Real Estate

Estimating value of house

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  • Oct 25th, 2021 4:27 pm
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[OP]
Newbie
Mar 8, 2009
16 posts
5 upvotes
Toronto

Estimating value of house

Are there any online websites where I can plug in a home address to find the true value of the house? Wanted to find out the value for our current house and then later on for our future house once we close in on one.
14 replies
Deal Addict
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Sep 4, 2005
3201 posts
1029 upvotes
Toronto
That being said, can this method be used to appraise a home if switching to/from personal use to a rental? What needs to be done for tax records for that?

Is that considered overkill for OP's research?
Member
Dec 5, 2016
262 posts
46 upvotes
HouseSigma.com has a decent estimator. Look for the SigmaEstimate section in the house details.
Deal Addict
Jan 12, 2017
1564 posts
914 upvotes
You'll find different sites have varying outcomes. I would look at a few different websites to get an idea of the range and draw your own conclusions.

IMO, HouseSigma seems to have an overly strong link to listed prices, resulting in a values that may be more reflective of sales if you were happy to wait 6 months or much longer to sell it. So... could be realistic depending on your needs, but probably not if you're looking to sell within a quarter.
Deal Fanatic
Dec 5, 2009
5740 posts
3568 upvotes
Lots of websites, including zolo, have algorithms to perform this magic. But I wouldn’t put too much stock into it especially with the market volatility we’re seeing. You are better off looking at recent comparable sold prices in the same area you are selling and buying.

This is also where a good agent can add value.

Another resource would be MPAC values on aboutmyproperty . You should get 100 free searches per year.

For homes sold data : definitive-guide-finding-homes-sold-prices-gta-2032883/
Deal Addict
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Nov 1, 2001
1150 posts
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Toronto
alucky17 wrote: HouseSigma.com has a decent estimator. Look for the SigmaEstimate section in the house details.
just checked out housesigma, it's great! i like the schools, growth, and rental summary. do I want a large growth number?
I like the summary of square footage
Deal Fanatic
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Oct 13, 2008
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Durham
hvefun wrote: Are there any online websites where I can plug in a home address to find the true value of the house? Wanted to find out the value for our current house and then later on for our future house once we close in on one.
Sorry buddy. There is NO TRUE VALUE of a property.

Go get yourself and appraiser ... they will appraise your property to be best they can.
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Deal Addict
Jan 15, 2017
4879 posts
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Ottawa
AV-Fishing wrote: Sorry buddy. There is NO TRUE VALUE of a property.

Go get yourself and appraiser ... they will appraise your property to be best they can.
I agree. There is no online system that will know what upgrades or renovations that you have done that could improve the value of your home. Get a professional appraisal.
Newbie
Mar 6, 2017
76 posts
83 upvotes
Toronto, ON
Also see this: http://listing.ca/
While it is true only an appraiser can give you the best possible numerical value I would not underestimate online tools either. Some of the smarter ones have a database of lot sizes, numbers of bedrooms, sales history etc. I think in case of my house the result is quite accurate. Assuming the house you are trying to appraise online is not a tear-down it should give you at least an approximate idea.
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Oct 9, 2008
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Thornhill
ThereAndBackAgain wrote: Also see this: http://listing.ca/
While it is true only an appraiser can give you the best possible numerical value I would not underestimate online tools either. Some of the smarter ones have a database of lot sizes, numbers of bedrooms, sales history etc. I think in case of my house the result is quite accurate. Assuming the house you are trying to appraise online is not a tear-down it should give you at least an approximate idea.
This website is terrible for estimating value. I see how it's algorithm works - all it has done was to keep track of the sold record amount ($1m for example in 2016) then it seems to follow the comparable year over year value trend but as soon as the house is listed for sale; regardless of whether it was sold or not, the new estimated value goes to whatever the listed price was but still keeps the year over year value trend factored in so you often see a dramatic 'hockey stick' trend line (new estimated value now $1,530,000 in 2017). I've checked against a few properties I'm very familiar with and their prices are way out of sync with reality.

It's funny though because from the website's' "how is the graph generated" it is completely opposite to its reality - "The graph and estimation represent a seasonally adjusted long term valuation trends and may not immediately reflect short term market fluctuations."

I would mirror a lot of people's suggestions to stick with HouseSigma instead, though it's not 100% it's at least a good estimate.
Newbie
Mar 6, 2017
76 posts
83 upvotes
Toronto, ON
Well, I've tried HouseSigma. It doesn't know the floor area of my house, it does not know how many bathrooms I have. It doesn't know I have a garage... I don't see how it can give a realistic estimate...
On the other hand I checked many properties in my current and former neighbourhood on listing.ca and although not 100% accurate I find it somewhat realistic. Perhaps it depends on the neighbourhood? I happen to live in a neighborhood that has kept the values rather well.

Another option - RBC customers can access house value estimator through their RBC online banking for free: http://www.rbcroyalbank.com/mortgages/
Last edited by ThereAndBackAgain on Feb 8th, 2018 10:07 am, edited 1 time in total.
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Oct 9, 2008
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Thornhill
ThereAndBackAgain wrote: Well, I've tried HouseSigma. It doesn't know the floor are of my house, it does not know how many bathrooms I have. It doesn't know I have a garage... I don't see how it can give a realistic estimate...
On the other hand I checked many properties in my current and former neighbourhood on listing.ca and although not 100% accurate I find it somewhat realistic. Perhaps it depends on the neighbourhood? I happen to live in a neighborhood that has kept the values rather well.

Another option - RBC customers can access house value estimator through their RBC online banking for free: http://www.rbcroyalbank.com/mortgages/
It maybe entirely dependent on neighbourhood between the different online estimators. Has your home been listed in a while? If not, it may have no information on the home at all.

Best to use any online estimator as a rough barometer at best.
Newbie
Mar 6, 2017
76 posts
83 upvotes
Toronto, ON
That's what I think. We moved in 2016, so the data is there.

Jeenyus1 wrote: It maybe entirely dependent on neighbourhood between the different online estimators. Has your home been listed in a while? If not, it may have no information on the home at all.

Best to use any online estimator as a rough barometer at best.
Sr. Member
Apr 20, 2011
742 posts
58 upvotes
Scarborough
Anyone know how HouseSigma (SigmaEstimate) bases its rental score on?
Deal Guru
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Mar 23, 2008
13003 posts
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Edmonton
dainfamous41 wrote: Anyone know how HouseSigma (SigmaEstimate) bases its rental score on?
You might want to start a new thread, rather than re-opening a 3 year old one. Just a suggestion.

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