How Long Do Toronto Homes Take to Sell?
Published on 29 August 2022, 07:22:56 AM
Toronto homes can sell at record speeds when interest rates are low.
Before you worry about the number of Toronto homes for sale, here’s what you need to know about how long it takes to turn over a home. Days on market (DOM) matter, but not in the way you may suspect.
Competition is the norm, says the Toronto Regional Real Estate Board (TTREB), and fierce it is.
Toronto homes for sale sit on the MLS (multiple listing service) between listed and accepted offer a ridiculously short time. Two-bedroom detached Toronto homes go from listing to offer in seven days, five days quicker than in 2021.
Financial perks for first time home buyers.
Why Days on Market Matter
Languishing longer on market often means buyers aren’t showing an interest in a property at the listed price. It doesn’t infer a house is undesirable, or the neighbourhood is going downhill.
Searching out Toronto homes with long DOMs could net you a bargain. Here’s why:
- Sellers may have misjudged the market, or been holding out for a price they just won’t get.
- Long DOM stats can reduce the number of buyers you are vying with.
- Researching “comps”, or comparable prices for similar homes in an area, arms you to negotiate a serious deal.
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Despite what may be happening with Toronto home prices, it only takes one offer to sell. The lucky buyer could be you.
No Question Housing in Toronto is Expensive
Toronto homes may seem loopey, but is housing in Toronto expensive compared to other places? Not so. Top notch neighbourhoods like Campbellville and Aurora Estates in Milton, or Donalda hit the $2.4 to $2.5 million mark in 2021. Toronto homes, by contrast, can still be had for well under $2 million.
How much Toronto houses cost depends on what you’re looking for, but home sellers are flush with cash. The average house price in Toronto in 2020 shot up 17.8% to $1,095,475 in 2021. Prices for a two-bedroom detached or studio condo were up 18% again between February 2021 and this March. Even townhouses are holding their own, with a 22% hike for two-bedroom Toronto homes over the same period.
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Are House Prices in Toronto Falling?
It’s too soon to say for sure what impact the March 2 Bank of Canada overnight interest rate increase will have. Market watchers predict a moderating effect on Toronto homes for sale. The “exceptionally low” supply could slow prices slightly by mid-year. That will be countered by high demand due to immigration and the lack of supply.
A Statistic to Watch for Toronto Home Buyers
Inventories of Toronto homes for sale are down significantly from a May 2021 high of 6,049 units, with 3,970 sold. That’s little relief for buyers. The 3,633 units for sale this March are virtually sold out.
Four steps only a real estate sales lawyer can do.
Why You Need a Real Estate Lawyer
Axess Law’s licensed real estate lawyers scan offers to purchase you receive for clauses that give buyers rights you may not realize they have. Selling a home is easier when you use our Greater Toronto Area (and Ottawa) real estate lawyers.
Draft a legally binding real estate sales agreement.
Add Essential Clauses to Sales Contracts
We add clauses like the right to get a firm commitment from a buyer if you receive other, more lucrative offers to buy your property. Conditions taking too long to fulfill. Axess Law negotiates with a buyer’s lawyer to amend agreements of purchase and sale to firm up the final completion date.
Axess Law searches your property title for construction liens or financial claims, then transfers it to the new owner. Our experienced legal team can add a spouse to title to a property to create a joint tenancy, or include family members on title when you co-own property.
Close Homes Sales Sooner
Closing real estate transactions goes quicker when you use Axess Law’s professional real estate lawyers in Toronto. We have Greater Toronto Area (and Ottawa) law offices near you.
Axess Law meets completion date deadlines on time, or negotiates with a buyer’s lawyer if mortgage financing falls through. Buyer requesting minor repairs? We negotiate with their real estate lawyer to finalize your sales contract.
Find a real estate lawyer in Ontario.
Refinance Mortgages When You Plan Renovations
Discharge your current mortgage to fund home renovations. Axess Law’s real estate lawyers liaise with banks, credit unions, trust companies, or private lenders to sign mortgage documents you need to set a new mortgage in place.
Checklist for closing a real estate sales contract in Ontario.
Flat Fee Legal Services for Home Buyers and Sellers
Our flat fee legal services keep home buying and selling affordable. Property sellers pay just $799.99 and up plus HST, and repeat, first time or new home buyers $999.99 and up plus HST.
Downsizing when you retire? Refinancing a mortgage is $799.99 and up plus HST. Title transfers are $649 and up plus HST for the same basic services you could get from a traditional law firm.
Save time by using a virtual real estate sales lawyer.
We keep you on schedule when your time is tight by video conferencing remotely with you. E-sign from your home or office, or pop into a Greater Toronto Area law office to sign documents. We have day and evening appointments.
Your legal services are all-inclusive — no hidden charges or unexplained surprises when you get your final statement of adjustments.
Book Appointments Quickly and Convenient
Make appointments online in minutes using our handy booking form. Arrange virtual video calls, or drop into Greater Toronto Area and Ottawa law offices. Dial toll-free to 1-877-402-4277, or call 647-479-0118 in Greater Toronto Area for day or evening appointments, 7 days a week.
Onsite parking and easy bus access available.
