How to find out how much a home has sold for
Published on September 22, 2023
Have you ever seen a "SOLD" sign in front of a neighbour's home and wondered how much they got for it? If you're thinking of putting your home on the market, or even if you're just curious, this kind of information can definitely come in handy.
Don't count on the list price to tell you how much a home is worth: the purchase price can end up being very different.
The real estate market is always changing, so using verified and verifiable information when comparing prices can help make the sale of your home go smoothly. Here's how you can find out how much properties have sold for.
Summary:
Online resources for finding out the selling price of a property
Various real estate websites track home sales on a monthly or quarterly basis and calculate the median price of properties sold in a given area. However, to find out how much a specific home has sold for, various resources are available. Some are paid and others are free to use.
Did you know? The actual purchase price is only made official once the sale transaction has been notarized and the deed of sale has been published in the Quebec land register. This means you have to wait for this to happen before you can see a property's selling price.
The Quebec land register
The best-known (and most reliable!) online resource is the Quebec land register (in French only). It's a public, legal register designed by the provincial government to record all real estate transactions in the province. Its purpose is to make this information accessible to the entire population. You can use it to trace a property's transaction history back to the very beginning to get information on:
- Buyers and sellers
- Transaction dates
- Transaction prices
- Mortgages and rights of way
Before checking the Quebec land register, you first need a crucial piece of information about the property whose purchase price you want to know: the lot number. A property's lot number is its identification in the Quebec cadastre. You can find it for free on the Infolot website (in French only). All you need to do is search for the street address on the map of Quebec.
Some municipalities also allow you to find the property's lot number (as well as the owner's name, date of construction and the municipal assessment) from their website. For properties in Montreal, you can find the lot number by checking the Montreal property assessment roll (in French only).
Then, go to the Quebec land register website (in French only) and search the lot number in the index des immeubles (in French only). By entering the lot number, you'll get to see a full list of transactions involving the property, including sales, mortgages and expropriations. The property's selling price will also be indicated.
Note that there is a $1 fee each time you consult a document from the Quebec land register, payable by credit card. The minimum credit card pre-authorization amount is $5. Check the current fees (in French only).
Free resources
While the Quebec land register is the most authoritative resource, there are a few others that offer property prices completely free of charge.
The first solution is the new tool offered by the Journal de Montréal (in French only), launched in spring 2023 using public data. It's updated daily. Thanks to its interactive map, you can quickly find the selling price of properties anywhere in Quebec. You can also view the home's address and transaction dates. To use the site, you need to create a profile. The only drawback is that the transactions listed only go back to 2021. This means you can't get information on real estate transactions that took place before 2021.
The second solution is to see if your municipality has a free property sales consultation service. For example, owners of residential properties in Montreal with 5 units or less can use an online tool to check the selling prices of up to 14 properties in their area. These sales were used as a reference when the last property assessment roll was filed. To use the site, owners must enter the identification code that's shown on their assessment notice. However, this tool is more limited than the previous two, since it only provides access to information on reference properties.
The JLR Land Title Solutions database
A more comprehensive—but also more expensive—option is the JLR Land Title Solutions database. Designed for real estate professionals, you can choose from a range of packages. If you get the À La Carte package, which is free, you can then check a property profile for $20, plus tax. This will give you information on:
- Lot description with a photo
- Transaction history
- Notarized deeds
- Comparable sales
- Socio-demographic profile of the area
- Municipal assessments
- Renovation permits (if applicable)
The comparables generator is particularly useful, because it can show you transactions for similar properties as chosen by JLR. You can refine your search by specifying criteria and access a wealth of statistics on home prices in a given area.
DuProprio's directory of sold properties in your area
Are you a DuProprio client? Great news! If you have a Silver or Gold package, then you have access to our directory of sold properties in your area. This interactive evaluation tool creates a real-time list of similar properties sold in your area that have been posted on DuProprio.com. The properties are automatically selected according to date of sale, location, property type, year of construction, living area and lot size.
You might even be able to find the selling price of a property you're interested in!
Analyzing the price of a home
You've now learned how to find out how much properties have sold for. Now it's time to break things down (unless this was just out of curiosity).
First, you need to be able to put the information about a property's selling price into context. What were the real estate market trends in the province, region, municipality and neighbourhood at the time of the transaction? Economic conditions have an impact on the selling price of single-family homes, condos, plexes and so on. Next, you need to know the specific features of the properties that have been sold.
To be able to compare the market value of your property with that of a sold property, you need more information than just the price.
The work of an appraiser
There's no substitute for the analytical work of a professional or chartered appraiser! Since the majority of properties on the market have distinct characteristics (such as living area, date of construction, condition and presence of a garage), the appraiser makes adjustments so that a true comparison can be made. The appraiser also takes into account trends in the province, looking at properties that have been sold as well as the competition, in other words, properties currently for sale in the area. This is what's known as a comparables analysis.
At DuProprio, the Appraiser+ service includes real estate data gathering and a call with a professional appraiser. As part of this service, the appraiser analyzes the real estate market and suggests a price range for listing the property. The appraiser can then present their findings in discussion with the seller.
Thanks to the expertise of an appraiser, you'll know not only how much a home has sold for, but also what this means for the market value of your own home!
Planning to sell? Let our professional team help you sell your home without any commission! Find out more about our visibility and support services by talking to one of our advisors or watching our short webinars.
