What is Market Value?

As defined by the Appraisal Institute of Canada – Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP)

“The most probable price which a property should bring in a competitive and open market as of the specified date under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.”

“Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: buyer and seller are typically motivated; both parties are well informed or well advised, and acting in what they consider their own best  interests; a reasonable time is allowed for exposure in the open market; payment is made in  terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto; and the price represents the normal consideration for the property sold unaffected by special or  creative financing or sales concessions granted by anyone associated with the sale”.