The Renavu Estimate is our estimate of what a home would sell for today. It is an estimate, not an appraisal, and every one is labelled with how confident we are in it.
What it's based on
Where there are enough recent sales of similar homes nearby, we compare the home with them. Each sale is adjusted for differences such as size, bedrooms, lot and the time since it sold, and the closest matches count the most. That gives a range; the middle of the range is the most likely figure.
Where there aren't enough close sales, we blend the typical price of the comparable sales we do have with the TRREB MLS® Home Price Index benchmark for the area and the home's style, and show a single figure rather than a range. With very few sales, the benchmark for the area and style is the starting point.
What the confidence means
Confidence reflects how many close comparable sales there are and how much they agree. A wider range means fewer, or more varied, sales.
On homes for sale
On a listing, the card shows how the asking price compares with our estimate. On a home that is already listed, the estimate takes the asking price into account, so small differences are noise. We don't show an estimate at all when it is far from the asking price, because that usually means the home is unusual in a way the data can't see.
What it can't see
It can't see inside a home: finishes, recent work, lot, view and the exact street all matter. For your own home, the questions on the home value page make it more specific, and an agent visit confirms it.
Sold data from TRREB via PropTx. Individual sales are shown only to members who have accepted the board's terms. The Renavu Estimate is general information, not an appraisal, and not financial advice.