Spring is often considered to be peak ‘home buying season’ as many Canadians look to purchase or sell a house during this time. In fact, the months of May and June are historically the busiest time of year for home sales in Canada.
Why is this time of year so popular?
There are a few different factors that play into the demand and market for houses during the late spring and early summer. They include:
- An increase of listings on the market for buyers to choose from. (People house shopping during the winter months may find themselves with less inventory to pick from)
- For families, this time of year is opportune for moving without disrupting children during the school year.
- Warm weather makes for an easier move as opposed to the wintertime.
- Houses often show better in the spring due to the green grass, and the buyers get to really see the home in its element.
Like with picking the right kind of mortgage, buyers should also be choosing the right time of year to buy for them. While a spring mortgage may make sense for one person, a fall mortgage might be a better fit for someone else.
There is no wrong time to purchase a house during the year, and each season comes with its own set of pros and cons. In the wintertime you likely won’t be competing with as many other buyers and this can factor into the price of the house. On the flip side you have less options to choose from during the wintertime.
Ready to start your search for a new home, sit down with us for a mortgage meeting!