What Does it Cost to Sell a Condo in Ottawa?

Selling a condo is a significant financial transaction and understanding the costs involved can help you plan accordingly. Whether you’re upgrading, downsizing or moving to a new city, knowing what to expect ensures there are no surprises when it comes to your bottom line.

In Ottawa, selling a condo involves a mix of mandatory fees, optional costs and professional services. Here’s a breakdown of the key expenses and why they’re worth the investment.

1. Real Estate Lawer Fees

Every real estate transaction in Ontario requires a real estate lawyer. They ensure that your sale complies with legal regulations. They will review the Agreement of Purchase and Sale, handle title transfers and make sure any outstanding condo fees or liens are resolved.

Expect to pay anywhere from $800 to $2,000 for legal services depending on the complexity of your transaction. While it may be tempting to choose the cheapest option, remember that a skilled lawyer can help avoid costly mistakes. Receiving a referral from a trusted source such as a real estate representative, friend or family member or checking Google reviews is an excellent way to find a great lawyer.

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2. Status Certificate: A Condo-Specific Must-Have

A status certificate is a document that provides crucial details about your condo’s financial and legal standing, including the reserve fund, any pending lawsuits and confirmation of the monthly maintenance fees. Buyers or their agents will typically request this document and it’s your responsibility as the seller to provide it.

In Ontario, a status certificate costs anywhere from $100 -$400 plus tax and it must be delivered within 10 days of the request unless it is put on a “rush” service which typically takes a couple of business days. This document reassures buyers and their lenders that the condo corporation is in good standing which can help the sale proceed smoothly.

3. Preparing Your Condo For Sale

Presentation is everything in real estate and investing in preparation can yield significant returns. These costs vary depending on the condition of your condo but may include:

Staging: Professionally staging your condo can help it stand out in a competitive market. Staging costs in Ontario including furniture and decor can range from $1,000 to $5,000 depending on the size of your condo and the level of service. Staging often results in faster sales and higher offers making it a worthwhile investment.
Repairs and Touch-Ups: Small updates like fresh paint, minor repairs or replacing outdated fixtures can make a big difference. Budget anywhere from $500 to $3,000 depending on what your condo needs.
Professional Cleaning: A deep clean can cost approximately $200 to $500 but it’s essential to make your condo shine during showings.

4. Marketing and Professional Photography

A good real estate agent will handle most of your condo’s marketing needs including professional photography, video tours, social media and online advertising. However, it’s important to understand the value of these services.

Photography and Videography: High-quality photos and videos are non-negotiable in today’s market. Professional services typically cost around $300 to $1000 but are often included in your agent’s marketing package.
Additional Advertising: If you’re targeting specific buyers or running ads in premium spaces, your agent may suggest additional marketing efforts. This could cost an extra $500 to $3000 depending on the strategy.

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5. Ottawa Realtor Fees

While commission is the largest cost of selling a condo, it’s also where you get the most value. In Ottawa, typical realtor commissions have a range which is split between the listing and buyer’s agents.

This fee includes a wide range of services from pricing strategy and negotiation expertise to marketing and facilitating showings. Picking the right agent, someone experienced in condos and familiar with your local market is absolutely crucial. They’ll maximize your sale price often covering their commission through higher offers and smoother transactions.

A Note on Discount Agents:
While saving a few thousand dollars on commission might sound appealing you also have to consider the potential trade offs. Inadequate marketing, poor negotiation skills or lack of local expertise can result in a lower sale price and/or a longer time on the market. In real estate, you often get what you pay for so it’s worth investing in quality representation.

Other Costs to Consider

Moving Expenses: Hiring movers can cost $500 to $2,000, depending on how far you’re going and how much you’re moving.
Mortgage Penalties: If you’re breaking your mortgage early, check with your lender about any penalties. These can vary widely but often the penalty can be quite significant if there is still quite a bit of time on your term, often costing thousands of dollars.
Condo Fees and Special Assessments: Be prepared to pay any outstanding condo fees or assessments before closing.

Remember, selling a condo is a team effort. With the right professionals by your side, you can navigate the process smoothly and achieve a sale that meets and exceeds your expectations. If you’re thinking about selling your condo, feel free to reach out to our team for a free, no-obligation consultation. We’re here to guide you every step of the way!