Spring is the main event for Canada’s real estate market. March through June make up just one-third of the year but those months account for a disproportionate 42% of annual sales.
Using CREA data for the last 10 years, we can plot home sales by month.
May is the No. 1 home-buying month in Canada. If you consider that real estate purchases typically close in 45-60 days, it explains why:
The end of June/beginning of July is the busiest time for mortgage closings
June 30 or thereabouts is the most frenzied time of year for lenders’ funding departments
July is one of the top revenue booking months for most mortgage originators.
In terms of mortgage deals, the juiciest rate specials tend to launch in March, or thereabouts. But that’s no reason to defer a home purchase till spring, which is the most competitive time of year for homebuyers.
Chart data source: The Canadian Real Estate Association, MLS sales.
Note: CREA records a “sale” upon the acceptance of an unconditional offer or upon removal of non-title conditions.
Rob McLister, CMT
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