In about another month the Fall market will be upon us. Typically the Fall is a great time of year for Sellers. We are hoping that this year isn’t any different!
Families really do control the housing market and when the families arent thinking about real estate it typically slows down. Once kids get out of school generally this is when the slow down begins which is the end of June. July it continues to slow and August is usually dead.
People are going away to cottages, going on vacation, going to weddings and in general trying to pack in their summer for the few good hot months we have in Canada. As we inch closer to the end of the summer (August) things really slow. We find people start to freak out that summer is ending. So they fill in every weekend they have with activities, their minds just aren’t on real estate.
I could show you a line graph for the last ten years and the numbers are basically the same. The summer slows down and the fall picks back up.
The typical time line is about a week after labour day weekend or about a week after the kids are back in school the market starts to heat up again and this will typically last right into the end of October.
In the fall the weather is still decent. People have their minds back on everyday life and a lot of people want to get their move in before the end of the year and the Christmas season.
Expect a lot more listings and a lot more competitive bidding. While it is a double edge sword because you will have a lot more competition in terms of inventory in the fall. You will always have way more eyes on the property which usually leads to a much higher selling price than the summer.
Agents also typically go away in the summer So you will have more agents working hard during the fall months. With a lot more agents hoarding their listings for the fall season.
This year I have heard talk of Doug Ford possibly removing the foreign buyers tax. Which there isn’t a huge number of foreign buyers downtown to make a huge impact. But just the thought of this happening and the optics of it will probably cause some hysteria and a rise in prices again.
So if your planning to buy it might be a good idea to get into the market before this happens. Typically the Fall months arent better for buyers but this winter could be even worse if the tax is removed.