Selling a condo in Toronto during a downward market feels a bit like trying to sell sunscreen in the middle of a snowstorm—possible, but it takes strategy. The truth is, condos are still selling, even when the market is softer. You just need to outshine the competition, charm the buyers, and be realistic about the game you’re playing. Let’s dive into some no-nonsense strategies to get your condo sold without losing your sanity (or your shirt).
1. Know Your Market and Set the Right Price
Be Realistic, Not Nostalgic
First off, let’s leave last year’s market highs where they belong—in the past. Pricing your condo too high in a downward market is the kiss of death. Buyers have more options, and if they smell desperation, they’ll wait you out.
• Example: If similar units in your building are selling for $650,000, listing yours at $700,000 because you think it’s worth it will make it sit. And the longer it sits, the worse it looks.
Start by studying the comps (comparable sales) in your building and nearby. Look at units with similar layouts, finishes, and amenities. Then, price competitively to attract attention.
Use Strategic Pricing
Psychology plays a big role here. List your condo at $649,900 instead of $650,000. It’s a small difference but makes your listing feel more approachable. And if the market is particularly sluggish, price a little below the competition. That gets buyers through the door.
2. Stage Your Condo Like a Pro
First Impressions Are Everything
In a downward market, buyers are picky. A cluttered or dated condo will have them bolting faster than a Toronto streetcar at rush hour. Staging isn’t optional—it’s essential.
• Start with Decluttering: Buyers want to imagine themselves living in your condo, not sifting through your knick-knacks. Put away personal items, family photos, and excessive decor.
• Focus on Neutral Tones: Repaint walls in soft, neutral shades. It makes spaces look larger, cleaner, and more inviting.
• Stage Key Areas: The living room, kitchen, and primary bedroom are your showstoppers. A cozy couch setup, modern kitchen accessories, and luxurious bedding can make all the difference.
Highlight Your Condo’s Best Features
Every condo has a selling point—figure out yours and make it shine. Is it the stunning skyline view? A dreamy balcony? Proximity to the subway? Highlight that in your listing and during showings.
• Example: If you have a small balcony, add a trendy bistro set and a couple of potted plants to create an urban oasis vibe.
3. Invest in Professional Photos and Marketing
Visuals Sell
Your condo’s first impression often happens online. Crappy smartphone photos? Absolutely not. Hire a professional real estate photographer who knows how to make spaces pop.
• Tip: Shoot on a sunny day for maximum light, and make sure every room looks spotless.
Leverage Video and Virtual Tours
A virtual tour is a game-changer, especially for out-of-town buyers. And in Toronto, where people love convenience, a walk-through video can hook someone before they even step inside.
Amp Up Your Online Presence
List your condo on every possible platform: MLS, Realtor.ca, Zillow, and social media. Instagram reels showcasing your condo’s best features? Yes, please. Don’t forget targeted ads—Facebook and Google ads can put your listing in front of the right people.
4. Be Flexible with Showings
Make It Easy for Buyers
In a buyer’s market, convenience is key. Be ready for last-minute showings, even if it means leaving work early or eating dinner elsewhere. The more buyers who see your condo, the better your chances of selling.
• Example: If a buyer wants to view your unit at 8 p.m. on a Wednesday, don’t make them wait until the weekend.
Vacant Is Better
If possible, move out before listing. A vacant unit is easier to show, and it’s easier for buyers to imagine it as their own. Just make sure it’s staged—empty rooms are uninspiring.
5. Offer Incentives to Sweeten the Deal
In a downward market, you need to give buyers a nudge. Incentives can set your listing apart without requiring you to drop the price too much.
• Example 1: Offer to cover six months of condo fees. Buyers love a break on monthly costs.
• Example 2: Include furniture or upgraded appliances in the sale. A chic, move-in-ready vibe can be a deal closer.
• Example 3: Provide a flexible closing date. Some buyers need time to sell their current property; others are ready to move yesterday.
6. Work with the Right Realtor
Not all realtors are created equal. In a tough market, you need someone with hustle, negotiation skills, and an unmatched knowledge of the Toronto condo scene.
After 16 Years of absolute success with both condo and home sales in the City of Toronto I can ensure you get the best possible service out there. I’ve been through 3 tough downward markets (2009, 2017, 2024-) My experience gives me the skills to navigate a rough sales climate.
7. Get the Timing Right
Avoid Listing in the Off-Season
If you can, avoid listing in January or December when the market tends to slow even further. Aim for early spring or fall, when buyers are more active.
Watch the Competition
Pay attention to how many units are for sale in your building. If five other similar units are listed, wait for the competition to thin out before listing.
8. Be Prepared to Negotiate
In a downward market, buyers hold the power. Don’t take it personally—it’s business. Be ready to negotiate, whether that means accepting a lower offer or agreeing to conditions like repairs or upgrades.
• Example: A buyer offers $15,000 below asking but is pre-approved for financing and ready to close in 30 days. It’s worth considering if it means avoiding another month of carrying costs.
Counter Strategically
If an offer comes in too low, don’t shut it down immediately. Counter with a reasonable price and highlight the condo’s value—upgrades, location, or the building’s amenities.
9. Highlight Building Amenities and Neighborhood Perks
Toronto buyers care about lifestyle. Make sure to emphasize your building’s amenities and the local scene.
• Example: Does your building have a rooftop terrace, gym, or 24-hour concierge? Play that up.
• Example: If your condo is near trendy coffee shops, parks, or top schools, mention it in your listing.
10. Be Patient but Proactive
Selling in a downward market takes time. Stay patient but don’t sit back and wait for magic to happen. Review your strategy every two weeks with your realtor. If your condo isn’t getting views, it’s time to tweak the listing, adjust the price, or improve the staging.
The Bottom Line
Selling a condo in Toronto when the market is down isn’t a walk in High Park, but it’s doable with the right approach. Price it smart, make it look irresistible, and shout its value from the rooftops (or at least on Instagram). And remember, even in a slow market, buyers are out there. You just need to make your condo the one they can’t resist.
With these strategies, you’ll sell your condo faster than your neighbors—and maybe even for a better price.
