Welcome to this month’s installment of Dear Urbaneer, where I field real estate questions from clients and inquisitive readers. This time, I explain to a potential Seller that the key to expediting the sale of a Toronto condo (or house, as we show by example) in our current market conditions is to minimize the obvious flaws and maximize the optimum features by identifying precisely what they are, and then executing our clever fixes & flourishes specifically geared to the property’s target market. This is the basis of our custom Urbaneer Refresh Guide.
Dear Urbaneer:
I’m planning to sell my older condo in downtown Toronto this year. I know the kitchen and bath are dated, and I’m prepared to invest some funds in improvements to make my home more appealing to buyers and sell quickly. Generally, my home looks nice, though it’s far from trendy like the new buildings. How should I approach this? Tell me more about the Urbaneer Refresh Guide. Any guidance is appreciated.
Signed,
Strategic Seller On A Budget
Here is my reply:
Dear Strategic:
When a market favours Buyers, where inventory is growing, and property values are declining, proactive Sellers recognize that ‘pulling out all the stops’ with a coherent strategy is more critical than ever. This includes understanding that injecting some capital to improve their property is a tactical approach which, depending on when they purchased, either increases their profit or minimizes their losses. In our current real estate climate, where uncertainty prevails, more Sellers are doing this to protect their asset value. In some situations, it’s a cosmetic intervention to fast-track a sale to stop the financial bleeding.
Right now, it’s getting ugly, as condo prices roll back to pre-pandemic values. For example, in August 2025, a unit at 170 Sumach Street – known as One Park Place North, a 25-storey condo located in Regent Park containing 363 units completed in 2014 by reputable Daniels Corporation – was listed on MLS for $729,000. With a total of 998 square feet plus a 268-square-foot terrace, this 2-bed + den, 2-bath condo with dual north and west exposures, deeded parking & locker sold after 63 days for $705,000. The kicker? This unit previously sold in January 2018 for $720,000. Along with the costs of buying and selling their property, the Seller garnered a price that was 2.1% less than their acquisition price. Unfortunately, this is not the only example where condominium prices are sliding back to values seen nearly 8 years ago.
Investors understand that cashing out of a poorly performing investment to reinvest their money in a better opportunity is part of growing wealth. They have a clear understanding of ROI and know that the perception of value requires appealing to Buyer expectations. To compete effectively, your listing must stand out. You, strategic seller, are clearly taking that approach, which is smart.
Elevating a property to present optimally has long been compelling to Buyers. Ten years ago, I wrote about The HGTV Effect On Toronto Real Estate, which explored how the media fuels desire and shapes what consumers seek. This hasn’t changed. Although Sellers no longer get to name their price and be rewarded with a bidding war, those who make an effort to improve their property to appeal to their target market are mitigating the risk of greater losses.
Many Sellers at this moment in time are having to realign their strategy and readjust their expectations. And I want to acknowledge that it’s tough right now for anyone trying to sell a condominium. At the time of writing, in MLS Districts C01 & C08 – which encompass the area south of Bloor Street to Lake Ontario, from the Don Valley west to Dufferin (MLS C01 is irregular in shape) – there are currently 750 one-bedroom units on the market for $650,000 or less. Last year, a total of 1,807 one-bed units sold in this geography for $650,000 or less, averaging 150 units per month. This loosely translates to mean one in five condos should sell each month if market conditions don’t deteriorate further, as they have for the past four years.
Trying to distinguish your property in a sea of listings can be a challenge, but I want to share a couple of observations regarding real estate as a product and domesticity as a ‘lifestyle’. Generally speaking, regardless of whether the consumer is renting or buying, there are three truths when it comes to living in downtown Toronto: newer condominiums appeal to younger people and older condominiums appeal to older people; newer condominiums are more on-trend with less square footage and older condiminiums are less on-trend with more square footage; and newer condominiums attract the mise en scene crowd and older condominiums attract people with stuff. As a result, newer condominiums are about status, and older condominiums are about price per square foot. When a building has gone past its prime, it’s just like a new car being driven off the automaker’s lot. What it’s worth becomes a value proposition measured by age, desirability, and depreciation.
