The difference between a home appraisal and a current market assessment (CMA) is similar to other markets, but there are a few Canadian-specific details—especially regarding who performs them and how they’re used in the real estate and mortgage systems.

Here’s a clear Canadian-focused explanation:

🇨🇦 Home Appraisal (Canada)

Purpose:
A home appraisal provides an objective, professional estimate of a property's fair market value — most commonly used by lenders when approving a mortgage, refinancing, or a home equity line of credit (HELOC).

Conducted by:
A licensed appraiser, certified through:

• The Appraisal Institute of Canada (AIC), or

• The Canadian National Association of Real Estate Appraisers (CNAREA).

Used for:

• Mortgage financing or refinancing

• Divorce settlements or estate divisions

• Tax or legal purposes

• Court proceedings

Process:

• The appraiser inspects the home (interior and exterior).

• They compare it to recent sold properties (“comps”) nearby.

• They consider location, lot size, upgrades, age, and market trends.

• A formal appraisal report is produced, including photos, maps, and analysis.

Cost:
Typically $400–$700, depending on the property’s type, location, and complexity.
(Usually paid by the buyer or homeowner, sometimes by the lender.)

Legal Standing:

• Official and recognized by Canadian banks and financial institutions.

• Required for mortgage lending under CMHC and other insurers.

🏡 Current Market Assessment (CMA)

Purpose:
A Current Market Assessment estimates what your home could sell for in the current market, helping homeowners decide on a listing price or helping buyers evaluate offer prices.

Conducted by:
A licensed real estate agent or REALTOR®, registered with a provincial real estate board (e.g., RECO in Ontario, BCFSA in BC, OACIQ in Quebec).

Used for:

• Setting a listing price when selling

• Helping buyers make informed offers

• Understanding local market trends

Process:

• The REALTOR® reviews recent sold, active, and expired listings in your area.

• They adjust for size, condition, style, and features.

• They prepare a CMA report, which is usually a PDF or presentation summarizing estimated price range, comps, and market stats.

Cost:
Usually free, offered as part of a REALTOR®’s marketing service.

Legal Standing:

• A CMA is not an official valuation and not accepted by lenders.

• It’s an educated estimate to guide pricing and negotiation strategy.

🔍 Side-by-Side Comparison (Canada)

✅ In Short

• A home appraisal in Canada is a formal, certified valuation required by lenders.

• A CMA is a free, market-based estimate provided by REALTORS® to help you price or buy a home.

• Both estimate value — but only an appraisal can be used for financing or legal purposes.