When buying a new home, there are many factors you need to consider, such as the price, location, benefits, and interest rates. Further, you also need to be financially ready to start paying the mortgage and monthly expenses. But if you want to make the most out of your next investment, you need to know when is the best time to buy a house.
Depending on the season, you might get a better price and less competition from other buyers. That’s why, depending on the property you want to purchase and the goals you want to meet, there is going to be an ideal time to make that purchase.
The majority of people know that the most popular time of the year to buy a property is during spring because from March to May, buyers will find more inventory to pick from. This means that if you want to have more options, spring will be the perfect time to invest in a new property. However, other months can give you advantages in the market.
Because we want you to get the best possible deal when purchasing your new home or real estate investment. Below we are going to tell you when is the best time of the year to buy a house, plus other elements you might want to keep in mind before making a purchase.
When Is It the Best Time to Buy a House?
Knowing when is the best time to buy a house in Canada is tricky, and it all depends on your priorities. That’s why in this section, we will first talk about the most popular season in the market: spring. Then we will tell you during which months you will find the best deals and the less competition.
Spring: the most property options
To begin, you need to know that there are two main reasons why spring is such a popular season in the market. First is because winter is over, and for every real estate agent it is time to sell and showcase all the properties in their inventory. But it is also the best time for parents to put their house on the market and move before classes start again.
Since you will find several listings flooding the market, many first-time buyers and young families will be house hunting. The best part of looking for a house during this season is that you won’t have any trouble finding different properties. However, if you are chasing after your dream home, purchasing in these months could be an issue.
Even when in spring you could find the perfect listing you have been waiting for, you are also going to find a high competition. The top properties are going to have many offers, which means the buyers are not going to be interested in making a deal.
Keep in mind that from March to July (start of spring to the middle of summer), you will have many options to choose from, but you will either have to pay the list price or a higher amount.
Winter: the best deals and the least competition
Winter is considered off-season in the real estate market. This means that if you are wondering when is the best time to buy a house with the most leverage, you should do it from November to February.
During this holiday season, you will have a clear advantage because most sellers who wait until winter to put their property on the market are time-sensitive. In this case, they will want to close the deal of the property in a short period. All of this creates the ideal scenario to negotiate the listing price and obtain an amazing property within your budget.
The downside of winter is that you won’t have a wide inventory of houses you can choose from. There will only be a couple of properties available, but this is not a big issue considering you won’t have much competition. As you may know, most people won’t be thinking about investing in real estate during these months.
If you are thinking about buying a new property during the winter, you will likely be looking at the leftovers of the spring/summer seasons. That’s why you need to keep an eye on the market once the listings start appearing. When you find a home that is still available in winter, chances are you can close a deal quicker and at a lower price.
Fall: the sweet spot to invest
If you ask the experts when is it the best time of the year to buy a house? They are going to tell you it is during fall, but more specifically in august. What makes fall a sweet spot to invest in your next real estate property, is that you will still have a large inventory plus lower prices compared to the spring season.
Don’t forget that even when in fall you could be looking at the less popular listings, this does not necessarily mean they are “bad” properties. Most of the time, these homes are a good real estate investment that can turn into a monthly profit or your next home. Then why didn’t they get purchased during spring? That’s because of the price.
In spring, you might see there are a lot of properties with high listing prices that sometimes don’t make sense. These houses are the ones you can purchase at a reduced price during the fall, a plus for any house hunter.
When is the Best Time to Buy a House for You?
We have already answered the main question: when is the best time to buy a house in Canada? Depending on the advantages that each season offers. Now, we are going to explain when is it the best time to purchase a property, taking into consideration your overall situation.
Make sure you have a good credit score to apply for a mortgage, and if you are thinking of buying a house, start a savings account. With that money, you can cover the monthly payment of the mortgage and expenses of your new home. Once you meet a budget, you can start house hunting.
- Having Stability
When purchasing a new real estate property, you need to have a stable job because your salary is going to help you pay all the bills. Once you can settle down in one city you can invest in properties that could turn into a great asset in a couple of years.
The key to buying a great real estate property is knowing when to start looking, and the answer is when you think you are ready. Once you feel you can make a purchase, you should keep an eye on the market and follow the properties you are the most interested in. Then, depending on the season, you can buy or wait until you can negotiate for the price you are expecting.