Case in point, in December I posted Toronto Real Estate Reality Check: From Frenzy To Fatigue And The Hangover Of FOMO, which examined the sale of Suite 2409, and other ’09’ units, at 33 Helendale Avenue near Yonge & Eglinton. Located in Whitehaus Condos, a 29-storey, 358-unit tower registered in May 2021, I tracked the resale values of this unit type – a 493 square foot one-bedroom with balcony and city vistas – after a price precedent was set on MLS in September 2021, when Suite 2609 sold for $690,000.
What made this property analysis particularly fascinating is that it represents the disconnect between the sums developers were charging for new condominiums sold preconstruction throughout the pandemic, relative to the price per square foot resale condominiums were garnering. In April 2022, just as the Bank of Canada began raising interest rates to combat inflation, the second ’09’ unit – Suite 2109 – since registration in Whitehaus Condos on MLS sold for $678,888. It was followed by the third ’09’ unit – Suite 1309 – which sold on MLS four months later in August 2022, for $639,000. Twenty-six months later, in October 2024, Suite 2409, the unit featured in the December 2025 Globe & Mail Done Deal Section that prompted my post on this building was already on its third listing attempt with an asking price of $578,000 when Suite 2209, located 2 floors below and vacant, was the fourth identical ’09’ unit to sell, garnering the sum of $545,000. Over the span of 37 months since the first ’09’ unit sold, the price drop was $145,000, or 21% less.
Unfortunately , since that sale in October 2024, market conditions got worse. Suite 2409 would remain on the market with incremental price drops, its tenant would ultimately vacate, and it would be a total of 293 days on the market before it sold. The kicker? It sold for $415,000. This sale saw its asset value drop by approximately 39.9% from the September 2021 price precedent sale of Suite 2609. It equates to a financial hit of $275,000 before accounting for buying & selling costs, which are in the range of $50,000.
This Is A Brutal Market, Particularly For Owners Of Newer Condominiums
A couple of factors were in play here that are important to understand. The first is that prices for preconstruction condos soared and became untethered from the rate of return one would reasonably expect from an income investment. Data shows that approximately 80% of new condo investors are in negative carry, meaning the rent the property generates does not cover its operating expenses and debt. When property values are increasing, investors risk negative carry because the financial gain will be realized on resale. Unfortunately, the turn in the market has seen many potential wins evaporate. This is because investors today have no interest in losing money, nor are they satisfied with the razor-thin 2.5% returns that were commonplace during the pandemic. Today, the fundamentals being set by investors include a cap rate starting at 4.5% for a newer condominium, which helps explain why the subject property sold for nearly 40% less than the 2021 peak price the unit 2 floors above achieved.
Another factor, I presume, was that over the course of four years, this condominium went from brand-new, on-trend, and highly coveted to “just another resale condominium”. It was like driving the proverbial new car off the manufacturer’s lot. Ironically, despite the precipitous drop in value, the one saving grace for its future value is its strong relative position to amenities, because location, location, location remains a foundation of the property market.
In 2024, StatsCan Research showed that investors typically buy smaller units than owner-occupants. This makes sense because investors focus primarily on return on investment, especially when they’ll never personally occupy the property. End users, however, operate differently, forgoing profit to focus instead on the quality of domesticity. While investors analyze unit mix, tenant profiles, and best cap rates, end users often have specific wishes, wants and needs unique to them. This means it takes end users longer to secure the right property, because they’re typically rational, prudent, and pragmatic while waiting for their heart to flutter when they cross the threshold and find ‘the one’. This, incidentally, is the value I bring as a realtor. I take pride in paying attention to the Rubik’s Cube of each client and what qualities they seek in a home. It’s not unusual for a Buyer to want a specific exposure (late afternoon sun), a particular sightline (overlooking the tree tops), outdoor space (big enough for a hammock), an efficient space plan (a room for my home office and the occasional guest), and rooms that have scale and proportion (because I exhale when I’m spatially balanced). Given that the majority of investors (but not all) have retracted from the market, it makes sense to elevate your property so it appeals to the discerning end user when there is no shortage of choice.
