Condominium Considerations for Completing a CMA

Here are some of the key things to look at:

THE Condominium: All condominiums can only be analyzed within the condo complex at hand. Mainly due to the fact it is a corporation. These factors are like no other corporation - Condominium Document Checklist

Location: Condos in different neighborhoods, buildings or streets may have different values. Factors such as proximity to amenities, schools, transportation, and shopping can all impact the value of a condominium.

Post Tension Cables: Condominiums with post tension cables are more difficult to get financed. CMHC will not insure the mortgages, so the banks want a minimum of 20% (maybe more) down. 

Size and layout: The size and layout of a condominium can also affect its value. A larger unit or a unit with a desirable layout may be worth more than a smaller or less-functional unit.

Unit: Consider the size of the balcony, overlooking parking law versus a nice view, updates, in suite laundry (is the dryer vented properly). 

Condo Fees: Are the fees in line with similar condos in the area or are they really high or really low? Consider why, this may be a flag of special assessments at hand or to come. 

Condition and age: The age and condition of a condominium can also be important factors in its value. A newer or well-maintained unit may be worth more than an older or poorly-maintained one.

Building amenities: The amenities offered by a building, such as a gym, pool, concierge, woodworking shop, theatre, parking or elevator can also impact the value of a condominium.

Sale history: Reviewing the sale history of similar units in the building or neighborhood can also provide insight into the value of a condominium.

Current market conditions: Current market conditions, including the supply and demand for condominiums in the area, can also impact the value of a condominium.

By examining these factors and comparing the condominium to other similar properties in the area, you can create a comprehensive comparative market analysis that will help determine the appropriate market value for the property.