Property estimates now public

Zoocasa.com is now giving public access to home appraisal values for free.

Carefully guarded data on home appraisal values – once the private preserve of real-estate industry insiders – has been posted by a listings website backed by Rogers Communications Inc., which has tapped private databases to give people an instant estimate of a property’s value.

That’s from an article over at the Globe and Mail where they go on to talk about how moves like this weakens the position of Real Estate agents who’ve used privileged access to market information to justify their commissions.

The argument against such a move has always been that it impinges on personal rights to privacy, which isn’t such a long shot when the president of Zoocasa pitches it as a fun way to find out the value of friends and neighbors houses.

By entering any address in the country and providing a few additional details, such as the number of bedrooms and bathrooms in a house, a user can get an instant price estimate. It can give them a better idea of what their own house is worth – or something to gossip about around the dinner table as they discuss the net worth of friends, family members and neighbours.

“That’s one of the fun things about this service,” says Butch Langlois, president of Zoocasa. “It’s not necessarily your own home that you are interested in pricing.”

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Inventory
Guest
Inventory

Richmond Condo sales for October

2004 = 62

2005 = 37

2006 = 15

2007 = 36

2008 = 44

2009 = 45

2010 = 28

2011 = 2 ***Oct 25, 2011

Sales of new condo's are down -92% compared to 2010 as of Oct 25, 2011

VMD
Guest
VMD

@Inventory:

Now that's dramatic.

All these numbers are New condo units right?

rp1
Guest
rp1

@Inventory: Relax, it's just a flesh wound.

patriotz
Member

"The argument against such a move has always been that it impinges on personal rights to privacy"

Which is complete nonsense, since land titles are legally public domain and all information on them, including purchase price and mortgage history, can be obtained for a small fee.

So are BC Assessment rolls, the difference being that the information is available for free.

jesse
Member

As for "privileged access" I agree the "privacy" angle never passed the smell test, despite Chipman's hilarious attempts to defend it (almost as funny as his defense of dual agency).

If sales prices are now "public domain" does that mean we can start a "flippersintrouble" blog?

I like Langois's angle. Gossip IS in the public interest. So I say!

Doc Brown
Guest
Doc Brown

@Inventory:

Great Scott Marty!

ckung
Guest
ckung
As a former real estate appraiser, beware that these "appraisal values" are derived from a formula which utilizes sales data as its inputs to arrive at a approximation in value which is very similar to how we get our Assessment values for our property taxes. At best, it is a rough approximation of your home's value because it does not take into account any recent updates and/or renovations to your home or any other features which may affect your home's value. "The estimates are based on data collected by Centract, an appraisal company owned by Brookfield Residential Property Services that has inspected more than 4 million Canadian homes on behalf of banks and other financial services companies in need of valuation data before writing mortgages." The value given is not specific to your home. It is useful in terms of… Read more »
Pacifica Partners
Member
Pacifica Partners

http://bit.ly/Canadian_Real_Estate

In response to positive feedback to our recently published "Canadian Real Estate Chart Book", we have published an enhanced version of the chart book consisting of 32 charts on the Canadian real estate market. To view, please visit the above link.

This chart book has been provided as an educational resource and has been made possible by: UBC's Sauder School of Business, Teranet-National Bank, Standard & Poor's, as well as Statistics Canada.

Troll
Guest
Troll

Interesting service with a goofy name "Zoopraisal", almost as good as de "Zestimate".

I tried it out and it came up with a reasonable number, but with a +/-15% range. So not sure how accurate it is. What would be infinitely more useful is public access to actual sales history.

Girlbear
Guest
Girlbear

This is nowhere near as good as Trulia or Zillow.

Zzzzzzzzzzz.

Oilman
Guest
Oilman

BC can't count on foreign people moving here anymore, as immigration is at a low ebb,and now we can't even count on people visiting here:

http://www.theglobeandmail.com/news/national/brit

I guess the new slogan is: "BC, you don't really gotta be here!"

gordholio
Member

More Canadian consumer doom, fresh off the press. All of this emphatically backs up bear claims, yet again, that RE prices are unthinkably deranged. Indeed, what thinking person can't see that RE prices are likely the root *cause* of so much middle-class poverty in this country?

