Condo appraisers in Canada
A condo appraisal values a unit and its share of the common property, which makes it both simpler and narrower than a house appraisal. The best evidence is usually sales of similar units in the same building, and the appraiser adjusts for floor, view, exposure, size, parking and storage.
The appraisers listed here value condos and strata units across Canada for lenders, buyers, sellers, estates and separating couples.
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Are you an appraiser? List here freeWhat a condo appraisal looks at
Inside the unit: size, layout, condition and finishes. Outside it: the building’s age, amenities, location, and how its units have been selling. Parking stalls and lockers can be owned, leased or assigned, and the difference affects value.
The condominium corporation matters too. A well-funded reserve and a clean status certificate or Form B support value; a pending special assessment or major repairs do not. Appraisers note these where they are disclosed to them.
Pre-construction condo appraisal and assignments
A pre-construction purchase is appraised when the unit is ready to close, often years after the price was agreed. If the market has fallen, the appraisal can come in below the purchase price, and the lender lends against the lower figure. The buyer has to make up the difference in cash.
An assignment: selling your right to buy the unit before it closes, raises the same question from the other side. The assignee’s lender will order its own appraisal, and an independent opinion before you list tells you whether the assignment price is realistic.
Condo appraisal cost and timing
Condo appraisals are often among the quicker residential assignments, because the building supplies ready comparables. Cost rises where there are few recent sales in the building, where the unit is unusual, a penthouse, a two-storey unit, a large terrace, or where a retrospective date is needed.
Have the unit number, parking and locker details, and any upgrades with dates ready when you book. If you hold a recent status certificate or Form B, share it; it answers questions about the building that would otherwise slow the report down.
Common questions
How are condos appraised?
Mostly by comparison with recent sales of similar units in the same building or nearby buildings, adjusted for size, floor, view, exposure, condition, parking and storage.
Why did my pre-construction condo appraise below the purchase price?
Because the appraisal reflects the market when the unit is ready to close, not when you signed. If comparable resales are below your contract price, the lender lends on the appraised value and the shortfall comes from the buyer.
Does the condo fee affect the appraisal?
Indirectly. High fees relative to similar buildings can make a unit less attractive to buyers, which shows up in its sales. A special assessment or underfunded reserve is a more direct concern.
Does a condo need an interior inspection for an appraisal?
Not always. Lenders sometimes accept a desktop or exterior report on a condo because the building supplies good data. A private appraisal, or one for a unit with significant upgrades, should include an interior inspection.