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Are you considering to sell a house in Toronto and wondering how long it will take to find a buyer? Or perhaps it’s not a house but a condo.
Timing is everything when selling real estate, and you want to know the situation. Whether you’re looking to upgrade, downsize, or relocate, it’s essential to understand the timeline involved in selling a property. Trust me, I’ve learned some valuable lessons throughout my nearly twenty-year career in the Toronto Real Estate Market, and I’m here to share them with you.
| How Long Does It Take to Sell a House in Toronto in 2023? In 2023, the average time to sell a house or condo in Toronto typically ranges from 27 to 33 days, depending on market conditions and property appeal. |
Table of Contents:
Setting Realistic Expectations: Average Time to Sell a House in Toronto in 2023
Let’s start by debunking a common misconception. Some sellers panic if their property doesn’t sell within the first week. But relax because selling a house or condo in Toronto is influenced by various factors. While it’s true that condos in this city can sell as quickly as one day, that’s different. Toronto’s real estate market is far from average, my friend.
Now, let’s talk numbers. On average, selling a property in Toronto takes less than 30 days. But remember that several factors can affect how long your property stays on the market. Let’s take a closer look at them.
Price Bracket: The Impact of Pricing on Time to Sell
The price range of your property plays a significant role in how quickly it sells.
Typically, properties between $500,000 and $800,000 tend to sell faster than those priced above $1 million or even $3 million. Toronto’s luxury condo market is relatively minor, affecting the buyer finding time.
Seasonal Influence: Timing Your Listing
The season in which you list your property can impact the speed of the sale. Summer and spring are generally considered the best times to sell in Toronto. As the colder months approach, the market tends to slow down. So, keep the seasons in mind when planning your listing.
| Did you know? The Bank of Canada believes its policy rate will eventually fall to the middle of its estimated neutral policy rate range of 2.5%. Our projections indicate that, until 2024, most other interest rates will track the policy rate quite closely. |
Property Type: The Battle between Homes and Condos
In Toronto, homes are more in demand than condos, affecting the time it takes to sell. The simple economics of supply and demand come into play here. If you’re selling a house, it might find a buyer quicker than a condo due to higher demand.
Location: Desirable Neighborhoods vs. Not-So-Desirable Ones
The location of your property can also influence the time it takes to sell. Properties in popular and up-and-coming neighbourhoods tend to sell faster than those in less desirable locations. Desirable neighbourhoods offer residents easy access to public transport, education, recreation, and other benefits, making them more appealing to buyers.
Marketing Strategy: The Power of Effective Promotion
How you market property is crucial in determining its selling speed and price. If you want to sell quickly, I strongly recommend working with top real estate agents with a proven track record. They know how to market your listing effectively and maximize its potential. You can even contact me or someone from my team, and we’ll gladly assist you!
Presentation Matters: Staging and Preparing Your Property
How your property “shows” compared to similar homes in the market can make a great difference. Staged properties and those meticulously prepared to sell tend to attract more buyers. Put in the extra effort to present your property in the best possible light, and you’ll increase your chances of a speedy sale.
| Did you know? From March to April 2023, home sales reported by Canadian MLS® Systems increased by 11.3%, after smaller consecutive increases in February and March. |
Consider All the Factors and Consult with Your Agent
When Is the Best Time to Sell Your Property in Toronto?
Selling your property in Toronto? When is the best time to put it on the market? Well, timing can significantly affect how quickly your property sells. Consider listing your house or condo during the spring or fall markets to maximize your chances of a fast sale. These seasons tend to attract more buyers, which means your property is more likely to sell quickly. On the other hand, listing in the winter or summer might result in a longer wait for the right buyer.
The Three Stages of Selling a House or Condo in Toronto
Selling a property involves several stages, each with its timeline. Let’s break it down for you:
Preliminary Stage: One Week to One Month
The preliminary phase is all about preparing your property for the market. Depending on the property you’re selling, whether a house or a condo, this stage can take from one week to one month. During this time, there are a few key tasks you need to take care of.
Firstly, you’ll need to arrange a Preliminary Home Inspection for your house, which usually costs around $500. This inspection will identify any significant issues that need to be fixed before listing your property or considering it when determining its market value. If you’re selling a condo, you’ll need to obtain a Status Certificate, which typically costs just over $100. These documents provide important information about the property and can give potential buyers peace of mind.
Working with a top-notch real estate agent in Toronto can help streamline this process and ensure everything goes smoothly. They’ll have a full-service team to expedite the necessary inspections and paperwork, saving you time and hassle.
In addition to the inspections, you’ll also want to make any necessary repairs and touch-ups to boost your home’s value. Trust me, investing in some minor handyman work can significantly impact your asking price. It’s amazing how a fresh coat of paint or fixing a leaky faucet can make your property more appealing to buyers. So, take into account the power of these minor improvements!
| Did you know? In February of 2021, almost two-thirds of properties in the Greater Toronto Area sold for more than their asking price. This trend has been seen throughout the year 2022, and we still see it in the year 2023. |
Lastly, staging your property and getting professional photographs taken are crucial steps in making your property shine. A well-staged home or condo can make a world of difference when attracting buyers. Depending on the extent of repairs and the level of staging required, this preliminary phase can take anywhere from one week to a month.
