{"id":3222,"date":"2019-06-03T12:20:35","date_gmt":"2019-06-03T20:20:35","guid":{"rendered":"https:\/\/justo.ca\/blog\/?p=3222"},"modified":"2019-09-11T03:19:33","modified_gmt":"2019-09-11T11:19:33","slug":"ultimate-guide-to-selling-a-toronto-home","status":"publish","type":"post","link":"https:\/\/blog.justo.ca\/blog\/ultimate-guide-to-selling-a-toronto-home\/","title":{"rendered":"The Ultimate guide to selling a Toronto home"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">It\u2019s been said that <a href=\"https:\/\/justo.ca\/\">buying a home<\/a> is one of life\u2019s bigger decisions, but selling isn\u2019t something to be taken lightly either\u2014especially not in Toronto, among the country\u2019s most competitive and real estate markets and by far its most active.<\/span><\/p>\n<p><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">In 2018, more than 77,000 homes changed hands, according to the Toronto Real Estate Board (TREB), and that was a double-digit decrease from the previous year (and that total doesn\u2019t even include pre-construction purchases).&nbsp;<\/span><span style=\"font-weight: 400;\">Whether upgrading to a bigger house for a growing family or downsizing to a condo during retirement, all the steps towards selling a Toronto home may be overwhelming. So Justo has put together the ultimate guide to selling a home in Toronto to walk you through every step along the way.<\/span><\/p>\n<p>Related article:&nbsp;<a href=\"https:\/\/justo.ca\/blog\/im-selling-my-house-what-do-i-need-to-know\">I\u2019m Selling My House. What Do I Need to Know?<\/a><\/p>\n<h2><b>1. Select a realtor<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">With so much at stake, you\u2019re going to want the help of professionals. TREB claims more than 50,000 members across the GTA, so it\u2019s going to be important to do your research. Justo\u2019s rock-bottom seller\u2019s commission of 1.25%\u2014that\u2019s about half the usual rate\u2014and roster of experienced professionals, from real estate lawyers to home stagers, can save you valuable time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read testimonials. Ask friends and family who have recently sold their homes for their experiences and recommendations. You should also check out realtor social media channels \u2014 such as Twitter, Facebook, and Instagram (if they don\u2019t have an online presence beyond a website, they may not have the best handle on digital marketing, which is important and will come up later). Not only that, but you might discover personal views or values that aren\u2019t in line with your own or may offend possible homebuyers down the road. It\u2019s always best to check.<\/span><\/p>\n<h2><b>2. Read your listing agreement carefully<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">So you\u2019ve found your realtor. Time to sign on the dotted line, as you\u2019re entering into a contract with a brokerage. Don\u2019t just skim the paperwork. Make sure you understand everything and don\u2019t be afraid to negotiate.<\/span> <span style=\"font-weight: 400;\">If you\u2019re not sure about something, ask! <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, questions can help you decide whether or not you\u2019ve found the right realtor for you. Here are some questions to ask:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u201cHow much experience do you have in the Toronto market?\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u201cWhat do you plan to do to market my home?\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u201cWhat sets you apart from other realtors?\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u201cHow would you describe your negotiation style?\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u201cWill I be dealing directly with you at all times?\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And, perhaps most importantly, \u201cCan I see some references?\u201d<\/span><\/li>\n<\/ul>\n<h2><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-3328 size-full\" src=\"https:\/\/justo.ca\/blog\/wp-content\/uploads\/2019\/06\/real-estate-law.jpg\" alt=\"\" width=\"850\" height=\"400\" srcset=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2019\/06\/real-estate-law.jpg 850w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2019\/06\/real-estate-law-300x141.jpg 300w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2019\/06\/real-estate-law-768x361.jpg 768w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><\/h2>\n<h2><b>3. Now, hire a real estate lawyer<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Like when you hired your realtor, you\u2019re going to want to vet a lawyer carefully. Your realtor should have a referral. When working with a full-service brokerage like Justo, you won\u2019t have to worry about spending valuable time making phone calls and sending emails looking for legal help. Whatever the case, it\u2019s ideal to have your lawyer hired early in the process because you\u2019re going to be busier in the steps that follow.