Photo: Dafne Cholet/Flickr
Toronto’s increasingly tight market conditions have driven up prices and shortened the amount of time a home will have a “for sale” sign up on the lawn. Just how fast will a property sell? In most districts, the average is less than a month though some coveted east end neighbourhoods are seeing properties sold in under two weeks.
Looking into the Toronto Real Estate Board’s numbers, we found that between January and July 2013, existing homes in Toronto-proper took, on average, 25 days to sell. That number has dropped to 23 days this year .
It’s the east end where the turn-around for transactions is the fastest. In Central Toronto and West Toronto, a home will be on the market for an average of 25 days, while in the East, it plummets to just 17 days. The amount of new listings in the area also dropped from last year as well. Between January and July 2013, there were 10,036 new listings in the region. This year, there were 416 fewer new listings during that same time period.
Each region saw an increase in the median price for a property. In West Toronto it rose by 8.51 per cent to $472,000 while in Central Toronto, it increased by 5.62 per cent to $492,000. The east end, however, saw the biggest surge, with the median price increasing by 11.36 per cent to $490,000.
The East was also home to the four fastest districts for home sales. E01, which includes North and South Riverdale as well Leslieville, and E02, which is home to The Beaches and The Woodbine Corridor, both saw homes snapped up in just 12 days, on average. It was followed by E03, the East York area home to Danforth Village, Crescent Town and Broadview North, which saw residences stay on the market for an average of 13 days.
The districts that saw a considerable speed up in the average time spent on the market were spread out across the city. C11, which includes Leaside, Thorncliffe Park and Flemingdon Park, saw the average days on the market drop from 27 days in 2013 to 20 this year. W09, E05 and E11 all lost six days.
Need more details? You can view the data here or check out our interactive map to see how your area compares:
Avg. Days on Market 2014