On the Market: 30 to 90 Days
Once you’ve completed the preliminary stage and your property is ready, it’s time to put it on the market. But how long will it take to sell? Well, there’s no one-size-fits-all answer to that question. While some properties might sell quickly, others may take longer to find the right buyer. That’s why it’s essential to set realistic expectations and be patient during this stage.
Typically, it would help if you were prepared to allow anywhere from 30 to 90 days for your property to sell. Even in a hot market like downtown Toronto, where condos often move quickly, it’s still wise to over-budget your time to sell. For example, we recently sold a unit at Musee Condos within a day, despite knowing that a similar team had sold the week before. Nevertheless, we advised our client to allow for a 60-day selling period. It’s always better to be cautious and give yourself some extra time.
Why the extra caution? Well, it’s about more than just selling your current home. It’s also important to consider the time you’ll need to find and purchase your next home. If you’re planning to buy a new property in the greater Toronto area, it’s best to budget around 60 days to sell your current one, followed by another 60 days to close the deal on your new home.
This way, you’ll have 120 days to navigate both transactions smoothly.
Closing: 60 to 90 Days
You’ll enter the closing phase once you’ve found a buyer and accepted an offer. This is when all the legal and financial details are finalized, and property ownership is transferred to the buyer. The closing period typically lasts between 60 to 90 days, during which you must budget your time and plan accordingly.
While waiting for the closing to happen, remember that finding a new home in Toronto’s competitive market can be a challenge. It’s common to lose out on a few properties before finding the right one.
| Did you know? May 2023 saw 9,012 sales recorded by GTA REALTORS® on TRREB’s MLS® System, up 24.7% from May 2022. In contrast, new listings fell by 18.7% within same time frame. Sales increased by 5.2% from April 2023 to May 2023, on a seasonally adjusted month-over-month basis. |
So, when setting your timeline, it’s essential to account for the possibility of a more extended search period. You want to find a place to stay during the interim period. Make sure you have a backup plan, whether couch surfing or staying with family, just in case.
How Long Does It Take to Get Money After Selling a House in Ontario?
Once the closing is complete and all the necessary costs are settled, you can expect to receive the proceeds from the sale either on the day of the sale or within a couple of days at best.
However, the exact timing can depend on various factors, such as your lawyer’s schedule and other involved parties. To avoid any last-minute surprises, it’s crucial to communicate with your realtor and lawyer well in advance. They can provide specific information and timelines related to your transaction, ensuring a smooth and seamless process.
Selling a property in Toronto can be a complex process, but with the proper preparation and guidance, you can navigate it successfully.
Remember, timing matters, so choose the best season to list your property and work with a skilled real estate agent who can guide you through each stage of the selling journey.
FAQ
When is the best time to sell a house in Toronto?
The best time to sell a house in Toronto is typically in the spring, particularly in May, when buyer demand tends to be high, and homes look their best.
How long does it take to sell a home in Toronto?
On average, it takes about 17-27 days to sell a home in Toronto, but this can vary based on factors like location, price, and market conditions.
What is the average number of days on the market for a house in Toronto?
The average days on the market for a house in Toronto is around 17-27 days.
How has the Toronto real estate market trend changed over the years?
The Toronto real estate market has generally seen a steady increase in prices over the years due to high demand and limited supply, with occasional fluctuations.
What factors can affect the selling time of a house in Toronto?
Factors that can affect the selling time include the home’s location, price, condition, marketing strategy, and the overall state of the real estate market.
How does seasonality impact the sale of a house in Toronto?
Seasonality can impact house sales, with spring typically being the busiest season for real estate transactions. However, serious buyers are present year-round.
What are some tips for selling a house quickly in Toronto?
Tips for selling a house quickly include pricing it correctly, improving its curb appeal, staging it professionally, and marketing it effectively.
How does the economic climate affect the time it takes to sell a house in Toronto?
The economic climate can significantly impact the real estate market. In a strong economy, houses may sell quickly due to high buyer confidence, while in a weaker economy, it may take longer.
How does the listing price affect the time it takes to sell a house in Toronto?
The listing price can greatly affect the selling time. If a house is priced too high, it may deter buyers, but if it’s priced too low, it may sell quickly but not yield the best return.
What is the process of selling a house in Toronto?
The process includes preparing the home for sale, setting a competitive price, listing the home on the market, negotiating with buyers, and closing the sale. It’s recommended to work with a real estate agent for the best results.
Sell a House in Toronto – Final Words
Determining the best time to sell a house in Toronto depends on various factors, including market trends, economic climate, and the specific characteristics of the property. While spring is generally considered the optimal selling season, successful transactions occur throughout the year. The average selling time in Toronto is around 17-27 days, but this can vary. Pricing strategy, property condition, and effective marketing play crucial roles in the selling process.
Despite the complexities, understanding these factors can help sellers make informed decisions and navigate the Toronto real estate market more effectively. It’s always advisable to work with a knowledgeable real estate agent to ensure a smooth and profitable sale.
