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When is the Best Time to Buy a Home in Toronto?

Spring real estate market is a very busy time. In the Spring every would-be home seller has a for sale sign on their freshly trimmed lawn, real estate agents buzz in the busiest time of the year and homebuyers come out of the winter hibernation.

Everyone wants a deal, everyone wants to sell and the market is flooded with a fresh inventory of homes to sell. Having said that, more homes are up for sale or sold during the Spring time than any other period of the year.

Spring best for home sellers

Spring is also the worst time to buy a home. Why? Because while there is more selection, there’s also more competition from other buyers. Spirits are up and people are willing to bid and pay extra. (Which means Spring is technically the best time to SELL your home, but first you should determine what your Toronto home is worth.

Summer good for buyers

In contrast Summer is a slow time of year. Too many people go on vacation and home selling or buying isn’t a priority.

The slow season is actually better for homebuyers because there is less competition and you’re more likely to have your offer accepted… especially if the sellers listed their home in the Spring and have yet to receive an offer. The sellers have become tired and are more willing to accept a lower price for their home.

Best time of the year to buy a home

The best day of the year however is not in the Summer. It’s actually Christmas Day. There are advantages to buying a house on Christmas Day.

1. Almost nobody looks at homes on Christmas Day. There is zero competition.

2. People on Christmas Day are usually in a good mood, celebrating and enjoying time with their family.

3. People are more inclined to be generous, lowering their price.

4. If they’re trying to sell their home during the Christmas season they’re serious about selling.

Of course if you can’t wait until Christmas there is no time like the present. You could start now by getting home listings by emailor searching local real estate listings in Toronto in the comfort of your home.

Simply give us a few details about your dream home in the form below, and we will email the latest home listings that fit your requirements the moment they become available for sale.

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Comments

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12 Responses to “When is the Best Time to Buy a Home in Toronto?”

  • that’s crazy!
    who puts their house on the market on christmas day?

    it may b a good day to buy a house because there will only be one on the market, the rest of the city will be selling their homes on other days. So you may be buying easily but you are buying the only house on the market

    You can’t be serious.

    • Thanks for your comments Joe. First of all, during Christmas day there is definitely more than ONE home for sale in the MLS system. As a matter of fact, on that date, there are still thousands of homes for sale that were listed 45 to 60 days prior to Christmas, and have not been sold.
      The point I am trying to make is this … many sellers come to the market with inflated ideas about the value of their homes. After a while some of these sellers withdraw from the market, but a good 20% to 35% stay on. These sellers finally realize that buyers are not willing to make offers at their listed price and proceed to reduce their asking price.
      Amongst these sellers are those that for whatever reason must get their home sold. This is where the opportunity lies for a patient and shrewd buyer to make an excellent purchase.
      Many of these sellers become tired of the selling process and prefer to secure sale at the end of the year instead of waiting for the New Year and having to go through the entire selling process again.

  • Is it good time to buy a house? I heard that the real estate prices will go down this year because of the mortgage changes. Is that correct?

    • Depending on what area of Toronto you are thinking of buying, it may still be a good time to buy a home. Mortgage rates are only one factor that can affect prices. Employment numbers and the overall state of the economy also play a big roll.

  • Hmm that was weird, my comment got eaten. Anyway I wanted to say that it’s nice to know that someone else also mentioned this as I had trouble finding the same info elsewhere. This was the first place that told me the answer. Thanks.

  • Too often bloggers take the time to write quality detailed posts like this and people fly back, absorb, and move on.I want to thank you for sharing this in depth knowledge with us. Hope you can keep up your blog and not fall into the 80% who eventually abandon their blog.

    • Thank you for your kind words. Short of running out of breath, we will stay on our mission …to help dispel the notion about incompetence and dishonesty that all real estate agents are painted with.

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