If you're offering on a property today, you're in luck, because according to TheRedPin, today is the best day to buy a home in Toronto.
The Toronto-based brokerage TheRedPin created an infographic to reflect the findings of their research. After reviewing over 530,000 home sales across the Greater Toronto Area from 2010-2015, it was determined the best date to make this purchase is today, January 19th.
(This is only a small excerpt. View the full infographic here.)
TheRedPin took many factors into account when analyzing the accumulated data, including supply and demand, weather conditions, and affordability. Over the past 6 years, January was consistently the time of year to save an average of $60,000. Wow! But be careful on delaying too long, thinking a couple of weeks won't make a difference - on average over the last six years home prices between January and February increased by $31,166. That’s the largest month-to-month increase of the year!
In 2016, those who successfully purchase homes in January will have a further upper hand, because they will have circumvented Canada's new down payment requirements for mortgages; as of February 16th, any home purchase over $500,000 up to $1,000,000 will now require the portion of the purchase price over $500,000 to have a down payment of 10%. Transactions less than $500,000 will continue to only require a 5% down payment and property purchases over $1,000,000 will retain the minimum down payment of 20%.
You can read TheRedPin's full press release here!
~ Posted by Steven Fudge, the purveyor of houseporn.ca and proprietor of urbaneer.com, a division of Bosley Real Estate Ltd., Brokerage.