Whether you're a first-time buyer, a seasoned investor, or planning to sell the home you've lived in for decades, the process of buying or selling property in Toronto can feel overwhelming without a clear roadmap. Understanding the timeline, what happens when, and how to prepare at each step can make a big difference. While no two transactions are exactly alike, there are key stages most buyers and sellers can expect to navigate. With the right guidance, each one can move smoothly.
Preparing Your Home for Sale or Starting Your Search
If you’re selling, the first step is getting your home ready to list. This includes making minor repairs, cleaning, decluttering, and sometimes staging. Depending on the condition of your home, this phase can take anywhere from a few days to a few weeks. A real estate professional will also help you determine pricing strategy and recommend when to bring your property to market for the best results.
For buyers, the process starts with getting pre-approved for a mortgage and narrowing down your must-haves. This is also the time to connect with an agent who can guide you through listings, book showings, and provide insights into neighbourhoods and price trends. If you're buying and selling at the same time, this early phase is critical for creating a coordinated plan.
Listing, Searching, and Offers
Once a property is listed, the market often moves quickly, especially in Toronto. The first week of showings is usually the busiest. Your agent will help manage open houses, marketing, and reviewing feedback from potential buyers. In some cases, an offer may come in within days. In others, it may take longer depending on the home’s price point, location, and market conditions.
Buyers, meanwhile, may spend several weeks actively touring homes, especially if inventory is tight or their criteria are very specific. Once you find the right home, your agent will help prepare a competitive offer. After the offer is submitted, you’ll wait for acceptance, rejection, or a counteroffer. This stage can feel fast-paced and emotional, which is why having an experienced negotiator is key.
Conditional Period and Closing Prep
When a conditional offer is accepted, the conditional period begins. This typically includes time for the buyer to secure financing, complete a home inspection, and/or review legal documents. Conditions are usually met within five to ten business days, but the specifics vary from deal to deal.
Once conditions are waived, the deal becomes firm. At this point, both parties prepare for closing. Sellers finalize packing and moving logistics, while buyers work with their lender and lawyer to complete the necessary paperwork and inspections. Closing periods can range from 30 to 90 days depending on what’s negotiated in the offer.
The Closing Day and What Comes Next
On closing day, ownership officially transfers. Funds are exchanged through your lawyer’s office, keys are handed over, and the buyer takes possession of the property. While this is often a smooth transaction, it is still important to have a professional team in place to handle any last-minute issues.
Even after closing, there are often questions about utilities, taxes, or future plans. Whether you’re buying your first condo, upgrading to a detached home, or selling an investment property, my goal is to make the entire process feel clear, supported, and well-timed.
If you're thinking about buying or selling in Toronto and want a detailed plan built around your needs, reach out to me at lorry@lorrygreenspan.ca or call 647-669-0900. I’d be happy to walk you through the next steps and help you move forward with confidence.