selling

Getting Your Markham Home Ready for a Fall Sale: A Late-August Checklist

Every year around this time, I get the same call: "We're thinking of selling this fall - when should we start getting ready?"

And every year my answer is the same: now.

Not because there's any panic in it, but because the sellers who do well in the fall market are the ones who spend late August preparing while everyone else is still at the cottage.

Here's the checklist I walk my own clients through, refined over years of Markham falls.

Take your exterior photos now. This is the one people most often miss. The serious fall buyers show up the week after Labour Day, but if you list in late September or October, your hero shot gets taken under grey skies and bare branches. Photograph the outside of your home in the next two or three weeks, while the gardens are full and the trees are green. A great late-August exterior photo will carry a November listing. If you're in Unionville, Markham Village or an established pocket like Swan Lake where mature trees and gardens are half the charm, this matters double.

Deal with the small stuff. Buyers in a market like this one are choosier than they were a few years ago, and small flaws read as neglect. Sticky doors, chipped trim, the downspout that's leaned since spring, caulking around tubs and sinks - a weekend and a few hundred dollars here protects tens of thousands in perceived value.

Service what buyers will ask about. Have the furnace serviced and keep the receipt. Clean the eavestroughs. If your roof, windows or A/C are newer, gather the paperwork. Fall buyers are walking into their first heating season; proof that the house is ready for it is quiet, powerful reassurance.

Declutter with moving boxes, not garbage bags. You're moving anyway, so start now. Pack away a third of what's in your closets and half of what's on your surfaces. Rooms photograph larger, and buyers can see the house instead of the household.

Price to this fall, not to memory. The GTA average price sat at $1,003,956 in July, about 4.5% below a year ago - but new listings were down almost 18%, which means well-priced homes face less competition than last fall (source: TRREB Market Watch, July 2026). The winning strategy in this market is pricing against the last 90 days of sales on streets like yours, then letting the tight supply do its work. Anchoring to a 2022 number is how good homes go stale.

Know your buyer. In Berczy and Wismer, fall buyers are often families who want to close in time to settle before the next school year decisions. In Cornell, it's a mix of first-time buyers and young families watching rates. Around Main Street Unionville, it's lifestyle buyers - and honestly, the village sells itself in autumn; there's no better season to show it. Y our preparation, staging and timing should match who's actually coming through the door.

If a fall sale is even a maybe for you, late August is when the groundwork happens. I'm happy to walk through your home, tell you honestly what's worth doing (and what isn't), and put real local numbers behind a pricing conversation. No obligation - just years of Markham falls put to work for you.

Brad

An extra $30,000 in your pocket?

I'm sure if you are on our mailing list, you already are well tuned into what has been happening at the Bank Of Canada recently, and we are happy to see that they have continued the downward trend on interest rates, with their additional 0.25% reduction this Wednesday.   Bond rates also almost dropped a full point on Tuesday, likely in anticipation of Wednesday's rate drop - not a 52 week low, but within 0.75 points of it, which should have a direct impact on fixed-rate mortgages most directly. 

August 2024 market statistics

The Toronto real estate market experienced a modest increase in home sales in August 2024, with transactions rising by 0.6% compared to the previous month. However, the market remains well-supplied, as new listings increased by 1.5% year-over-year. The total number of active listings was 46% higher than in August 2023, which has helped keep price growth moderate. The MLS® Home Price Index Composite benchmark fell by 4.6% compared to a year ago, while the average selling price decreased slightly by 0.8% to $1,074,425 

The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market” predicts Toronto Regional Real Estate Board President Jennifer Pearce.

TRREB reported 4,975 home sales in August 2024 – down by 5.3 per cent compared to 5,251 sales reported in August 2023. New listings entered into the MLS® system amounted to 12,547 – up by 1.5 per cent year-over-year. On a seasonally adjusted basis, August sales edged up on a monthly basis compared to July, whereas new listings were down slightly compared to the previous month.

Looking ahead, while more buyers may enter the market as rates continue to decrease, it may take time for the existing inventory to be absorbed, suggesting a gradual recovery phase.
 

Monthly Discussion - Pricing Strategies

Setting an accurate asking price for a resale home is crucial, especially in a market that is leaning from more or less balanced market, toward a Buyer's market. In such conditions, Buyers have more options and greater leverage, so pricing a property correctly from the start can make all the difference. An overly ambitious asking price can deter potential buyers, causing the property to sit on the market longer. When a home remains unsold for an extended period, it can create the impression that there is something wrong with the property, further diminishing its appeal (often considered a phantom stigma!). This often forces sellers to make price reductions, which can weaken their negotiating position and reduce their overall return. 

➤ We've been watching a couple of improperly priced properties through to their ultimate sale, and can easily say these Sellers have lost between $25,000-$30,000 of value, due to ill-advised marketing foolery 🤯!   We aren't in a market where you can just guess at a price - do the homework, and price to what the market will bear.

In the Toronto market today, we are seeing around 25% of listings are getting 're-listed' within 30 days with a new price & strategy.  A poorly priced home can quickly become stale and extend its days on the market unnecessarily, not only increasing carrying costs for the Seller but also decreasing Buyer interest - properties that have been on the market longer are often perceived as less desirable.

➤ To avoid this cycle, setting a competitive and realistic asking price based on comparable sales and current market trends is essential. Coupled with a strong marketing strategy, accurate pricing helps attract serious buyers quickly, reduces the time on the market, and ultimately leads to a more successful sale, and hopefully, an extra $30,000 in your pocket! 

New Listings vs. Re-Listings - August 2024
 

A few samples of listing data from around the GTA for the month of August:

The average days-on-market fluctuates with the area, but we are typically seeing around 26-35 days for 'well priced' properties, and 46-65 days for ones with what we would call 'creative pricing'.  Generally speaking, the marketing strategy of marketing at a very reduced (under-market value) price point, and 'holding of offers' for a specific day, has had limited success -- most Buyers are simply waiting-out the Sellers, and hence why we see such a significant number of re-listings around the GTA. 
 

Moral of the story - get it priced right, right from the beginning!

Follow conventional Real Estate wisdom, or take a chance?

Conventional Real Estate wisdom states that you should sell and buy in the same market. This Globe and Mail artilcle focuses on a couple who are selling today at a good profitable price, then renting for a while with the expectation of returning to the market after the downturn in prices.

What if the market does not turn down? They could become perpetual Renters.

At first, she and her husband thought about selling in the traditionally strong spring market, and then buying another home during the traditional summer slowdown. Now, they see no rush to buy back in. Instead, they will rent a four-bedroom house for a one-year period in which they’ll look at their options

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/home-buying/ready-to-be-bold-sell-the-house-and-rent/article2418383/ via @globeandmail