<\/span><\/p>\n<h2><b>4. Prepare your home for listing <\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Most homes are going to need some TLC before they\u2019re ready to hit the market, and you may want some help. Fortunately, there are professionals who are trained in this very aspect of the home-selling process.<\/span><\/p>\n<h3><strong>Consider a professional stager<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A home stager can make life a lot easier, since they\u2019ll arrange it all: renting stylish furniture and storage space for your own stuff, touching up rooms, de-cluttering.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can expect to pay between $1,500 all the way up to $10,000 (for a large estate) to hire your own home stager. If that sounds like a lot, remember that according to one study by the Real Estate Staging Association (RESA), 68 percent of staged homes sold for 9 percent more than neighbouring homes that weren\u2019t professionally staged. For perspective, the average price of a GTA home was $820,148 this April, according to TREB, and 9 percent of that is nearly $74,000. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another way to show the value of home staging also comes from the association. Homes that are staged before listing sell 90 percent faster than homes that are listed unstaged and then staged afterwards, <\/span><a href=\"https:\/\/s3.amazonaws.com\/ClubExpressClubFiles\/304550\/graphics\/2018-RESA-Home-Staging-Statistics-Report-Final_copy_1150849602.jpg\"><span style=\"font-weight: 400;\">according to a RESA infographic<\/span><\/a><span style=\"font-weight: 400;\">. As per the findings from a study of 1,081 homes, those that were staged before appearing on the online-listing system spent 23 days on market, versus 225 days for properties that were initially unstaged.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Browse websites of stagers in the city. Some will have Pinterest pages, and that should give a sense of their work and inspiration. Learn as much as you can about their style and then book a consultation. This will give you a chance to see if you work well together, which is important because you\u2019ll be entrusting them with your home. Don\u2019t wait for the last minute, because in-demand stagers will require advance bookings.<\/span><\/p>\n<h3><strong>Or do it yourself \u2014 but do something<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A stager isn\u2019t in your budget? You should at least repaint your home (neutral colours are best) buy and install new light bulbs to make the place really shine, rent a carpet steamer, ensure the place is tidy, take out oversized furniture, and try to remove particularly personal touches. Family portraits, your dog\u2019s favourite bed, and kids\u2019 paintings hanging on the fridge don\u2019t help. After all, you want potential buyers to be able to picture themselves living in your home. Don\u2019t neglect your garage, unfinished basement or crawlspace. These parts of your home might not ever glow, but you can highlight storage potential by clearing them out. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Flip through magazines like <\/span><a href=\"https:\/\/www.styleathome.com\"><i><span style=\"font-weight: 400;\">Style at Home<\/span><\/i><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.designlinesmagazine.com\"><i><span style=\"font-weight: 400;\">Designlines<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (or visit their websites) to get a sense of current trends and try to make the time to visit open houses in the area so you can see what they\u2019ve done and size up how your home compares.<\/span><\/p>\n<p>Related article:&nbsp;<a href=\"https:\/\/justo.ca\/blog\/toronto-online-platform-touts-its-buyer-seller-experience\">Toronto online platform touts its buyer\/seller experience<\/a><\/p>\n<h2><b>5. Decide when you\u2019d like to list<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Everybody\u2019s circumstances are unique, but it literally pays to put some thought into exactly when to list a home for sale in Toronto. Seasonal factors, which are described below, are an important consideration. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, increasingly government policies have been impacting home sales, from mortgage rules to new taxes. Whenever new policies are introduced by a level of government, many would-be homebuyers step to the sidelines and take a wait-and-see approach. That was certainly the case when the Ontario government introduced the Fair Housing Plan, which included a foreign-homebuyer tax for Toronto and the broader Greater Golden Horseshoe region. Conversely, homebuyers were highly motivated towards the end of 2017 because federal policymakers had announced that lending rules were going to be tighter starting January 2018 with a new mortgage stress test. Afraid that they wouldn\u2019t be able to qualify for a mortgage once the test came into effect, some homebuyers rushed to buy before the year\u2019s end.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New policies notwithstanding, typically, May and June are the two months that see the most home sales in Canadian markets. But <\/span><a href=\"https:\/\/www.zolo.ca\/news\/best-time-to-list-your-home\"><span style=\"font-weight: 400;\">one recent study found<\/span><\/a><span style=\"font-weight: 400;\"> that homes in Toronto proper that sold between late April and early May actually landed the highest premium, an extra $33,000, in fact, so it can be worth it to list a little earlier in the spring. