Published 27 September 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
Widen the search, then adjust. Look at sales of the same unit type in the two or three most similar nearby buildings (similar age, height, amenities and fees) over the last six months, then adjust each sale for floor, view, size, parking, locker and condition, and for any difference in maintenance fees. Add two cross-checks: what similar units in your building have leased for recently, and which nearby listings expired without selling, which shows you the ceiling. Do not lean on a single price per square foot: TRREB does not publish one at community level, and the figures that circulate online mix very different buildings. The result is a defensible range, and the price you list at should sit inside it with an eye on what is actively for sale.
Why a building goes quiet
Plenty of buildings have months with no sales. Small boutique buildings may only have a handful of units change hands a year; in a slow market, owners who do not have to sell simply wait. In August 2026 TRREB recorded 1,330 condo apartment sales across its whole area against 7,882 active listings, so even busy districts had many buildings with nothing new on the record. That does not make your unit impossible to price. It means the comparable evidence has to come from a little further away and be adjusted more carefully.
Step 1: choose the right neighbouring buildings
Not every nearby tower is a fair comparison. Pick buildings that a buyer shopping for your unit would also tour. The match that matters most, in order:
- Age and construction quality. A 2008 building and a 2022 building on the same street attract different buyers and carry different fees.
- Maintenance fees per square foot. Buyers compare monthly cost, and lenders count half the fee against a buyer’s borrowing, so a building with much higher fees sells for less for the same layout.
- Amenities and management. Concierge, gym, pool and the reputation of the property manager.
- Location within the neighbourhood. Walking distance to transit, the lake or the main street, and noise from highways or rail.
Two or three well-matched buildings beat ten loosely matched ones. Our building sold report and the condo directory help you find them.
Step 2: adjust each sale to your unit
Once you have the sales, adjust each one for the differences between that unit and yours. The adjustments buyers and their agents check first:
| Difference | Which way it moves your price |
|---|---|
| Size (interior square feet) | More space adds value, but not in straight proportion: the extra 100 square feet in a two-bedroom is worth less per foot than the first 500 |
| Floor and view | Higher and unobstructed adds; low floors facing another tower or a highway subtract |
| Parking and locker | A unit with owned parking competes with a different buyer pool from one without |
| Condition | Updated kitchen, bathrooms and flooring add; original finishes subtract |
| Maintenance fees | Higher monthly fees subtract, because buyers and lenders both count them |
| Timing | A sale from six months ago needs adjusting for how the market has moved since; in the 905 region condo averages were 7.6 percent lower in August 2026 than a year earlier |
Write each adjustment down. A price you can explain line by line is one a buyer’s agent can accept.
Step 3: use leases and expired listings as cross-checks
Two sources of evidence are underused. Recent leases in your own building show what the unit type is worth to tenants, and therefore to investors, who are a large share of condo buyers. If a unit like yours leased for $2,500 last month, an investor will do the arithmetic on that rent. Expired and terminated listings show where the market said no. If three similar units in the area sat at $700,000 and came off without selling, $700,000 is above the market for that layout, whatever the online estimate says.
Active listings matter too, but as competition rather than evidence. Asking prices are what sellers hope for; in August 2026 GTA condo apartments sold for 96 percent of their final list price on average.
Why price per square foot is a trap
Price per square foot sounds precise, and it is the first number many sellers reach for when there are no sales in their building. TRREB does not publish price per square foot at community level, and the figures that circulate online average together buildings of very different age, quality and fees. Used on its own it will overprice small units and underprice large ones, because buyers pay a premium for the first few hundred square feet and much less for each extra one. Use it only to compare units within the same, well-matched set of buildings, never as a city-wide rule.
Step 4: set the price with the competition in view
Your adjusted sales give you a range. Where you list inside it depends on what else is for sale. If two similar units nearby are listed and priced sensibly, pricing at or slightly below the better of them draws the buyers who have already toured both. If there is nothing else, you have more room, but not unlimited room: the first two weeks bring the most attention, and a unit that sits for a month invites low offers. See when to lower your asking price if the first weeks are quiet.
Two tools help here: the AI condo value estimator below gives you a range in about a minute, and the net proceeds calculator turns any price into what actually lands in your account.
Where I fit
Pricing a unit in a quiet building is where local knowledge matters most, because the adjustments are judgement, not arithmetic. Run the estimator below, then book a call; I will show you which buildings I would compare yours with and why.
Free tool — AI condo value estimator
Condo Valuation
What’s your condo
worth today?
Three quick steps. Condos don’t price like houses — your floor, your view, and whether you own parking move the number more than anything else. This weighs all of them.
Reading recent condo sales…
Estimated market value
—
$0–$0
Most likely $0 · about $0 per square foot
What moved the number
Starting from what comparable units in your area sell for, here’s what your specifics added or subtracted.
Market context
—
—
Two units, same floor plan,
$90,000 apart.
That happens constantly in condos — one has the parking, the right exposure, or a board that keeps the reserve fund healthy. A model can’t see your status certificate. I can.
What is a condo worth in your area?
August 2026 prices by city and district: Etobicoke · North York · Scarborough · Downtown Toronto · Midtown Toronto · Liberty Village / King West · Markham · Richmond Hill · Oakville · Burlington · Milton · Brampton · Pickering / Ajax · Whitby / Oshawa · Mississauga · Vaughan. Or run the AI condo value estimator for a range on your own unit.
Frequently asked questions
How do I price my condo if nothing in my building has sold?
Use recent sales of the same unit type in the two or three most similar nearby buildings, adjust each for floor, view, size, parking, condition and fees, then cross-check against recent leases in your building and nearby listings that expired unsold.
How far back should I look for comparable sales?
Three to six months where possible. Older sales need adjusting for market movement; condo averages in TRREB’s 905 region were 7.6 percent lower in August 2026 than a year earlier.
Can I use price per square foot to price my condo?
Only within a tight set of similar buildings. TRREB does not publish price per square foot at community level, and city-wide figures mix very different buildings, overpricing small units and underpricing large ones.
Do rental prices help me price my condo?
Yes. Investors are a large share of condo buyers and they price off the rent, so a recent lease of a similar unit in your building is a useful cross-check.
What if similar units are listed but not selling?
Those asking prices are above the market. Listings that expire or are withdrawn show the ceiling; price inside your adjusted range with them in mind.
Should I get a professional appraisal?
A lender’s appraiser will value the unit for the buyer’s mortgage anyway. For pricing a listing, a broker’s written comparative market analysis built from sold data is what most sellers use.
Sources
- TRREB — Market Watch, August 2026 — condominium apartment tables by region and municipality
- CMHC — Calculating GDS / TDS — 50% of condominium fees counted; 39% / 44% limits
Related reading
- What is a comparative market analysis (CMA)?
- How to find sold prices in Toronto
- Home appraisal vs home inspection in Ontario
- When to lower your asking price
About the author — Jatin Dua, Toronto and GTA real estate broker
I am Jatin Dua, Broker of Record and co-founder of RE/MAX Quantum Realty Inc., Brokerage, Unit 101, 799 The Queensway, Etobicoke. I work with buyers and sellers across Toronto and the GTA, and I have helped more than 100 families sell their condos. Four-plus years of active GTA transactions and over $100 million in sales volume. Every market figure here comes from TRREB’s published tables and every rule from the regulator or the legislation, so you can check all of it without asking me.
Reach me at connect@jatindua.com or 833-330-1925, or book a call.