Are you interested to know the value of your condo this year?
Every day, condo owners who are planning to sell their properties would like to know the answer. Indeed, the prices of houses and condos have increased by 30% or more in certain regions of Quebec between 2020 and 2024.
With rising interest rates, has the value of your condo continued to rise, or has it fallen?
Only one way to find out: ask for your 2024 assessment!
To meet the high demand for condo properties, we now offer you a free evaluation of your condo, carried out by one of our partner brokers working in your area.
Use the form on this page to request your free appraisal report showing the value of your condo.
This page also contains a wealth of information on average condo prices by region and much more to help you sell your property at the best price.
Find out how much your condo can sell in 2024!
“How much is my condo worth today compared to the price I paid for it 5-10-15-20 years ago? »
It is quite normal to want to know the current value of your investment!
If you want to get the answer to this question, you are in the right place. Our network consists of experienced and successful real estate brokers who can provide you a free appraisal, regardless of the location of your condo in Quebec!
Because condos for sale are in short supply in most regions of the province, our partner real estate brokers will be happy to assist you with a free evaluation.
- If you bought your condo before 2017, there is a very good chance that its value has increased.
- If you bought your condo between 2018 and 2020, there is a good chance that its value has increased.
- If you bought your condo between 2020 and 2024, your condo may have lost value, or increased in value depending on the region.
Quebec Condo Market Value Calculator
How does our condo market value calculator work? You simply click on the button below to answer a few questions via our online form. We forward your request to our partner brokers in your area. They will contact you to assess the value of your condo to let you know the price you can get if you sell it now.
All of this is 100% free and without obligation. Request your assessment in just 30 seconds!
Market value of a condo by region in Quebec in 2024
When it comes to determining the potential value of a condo property, it is worth comparing average prices in the area.
This is why we consulted various real estate databases as of January 2024 to provide you with the median selling prices of condos for the largest regions of Quebec.
Obviously, the prices presented are median prices which means that half of the values are higher, and the other half are lower.
Nevertheless, you will have an overall picture of the prices and values of condos by region in Quebec in 2024.
To obtain an evaluation of your condo in one of these areas, simply click on the button under the region of your choice.
Municipal condo assessment vs. Condo market value – What's the difference?
Now let’s talk about an important concept in real estate appraisal that is often misunderstood in Quebec.
Is it relevant to rely on the municipal assessment to know the value of your condo and set its selling price on that basis?
The answer is no. The municipal assessment is not a reliable value because it is not up to date with the market. Furthermore, it does not take into account all the factors. The market value, for its part, is determined at a specific time taking into account all the important factors.
Condo Municipal Assessment“This is the value of a condo, on July 1, 18 months before the entry into force of the new assessment roll, the value of which is used solely for property tax purposes. This value is produced by an assessor of a municipality during a mass assessment, and the margin of error is quite large. | Condo market value“The market value is the most probable and accurate price representing the real or presumed sale of a building, on a given date, on a free market, and open to competition and where the buyer and the seller are reasonably informed of the market conditions. This definition of market value means that it is THE most reliable data when you want to establish the selling price of your condo. But who can determine the market value of your condo? |
Which professional can appraise your condominium?
Want to know the market value of your condo? Which professional should you consult? You have two options.
The chartered appraiser is the expert par excellence for carrying out an official real estate appraisal in Quebec. The fees can be anywhere between $400 and $700 plus taxes for a condo evaluation. The evaluation report provided is recognized by the authorities.
You can also consult a real estate broker to obtain an estimate of the most likely selling price of your property. This evaluation is 100% free, and the broker relies on the sales prices of properties comparable to yours to estimate the value.
Here is a summary of each option:
Chartered appraiser
An appraisal by a licensed appraiser offers the highest level of accuracy as it is carried out by a specialized professional. A 30-page appraisal report is submitted following the appraisal, and it is recognized by banks, courts, and government authorities. It is necessary to consult a chartered appraiser during a refinance, a divorce, or situations where an official report is necessary
Average Cost of an appraisal: $400-$700
Real estate broker
An assessment by a real estate broker is a little less precise but it is free of charge. The broker uses market comparables as a valuation technique. He or she will rely on the selling prices of condos comparable to yours in the same area to estimate the value of your condo, and the most likely selling price on the current market.
Average cost of an appraisal: FREE
Why are condos in high demand in Quebec?
Condos have increased in popularity and demand in Quebec, more so than the last few years.
But what explains this growing popularity for condos in Quebec? There are certain trends that are creating an upward trend for condos:
- The prices of single-family homes have gone up so much that they have become unaffordable for many.
- Young people seem to prefer less maintenance to do and like the zero maintenance aspect of condominiums.
- The common areas of the condos and the availability of multiple services within the building simplify life.
- Condo buildings often have a great location, close to all services and public transportation.
First-time buyers, professionals, retirees and couples without children are now turning unrestrainedly to condos.
It is for this reason that condo values have also increased significantly over the past few years.
What are the 3 real estate appraisal methods used in Quebec?
When appraising a property, chartered appraisers in Quebec have 3 options for determining the market value. What are they?
These 3 methods are the comparables method, the income method, and the cost method.
As far as condos are concerned, the comparables method will be used in 99% of cases.
Let’s take a look at the different methods so that you have an overall picture of how property appraisals are done in Quebec:
The Comparables method
The appraiser will rely on the selling prices of 3-5 comparable properties that have recently been sold in the same area. He will make adjustments to compensate for the differences with the property subject to appraisal. He will then get the average from the adjusted selling prices obtained.
Generally ideal for houses, condos, semi-detached, townhouse, duplex, etc.
The Income method
For this method, the appraiser will rely on the income that can be generated by the property, subject to the appraisal. Depending on the area, a mathematical calculation involving a Global Discount Rate and different financial principles will be done. From the income, the value of the building will be calculated.
Generally ideal for multi-plexes, multi-unit buildings, commercial buildings, and income properties.
The Cost method
For this method, the appraiser relies on the cost of rebuilding the property based on current prices of materials. This method is used for buildings with unique purposes. It requires hard work to accurately calculate the cost of rebuilding each component of the building.
Generally ideal for industrial buildings, heritage buildings, etc.
Get your condo appraised before selling your property
Are you planning to sell your condo in 2024? Are you uncertain of the right selling price or value of your property?
Fortunately, we have the best professionals in our network who can help you determine the market value or the best selling price. You can get a 100% free evaluation of your condo in just a few minutes.
Fill out the form on this page or click on the button below to have your condo appraised by one of our partner brokers.
You will know how much your condo is currently worth and how much you could sell it for. Our experienced partners can answer all of your questions. It’s simple, fast, and very reliable!
Connect with the best real estate professionals in your area by filling out the short online form below, FREE OF CHARGE!
