It’s natural to assume that that average real estate market will fluctuate throughout the year. With each passing season, the market can shift from being driven by sellers to buyer’s having their pick from hundreds of listings. While this can be said about many markets, it’s important to remember that Toronto is not your average real estate market. The seasons may have changed here in Toronto, but it is still a seller’s market.
Here are a few things you should know about buying this winter.
1. The New Mortgage Rules
Some homebuyer’s may not be up to date on the latest changes to Canada’s mortgage guidelines. If you’re unfamiliar with the new rules, I suggest reading my post on the latest changes that were introduced on November 30th here. While some of the changes may not significantly impact Toronto buyer’s, there are a few things you should know.
2. The Value of a Home Inspection
Regardless of the season, any qualified agent will recommend a home inspection before transferring ownership. During the winter months, home inspectors are on high alert for moisture buildup, leaks, and poor insulation, amongst other things. If you’re purchasing a home this winter, you can feel assured that your home won’t have any surprises.
3. January Is the Best Time to Buy
Historically, fewer new listings have entered the market during the month of January, and active homes have remained on the market for longer periods of time. As a result, buyers have benefited from sellers who are motivated to sell. On average, homes have sold for 2% below the asking price, which has saved buyers up to $60,000 on the purchase of their home. In a market that is anything but cheap, buying a home in January can save you a considerable amount of money that can be applied to a larger down payment on your home.
4. Decide to Buy Before February
While January is historically the best time to buy a home in Toronto, the same cannot be said about the February real estate market. On average, the largest month-to-month increase in home prices occur from January to February. Home prices can increase by just over $30,000, which is a sizable increase that can affect home buyer’s decision in the New Year.
If you’re considering buying a home in the new year, I’d be happy to help. Give me a call at 647-898-4663, or send me an email at Alex@AlexBeauregard.com, and let’s find you the perfect home at the best price.