{"id":27586,"date":"2024-02-21T06:00:00","date_gmt":"2024-02-21T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=27586"},"modified":"2024-02-16T15:38:30","modified_gmt":"2024-02-16T20:38:30","slug":"springs-impact-on-canadian-home-sales","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/springs-impact-on-canadian-home-sales\/","title":{"rendered":"Peak Buying Season: A Historical Analysis of the Spring Market\u2019s Impact on Home Sales"},"content":{"rendered":"\n

With snow still on the ground in many parts of Canada and chilly temperatures persisting, it might seem too early to talk about the spring real estate market. However, for those considering buying or selling in the spring, the groundwork and planning have already begun. Pent-up demand from buyers unable to purchase a home last year has been accumulating and momentum is ramping up as spring approaches. <\/p>\n\n\n\n

National home sales were up 12.9% month-over-month in January according to the Canadian Real Estate Association<\/a>, with local Ontario markets particularly active. The Greater Toronto Area<\/a>, Hamilton-Burlington<\/a>, and London & St. Thomas<\/a> all experienced month-over-month sales increases of more than 20% last month, suggesting the spring market may be just around the corner. But that begs the question, when exactly is the spring market and when do home sales typically peak?<\/p>\n\n\n\n

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To better understand what could happen in 2024, Zoocasa analyzed the past five spring markets using data from the Canadian Real Estate Association and compared when home sales peaked in each year in seven major markets across Canada. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The Annual Ebb and Flow of National Home Sale Peaks<\/h1>\n\n\n\n

The spring real estate market typically heats up between March and May every year, however, depending on economic and social conditions of the time, the exact month when home sales reach their highest differs. In some years, the spring market comes much earlier in the season and can result in an uptick in activity as early as February, while in other years a ramp-up in market activity is delayed until May.<\/p>\n\n\n\n

In 2019, the last year before there were significant disruptions to the real estate cycle, national home sales reached their peak in May with 54,599 sales. January and February of that year were slower, with home sales in the 20,000s before sales reached above 40,000 in March and April. June and July were only slightly slower months than April, with home sales still above 47,000. This was a typical year for real estate and the following years were much more unpredictable and varied. <\/p>\n\n\n\n