Seller FAQ

Seller FAQ

Selling a condo, or any property, comes with a lot of doubts. We’ve taken the time to answer some of the most common questions we get asked.

Yes, There is warranty on your condo.

The Ontario New Home Warranty Program (ONHWP) provides protection for condominium buyers of newly constructed residential units. However, ONHWP does not apply currently to properties, which are renovated or built on existing foundations. There are two ways in which the ONHWP provides protection.

  • It guarantees the buyer that any deposit or down payment made by the purchaser of a new condominium unit up to a maximum of $20,000 will be returned if the developer is unable to complete the transaction.
  • It warranties construction of the units from the date of occupancy, and the common elements from the date of registration, for one year against most defects for two years for the mechanical and electrical systems the building envelope and water penetration and for seven years against major structural defects.

Land Transfer Tax varies depending on where you live. If you are buying a property in Toronto you will have the Ontario Land Transfer Tax and the Toronto Land Transfer Tax. However, if you’re a first time buyer you don’t have to sweat yet. First time buyers are exempt from the Toronto Land Transfer Tax on the first $400,000 and qualify for a $2000 tax credit on the Ontario Land Transfer Tax.

Ontario Land Transfer Tax

  • 0.5% on the first $55,000
  • 1.0% on the portion between $55,000-$250,000
  • 1.5% on the balance over $250,000
  • 2.0% on anything over $400,000

Toronto Land Transfer Tax

  • 0.5% on the first $55,000
  • 1.0% on the portion between $55,000-$400,000
  • 2.0% on anything over $400,000

How much is my property worth? This is a common question REALTORS® hear every day and it’s not always an easy answer. A better question to ask is “How do REALTORS determine the price of a property?” The most common way our REALTORS® determine the price of a Toronto Condo is by completing a Comparable Market Analysis, or CMA for short. Our REALTORS® look at all the comparable properties that sold in the past 180 days to get an idea of what homes are going for in your area. We then take into consideration certain features that your property may have that others may not, or vice versa. For example, if your condo unit is on a higher floor, has top of the line features, or a killer view!

Of course, it’s not always that simple. Choosing the right price can be a delicate situation. Price your condo too high and your property could be sitting on the market for a long time and you may end up getting a lot less than what it’s worth. Price your condo too low and you may not get what your property is worth, or cause a bidding war frenzy.

Rod Limoochi will help you list your property at just the right asking price that will obtain the highest price possible in today’s Toronto market.
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This is a great question and depending on where and what you are selling the answer will vary. Condos sell all year round. Inventory is traditionally lower in December and January, which may be a great trigger to list a property as there will be fewer other options for buyers

If selling a house, buyers often fall in line with the ‘school year’. Listing in the Spring with a Summer closing would be considered ‘traditional’.

People are coming to Toronto and the GTA all the time. So, having a listing conversation with your iDEALtoronto professional, will ensure you have discussed pros & cons of listing at anytime of the year.

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In a perfectly balanced market place you would be able to buy and sell within a close time frame. However, it may be wise to sell first with a longer closing to provide the time it may take to find a property to purchase. The real question here is “Do I need the funds from the sale to close on the purchase?

To prepare for buying, go and visit some potential “top choice” options. Depending on the strength of the buyer market vs seller market, you may find the two transactions work out with perfect timing.

Your iDEALtoronto agent will best help you through the always changing market place.

This question cannot be answered with 100% accuracy, however, your agent will be able to do an assessment of selling time frames in your building or neighbourhood. If you property is superior to comparables, it may sell faster. Plan to have the property listed on MLS for a minimum of 2 months and longer if you are advised the property may take longer to attract certain buyers.

Most people will want to declutter their homes but the next phase for preparing a home for sale is staging. This can be full staging with furnishings, wall decor, scent and more or after a staging consultation. You are provided with suggestions for furniture placement, and self-staging for general appeal.

There are costs to having a staged property but often the costs will create a faster sale and better sale price.

In general, you want to ensure anything broken, creaking, dirty or in need of paint, is taken care of. Especially before photos are taken and showings begin.

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