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- Personal
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- Resource Centre
- When is the Best Time to Buy a Home?
Choose the right time of year
January is the best time to make an offer on a home. Not many buyers want to brave the cold to shop for a home, so prices are the lowest. Properties also take longer to sell. This means sellers are more likely to accept a lower offer.
The market picks up from February onward. Spring is the busiest time of year to buy a home. More properties become available, prices go up and competition increases. Homes also look more presentable in spring. Buyers often purchase in the spring so they can move into their new home during the summer.
House prices peak in the hot season, especially in June and July. By fall, prices usually drop and so does the number of listed homes. The market often freezes in December, partially because of the holidays.
Buy a home when demand is low
If possible, purchase a home in a buyer's market: Prices are low and availability is high. When there's little demand, buyers can often get a lower-priced home.
A seller's market is the opposite: Prices are high and availability is low. In this case, sellers can pick and choose which offers to consider, and choose the best one. Multiple offers can lead to a bidding war. This means you could lose your dream home if your offer isn't the highest.
An experienced real estate agent can help you get the best deal, whether you're in a buyer’s or a seller’s market.
Don'toverthinkthereal estatemarket
Ideally, you want to buy a home in a buyer's market. But it's not always possible. Don't try to time the real estate market to find a home. The market goes up and down, so pinpointing the exact moment is almost impossible. Just buy a home when you find the right one. Don't wait for that perfect time or you may miss out on the home of your dreams.
Evaluate your life stage
Make sure you're financially stable before you house shop. Can you properly manage your finances with such a large purchase?
Also consider your housing needs. How many people will live in the home? How long will you live at your new address? Explore cities, towns and neighbourhoods that fit your family, work, daily commute and so on.
Factor in other expenses like maintenance, repairs and emergency funds. You need financial padding for when your roof leaks or your furnace dies.
Remember, a mortgage is an extra payment to factor into your monthly budget.Find out how much you can spend on a mortgage with ourmortgage affordability calculator. Then find out what your mortgage payments will be with ourmortgage affordability calculator.
Let’s talk about mortgages
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Learn more about mortgages
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The content you've shared appears to be from the website of a financial institution, likely CIBC, covering various banking services, accessibility features, and information on mortgages, lending, investments, insurance, and more. I can break down the concepts mentioned:
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Accessibility: The website has features designed for accessibility, such as quick links that allow users to skip to specific sections (e.g., online banking, content, navigation) and options for specialized assistance for various groups like seniors, students, newcomers, and those needing accessibility support.
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Online Banking: Provides a portal for customers to access their accounts, make transactions, and manage their finances online.
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Bank Accounts: Offers different types of accounts including chequing, savings, business accounts, prepaid cards, and overdraft protection.
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Credit Cards: Features various credit card options such as travel rewards, cashback, no-fee cards, low-interest cards, and cards specifically designed for students or newcomers.
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Mortgages: Provides information about different types of mortgages like fixed-rate and variable rate mortgages, along with tools and resources for managing mortgages and purchasing homes.
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Lending: Includes information about loans, lines of credit, student lines of credit, business loans, and car loans.
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Investments: Covers different investment accounts and products like GICs, mutual funds, self-directed investing, tax-free savings accounts, retirement accounts (RRSP, RIF, LIF), ETFs, and more.
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Insurance: Offers travel insurance, creditor insurance for various financial products (mortgages, credit cards, personal loans), and resources to explore insurance options.
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Ways to Bank: Details various methods to bank, including ATM and branch networks, mobile services, online services, global money transfer, and videos explaining different banking procedures.
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Smart Advice: Provides insights and advice for various life moments such as buying or renting a home, retirement planning, education, and managing finances.
The article specifically focuses on the best times to buy a home, advising on seasonal trends in the housing market, the impact of demand on pricing, and the importance of evaluating personal financial stability and life stage before making a home purchase. It emphasizes the unpredictability of the real estate market and suggests not waiting for the perfect moment but rather focusing on finding the right home. Additionally, it stresses the importance of considering additional expenses beyond mortgage payments, such as maintenance and emergency funds.
Overall, the website aims to cater to a diverse audience, providing comprehensive financial services and guidance for various life situations and needs.
