The CMA process
A Comparative Market Analysis (CMA) is the structured comparison of recent sales to your unit, adjusted for differences. A good Toronto condo CMA includes:
- Recent sales (60–90 days) in the same building when possible. Same building eliminates most of the adjustment burden.
- Recent sales in 2–3 comparable buildings within walking distance, similar age, similar amenities.
- Adjustments for: floor (higher floors typically +1–3% per 5 floors above 10th), exposure (south + west usually premiums), view, unit size, parking, locker, balcony / terrace, in-suite upgrades.
- Current active competition: what else is on the market in the building and nearby, at what asking price, how long they've been listed.
- Trajectory: is the segment firming up, holding, or softening? Three months of evidence.
The CMA produces a value range, not a single number. The list price decision sits within that range based on strategy.
Pricing strategy: three approaches
Price at the top of the range
Maximize potential outcome; accept longer days on market. Common when the seller isn't time-pressed and is willing to wait for the right buyer.
Price in the middle of the range
The default strategy in 2026 Toronto. Realistic, competitive, attracts genuine offers without leaving money on the table. Typical days on market 14–45.
Price below the range
The "offer date" strategy — list intentionally low, set an offer date 7–10 days out, hope for multiple offers driving final price above the range. This strategy worked beautifully in 2017–2022. In 2024–2026 Toronto, it works less consistently. Some units get multiple offers and sell above ask; some get one or two offers near ask; some get nothing and the seller restarts at a higher price (signaling weakness).
Discuss strategy with your agent based on current building / pocket evidence, not abstract theory.
The "wishful pricing" trap
The most common seller mistake is pricing 5–10% above the realistic CMA range because "we paid X in 2021 and need to break even" or "the unit next door listed at this price". Wishful pricing produces a predictable pattern:
- Listing goes live. No offers in first 2 weeks.
- Sellers refuse to drop. Days-on-market accumulates.
- 30 days in, finally drop 3%. Already burned the fresh-listing momentum.
- 60 days in, drop another 3%. Now the listing looks stale; buyers assume something is wrong.
- 90 days in, finally sell — at a price BELOW what a properly-priced listing would have achieved on day 14.
The market punishes overpricing with a discount, not just time. A unit that sat 60 days sells for less than the same unit priced right on day 1, because price reductions signal weakness.
The honest test: would you buy your own unit at this price today? If hesitating, the price is too high.
In-building comparables vs out-of-building
If your building has had recent sales (say, 3+ in the last 60 days), in-building comps are gold — they eliminate the building-quality variable. Adjustments are limited to floor, exposure, layout, in-suite condition.
If your building hasn't had recent sales, you're comparing across buildings. Cross-building adjustments are harder — differences in fee structure, amenity quality, reserve fund health, and resident demographic all affect comparable value. A "comparable building" 3 blocks away might trade at meaningfully different per-sq-ft pricing because of these factors.
The best evidence is always nearest-neighbour. Push for in-building first.
Adjusting for unit-level factors
Common Toronto condo adjustments (rough order of magnitude, not formulas):
| Factor | Typical adjustment |
|---|---|
| +5 floors of height (above 10th floor) | +1–3% |
| South or west exposure vs N/E | +2–5% |
| Premium view (lake, park, skyline) | +3–8% |
| Parking included | +$30K–$60K typical |
| Locker included | +$3K–$8K typical |
| Renovated kitchen / bath (within 5 years) | +2–5% |
| Larger balcony / terrace | +$5K–$30K depending on size |
| Original 1995–2005 finishes (no updates) | -3–7% |
Ranges, not certainties — specific to building and pocket. A good agent's adjustments are evidence-based, not boilerplate.
Frequently asked questions
Should I get an appraisal before listing?
Most Toronto sellers skip a formal appraisal and rely on the CMA. Appraisals ($350–$600) are useful when the unit is unusual, when buying out a partner or estate, or when emotionally you need a third-party number.
What if I list at a price and no one comes to see it?
Buyers ARE seeing it — the photos are on every MLS portal. Lack of showings means the photos don't support the price for the buyers seeing them. Drop the price 3–5% and refresh the photo set if needed.
Should I refuse low-ball offers?
Engage every offer with a counter, even if the counter is "we won't move from list price". Walking away signals you don't want to negotiate; countering signals you're open to a deal at the right number. Some serious buyers test with a lowball first.
Does it help to price at a round number?
$799,900 vs $800,000 is a real consideration — $799,900 hits the "under $800K" search filter more buyers use. The math is small but real.
Talk to a Toronto Condo Broker
I'm Scott Miralami — a licensed Broker at Central Home Realty Inc., Brokerage, focused on the Toronto downtown condo market. If you have a question about anything you read here, send me a note. I read every message myself.