In particular, the city's detached homes have seen a much-heightened level of competition
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Looking at the “days on market” (DoM) metric, brokerage and real estate information portal Zoocasa has found that homes tend to sell faster in specific Toronto neighborhoods, reflecting the various factors currently at play in the red-hot market.
DoM is the duration that a listing remains active on MLS before it gets sold in a finalized deal. The metric is often taken as an indication of the level of competition in a particular area.
“The DoM provides both buyers and sellers important insights for individual properties; a seller can use it to determine whether their listing is performing well in comparison to similar properties, while buyers can see whether the home has generated a lot of interest thus far,” Zoocasa stated in its report.
“A longer DoM may also suggest the sellers are in a position to negotiate, as the homes that linger on MLS can, in some instances, develop a stigma – buyers may think there’s something wrong with the home, and submit a lower offer, or pass on it altogether.”
Read more: Ontario cities with the least and most pricey homes
The following figures are in comparison to the city average of 16 DoM (condos) and 17 DoM (detached homes) in April 2018, per data from the Toronto Real Estate Board.
Fastest-Selling Toronto Neighborhoods: Condo Apartments
Tier 5: C04 and C06 (14 DoM)
Tier 4: W01, W03, C14, and E07 (13 DoM)
Tier 3: C08, E03, and E06 (12 DoM)
Tier 2: C12 (11 DoM)
Tier 1: W02 and E01 (8 DoM)
Fastest-Selling Toronto Neighborhoods: Detached Houses
Tier 5: C04, C11, C02, and E03 (12 DoM)
Tier 4: C09 (9 DoM)
Tier 3: W02 and C10 (8 DoM)
Tier 2: W01 and E02 (7 DoM)
Tier 1: C08 (6 DoM)
