A recent condo can compete with new units and resales in the same building. Buyers compare total costs, availability and actual features. Your original purchase price is therefore not enough to set a resale price.
Key takeaways
- This guide covers a condo you already own.
- Separate asking prices from completed sales.
Distinguish a resale from an assignment
This guide covers a condo you already own. If you have only signed a developer contract and wish to assign it before delivery, have the contract terms and tax consequences reviewed before advertising anything.
Compare genuinely competing offers
Separate asking prices from completed sales. Record each competing unit’s size, floor, orientation, balcony, parking, storage and occupancy date. A lower-priced unit may also offer less space or exclude parking.
If the developer is still selling, obtain written details of inclusions and incentives. Compare the final amount and terms; a promotional benefit does not always equal the same price reduction.
The file that helps a buyer decide
| Gather | Purpose |
|---|---|
| Syndicate documents | Declaration, bylaws, financial statements, minutes and available maintenance documents. |
| Work and follow-up | Invoices, corrections, relevant correspondence and status of announced work. |
| Expenses | Current fees, announced assessments and unit-specific costs. |
| Inclusions | Clarify parking and storage rights as well as equipment. |
Recent does not mean no checks needed
The divided co-ownership seller declaration contains condo-specific questions. Answer to the best of your knowledge and provide useful explanations. Building age does not replace information about condition and management.
Set a limit using net proceeds
Before deciding to sell, estimate what remains after repaying the loan and expenses. A sale close to your purchase price can still leave less cash than expected. Confirm repayment charges with the lender and your tax situation with a qualified professional.
Present verifiable differences
Show the actual unit: light, layout, current view and storage. Prepare good photographs and precise information. For views and common areas, distinguish existing features from announced ones.