This tool calculates how much your home is worth in Toronto

As Toronto real estate prices continue to skyrocket, a new tool can help you figure out the market value of your home.

Properly, a tech-enabled real estate brokerage, launched Instant Estimate this month. People can enter any Toronto-area address and the website will generate an estimate — upper, middle and lower range — of that home's market value.

The range varies based on the condition of the home, Anshul Ruparell, co-founder and CEO of Properly, told blogTO.

If the homeowner has done upgrades or renovations to the home, they can edit the report, Ruparell said.

People can use the tool for several reasons.

"It allows them to get an unbiased opinion about the value of their home without needing to speak to a realtor," he said.

It can also help the seller to find the best time to sell, and budget.

A home or condo owner can track the value of their home over time as well.

"We are allowing every person in the GTA to track the value of their home the way they track the value of their stock portfolio," Ruparell said.

The site features a map of all the homes currently on the market in the GTA along with the selling price estimate rather than just the list price. As homes and condos continue to sell for way over asking price, this could be a good tool to have.

"List prices are not necessarily reflective of selling prices," he added.

Buyers could use this to determine a good bid price.

To launch the new tool, Properly demonstrated how it could be used by showing how much home prices have increased in suburban areas of the GTA during the six-month period leading up to the health crisis.

Instant Estimate uses artificial intelligence to gather all available information on a home including historic sold data, active listing data, proximity to local amenities and services, economic factors, and even the amount of traffic on the street, Ruparell told blogTO.

Instant Estimate does require people to enter an email address before getting information. Because they use real estate data to calculate estimates, regulations require the collection of emails, but Ruparell says they won't spam people.

Properly started in 2018, and they have been working on Instant Estimate for the last couple of years. It was publicly launched on April 8.