January is by far the cheapest month of the year to buy a house in Toronto

If you’re in the market for a new home, this is the month to look for it.

According to TheRedPin, home buyers can save an average of $60,000 in the GTA by purchasing a home in January when compared to the rest of the year.

The tech-focused real estate brokerage analyzed data from over 650,000 home sales between 2010 and 2016, and besides the January savings, the research also concluded that home prices surge in February by about $34,000.

Average home prices in the GTA in January was just under $500,000, while the highest average was in May, when the price goes up about $70,000.

TheRedPin

It appears that homes are cheaper than any other month of the year in the winter, properties are on the market for longer, and they are more likely to sell under asking.

Last January, according to TheRedPin, the average home sold for one per cent below asking, which sounds small but can represent savings of $7,000 or more based on last year’s average sale prices. This also means fewer bidding wars.

“With access to more housing data, consumers are better able to make practical and often less emotional decisions about home buying and selling,” said Tarik Gidamy, co-founder and broker of record for TheRedPin, in a press release. “Housing inventory is low right now so it will be interesting to see if this January is any different than the trends we’ve identified over the past seven years.”

While there is a bit of savings, general costs of housing continues to rise. But every little bit counts, especially if that little bit equals $60,000.

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