5 Real Estate Myths I Hear Every Week
…and what actually matters in Toronto/GTA (instead of the group chat headlines)
If Toronto real estate had an official sport, it wouldn’t be hockey. It would be confidently giving advice with absolutely no context.
Your cousin’s barber’s neighbour:
“Just wait for rates to drop.”
A guy on Facebook Marketplace:
“Always renovate — you’ll get it all back.”
Your friend who bought in 2017 and now thinks they’re the Governor of the Bank of Canada:
“Spring is the only time to sell.”
Here’s the problem: most real estate “truths” are only true in one specific market cycle. The Toronto/GTA has a new personality every 6–12 months….so let’s clear it up. Below are 5 real estate myths I hear every week, and the actual variables that drive price, timing, and leverage in today’s market — without the fluff.
❌Myth #1: “Spring is the only good time to sell.”
Why this myth won’t die
Because spring feels like a “busy market.” More listings. More buyers. More sunshine. More people pretending they enjoy open houses.
But “busy” doesn’t automatically mean “better.”
The truth
There are buyers every month — the real question is competition + buyer urgency.
What actually matters:
How many similar listings are live this week (not “what happened last spring”)
Your days-on-market target (fast + clean vs maximum price)
Pricing vs the last 3–5 true comparables (recent, similar, relevant)
The Toronto reality
Spring can be great… and also brutal. Yes, more buyers show up — but so do more sellers. This means you’re not just selling a home, you’re competing in a beauty pageant with 11 other condos that all have “9 ft ceilings” and “steps to transit.” Here is an example:
A 1+1 condo in November can outperform spring when:
Inventory is tight (especially in buildings where only 1–2 units come up at a time)
It’s staged properly
It’s priced to the active comps, not last year’s “peak market optimism”
Translation: Season matters, but but scarcity + positioning matters more. Here is a suggestion - before you “wait for spring,” check:
How many real competitors are active right now?
Are buyers currently decisive or picky (days on market + sale-to-list ratio)?
Will spring add more competition for your exact property type?
❌Myth #2: “You should always wait for rates to drop.”
Why people love this idea
It sounds logical, and it lets you procrastinate with purpose. “I’m not delaying. I’m being strategic”, meanwhile, you’ve been on HouseSigma so long it’s basically your second job!
The truth
When rates drop, competition usually rises — because more buyers re-enter. What actually matters are your timelines (30/60/90 days vs 12 months), payment comfort today, and flexibility through strategy (rate holds, pre-approval structure and “Plan B” scenarios)
The part nobody says out loud
Rate drops don’t just help you, they help every other buyer who was waiting. You might get a slightly lower payment… and also a slightly higher purchase price because the best listings get competitive again. Less than two years ago in the Spring of 2024, buyers who waited “for a rate-drop” often re-entered alongside a wave of other buyers and suddenly the good listings had multiple offers again.
Consider This
Don’t try to predict rates — build a plan that works in either direction. Lock in a rate hold if appropriate and buy based on a payment you can comfortably carry. Know exactly what you’re looking for so you can act when the right listing shows up
❌Myth #3: “You always lose money on pre-con.”
Why this myth keeps spreading
Because some pre-con buyers got squeezed — and those stories are real, especially today! Developers have delayed construction, closing costs were not explained or accounted for, appraisals on purchases 2 or 3 years ago have come in low and rental numbers have dropped and no longer match the original pro forma (projected cash flow analysis). The conclusion most people jump to is too simple: “Pre-con is bad.”
The truth
Pre-con isn’t “good” or “bad”, it’s a strategy just like any investment — and strategies require rules. Here are the Real Estate fundementals that truly matter:
Entry price vs future resale supply (are you buying into a wave of future completions?)
Floorplan + livability (not just square footage)
Total costs:
occupancy fees
closing adjustments
upgrades
HST implications
assignment rules/restrictions
The biggest pre-con mistake that most people make is that they underwrite pre-con like it’s resale. IT’S NOT. Pre-con is a future product delivered into a future market that requires the investor to manage the 4 types of risk; time, valuation, cash flow, and exit flexibility.
As a quick example, a pre-con 2-bed with a functional layout (a real second bedroom, not a “den with dreams”) holds value better than a bigger but awkward plan because resale buyers pay for livability, not “total square feet on paper.”
To minimize your risk exposure, and maximize your investment, ask yourself these four important questions:
What resale product exists today that this will compete with later?
What supply is coming online around the same time?
What’s the realistic cash required at closing?
What’s Plan B if rates are higher at completion?
❌ Myth #4: “If you renovate, you’ll get it all back.”
The truth
Keeping my explanation simply and succinct - some upgrades pay you back, some don’t. People have different tastes and I have yet to find a buyer who is willing to pay, dollar-for-dollar, for the seller’s renos. The return on investment (ROI) is more about speed, buyer confidence, and fewer price reductions.
What actually matters for buyers is removing objections so you can avoid unnecessary hurdles when negotiating price. Renovations such as replacing damaged floors, a fresh coat of paint, updating light fixtures, and replacing old or broken appliances can transform the showing experience, as long as its financially feasible. Custom built-ins or luxury finishes in an entry-level condo often don’t return full cost — avoid “over-improvements” for the building/neighbourhood.
Before spending your child’s tuition (or the luxury beach vacation you’ve been planning for months) on renovations, ask yourself:
Will a buyer notice this in 10 seconds?
Does it remove a common objection?
Will a new buyer simply replace what was just done?
Can staging + small fixes get 80% of the impact?
❌Myth #5: “My neighbour sold for $X, so my place is worth $X.”
Why this one causes the most pain
Because it’s the most confident myth — and confidence is persuasive. Here the kicker, Toronto pricing doesn’t work like that.
The truth
Your home is worth what the market will pay for your specific property, this week, against today’s alternatives. What matters are true comparables (not “sort of similar”), recency (what sold recently, not peak-market nostalgia), active competition (what buyers can choose instead today) along with conditions + presentation + terms.
Even in the same building, two “identical” units can have differences in:
View + exposure (south exposure with water and city view vs. a north exposure that gives you a perfect, unobstructed view of a loud and busy highway)
Floor height
Layout efficiency
Inclusion of parking and/or locker
Tenant situation (vacant vs tenanted)
Timing (low inventory week vs crowded week)
If you want to effective determine a price range when listing your property, you have to know what you’ll be up against. Make sure you have the answers to these three critical questions:
3–5 recent sold comps
Active/terminated listings (where pricing mistakes show up)
A strategy tied to your goal (maximize price vs certainty vs timeline)
If nothing else, please consider these “takeaways”
Toronto/GTA isn’t a market you “wing”, it’s a market you position. If you ignore the myths and focus on 1. competition (today), 2. urgency (real buyers vs browsers), 3. timeline (yours + the market’s) and finally 4. positioning (pricing + presentation + terms), youu win more often and with way less stress.
Want me to sanity-check your situation?
Send me:
your neighbourhood or building
property type (condo/freehold)
your ideal timeline
and your biggest concern (price, timing, renovations, tenants, financing)
…and I’ll tell you which myth is most likely to trip you up — and what to do instead.
Niesh Dissanayake
@nieshwealthbuilder