Is winter a good time to buy a new home?

Ask any realtor and they will tell you that conventional real estate wisdom states that spring, and to a lesser extent summer, are the prime seasons for house hunting. One of the reasons for this is simply because people are more likely to get out and shop when the weather is nice.

Yet there are some very compelling reasons for braving the cold dark days of winter.

According to the Real Estate Investment Network (REIN), buying in December can translate into more money in your pocket.

“In Vancouver, the typical seasonality effect is 0.3 per cent in average price drops every December,” says Jennifer Hunt, vice-president, REIN research and investor relations at REIN - a real estate investment education, analysis, research and strategic leadership resource.

Although no statistics are available only for new builds, Hunt went on to say, “A 0.3 per cent price drop may not be a huge figure if you think about it, but that might mean thousands of dollars in high-priced markets like British Columbia.”

According to Zolo, the average price for a Vancouver home as of November 2019 was $1.2 million. Taking into account a seasonal 0.3 per cent drop, that same property purchased in the winter could translate to $3,600 worth of savings.

However, that may not be enough of a savings, so developers are also offering up all forms of imaginative incentives to attract purchasers.

Adil Dinani, who sells new builds, has heard of a variety of winter enticements, including some headline-grabbing ones like free avocado toast, a year’s worth of free wine, free flights, ski and golf packages.

Although these incentives are creative, the principal at Dinani Group Royal LePage doesn’t think they are likely to get serious homebuyers to leave the comfort of their cozy home in the dead of winter.

However, introducing substantial, money-saving promotions allows developers to re-engage with buyers and realtors during the real estate market’s slowest time of year.

“The general narrative in the market today is that as a developer, you need to offer buyers something in December to sell your presales during the final winter push,” says Dinani.

“I’ve seen everything from free upgrade appliance packages, upgrades to more premium finishes throughout, a fully finished basement, to offering a free parking stall, valued at between $25,000 to $35,000.”

Dinani points to RAR Development’s ELIOT at Norquay in East Vancouver, which is hoping to attract buyers with a no GST/five-per-cent-off the purchase price for the winter season.

“The marketed price for a three-bedroom home at the ELIOT is $885,000 (GST included),” says Dinani. “With the five per cent off, that home will cost you $842,700.”

At Quadstar’s Winston Terraces, a 26-townhome rooftop patio development in Langley, the builder recently introduced a break in the usual 15 per cent down payment rule.

“Rather than 15 per cent, buyers only have to come up with five per cent down,” adds Dinani. “In addition to that, buyers receive a free air conditioning upgrade and a fully furnished rooftop patio, complete with chairs, a fire pit, dining set, and a barbecue.”

Vesta Properties’ billion-dollar Latimer Heights project in Langley is also offering some considerable cost savings.

“At Latimer Heights in Langley, we are featuring a $30,000 savings if you move into one of our rowhomes by the end of the year,” says Vesta Properties sales manager Tara Desmond. “While at Latimer Village, condo purchasers can receive up to a $15,000 incentive.”

With Lower Mainland developers offering opportunities to save big, it just might be worth slipping on those boots and warming up the car.