Home Value Estimator

Understanding Home Valuations in Canada

There are two distinct concepts of property value in Canada: the assessed value and the market value. The assessed value is determined by your provincial assessment authority — MPAC in Ontario, BC Assessment in British Columbia, and similar agencies in other provinces. Assessments are used solely to calculate your share of municipal property taxes and are typically based on property characteristics and comparable sales as of a specific valuation date (which may lag the current market by 1–4 years). Market value, on the other hand, is what a willing buyer would pay in the current market. These two figures can diverge significantly.

For a formal estimate of market value, a licensed appraiser performs a Comparative Market Analysis (CMA) or a full appraisal report. Lenders require appraisals for uninsured mortgages and sometimes for insured ones. Appraisers consider recent comparable sales (similar properties that sold nearby within the past 3–6 months), lot size, square footage, number of bedrooms and bathrooms, age, condition, renovations, and neighbourhood characteristics. Online automated valuation models (AVMs) provide rough estimates but lack the nuance of an on-site inspection and should be treated as a starting point rather than a definitive value.

Average Home Prices by Major City (2026 Estimate)

If you believe your property assessment is too high, you can file an appeal with your provincial assessment authority — in Ontario, through the Assessment Review Board (ARB). Common grounds for appeal include errors in property data (wrong square footage, missing exemptions), or assessments that exceed the value supported by comparable sales. When selling, work with a local real estate agent who can provide a detailed CMA based on the most current comparable sales data in your specific neighbourhood. Market conditions, seasonality, and even curb appeal all play a role in your home’s actual selling price.