What's the best day of the year to buy a property?

Do you have an investment opportunity lined up for January? You should, according to one Toronto-based real estate company, since the cheapest day of the year to buy a home is just one week away.

Rokham Fard, co-founder and chief marketing officer at TheRedPin.com, said that January 20 is the day for rock-bottom real estate purchases, adding that investors and first-time homebuyers should take advantage of the holiday hangover over the next two weeks.

“We’ve looked at data over the last five years and found that January 20 was the day to find the lowest housing prices,” said Fard.

This data could be a boon for investors looking to buy a discounted investment property or for a young couple looking to purchase their first home.

“Consumers can see as much as a $20,000 discount and business picks up towards the third week of January,” added Fard. “That extra $20,000 could help them with any repairs needed for the property or similar developments.”

According to sales data from TheRedPin.com, inventory, and price, around this time of year is lower because it is a lot harder to sell and prepare a home for sale in the winter time.

Research from the Toronto real estate company between 2010 and 2014 showed that home prices averaged $22,338 less in January than in the next least expensive month in any given year.

"There might be less inventory, but sellers at this time are generally highly-motivated,” said Fard. “This creates a buyer's market. But, buyers have to move fast, it's a short window.

“A home is a huge purchase, and we'd never suggest rushing into such a deal. We're simply saying that if you are in the market for a new home, the inconvenience of the cold and snow could pay off with serious savings."

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