Quite often when a homeowner in Toronto decides they want to put their house on the market, they will try and determine which is the best month to sell their house or combo. To help them determine this, it is worth looking at the statistics. The city encompasses a big area so when looking at the statistics they need to be narrowed down even further according to the specific region.

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Toronto and its Surrounding Areas

Toronto is considered to be the most prominent area when it comes to real estate in Ontario. Using it as a metric can help house sellers in any part of Ontario decide as to the right time to sell. Although checking out the specific statistics for the region where the house or condo is to be sold will allow for a more informed decision.

Looking at the Best Month to Move in Toronto

When it comes to the best month to sell a house in Toronto some can determine this merely on guesswork. But, there have been statistics compiled that help to back up the best months for house selling.

Keep in mind that aside from the weather there can be other external factors that affect the sale and purchase of houses. These are factors that affect the housing prices which in turn affect the best month to move.  These include;

  • Whether there is an election month taking place
  • If there is a new legislature coming into effect
  • Interest rates
  • The type of buyers like millennials that could be potential house buyers. Stats are showing that there will be about 2,559,2000 individuals between the ages of twenty-five to thirty.
  • Newcomers to the country

Selling a House or Condo In January in Toronto

Historically:

Experts indicate that selling a house in January has a track record of being slow. But in January 2018 there were additional factors that came into play. These included new rules for mortgage qualifying, increased borrowing costs along with the fair housing plan.

Statistics and facts:

  • Data indicates a fall in prices by 4.1% on a yearly basis for January
  • The average home sale was $736,783
  • 22% drop in sales volume
  • Detached homes took the hardest hit at decrease by 9%
  • Condos increased by 15% year over year.

Pros and Cons of Moving in January

January is typically the month where everyone is settling back into their normal routines.

The Pros:

  • When it comes to house hunting better deals may be available as those who are selling may be doing so out of necessity
  • January is historically the month where houses are selling at the lowest prices
  • There is less chance of being caught up in bidding wars
  • Fewer distractions as to the appearance of the house may be more evident. For example, flower gardens are barren and natural lighting is easier to distinguish

The Cons:

  • Visibility may be obscured when it comes to trying to identify potential flaws. Such as the condition of the roof
  • It can be a hassle to go house hunting because of the weather and having to remove boots and heavy clothing when visiting homes for sale
  • The weather can be precarious and affect the moving date

Selling a House or Condo In February in Toronto

Historically:

For February of 2018 home sales dropped by 34.9% in comparison to the same period in 2017. Compared to 2016, the 2018 February sales were 12% higher. The average sale price in 2016 was $685,275. Prices varied between the different regions of East, Central, West, and GTA. For example, comparing February 2017 to 2018 central Toronto saw the biggest increase in prices for detached homes at an average of $2.4 million for 2017. In 2018 this decreased to $2.M.

 Statistics and Facts :

  • Condo sales are still considered to be hot by being up by ten %over year
  • The average sale price of a condo for February 2018 was $529,782
  • Number of condo sales were down by 30.8%
  • Some homes in the downtown area of Toronto are selling over asking price

Pros and Cons of Moving in February

The aspects of moving in Toronto in February are very similar to those which apply to January.

The Pros:

  • When it comes to the weather in winter months it is always a concern. It depends on whether one dislikes the cold or the precipitation. In respect to a move, precipitation is probably the biggest concern. The good news is for Toronto is that February only averages about six days of precipitation. This makes it the least amount of precipitation in a month during the entire year. But on rare occasions, there can be some extreme weather conditions during February. Dealing with the cold is not much different than that of January.
  • Funds are not as tight as the Christmas rush is over.

The Cons:

  • Again the same circumstances that are applicable to January exist for February.
  • It is also difficult to judge the neighborhood as there is not likely to be much outdoor activity going on.

Selling a House or Condo In March in Toronto

Historically:

Compared to 2016 the housing prices were still significantly higher than those in 2016. Historical growth stats show 5% per year, but 2018 figures seem to be exceeding these for February.

Statistics and Facts:

  • The average selling price for the GTA was down by 14.3% in March compared to the same time last year.
  • The condo market was up by 10%
  • Depending on what region of Toronto one chooses to buy in they may find prices below what they peaked at in 2017.
  • The cost of borrowing and the fair housing plan are still impacting the market

Pros and Cons of Moving In March

March is going to usher in the arrival of spring in Toronto, but that doesn’t mean that the weather is going to indicate this.

