Sometimes, before someone lists a property with me, they need to get a sense of the appropriate range of potential values for their property without going through a formal, extensive appraisal process with a Certified Residential Appraiser.
According to the Canadian Real Estate Association, an Opinion of Value is:
As a Realtor® and Broker, I can provide an Opinion of Value, which is a review of sales and property data for similar properties in your area. As part of the Realtor® Code of Conduct, we are prohibited from providing Opinion of Value on properties in which we have financial interests, where we lack the appropriate technical skills and the fee charged for the OPV has nothing to do with the actual value of the property.
If you hired me to do an OPV on your property, I would meet with you, review your property and, after I finish my research, I would provide you with a letter and a summary of my market research. From this, you can set an asking price for your property. For most Opinions of Value (OPV), I charge approximately $300. You can book an OPV with me online, over the phone or by clicking the button below.
An OPV is different than a formal appraisal, which is typically much more expensive and often required by mortgage lenders. The Toronto Star had a great article by a RECO expert on the difference between an appraisal and an OPV.
Glad I could help clarify another real estate mystery!
Speak with you soon,