The best time to sell your house is usually spring, because of the squeeze of listings and abundant buyers. But, what if you wanted to sell in the offseason, are you leaving money on the table? Read below for our take on when it’s the best time to sell your home.
Should I buy and sell within a relatively short period of time?
We advise buying and selling within a short period of time, because there is always a risk of the market changing in an unexpected way. In summer 2017, when the government introduced a foreign buyer’s tax to our market, detached house prices dropped quite significantly, leaving many families who had brought a house and not yet sold theirs in a very tough position. This is a rare phenomenon, but it can happen to anyone. The best way to avoid a situation like this is to buy and sell in a relatively short period of time.
When is the best month to sell your home?
In the graph below, you can see, historically, which months and weeks are the best for selling your home. However, this is just a rough guide from our historical data. Contact us today to ask whether it’s a good time to sell your home or whether you should wait.
Calendar showing the best time of the year to sell a house
In Canada, the buying and selling seasons are more pronounced than the rest of the world, because of our seasons. With seasonal changes, comes market changes, because the longer days and warmer temperature encourage families to start searching for a new home.
Selling your house in Spring
Selling in spring is traditionally the best time to sell. The flowers are out in bloom, and the buyers are energized to buy a home. The days are longer, and with more sunlight, comes more hours in the day to view homes. The only con selling in spring, is that there are more homes for sale at the same time. The market starts as soon as February, but be wary that some homebuyers might take a vacation over Family Day long weekend. Plan to sell a few weeks before the family day long weekend, or list and sell just after it.
Selling your house in Summer
Summer is a fantastic time to sell your house. Just like spring, the days are long and the buyers are out in full force. It’s important to remember that near the end of summer, there are a few long weekends where families might take a vacation. It’s a European tradition to take summer vacations over August, and it’s something that Canadians seem to have adopted too. Many families take vacations over August, or spend a few weeks up at the cottage before school starts. We see a small increase in Days On The Market for houses listed in August, which could lead to a very small drop in prices.
Selling your house in Fall
Selling in fall is a smart move to catch any buyers who lost out on homes during the summer. There are fewer buyers but also fewer listings, so you still have a strong chance to sell at a good price. The most important thing when selling in fall, is to embrace the season in the marketing. Photography and videography of your home can look stunning with the trees and bushes turning their auburn shades.
Selling Your House In Fall
Selling Your House In Winter
One thing about Toronto and the GTA, is that our market never really sleeps. Our growing economy, strong immigration, and low unemployment rate, means that our real estate industry needs to keep up with the rest of the community. While Winter is when most families get back to school, it’s when real estate investors and flippers start looking for homes to restore/renovate over the winter to sell in spring. The last few weeks before Christmas, and a few days into January, most real estate offices are closed or operating on holiday hours, and many realtors and their clients take time off. Any other time in winter, there is a strong possibility of selling for a good price. You just have to make sure there are enough buyers in the market before you list.