Pros:

  • Housing prices usually begin to creep up but they don’t peak for another two months. Statistics show that the price increase is roughly about $5,300 from February to March
  • There may be slightly more choices as some anxious sellers want to beat the housing rush and get their homes on the market early

Cons:

  • The transition in weather can be a bit of hassle when it comes to a move as March is typically a dirty month as it is between the melting of the snow and the absorption of all the water it creates. There is also a risk of flash flooding if it is has been a heavy winter for snow.
  • For those with school-aged children, many of them are just beginning to prepare for the year-end exams and it may be a difficult time for them to deal with a move.

Selling a House or Condo In April in Toronto

Historically:

The average sale price for a home in the GTA for April was $804,584 meaning that sales price was down by 12.4% compared to 2017.

Statistics and Facts:

  • The sales price was affected by a decrease in the number of sales in high-end homes with a drop of 5.5% compared to a 10% drop in April 2017.
  • Sales are still varying a great deal among the different regions as well as the different categories of homes which are detached, semi, townhomes, freeholds, and condos.

Pros and Cons of Moving in April

The sure signs of spring have set in and this becomes evident in the housing market.

Pros:

  • Most people are enthusiastic about selling their homes and are prepared to make a deal.
  • The timing is good for those who are moving into a home where it is expected that renovations will be needed.

Cons:

  • A lot of people are tied up with their tax preparation and don’t need the extra distractions of a move.
  • The cost of housing normally rises substantially once spring hits but it still hasn’t reached its peak.
  • The cost for movers is on the rise as they are headed into their busy season.

Selling a House or Condo In May in Toronto

Historically:

Home sales were down by 22.2 % compared to May of 2017.

Statistics and Facts:

  • In May of 2018, a detached home in the  416 area sold for $1,426,094 with a year over year percent change of  -5.6%. In the 905 area, it was $929,401 with a year over year percent change of -9%
  • Homes available for sale was an issue with new listings down by 26.2%
  • Average selling price for all homes combined was down by 6.6% giving an average sale price of $805,320.
  • Homes in the city of Toronto were at average or above-listed prices

Pros and Cons of Moving in May

Overall May is a great month to move in for those who want comfortable weather conditions.

Pros:

  • Most of the senior students have their exams over and done with and many are looking for part time jobs. Now is the ideal time for them to move to a new area so they can find work closer to home.
  • The choices of homes on the market has increased so buyers may have a better chance of finding exactly what they are looking for.

Cons:

  • The downside is that the cost of housing is historically at its highest in May.
  • Many families want to be settled as the warm spring weather is beginning to settle in.
  • The younger family members may be just preparing for the June exams and a move at this time would not be the best for them.

Selling a House or Condo In June  in Toronto

Historically:

House sales were up by 2.4 in June 218 compared to June of 2017. Compared to the previous month they were up by  17.6%. The average sale price was $807,871 which was a 2% increase on a year over year basis and up by  3% on a month over month basis.

Statistics and Facts:

  • Home Price index was down by 4.8%
  • Differences in the HPI and the average price for June 2018 was considered to be due to a change in property mix of sales
  • There was an increase in sales of low rise homes
  • Condo sales sold at an average of $450,672 for the 905 area and the 416 area average sales were $605,530

Pros and Cons of Moving in June

June is a month where most feel at their best because of the great weather and many are up for moving to a new location.

Pros:

  • June is considered to be a perfect month for weather. Spring is in full bloom and many are looking forward to the summer.
  • For many June is a good time for a move especially if it is towards the end of the month when the kids are finished school.
  • It is a good time to arrange for daycare for the summer months in a new location.

Cons:

  • The housing prices are still considered to be at their highest although not quite as high as May.
  • There is still a lot of competition in respect to houses on the market but there may be a risk for bidding wars depending on the situation of the market.

Selling a House or Condo In July in Toronto

Historically:

House sales climbed by 18.6% in July 2018 compared to 2017. The average selling price for 2018 in July was up by 4.8% with the average home price at $782,129.

Statistics and Facts:

  • There was a strong increase in the number of home sales in July 2018
  • Also an increase in the selling price
  • Housing supply still a concern
  • New listings were down by 1.8%
  • For the 416 area the average condo sale was $582,547, and for the 905 area it was $461,255

Pros and Cons of Moving in July

Although the summer months are in full swing the housing market is still usually in full swing.

Pros:

  • Prices for housing is coming down.
  • The weather usually is perfect for any outdoor work that is needed on the new house.
  • The kids are not in school so there is no concerns about changing schools.

Cons:

  • The weather can be hot and sticky on moving day.
  • There are still lots of house shoppers so finding the perfect house may still be a bigger challenge.
  • It can be difficult finding summer programs that are not full to capacity in the new area for the kids.

Selling a House or Condo In August in Toronto

Historically:

Housing sales continued to increase for the Toronto area in August 2018 at an 8.5% increase. The average selling price for a home during this month was $765,270. This was an increase of 4.7% compared to 2017.

