As one of Canada’s largest and most diverse real estate markets, Toronto and its surrounding areas consistently display unique housing trends, including how long different property types typically stay on the market. Knowing the average time a home remains listed in your target area can help you gauge market demand, prepare for faster transactions, and navigate competitive pricing.
If you’re buying, this data provides insights into how quickly you might need to make an offer. For sellers, it reveals which home types are in demand and how to optimize your listing strategy. Let’s dive into the latest trends across the GTA for Fall 2024.
Average Time on Market by Home Type in the Toronto Region
Data courtesy of the Toronto Regional Real Estate Board (September 2024)
Across the Greater Toronto Area, homes move at different paces, with semi-detached homes selling quickest, averaging 20 days on the market, while condos tend to linger at around 35 days. Notably, Clarington’s condos, Whitby’s townhouses, and Toronto East’s detached homes are among the fastest sellers in each category. Semi-detached homes in Toronto Central also see brisk sales, underscoring the ongoing demand within the city.
Data courtesy of the Toronto Regional Real Estate Board (September 2024), graphic by Zocasa
Condo Market: Prices and Turnover Time
With a dense population and high demand, condos remain a popular choice in Toronto. Citywide, the average condo price is $707,917, though prices and time on the market vary widely:
- Toronto Central: Highest prices at $755,575, with condos selling in an average of 34 days.
- Toronto East: Most affordable at $616,795, and also faster to sell at 29 days.
- Toronto West: Moderately priced at $630,529, averaging 36 days on the market.
In less central areas like Uxbridge and Bradford, condos can sell in as little as 12–13 days, albeit with limited inventory. Condos in Clarington and Ajax tend to move faster than average, selling within 22–23 days, while Brampton condos generally take about 32 days.
Where are Condos Selling the Fastest in the Toronto Region?
Data courtesy of the Toronto Regional Real Estate Board (September 2024) graphic by Zocasa
Townhouses, Semi-Detached, and Detached Homes:
High Demand, Fast Sales
Freehold properties, including townhouses, semi-detached, and detached homes, generally sell much quicker than condos, highlighting the demand for private space. For instance:
- Townhouses: Typically sell within 24 days.
- Semi-Detached Homes: Take about 25 days.
- Detached Homes: Average 28 days on the market.
Semi-detached homes, in particular, appeal due to their blend of affordability and privacy. In Whitby, the average market time is just 15 days, and in areas like Pickering and New Tecumseth, semi-detached homes can sell even faster, within 9–12 days.
Where are Semi-Detached Homes Selling the Fastest in the Toronto Region?
Data courtesy of the Toronto Regional Real Estate Board (September 2024) graphic by Zocasa
Relative Affordability Drives Faster Sales of Detached Homes
In the detached home category, affordability plays a key role. For example, in Oakville, where the average detached home price exceeds $2.1 million, properties remain on the market for about 30 days. In contrast, Toronto East, with an average detached price of $1.25 million, sees these homes sell in just 17 days.
Fastest-Selling Regions for Detached Homes:
- Toronto East: 17 days
- Pickering & Whitby: 20 days each
- City of Toronto: 21 days (citywide average)
More affordable areas like Oshawa (average price: $854,945) are similarly quick-moving, with detached homes selling in 21 days, while luxury markets like Richmond Hill and King, where homes approach or exceed $1.9 million, see slower sales at around 28–40 days.
Where are Detached Houses Selling the Fastest in the Toronto Region?
Data courtesy of the Toronto Regional Real Estate Board (September 2024) graphic by Zocasa
Where are Townhouses and Semi-Detached Homes
Selling the Fastest?
In Durham Region, townhouses offer relative affordability, with an average price of $804,536 and a rapid 18-day turnover. Whitby’s townhouses are especially fast sellers, taking just 12 days on average. Similarly, semi-detached homes in Toronto Central and Toronto East average just 15 days on the market, indicating strong buyer interest.
This contrast across regions highlights how both affordability and location affect market dynamics, with homes priced more accessibly moving more quickly than their luxury counterparts.
Conclusion
Whether you’re entering the market as a buyer or a seller, understanding how quickly homes in various categories are selling throughout the GTA can help you strategize. Buyers will be prepared to act fast in competitive regions, while sellers can adjust expectations based on demand and plan for timely transactions.
