Assessing the value of your home
4 key factors affecting the value of your home
- Location of your home
- Size, age and condition of your property, including any renovations or updates
- The housing market
- The economy and interest rates
Estimate your home’s current value
Here are 2 ways to help you estimate the value of your home:
- Talk to real estateEstate The total sum of money and property you leave behind when you die.+ read full definition agents – They may estimate its value for free and should be able to tell you what other homes in your area have sold for.
- Pay an appraiser – Ask your bank or real estate agent to recommend someone.
Estimate your home’s future value
Find out how house prices in your area have changed over the years.
This table shows the change in house and condo prices in 12 Canadian cities from 1990 to 2010. Note that these figures include a sharp rise in prices in the last few years, but there’s no guarantee what housing prices will do.
|City||Price, 1990||Price, 2010||Compound yearly growth rate|
|Source: Canadian Real Estate Association|
Do your research
Use this investment calculator to estimate the future value of your home. Also, check out current house prices in major Canadian cities.
Your home’s value is affected by:
- its location
- its size, age and condition
- the housing market
- the economy and interest rates.
The average yearly growth of house and condo prices in major Canadian cities was 4.6% from 1990 to 2010.
Source : Canadian Real Estate Association
You may also like…