Getting ready to sell

There are additional costs that may be involved in selling your home. Here are some key expenses that may apply:

• Legal fees 

• Repairs agreed upon with the buyer

• Real estate brokerage fees/commissions (including HST)  Mortgage discharge and prepayment penalties

• Staging and home preparation

• Capital gains tax

If you are purchasing another property, you will need to consider additional costs related to that transaction as well (see Buyer journey[make link] for more information).

Ask your real estate agent to explain the full costs of selling your home, so you know how much to budget for.

Speak to your agent about any additional costs specific to your property and market conditions. Your agent can help you understand the different costs involved and help you budget accordingly.

Learn more:
Mortgage fees: Prepayment penalties
Mortgage prepayment: know your rights
Disposing of your principal residence

When considering your sale price, think about your expectations and needs, as well as the current market conditions. Understanding both ends of the equation can help you set a realistic asking price and develop a strategy to maximize your home's sale price within current market conditions.

Real estate agents can conduct a comparative market analysis (CMA) to evaluate the prices of comparable homes, considering factors such as size, condition, and location.

Proximity to schools can be important for families with children. Shops and restaurants within walking distance add to the appeal by providing easy access to amenities and entertainment options.

Other factors that can influence your home's value include:

• Access to public transportation, parks, and recreational facilities.

• Proximity to health care facilities.

• Overall neighbourhood safety, walkability, and desirability.

• Parking or garage access.

• Condition of the property.

• Condo fees (if applicable).

Your real estate agent can help you understand the current market and advise you on strategies for selling in current market conditions. 

Hotter vs. cooler markets

A sellers’ market means there are more buyers than properties. This can lead to higher competition, such as multiple competing offers and/or bidding wars. In a sellers’ market it is not uncommon to see:

• Pre-emptive offers (often called “bully offers”).

• Offers above asking price.

• Offers without conditions.

• Offers with a sizeable deposit.

• Quick decision periods.

In a buyers’ market, there are more listings than there are buyers. In this type of market, sellers are under more pressure to negotiate on price and conditions to accommodate buyers’ needs.

Neutral or balanced market

There is also a neutral market, that doesn’t favour buyers or sellers. In this type of market, no one side has a particular advantage in negotiations.

Your agent can provide specific advice about factors that can affect the sale price as well as strategies to better position your home in the market, attract the right buyers, and set realistic expectations throughout the process.

Selling your home is a major transition. If this is your primary residence, it’s important to have a plan for where you will live next— whether you plan to buy a new home, rent, or relocate to a different area. Planning ahead will help ensure a smooth transition and minimize any surprises.

Speak to your agent about coordinating closing dates if you are purchasing another property and/or exploring living options after the sale.