Property Value and Appraisal

Mortgage approval depends on both borrower strength and property value. This section explains the valuation language that affects purchase financing, refinancing room, and lender comfort with the security.

Use This Section When

• the lender or insurer is ordering an appraisal
• you need to separate appraised value, market value, and assessed value
• you are refinancing or opening a HELOC and value limits matter
• you want to understand how comparable sales affect financing decisions

Start Here

• Appraisal
• Appraised Value
• Market Value
• Assessed Value
• Comparable Sales
• Mortgage Default Insurance
• HELOC

Common Reader Paths

• “Why does the lender care about value if my income is strong?”: Appraisal, Appraised Value
• “What is the difference between tax assessment and market value?”: Assessed Value, Market Value
• “How is the value opinion built?”: Comparable Sales, Appraised Value

Why This Section Matters

If the lender or insurer values the property differently than the borrower expects, the financing structure can change. Appraisal language therefore matters at purchase, refinance, and home-equity stages.

Continue to Nearby Sections

• Use Closing Costs and Closing Process when the valuation issue is affecting an active purchase.
• Use Renewal, Refinancing and Home Equity when the valuation issue is tied to a refinance or HELOC.

In this section

• Appraisal
  What an appraisal does in a Canadian mortgage file and why value support matters for purchase, renewal, refinance, and home-equity decisions.
• Appraised Value
  What appraised value means in Canadian mortgage lending and how it can differ from purchase price, market value, or assessed value.
• Assessed Value
  What assessed value means in Canada and why it should not be used as a shortcut for mortgage lending value.
• Comparable Sales
  What comparable sales mean in Canadian appraisal work and why lenders and appraisers rely on them when judging property value.
• Market Value
  What market value means in a Canadian mortgage context and why it should not be confused with tax assessment or simple asking price.