Homes are selling the fastest and slowest in these southern Ontario neighbourhoods

Home sales in the Greater Toronto Area are slower or faster depending on the community.

The average number of days that a home remains listed for sale in the Greater Toronto Area ranges between 10 and 63, according to a new analysis from digital real estate platform Wahi.

It’s taking longer for homes to sell in 86 per cent of neighbourhoods across the GTA compared to last year, but they’re still changing hands at a “rapid fire rate in select pockets,” Wahi said.

Wahi looked at the average period of time that homes stayed listed on the market before selling (or being delisted) in approximately 400 neighbourhoods throughout the GTA during the third quarter of the year.

While the real estate market is showing signs of rebounding, not all areas are equal.

In general, the neighbourhoods with the quickest turnover were low-rise neighbourhoods in the City of Toronto.

Wahi’s study reveals how the speed of home sales varies drastically in different parts of the region.

“People talk about there being a Toronto housing market, but real estate is also influenced by factors on a much more local level,” said Wahi CEO Benjky Katchen. “The type of property, how it’s priced, the neighbourhood it’s located in, and more all have an impact on how quickly it sells.”

Looking at the entire region as a whole, homes stayed listed for an average of 28 days in the third quarter of the year, up nine days from the same time last year, but in some neighbourhoods, the average days on market was much lower.

Here’s where homes are selling the fastest in the GTA:

Four of the seven slowest-selling neighbourhoods in the GTA were found in Burlington. While many of these neighbourhoods have seen a higher level of condo development, there are some exceptions. For example, Tyandaga is a leafy low-rise neighbourhood lined with detached homes.

Here’s where it’s taking homes the longest to sell in the GTA:

Homes in the slowest-selling neighbourhood (Freeman, Burlington) take six times as long to sell on average than the region’s fastest-selling neighbourhood (Raymerville, Markham).

“Homes that are competitively priced are still attracting attention, but some sellers haven’t been willing to adjust their expectations,” Katchen said. “Depending on their motivations for listing, some sellers are willing to wait out the current market or delay listing until spring in hopes of getting the price they want later.”

See the full report here.