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What is Market Value?

An appraisal is an estimate of value, usually in terms of dollars. There are different types of value that can be estimated, such as Insurance Value, Replacement Cost Value, and Rental Value, among others. The type of value most often required by mortgage lenders, buyers, and sellers is Market Value.

The Appraisal Institute of Canada has a very specific definition of Market Value. In layman's terms, it is the price an informed buyer and informed seller would agree upon in an open market with no unusual time, personal, or economic pressure on either of them.