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the study notes there are positives to selling at times other than spring. <\/span><b>&nbsp;<\/b><\/p>\n<h3><strong>Summer<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Homes do look great in the bright summer light, and it can really showcase certain features, like a house\u2019s big windows or a backyard deck and pool. Same goes for condo balconies and terraces, or shared open-air amenities like a rooftop pool.<\/span><\/p>\n<h3><strong>Fall<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">In autumn, buyers\u2014at least those with kids\u2014likely want to hurry up and close before the school year gets too hectic and schedules are tighter, so a Toronto home seller can get an edge then.<\/span><\/p>\n<h3><strong>Winter<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Similarly, anyone looking for a home in the winter and over the holidays is likely eager to make an offer, just remember you\u2019ll be dealing with a limited pool of buyers. Harsh winter months, like February 2019, have been known to seriously hinder home sales.<\/span><\/p>\n<h2><b>6. Complete a pre-list home inspection<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Homebuyers will want to do their due diligence and have a home inspection done. However, before listing a home, the current owners should have their own inspection done to identify any potential problems, so they can be reflected in the future asking price. New windows can be a selling point, whereas a leaky roof\u2014not so much. Then the decision can be made whether to fix any issues or list the home as-is.<\/span> <span style=\"font-weight: 400;\">Trying to save a little money by foregoing this step is not worth it.<\/span><\/p>\n<h2><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-3329 size-full\" src=\"https:\/\/justo.ca\/blog\/wp-content\/uploads\/2019\/06\/paper-work.jpg\" alt=\"\" width=\"850\" height=\"400\" srcset=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2019\/06\/paper-work.jpg 850w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2019\/06\/paper-work-300x141.jpg 300w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2019\/06\/paper-work-768x361.jpg 768w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><\/h2>\n<h2><b>7. Put all your paperwork in order<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">You\u2019ve probably realized by now that selling a home in Toronto comes with lots of paperwork. Here\u2019s a rundown of what to pull together: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You\u2019ll need copies of your latest hydro, heating and tax bills.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Track down any relevant manuals, such as for an air conditioner, furnace, or, if you\u2019re leaving them behind, appliances.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Dig up the survey, which outlines info from a property\u2019s natural features, such as trees, to structural elements.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If selling a condo, a condo status certificate is required. The document, unique to condo\/strata ownership, details the condo corporation\u2019s financial status, including how much money is in reserve and the budget, as well as minutes from the latest annual general meeting.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You should create a document outlining every reno and repair done since you purchased the property (as well as the accompanying bills). Highlight any issues uncovered during the pre-list inspection, as you\u2019ll want to be honest and open about these so you avoid potential legal issues down the road.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">(At this point, don\u2019t forget to get keys cut, so your realtor can easily show your home using a lockbox.)<\/span><\/p>\n<h2><b>8. Name your price<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Deciding how much to list your home for depends on a variety of factors, including current market trends, location, features, possible issues identified through your pre-list inspection, and more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s a rundown of some major factors that will influence what buyers are going to be willing to pay:<\/span><\/p>\n<h3><strong>The state of the market<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Is it a buyer\u2019s market, a balanced market, or a seller\u2019s market? One way to quickly gauge this is by checking out the local sales-to-new listings ratio. A ratio between 40 to 60 percent generally reflects balance, while anything below is a buyer\u2019s market and anything above is a seller\u2019s market. Basically, a ratio of 100 percent means that a home sells each time one is listed.<\/span><\/p>\n<h3><strong>The type of home you\u2019re selling<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The citywide average price and Toronto sales-to-new-listing ratio don\u2019t necessarily reflect varying trends in different segments. Sometimes condo prices are rising at a time when house values are falling.