What is a Comparative Market Analysis (CMA)?

Before any Calgary home is listed for sale — and before any serious buyer makes an offer — a Comparative Market Analysis gives both parties a data-grounded sense of what the property is worth in the current market.

What a CMA includes

A well-prepared CMA has three components: sold comparables (recent sales of similar properties, the most weighted data), active listings (your current competition — what buyers are comparing your home against), and expired or cancelled listings (properties that did not sell at their asking price — a guide to where pricing failed). The agent analyzes each comparable against the subject property for differences in size, lot, features, condition, location, and days on market.

The adjustment process

No two properties are identical. A CMA uses adjustments to account for differences between comparables and the subject property. If a comparable sold for $780,000 but has a finished basement and the subject property does not, the agent may adjust the comparable down by $40,000–$60,000 to isolate the contribution of the finished basement. These adjustments are informed by the agent's knowledge of the local market and the depth of available comparable data.

CMA vs appraisal

A CMA and an appraisal serve similar analytical functions but have critical differences. A CMA is provided by your REALTOR® at no charge as part of the listing or buyer representation engagement. An appraisal is conducted by a Certified Appraiser (CRA or AACI designation) under CUSPAP standards, costs $350–$600, and produces a report that can be used for mortgage, legal, or tax purposes. A CMA cannot be used for any of those purposes.

How Ryan prepares a KARAKTER CMA

Ryan's CMA process pulls the last 90 days of comparable sales from CREB's MLS database, applies adjustments based on his direct knowledge of the Calgary market, and presents the analysis in a written report with photographs and mapping. He presents a value range and a recommended list price — not just a single number. For divorce and estate clients, Ryan includes the CMA as supporting documentation for the estate or separation file.

Frequently asked questions

How much does a CMA cost in Calgary?

A CMA is provided free by your REALTOR® as part of their listing or buyer representation services. It is a professional service included in the agent's engagement, not a separately invoiced item. If you need a formal opinion of value for legal or mortgage purposes, commission a certified appraiser instead.

How accurate is a CMA?

A CMA is an estimate based on available data and the agent's judgment — it is not a guarantee of what a property will sell for. In an active Calgary market with recent, abundant comparable sales, a well-prepared CMA is typically within 2–5% of the final sale price. In slower markets or for unusual properties with few comparables, the range of uncertainty is wider.

How often should I get an updated CMA?

If your property has been on the market for more than 30 days without an offer, requesting a new CMA is a useful exercise — market conditions may have shifted, new comparable sales may have occurred, or the original pricing may need revisiting. Ryan updates CMAs proactively for all KARAKTER listings that approach the 30-day mark without an accepted offer.

Talk to Ryan Van Spengen

Calgary REALTOR® specialising in divorce, estate, and upsizing transactions. Free consultation — no obligation.

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This page is for general information only and does not constitute legal or tax advice. Consult a qualified Alberta lawyer or accountant for advice specific to your situation.