In early 2022, homes in Toronto seemed to sell overnight as bidding wars became the norm and competition remained fierce.
But by the end of the year, high interest rates and the anticipation of lower prices had sidelined many prospective buyers. Come December, the average Toronto home was spending more than a month on the market.
Outside the city, though, there are several Ontario markets where demand remains high. To determine where properties are selling the fastest, real estate agency Zoocasa reviewed December listings data, including property days on market (PDOM), average home price, new listings, and home sales for 23 Ontario cities.
Waterloo Region saw the fastest home sales in December, with properties spending an average of 25 days on the market compared to Toronto's 40. With an average home price of $690,050, there were 302 new listings and 280 sales in the region last month.
Aurora saw speedy sales, too, with homes spending an average of 26 days on the market. While there were just 44 new listings and 34 sales in the city last month, the average home price of $1,239,509 was amongst the highest on the list.
Other cities with relatively rapid home sales include Whitby (28 days), Markham (29 days), Hamilton (34), and Brampton (36).
In contrast, demand dwindled in Caledon and Orangeville. Properties in both towns spent an average of 60 days on the market, and they saw just 30 and 17 home sales in December, respectively -- the lowest figures on the list.
In Vaughan and Milton, it took an average of 47 days for homes to sell, while Burlington abodes were listed for roughly 46 days. Oakville and Halton Hills homes spent an average of 43 days on the market, as did those in St. Catharines.
While there's certainly been a slowdown in Ontario home sales across the board, just how slow it gets depends on where you look.