The last few weeks in August are similar to the last few weeks in December in that these are the two times of year when a relatively large portion of the real estate market (buyers, sellers, and realtors) are away on vacation.
Not everyone is out of the game though. We still see listings come on the market right up until Labor Day weekend and Christmas. If you're a buyer who's still actively looking you may be able to take advantage of the timing here.
I say "may" because it's actually quite rare to come across a bonafide "steal" in the Toronto real estate market. There are so many eyes on the listings at all times and nothing is ever going to slip past everyone.
Having said that, I've certainly had buyer clients do quite well by purchasing at the end of summer. They've benefited from the fact that there simply aren't as many other buyers out there actively looking. Less competition.
A property that might otherwise attract multiple offers may only get one. And there might actually be room for a bit of negotiation on the list price (imagine that!).
A handful of the buyers I'm working with at the moment have asked if they should put off the search for now and wait until after Labor Day weekend. My advice is almost always the same in this situation - "There'll be more listings to choose from if you wait until September. But there'll be more buyers to compete with then as well. If something really great pops up in the meantime, don't hesitate to make a move... You may be glad you did."
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.