In short
It isn't what you hope to get or what an online estimate says. It moves with demand, the season and the competition.
Recent comparable sales are the best evidence of it.
What market value means
It's an estimate of what the market would pay right now, not what a seller hopes for or what they paid. Once a home sells on fair terms, that sale price becomes the strongest evidence of value for similar homes nearby.
It moves with supply and demand, interest rates, the season and how many similar homes are competing for the same buyers.
Appraisers work from a similar idea: the most probable price in an open market, where buyer and seller both act knowledgeably and neither is forced to act.
Market value vs the other numbers you'll see
List price is a strategy decision. It can be set at, above or below expected value to attract buyers.
Assessed value comes from MPAC and is used for property taxes. For the 2026 tax year it's still based on January 1, 2016 values, so it can be far from today's market.
Appraised value is a professional appraiser's opinion, often ordered for a lender. Online estimates are automated and can't see a home's condition, upgrades or layout.
When you buy with a mortgage, the lender's valuation matters most, because it decides how much the lender will advance.
How to estimate it
A comparative market analysis from an agent compares your home with recent nearby sales and adjusts for differences. An appraisal does a similar job more formally.
Either way, look at sold prices first. In Ottawa, the Ottawa Real Estate Board publishes monthly sales data that shows how the wider market is moving.
Why pricing near market value matters
Buyers compare every listing with what similar homes actually sold for. A home priced well above that range tends to get fewer showings and sit longer, and a long stay on the market can make buyers wonder what's wrong.
Pricing close to market value doesn't mean leaving money on the table. In a busy market, it can draw more buyers at once.
Common questions about market value
How do I find the market value of my home?
The most reliable way is to compare it with similar homes that recently sold nearby. A comparative market analysis from a real estate agent does this, and an appraisal does it formally. Online estimates and your MPAC assessment are rough guides at best.
Is MPAC assessed value the same as market value?
No. MPAC's assessed value is used to calculate property taxes, and for the 2026 tax year Ontario assessments are still based on January 1, 2016 values. Market value is what your home would likely sell for today, which can be very different.
Is list price the same as market value?
Not necessarily. List price is the seller's asking price, which may be set at, above or below expected value as a strategy. Market value is shown by what buyers actually pay, which is why agents rely on recent sold prices.
What happens if the appraisal comes in below the purchase price?
Your lender may lend less than you planned, since it bases the mortgage on its valuation. You might need a larger down payment to cover the gap. Talk to your lender and lawyer quickly, especially if your offer has a financing condition.
Sources
General information for Ontario, updated October 2026. Not legal, tax or mortgage advice. Rules change, so confirm with your lawyer, lender or the source above before you rely on it.