Accessibility Quick Links
- Skip to Online Banking
- Skip to Content
- Skip to Navigation
Locations Locations. Opens in a new window.
Contact Us Contact us. Opens in a new window.
Sign On
Sign on to CIBC Online Banking. Opens in a dialog.
Are you sure you want to delete this saved card number?
Cancel
Delete
We're sorry, CIBC Online Banking is currently unavailable. We apologize for any inconvenience.
Sign on to CIBC Online Banking. Opens in a dialog.
Are you sure you want to delete this saved card number?
Cancel
Delete
We're sorry, CIBC Online Banking is currently unavailable. We apologize for any inconvenience.
- Personal
- Mortgages
- Resource Centre
- When is the Best Time to Buy a Home?
When is the Best Time to Buy a Home?
Season, market and financial health determine when you buy a home. Here are some tips to help you get started.
Choose the right time of year
January is the best time to make an offer on a home. Not many buyers want to brave the cold to shop for a home, so prices are the lowest. Properties also take longer to sell. This means sellers are more likely to accept a lower offer.
The market picks up from February onward. Spring is the busiest time of year to buy a home. More properties become available, prices go up and competition increases. Homes also look more presentable in spring. Buyers often purchase in the spring so they can move into their new home during the summer.
House prices peak in the hot season, especially in June and July. By fall, prices usually drop and so does the number of listed homes. The market often freezes in December, partially because of the holidays.
Buy a home when demand is low
If possible, purchase a home in a buyer's market: Prices are low and availability is high. When there's little demand, buyers can often get a lower-priced home.
A seller's market is the opposite: Prices are high and availability is low. In this case, sellers can pick and choose which offers to consider, and choose the best one. Multiple offers can lead to a bidding war. This means you could lose your dream home if your offer isn't the highest.
An experienced real estate agent can help you get the best deal, whether you're in a buyer’s or a seller’s market.
Don'toverthinkthereal estatemarket
Ideally, you want to buy a home in a buyer's market. But it's not always possible. Don't try to time the real estate market to find a home. The market goes up and down, so pinpointing the exact moment is almost impossible. Just buy a home when you find the right one. Don't wait for that perfect time or you may miss out on the home of your dreams.
Evaluate your life stage
Make sure you're financially stable before you house shop. Can you properly manage your finances with such a large purchase?
Also consider your housing needs. How many people will live in the home? How long will you live at your new address? Explore cities, towns and neighbourhoods that fit your family, work, daily commute and so on.
Factor in other expenses like maintenance, repairs and emergency funds. You need financial padding for when your roof leaks or your furnace dies.
Remember, a mortgage is an extra payment to factor into your monthly budget.Find out how much you can spend on a mortgage with ourmortgage affordability calculator. Then find out what your mortgage payments will be with ourmortgage affordability calculator.
Let’s talk about mortgages
Call us: 1-866-525-8622Opens your phone app.|Apply onlinefor a CIBC mortgage. | Meet with usOpens a new window in your browser.
Learn more about mortgages
Use the space bar to play and pause the carousel. Use the left and right arrows to move between carousel items. The carousel stops when not in focus.
1 Item 1 of 5
2 Item 2 of 5
RESOURCE
3 Item 3 of 5
ADVICE
4 Item 4 of 5
5 Item 5 of 5
TOOLS