Market value is not asking price
It is the price a real buyer pays a real seller in todays conditions, given comparable homes that recently sold. Three forces set it.
1. Recent comparable sales (the comps)
Last 90 days, same neighbourhood, same housing type, similar size + condition. For Toronto condos that means same building when possible. For freeholds, same street is gold, same block is silver, neighbouring streets is bronze.
2. Days-on-market trend
If the last five comparable listings sold within seven days, demand is strong and pricing should be at or slightly below the comps to spark a bidding situation. If recent comps have been sitting 30+ days, pricing should be at the upper-realistic and ready for a longer marketing period.
3. Days-on-market velocity by month
Toronto cycles. February-April is peak sellers market. June-August is slower. September-October second peak. November-January is slow. Same home at the same price moves differently month-over-month.
Sale-to-list ratio
Average for the Toronto Core in current conditions runs 98-102%. Below 97% indicates over-priced or stale. Above 102% indicates competing offer environment.
What buyers actually look at
Toronto buyers are sophisticated. Most have HouseSigma sold-data alerts on the neighbourhood. They know the comps as well as we do. Trying to game them with strategic underpricing or holding offer dates without true demand backfires.
Free home valuation
I run a full comparative market analysis based on recent comps, current active competition, and the homes specific condition. Start the four-step wizard and you will have a confidence-banded estimate within minutes; book a consultation for the full CMA with three comparable sales pulled from the live TRREB feed.
