There is a lot of work that goes into preparing your home for sale. You want your property in its finest suit and tie attire to attract as many prospective buyers as possible. If you want your home to sell above the average price, it must ‘show’ as the best unit in the neighbourhood.
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With that being said if you need some time to prepare your home or just aren’t ready to list for other reasons – don’t feel pressured by market conditions. Real estate is a patience game. Sometimes the best strategy is to wait until you have all your ducks in a row.
If you’re finding it difficult to set aside time or resources to prepare your home, work with a real estate agent. Hiring a good real estate agent who can coordinate the entire listing process for you can really help. When you work with us, we take care of everything that’s needed to ensure that your home sells for the highest value possible. We put together a work-back schedule that highlights everything that needs to be done to your home. We take care of all of the headaches and hassle when preparing your home to sell. If you like our process, want to know about it, or want our help immediately, you can always book a call with me or one of the other real estate agents on my team!
We believe that the best time to sell your home is whenever you are ready to sell. Yes, the spring market and fall market are the most popular times to sell a house in Toronto but each season has its own set of advantages and disadvantages.
There are reasons why these two seasons are preferred over the summer and winter months. And that’s precisely what this blog is going to focus on. I have nearly two decades of experience as a real estate agent. I have facilitated countless real estate transactions – in all seasons to the tune of half a billion dollars over this time. Hopefully, my experience will help you find the perfect home buyer for your property!
Best Time To Sell A House In Toronto: By Season & Months
Should You Sell Your House Now Or Wait Till 2024?
If you’re an investor or home seller that’s looking for exponential equity gains – wait for 5 years before selling your home in Toronto. The next Toronto real estate boom is 5 years from now. But keep in mind, you’ll have to buy in that market as well if you’re looking to upgrade your home and stay in Toronto. Everybody is aware of the current housing crisis but few understand its impact.
Real estate is all about cycles. The fate of the pre-construction, resale, and rental market is all linked to today’s purchase patterns. Today’s purchases fuel tomorrow’s builds. The fact that people are not buying houses today is going to impact the real estate market not today – but in the next 5 to 6 years. Due to today’s market conditions, the price of building ‘new’ is simply too high. Even the projects that are planned for the coming years will be unable to meet the new demand as the immigration numbers and new build numbers simply don’t match!
The only way Canada, Toronto, or Ontario builds inventory or supply is when individual investors buy condominiums – something that’s not happening today! If you understand how these market dynamics work, you should realize that the next explosion in the prices of Toronto’s real estate market is literally 5-6 years away.
If you’d like to learn more, I have updated two blogs this year – one forecasting my predictions for the housing market in 2023 and the other explaining why it’s a great time to invest in the condo market.
How Long Do Most Houses Take To Sell In Toronto?
A number of factors such as – price, location, type of real estate asset, and market conditions – determine how long it takes to sell a house in Toronto. The average days on market for houses listed in 2023 – both detached and semi-detached – is under 20 days in Toronto.
Again – remember, this number is not set in stone – it depends on a number of factors. For a more comprehensive answer to this loaded question, you can check out our blog on ‘How Long Does It Take To Sell A House [Or Condo] In Toronto In 2023’.
When’s The Best Time To Sell A House In Toronto?
The title of this blog is a bit of a spoiler. But yes, spring is the best time to sell a house in Toronto closely followed by – in my opinion – the fall season. The real estate market in Toronto is at its peak during the spring and fall seasons. It’s a seller’s market as the number of prospective buyers outnumber the sellers. Home sellers capitalize on this mismatch by receiving more offers – even multiple offers in many cases that can result in a bidding war!
Related: Learn How To Win A Real Estate Bidding War In Toronto
Selling Your House In The Spring Market
Spring marks the onset of the sellers’ market in Toronto. With the housing market seeing increased demand, sellers receive more offers. Due to the heightened amount of competition, these offers roll in faster and houses often end up selling for more money with multiple offers.
