Real Estate Talk:
The summer market

Is summertime a good period of the year to sell a property?

By Joseph Marovitch

Updated April 4, 2024

Anytime is a good time to sell, if one must. However, market conditions, economy, politics, and seasons, all have pros and cons. Each issue offers the opportunity to purchase at a discount or sell at a premium.

What are the pros and cons of selling in the summertime? The pros are property shows best in summer with greenery, warmth, and sunshine. Buyers are in a much better frame of mind if they do not have to wear heavy coats and wet, slimy boots.

It is so much nicer when buyers do not have to warm up before viewing the property. The walk outside is pleasant and adds to the excitement of house searching. As the buyer walks up to the front porch to see flowers growing, people sitting on a bench and lemonade waiting for them, they automatically become attached.

The pros are property shows best in summer with greenery, warmth, and sunshine… The cons are there is a limited number of motivated buyers.

The cons are there is a limited number of motivated buyers. There is a motivated and excited audience of buyers from June 1 to July 15 on average, as the construction holiday commences and people travel. From mid-July to the end of August, there is the smallest audience of home buyers and sellers. Everyone goes on vacation down south or up north. Those who remain in the city are enjoying friends, family and BBQs and do not want to be bothered with open houses and prying eyes.

When September arrives, people return to loads of work on their desks, however, the market starts to fire up again, and the buying and selling commences.

To summarize, if one is going to sell in the summer, sell between June 1 and mid-July, before the construction holiday. Take the wet and unpredictable weather in April and May to prepare the interior, the exterior and the grounds.

Should you have questions or comments, please refer to the comments section at the bottom of the page. As well, to view past articles, click here.

Next article: Mental preparation to sell

State of the market

Bank of Canada interest rate: 5.25 %
Canadian prime rate: 7.2%
Canada inflation today: 2.86 %

The markets are much the same as last week. There is something in the air, though. I say this because the inflation rate is lower at 2.86%, yet the bank rates have risen, therefore, someone is anticipating something.

‘Home ownership has become more elusive across Canada, and modest market and economy improvement may occur in the coming year.’

The highlights of this week’s market, according to the RBC Economics report, are: homeownership expenses are the highest they have been since 2023 in the fourth quarter; the average household must spend 63.5% of its annual income to cover home ownership costs. Home ownership has become more elusive across Canada, and modest market and economy improvement may occur in the coming year.

It is a tough market and requires expertise to navigate correct market prices, low-interest rate loans, offer terms when purchasing and selling, inspection and more. If real estate dealings are your strength, there are opportunities in every market. If not, find an expert you can trust and proceed with caution.

Have a great week!

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Feature image: SOCIAL.CUT – Unsplash

Other articles by Joseph Marovitch