Is it Now or Never?
Is now a good time to list your home for sale? It depends. July and August are typically slow months. Kids are home from school and people go on vacations, so we see fewer listings in these months than in the Spring and Fall markets. Some people believe that less homes on the market means less competition. Others believe that buyers are taking a break so they’ll get less activity on their home.
As always, I tell people to focus on their personal situations as opposed to the market, which we cannot predict. If you are in a rush and need to buy and sell quickly, then now may be a good opportunity. If you can afford to wait, then September/October may be a more optimal time with activity typically ramping up during those months.
With the housing market getting all the attention these days, the condo market is still very strong. Those who are priced out of freehold homes are buying condos, and this means increased competition. The average price of condos rose from $393,858 in Q1 of 2016 to $489,551 in Q1 of 2017 – a 24.3% increase. Tightening mortgage rules and stress tests are also a contributing factor to rising condo prices due to decreased purchasing power.