When is the Best Time of Year to Buy a House: Pros and Cons

| Buying

We get asked this question a lot. The thing is, there are always factors specific to your personal situation and market conditions that can impact timing. While we’re always here to help you find a home when you’re ready, there are tips we can share to help you reap the benefits of the best time to buy a house. Let’s dive in.

The House Hunt in Spring

Spring is always full of promise as snow becomes a distant memory, and lawns and gardens give way to tulips and daffodils throughout Toronto. So how does it measure up for house buying? Pretty darn good!

Spring is prime inventory time, with more sellers listing their homes as the weather gets warm. Families want to sell their homes in the spring so they can move in the summer and have their kids start the school year in September. There are several practical reasons spring is so popular, including:

  • Homes show off their curb appeal
  • High inventory in a buyer’s market means better deals and choices
  • Milder weather means less hassle, like having to remove heavy boots at open houses
  • Home inspections make more sense after a punishing winter to spot new damage when all the snow has melted

All of these pros lead to the number one con of spring buying: More listings bring out more buyers, increasing the risk of bidding wars in a seller’s market. The competition also puts more pressure on you to make quicker decisions, making the process more stressful than it already is.

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The House Hunt in Summer

Summer is a lot like spring but with more homes, increased curb appeal, and even better weather for your house hunt. The market also starts to cool a bit, but not until the tail end of the summer. All of these benefits also mean higher competition and prices as inventory starts to drop from spring purchases. And while you can see the home in all its summery glory with pristine lawns, blooming gardens, and the outdoor space set up for summer entertaining, you won’t be wise to possible issues with weather tightness for things like windows, doors, and the roof.

The House Hunt in Fall

By the time fall officially rolls around, the market really slows. Spring and summer competition has moved on, and any homes left on the market have antsy sellers anxious to sell. That means you can get some pretty respectable deals and reasonable terms. The weather is also gloomy enough to see how the house performs in colder weather without the worries of snow covering up glaring issues. Again, the pros also lead to possible cons, including decreased inventory, meaning fewer desirable homes because all the best listings were snatched up in the spring and summer.

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The House Hunt in Winter

That brings us to old man winter. You’re not going to find much competition when cold winds are howling and snow is falling. The remaining sellers are even more motivated, improving your leverage during negotiations. If a new listing pops up, you get “dibs” as one of the few buyers out there. Other pros include:

  • Testing the heating and feeling for drafts
  • Listening for drips from leaky roofs
  • Checking out the parking situation when the snowplows come by
  • Seeing the fireplace lit and cozy
  • Holiday charm

On the cons side, sellers can be a little less reliable for viewings, often cancelling showings or pausing them until they get through the holidays. That makes it more difficult to see properties. Other winter downsides include:

  • You have no idea of what to expect lawn, garden, and backyard-wise
  • Bad weather can make you miss open houses
  • Snow makes it impossible to check out the roof and foundation

The Bottom Line

While spring is the best time of year to buy a house overall, it also increases the risk of bidding wars. On the flip side, although winter is the “worst” time for buyers, it does offer its pros with less competition and more negotiating power.

Let’s not forget that your personal situation also drives your buying decisions. If you’re relocating for a new job or school, are splitting up with your partner, or are forced to move because your landlord is selling the property, it doesn’t matter whether it’s the dead of winter or the balmy months of summer. Changes to market conditions can also influence your decisions for better or worse.

In the words of Carole King, winter, spring, summer, or fall, all you gotta do is call and we’ll be there.

If you’re thinking about buying a home in Toronto, get in touch today by calling 416.291.7372 or emailing us hello@christinecowern.com.