<\/span><\/p>\n<h3><strong>Location, location, location<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Average Toronto home prices also mask hyper-local trends. TREB breaks down its monthly sales figures into specific areas, and this can be a good place to start. You\u2019ll also want to zero in sales activity on your street or specific neighbourhood. What are your neighbours\u2019 homes selling for? Also look at community amenities and access to public transit, as these are known to boost home values.<\/span> <span style=\"font-weight: 400;\">Look up your address\u2019 <\/span><a href=\"https:\/\/www.redfin.ca\/how-walk-score-works.\"><span style=\"font-weight: 400;\">Walk Score<\/span><\/a><span style=\"font-weight: 400;\">, as many homebuyers, especially those looking for homes in a city, like this metric. It\u2019s pretty much what it sounds like it is: an assessment of how walkable your area is (a high Walk Score means daily errands won\u2019t require a car).<\/span><\/p>\n<h3><strong>Your home\u2019s specific features<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Do you have a parking pad and\/or a garage? In many Toronto neighbourhoods, parking comes at a premium. Similarly, finished basements and secondary suites have considerable appeal, especially in a pricey market like Toronto, where the potential to rent out part of a property can be a mortgage helper. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For condos, outdoor space and\/or southern exposure are perks, as are low monthly maintenance fees. Storage space is a plus, especially in condos. Your building\u2019s amenities can attract homebuyers, too. Buildings with family-friendly amenities, like playrooms or on-site parks<\/span><b>, <\/b><span style=\"font-weight: 400;\">can help entice homebuyers who might otherwise have opted for a house with a yard, for instance.<\/span><\/p>\n<h3><strong>Your home\u2019s history <\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A heritage home appeals to some buyers but not to others who might not like being restricted in what can be done to the home\u2019s exterior. As a result, they can be tougher to sell than a newer dwelling. Unsurprisingly, any connection to criminal activity or an investigation can erode home prices, too\u2014former grow-ops, for example\u2014while a unique past, like <\/span><a href=\"https:\/\/www.cbc.ca\/news\/canada\/toronto\/ernest-hemingway-toronto-apartment-1.5091106\"><span style=\"font-weight: 400;\">late novelist Ernest Hemingway\u2019s former rental-apartment-turned-condo in midtown Toronto<\/span><\/a><span style=\"font-weight: 400;\">, can at least make the pending marketing process easier.<\/span><\/p>\n<h3><strong>Other things to consider<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Some say under-pricing your home in a hot housing market can spark a bidding war \u2014 there have even been instances of homeowners pricing their property at $1, just to see where the market takes it \u2014 but there is also research out of the US to suggest that <\/span><a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S016726811300019X\"><span style=\"font-weight: 400;\">a higher list prices lead to higher sale prices<\/span><\/a><span style=\"font-weight: 400;\">. A good realtor can provide valuable insight into how to price your home.<\/span><\/p>\n<p>Related article:&nbsp;<a href=\"https:\/\/justo.ca\/blog\/inside-canadas-changing-online-listing-landscape-in-2019\">Inside Canada\u2019s changing online listing landscape in 2019<\/a><\/p>\n<h2><b>9. Market your home<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Before your home is on the market, you are going to need to have marketing materials created. Probably the most obvious example of this is professional photos because these are going to create the first impression of your home. Pictures from your smartphone won\u2019t suffice. This is about creating a strong first impression of your home, after all, so leave it in the hands of an expert, not a shutterbug relative. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is much more to marketing than pretty pictures and a flashy sign on a lawn. Justo offers a suite of options. For instance, Justo will craft a unique marketing plan, potentially including open houses, as well as a 3D virtual tour\u2014so prospective buyers can virtually walk through your home from the comfort of their own. One great advantage to 3D tours is it can limit the wear-and-tear from busy open houses, reducing stress and extra work at an already-busy time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sometimes it\u2019s worth it to think outside the box, especially for a unique property. One Toronto realtor even made <\/span><a href=\"https:\/\/realestatebybike.com\/lilyellowhouse\"><span style=\"font-weight: 400;\">a rap video to sell a \u201clil\u2019 yellow house.