What is a residential condominium property?
A condominium, or condo, is an individually owned unit in a complex or building of units.
Types of condominium properties
- Titled living units
- Titled parking units
- Titled storage units
How are residential condominium properties assessed?
Residential condominium properties are assessed using the sales comparison approach to value which relies upon sales of similar properties in the real estate market. We analyze sold properties that are like yours, specifically looking at the three years of sales leading up to the July 1 valuation date.
Assessors factor in your property’s age, quality, location, living area, renovations, site influences, and more. The share in the common property that is assigned to the unit must also be included in the assessment.
Note: The Municipal Government Act, which is the law governing all municipalities in Alberta, states that every unit of a condominium must be assessed. This includes all titled living units, parking stalls, and storage units. All three of these spaces are separately titled which means that they are all separately assessed. This means that each titled condominium, whether it’s a living space, parking stall, or storage unit, will receive its own assessment notice.
Assessment values for titled living units, parking and storage units in residential condominiums are determined by analyzing market area sales.
Some of the factors impacting condominium values include:
- Improvement (age, building & structure type)
- Area (size)
- Locational (greenspace, views, traffic, other site-specific factors)
A comprehensive list of all factors impacting value – like quality, renovations, greenspace, traffic, views, penthouse, corner unit is available in the Market Trend report.
There are five market zones for titled parking units:
- Beltline & Inglewood
- Inner City I
- Inner City II
There are two market areas for titled storage units: