The higher interest rates we’ve been experiencing in recent years have pushed many home buyers to the sidelines. But following another drop in the Bank of Canada’s benchmark interest rate on Sept. 4 (and more cuts expected to come later this year), some experts are predicting that a resurgence in demand can’t be far away. As a result, this fall could shape up to be a fantastic time to enter the real estate market, whether you’re a buyer or a seller.
If you’re thinking of listing your property this fall, there are a few simple things you can do to get your home to sell faster, and at the highest price.
The advantages of selling in the fall
Shaun Cathcart, Senior Economist with the Canadian Real Estate Association (CREA), said experts are now expecting rate cuts at every remaining Bank of Canada decision this year, with momentum carrying into next year.
“Combine that with a record amount of demand waiting in the wings, and the forecast for a rekindling of Canadian housing activity going into 2025 has just gone from a layup to a slam dunk,” Cathcart said.
This means that real estate activity this fall could start to ramp up as people explore the market again.
“The question isn’t so much whether buyers will return, but when,” explains Brendan Powell, a REALTOR® and Broker of Record with the BREL Team at Bspoke Realty in Ontario. “The reality is, buyers will come back when they feel conditions are favourable. All sellers can do is be ready.”
Luckily, while most homeowners think of spring as the ideal time to sell, the fall is actually a great time to list your home. The benefits include:
• Typically there are less listings compared to spring, which helps your home stand out;
• Late winter and early spring can be a mucky mess to get your home all spruced up, but late summer and early fall provide great opportunities; and,
• More serious buyers who want to move in before the snow arrives, including people relocating for work or empty-nesters who are downsizing.
September and October have consistently been busy times which can mean more competition, but that means your home will benefit from broader exposure than in summer when people tune out.
How consumers are feeling heading into fall
According to the RE/MAX 2024 Fall Housing Market Outlook report, the declining interest rate is making around 16% of Canadians feel more comfortable about entering the real estate market.
The interest rate cuts are also boosting the confidence of potential first-time home buyers, with younger Millennials and Gen Zs who are already actively saving feeling hopeful they’ll be able to enter the market soon. In general, however, home buying has taken a backseat for around 25% of Canadians. As expected, day-to-day expenses are taking top billing, while travel is taking second place.
Nationally, RE/MAX brokers’ insights predicts approximately 33% of housing markets in Canada are expected to be sellers’ markets, though evolving market conditions continue to make this somewhat unpredictable.
Make a great first impression
Once you’ve decided to sell, work with your REALTOR® to put together a plan to make sure you put your home’s best foot forward. For example, if there are any reno projects you’ve been putting off, now’s the perfect time to get them done.
Clean your windows and screens, add some decorative accent lamps to any dark corners in your home, and open all the window coverings during showings to let in as much light as possible.
You might also want to consider adding some seasonal touches to your indoor décor, like hanging a fall-foliage-inspired wreath on the front door or adding some orange pillows or blankets. To prepare your home for showings, turn your fireplace on if you have one, or add a seasonal scent to your home by baking some gingerbread cookies. Consult with your REALTOR® before doing any staging on your own because fall overkill can distract buyers or completely turn them off of your home.
Stay on top of cleaning and upkeep
To really maximize your curb appeal, don’t forget to consider what’s also outside your home.
“Fall means yards and gardens are approaching the end of their summer foliage,” Powell says. “So clear out any flowers and plants that dry up in the fall, and stay on top of all those leaves. If you’re listing late in fall, consider adding some decorative outdoor plants that stay beautiful well into the colder weather.”
Of course, the last thing you want to discover on a cool autumn evening, right before a buyer is coming to see your home, is that your furnace is on the fritz! A fall listing can be a great reason to have your HVAC system cleaned and inspected.
Put the latest technology to work for you
Between virtual and 3D tours, 360-degree views, and remote showings, the technology associated with selling a home has come a long way in the past few years. Your REALTOR® can help put those technologies to work for you.
“If you plan to sell later in the year, get some outdoor photos done now, before the snow comes,” Powell says. “While your own snapshots might be fine, ask your REALTOR® to bring in their professional photographer ahead of time.”
Do your research
Because there are usually fewer buyers in the fall, it’s essential to stay on top of what’s happening in the market. This means having your REALTOR® do research on things like comparable listings in your area, tracking where your local housing market is headed, and understanding what buyers want.
“Changing demand, buyer expectations and your competition will all impact your sale’s timing and strategy,” Powell explains. “The right strategy could change from one day to the next, but the most successful sellers are the ones who listen to what the market, and their REALTOR®, are telling them, and act swiftly. Don’t get so stuck on a strategy, price or timing that you aren’t able to change it up to take advantage of opportunities. Your REALTOR® will know when to jump and when to pivot. Listen to them.”
Ask your REALTOR®
When in doubt, ask your REALTOR® for advice! In addition to tracking the latest market statistics and keeping you informed about any future interest rate changes, your REALTOR® can walk you through each step in pricing, listing and getting your home ready to sell, and help you sell your property quicker, with less stress, and at the best price possible. Don’t have a REALTOR® yet and still want to sell this fall? Find a REALTOR® today!
— REALTOR.ca