Here’s What the Canadian Housing Market Could Look Like This Spring
A lot of things come back to life once spring rolls around. Animals come out of hibernation, birds fly back from being down south, and tulips, more often than not, start to bloom. Similarly, activity in the real estate market tends to increase again once spring returns. However, things may be different for the Canadian housing market this spring.
According to a Zoocasa blog post, the end of March and beginning of April usually kick off the busiest season for Canadian real estate.
"Buyers frustrated by a lack of choice over the winter now luxuriate in a number of listings, and may be motivated to close deals as summer - and the following school year - looms just a few short months away," notes the post. "The warmer months are also when buyers are most likely to find themselves competing in multiple offer situations, and sellers enjoy a price premium on their listings."
Although, February of this year was slowest February in a decade in Canada regarding buying activity. The post notes that sales fell in three quarters of all markets - sales were down 4.4 per cent from the previous year, and 9.1 per cent from January. Prices also slid 5.2 per cent to a national average of $468,350.
So, it's hard to predict what this season has in store for the Canadian housing market.
Will activity in the market pick up again, or will the February trend continue?
In order to find out whether Canadians will be making a move this season, Zoocasa conducted a poll of more than 1,000 people.
In this poll, Canadians were asked about their plans for the spring market.
The poll revealed that 39 per cent of Canadian homeowners are planning to renovate their home, and only eight per cent are planning to sell or make plans to sell. Despite the small percentage of respondents who claimed to be making plans to sell, 58 per cent of Canadians believe that spring is the best time to sell a house and 42 per cent indicated that spring is the best time to buy a house.
The poll also looked at renting plans for the spring.
The poll revealed that 12 per cent of renters will be renovating, and 18 per cent will be buying or making plans to buy.
Do you think spring is the best time to buy or list a house?
Graphics are courtesy of Zoocasa.