“Despite the colossal price spikes and market shifts over the past half-decade, one trend has remained true and consistent – January has proven to be the least expensive month of the year to buy a home,” The Red Pin wrote in its 5 year GTA Breakdown about the best time to buy and sell a home. “Not just in 2014 but in every year since 2010.”
According to the report, the average price in January over the past five years is $467,761, which is nearly $16,000 less than the next cheapest month and $60,000 cheaper than the most expensive month.
However, the Realtor took it one step further and discovered the best day of the year to buy a home, according to its research: January 20th.
“The savings amounts to a lot for the buyer,” Rokham Fard chief marketing officer of TheRedPin.com told the Financial Post. He estimates the total savings amount to $20,000 over the next cheapest month.
And according to Fard, the date happens to fall on the perfect day of the week – Tuesday -- as well.
“Everything is back into gear in the third week,” Fard told the Post. “On Tuesday, you have some time before the open houses start on the weekend to see a property and research it and put in an offer.”
In what might be a useless bit of information for brokers to share with their clients, one Realtor has pinpointed the cheapest day of the year to buy a house.