Pricing a condo to sell in London, Ontario isn't about what you think it's worth, what you paid for it, or what your insurance replacement value says. It's about what a reasonable, qualified buyer will pay in today's market, compared to every other apartment or townhouse condo they're also considering. A condo without a buyer has no value in the marketplace — regardless of what it means to you personally, or what your banker, appraiser, or anyone else who isn't writing you a cheque thinks about it. Ty Lacroix, Broker at The Envelope Real Estate Group, has spent 24 years helping London condo sellers price their homes correctly the first time — because getting it right on day one determines everything that follows.
Pricing a condo to sell in London, Ontario shouldn't be a mystery. It's not about what you think your unit is worth. It's about what a reasonable buyer will think it's worth — and what they'll actually pay.
You might be thinking: "If I left it to the buyer, they'd pay as little as possible." True. But here's the reality: every buyer knows you're not obligated to sell at any price. To purchase your condo, a buyer has to make you an offer you can't or won't refuse — one that motivates you to pack, hire a mover, wave goodbye, and sayonara.
Successful condo sellers understand that a broker's responsibility is to provide marketing, honest, data-backed advice, and negotiation skills. Your broker doesn't own your property and doesn't make the final pricing decision. You do. And your asking price will ultimately determine how quickly your condo sells — and for how much.
The Mistakes That Cost Condo Sellers Money
The most common pricing mistakes — made by sellers and, frankly, by some agents — fall into three categories.
Listing at an unrealistic price without comparing properly. Your condo may genuinely be different from others in the building or the neighbourhood. The question isn't whether you think so — it's whether a buyer will, and whether they'll pay a premium to reflect that difference. If the answer isn't clearly yes, the price needs to reflect the comparables.
Not knowing whether it's a buyer's or seller's market. Pricing strategy isn't the same in both. In a buyer's market with five months of inventory, buyers have options and the patience to wait. In a tighter market, the same price might generate immediate competing offers. Knowing which market you're in changes everything about how you position the listing from day one.
Underestimating how thoroughly buyers compare. Buyers in London's condo market are comparing your unit, on a dollar-for-dollar basis, against every other apartment or townhouse condo currently available. They're doing it online, before they ever book a showing. If your price doesn't hold up against what else is available for the same money, most of them won't even get out of the car.
What Doesn't Determine Your Condo's Value
Many sellers cite numbers that seem meaningful but have no bearing on what a buyer will pay.
Your insurance replacement value — what it would cost to rebuild the unit — is not what a buyer pays. Your appraised value reflects a specific methodology at a specific moment and may or may not align with open-market conditions. Your municipal tax assessment is a government calculation with its own formula, updated on its own schedule, for its own purposes.
Unless your insurance agent, banker, or tax assessor is writing you a cheque, none of those numbers matter.
A condo without a buyer has no value in the marketplace. It may have value to you — deep, personal, sentimental value. It may have value to your banker, your appraiser, Uncle Bob, your bridge club, or your friends at work.
None of those are buyers.
The value of your condo is determined by what a ready, willing, and able buyer will pay in today's market, based on recent sales of comparable units. That's the number worth building your strategy around.
Want to know what your condo is actually worth in today's London market — not just what you hope? Reach out for a private conversation — no pressure, no pitch.
For the complete condo selling framework:
