When conducting a CMA in Ontario, which of the following comparable sales would be most relevant for a 3-bedroom detached home built in 1985?
Correct Answer
C) A 4-bedroom detached home built in 1987, sold 2 months ago, 0.5 km away
The 4-bedroom detached home built in 1987 is the most relevant: it is the same property type, only two years newer, sold 2 months ago and 0.5 km away, so only the extra bedroom needs an adjustment. The others differ on a major factor: a three-year-old sale 6 km away, a different property type (townhouse), or a home 25 years older.
Why This Is the Correct Answer
This sale is correct because it matches on the factors that are hardest to adjust: it is detached like the subject, two years newer, sold 2 months ago and only 0.5 km away. The single extra bedroom can be handled with one adjustment.
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What time frame for selecting comparable sales in a CMA does Ontario's real estate legislation (TRESA and its regulations) prescribe?
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