Thinking about selling a condo in Toronto? Below is our advice and what to expect:
Step 1: Pick A Date to Sell Your Condo
Current market conditions – will have a significant impact on how in demand your condo will be. In a hot market, there are more buyers than sellers and consequently more people wanting to see your unit. In a slower market, there will be more condos for fewer buyers to choose from, lowering the chance of getting an offer. Unless you need to sell, waiting for demand to go up will be in your best interest.
Time of year – Real Estate in Toronto is seasonal due to cold winters and summer vacation. You will often hear Realtors refer to the “spring” and “fall” market. We have found that buyers are most motivated to buy February through April & September. Listing early gets you in front of the buyers while other sellers (potential competition) are stilling getting ready to list.
Competition in your building – You will want to know what other units are for sale in your building and at what price. Selling a condo in Toronto requires knowing what upgrades and finishings have been done and will be important in determining your list price.
Step 2: Declutter, Staging & Cleaning
Declutter to maximize space. Remember how much space you had when you first moved in? If you’re like us, you’re probably wondering when your walls closed in and the closets shrunk. It’s time to pack up those personal items, extra furniture and anything else that could be distracting to potential buyers. Smaller furniture will make your condo look bigger, so consider swapping out your oversized sectional couch with a smaller one. If your king size bed is pretty much the only thing in your room, you might want to try a queen size bed and add a couple night tables. Empty out the closets and donate anything you don’t plan to keep.
Stage every room with the right furniture. It’s ok if you’ve been using the second bedroom as an office or second closet, but we recommend converting it to a bedroom while your condo is listed for sale. Buyers generally aren’t very good at visualizing, so you’ll want to make sure you’ve got the right pieces in the right place. A good Realtor will be able to tell you who your target audience is will help you stage your house to how they will want to see it.
Clean everywhere – and keep it that way. When a potential buyer walks into your condo, the first thing they will notice is how well it’s staged and how clean it is (or isn’t). Buyers will be looking at your storage and closet space. Keeping these areas in order will allow them to see how much storage they could have. Wash your dishes and put them away. Make the bed. Put everything back where it belongs. And that means keeping the floors and counters clean too.
While having a professionally staged condo that is spotless will go a long way in helping you get top dollar when selling a condo in Toronto, there are a few additional things to consider that will add to a buyer’s overall impression.
Here are a few additional things to consider:
Storage – All condos are not built equally and storage space is an important feature to remember. Have your closets and storage unit as clean, tidy (or empty) as possible to show buyers how much potential space is available.
Parking and Lockers – Add significant value to your unit. Make sure they are featured and available for potential buyers to see.
Step 3: Pricing Your Condo
The list price is an important factor in how quickly your condo will sell. Depending on where you are in the city (right down to the building) the price your unit is worth will vary.
Look at comparable units that have sold in your building. Units that have recently sold in your building will be an excellent indicator as to what your unit is worth. If your unit is unique, or you don’t have any recent sales to compare it to, you can use the square footage price to help guide you.
Features that increase the value of your condo:
Height – Units on higher floors are typically more sought after and therefore tend to see at a premium. We typically pay top dollar for a penthouse right?
View – What people see when they look out the window will have an impact on value. Where a lake view or great city view can increase the value your condo, having a view of a brick wall or peering directly into someone else’s unit can lower its value.
Layout – Size matters, but so does the layout when selling a condo in Toronto. Having extra square footage might make your place feel larger, but if it’s not useable, it won’t necessarily convert to top dollar for your square footage when you sell.
Corner Units – Are worth generally more to buyers. They are less common, typically offer more light and a better view.