\u201d<\/span><\/a> <a href=\"https:\/\/globalnews.ca\/video\/3300354\/toronto-realtor-making-big-production-videos-for-real-estate-listings\"><span style=\"font-weight: 400;\">Movie-quality lifestyle videos<\/span><\/a><span style=\"font-weight: 400;\"> have also been attempted to showcase properties, and drones have now become a part of some niche marketing efforts as well, providing breathtaking visuals that can show off a home in a unique way. Generally, the more eyes on your home the better, but it comes down to what you\u2019re comfortable with.<\/span><\/p>\n<h2><b>10. Field the offers<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Sooner or later, a well-presented home should be receiving offers, but there is more than one kind and the differences are important. &nbsp;<\/span><\/p>\n<h3><strong>Firm versus conditional offers<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">There are firm offers, which have no conditions, and conditional offers, which do. In a buyer\u2019s market, offers are more likely to come with conditions, whereas when demand is strong and there are multiple bids, many home shoppers simply want to win out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A common one lets a homebuyer firm up their mortgage qualifications with a lender. Many homebuyers get a pre-approval, which means a bank has agreed to hold an interest rate for a certain period of time \u2014 though that doesn\u2019t necessarily mean they\u2019ll end up qualifying.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sometimes buyers will make an offer that requires a home inspection to close. If you\u2019ve already had your pre-list inspection, the likelihood of a nasty surprise decreases.<\/span><\/p>\n<h3><strong>What to do if the buyer\u2019s home inspection discovers a problem?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">If you received a quality home inspection, there shouldn\u2019t be any surprises here. Still, anything can happen, so you should have a plan in the event that closing home inspection identifies an unforeseen issue: namely, always try to compensate for the problem by reducing your price or giving a closing-cost credit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The thinking here is simple. Why undertake the risk of a reno? They are disruptive, and budgets and timelines for projects can quickly spiral out of control, whereas offering compensation saves you from that kind of trouble. You know exactly what it\u2019s going to cost you, and it\u2019s easier to let the new owner\u2019s fix whatever is wrong.<\/span><\/p>\n<h3><strong>Are you offering any extras?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Then it comes to negotiating different matters like whether to include extras appliances, electronics, furniture, and more. Perhaps you\u2019re moving to another country and can\u2019t ship everything, or maybe certain items won\u2019t fit your new home. (These extras can also be used as bargaining chips in the event that the buyer\u2019s home inspection unearthed a problem.)<\/span><\/p>\n<h3><strong>Chattels versus fixtures<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">To avoid any possible disputes, make sure you define chattels clearly in the purchase and sale agreement. Chattels are typically considered to be items that aren\u2019t attached to the house; they wouldn\u2019t require a tool to move. Think area rugs or curtains, a fridge or a toaster oven. If you like, you can add fixtures in the chattels section, but make sure there\u2019s no confusion about what the buyer is getting. Spell it out. <\/span><\/p>\n<h3><strong>Don\u2019t be afraid to reject offers or counter-offer<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">You only get to sell this home once, so don\u2019t settle for an offer you\u2019ll regret later by short-changing yourself. A homebuyer\u2019s first offer is very unlikely to represent how much they can actually afford to cough up (if it does, they are not getting good advice from their realtor). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can cancel the counter-offer at any time before hearing back as well, so there\u2019s really very little if anything to lose. There are not any legal obligations until the buying and selling parties have each signed on. Depending on how quickly you need to sell your home can dictate what your counter offer looks like. While offering below the list price may seal the deal, being firm can get you a better offer in the long run. You\u2019ll also discourage low-ball offers this way.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your offer is rejected, don\u2019t sweat it. There are lots of reasons an offer might be struck down, and pricing is only one of them. A house hunter is likely looking at other properties, or their personal finances could have even quickly changed.<\/span><\/p>\n<h2><b>11. It\u2019s closing time<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The closing day is when the new owners take possession. Leading up to this, a few key steps need to be taken.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Notify utility companies and other service providers, such as cable, Internet and landline, that you\u2019ll be changing addresses<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Also, let the city know (you don\u2019t want to keep paying property taxes!)