How to Price a Condo: Why Comparables Work Differently

Condo pricing looks easier than house pricing because the comparables are next door. It is harder, because the things that move the price are invisible in a listing summary.

Same floor plan is not the same unit

Floor height, exposure, what the window actually faces, balcony depth, whether the parking spot is near the elevator, and whether the locker is on the same level all move the number. A high-floor south unit and a third-floor unit facing the neighbouring tower's wall are not comparables just because the square footage matches.

The maintenance fee is part of the price

Buyers price on total monthly cost, so a unit with a high fee competes against cheaper-to-carry units elsewhere. Know what the fee includes — heat, water, hydro, cable — because a higher fee that covers utilities may be cheaper in practice than a lower one that does not.

The status certificate can change the value

A reserve fund that is underfunded, a special assessment in progress, or litigation against the corporation all affect what a buyer should pay and what a lender will accept. Get it early on a listing rather than discovering it during conditions.

Building-level supply is your real competition

If eleven units in the same building are listed, you are not competing with the neighbourhood, you are competing with the eleven. Check active listings in the building before you check the area.

Recent sales age fast in a soft market

In a market with rising inventory, a sold comparable from four months ago describes a different market. Weight recent sales more heavily and say so in the CMA, so the seller understands why your number is below what their neighbour got in the spring.

General information, not legal or financial advice — condo rules, disclosure documents and timelines differ by province.

AgentsWise includes a comparable-based valuation tool that captures the seller as a scored lead. Read pricing your listing to sell or see the features.