent years, but many of these condos aren’t seeing the same level of demand as detached homes in other parts of the region. Additionally, areas like Tyandaga — a leafy, low-rise neighborhood with detached homes — are also experiencing longer-than-usual sale timelines.
Overall, homes in the Freeman neighborhood in Burlington take six times longer to sell on average compared to areas like Raymerville in Markham. For example, while Raymerville homes are selling in an average of 10 days, homes in Freeman can sit on the market for upwards of 60 days.
What’s Behind These Market Trends?
As Wahi’s CEO Benjy Katchen points out, the speed of a home sale is influenced by more than just overall market trends. Factors such as the type of property, its price, and the specific neighborhood can have a significant impact. Some sellers are holding out for higher prices, while others are adjusting their expectations to meet the current market conditions.
Some homeowners may choose to wait for a rebound or hold off on selling until spring, in the hopes of getting a better price. However, properties that are competitively priced and well-positioned in desirable neighborhoods tend to attract buyers quickly, even in slower market conditions.
What This Means for Buyers and Sellers
For buyers, understanding where homes are selling quickly (and where they are taking longer) can be helpful in crafting your strategy. In fast-moving neighborhoods, you may need to be prepared to act quickly and potentially make competitive offers. On the other hand, in slower markets, there could be opportunities for negotiating better prices or finding homes that haven’t garnered as much interest.
For sellers, pricing your home appropriately is more important than ever. If you're in a neighborhood where homes are taking longer to sell, consider adjusting your expectations and pricing accordingly to attract more buyers. In fast-moving areas, pricing competitively can still generate significant interest and potentially lead to quicker sales.
Final Thoughts
While the real estate market in the Greater Toronto Area is seeing varied speeds of sales, there’s still plenty of movement happening in the right areas. Whether you’re buying or selling, understanding these local trends and adjusting your strategy accordingly can make all the difference. Keep an eye on market conditions, and make sure your property is priced right to ensure a successful sale, no matter which neighborhood you’re in.
