Raid your piggy banks, ready that withdrawal from your RRSP, and search the washer and drier for loose change…NOW is the time to purchase a home in the Greater Toronto Area.
According to seven years worth of research compiled by The Red Pin real estate brokerage, buyers have spent an average of $60,000 less on property in January compared to others months.
Just how great is the “January advantage?” The Red Pin’s data indicates that home buyers saved an average of $70,000 on property in January compared to spring months. Furthermore, the research shows the cost of purchasing a home in and around Toronto jumped by nearly $35,000 from January to February.
Of course, housing prices are still at an all-time high in the GTA, so it’s not as though the “January advantage” can take care of that problem. Still, an average break of one per cent below list price is not nothing.
Prices are expected to rise even further in 2017, so take advantage of THE “advantage” if you’re looking to own.
(Photo by American Advisors Group via Flickr)