With a buyer heavy market as we are currently experiencing these terms come up quite frequently. Let us make it simple for you:
An appraised value is: an assigned value to a property by a professional appraiser. Most of the time this is done by the province.
The market value of a property is: decided by buyers, (we) as Realtors can perform a CMA (current market analysis) using systems in place which will give us the amount of money buyers willing to pay for your property.
If you’re seeing a ton of interest in your home from multiple buyers, you may find that the market value is higher than the appraisal value (this is the current market).
In effect, the appraised value of your home can change significantly over time with the market. To find out more about how much your property is worth message us anytime!