The Urbaneer Refresh Guide Is A Strategy Service
Before the market went sideways in Spring 2022 when the Bank of Canada started raising interest rates in an effort to bring inflation down, the Toronto real estate market saw property values increase every year from 1997 thru 2022 with the exception of 2018, when the federal government introduced the Mortgage Stress Test – a mandatory financial assessment that determined if a borrower could afford their mortgage payments if interest rates rose, The Mortgage Stress Test prompted Buyers to hit pause that year and prices retracted 4%. Otherwise, from 1997 through 2014, values rose at an average of 6.1% annually, and from 2015 to 2022, Toronto real estate values increased with double-digit gains – ranging from 10% to 18% – for 5 of the 7 years.
With competition fierce and bidding wars the norm, Sellers could either:
a) roll the dice and put their property on the market as-is, counting on FOMO and the sheer number of eager Buyers to push the price up, or
b) undertake upgrades or renovations to increase appeal, boost the asking price to cover the costs, and possibly garner an even higher price.
Today, market conditions have softened, with only half as many properties selling as in 2021, when 121,712 sales occurred. and values have dropped by 25% to 40%, depending on the location and type of dwelling. This market doesn’t let you ‘name your price’, nor does it reward Sellers who don’t prepare their properties for the market in a way that matters to Buyers. Instead, almost 22,000 condos sold preconstruction in 2022 will be delivered this year; the number of resale listings is projected to climb; and the time it will take to secure a Buyer will drag. With the exodus of international students amidst our softening economy, investors are being further squeezed as rents fall while the vacancy rate climbs. Meanwhile, the deadline for Toronto’s vacancy tax declaration is looming, with a 3% surcharge on a property’s Current Value Assessment due for dwellings left empty for 6 months of the year or longer.
All of this means margins are thinner, so protecting your asset value is about doing more while spending less. This is exactly what our Urbaneer Refresh Guide is about, and it’s proving to be money well spent, even for Sellers who have been stuck trying to sell their property for months.
What Is Our Urbaneer Refresh Guide?
Our Urbaneer Refresh Guide identifies solutions that improve the property’s utility and appeal, and when implemented which, are included with the sale. Think of it as a sprinkling of sweeteners integrated into the promotional material and property to differentiate it from competing listings.
This differs from staging, where rented furniture, art, and soft furnishings are delivered to the unit in advance of listing to help Buyers see how the space can function and elevate the property’s perceived status through merchandise. A staging service typically charges around $2,500 per month for a smaller condo and up to $12,500 for a penthouse, often requiring a minimum 2- or 3-month contract.
It’s also different from a renovation, where a licensed contractor might undertake a comprehensive scope of work, like removing walls, relocating wiring, reconfiguring a kitchen, or gutting a washroom.
If staging is the equivalent of putting on makeup, and renovations are going to a surgeon for a facelift, a refresh is the essential resurfacing that renews a property to a cosmetic sweet spot. It’s a guide that addresses what we would do to minimize flaws and maximize features in the most clever economical manner. The Urbaneer Refresh Guide is a consulting package for consumers seeking actionable information tailored specifically to their property. Often homeowners will subsequently enlist our services as realtors to promote the property and secure a sale, but there is no obligation on the Seller’s part to do this.
Every Urbaneer Refresh Guide Is Unique
The Urbaneer Refresh Guide is custom, and crafted specifically for the client’s property. It addresses which features are gold, and how to best capitalize on them in a manner the target market finds appealing, and identifies the weak spots that may be deterring a sale, with solutions to mitigate Buyer resistance. I do this by tapping into my 35 years of experience in Toronto real estate, design-build, and urban planning & development to create a personalized road map to the destination called Sold. The objective is to guide you with ways your property can present its best, which is a key part of the perception of value. The Urbaneer Refresh Guide offers economical solutions to flip your property from forgetful to memorable without breaking the bank.
