While there are certain aspects of selling your home that apply across Canada, there are also some regional differences to be aware of. Here are some important things to be aware of when selling your home in Toronto.

The Importance of Timing

Your real estate agent should be able to provide some guidance about the best time to list your house. Toronto’s housing market is extremely seasonal, with the “spring” and “fall” markets typically recording higher sales. December, January, and August tend to be slower months, while May and June tend to see the highest number of home sales.

You’ll Need a Real Estate Lawyer

In the province of Ontario, a real estate lawyer is required to transfer the title of your property. A lawyer can also help you navigate difficult decisions and the excessive paperwork in the process and help avoid any unexpected costs or delays in the home sale process.

Added Features

Your real estate agent can help you use the specific features of your home to your advantage when selling. In Toronto’s busiest areas, garages on houses or designated parking spots for townhomes and condos are particularly appealing to buyers. If your house features a finished basement with a separate entrance, you may be able to list at a higher price as this can appeal to buyers looking to rent out a separate suite.

Chattels vs. Fixtures

When drafting the Purchase and Sales Agreement, it is important to be as specific as possible about what items will be included in the sale. Chattels are items that are not attached to the house or would not cause any damage to remove – for example curtains, or plug-in appliances. Fixtures are items that are attached to the home and would require tools to remove, such as washing machines. There are some grey areas as well. When it comes to items like wall-mounted televisions or chandeliers, consider if you want to take them with you, or if it would be beneficial to leverage them in the sale.

Defects Disclosure

When selling a home in Toronto, there are certain issues with the property that you must disclose to potential buyers if you are aware of them, while others are not necessarily your responsibility. Ontario law distinguishes between patent defects – which are problems that are easily visible to buyers or property/home inspectors – and latent defects, which are issues that are not easily detected even by an expert. Patent defects – such as cracked paint, chipped tiles, or stained carpeting – are not issues that you need to explicitly share with potential buyers, as it is there responsibility to observe the home closely enough on their own.

---

 For more information on what to expect when selling your home in the Toronto real estate market, contact one of our local agents and let us help you through each step of the way.