One of the most common questions home buyers ask from a Toronto real estate agent is that: when is the best time to buy a home in Toronto? Buying a house is one of the significant investments for most of the people, so it is important to step in this way wisely.
Certainly, an experienced real estate agent has the best answer being familiar with all the current ups and downs of the Toronto real estate market. Here, we review the most recent reports of the Toronto real estate market to find the best answer for home buyers.
In May 2020, the demand and supply in Toronto real estate market were evenly matched after a quiet April resulted from the effects of COVID-19 pandemic on the market. In August, the market experienced a very busy month because of the withheld demand that moved to the summer from the spring market. This inspired many clients, who were waiting, to get back to the game and enter the market.
The most interesting point for buyers these days is the historic-low interest mortgage rates. According to the Bank of Canada, due to the high rate of unemployment rates, low-interest mortgage rates have been designated to motivate the economy and make borrowing money easier for people. This new mortgage rate may be staying for the next three years.
So, whether you are an investor or a first-time buyer, if you have enough budget to buy a condo or house, now can be a good time. Although, based on the statistics, August can be the best time for first-time home buyers, and December, January, and the beginning of February would be the best time to buy a house for investment.
In addition to the real estate market status, some other factors you may consider before making your final decision. Some of these important factors include your budget for downpayment, type of property, the best location/neighbourhood to live in Toronto. All of them play an important role in the ultimate price you should pay for the house.
Read more: The Best Places to Invest in real estate in Toronto
In general, January and August are the best months to buy a house in Toronto. But a top Toronto real estate agent who knows every day changes of the market can help you perfectly.
Buying a home is your biggest financial commitment, so study the local real estate market and ask your real estate agent to help you find the best neighborhood and house.