Toronto is a jewel in Canada in terms of condos for sale as it has been a hot zone for so long and has attracted many investors and buyers. The noticeable point here is that the buyers and sellers are not limited to Toronto or Canada, for that matter! The perfect zone and construction level have made Toronto a paradise for condos for sale. It is the buzzword among real estate professionals that Toronto condos have always been the property type favored in the real estate market in Canada.
Before taking it any further, let’s have a quick reminder of the meaning of the condo itself.
In the United States and most Canadian provinces, a condominium, sometimes shortened to a condo, is a form of living space similar to an apartment but individually sealable and therefore known as real estate. The condo building structure is split into multiple units that are each owned separately, surrounded by common areas that are collectively owned. A condo is a type of common-interest development (CID).
Why are condos popular in Toronto?
You may find many explanations, and above all, there is not one major or convincing one. Condos (and apartments) are not only popular in Toronto or Canada, but they are also becoming more popular in North America. That has to do with a variety of considerations:
- Children: people put off beginning families later in life. Consequently, you have a large number of young adults with good jobs who want to buy their first home but don’t need a lot of space. That is why condos for sale are getting more popular.
- Lifestyle: people prefer to remain in urban centers. This is kind of a spinoff to the above notice of individuals delaying starting a family, which means they reside in apartments typically located in urban centers. The available services and lifestyle strengthen the justification for remaining longer in urban areas.
- Affordability: Land prices are on the rise, and accommodation is becoming more and more costly. Condos usually give first-time buyers the most affordable choice.
- Jobs: More and more (office) workers are putting urban centers closer to their employees, remaining longer in urban areas and centers, and consequently unable to support long commutes to work.
- Time: In general, individuals work longer and longer hours and, as a consequence, seek to be closer to work.
How to sell in the best manner?
There are many reasons to sell your condo: upsize, downsize, rightsize, the transition of jobs, change of scenery, the beginning of a relationship, the end of a relationship, just to name a few. And you probably have a lot of questions if this is your first kick. Only thinking about it, you might even be completely freaked out about the whole “condos for sale” process.
It might be a good idea to take the following steps if you wish to go through the selling process:
- Start a budget
Creating a ‘budget expense to sell’ will provide you along the way with financial reassurance. Start by finding any flaws or stuff that you need to repair in your condo, or find someone to give you some objective advice. Doing so can affect your property price.
You can start with:
- Removing clutter or unnecessary furniture so that space will look bigger with less furniture. You can either pay and put furniture in storage, or a condo stager can depersonalize your condo. Make it feel more inviting and neutral. Often the cost of staging your condo is paid for by your realtor. Don’t be afraid to inquire if they are offering anything like this.
- Before the shows, dust your condo. For around a hundred bucks, hiring a professional cleaning team will help you clean your condo.
- Modernizing your kitchen. Now’s the time to do so if anything needs to be repaired or replaced with stainless steel appliances, as a new kitchen also makes the whole condo look updated.
- Painting the walls of the interior. By hiring a specialist, you can do this, or you have the choice of painting it yourself to save a coin. If you don’t paint like a pro, employ one. That’s a great bet.
- Take care of the toilet. It is never a bad idea to replace or repair an old vanity, bathtub, or toilet.
Find the right realtor.
We know it’s challenging to find the right realtor! It is essential to recruit the right realtor, and it will decide the success of your property sale.
Take the following point into account:
- Does the realtor have a good understanding of your neighborhood, current market trends, and your property’s value?
- Do they have outstanding ratings from Google?
- Do they have a good marketing campaign for your condo to be sold?
- Do they have years of experience in your neighborhood selling real estate?
- Do they seem reliable and trustworthy?
Ask yourself, are you selling or buying first? If you intend to sell first, do you have a contingency plan if you can’t find a condo to buy? Where are you going to live and store your things?
If the closing date of your existing condo isn’t the same as the date of possession of your new condo, will you qualify for bridge financing? Have you got all your finances ready?
In either scenario, what’s the worst-case scenario? Will you prefer to be homeless or hold two estates?
Getting into the condo market in Toronto is tempting and pleasing, but it never is a good plan to go into property sale blind. Always do research, ask, and then do the job, whether selling or buying a condo. If you have thought everything through, Toronto is where you can find the best condos for sale.