January 16, 2024

Calgary Condo Specialist: Ultimate Guide To Selling Your Condo

Realtor® with 2% Realty

Teaming up with a Condo Specialist leverages insider knowledge of the Calgary Condo Market, providing a strategic advantage in selling your condos. This expertise is pivotal in navigating purchase contracts, crafting compelling marketing campaigns, and securing the best terms.

Ready to sell your condo in Calgary? This definitive guide arms you with the knowledge of a seasoned Condo Specialist, outlining the essential steps and tips to ensure your sale is as successful and smooth as possible

Stay tuned for an insider’s perspective on harnessing the Condo Market to your advantage, keep reading. We’ll share the nuances that only a Condo Specialist knows, offering a tailored approach to the Calgary market that ensures your selling experience stands above the rest.

Understanding the Calgary Condo Market

How Seasonal Trends Impact Condo Prices

Seasonal trends significantly influence the Calgary condo market, with spring typically being the best time to sell. Summer may experience a slowdown, while autumn attracts buyers before winter. High inventory levels, particularly in your complex, can make selling more challenging. Working with a Condo Specialist can help you align your sale with these trends and inventory conditions. For detailed insights on the best times to sell in Calgary, refer to our comprehensive guide. here.

How Condos are Assessed, and How Sales in Your Complex can Affect You

In the Calgary condo market, the value of a condo is mainly based on sales within its own complex. This is the primary method used by mortgage lenders to perform appraisals. For condo sellers, this can be a bit confusing because condos in nearby areas might be selling for different prices. It’s important for sellers to realize this and set their price expectations accordingly. They should focus on sales trends in their own complex rather than looking at the wider condo market. A condo expert can provide more insights, and explain how condo fees, design and even by-laws can cause different pricing across similar condo complexes.

Condo Fees and their Impact on the Condo Market

Condo fees are a critical factor in the resale value of condos in Calgary. Board mismanagement and inflation have led to increased fees for materials, services, utilities, and insurance. This surge affects sellers as high fees can limit a buyer’s affordability and impact mortgage approvals, unlike non-condo properties where maintenance costs aren’t factored. Consequently, higher fees will reduce a condo’s value. Generally, condos with fees over $600 begin to struggle to sell and could require adjusted pricing, the exception being some luxury condos or those with above average amenities.

Know Your Condominium Corporation

When selling a condo in Calgary, remember you’re not just selling a property but also shares in a Condominium Corporation. Understanding your condo corporation’s bylaws, financial status, and communication history is key. Making your condo specialist aware of any issues can allow them to build an action plan. Buyers will want to review these documents, so as a legal voting member, you must disclose any relevant information. Being well-informed about your corporation equips you to address buyer concerns, inform your Realtor®, and navigate the sale more effectively.

The Role of the Property Manager and Its Impact on your Sale

Your property manager is vital in selling your Calgary condo. Contact them before selling to confirm their availability for assistance. In Calgary, some property management companies may provide subpar services, and poor communication can delay accessing condo documents or responding to buyer queries. It’s common for managers to not update condo documents online, potentially causing delays. Proactively order current documents and ensure your property manager is prepared to address questions and confirm important information for buyers.

How Year Built Affects your Value

The appeal of newer condos in the Calgary real estate market cannot be overstated. Particularly in the downtown area, older condos find it challenging to compete with the modern design, amenities, and often lower fees of new buildings. This trend extends beyond the city center to suburban areas, where newer phases of condo complexes with contemporary features and designs are more desirable. Sellers should understand that ‘newer’ often means ‘better’ in terms of value. Additionally, warranties on newer condos can be a strong selling point, providing reassurance to potential buyers.

Price Setting Strategies from a Condo Expert

Effective pricing is key for condo sellers in Calgary. It’s important to use the insights gained from understanding the condo market, including factors like the age of the building and condo fees. Collaborating with a condo expert can be instrumental in setting the right price, considering all unique aspects of the property. In a seller’s market, focus on comparable sales that moved quickly (within 20 days) and view listings over 30 days as potentially overpriced. Conversely, in a buyer’s market, prioritize units sold within 30 days and learn from those that expired unsold or were withdrawn, as they can reveal potential pricing missteps.

Marketing Your Condo for Sale

Staging Your Condo for Sale

Generally, condos are smaller than other types of homes, making it very important to ensure that they are staged correctly. Emphasis should be placed on decluttering and removing unnecessary furniture items. A condo expert will recommend that the condo be thoroughly cleaned prior to listing and that any repairs, especially those dealing with water leaks or stains, are addressed as these issues are likely to concern buyers.

