Most homes in York Region are spending less time on the market than they were in 2019 despite higher prices.
Homes spend an average of 31 days on market even though prices are 42.3 per cent higher, according to Zoocasa. Homes are currently trading hands fastest in Markham, Stouffville and Aurora, while those in Vaughan and King are spending more time on market today compared to 2019.
Stouffville has experienced the largest decrease in days on market. On average, homes are selling in 24 days compared to 45 in 2019 – a 21-day decline. In Markham, homes are selling in 25 days on average compared to 28 in 2019. Homes in King are selling in 79 days on average today compared to 33 days in 2019. King is one the most expensive places to buy in all of Canada with a current average price of $2,145,925 – a 53.8 per cent increase since 2019.
Thanks to factors that include the pandemic, rising real estate prices, diminishing supply and interest rate hikes, the time it takes to sell a home has fluctuated drastically in the last few years – ranging from barely more than one week to well over one month, Zoocasa reports.
2019 followed typical trends, including a slower winter market and a more active spring market. The housing market was quite slow during the second half of 2020 – the first year of the pandemic – before picking up in early 2021 as restrictions eased. With historically low interest rates, demand continued to grow, even during the typically slow winter months.
Properties across York were on the market an average of 19 days in December 2021 – well below the average in that month for every other year Zoocasa compared. Heated market conditions continued in the first four months of 2022, with properties taking just 12 days to sell on average across February, March and April.
As interest rates increased, the average time to sell increased as well, with properties averaging 37 days on the market. So far, 2023 is trending closer to 2019, with an average of 31 property days on market in February for both years. The Bank of Canada’s decision to hold interest rates is expected to move sideline buyers into the market and with greater competition, Zoocasa predicts the average time on the market will decrease.
