A rainy spring, blisteringly hot summer or unusually snowy winter can have a significant near-term impact on home sales, according to a survey of real estate agents released this morning.
The survey, carried out by Royal LePage Real Estate Services, found more than 41% of the agents surveyed said unusual weather patterns over the past five years have affected housing activity.
“With all the different factors that affect the housing market, weather can often be overlooked,” said Phil Soper, chief executive officer for Royal LePage Real Estate Services, in a press release.
“Severe weather, be it extreme heat, wet or cold, can prolong or delay seasonal sales cycles by weeks or even months.”
Soper said that harsh weather can impact the number of homes bought and sold in a particular trading period.
“While this doesn’t speak directly to housing prices, a short-term drop in demand can impact local home values for a period of time,” he said. “There is no evidence, however, that weather events change home prices over the longer term.”
The survey found that 22% of realtors surveyed found that weather has a significant impact on the housing market and 55% found that it has some impact. Thirty per cent of agents said they counsel clients against listing their homes for sale at certain times of the year, due to weather.
A spokesperson from Royal LePage was not available by press deadline.
Jenny Wagler
Twitter: JennyWagler_BIV