The rate at which properties are trading hands has slowed in Ontario due to buyer apprehension in the market. Lack of inventory and the need for more affordable have contributed to the market slowness.
In December, many homes in Ontario stayed on the market for longer than usual. In the Toronto Region, homes are currently listed for an average of 40 days, according to the Toronto Regional Real Estate Board (TRREB). This was a big stretch from the pandemic when homes seemed to sell practically overnight.
Overall, it’s become increasingly difficult for sellers and potential buyers to navigate the shifting landscape of real estate markets across Ontario. However, the good news for sellers is that there are still some in demand markets where homes are moving more quickly.
We’ve analyzed which cities in the Toronto Region and surrounding areas are most competitive by reviewing how quickly homes sold in December. The results may be good news for some hesitant sellers.
York Region Sweeps the Board
Homes in the Toronto Region were listed for an average of 40 days in December, but properties are moving more quickly within York Region! Overall, homes within York Region are on the market three days less than the Toronto Region average. Whether buyers are interested in Aurora‘s great family neighbourhoods or Markham‘s 19th-century homes, properties are selling 14 and 11 days faster than the average, respectively. Homes within Newmarket are only spending 31 days on the market, and Richmond Hill’s inventory is moving within 35 days.
People Continue to Favour the GTA and Surrounding Markets
Other cities where properties are selling faster include Brampton and Toronto East and West, selling four days faster than the Toronto Region average. Yet properties in Halton and Peel are less in demand. Throughout December, Halton homes were listed for an average of 45 days. However, in Caledon, homes were on the market for 60 days!
Cities like Whitby are selling 12 days faster than the TRREB average! Check out the infographic below for how other markets compare:
For those looking to buy property in Ontario, now is an excellent time to take advantage of the low competition and find the perfect home. Our qualified real estate agents can share more information about how your ideal market measures up, whether you’re looking to buy, sell, or both. Keep an eye on our blog for more in-depth updates, and sign up for our newsletter to get updates sent directly to your inbox!