Whether you plan on putting your condo on the market someday soon, or you’re just interested in how much your unit is worth from an investment perspective, it makes sense to know how condos are priced.
When a condo goes on the market, there is an overwhelmingly high probability that it will sell for somewhere close to its market value. So if a two bedroom unit in a neighbourhood sold for “X” dollars, then you can expect a similar unit down the street to sell for roughly the same price. That’s why real estate agents look closely at recent condo sales in the area in order to advise clients on the best listing price.
Are there other factors that determine selling price? There are
many. Unit improvements, special features such as a party room or indoor pool as well as the general attractiveness of your condo, can all increase its value to potential buyers. While some of these characteristics may help boost its selling price, others may simply help you sell your unit more quickly.