Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
per week
for first 24 weeks

Enjoy unlimited digital access
Cancel Anytime
Enjoy Unlimited Digital Access
Get full access to
Just $1.99per week for the first 24weeks
Just $1.99per week for the first 24weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(}function setPanelState(o){dom.root.classList[o?"add":"remove"](,dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //

The Toronto Real Estate Board has changed the way it calculates a home's Days On Market figure.

dreaming2004/iStockPhoto / Getty Images

The Toronto Real Estate Board is getting closer to providing its more than 50,000 members with more accurate data that show, for instance, that it takes about 11 more days sell a home in the many sub-markets across the Greater Toronto Area than the currently published statistic suggests, according to TREB director of market analysis Jason Mercer.

That gap in market knowledge came from the way TREB had been calculating Days on Market (DOM) for home sales. For years, TREB heard from its members that the market statistics it kept were missing some crucial information. Because it calculated DOM as the amount of time a single listing lasted in the system before a sale was registered, it was missing some of the accumulated days a property spent on the market from previous listings, terminations, price changes as part of a new listing and other activity. In March, Mr. Mercer published a new study that showed, “properties that have had at least one list-terminate-relist cycle before selling have an average days on market substantially higher than properties that were never terminated and relisted.

“Since January, 2003, the average spread between the ‘Avg. LDOM [Listing days on market]' statistic and the new 'Avg. PDOM [property days on market]’ statistic was approximately eight days. In February, 2019, the spread was approximately 11 days.”

Story continues below advertisement

Real Estate: Rules, rates and reality checks for first-time home buyers

This relisting activity was also widespread, more than had previously been known. In February, 2019, 20 per cent of sold listings were part of a relist cycle, and over the entire study period the average was 16 per cent. But the volume of sales via relistings spikes in moments of housing market stress: For much of 2017 and 2018 the share of homes sold as part of a relisting cycle hovered between 25 and 30 per cent of all sales, which Mr. Mercer attributes to market jitters over the Ontario Fair Housing Plan and the OSFI mortgage stress test regime. The PDOM for those periods also spiked, but exact figures were not released in TREB’s report.

In November, 2018, Mr. Mercer acknowledged to The Globe and Mail that TREB had never studied the difference between accumulated days a property spent on the market and listing days on market. Now that the research shows there was some meaningful gaps in the data, the PDOM stat will make its way into future TREB monthly market reports, perhaps as soon as the April edition.

For Mr. Mercer, DOM has always been a lagging indicator that describes where the market has been. Still, he says, the spread between the PDOM and LDOM will be an number worth watching. “It provides another snapshot of the marketplace. I’m not trying to liken it to equities, but you hear about volatility metrics,” he said, suggesting the tightening of the spread between the two stats could provide a quicker sense if markets are heating up or cooling down. “It remains to be seen whether something like this will follow that same path. It’s early days.”

Broker and blogger David Fleming with Bosley-Toronto Realty Group Inc., has argued there are legitimate reasons to use the LDOM stat, particularly if a new agent or broker takes on a listing it’s hardly fair the PDOM from a previous agent should be calculated against the new team. But over all, he welcomes more data for consumers.

“I love that they are responding to something that’s problematic. The DOM stuff is a sneaky little tactic to make a listing look fresh and new,” he said. He also suggested it is not a particularly useful stat to use to judge an agent’s effectiveness, in part because it leaves aside the question of whether an agent gets the best value for a home, or just the quickest sale.

“I put absolutely zero stake in the DOM stat as it pertains to effectiveness. If a seller thinks that’s important, good for them; I vehemently disagree,” he said.

In addition to publishing the stats in future monthly market report, the collected listing activity that represent a property’s full history is now available to agents on TREB’s MLS software via a one-click view. Collecting that history was once an arduous task for agents involving multiple searches. Mr. Mercer said he’s not done tinkering yet.

Story continues below advertisement

“We’ve been adding features over time, as we move forward we’re always looking for more ways to add to market knowledge for members,” he said.

Your house is your most valuable asset. We have a weekly Real Estate newsletter to help you stay on top of news on the housing market, mortgages, the latest closings and more. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the author of this article:

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to If you want to write a letter to the editor, please forward to

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies