What Sellers Need to Know About Selling a Condo in Toronto

| Selling

Buying a condo in Toronto is a two-sided sword. One side is all about the buyer, the other about appealing to that buyer. In Part 1 of our Buying a Condo in Toronto series, we looked at the buyers’ side—you can read that post by clicking right here.

In part two, we look at how sellers are impacted by the current market, with tips to appeal to today’s buyers.

Toronto Condos: The Sellers’ Challenge

High inventory in Toronto’s condo market has put downward pressure on condo pricing, creating a buyers’ market. As a result, Toronto condo owners are at a disadvantage, negotiation wise. Buyers’ markets put power in the buyer’s hands with an over-laden shopping ground offering them plenty of choices. That means sellers need a smart strategy that makes their condo stand out.

Toronto Condos: The Opportunity

The combination of low prices, high inventory and a continuous drop in interest rates will start to attract buyers. This typically sees prices begin to rise as demand increases and supply decreases. As more condos are snatched up, the inventory will start to balance out, helping to create an even playing ground where sellers regain some negotiating power.

Thinking about selling your condo? Here are a few selling-focused posts you might find interesting:

Condo-Specific Seller Considerations

Selling a condo has several disadvantages compared to freehold homes. While condo owners have the same control over the appearance of their unit, they don’t have control over amenities, the condo community, and the financial health of the condo corporation. These details are important to buyers and could make it harder to sell, especially in older buildings.

Older condos often have:

  • Less appealing amenities
  • Higher common element fees (CEF)
  • Higher possibility of financial challenges, including risk for special assessments
  • Outdated lobbies, halls, and elevators
  • Often, but not always, aging communities that might not appeal to younger buyers

Another issue specific to condos is the Status Certificate (SC). Buyer’s agents require this overview to understand potential issues such as the budget, insurance, outstanding/ongoing litigations/judgements as well as:

Recent or anticipated CEF increases

  • Special assessments
  • Recent or anticipated major system repairs or upgrades
  • Planned development that impact views (not to mention years of noise and dust)
  • Leins on the unit for unpaid CEFs

Have you grown tired of condo living? Is it time to trade your Toronto condo for a home in the suburbs? Read this blog right here to find out if it’s right for you.

How to Stand Out in Toronto’s Saturated Condo Market

Use our pro tips to stand out when inventory is high:

Price strategically

If you have to sell in a high inventory market, a strong pricing strategy is your best defense against losses. With so many choices, buyers use their budget to narrow down their search. Working with an experienced real estate team (like us!) ensures the price is right based on market trend assessments and the average, most recent selling price for comparable units in your area. This will attract more buyers and help avoid sitting on the market too long.

Targeted Marketing

Your marketing must target the right buyer to weed out the tire kickers. The right marketing strategy helps qualify serious buyers looking for your exact condo type, location, and community. You also need professional, staged images to showcase your condo. This approach to marketing attracts the right buyer, reduces days on the market and increases the odds you’ll see reasonable offers.

Appeal to Your Audience

Once you draw in that audience, you can’t disappoint. You need to invest time and sometimes a bit of money in staging to woo buyers. An effective staging strategy requires a thorough, unbiased assessment of your home. Whether it’s a little finessing to perfect an already appealing space such as decluttering and moving around some furniture, or the whole shebang addressing repairs and updates with minor renovations, a savvy real estate team will create a space buyers can’t resist.

Looking for more ways to make your condo stand out in the market? Here are some more posts you might find helpful:

Timing

While we never advise buyers to “time the market,” sellers often have the luxury of taking a wait and see approach. Keeping an eye on things like inventory, interest rates and the general economic vibe can help you figure out when it feels right to sell. You might also see opportunities arise such as high demand in your building or upsizing to your ideal home with affordable pricing and borrowing costs.

Your Building

Another important consideration specific to condos is the number of condos currently listed in your building. Since they have comparable layouts and the same community vibe, high listings can make it close to impossible to sell for a reasonable price. It can also raise a red flag that something isn’t right in your community.

Warning!

The ongoing threat of tariffs calls for both buyers and sellers to proceed with caution. Being overly cautious in times of economic uncertainty will help ensure you make smart real estate decisions. We can help.

Selling a condo can be stress-free if you work with the best Toronto real estate team! For all your selling needs, get in touch with The Christine Cowern Team by calling 416.291.7372 or emailing hello@christinecowern.com today!