What Is a Home Appraisal and Why Are They Needed? 2026 Ontario Guide
A home appraisal is an independent, written opinion of a property’s market value on a specific date, prepared by a designated appraiser to Canadian standards. In the GTA a standard residential appraisal typically costs $400 to $700 in 2026. Lenders use it — not the sale price and not your MPAC assessment — to decide how much they will lend. This 2026 Ontario guide explains who orders it, the three approaches to value, why an appraisal is not an inspection, a CMA, or an MPAC number, and what to do if it comes in low.
April 23, 2023
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