When homeowners ask, “What’s my home worth?”, agents rely on both data and market expertise. While it’s not an official appraisal, the Comparative Market Analysis (CMA) remains the gold standard and a powerful foundation for pricing strategy.

1. What Is a CMA and How Is It Built?

A CMA estimates a home’s fair market value by analyzing recent, nearby comparable sales—known as “comps”:

• Agents typically select 3–6 nearby homes sold within the past 3 to 6 months. The closer and more similar, the better.

• Comps are compared on factors like square footage, number of bedrooms and baths, lot size, age, condition, upgrades, and amenities (like a pool or view).

• Each comp is adjusted up or down to account for differences versus the subject home, using a sales comparison grid.

• Agents also factor in local market conditions, such as whether it’s a buyer’s or seller’s market, shifting supply/demand trends, or recent interest rate changes.

This results in a realistic pricing range tailored to neighborhood trends and property-specific attributes.

2. A Few Tools Agents May Use to Build CMAs

Agents typically use professional tools integrated with MLS data to automate and enhance CMA reports:

• cloudCMA: Generates sleek, branded CMA reports and interactive listing presentations. It pulls live MLS data and enables digital collaboration during listing presentations.

• RPR (Realtors Property Resource): A popular platform used by many agents for pulling comps, pricing insights, and built-in analytics.

• HouseCanary and other valuation platforms provide instant property insights and AVM-driven estimates, which agents often use as supplemental data.

These tools help agents efficiently generate accurate, well-designed CMA reports—with visuals such as price-per-sq-ft comparisons, listing history, charts, and hyper-local market commentary.

3. Beyond the CMA: Other Valuation Methods

While the CMA is the agent’s core tool, others include:

• Broker’s Price Opinion (BPO): A fee-based, informal valuation by a licensed broker or agent, often used by banks in foreclosure, refinancing, or short-sale scenarios. It involves exterior and/or interior evaluation and analysis of up to six comps (three active, three sold).

• Automated Valuation Models (AVMs): Algorithm-driven estimates (like Zillow Zestimate, Redfin Estimate) based on public data and regression modeling. Useful for quick estimates, but less accurate than agent- or appraiser-generated values.

• Professional Appraisals: Conducted by licensed appraisers, these are more formal and required for mortgage lending. They use the sales-comparison approach along with cost and income-based methods when relevant.

4. Why Agent Expertise Still Matters

While tools can pull data, local experience is critical. As one expert noted:

“A CMA uses data, but it’s really an art. Your local knowledge can account for neighborhood shifts, upcoming developments, or school changes that algorithms may not capture.”

A seasoned agent can see nuances such as upcoming rezoning or neighbourhood revitalization—that a raw CMA or even an appraiser may overlook.

6. What This Means for Homeowners

• Sellers: Getting a CMA from a knowledgeable agent is often free, and gives you a competitive, data-backed pricing strategy without committing to an appraisal.

• Buyers: An agent’s CMA helps inform whether a seller’s asking price makes sense relative to recent local sales.

• Always check multiple data points: While AVMs offer quick range estimates, a well-prepared CMA goes deeper into tailored comparables and agent insight.

Final Thoughts

Real estate pricing is both science and craft. The CMA is the agent’s backbone method, combining:

• Recent comparable sales

• Home-specific adjustments

• Market trend analysis

• Local knowledge and judgment

Beyond this, tools like BPOs and AVMs support the process. But the best results come when technology meets experience and a trusted Realtor interprets data with context.

As we move into the fall of 2025, Metro Vancouver’s housing market is showing a blend of resilience and recalibration. After a period of elevated interest rates and shifting economic conditions, the market is settling into a more balanced state, giving both buyers and sellers room to make intentional, informed decisions.

Across the region, sales activity is gradually picking up. September saw a slight year-over-year increase in overall sales, while active listings have climbed by approximately 17–18%. This growth in inventory means buyers now have more choice, yet homes that are well-priced and located in desirable neighborhoods continue to sell quickly. For sellers, this environment requires strategic pricing, thoughtful staging, and clarity around value to stand out in a more nuanced marketplace.

