Condo Appraisals: Fees, Parking, Building Factors and What Really Matters

Condominiums are a large and growing part of the Manitoba housing market. In Winnipeg they range from downtown towers and warehouse conversions in the Exchange District to suburban townhouse complexes. In Steinbach, Winkler and Morden, newer condo buildings and side-by-sides titled as condominiums appeal to first-time buyers and downsizers. Appraising a condo involves some factors that do not apply to a detached house, and this article explains what they are.

What you own in a condo

When you buy a condominium unit, you own the unit itself and a share of the common elements: hallways, roofs, exterior walls, grounds and amenities. The condominium corporation manages those common elements, funded by the monthly fees paid by owners. That shared ownership means the health and management of the building affect the value of every unit.

Comparable sales in the same building

The best evidence for a condo's value is usually recent sales of similar units in the same building or complex. Those sales reflect the same location, construction, amenities and condo corporation. When there are not enough recent sales in the building, appraisers look at similar buildings nearby and adjust for the differences.

Unit-specific factors

• Floor level and location in the building. Higher floors and corner units often sell for more. Units near elevators, garbage rooms or busy entrances may sell for less.
• Views and exposure. River views, park views and good natural light are valued. Units facing a wall or parkade are less desirable.
• Size and layout. Two bedrooms and two bathrooms are often more marketable than one larger bedroom.
• Updates and finishes. Kitchens, bathrooms and flooring matter in condos just as they do in houses.
• Balcony or patio. Outdoor space is appreciated, especially in Manitoba summers.

Parking and storage

In a Manitoba winter, heated underground parking can make a real difference. Appraisers note whether the unit includes parking, whether it is titled or assigned, whether it is heated, and how many stalls are included. Storage lockers are also noted. A unit without parking in a building where most units have it may sell for noticeably less.

Condo fees

Monthly fees affect what buyers can afford and how they compare units. Higher fees are not always negative: they may include heat, water or amenities, or reflect a well-funded reserve. But fees that are high relative to similar buildings can limit value. Appraisers record the fee and what it includes, and compare it with similar properties.

The building and the corporation

Building factors affect every unit:

• Age and construction. Concrete towers, wood-frame low-rises and townhouses each appeal to different buyers.
• Amenities. Gyms, guest suites, party rooms and security can add appeal.
• Condition of common elements. Roofs, windows, elevators and parkades all need eventual replacement.
• Reserve fund and special assessments. A corporation that has not saved for major repairs may need to charge owners large special assessments, which buyers take into account.
• Rental and pet policies. These shape who can buy and how the unit can be used.

Appraisers typically do not audit the condominium corporation's finances, but known special assessments or major issues should be disclosed and can be reflected in value.

Townhouses and side-by-sides

Many townhouse complexes and side-by-sides, especially in Steinbach and the Pembina Valley, are titled as condominiums. Others are freehold, meaning each owner owns their land outright with no condo corporation. The distinction matters: condo-titled side-by-sides have fees, shared decision-making and bylaws, while freehold side-by-sides do not. Appraisers confirm the title type and compare with sales of the same type wherever possible.

New condo developments

Buying a unit in a new building brings its own considerations. Developer pricing, incentives and upgrade packages can make early sale prices hard to compare with resales. Appraisers look at both, and they pay attention to how much of a new unit's price reflects features the resale market will also pay for. See our article on new builds for more.

What to have ready

• the monthly condo fee and what it includes
• parking stall details and storage locker number
• any known special assessments, upcoming or recent
• information about updates to your unit
• access to amenities if the appraiser wants to see them

Downtown, suburbs and small towns

Condo markets behave differently across the province. In downtown Winnipeg and the Exchange District, buyers weigh walkability, character and amenities, and warehouse conversions with exposed brick and high ceilings attract a particular buyer. In suburban Winnipeg, townhouse-style condos with attached garages compete closely with detached homes and side-by-sides. In Steinbach, Winkler and Morden, many condo buyers are downsizers moving off farms or out of larger houses, and single-level living, elevators and accessibility carry real weight. A good appraisal reflects who is actually buying in each setting.

Why condo appraisals sometimes surprise owners

Owners are sometimes surprised that their unit is not valued at the same price per square foot as a neighbour's. Floor, view, parking, layout and updates can all justify meaningful differences within one building. A ground-floor unit facing the parking lot and a top-floor corner unit with river views are effectively different products, even if their floor plans match.

Condo appraisals across Manitoba

Burley Appraisals appraises condominium units throughout Winnipeg, including downtown, Osborne Village and the Exchange District, and in Steinbach, Winkler, Morden and other communities. Order an appraisal online.

Frequently asked questions

This article is general information, not legal, tax or financial advice. Speak with a qualified professional about your situation.