Homeownership is an important goal for most Canadians. There is a distinct pride in being able to call your house or condo your own. This pride of ownership also comes with great responsibility and the flexibility to make any changes to your property as you see fit.
The financial responsibility comes with the requirement to pay all monthly housing costs on time, along with the designated mortgage payment. Although a responsible homeowner will undoubtedly try to cover all related housing expenses every month, life throws financial curveballs.
With changing economic circumstances and the possible addition of other monthly liabilities that fall outside of housing costs, an Ontario homeowner may find it increasingly challenging to meet the monthly mortgage payments.
Ontario homeowners are in an advantageous position to see significant appreciation in their homes. Scarborough has smaller communities, including Wexford, Agincourt, West Hill, Rouge, Guildwood and The Bluffs. East York includes communities such as The Danforth, Riverdale and The Beaches. North York includes communities such as Forest Hill, Bayview, York Mills, Newtonbrook, Don Valley, Thorncliffe Park and Amour Heights. Etobicoke consists of The Queensway, The Junction, Weston, Rexdale, Islington and Humber.
Selling a Condominium (Condo)
Toronto’s condo market has surged over the past decade, and developers continue to construct new condo buildings. However, selling a condo has specific challenges, such as allowing people into the building. Most condo buildings require individuals to sign in at the front desk before entering. Always check with property management to confirm if and when you can allow people to view your condo.
If a Toronto property owner has fallen behind in their monthly mortgage payments this is referred to as falling into mortgage arrears. A lender has a choice to start default proceedings if there is a missed or incomplete mortgage payment.
When approaching the problem of mortgage default, the majority of Toronto lenders will choose to use power of sale. Although another default method that is occasionally utilized by a Toronto lender is to start foreclosure proceedings.
If you are a Toronto homeowner it is important to understand that there are ways to stop a power of sale or foreclosure on your home. One method is to sell your house through a Toronto-based buyer at market value with a discount. There are established buyers throughout the GTA who will buy your house before a lender can take possession.
Selling Options Open to Toronto Homeowners
Toronto homeowners will benefit by considering the different methods available to help stop a lender from eventually evicting them from their property and taking back possession of their home.
Toronto homeowners can also be forced to sell a property quickly for other reasons, which can include:
- The property needs substantial repair and may be hard to live in
- Rental tenants that are causing problems
- Looking to downsize and can’t sell
- Fire damage
- The economic realities of a divorce
- Relocating
- Liens on the property
One option that may be the best solution to holding on to your home is to approach an established Toronto buyer who will appraise your property. A home buyer will buy your property at below fair market value. The location, current condition, and appraised value will all come into play when determining the final selling price of a given property.
There are several types of buying options for Ontario homeowners, including:
- Cash Home Buyers- There are cash home buyers that are well established in Ontario who will be able to buy your property very quickly for cash.
- Real Estate Agents Specializing in Quick Sales- Experienced in both buying and selling homes, all real estate agents, particularly Ontario-based ones, specialize in rapid sales, often completing transactions within a week, enabling homeowners to sell quickly and avoid lender repossession.
- Selling to Family or Friends– An Ontario homeowner facing a potential power of sale or foreclosure on their home can always approach family or friends who may be able to buy the property before the threat of repossession.
Steps to Take to Sell a House or Condo Fast in Toronto
When a Toronto homeowner is facing compelling reasons to sell their home quickly it is worth the time to research buying options in your area. For any potential home repossession, time is of the essence. For any other reasons, explore options ensuring your valued home sells with minimal cost or stress.
Use your time and take the necessary steps to sell your home quickly:
- Research the different home-buying options
- Have an appraisal of your home by using a reputable Ontario-based appraiser
- Look at all your monthly liabilities and try to pay down the higher interest debts first
- Talk to family and friends to see if selling through them may be an option
- Schedule a meeting with a home buyer or mortgage lender specializing in quick sales to explore available options
Advantages of Using a Toronto Cash Home Buyer – No Commission
Save significantly with a home buyer by avoiding power of sale costs for your property. Selling your home to a home buyer will prevent the possibility of paying exorbitant costs involved with a power of sale, which can run up to $30,000, and you will not be on the hook for renovation costs or fix-up as the property will be sold as-is. Rest assured that there are no real estate agents involved, which means that you won’t have to pay any commissions at all.
Toronto home buyers can be companies specializing in quick home sales or individuals. Of all the routes to a quick home sale, selling through an Ontario home buyer is significantly considered the fastest method. The overall time it will take to sell a house or condo fast in Toronto can be as little as 48 hours.
Other advantages can include:
- Avoid commissions, fees, and contracts with an agent restricting you to sell solely through them
- You can have control over the closing date
- You do not have to put the time into cleaning or dealing with repairs
- You will not have to put time and energy into finding a suitable real estate agent
Current Trends in Toronto Real Estate
According to the April 2024 Toronto Housing Report, the year-over-year increases in Toronto property days on market have reached 16.7% in the GTA and central Toronto.
Despite promising housing numbers, Toronto homeowners’ finances might have suffered due to personal economic constraints during the COVID-19 pandemic. Meeting all monthly liabilities has become increasingly more difficult for some.
Mortgage Broker Store is experienced and willing to buy houses quickly for cash. It may be worth the time to research the attractive option of selling your home through this route to help avoid possible home repossession.