Vacant condos can be virtually staged as necessary to improve their appeal. A condo specialist should have access to advanced virtual staging technology.

Highlight the Complex & Community

Usually, condo buyers are more interested in the features or amenities offered by the complex and the community. It’s important to market the condo accordingly and ensure answers are provided for things like whether the complex is pet-friendly, the location of amenities, trash disposal, and visitor parking. Buyers will be interested to know about transit routes, nearby restaurants and shops, or special features offered by the community. A condo expert may also highlight key features within walking distance which can be very helpful for buyers.

Selling a with a Tenant

Selling a condo with a tenant can be challenging. Staging is limited, repairs are harder to manage, and the 24-hour notice for showings may disrupt the flow of potential buyers, affecting the sale price. A tenant can also complicate the closing, often needing a longer possession period. Usually a condo expert will recommend selling after the tenant moves out. However, if selling is necessary, involving the tenant is key. Encouraging their cooperation, possibly through incentives, can help. If feasible, have the tenant make time for weekend showings or list the condo when they’re away for better showing availability.

How Much do Condo Documents Cost?

Type of Document	Expected Cost
Disclosure Letter	$150-$300
Management Agreement	$10-$30
Budget & Fee Statement	$10-$30
Reserve Fund Study	$10-$50
AGM Minutes	$10-$30
Meeting Minutes	$10 each
By-Laws	$10-$30
Condo Plan	$10-50
Audited Financials	$20-$50
Insurance Certificate	$10
Current Months Financials	$30-$50

Condo Purchase Contracts: What a Seller Needs to Know

Conventional versus Bare Land Condominiums

It’s important for you to understand the type of condo you own. There are two main types of condominiums: bare land condos and conventional condos. When selling, the seller of a bare land condo has the added responsibility to produce a Real Property Report prior to or at closing, as per the following default term:

If the Property is a bare land unit, closing documents will include an RPR showing the current improvements on the Property according to the Alberta Land Surveyors’ Association Manual of Standard Practice, with evidence of municipal compliance or non-conformance and confirming the seller’s warranties about the land and buildings. This obligation will not apply if there are no structures on the land. The buyer or buyer’s lawyer must have a reasonable time to review the RPR prior to submitting the transfer documents to the Land Titles Office.

Responsibility to Provide Current Condo Documents

Unless otherwise agreed in writing, the seller of a condo must provide the buyer with a current, complete set of condo documents. These documents typically include financial statements, reserve fund studies, meeting minutes, etc. The purchase contract will specify a deadline by which these documents must be provided. It is crucial you work with your condo specialist to obtain these documents ahead of time.

How a Condo Specialist Deals with Special Assessments

It’s important to properly identify and disclose any special assessments (assessed or pending) directly on the purchase contract. This is particularly important for assessments the buyer is assuming, such as those paid monthly. Unless otherwise agreed in writing, the following default terms apply to special assessments:

Regardless of when a resolution for a special assessment contribution states that a levied payment is due and payable:

1. (a) the seller is responsible for special assessment payments passed by a resolution on or before 12 noon on Completion Day and will make such payments on or before Completion Day; and
2. (b) the buyer is responsible for special assessment payments passed by a resolution after 12 noon on Completion Day.

Titled versus Assigned Parking & Storage

A condo expert must ensure attached units are correctly marketed, specifying whether it has assigned or titled parking and storage. When signing a purchase contract, it is crucial to accurately state the correct information, including the parking and storage unit numbers. Failure to adequately disclose this information during negotiations can lead to complications at closing, and at worst a lawsuit.

Attached and Unattached Goods

The seller must accurately market the condo, including the correct attached and unattached goods, and ensure they are in normal working order unless otherwise disclosed. If you are unsure what constitutes an attached or unattached good, it is important to consult with your real estate agent. When selling a condo with a tenant, extra caution should be exercised to avoid confusion regarding goods owned by the tenant that the buyer might assume will stay.

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Erick Dillmann

2% Realty Associate | Realtor® | BA Economics

With over 17 years of experience in the Calgary real estate market and specializing as a condo expert for over a decade, Erick has amassed over 75 million in condo sales. As a dedicated associate of 2% Realty, his commitment and marketing expertise have earned him the Top Platinum Producer award for eight consecutive years, demonstrating his exceptional ability to exceed client expectations.

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