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Make sure your home insurance is set to cancel upon closing<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And if you\u2019re moving out well before closing, tell your insurer when that is<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Hire movers if you haven\u2019t done so already (Note: June 30th is the busiest moving day of the year in Canada, <\/span><a href=\"https:\/\/www.newswire.ca\/news-releases\/june-30-still-the-busiest-moving-dayweekend-of-the-year-686457031.html\"><span style=\"font-weight: 400;\">according to movers Two Men and a Truck<\/span><\/a><span style=\"font-weight: 400;\">)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If you\u2019ve purchased a condo, book the freight elevator well in advance, you won\u2019t be allowed to use the regular lifts<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Shortly before closing day, there will be more paperwork to sign with your lawyer. Once the new owner is on the title at one of the land registry offices, you receive your money, minus commissions, and related legal fees, of course. <\/span><\/p>\n<h2><b>12. Don\u2019t lose that paperwork<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Did you think you were done with the paperwork? It\u2019s important to hold on to all documents relating to the sale of your home. You\u2019re going to need them once tax season comes, and even after you file the Canada Revenue Agency could always call for an audit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Speaking of the tax man, you must always report the sale of your home. The good news is if it was your primary residence, you won\u2019t be paying any taxes on your capital gains. \u201cIn addition to reporting your principal residence on <\/span><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/tax-packages-years\/general-income-tax-benefit-package\/5000-s3.html\"><span style=\"font-weight: 400;\">Schedule 3<\/span><\/a><span style=\"font-weight: 400;\">, you also have to complete <\/span><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/forms\/t2091ind.html\"><span style=\"font-weight: 400;\">Form T2091 (IND)<\/span><\/a><span style=\"font-weight: 400;\">, Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust,\u201d according to the <\/span><a href=\"https:\/\/www.canada.ca\/content\/dam\/cra-arc\/formspubs\/pbg\/t2091ind\/t2091ind-18e.pdf\"><span style=\"font-weight: 400;\">Government of Canada\u2019s website<\/span><\/a><span style=\"font-weight: 400;\">. Your accountant will be able to answer any specific questions you might have.<\/span><\/p>\n<h2><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-3330 size-full\" src=\"https:\/\/justo.ca\/blog\/wp-content\/uploads\/2019\/06\/celebrate.jpg\" alt=\"\" width=\"850\" height=\"400\" srcset=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2019\/06\/celebrate.jpg 850w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2019\/06\/celebrate-300x141.jpg 300w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2019\/06\/celebrate-768x361.jpg 768w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><\/h2>\n<h2><b>13. Celebrate <\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Congratulations, you\u2019ve sold a home\u2014and hopefully for a tidy profit. Use a little bit of that cash to treat yourself, whether its dinner at your favourite local restaurant or a weekend trip to Prince Edward County. You\u2019ve earned it. <\/span><\/p>\n<h2><b>Summary<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Mountains of paperwork and a lengthy to-do list show that selling a home in Toronto is serious but ultimately rewarding work. The payoff isn\u2019t hard to see. Toronto is a national economic driver, and about 100,000 newcomers arrive in the Greater Toronto Area each year, creating a strong demand for housing. Sellers are uniquely able to take advantage of these fundamentals that generally lift prices over time. And to be sure, the city has seen stratospheric price growth over the past decades, even after cooling periods are factored in. Indeed, if you do spend 20 years or so in your home, the chances of taking a loss upon resale diminish considerably. That said, very few people live in the same home for an entire lifetime, so it\u2019s less a matter of if and more about when. Weigh all the pros and cons before deciding when the time is right for you for the best possible home-selling experience.<\/span><\/p>\n<p>Related article:&nbsp;<a href=\"https:\/\/justo.ca\/blog\/new-brokerage-splitting-listing-fees-for-buyer-and-seller-savings\">New Brokerage Splitting Listing Fees for Buyer and Seller Savings<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s been said that buying a home is one of life\u2019s bigger decisions, but selling isn\u2019t something to be taken lightly either\u2014especially not in Toronto, among the country\u2019s most competitive and real estate markets and by far its most active.<\/p>\n","protected":false},"author":14,"featured_media":2341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Ultimate guide to selling a Toronto home - 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