Selling in Ontario between November and Christmas: who are the buyers that show up?
Swipe for the 1 minute answer
The real slowdown runs Dec 20 to Jan 20. Stay listed until then. Early December often brings a small rush.
Many buyers of older homes don't want to do the work. Fix what needs fixing and keep your receipts.
- 01Worth more than casual spring browsers
- 02December prices run lower
- 03But good listings are scarce too
Sellers who make showings easy give themselves a better shot. Not a citizen or PR? A lawyer should review before any offer.
Some year-end offers come in surprisingly low. Look at the terms and the dates, then decide whether to counter.
- 01Stay listed until December 20
- 02Say yes to showings
- 03Clear the snow, heat up, lights on
- 04Decide how flexible your closing can be
- 05Read low offers for terms first
Tell Yifei where your home is, how long it's been listed and how many showings. He'll tell you straight what he'd do.
Ask YifeiFewer people tour homes in Ontario from November to December 20 than in spring, but the ones who do are mostly serious: families buying to live in, move-up buyers with a closing date they need to line up, buyers from overseas who fly in over the holidays, and a few bargain hunters waiting for year-end. The real slowdown is the month from December 20 to January 20. Before that, don't turn down a showing.
Why buyers look different this time of year
I watch the sales in this window every year. Winter isn't slow, one month of winter is. The market really stops from around Christmas to January 20. Early December often brings a small rush, there are sales every year around Christmas, and one year I closed close to a deal a day over a two week stretch at year-end.
Anyone willing to tour a house in the cold has a reason to be there. On the other side, December prices run lower, but good listings are scarce too, so serious buyers have less to choose from.
Timing on the legal side matters as well. Some law offices close early for the holidays, and booking a lawyer after mid December can be hard, so December deals often close in January.
Who shows up
What Yifei has seen
For older homes, the buyers coming through are mostly owner-occupiers around 40. Price isn't the only thing they weigh. Some buyers would rather pay $200,000 more for a home that's already renovated.
Move-up buyers often have a date to hit. Recently one buyer's current home was closing a couple of weeks before our agreed date, and they asked whether they could move in earlier. I told them any day in between would work. A little flexibility on dates goes a long way with this group.
Then there are overseas buyers. Recently a new client, a permanent resident living overseas, was looking in the Niagara area at around half a million for a home with a basement or backyard unit that could be rented, and planned to fly back in winter to see houses. These buyers have a short window, so sellers who accommodate showings give themselves a better shot. One caution: if an overseas buyer is neither a citizen nor a permanent resident, federal rules restrict non-Canadians from buying residential property and Ontario charges a Non-Resident Speculation Tax, so they should have a lawyer review before making an offer.
And yes, there are lowballers. I've seen year-end offers so low that even my own clients felt awkward about them. You don't have to react on the spot either way. Look at the terms and the dates, then decide whether to counter.
On the seller side, a woman I'm working with recently decided to sell her house, move near her son, rent for a year, then downsize, and not wait. Free staging, me covering cleaning and junk removal, listing as soon as possible, aiming for a result before Christmas.
What sellers should do now
- Stay on the market until December 20. If you want a break, take that one month.
- Say yes to showings. Someone touring in winter is worth letting in.
- Clear the driveway and steps, keep the heat up and the lights on.
- Decide how flexible your closing date can be; lawyers get scarce after mid December.
- Read a low offer for its terms before deciding how to respond.
Frequently asked questions
Should I pull my listing if nobody comes in December?
My take is to stay listed until December 20, since early December often picks up, and pause only from December 20 to January 20. If a listing sits with no showings for weeks, that's about price or the house, not the season.
Do winter buyers offer less?
Some lowball hard. Others pay more for a renovated home. It depends on the buyer, not the calendar.
What closing date works for a December sale?
Some law offices close early for the holidays, so aiming for before mid December or pushing into January is usually easier than landing in Christmas week. Check your lawyer's year-end schedule before you pick a date.
Tell me your situation and I'll tell you straight what I'd do. Yifei (RE/MAX, efay.ai)
Sources: - Ontario Non-Resident Speculation Tax: https://www.ontario.ca/document/non-resident-speculation-tax - CMHC FAQ on the Prohibition on the Purchase of Residential Property by Non-Canadians Act: https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-research/consultations/prohibition-purchase-residential-property-non-canadians-act/faq