If you’re thinking about selling a condo in the near future as a homeowner or real estate investor, it’s important to understand the current condo landscape and the overall Canadian housing market. It’s crucial that we start by acknowledging that condo sales differ greatly from single-family home sales due to condo boards, status certificates, and shared amenities.
TD Economics reported that condo prices were down 11% year over year in the first quarter of 2026. The report also pointed out that we’re four years into a price correction for condos in the Greater Toronto Area, which is the longest downturn since the late-80s to mid-90s. Additionally, the general housing market in Canada is slower in 2026. The Canadian Real Estate Association expects a total of 463,336 properties to be sold in 2026, which is down 1.4% from 2025.
Selling any type of home could be challenging right now, but James Milonas, known as James In The City, a Realtor with The Agency Toronto West, noted to us that single-family homes are easier to sell because of their price point and space. He admitted that the current condo landscape is rough for sellers as there’s a lot of inventory and buyers have options. Since buyers have more options, they can be more deliberate and take their time making an offer, unlike during the pandemic era, when bidding wars were common. Milonas believes that when single-family homes become unaffordable again, we will see buyers return to the condo market.
If you’re thinking about selling your condo, here’s what you should know, including how to prepare your condo for sale, pricing strategies, and whether it’s better to rent it out instead of selling.
Key Takeaways
- Pricing and a marketing strategy are important elements of selling your condo
- Order your condo’s status certificate in advance to avoid delays during the sale process
- Consider hiring a Realtor with condo experience for success in today’s market
What You Should Know About Selling Your Condo
Before you list your condo for sale, you should review the condo association’s rules and regulations. Some may require a specific approval process for sales. In addition, your building’s rules on pets, rentals, and renovations can expand or narrow your buyer pool.
It’s also important to emphasize that selling your condo could be affected by external factors beyond your control, such as high monthly condo fees, the condo corporation’s weak financial health, insurance claim issues, and restrictive building rules. For example, a building may have a limit on pet sizes or parking that would make it unattractive to a potential buyer.
A special assessment on your condo, such as an upcoming major repair or work on elevators, the roof, or other major building components, can raise concerns about maintenance fees. Then there are the current maintenance fees that can’t be ignored, as potential buyers will compare them with those of similar buildings.
How the Current Market Can Affect Your Sale
According to the TRREB Condo Market Report, the average condo price in the Greater Toronto Area was $634,972 in the second quarter of 2026, down 7.5% from the previous year.
The recent condo market has made it increasingly difficult for a new seller to get a quick offer. The Financial Post published an article in June that labelled the current deteriorating market the “Condopocalypse.” The median number of days on the market for a sold condo in Toronto rose from 36 to 41 days, and the article featured horror stories from Realtors whose clients were losing money. One person quoted admitted they accepted an offer $88,000 below the asking price. The reason for the slow condo sales was attributed to buyers no longer being in a rush and a weak to no investor appetite for this market. Lower investor interest can be attributed to higher housing prices and rising mortgage rates, which are making it difficult to achieve a profit from monthly rent or capital appreciation.
“The condos that sell are priced to what the building has actually sold for, not what the owner paid or was hoping for, and they look their best from day one,” said Ashley Coleman, a Real Estate Advisor with Nest Seekers International. “Once a unit starts sitting and dropping its price, it gets a lot harder.” She shared that condos are still sellable, but the market rewards sellers who come prepared and price realistically. The main factor to keep in mind before trying to sell your condo is the importance of pricing right in this market.
How to Sell a Condo without a Realtor
If you want to sell a condo without a Realtor, you can consider selling for sale by owner (FSBO) or using a flat fee MLS listing service to avoid listing commissions and keep more of your profit. While you can save 2% to 2.5% of the sale price by not using a listing agent, this strategy may be better suited for those who know the market well.
Step-By-Step: How to Prepare a Condo for Sale
Since preparation is key for selling a condo in competitive markets, here are the steps to prepare a condo for sale:
1. Secure Your Status Certificate Early
The status certificate provides information on the financial and legal health of the condo corporation, including the reserve fund, any special assessments, legal issues, and monthly fees.
It’s crucial that you start with this step because buyers and lenders will request this document package for review, and sellers generally must provide it within 10 days. Most Realtors request that sellers order this before listing, so there aren’t any surprises halfway through a deal.
2. Declutter, Depersonalize, and Repair
You’ll want to invest some time and money into decluttering and repairing to help buyers visualize their own belongings in your condo. This means that you’ll want to patch wall scuffs, apply neutral paint, fix any minor leaks, and remove bulky furniture to make small spaces feel open.
3. Professional Staging and Photography
Professional photography and virtual tours can optimize your online listings and enhance the appearance of your condo, especially if it isn’t the most spacious. While some Realtors will include photography, you can expect to pay anywhere from $200 to $500 if it’s not included in the package.
Additionally, you may want to consider professional staging, as it could increase your condominium’s sale price.
4. Highlight Building Amenities & Upgrades
As you think about how to market your condo, you’ll want to do your best to highlight any building amenities that could be enticing to potential buyers in that community. For example, if your building has an amazing view or a decent gym, then you’ll want to mention this. You never know what prospective buyers are looking for when searching for a condo.
Coleman pointed out that when selling a condo, you’re selling the building just as much as the unit. Amenities only count if they’re well-kept. A rooftop pool is a selling feature. A rooftop pool that’s always closed is not.
Pricing and Marketing Strategy for Canadian Condos
A pricing and marketing strategy is essential for selling your condo, especially in a slow market. Spending time researching comparable units for sale and making a marketing plan could help you sell more quickly.
Analyzing Recent Comparables (Comps)
The first thing you should do is review active and sold units in the same building or immediate neighbourhood to gauge interest levels and price points. If you notice that condos near you are staying on the market for a long time, then you may want to be prepared for this or consider pricing strategically.
