If you’re currently in the market to buy a new home, this might be the best month to do so.
According to Justo Brokerage, a Toronto real estate broker, January is typically the best month for Torontonian house hunters to make a purchase.
“The conventional wisdom is to wait for the so-called “spring season” when inventory skyrockets. But the problem with this strategy is that so too does demand, causing a frenzy of competition and bidding wars,” said Just Brokerage, in a release.
So, what makes January an attractive month for house hunters?
This past December was the worst month for home sales in the GTA in over six years, according to Justo Brokerage. Because of this, there are many homes on the market with sellers eager to settle and negotiate with an interested buyer.
“Sellers putting properties onto the market in January are usually doing so out of a sense of urgency,” said Justo Brokerage, adding that because of this, buyers have a great deal of leverage during this slower sales cycle.
Moreover, there is far less competition in January as most prospective buyers are holding out for spring when listings “skyrocket.”
Following the holidays, debt is always a concern, and it can steer house hunters away from making big purchases, such as a new home. This clears the way for motivated buyers who have planned ahead.
While a little snow and slush shouldn’t negate Torontonians from making the largest purchase of their life, “many buyers simply don’t want to go house-hopping in the cold, giving those willing to brave the elements a major advantage.”
Additionally, when it comes time to actually purchase a home, Justo Brokerage says Tuesdays are typically the best day of the week to make your purchase.
“Monday is over and everyone is back into the swing of the work-week routine. Putting an offer in on a Tuesday leaves plenty of days in the week for negotiating before everyone gets comfy and into weekend relaxation mode.”
That being said, there are currently a number of affordable homes for sale in Toronto, with many all under $600,000.