Posthaste: Where homes are selling the fastest — and slowest — in Ontario
financialpost.comGood morning,
Canada’s housing market has been on a roller coaster this year.
After a slow start to the year, activity really started to pick up in the spring after the Bank of Canada put a short-lived pause on interest rate hikes.
After that came a surge back into the property market that surprised even the experts. Then just as quickly activity moderated as the central bank resumed raising rates in June.
But as everybody in real estate knows, it’s location, location, location.
RBC economist Robert Hogue says that in June for the first time in a year local market trends diverged.
While home sales continued to rise from the month before in British Columbia (except Vancouver), Alberta, Manitoba, Nova Scotia and Newfoundland, they fell in Ontario, New Brunswick and PEI. In Saskatchewan and Quebec they stalled.
Breaking that down even further, Zoocasa set out to find the most competitive markets in Ontario by analyzing how long it took to sell a home in 23 cities.
When the online realtor last did this study in January the shortest amount of time it took a property to sell was 25 days in the Waterloo region, writes Zoocasa’s Daniel Crook.
The same study in June revealed that the shortest time for a home to sell had been cut in half with homes moving in just 11 days in Ajax and London.
Orangeville saw the biggest decrease. Crook said homes here were spending an average of 60 days on the market in December, but by June they were selling in an average of just 14 days.
In Milton the average selling time of 47 days in January dropped to 14 days in June.
Based on this study, Ontario’s most competitive markets appear to be London, Ajax, Oshawa, Newmarket, Pickering, Milton and Orangeville, with selling times ranging from 11 to 14
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