Plunging consumer confidence:

http://online.wsj.com/article/BT-CO-20111026-7134

57% of Canadians have no "rainy day" fund (which of course is doubly hurtful in Wetcouver):

http://www.newswire.ca/en/story/865249/majority-o

anon
Guest
anon

Re: Inventory

Wow. And these are new apartments, many of which fall below the HST cutoff (525K)? Tells me that it's not the HST uncertainty, could something else be at play?

bobby
Guest
bobby

"57% of Canadians have no “rainy day” fund "

yup. welcome to neo-feudal system and debt serfdom in Canada.

uprising? neh..canadians are busy watching "dancing with the stars"

Anonymouse
Guest
Anonymouse

@Oilman:

"BC can’t count on foreign people moving here anymore, as immigration is at a low ebb"

It's not surprising, given the strength of the Canadian dollar right now. It's been at all-time highs against many currencies for a while now.

Anonymous
Guest
Anonymous

"Wow. And these are new apartments, many of which fall below the HST cutoff (525K)?"

there's an HST cut off? what does it cut off? units below are hst free? portion above hst free? above is HST free?

Best place on meth
Member
Active Member
Best place on meth

@Inventory:

>>>Sales of new condo’s are down -92% compared to 2010 as of Oct 25, 2011<<<

They'll have to cut prices and risk having their sales offices trashed.

Not much of a name...
Member
Not much of a name...

@Anonymous:

there’s an HST cut off? what does it cut off? units below are hst free? portion above hst free? above is HST free?

I bet you voted against the HST…blissful ignorance.

Best place on meth
Member
Active Member
Best place on meth

@Oilman:

>>>The slight reductions we have seen are nothing compared with what we’re seeing in the United States and Europe.”<<<

There's your new slogan:

"BC: We're not as bad as Europe".

anon
Guest
anon

Lower price means more govt tax rebates, i.e. lower price translates into less tax percentage-wise and hence the decisions to buy those properties should be less affected by the HST uncertainty

Anything above 525K only qualifies for 26K rebate only, which translates into higher tax %-wise

http://www.kylehislop.com/Blog.php/348

The rebate system that the government is using is fairly complex so I thought I’d use 4 examples to help illustrate. The HST is a combination of the Federal Portion Tax (5%) and the Provincial Portion Tax (7%). In their system there are different rebates thresholds. Under 350K is one. Between 350K-450K is another. Between 450K-525K is another. Finally anything above 525K is another.

Potential Buyer
Guest
Potential Buyer
So it's now been 2 months since I started looking at condo's, mostly in downtown, with my agent and after looking at around 50 units, it seems that in general, prices have been coming down. There are still some units that sell over asking but they are usually listed relatively cheap and are either in great locations or have great views. One interesting thing I realized is that a large chunk of all renters in downtown seems to be international students. It made me realize how much our economy may depend on them coming to study every year. I think I'm gonna wait till next year and see what happens as the sentiment in my company and others in and around downtown have been turning negative in the last few weeks. Anyways, just a hypothetical question I wanted to ask… Read more »
Anonymouse
Guest
Anonymouse

@Potential Buyer:

"after looking at around 50 units"

Your agent must love you 🙂

specialfx3000
Member
specialfx3000

@Potential Buyer:

I think the most speculative areas will hurt the most.. that includes Richmond, DT and Van West, West Van.

There are lots of accidental landlords out there accepting cash-flow negative as they bank on the eternal capital appreciation to continue.

Once a trend towards the negative gets established, watch out below.

specialfx3000
Member
specialfx3000

@Anonymouse:

Maybe he just went to every unit that is for sale in the flagship building. 🙂 http://www.6717000.com/flagship/listings/

Girlbear
Guest
Girlbear

@specialfx3000: Flagship listings shocking !

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