Canada's Condominium Magazine
Aside from price versus asking, Days on Market (DoM) is usually the best indicator of the relative hotness of a market. In April, condominiums continued to surge in popularity, with 18 of the neighbourhoods selling in less than the average time for the GTA.
In some areas, such as W02 and E01 (see map) — as little as 8 days. On the opposite side, E08 averages 31 days, together with 16 neighborhoods selling longer than the 16 day average. W06 is the only area that sells right on the average of 16 days.
What does all this mean?
It means condos continue to churn, selling relatively fast. In popular regions, such as the Beaches and central Toronto, Etobicoke and other western neighborhoods — much less than 16 days. There is no doubt that condos remain hot. One reason they are being snapped up is low-ish inventory and high-ish demand for condos.
Days on Market is a major metric in real estate, and a strong indicator of popularity. It measures time from listing on the MLS to a firm deal. The numbers are slower than 2017 — although that year was a bit of a blip — but they remain crisp.
In other words — on a micro-level — 18 neighborhoods are “sellers markets” in the GTA, and the other 16 are “buyers markets.” As a seller, in the better-than-average Days on Market neighborhoods, it’s good to know you can, perhaps, wait for better offers. As a buyer, it might be good to know which neighborhoods might have the willingness to negotiate — likely those with longer Days on Market. That may be overly simplistic, but it is a helpful indicator.