The Perception Of Value & Why It Matters
As a baseline expectation, especially in today’s hyper-aware, design-media-heavy marketplace, Buyers expect to see a home in a certain light. Homes that don’t meet that expectation are immediately framed as lesser-quality, at least on a subconscious level. And lesser-quality, in the Buyer’s eye, always means a lower price, because their perception of how much it will cost to elevate the property to their expectation goes up.
The perception of value is paramount to achieving the price you want. Because price and value are different things. Articulating value is the starting point that moves a Buyer from curiosity to interest to action. In this regard, The Urbaneer Refresh Guide is the playbook to attract your Buyer profile on their journey to your address, strategically.
Protecting your asset value sometimes means spending money to recover money. We never lose sight that whatever spend may be required, it must be clever, strategic and value-added. Our objective is for you to spend as little as necessary to achieve the best result possible.
Here are some examples of what we do
Property 1 – Maximizing Value By Highlighting The Unique
Most buyers, especially those who haven’t lived in different property types, understand what a home looks like and how it functions when presented with a traditional space plan (living room, kitchen, bedrooms, office, etc.), fully finished and furnished on its site, ready for occupancy. This makes selling, for example, a vacant open-plan loft with 10-foot ceilings challenging, as it’s essentially one large empty room where the eye struggles to judge scale and proportion due to the high ceiling height. As a result, Buyers tend to think lofts, in particular, are much smaller than they actually are. In this loft, originally offered by the developer preconstruction in 2002 as a split two-bedroom, two-bathroom, 815-square-foot unit, was completed in 2005 according to our Sellers wishes, with one washroom installed, the second roughed in, and most of the walls removed. Two decades later, after refreshing the unit with paint and new flooring, linen draperies on tracks were installed. This helped Buyers understand the space plan’s functionality and opportunities, while highlighting the expansive floor-to-ceiling glazing and the rare private terrace with a sky-park-city vista. To mask the solid wall on the terrace that impeded the view, we installed curved bamboo fencing. Outdoor furniture, timer-controlled lighting, and additional plantings were also installed, and all of it was included with the purchase price, making this property ready for immediate occupancy.
SOLD!
Property 2 – Clever Wins The Day
A lot of subliminal messaging occurs when a property is staged for sale. Sometimes it’s clever, and sometimes it fails. For the property in the photos above, the Urbaneer Refresh Guide recommended visually reinforcing the rare 10-foot ceilings in this Leslieville soft loft condo to enhance marketability and the prospective purchaser experience. The client, who loved their 10-foot ceilings, enlisted our Style Enhancement Service and fully approved our suggestions: incorporating a vintage apple orchard ladder with lights in the entertainment space, stacking mirrors in the hallway to reflect this unique feature, and installing a headboard of corrugated panels to draw the eye upward. While styling this 2-bedroom condo, our client wondered whether the second bedroom should be designated as a nursery, as this has become ubiquitous in downtown condos staged for sale. We do not subscribe to this. Why? Because we know many urbanites consider staging a second bedroom with a crib is a social conscription play that commodifies nursery sentimentality while disregarding the genuine need for multi-purpose living spaces. I mean, Hello pandemic! Our preference is to style a second bedroom as a live/work office, and include playful details that appeal to the child in all of us.
SOLD!
Property 3 – Not All Buyers Require A Property To Be Staged
After our contractor freshly painted their family home, installed new broadloom, and we organized a deep cleaning, we advised our Sellers to forgo the $12,500 monthly staging expense as the listing date approached. Why? Because our research indicated that Buyers climbing the property ladder, seeking a century home to renovate, don’t need to walk through interiors filled with a stage-set of rented show-home contents to know whether a property is large or appealing. In fact, once the property above was on the market, Buyers said they appreciated that we presented the listing refreshed, tidy, and vacant rather than “manufactured, staged and packaged,” saying it felt more honest because the Sellers weren’t trying to hide anything. The sale and feedback prompted me to write “Dear Urbaneer: When Selling Toronto Real Estate, Is Staging Worth It?“, in which I compared the sales of 12 vacant but staged houses with 8 vacant, empty houses in Riverdale. How did they compare? The vacant, empty houses sold faster and for a higher percentage above their asking prices than the vacant, staged dwellings. Wow!
