Condominium appraisals
Condo values depend on much more than square footage. When we appraise a condominium unit we look at its location in the building, views, parking, storage and finishes, and at the building itself: its age, amenities, monthly fees and how the condominium corporation is run. The strongest evidence is usually recent sales of similar units in the same building or complex.
We appraise condos from downtown and Osborne Village towers in Winnipeg to newer complexes in Steinbach, Winkler and Morden. Our article on what matters in a condo appraisal explains each factor.
Side-by-sides and duplexes
Side-by-sides and duplexes are a large part of the market in Steinbach and the Pembina Valley, and common in Winnipeg too. Whether a side-by-side is titled as a condominium or as freehold, how the lot is shared and who the likely buyers are all affect value. See appraising side-by-sides and duplexes in Manitoba.
Secondary suites and small rental buildings
Homes with basement suites and small multi-unit residential buildings are valued with both comparable sales and, where relevant, rental income in mind. We note whether a suite appears to be legal, how it is used and what it rents for. Our guide to secondary suites and rental income explains how lenders and appraisers treat them.
What to have ready
- The monthly condominium fee and what it includes.
- Parking stall and storage locker details.
- For side-by-sides, whether the property is titled as a condominium.
- For suites and rentals, current rents and lease terms.
Condo and multi-family appraisals are used for mortgages and refinancing, estates and private sales.
Common questions
Do condo fees affect the appraised value?
Yes. Buyers compare fees with what they include and with similar buildings, and high fees relative to the market can affect value.
Do you appraise side-by-sides titled as condos?
Yes. We consider the condominium factors, such as fees and shared elements, along with comparable sales of similar side-by-sides.
Does a basement suite add value?
Often, but it depends on whether it is legal, how it is built and what local buyers pay for rental income. We explain how it was treated in the report.
Do you appraise small apartment buildings?
We appraise small multi-unit residential buildings. Contact us with the number of units and location and we will confirm.