Five Reasons Some Toronto Condos Still Sell in Under 30 Days

The Toronto condo market is nothing to write home about. Prices have come down noticeably since 2022. Plenty of units have sat on the market for a long time with no takers. And yet, in this same market, some condos are selling in under 30 days. I want to answer one question here: how is that even possible right now?

I am Moe Asgarian, Principal Real Estate Broker in Toronto and ranked #47 worldwide at RE/MAX. Official numbers show the average condo in Toronto sold for around $800,000 in 2022. Today that figure is roughly $625,000. That one number tells you a lot. It is a buyer's market, buyers have options, and they are in no rush. So what separates a condo that sells from one that sits? Five things matter most.

1. Price and Pricing Strategy

Price is the single most decisive factor right now. Buyers have the upper hand, they have plenty of choice, and they are not in a hurry. Price matters two ways. First, it is the very first thing every buyer checks, and if it is wrong they will not even look at the unit. Second, price is a factor you can actually change and fine-tune, and that is far easier than changing anything else. So price your condo in a way that every buyer sees it and the serious ones feel it is fair. Pricing strategy is huge, but it is not everything.

2. Size and Layout

Square footage and bedroom count matter too. Today's buyers are mostly end users and real occupants, not investors. Two types of unit have the best odds. First, one-bedroom-plus-den units above 600 square feet. Second, in-demand two-bedroom, two-bathroom units above 800 square feet. If your condo is under 500 square feet, finding a buyer gets very hard.

3. Who Lives There Now

Who is living in the unit is a big deal. Tenanted properties are much harder to sell. If the unit is vacant or the owner lives there, you are in good shape. If it has a tenant, the sale gets a lot tougher, because fewer buyers want a condo with a tenant in it. In this market many people do not want the risk. The tenant can drag out closing, or refuse to move out and create a mess. A vacant or owner-occupied unit simply has a better shot.

4. Monthly Maintenance Fees

The building's monthly maintenance fee is a major factor, and these costs have climbed a lot in Toronto since the pandemic. Depending on the building's age and what the fee covers, the number moves around, but a figure that looks reasonable is under $1 per square foot. Above that, buyers lose their appetite. We see it directly with our own condo buyers, who are very sensitive to this number. Big units with cash buyers care less, but small units with high monthly costs are much harder to sell. If your condo runs above $1 per square foot, you need to make up for it another way.

5. Parking

In a market full of investors, parking barely matters. An investor puts a fixed value on it, somewhere between $25,000 and $75,000 depending on the area, and sometimes even prefers a unit without parking to pay lower fees and taxes. But for an end user, parking is important. In this market an end user is unlikely to buy a condo with no parking, unless the price is genuinely great or the buyer is an investor. So there you have it: price, size, tenancy, maintenance fees and parking. Whether you are buying or selling, my team and I at Team Asgarian can help you through it. If you have questions about a condo, fill out the form at the bottom of this page or book a free consultation. Stay well and take care.