When is the best time to sell a property in the Greater Toronto Area?

Updated: November 7, 2024 

If you’re in the business of flipping homes for a profit or looking to sell your home at a good price, knowing how the Canadian housing market is performing is a major area of concern.

For Toronto, average home prices have increased by 0.5% year-over-year for all types of property. From January 1 to July 31 of 2024, the average price was $1,115,799 compared to $1,110,587 in 2023. Curiously, during that same period, the number of homes put up for sale decreased by 5.4%. In 2023, there were 16,061 homes for sale as opposed to 15,195 in 2024.

And while the total home listings went up by 25.2% (31,737 in 2023 compared to 39,744 in 2024), the number of sales throughout the remainder of the year will likely stay stable. One of the possible contributing factors is the projected decline of home prices across all property types by 2%.

In the meantime, the Toronto housing market is showing signs of balanced conditions in most areas. This trend is predicted to continue in the fall season, with an ample supply of homes for resale. However, these resale homes may not be at an ideal price for first-time buyers. In the long-term the lingering effects of the housing shortage will continue to affect the market, likely placing home prices just out of reach for most first-time buyers.

Perhaps the most impactful factors that contribute to the housing shortage are the lack of new construction and the currently high actual cost of construction compared to forecasted costs. As a way to sidestep the high costs, many potential home buyers in Toronto have opted to remain in their ancestral homes longer. Some have even resorted to sharing accommodations and other forms of home ownership. Renters have entrenched themselves in their rentals instead of transitioning into buying a home, which has also put pressure on the Toronto housing market.

Hence this article from Canadian Mortgage Professional – we delve into questions like when is the best time to sell a home? What time of year is best to sell a house? In what months do houses sell best in Canada? We’ll shed light on these and more, so let’s get into it.

When is the best time to sell a home in Canada?

Of all the factors to consider when selling a house in Canada, timing is probably one of, if not the most important factor. Many experts consider spring (or late spring) – which starts in March and ends in May – and fall – running from September to November – as the peak months and popular times for home-selling.

However, a lot of them also say that home-sellers in the region have other options apart from these traditionally hot months.

The spring market

The spring housing market in Toronto actually starts in early February and runs through the end of May, according to property experts Tanya Sidorova and Michael Inwood of Re/Max Professionals Sidorova Inwood Realty Inc.

In a blog post, the realtors said that the end of the holidays and the season’s pleasant weather provide the perfect conditions for house hunting. “By the time the spring market hits, the holidays are over,” they wrote. “Life is less hectic, and the new year has brought with it a sense of renewal that makes buyers feel ready for a change.”

“Not only that, but the warmer weather means a more pleasurable home hunt, further motivating those who want to start the search. Put simply, buyers tend to flood the market in the spring – and they’re ready to make a purchase!”

The experts added that the sheer volume of home buyers could raise the chances of a listing getting multiple offers, while stiff competition could push up prices. They also noted how houses typically look better during the season, making it among the best times to sell a home.

“We also can’t forget about curb appeal! In the springtime, it doesn’t take much to make your home’s exterior look incredible,” they wrote.

Speaking of curb appeal, homeowners or real estate agents should know what renovations or repairs to do on the home before putting it on the market. These renovations and repairs can add thousands of dollars to your asking price, but the trick is to make sure not to go overboard and avoid spending on unnecessary improvements.

Here's a video listing the repairs and renovations that can add value to your home’s sale price and those that you shouldn’t waste money on:

The fall market

According to Sidorova and Inwood, autumn is another season that provides “some pretty impressive benefits” for Toronto home-sellers. “At this time of year, buyers are primed to find their dream homes,” they wrote. “The cottage trips and summer vacations are over, and families are settling into the school year. The return to routine means home hunters have more time to focus on buying – and making a big move."

The experts added that although the market tended to slow down during the period, buyer demand often remained strong. “That’s good news when it comes to the perceived value of your home,” they wrote. “Since there aren’t quite as many options for buyers, this is a great way to make your property stand out.”

The off-peak months

However, according to GTA-based real estate agency and brokerage The BREL Team, there are also certain advantages of putting up a property for sale in off-peak months.

“The best time to sell your home may well be when other sellers are busy at the cottage or getting ready for the holidays,” the firm wrote in a blog post. “Homes listed in August and December, when there are traditionally fewer homes for sale, have an opportunity to stand out. Less competition from the neighbours and motivated off-season buyers can be an effective strategy for a quick sale at market value prices.”

The company added listing in peak months might result in homes staying on the market longer or not getting a higher price because buyers “will have infinitely more options.”

When benchmark prices are being set

According to the BREL Team, benchmark prices are set when multiple home sales “deviate from the norm, thus setting a new norm.” The team cautioned, however, that just because one property sells significantly higher or lower than usual, it does not necessarily mean a new benchmark has been set.

“There may have been extenuating circumstances and that sale might be considered an outlier,” the experts wrote. “But if multiple buyers buy multiple houses on a street, in a building, or in a neighbourhood at inflated prices, boom! You’ve got a new benchmark. It might just be the best time to sell your house.”

