Answer: January & February
Let me begin by saying that there is a shortage of housing in Toronto and the general Golden Horseshoe. The job market is strong and we are seeing an increase in younger buyers. All of which will continue to push prices up. We believe that with the slowdown in the global economy, the interest rates will remain unchanged during the next quarter, therefore expect a buzzing spring market.
Buyers who are looking to snag a great deal can make it happen in the months of January and February. This purchase recommendation is based on the natural cycle of the market.
Every year in January, the median sales price of homes is at the lowest point. In addition, houses that close during the first month of the year have been on the market an average of two months or more. In general, the longer a home stays on the market, the lower the price is at closing. Buyers have more room to negotiate price when a home has been on the market for a long time and tend to get better deals.
Take advantage of the market place. The housing market has withstood a great deal of regulatory intervention, interest rate hikes, stringent mortgage rules, foreign buyer tax so it was expected that we would see a slowdown. However, be cautious because this slow down is not market enforced, the demand is still very high! We are also very aware of how real estate can soar if the BOC decides to lower interest rates. It would not be uncommon to see prices surge 5% to 15% in a year if that happens.
There is plenty of excitement around buying a home, send us an email to discuss your options.
Happy shopping or selling!
Sold History Team