Ownwell’s home price estimates aren’t meant to replace appraisals or real estate expertise. Instead, our goal is to provide automated, real-time, data-driven estimates that are roughly accurate for most properties - delivered at an accessible price point.
Rather than aiming for absolute precision, our estimates are designed to spark meaningful conversations that help you and your realtor referral partners demonstrate value while helping homeowners make informed decisions. We also recognize the importance of home values and are continuously working to improve their accuracy.
This article answers the most common questions about how our home price estimates are generated.
What’s Ownwell’s Approach to Estimating Home Values?
When we started Ownwell, we spoke with the founder of Homebot, the highly successful U.S. company that inspired Ownwell. One of the biggest challenges they faced was with home price estimates. Even with Homebot's vast resources, and the US’ significantly more competitive market for real estate data, their home price estimates couldn't capture every nuance of a property. And even when the estimates were objectively accurate, homeowners sometimes still perceived them differently.
Their solution to this problem was to turn the challenge of meeting homeowner expectations for their home’s value into an opportunity for you to show value to your referral partners. Specifically, Homebot’s monthly report allows clients to request a Comparative Market Analysis (CMA) from a realtor. They turned the imperfection of automated estimates into an opportunity for mortgage professionals to collaborate with realtors, adding more value for clients. We’ve done the same at Ownwell.
Additionally, you can adjust the current price estimate yourself if you believe it’s off, and in the near future, client’s will be able to adjust the price estimate themselves.
Where Does Ownwell Get Its Home Price Estimates?
Ownwell’s home price estimates come from a trusted Canadian real estate data provider. This provider generates estimates using a combination of proprietary and licensed real estate data. The estimates are based on several factors, including:
The most recent verified real estate sales data in the property's neighbourhood.
The type of property (e.g., detached, condo, etc.).
The historical value recorded in the mortgage application or updated by you within Ownwell. (Learn how to modify the historical value below in "What Should I Do if I Think a Home Price Estimate Is Off").
These estimates are updated monthly to reflect the latest sales data, ensuring they remain as accurate and current as possible.
Limitations of Ownwell's Home Price Estimates
Automated estimates can’t match the precision of an appraisal or comparative market analysis (CMA) performed by a real estate expert. That’s the tradeoff of automation. While we strive for accuracy, some anomalies are unavoidable. Additionally, homeowners may have an optimistic view of their home’s value, and many publicly available estimates can be misleading. Here are some specific limitations to keep in mind:
Based on “Typical” Homes: Our estimates reflect trends for “typical” homes in a given area and may not capture trends for unique property types. For instance, while entry-level single-family detached homes may be in high demand, luxury homes in the same area might follow different market trends.
Dependent on Sales Data: Our model relies on historical, verified real estate sales data. In areas with few recent transactions, the estimates may be less precise, though we work to improve accuracy by applying broader regional trends.
Linked to Original Property Value: The estimate is based on the original value of the property, either from the mortgage application or user entry (e.g., purchase price or initial estimated value). If the original value was unusually high, the estimate might reflect a higher-than-current market value.
No Adjustments for Depreciation or Renovation: Our model does not currently factor in property depreciation or renovations, which could affect the home’s value.
Not Applicable to Certain Property Types: The model does not support raw land or mobile homes at this time.
What Should I Do if I Think a Home Price Estimate Is Off?
Verify the address and property type: the Google autocomplete function can sometimes make mistakes. Pay special attention to the postal code. Also, check the property type - detached, condo, etc. - as this has a big impact on the estimate.
Double check the historical value: If the property was purchased, the historical value is likely correct. For refinances or switch transfers, determine if the value is accurate. If not, consider updating it:
Use an appraised value if available.
Alternatively, use the original purchase price if you know it.
A tax assessment can also work, but keep in mind the date that the assessment would have taken place. For example, in BC, homeowners receive their tax assessment at the beginning of January, but the value was determined the previous August.
Important: Ensure the Historical Value Date Matches the Value
When updating a historical value, make sure the Historical Value Date aligns with the time the value was accurate. We support dates going back to January 2005.
The date doesn’t need to be exact, but it should be within a few months of the actual timeframe.
Any changes to the historical value, date, or property type will automatically refresh the home price estimate.
Adjusting the LTV and Understanding Property Value Updates
Note that edits to Historical Value in the Home form above won’t change the mortgage details; to adjust the Loan-to-Value (LTV) for an existing mortgage, you need to update the Mortgage Application Property Value in the Original Mortgage form.
Manually Adjusting the Current Estimated Value
If you believe the Current Estimated Value is still inaccurate after updating the Historical Property Value and Historical Value Date, you can manually adjust it:
Manually adjust the Current Estimated Value: you can manually adjust the value in Ownwell by clicking “edit” next to the home price in the header section. Future month’s price estimates will take this adjusted value into account.
Why Might There Be Larger-Than-Expected Month-to-Month Fluctuations in Home Value?
Our housing data provider continuously updates its model with new information to enhance accuracy. These updates can occasionally result in noticeable month-to-month changes as the system incorporates the latest market trends and data insights.
What if My Client Sees a Home Price Estimate That Doesn’t Meet Their Expectations?
There’s no need to worry - this can actually be an opportunity to engage with your client and add value. Here's why:
Expectations are managed upfront. The homeownership report presents the price estimate as part of a range and includes a “Learn about my home price estimate” button that explains the limitations of automated estimates.
Clients can easily request a Realtor CMA. If a client wants a more precise valuation, they can request a Comparative Market Analysis (CMA) with one click. This allows you to connect them with a trusted referral partner, creating value for both the client and the realtor.
Clients can adjust their own value. If a client already has as strong opinion of their home value, they can update it themselves through the report, ensuring all related insights in their report refresh in real-time based on the value they believe is accurate.
You have control. If needed, you can update the estimate in Ownwell based on feedback from the client or a realtor.
Ultimately, every interaction is an opportunity to reinforce your expertise, strengthen client trust, and build lasting relationships.
What Happens When a Client Adjusts Their Home Value?
They’re prompted to request a consultation from a realtor. If they opt in, an email is automatically sent to you - or, if a referral partner sent the report, the request goes to both of you.
Whether they request a CMA (Comparative Market Analysis) or not, you’ll receive an email notification in Ownwell so you can follow up. If the report came from a referral partner, both of you will be notified. This is a great conversation starter! ("I noticed you updated your home value - are you thinking about making a change?").
Once they save the change, their report updates instantly, and their client record in Ownwell is updated. A wrench icon will indicate any manually adjusted values.
Moving forward, any market-driven changes to the home value will be based on their updated number.
This approach has been proven to work - for nearly a decade, Homebot and its thousands of loan officer customers have successfully engaged millions of homeowners in the U.S. using a similar strategy. Now, we're bringing that same success to Canada.