An overwhelming majority of Canadian real estate professionals would advise their clients to sell their properties this winter rather than waiting until spring, according to a new report from Royal LePage.
In a survey of 950 real estate professionals across Canada, 79% said they would recommend selling this winter, given the current strength of the seller’s market. This is 15 points higher than the 64% who recommended listing in the winter before the pandemic.
There’s a commonly held belief, the report says, that it’s best to wait out the winter and list your property in the spring. But market conditions during the pandemic have totally changed that.
Of those who recommended selling, 82% cited the main reason as the lack of housing supply in their region coupled with high demand — a perfect storm that creates a very strong seller’s market.
“Last year, we saw one of the busiest winter markets in our history, and with demand continuing to climb, this winter will be another very active market in British Columbia and across the country,” said Adil Dinani, a sales representative with Royal LePage West Real Estate Services in Vancouver. “Our housing supply is terribly inefficient and simply can’t keep up with demand. Even if there are fewer buyers in the winter, it is unlikely there will be enough inventory on the market to satisfy demand.”
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The recommendations to sell were strongest amongst respondents in British Columbia (93%), Quebec (87%), and Atlantic Canada (85%). Out of Canada’s largest cities, Greater Vancouver had the highest number of respondents urging sellers not to wait. But it’s not the only urban market where potential sellers may want to consider listing.
“When deciding the best time of year to list your home, there are many important factors to consider. But if you are not under any time constraints, current market conditions in the Toronto area are favouring the seller, which is not typical most winters,” said Tom Storey, real estate agent, Royal LePage Signature Realty in Toronto. “While we expect another brisk spring market in 2022, homeowners today have a lot of flexibility as demand continues to significantly outstrip supply.”