By Pete Evans, CBC News Posted: May 01, 2015 12:00 AM ET Last Updated: May 01, 2015 2:02 PM ET
The real estate company has tabulated sales data from the past five years and calculated that the entire month of May is one of the most popular months to buy a home, with 20,809 homes changing hands across the Greater Toronto Area during the month last year — more than any other month.
All those home sales to eager buyers have a habit of driving up prices, too.
“May not only sees more home buyers out on the market, but home buyers are also willing to pay more,” the company says.
How much more? The company calculates the premium to be on average $18,650 more than the price you’d get during the rest of the year.
Over the past five years, homes sold in May have average selling prices more than $5,000 higher than the next most expensive month (October) and a full $60,000 more than the cheapest month to buy a home, which is January. And homes listed in the spring tend to sell much faster than those listed in the winter months, the company says.
“Year after year, May has blown away sales expectations,” company founder Rokham Fard said. “With the year’s sales so far, we’re expecting the market to explode over the next few weeks.