Statistics and Facts:

  • Detached homes increased by double digits on a year over year percentage basis
  • Renewed interest in home buying became evident in August
  • Market conditions in 2018 were tighter compared to 2017
  • The annual rate of sales growth outdid the new listings growth.

Pros and Cons of Moving in August

August weather is usually at its peak for heat and humidity.

Pros:

  • The price of housing is still lower than what it is at its peak in May.
  • Few concerns about adverse weather for the move.
  • Weather is still cooperating for those that want to do home repairs.

Cons:

  • Some potential house buyers may be reluctant to put their house on the market because it is close to a new school year.
  • A lot of people typically plan their vacation during August and may not want to have to deal with a move.

Selling a House or Condo In September in Toronto

Historically:

September 2018 saw a 1.9% increase in sales compared to September 2017. The sale price in 2018  for this month was $796,786 which was a 2.9% increase compared to the same time in 2017.

Statistics and Facts:

  • New listings were down by 3.1%
  • Tighter market conditions were evident
  • Home buyers were facing challenges in finding the right home to meet their needs
  • Homeowners still maintained a positive attitude about homeownership is a good investment
  • Although sales prices were up on a year over year basis, they were down to 0.5% on a month over month basis.

Pros and Cons of Moving in September

September is now heading into fall and if a move is going to be made this may be the last chance of the year for it to be the most feasible.

Pros:

  • The market is usually still relatively active so there should be some good housing choices.
  • There is still a chance to get the kids enrolled in the new school before classes are too advanced.

Cons:

  • Housing prices are statistically higher in September compared to July and August.
  • Kids are starting school and may already be enrolled in their old school.

Selling a House or Condo In October in Toronto

Historically:

Sales continued to increase in October by 6% compared to the same time last year. However, compared to September 2018 sales were down by 1%. The average sales price of a home in the Toronto area for this month was $807,340 which is a year over year increase of 3.5%. It is also a 1% increase compared to September 2018.

Statistics and Facts:

  • It was the price growth in the condo sector that contributed to the growth in sales as well as the low rise market doing well in the higher density areas.
  • New listings were down by 2.7% compared to the same time last year.
  • Market conditions were on the increase.
  • The GTA is still dealing with supply and demand issues.

Pros and Cons of Moving in October

There are still plenty of house shoppers that are willing to close a deal and move in October.

Pros:

  • The weather changes are noticeable but it is still fairly predictable.
  • The competition among house buyers may be reducing.

Cons:

  • The housing prices are still on the increase.
  • There may not be as many houses on the market.

Selling a House or Condo In November in Toronto

Historically:

The average house in Toronto sold for $864K which is down by 1.2% compared to last month

Statistics and Facts:

To Be Determined

Pros and Cons of Moving in November

Not as many people are willing to sell or move in November compared to the previous months.

Pros:

  • Some of those who have put their house on the market may be doing so out of necessity. This may allow for better deals.
  • The price of housing usually drops compared to what it was in October.

Cons:

  • There are not as many houses to choose from.
  • Although prices have dropped compared to October they are still higher than what they statistically are in September, August, July and January to March.

Selling a House or Condo In December  in Toronto

The statistics for the housing market in Toronto for December will not be released until around January 5, 2019.

Pros and Cons of Moving December

December is a month where most are concentrating on the festive season.

Pros:

  • Those that are selling at this time of year are most likely doing so out of necessity.
  • Maybe an opportunity to get better deals.
  • Moving costs may be cheaper as this is the off seasons.
  • School kids may have finished their last semester and can start a new school at the beginning of a new semester.

Cons:

  • Busy time with festivities.
  • Money may be tight due to extra expenses.
  • May be difficult to get moving companies as many may be on holidays.
  • Housing prices are still higher than what they are in January.
  • Weather may not cooperate.

Resources:

https://www.thestar.com/business/real_estate/2018/03/06/toronto-area-home-prices-saw-year-over-year-drop-in-february-as-number-of-sales-plunged.html
https://pierrecarapetian.com/wp-content/uploads/2018/03/avg-price-feb18_pin.png
https://pierrecarapetian.com/torontos-real-estate-market-report-march/
https://pierrecarapetian.com/torontos-real-estate-market-report-april
http://www.trebhome.com/market_news/market_watch/2018/mw1805.pdf
https://torontorealtyblog.com/blog/fact-or-fiction-december-is-a-great-time-to-buy/
https://www.ctvnews.ca/business/is-2018-the-year-to-buy-a-home-5-factors-that-could-affect-housing-prices-1.3737153
http://homeownership.ca/house-hunting/finding-the-right-home/winter-house-hunting-the-pros-and-cons/
https://www.holiday-weather.com/toronto/averages/february/
https://www.moneywehave.com/the-best-time-to-buy-a-home/