TORONTO, ONTARIO--(Marketwired - Jan. 11, 2017) - January is one month this year that home buyers have a financial advantage in the highly competitive Greater Toronto Area housing market. Tech-focused real estate brokerage TheRedPin analyzed data from over 650,000 home sales between 2010 and 2016 and have today released data showing that this January, home buyers can expect to save an average of approximately $60,000 on their home price. However, buyers beware because prices will spike abruptly in February.
According to TheRedPin data, home prices surge in February by an average of $34,455, the largest month-to-month increase of the year. The second least expensive month to buy is August, when the average home price in the GTA over the seven-year research period was $529,169.
For the savvy home buyer looking for a financial edge, TheRedPin have named Tuesday, January 17 as the best day to buy a home in the GTA. This day was identified by evaluating Multiple Listing Service data and combining industry knowledge and seasonal trends.
TheRedPin analyzed data between 2010 and 2016 and found that the advantages of home buying in the dead of a Toronto winter are significant. Homes are cheaper than any other month of the year, properties are on the market for longer and they are more likely to sell under asking. Last January, the average home sold for one per cent below asking, which sounds small but can represent savings of $7,000 or more based on last year's average sale prices. Tarik Gidamy, co-founder and broker of record of TheRedPin, says this means fewer bidding wars and less mania.
"With access to more housing data, consumers are better able to make practical and often less emotional decisions about home buying and selling," said Gidamy. "Housing inventory is low right now so it will be interesting to see if this January is any different than the trends we've identified over the past seven years."
Yearly averages for all home types between 2010 and 2016.
||Average price for all home types
For more information and visit www.theredpin.com
About TheRedPin Brokerage
Founded in 2010, TheRedPin connects people, data and technology. Its platform carries the largest database of active residential listings in the Greater Toronto Area, with plans to expand nationally. TheRedPin is a challenger brand with a unique business model that streamlines the real estate journey, and provides exceptional end-to-end services and benefits not found at other traditional brokerages.