It’s been a tough spring for the Toronto housing market, as sales dropped 32.1 per cent year-over-year in April, while prices fell 12.4 per cent. But according to a new report, some neighbourhoods seem to be bucking the trend.
“In the year following the Fair Housing Plan, some Toronto neighbourhoods have remained hot sellers’ markets,” reads a new report from Zoocasa.
To find out which neighbourhoods have continued to see high levels of demand, Zoocasa measured the aggregate number of days on the market (DoM) for a group of homes in a specific area, over 16 days in April.
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“Generally, a shorter average DoM indicates a sellers’ market, while a longer DoM suggests buyers’ market conditions,” reads the report.”
The report notes that a longer DoM may indicate that the sellers are in a position to negotiate. Homes that stay on the market too long can sometimes develop a stigma, as buyers assume something is wrong with the property.
“In fact, DoM can be so important that a common strategy for sellers of overlooked homes is to pull their listing from the market altogether, reassess their marketing and pricing strategy, and relist at a later date, with a new MLS ID (and often a new price) to seize the chance to get back in front of buyers with a seemingly fresh listing,” reads the report.
Across the city, homes are taking longer to sell than they did this time last year. The average DoM for condos sits at 18, up from 10 last year, while the average detached home has a DoM of 22, up from 9 in April 2017.
To find out Toronto’s five busiest neighbourhoods last month, read on for a breakdown of where activity was hottest.