Home to over 6.2 million people, Toronto and the Greater Toronto Area (GTA) form Canada’s largest metropolitan hub. This bustling area boasts a vibrant mix of neighborhoods, cities, and communities, each with unique real estate markets and varied property trends.
Using the Toronto Regional Real Estate Board’s April 2024 report, we analyzed the average listing days on market (LDOM) throughout Toronto neighbourhoods and surrounding GTA cities and regions.
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Notably, the market for detached homes in Toronto is experiencing particularly high demand this spring. The fastest-selling neighborhood for detached homes is Rosedale and Moore Park, where homes typically spend just 4 days on the market. Other areas in high demand include Mount Pleasant and Milliken, with homes there averaging 5 and 7 days on the market, respectively.
Remarkably, 60% of Toronto neighborhoods have detached homes selling within 14 days or less, highlighting the strong interest in these properties, even though homes are rapidly approaching an average price of $2 million.
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Toronto's Hotspots for Quick Home Sales
Across all home types, Stonegate and Queensway (also known as Humber Bay) sell the quickest, averaging 10 days on the market. This same neighbourhood is also in high demand within the condo apartment market, where units sell in 5 days on average.
Semi-detached homes are particularly fast-moving in Toronto, with many neighbourhoods selling within 7 days or less. “Scarborough Village and Guildwood” are the most sought-after, with properties averaging only four days on the market. “Bedford Park, Nortown, Lawrence Park, Forest Hill North” and Mount Pleasant, Birchcliff, “Willowridge-Martingrove-Richview” as well as “East York and Danforth Village” also show fast sales, with homes spending only 6 to 7 days on market.
Varied Market Dynamics in Prestigious Toronto Neighborhoods
Rosedale-Moore Park boasts the fastest sales for detached homes in the city, with an average of only four days on the market. However, semi-detached homes in the same area experience the longest sales duration, averaging 56 days. In contrast, in York Mills, Bridle Path, and Hogs Hollow—one of the city's most prestigious addresses—homes generally detached homes are one of the longest to stay on the market, with an average of 32 days.
In Yorkville, Annex, and Summerhill, the market dynamics differ. Here, semi-detached homes sell much more quickly, averaging just eight days on the market, while condo apartments typically take about a month to sell.
Ajax's Leading Role in the GTA's Real Estate Market
Ajax excels in the Greater Toronto Area's dynamic real estate market, with properties consistently in high demand across various home types. In this competitive environment, Ajax's detached homes and condo apartments stand out, each taking just 10 days on average to sell, mirroring the sales pace of Whitby and Clarington.
Furthermore, Ajax leads in the semi-detached house market across big cities, with these properties selling in just 7 days, faster than in Burlington, Richmond Hill, and the municipality of Clarington, where they typically take 9 days.
Rapid Sales Define GTA's Detached Home Market
Detached homes are in significant demand in the GTA, with almost all cities and regions analyzed selling in 32 days or less. Notably, about 24 percent of detached homes across the GTA and surrounding areas sell in just 14 days or less, highlighting the overall strong market in Ajax, Whitby, Clarington, Pickering, Oshawa, Aurora and Markham.
Given the varying supply, demand, and trends across different home types, it's crucial to collaborate with a trusted real estate agent who understands the intricacies of your specific neighborhood, community, and city. Comparisons may seem straightforward, but the current market complexity necessitates the guidance of a knowledgeable expert more than ever.
Contact us today to speak with a local real estate agent who can help you find the best house for you.
