As fall 2024 unfolds, Toronto’s real estate market reveals unique trends by property type, impacting how long homes stay on the market. Whether you’re looking to buy or sell, knowing these trends can help you move strategically. For buyers, understanding market pace can prevent missed opportunities; for sellers, it shows how quickly you can expect offers. Here’s a closer look at what’s moving fast—and why.

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How Long Do Homes Stay on the Market?

Quick Facts on Market Time by Home Type

• Semi-Detached Homes: Average 20 days
• Townhouses: Average 22 days
• Detached Homes: Average 25 days
• Condos: Average 35 days
  Source: Toronto Regional Real Estate Board (September 2024)

Each home type attracts different buyer demographics and, thus, moves at a different pace. Let’s dive into the trends shaping Toronto’s hottest properties.

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Condos: Popular, But Take Time to Sell

Condos, especially in downtown Toronto, attract first-time buyers and investors due to affordability and convenience. The city’s average condo price is around $707,917, but sale times vary:

• Toronto Central: Average price $755,575, 34 days on market.
• Toronto West: Average price $630,529, 36 days on market.
• Toronto East: The most affordable, at $616,795, with a quicker turnover of 29 days.

Yet, in places like Uxbridge and Bradford, condos can sell in as little as 12-13 days, although this data is based on limited sales. Clarington and Ajax offer a more stable trend, with condos selling within 22-23 days.

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Freehold Properties: Moving Quickly

Freehold homes—townhouses, semi-detached, and detached—are in high demand, reflecting buyers’ desires for space and privacy.

Market Time for Freehold Properties

• Townhouses: 24 days
• Semi-Detached Homes: 25 days
• Detached Homes: 28 days

Semi-detached homes blend affordability with space, often selling in under 20 days in hotspots like Toronto Central (15 days), Pickering (12 days), and New Tecumseth (9 days).

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Townhouses: Competing in a Hot Market

Townhouses in the GTA are snatched up in an average of just 17-23 days. The price point and privacy they offer make them a competitive option, especially for families.

• Toronto Central: Averaging $1,410,373, townhouses stay on the market for about 22 days.
• Whitby: A standout with townhouses moving in just 12 days at an average price of $836,481.
• Durham Region: Offering affordability with an average townhouse price of $804,536 and a swift 18-day sale timeline.

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Detached Homes: High Demand at a Range of Prices

Detached homes show a clear trend: the more affordable, the faster they sell. For instance:

• Toronto East: $1.25 million, averaging just 17 days.
• Oakville: $2.1 million homes typically take around 30 days.

In regions like Oshawa, where the average detached home is $854,945, sales close within 21 days, while pricier areas like Richmond Hill see homes lingering longer.

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Affordable Homes Are Selling Fastest

Across the GTA, the data shows that affordability drives speed. Homes in high-priced areas like King, where detached homes average near $2 million, take longer (40 days), compared to Clarington’s under $1 million homes that move in about 21 days.

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Summary: Market Insights for Fall 2024

• Condos linger longer, especially in Toronto Central, but sell quickly in select regions like Uxbridge and Bradford.
• Semi-Detached and Townhouses are in high demand, particularly in Toronto and Durham regions, moving in as few as 9-22 days.
• Detached Homes sell quickly if they’re priced competitively, with Durham offering some of the fastest sales for budget-friendly homes.

Whether you’re navigating your first home purchase, aiming to sell, or investing, staying updated on market trends helps you make timely, informed decisions.

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