In spring, the days are longer and the weather helps people attend one or two open houses a week, and we Torontonians tired of the winter weather haven’t yet started spending every weekend traveling or at the cottage. Many families like to buy in the spring to move during the summer which doesn’t disrupt their children’s school year. With so many people wanting to buy in spring, it can be a great time for you to put your home on the market if you are ready to sell.
From a seller’s point of view, spring also allows you to showcase your home’s best features. It is the perfect time to highlight those outdoor features of your home. For example, though landscaping is expensive, it can help show your home in the best possible light. It’s important to remember that since spring is the busiest time of the year, you – as a seller too – will face more competition. That’s why it’s extremely important to make sure your home looks its best — and stands out on the market.
Selling Your House In The Fall Market
The fall market – between September to the end of November – is my second favourite season for selling homes in Toronto. In my experience, I have seen that many people want to have everything settled before the end of the year and the holidays. This motivates some prospective buyers to make a purchase.
As the seller, listing in the fall season gives you extra time to prepare your home for sale. You have the warm summer months to make changes and/or renovations to add value to your curb appeal. Be sure to clean up the exterior of your home – which includes raking leaves and cleaning your gutters.
When you chose to list your property with us, we have a team of real estate professionals, home inspectors, and contractors to help you fix anything that may need to be done prior to listing your property on the housing market. Regardless of the season, for most people, your home is your most valuable asset. You need to work with the right team of real estate professionals who can showcase the true potential of your property!
What’s The Best Month To Sell A House In Toronto?
Starting from March right up to June would be the best months to sell a house in Toronto. Like I said before – spring is when things heat up in Toronto’s real estate market. The busiest months are often the best months for home sellers looking to sell their homes above the average price.
However, a caveat in Toronto’s real estate market is that the spring market does not commence at the same time every year. For example, over the past few years, Toronto real estate entered the “spring market” in January – February itself. Looking back at this now, I think, the last few years have been an anomaly. Whereas this year, in 2023, the real estate market welcomed spring at the same time as our calendars – commencing in April and plateauing by the end of May.
What’s The Best Day Of The Week To List A House In Toronto?
Logically – the best day of the week to list your home in Toronto would be either Tuesday, Wednesday or Thursday. Most home buyers attend showings and open houses on weekends because that’s when they are free from other obligations. Listing your property midweek gives them enough time to do their own research and plan their weekend accordingly.
While I definitely think that real estate is all about timing – I would not stress too much over the day of the week that the property is listed. Unless you’re in a serious rush to sell your property, what’s important is having your home ready for sale – not the day that it is listed on the market!
Worst Time To Sell A House In Toronto: By Season & Months
When Does The Real Estate Market Slow Down In Toronto?
In Toronto real estate, typically speaking – summer can be slow because families are on vacation and away from their homes. The winter months aren’t any better. Holidays and festivities tend to slow things down and the market generally bounces back by February-March. If you’re looking to earn top dollar on your property, you would usually go off the market during these months and get ready to list your home at a busier time of year.
What Are The Worst Months To Sell A House In Toronto?
August, December & January would be the worst months to sell a house in Toronto – especially if you’re looking for a speedy sale! In the last 5 years, these months have seen the lowest number of sales with the highest average days on market for those properties that were listed. With that being said – in my experience – sometimes, good properties listed in the slow months can benefit from the lack of supply in the market. I have seen listings that have received more attention during the lean months than the busier- spring & fall months. This was simply because there was a lack of supply in the neighbourhood and the property really showed well compared to all the others that were listed on the market at that point in time!
Selling your property in Toronto can feel daunting – especially if you don’t have enough time to do your own due diligence. If you can afford to, work with a real estate agent that you trust as they can really help you maximize the value of your home. Your real estate agent will think about who your house is going to appeal to and how you can draw those people to the property based on the way you design it, and position things.
I repeat – the best time of year to sell your home is when you are ready to sell. If you’re looking for some guidance, you can always book a call with us. Our goal is to make sure you have an amazing experience that is hassle and stress-free – while getting you the best value for your home that’s possible in existing market conditions. Finally, if you need some help to prepare your home for sale, feel free to take advantage of our Sellers guide!