Selling a condo involves many of the same costs as selling a house, but there are also a few unique expenses to keep in mind. Understanding them upfront helps you budget accurately and plan your sale confidently.
Typical condo selling costs include:
- Real estate commission: Usually 4–5 percent of the final sale price, shared between the listing and buyer’s agents.
- Legal fees: Around $1,500 to $3,000 for document review, title discharge, and closing.
- Status certificate: Condos in Ontario require this document to disclose the building’s financial health. It costs about $100 to $150 and is paid by the seller.
- Staging and marketing: Costs vary depending on how much furniture or décor is needed, but good presentation is key for condo buyers.
- Mortgage discharge or penalty fees: If your mortgage term has not ended, check with your lender about potential penalties.
Condo sellers also need to consider timing. Units in well-managed buildings or desirable neighbourhoods tend to sell faster and at stronger prices. Presenting your suite with professional photos, lighting, and decluttering is crucial since buyers often make decisions based on first impressions online.
Knowing your costs ahead of time helps you calculate your net proceeds and avoid surprises at closing.
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