Toronto-based real estate brokerage Properly, which expanded into the Vancouver and Fraser Valley region earlier this year, now enables locals to use a free tool leveraging proprietary artificial intelligence to give residents the current market value for any home—not just the ones that are listed for sale.
The tool, dubbed Instant Estimate, shows how hot Vancouver’s market has been recently, with some neighbourhoods such as Hastings Sunrise and Renfrew seeing appreciation north of 30%, according to a report from Properly.
In terms of suburbs, the cities of Squamish (40%), North Vancouver (27%), Burnaby (29%), and Richmond (25%) all saw notably rises, Properly’s report reveals.
“The last two years have been record-breaking in the Vancouver real estate market,” Ariane Benjamin, a Vancouver-based Properly Real Estate Agent, said. “It’s true that many decided to leave the downtown core for bigger lots further away from the city, but many parts of Vancouver Proper still saw impressive home value growth since the beginning of the pandemic.”
Properly claims that Instant Estimate is “the most accurate free home valuation tool in Canada” because its AI considers several factors in the specific home, local market, and broader economy.
“With the rebalancing of the market that’s taking place now, home values are sure to shift yet again, which is why it’s important to stay on top of how much your home is worth,” Benjamin noted.