Real Estate Talk:
Spring and summer markets

A short period in the year when property shows well, sells fast and gets the most money

By Joseph Marovitch

April 18, 2024

Granted the weather is somewhat unpredictable, yet it is still a wonder when one sees all the “For Sale” signs pop up like flowers all over the city. People walk by on the streets with newspapers or listings in their hands, all excited, as they enter open houses. It’s like kids trick-or-treating on Halloween, except it is for adults. Every home for sale looks marvellous, with tended front and back lawns, flowers placed, and interiors exceptional with fresh air flowing through the house.

As mentioned in a previous article, spring and summer are the best times to move and when property shows exceptionally well. However, this period of the year is like a wine that only comes out for a few weeks. This is a short period in the year when property shows well, sells fast, and gets the most money. From the end of July to the middle of August is the construction holiday and sellers lose their audience as everyone is on vacation.

… if you are an experienced realtor, you can clearly see the trends that cannot be seen by everyone else. This time of year is a nugget of opportunity if buying or selling is a consideration.

Different types of opportunities come all the time in real estate, the stock market, a new job, etc. The questions are can one recognize opportunities when they come and can one make a quick decision to take advantage while the opportunity is there?

I am writing this now to offer a heads-up that there is an opportunity if one is planning to sell. If you know how to sail a boat, then you can see things others cannot, such as the direction of the wind by reading the surface of the water. Well, if you are an experienced realtor, you can clearly see the trends which cannot be seen by everyone else. This time of year is a nugget of opportunity if buying or selling is a consideration.

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: Consider resale purchasing

State Of The Market

Bank of Canada interest rate: 5.25 %
Canadian prime rate: 7.2%
Canada inflation today: 2.9 %

The Bank of Canada interest rate remains at 5.25%, however, the Canadian inflation rate has increased to 2.9% from 2.86%. This makes the Fed nervous about reducing the interest rate, which many economists say is a must if we are not to enter a recession.

Despite the Canadian prime rate being 7.2%, many banks are offering lower rates amortized at 25 or 30 years for a 5-year fixed between 4.84% and 5.6%. I recently acquired for a client a rate of 4.99% for 5 years amortized over 25 years from an online bank based out of Toronto.

‘Despite the Canadian prime rate being 7.2%, many banks are offering lower rates amortized at 25 or 30 years for a 5-year fixed between 4.84% and 5.6%.’

There are opportunities and now is the time to take them since we cannot know what the future holds.

Have a great week!

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Feature image: Pikist

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