The spring housing market has officially kicked off, and although it is generally considered the best time to be a seller, some neighbourhoods are selling much faster than others, according to a new report.
Using the Toronto Regional Real Estate Board’s April 2024 report, Zoocasa analyzed the average listing days on the market (LDOM) throughout Toronto neighbourhoods and surrounding GTA cities and regions, including Peel, Durham, and Halton.
Their findings show that the market for detached homes in Toronto is experiencing particularly high demand this spring. The fastest-selling neighborhood for detached homes is Rosedale–Moore Park, where homes typically spend just four days on the market. Other areas in high demand include Mount Pleasant and Milliken, with homes in those areas averaging 5 and 7 days on the market, respectively.
Even though Toronto homes are rapidly approaching an average price of $2 million, about 60% of the city’s neighborhoods have detached homes selling within 14 days or less.
Regarding hotspots for quick home sales—across all home types, homes in Stonegate–Queensway (i.e., 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.
For semi-detached homes in Toronto, many neighbourhoods sell 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, 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 the market.
Rosedale-Moore Park has the fastest sales for detached homes in Toronto, with an average of only four days on the market. However, semi-detached homes in that area experience the longest sales duration, averaging 56 days.
In York Mills, Bridle Path, and Hoggs Hollow—which are affluent neighbourhoods—detached homes generally stay on the market the longest (an average of 32 days).
The market dynamics differ in Yorkville, Annex, and Summerhill—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.
Regarding the GTA, Ajax excels in the real estate market, with properties consistently in high demand across various home types. Detached homes and condo apartments in Ajax each take about 10 days on average to sell, mirroring the sales pace of Whitby and Clarington.
Ajax also leads in the semi-detached house market across big cities, with properties selling in just 7 days — faster than in Burlington, Richmond Hill, and Clarington, where they take about 9 days.
Detached homes appear to be in huge demand in the GTA, with almost all cities and regions analyzed selling in 32 days or less. About 24 per cent 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.
