What Is the Best Time of Year to Buy A Home in Canada?
posted in Mortgage News
If you’re not exactly in a rush to go out and buy a home right this minute, it might be worth thinking about whether there is a good time to buy a home in Canada. You might not realize it, but the time of year can have a very definite impact upon home buying, and as such, buying a home at certain times of the year might prove beneficial:
Buying a home in winter:
One of the cheapest times of year to buy a home in Canada, while many sellers suspend their listings between Thanksgiving and the New Year because they assume buyers won’t be in abundance, others who need to sell quickly, will keep their properties listed, and this could see you getting a good deal if you’re ready to buy during that period. Negotiations and commissions are also more likely to take place during slower periods, making winter a potentially fruitful time to purchase a home.
Buying a house in spring:
With the warm weather and end of the school year, sellers and buyers are in their element, and while this can be good news for buyers, it also means there’s a lot of competition. One reason as to why sales inventories increase during spring, is because homes typically show better, with flowers blooming, luscious green grass and bright, warming sunshine.
Buying a house in summer:
While it is possible to get good deals throughout summer, if you can hold out until the end of the season, you’re more likely to get an even better price, provided you can move fast. You’ll need a strong, serious offer that tells sellers you’re ready to close the deal, and if you need to sell your home to buy a new one, the summer is a great time to do so; with lots of buyers on the lookout for a new property, you stand a much better chance of timing your sale and purchase together.
Buying a house in the fall:
As well as winter, the fall can also be a great time of year for buyers looking for a good deal, as once summer is over, sellers are more motivated. Lowering their prices, many sellers want to avoid moving during the holiday season, giving you more opportunities to negotiate and get yourself a fantastic deal.
While seasonality undoubtedly plays a significant role in the home buying process, housing market conditions can also have an impact, with a variety of market forces influencing house prices, inventory and interest rates. No matter how excited or desperate you may be to purchase a new home, if you can consider what time of year you begin your hunt, it could prove fortuitous. Ultimately though, most home buying journeys come down to your personal readiness and financial circumstances.
To get ready for the home buying process, reach out to a local mortgage broker and schedule a consultation at the earliest.