SOLD!
Property 4 – Speaking Of Blank Canvases
It’s not unusual for an Edwardian house in downtown Toronto to undergo multiple upgrades and renovations over the span of its lifetime. However, this can sometimes make a property feel piecemeal and lack cohesion. Such was the case in this Edwardian end-of-row house, located north of Dupont, west of Ossington, near the emerging dynamism of Geary Avenue. While the main level had more modern oak-plank flooring, the second floor retained the original hardwood flooring, which was damaged, creaky and couldn’t sustain another sanding. To minimize the damage without denying it, we painted the entire second-level flooring a warm white, matching the walls and ceiling. This positioned the property as a ‘blank canvas to make your own.” Fortunately, the Buyers, like many Torontonians, love painted wood floors, which aligns with the Cottagecore Vibe popular with millennials.
SOLD!
Property 5 – Making Stuff, And More Stuff, Beautiful
After 18 years making Home in a stately Edwardian residence in Roncesvalles Village, our client decided his retirement wasn’t closing the door on a career, but opening a gate to a fture of infinite possibilities. This reinvention meant paring down, selling his primary residence, and downsizing to low-maintenance, turnkey living. After editing his furniture and addressing interior deficiencies, we amassed our Seller’s lifetime of collectibles and curiosities, gave each a tender loving clean, and artfully displayed these meaningful memories throughout the house. Undertaking this sort of domestic reset is beneficial at any time, but doing it just before your property is listed for sale lets it shine in cohesive layers while keeping the focus primarily on the property itself, which is essential for Buyers who otherwise “can’t see the forest for the trees”.
SOLD!
Property 6 – We Identify Form, Function & Flexibility
After a decade in their midtown residence, our clients were relocating and asked whether the former one-car garage, now a workshop, increased the property’s resale value. With concrete floors. a ceiling that sloped from 7 feet to 12 feet, and a wall of shelving made from 2×4 lumber, our answer regarding this plain, utilitarian space was “Yes. Absolutely!” The key was to position the separate 224-square-foot outbuilding as a detached, pandemic-proof family room so Buyers had a point of reference for comparing the property to nearby recently sold properties. But because this 10’8″ x 21’2″-foot space was unfinished, we also had to assess the possibilities it offered for Buyers to customize it. By planting the idea that it could become a ‘She Shed’, a children’s playhouse, a yoga retreat, or a quiet work-from-home office, our budget-conscious solution—using faux grass carpets, covering the shelving with drapery panels, and installing an attractive backdrop for Zoom calls- enabled us to position this flex space as a blank canvas of possibility. The key wasn’t to predetermine how the Buyer would use the space, but to promote it as a gift that would keep on giving.
SOLD!
Property 7 – Resolving Design Flaws
Sometimes a property has a design flaw that appears minor but can become a sales obstacle when several flaws accumulate. We have solutions for awkward space plans, units on low floors with limited light, and design quirks that even seasoned designers struggle with. In this case, although the bedroom was generous in size, there was only one logical place for the bed: against a wall with a prominent 4-inch jog. To address this, we designed and crafted a custom headboard large enough to accommodate a king-sized bed, which, at a cost of $220 for materials, was included with the sale as a sweetener.
SOLD!
Property 8 – We Know How To Divide, Delineate & Design
In this visually arresting brick-and-beam open-plan loft, we incorporated area rugs to define specific living zones and rearranged the furniture into memorable vignettes. We then installed large, movable neutral screens to segment each zone by function and use, so Buyers instantly understood the permutations possible with this flexible floor plan.
