Time keeps marching on, and another exciting chapter of your life is about to unfold as you upgrade to a new home with more space. Any number of things could have led to this moment. Perhaps you have hit a new milestone with your career or are expecting a new addition to the family. Or, like many Toronto condo owners, you feel ready to cash out your equity and move on to bigger and better things. In any case, anytime you can afford to upsize is a cause to celebrate! 

You don’t need a reason to make this bold change in your life. However, you do want to be sure you act at the right time. “When” is a trickier question to answer because it’s not about the market. It’s also not about whether you should sell now or hold off until the busy season. The way to determine when it’s the best time to sell your Toronto condo is to make it personal. In this post, it’s all about you!

What Do Your Numbers Say?

Success in real estate is primarily about the numbers. Condo prices have fluctuated over the last few years, but Toronto values have always trended up over the long term. With the growing population and record number of new immigrants arriving in Canada, the demand for housing has never been greater. If it were about the market, it would be an excellent time to sell. 

But what do your numbers say? Before listing your condo for sale, you’ll want to take an in-depth look at your financial situation.

  • Can you comfortably handle a more expensive lifestyle?
  • Will you still be able to save for retirement and a rainy day after buying a larger home?
  • Have you qualified for financing for an upgraded property?
  • How much will you need for a down payment and the closing costs of a new home? Will the proceeds from your sale be enough to cover it?

A good mortgage broker and real estate agent will be able to help you analyze your situation from all angles to ensure you are in a position to take this monumental step.

Do you want to know more about how to get the best results when selling a house in Toronto? The resources below will give you some ideas:

Your Future Unfolds

Most people have an idea of what direction they want their life to go in. Typically, the path is to buy a starter condo to get a foot on the property ladder. As your finances improve, the next step is to upgrade to a bigger home. That is the tradition, but is it truly what you want? 

Moving for the right reason is just as critical as moving at the right time. If you are happy with where you are and you love your condo, there’s no law saying you must choose the traditional path. You can put down roots in the home you love until you’re ready to move on your terms.

However, if you’re craving extra space and your finances allow it, now is the perfect time to make a positive change. Your next home will be another celebrated milestone, a place where you can look forward to many more years of happy memories.

It’s Not You, It’s the Building

Part of your decision to sell or not will come down to the building itself. If you’re in a well-maintained building with plenty of amenities that add to your enjoyment of life, you may decide to hold on for now. Then again, you’re sitting on a valuable asset that could provide a significant profit if you sell it. As you can see, the answer to “When should I sell my condo?” is a deeply personal decision!

Older buildings may not have as many benefits while the condo fees keep increasing to cover the cost of repairs. In this case, you may decide to cash out your equity while property values remain high. 

Location, Location

In real estate, some locations are more desirable than others. This is something that can also change over time. An inexpensive condo in an up-and-coming neighbourhood can suddenly become one of the hottest locations in the city! If that happens, the value of your condo will soar.

But before you decide to capitalize on all that equity that’s just waiting for you, you’ll want to consider: Do you love your location? Does the thought of moving away make you feel homesick in spite of the profit potential? If so, you may be happier staying right where you are.

On the other hand, if you’ve been dreaming of a home in a new neighbourhood or even a different city altogether, you could not ask for a better time to put your condo on the market. Alternatively, if you love your location but need more space, you might be able to find a larger home in the same area. Do you need more advice on Toronto’s dynamic neighbourhoods? There is no one who would love to talk about everything location-related than your local real estate agent!

Should you move up in Midtown? The posts below will give you something to think about:

Are You Ready for This?

Real estate may be about numbers, facts, and data, but not everything is about logic. All signs may point to now being a great time to move! Your finances are in order, you’d love to have more living space, and a new neighbourhood is calling your name. And yet, everything in you wants to put things off. 

On the other hand, nothing about your move looks or feels logical, but you’re ready and excited for a change. Your condo may not even be on the market yet, but your bags are already packed. Either of these situations is acceptable. Your next adventure may happen a year from now, ten years from now, or next month. You will know when you are ready because you will feel it in your heart, mind, and soul.

Do you have more questions about selling a condo in the current market? We are happy to guide you to the best decision for you right now. Reach out today to david@batorigroup.com, bobby@batorigroup.com or call (416) 485-7575 for more information.