HonestDoor Price

The HonestDoor Price Accuracy

2021-04-28 · Your HonestDoor Team 3 min read



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An instant, free, real-time value of your property – the HonestDoor Price is the most accurate home valuation in Canada.

Most of our users love it because it’s one of the only ways to understand an estimated value of your home today. No need to go through a tool with 10+ questions – our HonestDoor Price is instant and considers millions of data points. There are many factors that go into the price of a home; certainly, what is inside the home is crucial, but so is the proximity to schools, grocery stores, land size relative to neighbour’s, sales in the neighbourhood, and so many more data points that we have.

Importantly, it’s totally free, no strings attached.

We’ve looked at the HonestDoor Price and compared it to others in the market (Canada and US). Our industry looks at the “median error rate” for on-market homes – if you can recall from your middle school years, the median is the middle value of the all the numbers if they were lined up in ascending order. Remember, median does not equal mean/average!

For over 3.5M residential properties, the overall HonestDoor Price median error rate is 1.8%. For comparison purposes, Zillow’s Zestimate has a median error rate of 1.9% and Redfin’s Estimate is 2.19%. This means that when a home that is currently on the market (for sale) sells, the HonestDoor Price will be within 1.8% of the sales price half of the time.

The median error rate for off-market homes (ones that are not listed for sale) is more challenging to calculate. As a result, each company does it a little bit differently, so comparisons are trickier. Importantly, we have more data points for properties that are for sale.

If your property is not for sale, the more data points we have on it the more accurate our HonestDoor Price will be! That’s why thousands of our users have submitted information about their homes – like kitchen renovations, updates to the bathrooms, new flooring or windows, etc.

Questions? Email us at info@honestdoor.com.

Yours truly,

HonestDoor

Your Real Estate Starting Point

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REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.

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REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.


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