[URBAN NOTE] “Why today might be the best day to buy a Toronto-area house”
If Tess Kalinowski’s reported analysis of patterns of real estate transactions in Toronto over the calendar year is correct, I may have missed my chance to buy a house yesterday.
The choice of homes may be limited in the dead of winter, but consumers waiting for the hot spring market should know that January actually provides the best chance for snagging a bargain.
Seven years of sales data on about 650,000 Toronto-area transactions, shows Tuesday is probably the day this year when buyers will pay the least for a home, according to an analysis by TheRedPin real estate brokerage.
That’s because there is residual inventory — homes that didn’t sell in October and November, sometimes because they were over-priced, said Tarik Gidamy, co-founder and broker of record with TheRedPin.
“(Sellers) who are desperate — who have bought a house already and need to sell what they’ve got — are willing to take a cheaper price simply because the supply of buyers is not 100 per cent there yet,” he said.
Based on the seven-year averages, TheRedPin found that Toronto-area homes in January sold for nearly $70,000 less, compared to the spring housing market, which peaks in May.