I can see this working in areas where houses are under $200,000 and tend to sit on the market for a long time, but don't see it really working in the Toronto market where the average price is now up to $550,000+. Would you really feel comfortable spending $500,000 on a property without knowing that it is actually worth that price (not sure where HomeRun will get their data from but to establish prices they are going to need a lot of data) and any guarantees that there is nothing wrong with the place. I know they mentioned having a home inspector come in, but what about by-law issues, water tests, condo status certificates and all sorts of other areas that need further inspection when buying a home?
When it comes to valuing a house based on data, there is no way to do this. Every property is unique and has various improvements / drawbacks that affect value. Also little things like cleaning a house up before showing it to people can affect what someone is willing to pay for it, which a computer will never be able to tell you.
Will definitely be interested in following this project to see where it goes, but a good realtor should be able to make you the commission back on what your house actually sells for, and also this software definitely won't be free.