Buying and selling property in Ontario is very nuances. Seasons and weather factor heavily in determining the real estate market; the busiest time for both buying and selling is in the spring and to a lesser extent the fall. Unfortunately, if you are caught between these high times, it can be very difficult to move on a property. The conundrum is that in Ontario, the best time to buy and sell often coincide. So, it can be difficult to get a good deal (buying) and drive up asking prices (selling) when the market is so competitive
When to Sell
There is more inventory in the spring, so buyers come out to browse. Overall, despite increased competition, this works to the sellers' advantage. One pundit even crunched the number to project the absolute best day to sell a home in Ontario. "When it comes to selling…May 1st is the best day to sell,” according to Rokham Fard. If your home needs work or that has an untraditional layout, consider selling when there isn't much competition, in fall or winter. At least, it will be seen and have a chance at a good offer.
When to Buy
According to TheRedPin.com the exact best day to buy a home in Ontario is the third Monday in January. Although you will find inventory will be much lower in the middle of winter, you will likely get a better deal. Sellers are generally more motivated to sell if they have their property listed in the winter, and are therefore more likely to accept a lower offer compared to sellers in a hot market.
Dave Fleming summed it up beautifully, stating that if a buyer does not mind shopping when everyone else isn't, you might be able to get a good deal in August. Unfortunately, there is almost no selection then.
On the other hand, if you need a lot of options, then you look in the fall and take your chances with the rest of the crowd.
Let a Professional Help You
If you need help finding a home in Cambridge, Ontario, contact us at 519 222 1540. Dewar Realty provides real estate services in Cambridge, Waterloo, Kitchener, and nearby neighbourhoods. He will answer any questions you have on when to buy or sell a home.Posted by Greg Dewar on