The average resale price of residential houses in Ontario, Canada, rose by a modest 2.8% in June 2022, with a house averagely going for $881,475 in the area. The market for homes in the Canadian province has been significantly rewarding for sellers in recent years due to increased housing demand.
Even in such a typical real estate market, timing is king when selling a house at a profit since a single unit can net thousands of dollars if sold at peak months. When is the ideal time of the year to sell a house for profit? This article will delve deeper into the best months to sell your home in Ontario to enable you to get a return on your investment.
During the Spring Market
Many home sellers in Ontario consider the spring season, which runs from late February to the end of May, as the best time to sell houses. The spring season comes with pleasant weather, making home hunting more pleasurable and improving your home’s curb appeal. In addition, the spring market starts at the end of the holidays when the life commitments of the buyers are less hectic, making them feel the need for renewal and change.
Home buyers tend to be in a good financial and emotional space to purchase a house in spring, flooding the real estate market. The sheer volume of buyers in the province, in turn, increases the chances of your home being sold quickly and your listing getting multiple offers to choose from. The stiff competition for homes among buyers also raises home prices, so listing your home during spring is a wise decision if you intend to make good money.
During the Summer Market
Since the weather is ideal, homebuyers in Ontario prefer buying homes in the summer, from late December to March. The warm summer weather stimulates homebuyers to go out and hunt for their next home before the cold months ruin their plans. More so, daylight savings time also plays a crucial role in stimulating home buying activities during the warmer months.
It would be ideal to note that most families in the Canadian province also buy their next houses in summer since the season comes before the school year starts. Since most buyers purchase homes through mortgages, they prefer purchasing their next houses before school starts to be financially secure. If you intend to profit in the real estate market, late December, January, February, and March are some of the best months in the calendar year to sell your house in Ontario.
During Off-Peak Months
Listing your home during off-peak months can also be an effective marketing strategy that can fetch you a handsome profit. Many home sellers tend to be busy preparing for their summer vacations and cottages during the off-peak months, leaving the real estate market wide open. Hence, November and December are some of the best months to sell your house in Ontario since they provide you with an enabling environment to successfully close a deal due to the few available options in the market.
Unknown to many, motivated home buyers in Ontario go house hunting during off-peak months since properties are cheaper. You can take advantage of the less competition from other sellers to offer your home at a reasonable market price. It’s worth noting that this marketing strategy is only viable if you intend to sell your house quickly and at the prevailing market value, provided you have prepared your home for sale.
During the Fall Market
The autumn season, which runs from September to the end of November, is also an excellent season to sell your home since it provides plenty of impressive benefits. For instance, homebuyers tend to end their summer vacations and cottage trips during this time of the year in readiness for the school year. This return to the normal routine provides prospective buyers ample time to hunt for houses and make big moves.
While Ontario’s real estate market tends to slow down during autumn, the housing demand in the area remains strong. Besides, selling property in September, October, and November is easy and quick, since homebuyers aren’t presented with many options to choose from.
When You’re Ready
When timing the real estate market on when to sell a house in Ontario, there’s no universal marketing strategy. Besides the market being impacted by seasonal fluctuations, there’s a wide range of factors that affect property prices that you need to consider before deciding to list yours. For instance, interest rates, employment market, lending rules, and your overall economic health directly impacts the market prices of homes.
The best month to sell a house in Ontario solely depends on your needs, goals, and preferences. Listing your property during the spring and fall market has benefits since that’s the most convenient time when homebuyers’ and sellers’ needs and goals are more often than not aligned. However, selling your house during the peak of the summer or winter holidays can also be profitable: It all zeroes in on your needs, goals, and preferences.
After Building Enough Home Equity
Before selling your home, it’s crucial to ensure you’ve built up enough home equity if you intend to make a profit. Remember that selling your house isn’t free since you’re required to hire a real estate agent, pay closing costs, and purchase another home. Selling your property too soon could make you lose your hard-earned money and even owe more than you get after paying the closing costs.
Endnote
Selling a house during spring, summer, autumn, and winter is ideal, provided that you meet your needs and goals. Note that April, May, June, and July are one of the best months to sell your home in Ontario if you intend to get a return on your investment.
The four months in the calendar year give buyers ample time to look for new houses to purchase, increasing the demand and prices of homes in the province. The factors outlined above will go a long way in helping you make an informed decision about when to list your home and improve the chances of closing a deal.
