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When discussing real estate markets, overvaluation, and plenty of other related things, it’s common to report on major cities like Toronto and Vancouver, however, not everyone lives in these cities. Many readers want to hear about their own places of residence and how long it takes to sell a house in their area. They want to hear what the markets have in store around where they hang their hat as well.
It’s important to note that Toronto and Vancouver alone contributed to nearly 30% of home sales Canada wide. That’s an incredibly significant number, and serves to defend just why these two cities are constantly in the news. The percentage was taken in 2015, just 4 years ago. That’s not a large timeline when considering real estate markets.
However, due to recent events, examples being the mortgage stress test, the two cities have cooled off quite a bit. Their real estate markets are now only contributing around 22%. Although this is still incredibly high, it is much smaller than it once was, dropping nearly 8%.
Now that Toronto and Vancouver are contributing to Canada’s overall housing sales at a much lower rate, we have deemed it time to take into account all of the other real estate markets that contribute to Canada’s overall housing sales. We will be using statistics from the Canadian Real Estate Association, in order to provide you with just how long it may take to sell your house, in a variety of real estate markets all over Canada.
Toronto and Vancouver may have experienced cooling in regards to their housing sales, but the two cities are still labelled as maintaining markets in which houses “fly off the shelves”, incredibly fast. Windsor joins them, with an average time of selling at just over 12 days. That’s insane compared to other markets! Saguenay, Quebec, maintains a selling time of over 134 days. Quite the difference.
According to statistics from the CREA, Quebec is on the bottom of the list in terms of selling time. Most of the province’s cities are beaten by maritime cities, oddly enough. Many say that it’s because french Canadians like to their time, or that english Canadians are just really pushy when it comes to getting things done. The large gap between Quebec selling times and Ontario’s selling times may also be due to the social norms of both provinces. Ontario residents are used to getting things done quickly, where as Quebec residents take their time, and seek perfection.
Below you’ll find the amount of days on average it takes to sell a house across several Canadian real estate markets.
Quebec
Saguenay – 134 Days
Quebec City – 123 Days
Sherbrooke – 109 Days
Trois-Rivieres – 99 Days
Gatineau – 75 Days
Montreal – 74 Days
Alberta
South central Alberta – 94.5 Days
Central Alberta – 73 Days
Lethbridge – 65 Days
Medicine Hat – 58.5 Days
Fort McMurray – 58 Days
Edmonton – 57 Days
Calgary – 52 Days
Newfoundland
St. Johns – 92.5 Days
Ontario
Timmins – 85 Days
Sault Ste. Marie – 57 Days
Bancroft – 53.5 Days
Rideau – 48 Days
Cornwall – 45.5 Days
North Bay – 42 Days
Tillsonburg – 40.5 Days
Grey Bruce Owen Sound – 40.5 Days
Southern Georgian Bay – 37 Days
Ottawa – 36 Days
Thunder Bay – 35.5 Days
Northumberland Hills – 35 Days
Muskoka – 35 Days
Orillia – 35 Days
Sudbury – 33.5 Days
Barrie – 32 Days
Quinte – 31 Days
Huron Perth – 30 Days
Niagara Region – 28 Days
Oakville – 28 Days
Milton – 28 Days
Brampton – 27 Days
Kingston – 26.5 Days
Peterborough – 25 Days
Simcoe – 24 Days
Kitchener – 24 Days
Waterloo – 24 Days
Hamilton – 24 Days
Burlington – 24 Days
Guelph – 24 Days
Toronto – 23 Days
Mississauga – 23 Days
Chatham-Kent – 22 Days
Brantford – 22 Days
Durham Region – 21 Days
Cambridge – 20 days
Kawartha Lakes – 18 Days
London – 15 Days
Windsor – 12 Days
British Columbia
South Okanagan – 73.5 Days
Greater Vancouver – 56 Days
Vancouver Island – 44.5 Days
Northern B.C. – 43.5 Days
Chilliwack – 42 Days
Victoria – 31 Days
Manitoba
Brandon – 71 Days
Winnipeg – 25 Days
Nova Scotia
Nova Scotia – 69 Days
New Brunswick
Saint John – 67 Days
Fredericton – 66 Days
Saskatchewan
Regina – 62 Days
Saskatoon – 45 Days
P.E.I.
Prince Edward Island (P.E.I.) – 59 Days
