Eight questions Toronto condo sellers ask most often, answered in full.
The timeline depends on market conditions, your building, your pricing strategy, and how well-prepared the unit is. In a competitive market with a well-priced unit, a sale can close within three to four weeks of listing, including a conditional period where the buyer reviews the status certificate and arranges financing. In a softer market, or if a unit is priced above where buyers are, it can take several months.
Days on market for Toronto condos has increased from the compressed timelines of 2021-2022. [VERIFY CURRENT: ask your agent for the current average days on market for your specific building type and neighbourhood.] The important number isn't the average, it's what's happening in your building right now. A well-priced, well-staged unit in a building with a good reputation will find a buyer faster than the average, regardless of what the market is doing broadly.
From accepted offer to closing, the typical timeline is 30 to 60 days for residential condos in Toronto. Closing dates are negotiable and depend on the buyer's needs as much as yours.
Yes. A special assessment is a material fact that affects the buyer's decision, and you're required to disclose it under Ontario real estate law. If there's a current special assessment that you're paying, or if the status certificate reveals that one has been approved and is coming, this must be disclosed. Failing to disclose a known material fact can expose you to legal claims after closing.
The disclosure isn't just a legal obligation, it's practical. A buyer who discovers a special assessment from their lawyer during the conditional period will be alarmed, because they may feel they didn't have the full picture when they made the offer. Some will use it to renegotiate. Some will walk. Disclosing it upfront in the listing or at the time of offer means buyers who make an offer are making it with full information, they're less likely to be surprised and more likely to complete the deal.
If there's a pending assessment that hasn't been formally approved, this is also worth discussing with your agent and lawyer about how to handle. The status certificate guide covers this in more detail.
Toronto condo sellers typically pay the following at closing. Real estate commission is the largest cost, this is paid to your listing agent's brokerage and typically includes a co-operation amount offered to the buyer's agent. [VERIFY CURRENT: confirm current standard commission ranges in your market.] Legal fees for the seller's lawyer handling the transaction typically run between $1,500 and $2,500 for a standard condo sale in Toronto, though this varies by lawyer and complexity.
If you have a mortgage, you'll pay any discharge or prepayment penalty costs. Some lenders charge a few hundred dollars for administration. Others charge a significant prepayment penalty if you're breaking a closed term early, this can range from three months' interest to an interest rate differential calculation that runs into thousands of dollars. Know your penalty before you accept an offer and factor it into your net proceeds calculation.
You may also owe a maintenance fee adjustment to the condo corporation, if fees are paid monthly in advance and you close mid-month, you'll receive a credit or pay an adjustment for the portion of the month the buyer is responsible for. Sellers don't pay land transfer tax (the buyer pays it), but if you're buying another property in Toronto, you'll pay it on your next purchase.
Yes. You can sell a condo with a tenant in place. The tenant has rights under Ontario's Residential Tenancies Act that don't disappear because you've decided to sell. A buyer can purchase a tenanted condo and choose to continue the tenancy (common for investors) or, if the buyer intends to occupy the unit personally or has a family member who needs to move in, can give the tenant a notice to vacate, but this notice has specific requirements and timelines under the RTA that your lawyer should walk you through.
For showings, the tenant must be given at least 24 hours written notice before each showing. The tenant has the right to be present during showings if they choose. Some tenants are cooperative; others are not. If you have a difficult tenancy, discuss the situation with your real estate lawyer before listing. A tenant who refuses reasonable access to showings, while technically still within their rights to some degree, creates a practical challenge for the sale.
Buyers considering a tenanted condo will want to review the lease and understand the current rent. In buildings where rents are significantly below market, an investor buyer may see an opportunity. In buildings where the rent is at or above market, the ongoing tenancy is less of a factor. Your agent can advise on how to present the tenancy to different types of buyers.
A status certificate is a package of documents that provides a snapshot of the condo corporation's financial and legal condition. It includes the current budget and financial statements, the reserve fund balance and the most recent reserve fund study, any outstanding or approved special assessments, any current litigation involving the corporation, the current maintenance fee and any approved increases, the corporation's rules, and confirmation that the maintenance fee for your specific unit is current.
Under Ontario's Condominium Act, sellers must provide a status certificate within 10 calendar days of receiving a written request from a prospective buyer, for a maximum fee of $100. Most buyers include a condition in their offer specifically to allow their lawyer to review the status certificate, this is standard practice. The condition is typically five business days.
Smart sellers order the status certificate before listing, not after receiving an offer. This way, you know what's in it and can address any issues proactively. Surprises in the status certificate mid-conditional period are one of the most common reasons Toronto condo deals fall apart. See the full status certificate guide for sellers.
Sold data in Canada is held by the local real estate board and available to licensed agents. The public can't access historical sold prices directly the way they can in some other countries, websites like Realtor.ca and Zillow don't show sale prices for Canadian properties. To get accurate comparable sale data for your building, you need to either work with a real estate agent who can pull the MLS sold data, or ask an agent for a comparative market analysis (CMA) which will include recent sale prices for comparable units.
For current listings (not sold prices), you can browse TorontoProperty.ca to see what's actively listed in your building and neighbourhood. This gives you a sense of current competition and list pricing, though list prices and sale prices often differ. For actual sold data, your best resource is a knowledgeable agent who works your building specifically.
Some agents who specialise in your building will have this data readily available and will share it in a listing presentation. This is one good reason to talk to agents who focus on condos rather than generalists, they know the numbers for specific buildings without having to look them up.
The general answer is no, not major renovations. The reason is that renovation costs in condos are rarely fully recovered in the sale price. If a similar unit in your building with original 2012 finishes sold for $550,000, spending $30,000 on a kitchen and bathroom renovation is unlikely to push your sale price to $580,000 or above. Buyers are comparing your unit to others in the building, and the renovation premium is usually far less than the renovation cost.
There are exceptions. If the unit's condition is genuinely poor and would cause most buyers to walk or demand a significant discount, addressing the worst issues can be worth it. Fresh paint throughout is inexpensive and always worthwhile. Replacing obviously broken or worn fixtures costs relatively little and removes buyer objections. Repairing any damage you're aware of is a better use of money than a cosmetic renovation.
The highest return comes from preparation that doesn't cost much: deep cleaning, decluttering, professional photography, and staging. A well-presented unit in original condition consistently outsells a poorly presented unit with renovations. Read the full staging guide before deciding what to spend.
A condo that doesn't sell usually has one of three problems: the price is wrong, the presentation is wrong, or the timing is wrong. The most common cause is price. A unit that's priced above what buyers believe it's worth will attract showings initially, buyers are curious, but won't attract offers. After two to four weeks without activity, the listing starts accumulating days on market, which itself becomes a problem. Buyers wonder what's wrong. Price-sensitive buyers start making lowball offers.
The right response depends on the diagnosis. If showings are happening but no offers are coming, the price is usually the issue. If showings aren't happening at all, the photography or listing presentation may be failing to attract buyers to the door. If showings are happening and buyers are interested but backing away, there may be something about the unit itself, or a problem in the status certificate, that needs addressing.
When a listing expires without a sale, sellers have options: relist with a price reduction and fresh marketing, take the unit off market temporarily and relist in a new season, consider accepting conditional offers when you previously might have held out for firm, or switch agents if the agent relationship isn't working. What's not effective is relisting at the same price and hoping for different results. If it didn't sell at a price in one month, it's unlikely to sell at the same price the next month unless the market has materially shifted in your favour.