Edmonton proptech startup HonestDoor today announced the nationwide expansion of its free digital appraisal service for residential properties.
Canadian homeowners can now find out what their property is worth, receive monthly updates on their HonestDoor Price, and update their property details to ensure the best valuation.
With its Automated Valuation Model (AVM) now available at no cost to consumers in every Canadian province and territory – for almost every property, including those that are not listed for sale – HonestDoor is now Canada’s largest publicly available online real estate database.
Having access to property values through HonestDoor provides consumers with an unbiased opinion, on the value of their own property or any other property from coast to coast.
The HonestDoor Price enables them to do their due diligence on a neighbourhood of interest and make informed decisions on a potential property sale or purchase. In addition, property values are one of several factors that are used to determine an individual’s net worth, and HonestDoor is making this information easily accessible.
“Other online real estate platforms only provide estimated values on homes listed for sale, which represents a fraction of the overall property market in Canada. In contrast, HonestDoor provides digital appraisals on practically every home across the country – both listed and off market,” says Daniel Belostotsky, co-founder and CEO of HonestDoor.
“We are pleased to be offering this service so that Canadians now have the value of any property at their fingertips. Plus, they can also subscribe to receive a monthly update on a property’s HonestDoor Price.”
Like a credit score, home values fluctuate based on several variable factors. This includes monthly sales data on properties in every neighbourhood, shifting trends around real estate supply and demand, assessment data, permits, and more.
HonestDoor leverages real estate data, machine learning, data science, and a growing team of data analysts to provide estimated property values that are updated monthly.
HonestDoor also receives thousands of submissions each month from consumers with updated facts on their properties. Homeowners submit details on enhancements made to their properties as they provide additional data that HonestDoor may not already have – such as renovations that increase a property’s value but don’t require permits.
“By enabling users to submit information that may increase the value of their property, HonestDoor now has the most detailed and unique dataset in the Canadian real estate market,” says Belostotsky.
As several Canadian banks and financial services companies are currently using or piloting HonestDoor for their own digital appraisals, consumer-submitted updates will play an increasingly important role as consumers renegotiate their mortgages or look to secure additional financing based on the equity they have in their homes.