While location has long been the name of the game when it comes to real estate – particularly when throwing convenient subway access into the mix – strategically timing your home sale can make the real difference worth thousands of dollars to your bottom line.
When is the best time of the year to sell a house in Toronto and across the GTA?
After crunching the numbers, we found that homes sold in May fetch higher prices compared to any other time of the year.
Right in the heart of the spring seller’s season, May not only sees more homebuyers out on the market, but homebuyers are also willing to pay more, rightfully claiming the title for the most expensive month to buy real estate, out of the entire year. Our analysis spans over five years, from 2010 to 2014 of TREB data.
The housing market is largely seasonal, with shifts in activity jumping from highs and lows throughout the year. Time and time again, however, spring is the most active season for a number of reasons, including the fact that families can move without interrupting their kid’s school year, pleasant weather makes house hunting more enjoyable while buyers are equipped with their tax return cheques, which all translates to more homes sold for higher prices.
With that in mind, we decided to delve deeper into the peak spring season, and noticed a common thread; May is the single best month to sell, for the highest price tag than any other month of the year.
On average, Toronto homes in May sell for $18,500 above the calendar year average price, with the figures quickly climbing as high as $60,000 more when singling out individual months such as January – which is the worst month to sell a house and consequently the best time to buy for budget conscious house hunters.
If you’re looking for the biggest bang for your real estate buck, list in anticipation of the first weeks of May. Better yet, you can save an extra $12,500 that stays in your wallet, by both selling and buying your home with TheRedPin One program (video below), which eliminates the seller’s side of the commission.