If you are working with a real estate agent, you should discuss the pricing strategy with them. A good Realtor should be able to provide comparable units and a competitive price.
Stand Out in the Local MLS® Market
You’ll want to focus on standing out in the local market if you plan to sell your condo in the near future. Here are your best options:
- Leverage digital channels – Work with a Realtor who understands social media marketing so that they reach out to all potential buyers.
- Open houses – Hosting open houses is a strategic component of finding buyers.
- Hyperlocal targeted search strategies – Since condos in the same building or location often share similar layouts, your listing can’t rely on basic descriptions. You and your Realtor have to work diligently on capturing buyer interest.
Closing the Deal: Legal Fees, Commissions & Tax Basics
As someone selling a condo, you should be prepared for final costs to avoid surprise expenses. These are the major selling costs you can expect to deal with:
- Real estate agent commissions – You’ll likely pay 3% to 5% of the final sale price in Realtor commissions, depending on where you live.
- Legal fees – Your real estate lawyer will review the contract and handle negotiations with buyers. You can expect to spend anywhere between $1,000 and $2,000 on this.
- Status certificate cost – This can be range from $100 to $200.
- Potential mortgage prepayment penalties -These costs can be steep, as breaking a fixed-rate mortgage can incur thousands of dollars in penalties, depending on the amount of your remaining mortgage balance.
The costs involved with selling your home can range from 6% to 10% of your property’s sale price. This means that on a condo listed for $634,972, you can expect to spend between $38,098.32 and $63,497.20 to sell it.
Should You Sell or Rent Out Your Condo?
If your condo isn’t selling or if the market seems too challenging, you could consider renting it out. Instead of selling it at a low price or losing money by having it sit on the market for months while you pay the bills, you can get a tenant that covers your bills as you figure out your next step.
The best way to approach this is to reverse-engineer the process and figure out the following information about renting out your condo:
- What are similar units charging for monthly rent on Facebook Marketplace and other rental platforms?
- What are your total monthly expenses after you factor everything in (fees, condo insurance, mortgage payments, property taxes, utilities, etc.)?
- Are you comfortable with waiting to sell your condo?
Financial Factors: Cash Flow vs. Equity Growth
As a landlord, you would collect monthly rent payments from your tenants that would hopefully cover all your expenses. However, if you find that the standard rate for a rental unit similar to yours is $2,200 and the monthly expenses, when you factor in everything, come to $2,500, you could be losing $300 a month.
The harsh reality is that with mortgage rates and insurance costs up, many landlords aren’t able to turn a profit on their investments. The 2026 Rental Market Trend Report released by liv.rent shared that 38% of landlords say that they’re losing money, 34% are turning a profit, and the rest are breaking even.
If you sell your condo below asking, you’ll still be able to liquidate equity and get your hands on some cash. On the other hand, if you rent out your condo, you’ll collect monthly rental income while someone covers most of your payments, helping you grow your home’s equity.
Landlord Duties & Tax Implications in Canada
If you’re a real estate investor looking to sell a condo, you’ll want to review provincial tenancy laws (such as Ontario’s Residential Tenancies Act or BC’s Residential Tenancy Act) to ensure that you know what you’re getting into. For example, there are strict laws governing how you can evict a tenant, so you may want to consider this if you’re unsure how long you want to rent out your condo.
If you choose to rent out your condo while you buy a new property, you should know that selling a rental property is typically subject to capital gains taxes, which could mean owing on your personal income tax. You should consult a tax professional to determine the implications of renting out and later selling your condo.
Bottom Line
If you’re looking to sell a condo in Canada, you’ll want to set realistic expectations so you don’t end up disappointed. Experts note that you can still sell your condo if you price it right and prepare properly.
Wondering what your condo is worth? Use our property value estimate tool to get a value range based on nearby property values, sales price history, and real estate market trends. Plus, you can get a custom estimate from a local agent who knows your neighbourhood.
Author’s note: I personally sold a condo in 2013 and was surprised by how difficult it was to find buyers. I had a unique issue with my condo that made it challenging to sell because I had to rent out the water heater due to a bylaw rule that I wasn’t aware of. Anyone who purchases this condo has to deal with this extra expense, which can be a hassle. When I found a buyer, they asked how much it would cost to terminate this contract, which was a water heater lease. It delayed the process a bit because it led to further expenses and negotiations, which ultimately impacted how much I received in the end.
Selling a Condo FAQs
How long does it usually take to sell a condo?
How long it takes to sell a condo depends on local market conditions, pricing accuracy, location, and condo board documentation readiness. Condos in Toronto averaged 36 days on market in the second quarter of 2026, the longest of any property type.
What is a condo status certificate, and why is it required?
A status certificate (or Form B in BC) is a legal document detailing the financial health of the condominium corporation, reserve fund status, ongoing legal disputes, and monthly maintenance fees. Buyers require this document during the conditional period before finalizing an offer.
Is it better to sell or rent out my condo in a buyer’s market?
In a buyer’s market, renting out your condo can allow you to hold your asset until property values rebound while generating rental revenue. However, you should factor in landlord duties, local rent-control laws, and vacancy risks before deciding, as you may not be able to cover your expenses.
What fees should I expect when selling a condo in Canada?
Common fees include real estate commissions (typically 3% to 5% of the sale price), legal fees ($1,000 to $2,000), the status certificate fee ($100 to $200), staging expenses, and potential mortgage discharge penalties.
Do I need to stage my condo if it is currently tenanted?
While not mandatory, a clean, staged unit can generate higher offers. If rented, work closely with your tenant to schedule cleanings, declutter, or arrange professional photos with proper notice under provincial tenancy regulations.
