After a long, cold Canadian winter, it’s during spring that the housing market comes out of hibernation. Although the spring has come off to a sluggish start, it’s important to note that April, May and June are among the busiest months to buy and sell homes in Canada. For buyers specifically, springtime is the preferred season as it’s much easier to home search and move during this time.
But despite the improved weather, there are some key points that buyers should keep in mind when it comes to spring home shopping.
Better weather means better selection
Improved weather simplifies the moving process in general and enhances the appeal of any home on the market. With homes presenting better during the spring, sellers are more inclined to put their homes up for sale, which increases the selection for buyers compared to winter months.
Be prepared to spend more
With sellers more inclined to put their homes up for sale, buyers are more motivated to begin house hunting. With more buyers actively searching, things can get competitive. That said, buyers need to be prepared to pay more for a home than what they normally would during other seasons of the year. The upside: the selection of homes is greater during the spring months compared to other times of year.
Greater chances for a bidding war
With so many people inclined to buy during the spring, the increased competition can often lead to bidding wars between buyers and many homes being sold over their asking prices.
How can buyers best prepare?
Find a realtor who understands the current state of the market and sold data of comparable properties in the area. With their guidance, you can rest assured you won’t be overpaying for your home.
Be aware of what your maximum affordability is and set a clear budget. This will ensure you’re not stuck purchasing a home you can’t afford. A good way of staying ahead of the game is getting Pre-Approved for a mortgage. This will help you proactively identify your borrowing capacity so you can simplify your home search and set a realistic budget.
Get started on your Pre-Approval today in just minutes with Homewise. We work with over 30 lenders, so our goal is to find you the best options available and guide you every step of the way.