When Condominiums Apartment Listings Are Misleading
LOC CHAU / MONTREALHOME.COM
Montrealhome Real Estate
By LOC CHAU
Montrealhome Real Estate is a weekly column that answers questions from across the Montreal region.
Guarding Against Inaccuracies.
During your search to buy an apartment, you will come across many misleading listings on websites. Many studios were listed as one-bedrooms. And even some one-bedrooms were listed as two-bedrooms. The square footage was frequently incorrect, with different numbers on different websites. Common charges and taxes cited were also unreliable. Are there regulations against such poor standards?
Nuns’ Island, Montreal
“Welcome to Montreal real estate”. Apartments that go into contract with Montreal real estate brokers are on the Quebec Centris system.The condominiums boom since 2000 brought many changes to record property listing on the system. Living space area and total area square feet are introduced. A lot of common sense is to use living space as a measurement but to make resales comparable to newly built condominiums,total area space is used instead. All construction blueprints are using metric system but buyers and sellers are still used to the imperial measurements, so square foot and square meter are used.
To make things even more confusing, smaller units sometimes have bedroom without window. And then, of course, one person’s studio is another’s one-bedroom.
How do you compare without losing your head. A good way is to sort the price, the living space measurements, the price per square foot and to come out with an average price per square foot.
A better way to compare condominiums – city assessment
City assessment on properties listings are accurate but not always. Divide the city assessment by the condominium area size and you have a ratio. Use several properties listings to calculate the average ratio which can be applied to calculate if a property is selling higher or lower than the average.