We’ve previously written about how the commonly used Days on Market stat is unreliable given we often see listings go up, fail to sell, and be terminated only to relist as a “new” listing.
Fortunately, the Toronto Region Real Estate Board (TRREB) also tracks a more reliable number, namely the property days on market, which takes into account such listings to give an accurate number of how long it actually takes for a property to sell, not just how long a particular listing for a property was on the MLS system.
The results for 2021 are actually quite surprising so, let’s get into it!
The winner is…Whitby!
From top to bottom, here are the average Property Days on Market in 2021 for each of the 33 areas within the TRREB boundaries.
The hottest market in all of the GTA last year was Whitby, with an average PDOM of just 9 days. Ajax, Clarington and Oshawa are the next quickest markets, so Durham Region had a very fast paced year!
The slowest market in the GTA was King
At 36 days on average, King Township in York Region was the coldest market in the GTA. In a very surprising result, the second slowest market last year, at 26 days on average, was Toronto Central! Toronto West was also relatively slow, ranking 26 out of the 33 markets in the GTA. The hottest area of Toronto in 2021 turned out to be Toronto East, but it still didn’t crack the top 10, showing up in 14th place, with 15 days on market on average.
Toronto and York Region were slower than the GTA average!
Our average property days on market across all of the GTA in 2021 was 18 days and both the City of Toronto and York Region as a whole were colder than that average. Toronto had an average of 22 days on market and York Region had an average of 20 days.
The hottest overall regions was Durham Region, with just 11 days on average. Brock, Scugog and Uxbridge were your best bets if you were trying to buy in Durham at a relatively sedate 18 or 19 days on average.
The length of time it takes a property to sell (on average) is a very useful way to assess how hot a market is, and in 2021 Whitby was on fire! With about 2,700 sales last year, that means it was a busy, fast-paced year for Realtors working in Whitby.
Regardless of whether you live in one of the quickest paced markets or one of the slowest, or even somewhere in the middle, we work hard to sell your home quickly, for the most amount of money and with the least amount of stress. If that sounds appealing, get in touch so we can talk next steps.