The past year hasn’t been a hot one for real estate in the Greater Toronto Area, but even in a cooler housing market, some properties sell faster than others.
In the GTA, homebuyers are wasting no time snapping up family-sized houses — at least in certain neighbourhoods.
That’s according to a recent Wahi analysis of home sales data from the first quarter of this year.
Looking at the average number of days that listings remain on the market before selling, Wahi’s latest study found that three-bedroom single-family homes are currently the fastest-selling type of home in the GTA.
Single-family homes — which, in the study, include detached and semi-detached houses as well as townhouses — with three bedrooms took an average of 23 days to sell.
Two days may not seem like a significant difference, but at the neighbourhood level, there are signs of stronger demand for three-bedroom homes.
In 48 neighbourhoods, three-bedroom single-family homes took two weeks or less to sell. By comparison, just seven neighbourhoods saw homes with two bedrooms or fewer sell as quickly. Meanwhile, 37 neighbourhoods matched this pace for four-bedroom houses.
It’s worth noting that these numbers could be influenced by the mix of housing available. To be included in the analysis, neighbourhoods had to meet a threshold of at least five sales of a given housing type (for example, three-bedroom single-family homes).
The latest findings align with Wahi’s 2024 Great Canadian Dream Home Survey, which found that nearly two-thirds of Canadians favour single-family homes, with three bedrooms being the most popular choice.
Recent research from both the Missing Middle Initiative — a think tank based at the University of Ottawa — and Toronto Metropolitan University’s Centre for Urban Research and Land Development suggests that a lack of accessible, family-sized housing is pushing many homebuyers out of the GTA each year. With stronger competition for three-bedroom homes, some residents may opt to relocate elsewhere in the province.
It’s Harder to Sell Smaller Condos
The Greater Toronto Area’s condo segment remains the weakest part of the region’s resale housing market, and smaller units are proving the most difficult to sell.
In the first quarter of the year, condos stayed on the market for an average of 36 days before selling — 11 days longer than single-family homes. Condos with two or fewer bedrooms took an average of 37 days to sell, compared to three- and four-bedroom condos, which each took an average of 34 days.
In 18 neighbourhoods, condos with two or fewer bedrooms remained on the market for more than 50 days on average. Half of these neighbourhoods were located in Toronto, generally in more suburban areas outside of the city core.
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