Methodology
How home value estimates work — and where they stop
An online home value estimate compares your home with recent nearby sales. It is a useful starting point, but it can't see inside your home, so it comes as a range and should be checked by a RECO-registered agent who can. Here is how Summitly's estimate works, how it differs from an agent's CMA, an appraisal and your MPAC assessment, and when to rely on each.
Summit Estimate
12 Example Crescent, Vaughan
$1,184,000
- Similar sales used
- 8 nearby
- Range
- Medium width
Coldwell Banker Summit Realty, Brokerage (905) 553-8500
The method
How Summitly's estimate is calculated
You enter an address and the basics the model uses: property type, bedrooms, bathrooms, approximate size and age.
The model looks at recent MLS® sales near the address and weighs the most similar homes most heavily.
It returns an estimate and, where the data supports one, a low–high range. A wider range means less certainty.
If there aren't enough similar sales, or the address can't be matched, we say so rather than show a number — and offer a review by a local agent.
Why there's no accuracy percentage
We don't publish an accuracy percentage: accuracy varies with how many similar homes sold recently near you, so a single headline figure would mislead. The estimate is not an appraisal, not a CMA, and not an offer to buy.
Know the difference
Estimate, CMA, appraisal or MPAC assessment?
| What | Who prepares it | Based on | Best used for |
|---|---|---|---|
| Automated estimate (AVM) | An automated statistical model; Zara, our AI assistant, explains the result | Your address, the details you enter, and recent MLS® sales nearby | A quick, free starting point. It can't see condition, finishes, views or recent work. |
| Comparative market analysis (CMA) | A licensed real estate agent | Hand-picked comparable sales and active competition, adjusted for your home's features | Setting a list price or deciding whether to sell. Free, no obligation. |
| Appraisal | An accredited appraiser (for example AACI or Canadian Residential Appraiser designation, Appraisal Institute of Canada) | An inspection plus comparable sales, following professional standards | Usually ordered by a lender for a mortgage, or for estates and legal matters. Paid. |
| MPAC assessed value | Municipal Property Assessment Corporation | Mass appraisal as of a legislated valuation date. Ontario has frozen assessments at January 1, 2016 values while the province-wide reassessment is postponed (MPAC, 2026 tax year). | Property tax. It is not today's sale price and can differ from it substantially. |
Where it stops
When an automated estimate is least reliable
In any of these cases, ask for a free review by a local agent.
Book a free agent reviewFewer comparable sales mean a wider range. Rural properties, waterfront, luxury homes, multi-unit buildings and cottages often have too few recent similar sales for a reliable automated figure.
New builds and recently renovated homes are hard to value automatically: the model sees the address and size, not the new kitchen or the finished basement.
Condo units vary by floor, view, exposure, parking and locker, and maintenance fees — details an address alone doesn't capture.
Sold prices lag the market. In a fast-moving market an estimate built on the last few months of sales can trail current conditions.
Wrong inputs mean a wrong estimate. Size in particular moves the number; check it against an old listing, floor plan or MPAC's AboutMyProperty.
Glossary
Terms used on our market pages
- Asking price vs sold price
- Asking (list) price is what a seller hopes for. Sold price is what a buyer actually paid, and is what valuations rely on. In Ontario, sold prices are only shown where board rules allow.
- Average vs median
- The average adds every sale and divides; one very expensive sale pulls it up. The median is the middle sale, so it is usually the better guide to a typical home.
- Days on market
- How long listings took to sell. Shorter usually means stronger demand, but it also varies by season and property type.
- Months of inventory
- Active listings divided by sales per month. Low figures suggest a seller's market, high figures a buyer's market. We only label a market when both numbers are available.
If you decide to sell
Next steps in selling your home with Summitly
Pairing you with an agent
A licensed Coldwell Banker Summit Realty agent will be with you every step of the way in your home selling journey.
Preparing your property
Your Coldwell Banker Summit Realty agent, matched through Summitly, will guide you through preparing your property for sale, Your agent will guide you through preparing your home for sale, with photography and, where your home calls for it, staging, floor plans or a virtual tour.
Reviewing offers
When the time comes, your agent will review the details of all offers with you, including the closing date, price, financing and other conditions.
Our benefits
Why sell with us
Our seasoned team excels in real estate with years of successful market navigation, offering informed decisions and optimal results.
We will market your home
A marketing plan built for your home, with professional photography and a listing on the MLS® System and REALTOR.ca.
We negotiate offers
We pride ourselves on crafting personalized strategies to match your unique goals, ensuring a seamless real estate journey.
Commission agreed in writing: your listing costs are set out in your listing agreement before anything goes on the market.
Transparency is key in our client relationships. We prioritize clear communication and ethical practices, fostering trust and reliability throughout.
General information only — not legal, tax, lending or appraisal advice. Summitly is operated by Coldwell Banker Summit Realty, Brokerage.
Coldwell Banker Summit Realty, Brokerage (905) 553-8500
Updated October 7, 2026 · Coldwell Banker Summit Realty, Brokerage
Reviewed by Waqar Afzal, Broker of Record ·
Brokerage services, representation, fees and disclosures. Mortgage, tax and legal information links to official sources and requires advice from the appropriate professional.
An estimate, a CMA and an appraisal
Zara explains the automated estimate. An agent’s comparative market analysis adds nearby comparables, the home’s condition and local competition. A lender may require a separate accredited appraisal.
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