SOLD!
Property 9 – Strategic Partnering & Promotion
After receiving the recommendations in our Urbaneer Refresh Guide, the Seller felt confident we could garner top dollar for her century cottage. Located in the desirable Cabbagetown, home to the largest collection of Victorian architecture in North America, we partnered with Spruce Decor, a home furnishings retailer around the corner and down the block on Parliament Street (now closed), which brought in a cache of product from their store as part of a strategic partnering & promotion program.
SOLD!
Property 10 – Selling Added Value
Solariums, commonly found in Toronto condos built in the 1980s and 1990s, offer more utility than the balconies they replaced, but they’re often too small to serve any purpose other than a home office or study. In this case, we proactively contacted the condo corporation’s resident president and received approval for the future Buyer to remove the existing dated solarium sliding doors and install a larger contemporary wall of glazing and a door, extending 3 feet into the existing large living room. This created the opportunity for an optional second bedroom. For those seeking two bedrooms, this solution added instant value.
SOLD!
An Urbaneer Style Enhancement
At the Edwardian residence above, the front door opened into what had been long been used as the Living Room. We flipped the script by converting it into the Reception Room, with the easy option of instantly becoming a formal dining room, as required. We also chose to go bold with a pop of colour and a lot of contrast which is often lacking in properties listed for sale, because so many Sellers play it safe. The result? This Seller was the first member of three generations of family to make money in real estate (and the only member of her family we’ve served)! Sad, but true.
It’s not unusual for property owners who purchase a consultation for The Urbaneer Refresh Guide to subsequently hire us to implement our recommendations as part of our Style Enhancement Service. But there’s no obligation to do so. We also offer consulting services and solutions for almost any issue regarding real estate, housing or home, so please know I welcome your call to discuss your housing conundrum.
And thank you for reading!
Planning to sell and looking for creative ways to achieve your sale while protecting your asset? With decades of experience navigating the highs and lows of Toronto real estate and a keen eye for style that connects in meaningful ways, I am here to help!
Sincerely,
Steven
For more insights and information, check out these helpful posts:
Dear Urbaneer: Go New – Or – Go Old Condo & Renovate?
Property Primping: Urbaneer’s Style Enhancement Service
Dear Urbaneer: When Selling Toronto Real Estate, Is Staging Worth It?
How Urbaneer’s Custom Marketing Program Sold This Authentic Broadview Loft In Riverside
Dear Urbaneer: Five Reasons Owners Are Selling Their Toronto Real Estate At A Loss
Since 1989, I’ve steered my career through a real estate market crash and burn; survived a slow painful cross-country recession; completed an M.E.S. graduate degree from York University called ‘Planning Housing Environments’; executed the concept, sales & marketing of multiple new condo and vintage loft conversions; and guided hundreds of clients through the purchase and sale of hundreds of freehold and condominium dwellings across the original City of Toronto. From a gritty port industrial city into a glittering post-industrial global centre, I’ve navigated the ebbs and flows of a property market as a consistent Top Producer. And I remain as passionate about it today as when I started.
Please consider contacting me at 416-845-9905 or emailing me at Steve@urbaneer.com. It would be my pleasure to assist you.
We’d love to introduce you to our services.
Serving first-time Buyers, upsizers, downsizers, and people building their long-term property portfolios, our mandate is to help clients choose the property that will deliver the highest future return on their investment while ensuring it best serves their practical needs and their dream of “Home” during their ownership.
Are you considering selling? We welcome providing you with a comprehensive assessment free of charge, including determining your Buyer profile, optimizing your return on investment, and tailoring the listing process to your circumstances. Check out How Urbaneer’s Custom Marketing Program Sold This Family-Friendly Home In Riverdale to learn more about what we do!
Consider letting Urbaneer guide you through your Buying or Selling process, without pressure or hassle.
We are here to help!
-The Urbaneer Team
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-800
– we’re here to earn your trust, then your business –
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