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As one of Canada’s most populated regions, Toronto and its surrounding areas showcase diverse real estate trends. The time homes spend on the market varies mainly by property type.
Understanding how long homes typically stay on the market in your area gives you a clearer picture of what to expect, whether you’re buying or selling. If you’re a buyer, it helps you know how fast you might need to make an offer, and if you’re selling, it shows you how in-demand your price range is. This way, you can better plan your next steps and avoid surprises. With this in mind, here’s a closer look at the key trends across the GTA.
Across all Toronto regions, homes vary in how quickly they sell, with semi-detached homes taking 20 days, townhouses averaging 22 days on the market, detached homes at 25 days, and condos lingering the longest, averaging 35 days. Among the fastest-selling property types with more than ten sales, condos in Clarington stand out, while Whitby’s townhouses are snapped up quickly. Detached homes in Toronto East are selling faster than in other regions, and semi-detached homes in Toronto Central are among the most in-demand, reflecting the brisk pace of the city’s real estate market.
Condo Market: Prices and Turnover Time
Due to Toronto’s dense population, condos remain popular for homebuyers and investors. The average condo price citywide is $707,917, though prices vary significantly by location. Condos in Toronto Central fetch the highest prices at $755,575, with a typical time on the market of 34 days. Moving west, condo prices drop to $630,529, taking 36 days to sell. Toronto East offers the most affordable condos at $616,795 with a faster turnover of 29 days.
Overall, condo apartments are generally more abundant in the market, which explains why they take longer to sell, averaging 38 days on the market. However, some areas are moving faster—Uxbridge and Bradford stand out with condo listings selling in just 12 and 13 days, respectively, though these figures are based on minimal sales. More reliable numbers from Clarington and Ajax show condos moving within 22 to 23 days, while Brampton sees condos selling in 32 days.
Buying Townhouses, Semi-Detached, and Detached Homes? Act Quick
Freehold properties like townhouses, semi-detached, and detached homes sell much faster than condos. Townhouses typically sell within 24 days, semi-detached homes in 25 days, and detached homes in 28 days. This quicker pace reflects the high demand for the space and privacy freehold homes offer.
Semi-detached homes are particularly sought after because they offer a unique blend of privacy and affordability. In Whitby, the average time on the market is just 15 days, while homes in Pickering and New Tecumseh sell even faster, at 12 and 9 days, respectively.
Across the Toronto region, nearly 47% of semi-detached homes sell within 21 days, with Toronto Central and Toronto East averaging just 15 days. Looking at Toronto specifically, townhouses command high prices, averaging $1,221,039. In Toronto Central, prices soar even higher to $1,410,373. Despite these hefty price tags, townhouses move quickly, averaging just 17 days on the market. In Toronto West, townhouses are snapped up in as little as 13 days, making it a highly competitive market.
Durham Region is a top choice for more affordable townhouses, with the average price here being $804,536, providing a more accessible entry point for buyers. With 105 townhouse sales, listings are sold in an average of 18 days, with Whitby standing out for its speedy 12-day turnaround.
York Region strikes a balance with an average townhouse price of $1,118,438. This area saw 125 townhouse sales, the highest of any region in the dataset, though homes take slightly longer to sell, averaging 23 days on the market. In Richmond Hill and Vaughan, prices are higher, and homes take around 26 days to sell, suggesting buyers are patient for the right property in these sought-after locations.
Relative Affordability Drives Faster Sales
The demand for relatively affordable housing is driving a significant difference in how quickly detached homes sell in the Toronto region. Lower-priced homes are moving much faster than their luxury counterparts. For example, in Oakville, where the average detached home price exceeds $2.1 million, properties sit on the market for about 30 days. Compare that to Toronto East, where the average detached homes are at the $1.25 million mark and sell in just 17 days. This highlights how detached home buyers act quickly if they see something in their price range.
The same trend is seen in Richmond Hill and Oshawa. Richmond Hill, with homes priced near $1.9 million, experiences slower sales with an average time on the market of 28 days, while Oshawa’s more affordable homes, at around $850,000, trade hands in just 21 days.
Even in King and Clarington, the trend remains consistent: King’s luxury homes, averaging close to $2 million, take 40 days to sell, while in Clarington, where detached homes are priced under $1 million, they’re snapped up in almost half the time in 21 days.
Whether you’re buying or selling, understanding how long different property types typically stay on the market in Toronto’s varied regions can help you navigate the ever-evolving real estate landscape. Staying informed is vital to making the most of your next step.
The post These are the Fastest-Selling Types of Homes Across the Toronto Region in Fall 2024 appeared first on Zoocasa Blog.
