HomeProof.com, a web-based tool that recently launched, enables consumers to get an instant home valuation report, leveraging data from the Municipal Property Assessment Corporation (MPAC) among other sources.
Consumers can choose a free sponsored home valuation report that allows them to choose a sponsor, including real estate salespeople, insurance providers or mortgage brokers, to assist with a potential upcoming real estate transaction. If a sponsored version is not preferred the report can be provided for a fee (currently $79), and is not connected to any third party.
“As a homeowner, when it’s time to buy or sell, not knowing what your home is worth can cause a great deal of stress,” says James Hayes, CEO and co-founder of Mobials Inc., which created HomeProof. “The benchmark value we provide takes the stress out of the initial stage of any real estate transaction – getting the valuation. HomeProof is a direct channel to the value of your home.”
The report includes information such as property address, real-time value, valuation date, upper confidence limit, lower confidence limit, year built, frontage, depth, site area, property type and description, square footage range, total finished basement area, number of bedrooms, number of bathrooms and other detailed property information on the property. It supplies up to three comparable properties that have recently sold within the neighbourhood. Data is refreshed in the HomeProof report weekly in Ontario and monthly in other markets.
Lee Taylor, MPAC’s VP of business development, says, “In this partnership, we have mutually created a means to put accurate, real-time values directly into the hands of consumers at the critical time of buying or selling their homes,” says Taylor.
The initial phase of the launch covers markets in Canada where MPAC operates, including all of Ontario, British Columbia and other major markets such as Calgary, Winnipeg, Montreal and Quebec City. Plans are to grow the program to more jurisdictions early in the New Year, the company says. The service is available in both French and English.