How To Value A Home In Canada

Are you looking to move? Learn how to estimate your home’s value and sell with confidence. 

A home’s value is how much it is worth in the current market. This value is based on various factors and can change over time. The property’s unique features, its location, and the national economy can all impact a home’s worth.

Why should I know my home’s value? 

Your home is likely your biggest financial asset. Finding out what it is worth can help you get a better understanding of your overall financial health. If you are planning to move, you can base the list price of your current property on its estimated value and attract buyers quicker. Knowing your home’s value can also give you an idea of your net worth and help you plan for the various costs associated with moving.

Understand your options

It is important to know what factors can impact your home’s value in case you can and want to adjust them. For example, if your home’s worth is negatively affected by outdated features or the lack of an extension, you may want to consider renovating certain areas to increase the value.

Sell with confidence

Understanding your home’s value can help you be more confident in your sale Although the value of some features may be subjective, knowing the underlying value of your home can help you sell within a reasonable price range and reach a price that satisfies all parties.

Plan your move

Thinking of buying a new home? Estimating the value of your current property can give you a better idea of when and where to move. For example, if you know how much you can get from the sale of your current home, you can start looking for new properties within that price range. Similarly, if your home is worth less than you expected, you can take time to improve features that increase the property’s overall value and move at a more opportune moment. 

How to Value Your Home

Homeowners have the option to hire real estate professionals to estimate the value of their homes or use data-driven online tools for efficient results. Alternatively, owners can use public information to calculate a property’s worth, such as local sale prices and national averages. Properly uses national data to estimate the value of properties across the country. Homeowners can type in their address and get an estimate within minutes.

What impacts the value of my home?

A property’s value is influenced by a variety of factors, such as location, unique features, and timing. You can manage the sale of your home with confidence by learning how to calculate its worth.

  • Location – Look at similar homes in your neighbourhood or surrounding counties to gauge the price of comparable properties. Homes that have the same number of bedrooms, the same square footage, or are the same distance to popular transport routes may fetch a similar price on the market.  
  • Unique Features – A large garden, newly renovated kitchen, or vintage features may raise your home’s value above the average sale price in that area. 
  • Timing –  Canada is currently considered a seller’s market. This happens when there are more buyers than homes on the market. These conditions change throughout the year and can fluctuate based on national economic trends.

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