Home Value Estimator
Wondering how much your home in Canada is worth? This free home value estimator can help!
There’s no doubt that home prices have climbed significantly in Canada over the years. If you were lucky enough to purchase your own home, it can be very satisfying to see just how much your investment is worth now.
Conversely, if you’re looking to sell your home, having a baseline understanding of what the value could be can also be very helpful.
Important: This estimator is used for informational purposes only and does not accurately depict the market value of your home. For a more accurate analysis of what your home is worth on the market today, please contact me for a free home value analysis.
Try the Home Value Estimator
How Much Have Homes Appreciated Changed in Canada?
If you’re not sure what percentage to plug in for the annual rate of return (aka appreciation), you should know that this varies quite a bit by region and city.
However, for broad information, sources like Canadian Money Saver have done the math and have calculated that the average home price has appreciated by 6% in Canada, year over year.
Some other markets like Toronto and Vancouver have been more volatile but have also grown slightly more aggressively with some sources saying those cities average about 7% annual appreciation.
You can also check out this post about London, Ontario or St. Thomas home prices.
Understanding Home Value: Beyond the Estimator
Your home’s value is dependent on more than just the average appreciation. When a realtor evaluates your home, they’ll look a number of other factors such as:
Condition of your home
Upgrades
Neighbourhood (demand, features and ammenities)
Recent comparable home sales
Market conditions
And much more.
How Much Home Equity Do I Have?
While home appreciation can be exciting, you may also be wondering how much of that increased value can be leveraged towards a home equity loan.
The truth is, that depends on your mortgage, your bank, and other financial aspects - so always connect with your bank or financial institution for the answer!
Generally speaking, most banks will only lend up to about 80 percent of your home’s value.
The formula looks something like: (your home’s current value * 0.8) - your mortgage balance = available equity
Example:
First calculate 80% of your home’s value (Current value = $700,000 x .8 = $560,000)
Then subtract what you owe on your mortgage: $560,000 - $250,000 = $310,000)
How Much Will I Make if I Sell My Home?
When you sell your home, how much you’ll get depends on the price you end up selling for, minus any fees for selling (e.g. you can calculate average realtor fees here) and of course, account for any outstanding mortgage amounts that need to be paid.
Example:
Home sale price = $700,000 - outstanding mortgage $250,000 = $500,000
Minus realtor fees (5% realtor fees on 700,000 = $35,000)
Minus other costs of selling/moving (lawyer’s fees, moving trucks, staging, storage etc) = $20,000
= $440,000 net
**Examples are for informational purposes only**
Home Value Below What You’d Hoped? Don’t Despair
If your home value estimate is below what you’d hoped, know that this calculator is just for informational purposes and only and may not reflect the true market value of your home.
For an accurate assessment of home value, always contact a trusted realtor.
Looking for a realtor?
Contact me at any time to have a no obligation chat. I’d love to help.