The concept of market value may seem a bit simplistic. However, it is a complex notion that involves many conditions.
To fully understand the nature of our work, it is essential to understand the definition of market value.
A bit of theory
The market value of your property
Here is the definition translated from the “Ordre des évaluateurs agréés du Québec” website OEAQ.qc.cq.
Market value: It is the most likely, sincere price, of the real or presumed sale of an immovable, on a given date, on an open and competitive market, and wich meets the following conditions:
- The parties are well-informed of the immovable and market conditions, as well as reasonably well-informed of the most probable use of the immovable;
- Theproperty was put up for sale for a sufficient period of time, taking into account its nature, the importance of the price and the economic situation;
- Payment is expressed in cash (Canadian dollars) or cash equivalents;
- The sale price must disregard any consideration extranal to the property itself and must represent the true value exclusive of the impact of any incentives, conditions or advantageous financing.