Frequently Asked Questions when Selling a Condo in Toronto

Toronto Condo Selling: Questions and Answers

1. How to sell your condo fast /quickly

   To sell a condo fast, it’s essential to hire a top producing professional realtor. You will need to have your condo decluttered, cleaned and potentially staged in a short period of time. The next steps are to have a professional photographer and videographer in to shoot the space. Keep in mind, if speed sale is essential, you may have to adjust your sales strategy to ensure that you get an offer quickly and a shorter closing. Overall, the steps are not much different than selling any condo. The key is having a great go-to-market sales strategy with a top-notch realtor.

2. How to sell a condo in Toronto

   Toronto has a highly competitive and sophisticated condo market. To successfully sell a condo in Toronto, it’s important to follow the best practices:
   1) Hire a top producing professional real estate agent;
   2) Declutter and de-personalize the condo;
   3) Stage the property;
   4) Professional photographs, floor plans and a video tour;
   5) Know your competition and have an excellent selling and marketing strategy when you launch;
   6) Listen to the marketplace and adapt quickly;
   7) A professional realtor will guide the specifics on the condo agreement of purchase and sale, conditions, clauses and other factors to complete a successful deal.

3.  How long does it take to sell a condo in Toronto

   Selling a condo in Toronto takes, on average, 29 days on the market. That being said, if you have the right selling and marketing strategy when you launch the listing, you will sell much faster than the industry average and for more money than your competitors. Keep in mind that the closing date could be 45-60 days on average after the condo has sold.

4. How to sell a condo with high maintenance fees 

   Selling a condo with a higher than usual maintenance is not something to be concerned about. The necessary steps to sell a condo with a higher maintenance fee are no different than any other condo sale. Keep in mind that each condo unit in the building will have the same ratio of square footage to maintenance fee cost, and ultimately these other units will be the most comparative values to choose from. The important factor to consider with a higher maintenance fee is that a buyer’s total affordability will be impacted – specifically their monthly total carrying costs. If the maintenance fee is higher, then the mortgage affordability will be slightly lower to ensure that the buyer’s carrying cost comes within budget.

5. How to sell a condo in a tough market 

   When a seller’s market transitions into a buyer’s market, it can be more challenging to sell a condo. It is integral to keep in mind that pricing, marketing and saleability will make or break your success. In a tougher market, your condo must differentiate itself from the competitors. It would be best if you priced your condo more competitively than your competition. The last thing you want is to do multiple downward price changes if you can help it. Instead, separate your price right out the gate, be below the most recent sale and far enough away from the competition so that you do not leapfrog one another downward, thereby selling for less than if you had the right strategy in the first place. If you have poor images and features and your price too high with these shortcomings, you will leave money on the table. Position the condo with it’s the best foot forward, and you will sell faster and for more money.

6. How long should you live in a condo before selling 

   The simple answer: live in a condo for as long as you wish. The more complex answer to how long you should live in a condo before selling is to consider the following aspects:
   1) If the Canada Revenue Agency believes that you are flipping a condo every year (or thereabouts – ask your accountant for specifics), you may get hit with capital gains taxes;
   2) What is the cost to sell and how would that impact your lifestyle?;
   3) Where will you move if you were to sell?;
   4) If you are selling a new development condo, it is essential that you understand the HST implications – speak to a real estate investor specialist accountant to ensure you protect your rebate.

7. What to know when selling your condo 

   When selling a condo, be sure to know the following:
   1) Do you trust your realtor? If not, get one you can trust to guide you through each step professionally speaking;
   2) How much is your condo worth in the current marketplace?
   3) What fees are associated with the sale (including mortgage and realtor fees)?;
   4) How long will the process of selling take?;
   5) When do you have access to the proceeds of the sale?

Want to learn more about selling a condo in Toronto? Get in touch today!