Canada experiences four distinct annual seasons, and our weather plays an essential role in the workflow and demand of the businesses and industries that call our country home. The summer, for example, is typically a hot time for home sales in Canada.
The reality, however, is that sometimes a person or a family can’t wait for the summer to move house. The good news is that, with the right tips and tricks, sometimes you can actually benefit from buying a home in winter.
Here’s what you need to know:
1. Fewer Buyers Make It Cheaper
People tend to burrow indoors when it’s freezing out, which applies to homebuyers, too. Home sales plummet during winter, which gives buyers more leverage. If someone is selling their home in winter, they’re likely eager to get the deal done, which plays into buyers’ hands.
The same home would likely be more expensive if they put it up for sale in June, so take advantage. You can buy a property in winter from the comfort and warmth of your home without braving the cold.
Digital real estate disrupter and founder of Nobul, Regan McGee, described how technology can empower homebuyers: “Since the start of the pandemic, there has been a huge rise in sight-unseen real estate sales, signaling a huge shift in how people buy and sell property.”
McGee’s real estate technology platform links buyers and sellers with the right agent for them securely, conveniently, and in less time. Nobul helps homebuyers save money on a home, especially when they use it in winter.
2. Smaller Selection Focuses Your Choice
Anybody who has ever been overwhelmed by the choices on a large restaurant menu understands the paralysis of having too many options. The reduced number of properties on the market may force you to focus on what you’re really looking for in a home.
In contrast, a market bursting with options may create a sense of FOMO.
3. Quicker Mortgage Closings
Winter is a slower time for real estate professionals and industries that service the housing market. Mortgage brokers and banks have more time to lavish on you and process your files.
Lawyers, home inspectors, and contractors also have less to do. If you want to move quickly without snags, buying a home in winter helps. Even moving during the winter is cheaper because there’s less demand.
4. Adverse Weather Tests the Home
A property can really put its best foot forward during summer when the weather is pleasant and comfortable. To know how a home fares in adverse conditions, see it in winter.
You can get a feel for the basement and attic to check out the state of its insulation. The presence of icicles may tell you about the roof’s condition.
Every neighbourhood feels warmer and more welcoming in the summer. If you’re considering buying a home that emanates warmth during winter, you know it’ll be that much nicer when it’s hot out.
You may feel the desire to hibernate a bit during winter and re-emerge when the weather improves. However, you can reap considerable rewards and savings by battling the elements and taking on the winter housing market.