IThe winter and summer are typically slower months in Canadian real estate. Buyers and sellers alike generally don’t want to be viewing snow-covered homes nor move in the winter, and many Canadians take vacation time in the summer months, meaning they won’t want to deal with the chore of buying or selling real estate (shameless plug; we’re great at making it a seamless task, book a free consult here to learn more).
Slower months also often mean a lower average sale price, meaning that you may end up paying less money for the same home during those time periods.
However, this doesn’t mean the market can’t trend upwards even through a typically slower season. Buyers may thus get caught up paying more money after waiting, even if they patiently wait for the typically slower months of the market. Those lose trying to time the market.
Here’s my advice: if you’re not continuously saving more money towards your downpayment, you should avoid timing the market as you may end up getting priced out of it entirely. This happened often in 2021 and 2022 with buyers – they’d expect prices to slow down sometime in the future, but they’d end up being unable to afford the type of house they wanted after its median sale price would jump out of their budget.
There’s a little more to it, as this is a shortened answer to a difficult question. You should consult a professional before going forward with your search. Consultations with me are 100% free and go without any kind of commitment.
Book a chat or a coffee with me through my calendar, linked here – it’s on me.
Bonus tips for getting the best price on a home.
If you need to move, move. Timing the market can be difficult, if not impossible, and you could find yourself priced out if you wait for perfect conditions.
The only home price that matters when comparing homes is the sold price, not the list price. Look at the information from similar, recent sales to determine the actual price that you offer on a home.
You live in the mortgage payment. Higher or lower interest rates greatly affect the overall amount that you pay in total for a home, and pay each month.