Is it wise to buy a home during the holiday season?
The Toronto real estate market tends to wind down naturally every year around this time. While most other markets are experiencing the majority of their sales for the year, fewer people are interested in buying homes because they’re busy, it’s cold and they’re on vacation.
However, that doesn’t mean that there aren’t any homes for sale from mid-November to the end of January. Toronto home buyers can take advantage of this in several different ways.
Reasons to buy a home during the holidays
Home buying and taxes
If you’re moving for work or school, or are moving closer to your job, you can also deduct your moving expenses and some other expenses relating to moving. First-time buyers can also be eligible for the First-Time Home Buyers’ Tax Credit for 2010 instead of waiting for next year.
As a buyer, during this time of year there are fewer other buyers looking at homes. The advantage here is two-fold: There is less competition, and because there is less competition sellers are more motivated to snag the buyers they do see. People with their home on the market over the holidays aren’t waiting until business gets back to usual, so they may need to sell their homes sooner. With fewer people coming to open houses and fewer offers, sellers may be ready to make a deal faster.
Lower Interest Rates
Interest rates have remained low for longer than expected, but there is always the inevitability of them rising in the new year. Take advantage of them now.