An interesting article appeared in the Toronto Star on January 17th, 2017.
This day, historically based on a seven year average, buyers will likely pay the least for their home. The analysis was done by TheRedPin real estate brokerage of 650,000 Toronto area transactions and showed that Toronto area homes in January sold for nearly $70,000 less compared to the spring housing market, which peaks in May.
The cause is due to residual inventory – homes that did not sell in October and November. 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 percent there yet, as buyers are not exactly back on the horse of spending money after holiday spending, according to Tarik Gidamy, of TheRedPin.
So when is the next least expensive month to buy a home? August