When Is The Best Time To Buy A House In Toronto
Ever wondered about how to get a deal on a house in Toronto? Yep, we get asked that question every day. Ten times a day. Here’s another one; when is the best time to buy a house in Toronto? We hear that a lot too. There’s an old adage in Real Estate, the best time to buy Real Estate is now. It’s true.
Will The Toronto Market Ease?
Have you ever thought about or had a friend say to you that they’re going to wait until the market softens? When was the last time that happened? It hasn’t. Real Estate is not a trading game. It’s a long term strategy fulfilling immediate and short term needs. Shelter, raising a family, community building and betterment. It’s buy and hold.
We showed a property to our clients in this video on Christmas Eve. They put an offer in on Boxing Day and got the deal of a lifetime. So, yes, there are deals out there.
However!
Knowledge is power and statistics are the building blocks of knowledge. Local area expertise and being able to predict trends is a crucial part of the process. So, yes, for neighbourhood “A” the best time to buy a house is now. For neighbourhood “B” though I would hold off because there’s planning permission for a 7 storey condo development going up on the corner and it’s going to overlook everybody’s back yard. The best neighbourhoods to live in Toronto, with rare exception, are always in transition.
These are macro factors that affect mid to long term prospects. There are also micro factors that statistics cannot predict.
How Do Real Estate Agents Find Deals?
There are unknowable things that happen in people’s lives that can effect a change in circumstances that means that they have to sell their home or divest themselves of property. The reasons are common enough. Changes in relationship status, health issues, money and financial matters, job promotions or even job loss are among them. Nobody is here to trade on other people’s misfortunes or otherwise but people do have to get on with their lives.
As Realtors we knock on doors, we develop professional relationships with people on a daily basis across neighbourhoods. We are often the first to hear about a home owner’s need to sell. Sometimes these properties never make it to the Toronto MLS. It’s not insider trading but it is inside knowledge. It’s a deeper understanding of the market. Our buyer clients have secured some pretty amazing deals over the last couple of years. There is no better feeling knowing that you have just negotiated a deal where our clients have beaten the market and the competition.
What Is The Best Month To Buy A House In Toronto?
Everybody has heard that May 1st is the best day to buy a home in Toronto but what is the best month?
A cursory look at the statistics (see the above chart) show that in any given year January posts the lowest average price. As prices increase through to July they take dip again in June, July, August gaining upward momentum in September and October. Prices dip again in December. So, is it fair to say that January is the best month for a deal on a Toronto house? Which January? January 2015 saw the average GTA house price set at $552,967. In 2014 it was $526,965. See what we’re saying? Yes, across the span of a year January is cheaper but if January was 3 months ago and you’re looking at the market to wait for the following January to wait for a deal you’re already behind the market.
Think With Your Head, Not Your Heart
If you’re thinking of buying please read some of our other posts, particularly about how to buy a house in Toronto and another post about how to choose a realtor in Toronto.