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Key Takeaways An MPAC assessment sets your property tax value, while a home appraisal determines market value for financing, legal or personal purposes. MPAC assessments in Ontario are currently based on January 1, 2016 values, so they lag behind today’s real estate market. A home appraisal is a personalised, point in time valuation based on...

Key Takeaways A CRA-compliant appraisal is often required when selling a property, changing its use, or planning an estate, to accurately calculate capital gains tax. The fair market value (FMV) at the relevant date, not the original purchase price, determines the taxable gain in most scenarios. Even if your principal residence exemption fully eliminates your...

Key Takeaways Appraisers credit renovations that improve a property’s condition, functionality and buyer appeal, not just personal taste. Kitchens, bathrooms, roofs and mechanical systems tend to offer the strongest return in an appraisal. Highly niche, over-improved or neighbourhood-mismatched renovations rarely add equivalent appraised value. Spending more on a renovation does not automatically increase your property’s...