When is the best time to buy a home in Ottawa?
We’ve all heard about the ‘spring rush’ - but is the time of year you choose to buy really that important? Let’s take a closer look at how each month of the year impacts the real estate market, and how you can adapt it for whenever you need to buy.
January is a slow month for buyers in Ottawa. It’s freezing cold, everyone is getting started on their new year resolutions and getting busy at work, and plenty of people are just returning from New Year’s holidays. Sellers at this time may be feeling a bit desperate, especially because December is such a slow season. For this reason, you may be able to get a lower price on a home or have an offer move quicker.
In February, the market starts to pick up for the spring hot season. People start listing their homes, meaning there are also more to choose from. Spring is a hot purchase season because it means you can move in the summer. Because of this, if you’re starting to look for a home in February, prepare to be competing with a few more buyers than you would in January. This doesn’t mean it isn’t an ideal time to buy though! You and your Ottawa Real Estate agent will just have to work closely together to put in an offer at the right price, at the right time, on the right property.
The rest of the spring season will be much of the same. The market is heating up as many people are getting ready to buy and sell so that they are set for the summer. If you work closely with your agent, you will have no problem finding a dream home, so don’t worry!
Summer tends to be seen as the ideal time to move, which means fewer people are listing their homes or looking to buy, as they’ll want to plan ahead or wait for the next year to be ahead of the curve. That being said, this doesn’t mean that there aren’t houses on the market! If you were too late to look in the spring, it’s worth taking a look with your agent to see what is available - perhaps the perfect house just happens to be out there for you! Because summer has such a slow market, you may find very fairly priced homes available, and limited competition against your offer.
Moving into the fall, many experts suggest this is the ideal time to look for a home. There is more inventory than in the summer, but less competition compared to the spring. Most novice or first-time buyers are buying in the spring, meaning you’ll have less competition in the fall when putting offers in on your dream homes. Just because everyone isn’t listing doesn’t mean that your perfect home isn’t on the market at this time!
Finally, moving back into the winter, the falls to a lull again for the holidays. People are taking time off with family, and nobody wants to be moving during the holiday season. This is a great time to take a look at the market, and perhaps figure out some aspects of currently listed homes that you like and don’t like. If you happen to find the perfect property with your agent - you may be able to negotiate an ideal move in time that works for you!