What are the hardest months to sell a house?

The worst possible months to try and sell a house are the winter months. December, January, and February are when it’s ill-advised to put your house on the market. That’s because during this time, bad weather can put off potential buyers from going on a house hunt and checking out open houses.

Many people are also too busy during these months with lots of holiday activities. As a result, the demand for homes during the holiday season plummets, causing significantly lower home prices and for homes to stay on the market for longer. January and February typically have the lowest home prices and the longest wait times on the market.

Sentiment among prospective buyers

In a recent report from Forbes, the Canadian housing market has had its share of ups and downs. Add to that the rising cost of rent, which was up by 8% in 2023, makes people wonder if 2024 is a good year to purchase a home.

In the 2024 Homebuyer Intentions Survey conducted by Wahi 24% or nearly one-quarter of Canadians aged 18 to 34 said they might buy or will buy a home this year. Canadians aged 35 to 54 are considering buying in 2024. Within that age bracket, 49% are hinging their decision on home prices, while 49% are keeping a close eye on interest rates before they decide to buy a house or condo.

What is the best month to sell a house?

A report created by ATTOM Data Solutions revealed the best month to sell a house – and it’s in May, right in the middle of spring. Why? Homes sold in May apparently bring in as much as a 12.8% seller premium – the amount above the home’s actual market value.

Best and worst places to sell a home, listed by province

The table below shows how each province performed in terms of their average home price (as of Sept. 2024). These latest figures by wowa.ca can be used as your reference and to guide you as to where are the best places to sell a home.  

Meanwhile, according to real estate company Re/Max (remax.ca), the 2024 price outlook for homes selling the Greater Toronto Area (GTA) is at -3% year over year, but with a +10.4% year over year sales outlook. RE/Max also reports that these are the hottest neighbourhoods to sell a house in 2024:

• Durham region – best value location
• Markham/Richmond Hill – most improved in terms of affordability
• Downtown area – best for transit/walkability

Average sale prices in Toronto have risen by 0.5% year-on-year across all residential types.

From January to July 2024, home prices averaged $1,115,799 compared to $1,110,587 in 2023.

While the number of home sales went down by 5.4%, the number of homes for sale jumped by 25.2% in 2024. Average sale prices are also expected to decline by 2% in the remaining months of 2024, although the number of sales is predicted to stay steady. This is why Re/Max categorizes 2024 as a balanced buyer’s market.

The housing market in Toronto remains balanced in most aspects, with an ample supply of reselling homes, but not at prices attractive or affordable enough for first-time buyers. In the long run, the housing shortage will still impact the market.

Is it a good time to sell a home in Canada?

Generally, yes, it is a good time to sell a home in Canada in 2024. However, keep in mind that the best month to sell a home in Canada was in the month of May. However, there are still opportunities to sell a home in the coming months, so the best time to sell a home in Canada may yet be on the horizon. Here are some indicators that you can get a good price for selling a home very soon:

1. The current market trends

The Canadian real estate market is mostly expected to rebound in 2024 after a slump in recent years. Increased demand will be driven by lower interest rates and a robust population growth with an additional 1.2 million people in the past year.

Even though population growth and home sales were largely affected by the pandemic, population numbers have since rebounded. This growth is likely to enhance housing demand, particularly in major areas like the Vancouver and Toronto real estate market, where prices have seen a significant rise.

2. Seasonal changes increasing likelihood of sales

Spring and early summer are often the best times to sell a home, when buyer activity increases significantly. This trend is supported by recent observations that quicker sales and higher prices accompany these times. The typical peak period for selling is between March and June, since some families will choose to relocate before the new school year begins.

3. Market conditions

Despite challenges like affordability concerns and previously high interest rates, the housing market is becoming more favourable for sellers in Canada. The average selling price of a home in Canada is expected to rise, with a modest increase forecasted this year. There is also the expectation for continued home price increases in 2025 and 2026. These indicators can also stave off a glut in the housing market, as even house-flippers remain optimistic and continue to renovate homes to put on the market.

4. Buyer sentiment

With the expectation of lower interest rates, potential buyers are expected to re-enter the market with optimism and an increased interest in home purchases. Changes in mortgage rates could encourage previously sidelined buyers, potentially leading to greater demand and more favourable selling conditions for real estate agents.

Real estate professionals believe that 2024 holds promise for sellers, particularly due to the improving economic climate and favorable buying conditions. Timing your home sales to with peak market activity could yield optimal results in terms of sale prices and transaction speed.

Considering the projected upward market trends, strong buyer activity in the succeeding months, and historical seasonal patterns, the tail end of 2024 and beyond (at least until 2026) appears to be the best time to sell your home in Canada.

If you’re looking for industry leaders to model your career on, our Best in Mortgage Special Reports page is the place to go. Check out our special report on The Best Young Mortgage Professionals in Canada and see how these experts rose through the ranks to become among the industry’s respected leaders.

Did the article help you pinpoint the best time to sell a home in Canada? Let us know in the comments.