The real estate market was on fire right up until a few months ago. The average price of a Toronto home soared to an unbelievable $1.3 million when the market peaked in March. And yet, most listings still attracted multiple buyers and often triggered bidding wars. Buyers often had to bid well over the asking price if they wanted any hope of success with purchasing a detached house.
However, as the market soared, there was one segment that got left behind. Condo sales actually lagged in Toronto during the peak of the pandemic. There were a few reasons.
- Provincial shutdowns made many condo and apartment dwellers yearn for more space, and the hunt for larger homes with bigger backyards began in earnest.
- The fact that many people could now work from home added fuel to this fire. Young professionals no longer had to live close to the office. They could work from anywhere!
- Living downtown was no longer exciting with everything closed, and condos quickly fell out of fashion.
Shifting markets are a fact of life, but many real estate principles stay the same. Find timeless advice on buying or selling in these articles below:
- What You Need To Know About Selling Your First Home
- Refinancing a Mortgage? Read This First
- 7 Small Improvements To Make Before Selling Your Home
Now, things are changing back again. As pandemic restrictions disappear, life is slowly returning to normal. Many people are heading back to the office, and living downtown is trendy once again. As a result, condos are back in high demand as the rest of the housing market slows down.
How quickly the tables can turn!
Is 2022 The Year of The Condo?
The market began its downward shift when the Bank of Canada began raising interest rates earlier this year. The higher cost of borrowing made many first-time buyers reconsider buying a house. However, they are still attracted to the idea of owning a condo. The relatively lower entry price gives younger buyers a chance to start building equity as a property owner.
And with the great resignation still underway, downsizers are also turning to condos for their convenience and low maintenance. What does this mean for you?
If you own a Toronto condo in 2022, it is a perfect time to sell.
Yes, the market is shifting. Prices remain high at the moment but may come down as conditions continue to settle. Understanding the current market is the key to a successful sale.
Why Sell Now?
With all the headlines screaming about slower sales and lower prices, you might be tempted to think the market has crashed. Nothing could be further from the truth. Currently, it is still a seller’s market, and a strong one at that. It’s not out of control like we experienced a few months ago, and all signs point to a further slow down. However, housing values remain solid, and there are still buyers out there.
Selling now allows you to maximize your sale before new interest rate hikes cause more buyer hesitation.
Pandemic or no pandemic, Toronto has so much to offer:
- Our Top 7 West End Patios
- 5 Toronto Trails To Explore This Spring
- Top Dog-Friendly Neighbourhoods in The West End
What To Expect In The Market Today
Setting realistic expectations and preparing for the sale will help you enjoy a smoother, less stressful transaction.
How long will it take to sell your condo?
At the height of the housing boom, a property would often sell within days of being listed. Now, we are seeing homes take a little longer to sell. The average listing stays on the Toronto market for about 11 days. Depending on the demand in your area and your marketing strategy, it may take a little longer to find the right buyer. There is no reason to feel discouraged if your condo doesn’t sell immediately.
How much should you sell your condo for?
Setting the right listing price is one of the keys to a successful sale, especially as the market shifts. It can also be the toughest decision you have to make when selling your condo. You want to get as much as possible from your sale, but you don’t want to scare buyers away by setting the price too high. The right list price will generate a lot of interest from potential buyers without undervaluing your property.
There are several factors to consider, including your location, the size of your condo and its condition.
Do you want a free, unbiased assessment? Sign up for your home evaluation here.
- What can you do to improve your selling price?
- Even during the busiest times in real estate, staging your condo will help maximize your results. You could sell without it, of course. However, you almost always command a higher price when your home is displayed properly.
- Beautiful staging doesn’t have to cost a fortune. The single best thing you can do is to clean and declutter thoroughly and make minor repairs to improve the appearance of your unit. Even something as simple as a fresh coat of paint can breathe new life into your space and help you create an outstanding first impression.
- Effective marketing is more important than ever. If you want to maximize your sale, you must get your listing in front of as many qualified buyers as possible. Listing on the MLS® is a good start, but there is so much more you can do. Online photos, 3D tours and videos will help buyers discover you online so they call to schedule an in-person showing.
- Work with a local real estate agent. Selling your condo may require a lot of work and patience. Having a professional by your side can relieve all or most of the stress. They will do so much more than help you with the photos and getting your listing online. They will have an extensive offline and online strategy, a vast network to help connect you with the right buyer and top-notch negotiation skills to make your sale a success.
Are you ready to begin the selling process? You can book a meeting with us here and we are happy to answer your questions.
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
