Home buying options depend a lot on the time of year when you are looking at the market. If you have arranged your finances, you may not have the choice to delay the actual purchase for long. If you have chosen your property in a fast moving market, you will have to make the decision even quicker.
Analysis of data from the Canadian Real Estate Association (CREA) for the period 2007-2016 reveals that each year, May and June record the highest number of sales and December the lowest.
The best will be you should look at what is available in your budget and see if you can settle with any of the options available. This approach makes you less dependent on the seasonal fluctuation in prices, both as a home buyer and investor.
Peak Season Spring
But all indications, spring seems to be the best season for the housing market as it records the highest sales during the year. This is the peak time for the market when both the supply and demand shoot up sharply. Having more choice is good for homebuyers but in a market flooded with homebuyers, it is natural for the prices to look upwards.
So, as a home buyer, this may not be the best season for you to make the purchase. From the investment point of view, however, it can be a good time keeping in view the abundance of supply.
Slow Sales in Summer
Summer is mostly a vacation time and the housing markets are largely dull during this period. But this can be a good time to move from your old home as this is the time when schools have vacation and children can be shifted to a new school.
Market Intensifies in Fall
In the fall, the home buying activity once again intensifies. It’s time to move into a new house before the weather turns cold and snowy.
Winter is again the holiday time that leaves people with so much of stress that an important decision like buying a home is left for a time less hectic. The housing activity during this period slows down also because people know the best time for selling a house is in spring and fall. They tend to think that there must be some reason why a house is put on sale in this season. However, this can be a good time for homebuyers who can strike a good deal in the quiet and placid market.
Seek professional help
If you are looking for a home to buy, Reza Afshar, who is a leading property agent in the Toronto market with an excellent track record of executing more than 600 sales since 2002, can be of great help.
Reza has been around since the beginning of the real estate boom in Toronto. His knowledge, commitment, and professionalism are widely recognized among his clients. So far, Reza has sold real estate worth more than $400 million. He has also executed over 600 sales since 2002.
Even if you are not going to make an immediate decision, it will help you a lot if you discuss your home buying ideas with him. His professional advice comes with solid experience of more than 15 years and can save you many a hassle.