Spring Equinox: Greater Toronto Area Spring 2011 Housing Market Begins

At 7:21 eastern time on Sunday, March 20 the spring equinox began, and with that it means good bye Leafs, hello Blue Jays and the beginning of of the busiest time of the year in our local housing market. With the arrival of migrating birds, the clock starts as thousands of Toronto homes and condominiums will transfer ownership in the course of 4 short months. No Toronto neighbourhood is untouched as buyers and sellers from the Scarborough Bluffs to the 401 and from Pickering to Etobicoke all muscle in to what is deemed the annual spring housing market.

But why does this buying and selling frenzy seem to be at its most intense during the spring?

  1. Buyers who have children see it as a time of transition. Those with young children just starting into JK want to find the perfect home close to the preferred school; or if your son or daughter is off to high school then you want to purchase in catch area of that desired secondary institution. A spring move allows the summer months for all to transition to the new home and neighbourhood.
  2. With the snow gone and with the outside coming back to life, spring tends to be the season where a house can shine.

To put the GTA spring housing market in perspective, in 2010 there were 19,289 total sales with March, April, May and June contributing 8,831 sales representing 46% of the total year’s sales. Just to illustrate how frenzied the spring market gets, in April 2007 I listed a home on the Scarborough Bluffs and over a two day open house I had over 100 groups through the house. (Fortunately I had another Realtor assisting me)

So, how as a buyer or seller do you navigate through this mine field?

Buying:

For Buyers it is important to know how much you can afford. Once you know how much you are comfortable spending then stick to that number, as multiple offers situations can pressure you into a financial strait jacket. Get a Realtor and work with them, as they know the market and see houses immediately as they go on market and not 24 hours later on mls.ca. Acting quickly and decisively so that you can save yourself a lot stress, needless driving and money.

 

Selling:

Cleaning, repairing and staging are the first things to tackle. Your house has be to accessible and so accommodate bookings by buyers…the only way to attract a buyer is getting them through the door. Once you are listed know what date you want to move, as well as the price you are willing to accept.

Day one and as the American poet Robert Frost once said “and miles to go before I sleep.”