Appraisal vs. Agent Price Opinion: What's the Difference in Ontario?

Short answer: an agent's price opinion is usually a free estimate prepared to help price and win a listing, while an appraisal is an independent, signed report by a designated appraiser who has no stake in the sale. In Toronto, Hamilton and across Ontario, both have their place, but only one stands up for CRA, lawyers and courts.

What Is an Agent's Price Opinion?

When you're thinking about selling, a real estate agent will often prepare a comparative market analysis (CMA). It looks at recent sales and current listings nearby and suggests a price range. It's usually free, because the agent hopes to list your home.

A good CMA can be genuinely useful. Experienced agents know their neighbourhoods well. But the opinion is part of a sales conversation, and it isn't designed to be relied on by anyone other than you.

What Is an Appraisal?

An appraisal is a written opinion of market value prepared by a designated appraiser, such as one holding the P.App. or CRA designation from the Appraisal Institute of Canada. It follows the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), includes an inspection, and explains which comparable sales were chosen, how they were adjusted and why.

The appraiser is paid a set fee regardless of the value, and has no interest in whether the home sells, for how much or through whom.

What Are the Key Differences?

• Purpose. A CMA helps market a home. An appraisal states value for a decision or a record.
• Independence. An agent may earn commission on the sale. An appraiser's fee doesn't depend on the outcome.
• Standards. Appraisals are prepared to CUSPAP. CMAs have no comparable reporting standard.
• Detail. A CMA is often a short list of sales and a range. An appraisal gives one supported value with written reasoning.
• Reliance. Accountants, lawyers, lenders and courts generally expect an appraisal, not a CMA.

Which One Do I Need?

An agent's opinion is usually fine if you're simply curious, or you're choosing an agent and plan to sell on the open market.

An appraisal is usually the right choice when the number has consequences beyond the sale itself:

• Tax matters, such as a change of use, a date of death or a sale to a family member
• Estates, separations and co-owner buyouts, where everyone needs to trust the same number
• Disputes or court proceedings, where independence is essential
• Private sales without an agent, where you have no market test of the price

Should I Get an Appraisal Before Listing?

Many sellers find a pre-listing appraisal worthwhile. It gives you an unbiased number before you interview agents, so you can tell whether a suggested price is realistic or just ambitious. It also helps when co-owners disagree about what the home is worth, or when the home is unusual and hard to compare.

An appraisal doesn't replace an agent's marketing strategy. Think of it as an independent reference point. Our guide on setting the right list price explains how to use it.

How Much Does an Appraisal Cost?

At Best Home Value, an appraisal of today's value starts at $370 for a condo or townhouse, $475 for a detached or semi-detached house and $700 for a 2–4 unit property in the Greater Toronto and Hamilton Area. Your exact fee is confirmed in writing within one business day, before anything is booked. See our full fee table.

How long does it take?

Most reports are delivered as a signed PDF within 2–3 business days of the inspection, so it fits comfortably into a listing timeline.

What You'll Need to Get Started

• The property address and the reason you need the value
• Any recent renovations or upgrades, with rough dates
• Access to the home for an inspection at a time that suits you

Related Articles

• How to set the right list price
• Selling your home to a family member in Ontario
• Should I get an appraisal before buying a home?

This article is general information, not tax, legal or financial advice. Please speak with your accountant, lawyer or lender about your situation.