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Estimating the Market Value of Your Home

Most real estate professionals will offer an estimated market value of your home or property when creating a listing contract. After all, you need to set a listing price. But it’s important to understand this is NOT a professional appraisal of your home. Only licensed real estate appraisers are permitted to professionally appraise your home.

What is a Comparative Market Analysis?

A Comparative Market Analysis (CMA) is a method real estate professionals use to estimate the value of residential properties, which helps sellers set a listing price for their property. CMAs examine the prices at which similar properties in the same area have recently sold.

The report you are given must include a statement indicating:

  • the purpose of the report
  • that a real estate appraiser with a license from the Real Estate Council of Alberta (RECA) did NOT prepare this report
  • that it is NOT a real estate appraisal report
  • that no one should refer to or rely on the report as an appraisal report
  • that the report does not comply with RECA appraisal standards
  • that the report must not be used for financing, civil proceedings, income tax purposes, or financial reporting purposes

CMAs must only provide a range of value for the property, not an exact value. As a seller, the purpose of a comparative market analysis is to help you make a decision on how to price your property for sale or rent. You would then use the CMA’s range of value to set a listing price for your property. You cannot use the CMA to obtain mortgage financing for a property.


If you would like a FREE market evaluation of your home, please contact our office!!

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.