Despite multiple notable cases of homes in Toronto slashing hundreds of thousands of dollars off their listing prices just to finalize a sale this year, over half of all Toronto properties continue to sell within two weeks or less, according to a new report. 

Using the Toronto Regional Real Estate Board's April 2024 report, real estate agency Zoocasa analyzed the Average Listing Days on Market (LDOM) throughout Toronto's neighbourhoods as well as the surrounding GTA cities and regions. 

Throughout the spring, the market for detached homes in Toronto has experienced particularly high demand. Overall, the report found that the fastest-selling neighbourhoods for detached homes are Rosedale and Moore Park, where homes spend an average of just four days on the market. 

Other neighbourhoods, including Mount Pleasant and Milliken, are also seeing high demand, with the homes there averaging just five and seven days on the market, respectively. 

Source: Zoocasa.

The trend for fast-selling homes extends to roughly 60 per cent of Toronto neighbourhoods, which see detached homes selling within 14 days or less on average, despite the fact that many properties in the city are quickly approaching an average price of $2 million. 

When looking at all home types, properties in Stonegate and Queensway sell the fastest, averaging just 10 days on the market. The same neighbourhood is also witnessing an uptick in demand within the condo apartment market, where units are selling within five days on average. 

Another area worth mentioning is Scarborough Village and Guildwood, where semi-detached homes were found to average only four days on the market. 

The report also reveals some discrepancies between property types and how quickly they sell in the same neighbourhood. For example, while the average detached home in Rosedale-Moore Park sells within four days, semi-detached homes in the same area experience the longest sales duration, averaging 56 days. 

Toronto's fastest-selling neighbourhoods. First column shows selling times across all home types, second column represents condo apartments, third column shows average times for semi-detached homes, and fourth column shows times for detached homes. Source: Zoocasa.

Outside of Toronto, properties in Ajax are consistently in high demand across various home types, with both detached homes and condo apartments just taking 10 days on average to sell, mirroring the sales pace of other cities like Whitby and Clarington. 

Looking at the GTA as a whole, the report found that almost all cities and regions analyzed sell detached homes in 32 days or less.