Ask a Wahi REALTOR®: What Buyers Often Misread in Condo Listings

Wahi Broker of Record Anne Alkok provides a roundup of what buyers often misread in condo listings.

By Josh Sherman | 2 minute read

The purpose of condo listings is simple. Listings are a way for a seller’s Realtor to market a property. A typical condo listing gives a homebuyer a rundown of the unit’s specs, features a written description, and provides images. Pretty straightforward, right?

Well, sometimes it’s not so straightforward.

Below, Wahi Broker of Record Anne Alkok shares what buyers often misread in condo listings.
 

1. Monthly Condo Fees

“Sometimes, homebuyers don’t consider what’s included in the maintenance fees, but it varies from building to building,” says Alkok. 

These fees are normally calculated by the size of a unit and reflect its proportionate share of the condo corporation’s expenses in managing the property. Condo fees typically cover items such as building insurance, maintenance of common elements, amenities, some utilities, and contributions to the building reserve fund, which is set aside for major repairs.

2. Unit Size 

Finding out a condo’s square footage isn’t as straightforward as it may seem. Across many Canadian real estate boards, a unit’s exact square footage is not a mandatory field that Realtors must fill out when listing a condo for sale on a Multiple Listing Service.

Often, you will see a range that can vary by 100-200 square feet or more (you may see a unit’s square footage listed as 0-499 square feet, for example). If homebuyers aren’t paying attention, they may assume a unit is larger than it is, or that the exact square footage falls somewhere in the middle of the range, which isn’t always the case. 

Even if there is an exact square footage listed, it could be an estimate, and it’s not always clear whether it includes additional outdoor space, such as a balcony or terrace, or only encompasses the indoor living area.

3. Room Count/Layout

Condos with a bedroom and a den may be listed as 1+1, but it’s not always clear what constitutes a den. In Ontario, there’s no formal definition. A den can range from a windowless room with a door to a nook in a hallway. Consulting images can help you make sense of what type of den is featured in a listing, but it’s not a foolproof method.

4. Pictures

When viewing condo listing photos, buyers may get the impression that a unit is bigger than it is. Photos taken with a fish-eye lens can give the appearance of a larger space, as can certain staging tricks, such as including lots of mirrors in a smaller living space. Checking to see if the listing includes a floorplan can help buyers gain perspective.

It’s not uncommon for sellers to include photos of the common living elements, such as the lobby, and amenities, such as a pool, gym, or party room, alongside pictures of the unit itself. When skimming through the photos, buyers may also confuse amenity space for what’s included in their unit.