What to know
- A Wahi analysis found a wide gap in how long homes took to sell across GTA neighbourhoods in July, ranging from an average of 10 days to 77 days.
- Alderwood in Etobicoke was the fastest-selling neighbourhood tracked, averaging 10 days on market, followed by Palmer in Burlington at 15 days.
- Chaplin Estates had the longest average selling time at 77 days, followed by Tansley Woods at 71 and Bronte Lakeshore at 65.
- Wahi economist Ryan McLaughlin says differences in property type, price point and local demand can help explain why some neighbourhoods move much faster than others.
- Longer selling times can signal more negotiating room for buyers, but McLaughlin cautions against using GTA-wide headlines to judge an individual neighbourhood.
Ten days or 77? Depending on where you’re house hunting in the GTA, the amount of time a home spends on the market can look dramatically different.
A new analysis from real estate platform Wahi found a wide gap between the GTA’s fastest- and slowest-selling neighbourhoods in July, potentially giving buyers another clue about where competition remains strong and where they may have more negotiating room.
Days on market measures how long a property is listed before it sells. While it doesn’t tell buyers whether a home is affordable or whether they’re getting a bargain, longer selling times can be one indication of softer demand.
Fastest selling neighbourhoods
According to the study, the No.1 fastest selling neighbourhood in the GTA in July was Alderwood in Etobicoke, where homes sold after an average of only 10 days on the market. The area is known for offering single-family homes in a quieter, residential lifestyle.
In second place was Palmer in Burlington, with properties selling after an average of 15 days. This neighbourhood is located in a central area of the city, and offers tree-lined streets, community parks, and nearby schools.
Fastest-selling:
- Alderwood, Etobicoke — 10 days
- Palmer, Burlington — 15 days
- Uptown Ajax — 16 days
- Dovercourt Park, Toronto — 16 days
- Humber Bay, Etobicoke — 17 days
Uptown Ajax was at the third spot in the list, with an average of 16 days before sale. The convenient neighbourhood offers easy access to Highway 401 and other transportation routes.
One of the few Toronto neighbourhoods featured in the list was Dovercourt Park in Old Toronto, which also registered a 16 average. Located in west Toronto, this neighbourhood offers convenient access to the city’s downtown core and its perks, from restaurants to public transit.
In fifth place was Humber Bay in Etobicoke, with an average selling time of 17 days. The neighbourhood offers several housing options for buyers, from condos to detached and semi-detached homes, as well as access to Lake Ontario, Mimico Creek and the Humber River.
Slowest selling neighbourhoods
Meanwhile, the market in some GTA neighbourhoods were marked by much longer selling times.
At the bottom of the list was Chaplin Estates in Old Toronto, with homes selling after an average of 77 days. This neighbourhood is marked by larger homes that offer close access to the Yonge-Eglinton area as well as nature trails and parks.
In second place was Tansley Woods in Burlington, which recorded a 71-day average selling time. This area includes multiple green spaces, trails and public parks.
Bronte Lakeshore in Oakville was third on the list at a 65-day average time. The neighbourhood offers plenty of waterfront access, and features older homes, townhouses and condos.
Burlington Waterfront took fourth place, with homes selling on average after 64 days. The neighbourhood also offers versatility with different property types available and access to the waterfront, parks and downtown amenities.
The Queen Street Corridor in Brampton was in fifth place, with homes spending 62 on the market on average. This neighbourhood is known for being historic, and offering plenty of recreational amenities.
Why some neighbourhoods are selling faster than others
Wahi economist Ryan McLaughlin tells Now Toronto that most neighbourhoods in the fastest-selling list appeared to resemble what a typical “single-family type neighbourhood” would be like.
In addition to the quieter lifestyle, they also offer more semi-detached or detached listings, rather than smaller townhouses or condos.
“Central neighbourhoods with move-in ready housing that’s kind of [what’s] popular for a broader segment of the population, like normal houses and row homes, [where] the pricing hasn’t gone down as much,” he said.
In the meantime, neighbourhoods on the slowest selling side were more likely more central, and often included smaller housing options, such as condos. In addition, some of them include mostly higher-end housing, which usually take longer to sell.
“Queen Street Corridor Brampton [for example] might be that kind of condo situation, like in Vaughan, where it’s just struggling to sell. Then maybe Burlington Waterfront as well, and then the other type that might take longer to sell is just like really high-end stuff, like Chaplin Estates and Bronte Lakeshore,” he said.
What this means for buyers
According to McLaughlin, buyers might be able to use information about slowest and fastest selling neighbourhoods to inform their decisions and find out where they might get the best opportunities.
“If you happen to be interested in condos in Brampton, you’re definitely getting a screaming hot deal right now. Not everyone’s interested in that market. In fact, that’s precisely why prices are down,” he said.
However, the expert said buyers should note that study headlines don’t automatically translate into a guide of when and where to find the best opportunities.
While prices or sales might decline overall, they might differ significantly from neighbourhood to neighbourhood.
“If you look at the headline number… [sales] are down quite a bit in Toronto. [Buyers might think] this must be a great time to move, to buy… [but] not necessarily,” he explained. “Some of these places, like Burlington, Milton, Whitby, maybe these aren’t as soft as some might assume.”
