The ‘Fastest’ and the ‘Slowest’ Selling Neighborhoods in the GTA
The Greater Toronto Area (GTA) housing market may be stabilizing, but how quickly homes sell depends heavily on their location and type, according to a recent report.
A new analysis released this week by the digital real estate platform Wahi reveals a stark contrast in how quickly homes are selling across the region. Some family-friendly neighborhoods are finding buyers in as little as 10 days, while properties in luxury and condo-heavy communities can sit on the market for months.
“There is no single Canadian housing market; it’s a combination of various markets that behave differently. We observe this same trend within the GTA,” stated Wahi economist Ryan McLaughlin in an interview with a local news portal.
According to Wahi’s analysis of MLS data, Alderwood in Etobicoke was the fastest-selling neighborhood in July, with homes averaging only 10 days on the market.
Following closely, Palmer in Burlington averaged 15 days, while Uptown Ajax and Dovercourt Park in Toronto averaged 16 days.
Other neighborhoods, including Humber Bay in Etobicoke and areas in Milton, Markham, Whitby, North York, and Toronto, rounded out the top 10, with all averaging 17 days or less.
On the flip side are the ‘slowest‘ selling neighborhoods.
These include homes in Chaplin Estates in midtown Toronto, which averaged 77 days to sell.
Tansley Woods in Burlington followed with an average of 71 days, while Bronte Lakeshore in Oakville averaged 65 days.
Burlington waterfront properties spent an average of 64 days on the market, and homes in the Queen Street Corridor of Brampton averaged 62 days.
Most real estate analysts agree that one key factor influencing sales speed is the type of property being marketed.
“When I look at the neighborhoods that are moving quickly, they often feature family-friendly, move-in-ready homes, single-family or row homes. Move-in-ready properties are becoming increasingly popular, as buyers prefer not to undertake renovations,” McLaughlin explained.
In contrast, the slowest-selling areas often contain a diverse mix of properties, including high-end homes and condos. Condos, in particular, are increasingly viewed as a burden on the housing market.
McLaughlin notes that smaller condo units, which he calls “shoebox apartments,” are especially hard to sell and are “really struggling.”
This data emerges as the broader GTA market shows early signs of tightening.
Earlier this month, the Toronto Regional Real Estate Board reported a decline in the number of homeowners listing their properties, a shift that might help the market move closer to balance.
However, most brokerages in the GTA anticipate that the housing market is nearing a turning point, although much will hinge on interest rates, inflation, and federal policy as the year comes to a close.
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