Detached Homes: Balancing Value and Demand
Detached homes, historically the anchor of Vancouver’s real estate market, are showing subtle signs of adjustment. Benchmark prices have eased slightly across Metro Vancouver, down around 3–4% year-over-year but demand remains strong for homes in prime communities.

North Vancouver offers a snapshot of the broader trend: 49 detached homes sold in September, up 6.5% year-over-year, even as the benchmark price dipped 1.7% to $2,172,000. Inventory rose to 416 active listings, giving buyers slightly more breathing room, while the average days on market fell to 22, reflecting brisk activity for homes priced correctly. Neighborhoods like Lynn Valley, Deep Cove, and Edgemont continue to attract families seeking space, natural surroundings, and high-quality schools.

Elsewhere in Metro Vancouver, similar patterns are emerging. Detached homes in West Vancouver, Burnaby, and Vancouver’s west side have experienced modest price corrections, yet luxury properties in the top tier remain competitive among buyers who prioritize location and lifestyle.

Townhomes: Steady and Resilient
Townhomes remain a sweet spot for both families and downsizers seeking a balance between space, affordability, and community amenities. In North Vancouver, 27 townhome sales were recorded in September, up 12.5% year-over-year, with the benchmark price rising 2.2% to $1,297,900. Days on market averaged 26, suggesting that buyers are deliberate but ready to act when the right opportunity arises.

Across Greater Vancouver, townhomes offer similar stability, particularly in areas like Roche Point, Lynn Valley, and Lower Lonsdale, where accessibility, schools, and nearby recreation make them highly sought after. For investors and first-time buyers, this segment remains attractive due to a combination of predictable returns and lower entry points compared to detached homes.

Condos: Modest Adjustments, Ongoing Opportunities
The condo market shows a slightly more measured pace. September sales rose 14.3% year-over-year, while benchmark prices dipped 0.9% to $790,500 in North Vancouver. Active listings increased to 457, and average days on market stretched to 38, reflecting a more deliberate buyer approach.

In Vancouver proper, this trend mirrors what we see across the North Shore and Burnaby: condos in highly desirable areas such as Lower Lonsdale, Yaletown, and Mount Pleasant are moving steadily, while secondary or older buildings may require strategic pricing and upgrades to attract attention. For investors, condos continue to offer opportunity but location, condition, and management costs are increasingly critical in assessing value.

Sales-to-Active Ratios: Understanding Market Balance
The broader market signals a shift toward balance. Sales-to-active ratios sit at roughly:

• Detached: 11–12%

• Townhomes: 19–20%

• Condos: 17–18%

These figures place Metro Vancouver firmly in a balanced market range. While this means the intense seller dominance of previous years has moderated, homes that are properly priced, presented, and marketed continue to attract strong interest.

What This Means for Buyers and Sellers
For buyers, this is an opportune moment to act with clarity. Increased inventory and modest price corrections provide room to negotiate, yet competition remains for properties in the most desirable neighborhoods. Engaging with a trusted Realtor and having mortgage pre-approval in hand will position you to move decisively when the right home appears.

For sellers, preparation is paramount. Pricing accurately, highlighting unique property features, and ensuring a strong marketing presence can make all the difference in attracting buyers in a market that is no longer purely supply-constrained. Detached homes and townhomes in prime areas remain resilient, while condos may require additional incentives or staging to command top dollar.

Looking Ahead
The outlook for the remainder of 2025 is cautiously optimistic. With the Bank of Canada’s recent 25-basis-point rate cut, borrowing costs are slightly easier, giving buyers confidence. As we approach the end-of-year season, we expect a deliberate but active market, with properties that offer lifestyle, location, and value continuing to perform best.

Metro Vancouver’s housing market is evolving and moving toward balance without losing the vibrancy that has long defined our region. For buyers and sellers alike, this is a moment to act thoughtfully, capitalize on opportunity, and navigate the market with confidence.