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Market Knowledge
FEBRUARY HOUSING MARKET UPDATE
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READ POSTDoes Back-to-School Season Affect the Real Estate Market?
There’s a certain nostalgia that arrives with the end of summer. The days fade, the weather cools, and as some might have you believe, so does the real estate market. Or does it? Most trend reports would have you believe that spring and summer are landing A and A+ grades in buying and selling classes, but, believe it or not, autumn is sweeping in for extra credit. Here’s a look at how the back-to-school season affects the real estate market.
It’s widely acknowledged that June and July are typically the busiest times of the year for moving. This is also true of the Canadian market. This buying trend coincides with optimal weather patterns—it’s a near-guarantee for a snow-free moving day, curb appeal is ramped way up thanks to blooming flora, and it’s easier for potential buyers to imagine themselves in the space when backyards and patios are available for use. These sunny days will continue in most Canadian cities through September as well, opening up a longer moving window for buyers.
Timing Is Everything
One knock summer has against it: everyone is on vacation. For those with families, spring and summer can mean an endless stream of activities—hardly the time to tack finding a home on the to-do list. Autumn offers some relaxation and respite from the hustle, with kids back in school (but not so immersed in curriculum that a move would throw everything off) and parents typically have a more open social calendar. This is reflected in market trends—real estate specialists typically see an uptick in activity after Labour Day.
Good Things Come to Those Who Wait
The heat can make many potential home buyers feel frenzied and enter into 10-way bidding wars. Other buyers are wise to wait until the fall when tensions settle and the competition drops off. It’s less likely you’ll have to go above asking price after summer, so be prepared to lock down your dream home with a pre-approval and personalized note in hand.
On the flipside, sellers may find that home buyers will be more motivated to make a purchase in summer or early fall. The idea of moving in winter has far less appeal, and the opportunity to rake in on year-end tax benefits is closing.
Lean in to Local Markets
Just as many Canadians don the snowbird lifestyle and escape to a southern locale during the winter months, snow lovers and ski bums will be looking for deals up north. Properties near winter-centric towns and cities such as Tremblant, Whistler, Banff and Canmore, Calgary, and Vancouver may see a boost in buyer interest as sweater weather sets in. Cabin lovers and families looking to take advantage of winter break may also have an eye on cottage-country properties with year-round appeal.
Call it the back-to-school boost or the season for smart decisions—changing weather, more routine schedules, unsung opportunities, and local factors all confirm autumn is a prime new time to invest in real estate.
https://www.sothebysrealty.ca/insightblog/2017/09/27/does-back-to-school-real-estate-market/
