My clients often as me when is the best time to buy a property? Or “I’ve heard that it’s better to buy in the Winter?”
The Toronto real estate market has a seasonal cycle. Spring is the most popular time for housing activity as buyers stop hibernating and number of properties listed tends to pick up until June. It then slows down again for July and August as the summer reaches it zenith. The market picks up again in the Fall as people get back into their groove and then slows down again in December for the holidays until the Spring thaw.
While it’s true that there are less buyers in the market place during the peak of the summer and the winter, there are also less homes available to purchase. And according to the stats the sales to listing ratio jumps way up in December which means the number of homes sold compared to the number of homes listed for sale goes way up. Probably because sellers are delaying sales until after the Holidays or until Spring. This means that while the number of buyers looking for properties drops in the Winter there are also less properties for sale! And the property you love may not be for sale!
My recommendation to clients is that buying is a process. First determine the what kind of property you want (condo or freehold, number of bedrooms, parking, income potential, etc.), where you want to be located and how much you can afford and start looking. The process of buying is really figuring out how to get the best property for your budget, and you need to see some properties to really figure out what you love in a home!
So, the best time to start looking is now. Start the process so when the home of your dreams becomes available I can help you buy it at the best price.