Between the heated Toronto housing market, talk of the Bank of Canada raising interest rates, and the ongoing effects of the pandemic, it can be difficult to make a decision about when to sell your home if you’re ready to do so. If you’re wondering if you should sell now or wait until spring, read on.
The best time to sell… traditionally
In the past, spring and fall have been the most popular seasons for selling homes in Ontario since the weather is pleasant, there’s more daylight, and it’s the most convenient time of the year for buyers. There’s the curb appeal factor, too, as winter conditions might not show your home at its best.
What makes sense now?
The pandemic has upended many real estate trends, as people have been aggressively searching for new homes with more space for remote work, bigger yards, and they are more willing to move to new communities. While harsh winter weather might have been a deterrent for house hunting before, it’s not anymore.
Supply vs. demand
Housing supply continues to be a key factor driving the market in Ontario. At the beginning of 2021, only 3,200 homes were for sale in Toronto, compared to 7,900 homes on the market at the same time last year. This supply issue continues to be frustrating for buyers, but lack of housing supply is causing competition which is helping sellers see top dollar for their homes.
Interest rate increases on the horizon
One of the biggest reasons to sell now, rather than wait? Interest rate increases. The Bank of Canada announced it is maintaining its historically low interest rate for now, but it has also hinted that rises in interest rates are coming in 2022, with the next announcement set for March. While experts don’t think this will drastically cool the market, it could affect buyers’ maximum budgets, making it enticing to sell now before new rates are locked in.
Though these insights may encourage you to consider selling your home now rather than waiting, selling is a personal decision that involves many factors. You can always reach out to us for more information, or request a complimentary home evaluation.