Is it a good deal? Here's how we rate every home's price.
Short answer: homes for sale on Summitly get one of five ratings, from Excellent Deal to Well Above Market, when there are enough recent sales to rate them. Zara, our AI virtual agent, compares the asking price with her estimate of what the home is worth, built from recent sales in the city.
Asking below the estimated value of similar homes nearby.
Rule: 3% to 10% below Zara's estimate
The five ratings
Worked out from the gap between the asking price and Zara's estimate: (asking − estimate) ÷ estimate.
- Excellent Deal
Asking well below what Zara estimates the home is worth. Rare, and worth a fast look.
10% or more below Zara's estimate - Good Deal
Asking below the estimated value of similar homes nearby.
3% to 10% below Zara's estimate - Fair Price
Asking in line with the estimate. Typical for the area.
Within 3% below to 5% above Zara's estimate - Above Market
Asking above the estimate. There may be room to negotiate, so check the comparable sales.
5% to 15% above Zara's estimate - Well Above Market
Asking well above the estimate. The home may have features the data can’t see, so compare recent sales before you offer.
15% or more above Zara's estimate
“Fair” allows a little more room above the estimate than below: asking prices in most markets sit slightly above what homes finally sell for.
How Zara rates a home
- 1
Recent sales
Zara takes the city's sold prices per square foot over the last six months. Fewer than 5 sales with a known size: no estimate.
- 2
This home's size
The average is multiplied by the home's square footage from the listing. No size on the listing: no rating.
- 3
The gap
The asking price is compared with that estimate, as a percentage.
- 4
The rating
The gap falls in one of five bands. The badge shows how many sales the estimate is built on.
Worked example (illustrative): a home listed at $1,249,000 with an estimate of $1,318,000 is $69,000, or 5.2%, below the estimate. That falls in the 3% to 10% band, so it is rated a Good Deal.
How close are the estimates to real sale prices? We test them against homes that sold, using only data from before each sale. See how accurate Zara's estimates are.
What a rating is, and isn't
- It is a quick read on the asking price against recent sales in the city.
- It is worked out the same way on every listing page.
- It isn't an appraisal or advice. It can't see condition, renovations, views or the street.
- It isn't shown on rentals, sold or ended listings, assignments or pre-construction.
- It isn't shown when the seller has turned automated estimates off.
The badge on every listing
Listings show the rating, the number of sales behind it, and an ⓘ that opens the full scale. The dollar estimate is behind a free sign-in.
Rules we follow
The deal rating is public. Zara's dollar estimate and the sold prices behind it come from MLS® sold data, which TRREB's Virtual Office Website (VOW) rules let us show only to signed-in, registered users, so you sign in free to see them. Listing information is provided under licence from the Toronto Regional Real Estate Board (TRREB) through its MLS® System and is deemed reliable but not guaranteed.
Disclaimer
A deal rating is an automated opinion that compares a home's asking price with an estimate built from recent sales. It is not an appraisal, and not real estate, legal, mortgage or financial advice. Do your own research and speak with a licensed advisor before you make an offer.
Sellers can turn ratings off
A seller can ask their listing brokerage to switch off automated valuations for their listing. TRREB's feed then carries that choice, and we honour it everywhere: the listing shows no Zara estimate, no deal rating and no estimate report, and Zara won't put a value on the home in chat. The listing itself, its photos and booking a viewing stay the same.
The change reaches us with the next listing update. If a rating still shows, the listing brokerage can send us a correction with the form here.
Example
The seller has asked that no automated estimate or deal rating be shown for this home.
This is what an opted-out listing shows in place of the rating.
Questions about deal ratings
How do I know if a house is a good deal?
Check its deal rating first. A Good Deal is asking 3% to 10% below Zara's estimate, and an Excellent Deal is 10% or more below. Then look at the comparable sales on the listing, see the home in person, and speak with a licensed advisor before you make an offer.
How can I tell if a house is overpriced?
If the asking price is 5% to 15% above Zara's estimate, the home is rated Above Market; 15% or more above is Well Above Market. That doesn't make it a bad buy: it may have upgrades the data can't see. Open View comparables on the listing to see the sales behind the estimate.
What is Zara's estimate based on?
Zara is Summitly's AI virtual agent. Her estimate is the city's average sold price per square foot over the last six months, times the home's size. A home is only rated when its size is on the listing and at least 5 recent sales with a known size are behind the average; the badge says how many.
Why can't I see the dollar estimate?
Sign in free to see it. The deal rating is public, but the estimate and the sold prices behind it come from MLS® sold data, which TRREB's VOW rules let us show only to signed-in, registered users. An account is free.
Why does a home have no deal rating?
Only homes currently for sale with a size-based estimate are rated. Rentals, sold or ended listings, assignments and pre-construction are not, and neither is a home whose only estimate is a city-wide average — a rating built on that would rate the city, not the home.
Can a seller turn off the deal rating?
Yes. A seller can ask their listing brokerage to turn off automated valuations for the listing. TRREB's feed then marks it, and we show no estimate, no deal rating and no estimate report for that home, and Zara won't put a value on it. The change reaches us with the next listing update. If you're the listing brokerage and a rating still shows, use the correction form on this page.
Is a deal rating advice?
No. It is an automated opinion that compares two numbers. It is not an appraisal, and not real estate, legal, mortgage or financial advice. Do your own research and speak with a licensed advisor before you make an offer.
