WATCH ABOVE: Rokham Fard talks to Samantha Falk and Jay Durant on After Noon.
VANCOUVER – Jan. 20, according to one real estate company, is the cheapest day of this year to buy a house.
Rokham Fard, from theredpin.com, says they looked at the past five years worth of transactions in the Greater Toronto Area, and realized consistently, January was the cheapest month of the year for homebuyers.
“On average, when we averaged out the five years, we noticed that from January to the second-lowest month, which is July, average homebuyers would save over $22,000 on a property,” said Fard.
“When we look at the market over the past years, the first two weeks of January is usually the very very slow weeks, because people are coming back from the holidays and I guess people are not really ready to buy an expensive home after all the shopping during the season.”
But Fard says regardless of the month, Tuesdays alone are the most active day of the week for real estate.
“Buyers who have high intention, they are basically trying to catch the wave of good properties before the weekend arises,” says Fard.
“So that’s when we came up with the third week, which is the most active week of January, and Tuesday being the most active day.”
Fard says even though they looked at the Toronto market, they concluded it will hold for the rest of the country. “If you’re a serious homebuyer, you definitely don’t want to miss out on the opportunity in January.”
He says the most expensive month of the year to buy a house is May, making it the best month for sellers. “What’s very common in real estate is that people take it a little bit slow in the summer time toward the end of the summer, and typically people are back into business in October, November, which is the fall season” adds Fard.
“You do see the oscillation year after year from those months, but we definitely have a very very strong spring season every year across the country and it usually actually goes a little bit beyond spring into the summer to early summer, which is May and June.”