Top month for sales will depend on neighbourhood
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Seasonality plays a big role in how fast or slow a home sells in Canada
With the winter months (technically) behind us, many sellers in the Greater Toronto Area will be preparing their homes to sell in what is typically one of the busiest times for real estate — springtime.
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There’s no denying that seasonality plays a big role in how fast or slow homes sell in Canada. The spring market — particularly the months between March and June — are considered one of the best times to sell for several reasons: warmer weather means better curb appeal; many homebuyers want to be able to enjoy their new home over the summer; and families with children typically start their home search in spring with the hope of moving into their new home before the start of the next school year.
While spring is one of the best times to list your house, the best month to sell a home depends on the neighbourhood. Analysis from digital real estate platform Wahi reveals the top month for home sales in 2024 in every single GTA neighbourhood.
In looking at selling trends in 2024 for the GTA, it’s clear that there isn’t one month that stands out as the best month and that the top months for selling a home in the GTA vary across the region.
Breaking down sales by month and location, Wahi’s study indicates when home-selling activity peaked last year in each of the GTA’s 340 neighbourhoods with at least five transactions. Depending on the neighbourhood, the month with the highest sales ranged from January to December.
Toronto’s affluent neighbourhood of Yorkville, for instance, had the most home sales in May, and April proved to be a better home sales month for Appleby, Burlington, while the neighbourhood of Uxbridge saw more sales in July compared to other months.
Last year, April was the top month for home sales compared to every other month. Over 7,000 homes were sold, and it was the top month that saw activity peak in the highest number (23%) of GTA neighbourhoods. May had the second-highest number of home sales (6,897) in 21% of neighbourhoods.
October and March were the only other two months when home sales reached their highest in over 50 neighbourhoods, with 16% of neighbourhoods seeing the highest sales activity in both months.
Find out when home sales peaked in your GTA neighbourhood in 2024. It’s important to note that the month with the most home sales for your neighbourhood doesn’t necessarily mean it’s the best month to list your home for sale.
List price, overall market conditions and other factors such as interest rates, economic conditions and unexpected events can influence the real estate market.
Benjy Katchen is the CEO of Wahi, a digital real estate company committed to offering insights, tools and the team that makes buying a home faster and easier. Visit www.wahi.com
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