A new online system is now allowing homeowners in the Tri-Cities to see the current market value of their property — Properly.
The real estate brokerage of the same name launched its free home-appreciation program on May 25, known as Instant Estimate.
As defined, home appreciation is related to a house or investment property that increases in value over a certain period of time.
According to Properly, it uses proprietary artificial intelligence technology to gather data and publish the value of any home in Metro Vancouver, including those both occupied and up for sale.
This includes homes in Coquitlam, Port Coquitlam and Port Moody.
Combined, a 36 per cent average appreciation increase was calculated for the Tri-Cities:
- Port Coquitlam = 37 per cent
- Port Moody = 36 per cent
- Coquitlam = 34 per cent
The data is collected by comparing the sold prices of regional homes from July to December 2020 — when real estate activity was most active that year — with their current estimated price.
Surprisingly, Properly states the median price for a home in Metro Vancouver in 2020 was roughly $730,000 before jumping to $865,000 in 2022.
Other regional municipalities with the highest home appreciation increases in the last two years are as follows:
- Surrey = 52 per cent
- Maple Ridge = 49 per cent
- Squamish = 40 per cent
- Ladner = 40 per cent
- Pitt Meadows = 39 per cent
- Tsawwassen = 34 per cent
So, how does it work?
If you wish to see your home appreciation value, property owners are encouraged to create an account with Properly.
After they enter their address, the company then populates the home's value.
Properly says if results don't immediately populate, click "add home facts" to help generate an Instant Estimate.
For more information, you can visit Properly's website.