Three numbers describe your home’s value, and they rarely match: a Realtor’s comparative market analysis (CMA), a lender’s appraisal, and your MPAC assessment.
Only the first two aim at today’s market. MPAC’s 2026 assessments are still based on January 1, 2016 values, so your property tax assessment is not your market value.
Why doesn’t my MPAC assessment match my home’s market value?
Because it was never meant to be today’s market value — and in 2026, it is not even a recent one. MPAC, the Municipal Property Assessment Corporation, assesses Ontario properties for property tax purposes. Per MPAC’s own published assessment cycle, 2026 assessments are still based on fully phased-in January 1, 2016 values. The province has postponed reassessment, and as of this writing no new reassessment date has been announced — if you are reading this later, check mpac.ca for the current position.
MPAC itself is clear that your assessed value is not the same thing as what your home would sell for today. A decade of Etobicoke market history sits between that 2016 baseline and the present. So when a homeowner tells me “MPAC says my house is worth X,” my answer is that MPAC says their house was worth roughly X for tax purposes on a valuation date in 2016. That is a fact about your tax bill, not about your sale price.
What is a CMA, and how does a Realtor build one?
A comparative market analysis is a Realtor’s estimate of what your home would likely sell for right now, built from recent sales of comparable homes. When I prepare one for an Etobicoke property, I start with recent comparable sales — homes as similar to yours as the data allows — then adjust for the things that make your property itself: location down to the street, lot and interior size, condition, upgrades, and the state of the market at that moment. A semi in Alderwood, a Queensway townhome and a Humber Bay Shores condo are all “Etobicoke,” but they live in different markets, and a good CMA respects that.
Two honest caveats. A CMA is an informed professional opinion, not a certified valuation — its quality depends entirely on how well the comparables are chosen and adjusted. And it has a shelf life: it describes the market it was prepared in, which is why I refresh mine right before listing rather than pricing off a number from months earlier.
What is a bank appraisal, and why can it differ from the CMA?
An appraisal is an opinion of value ordered by a lender to protect the lender. When a buyer finances a purchase, the lender wants its own answer to one question: does this property support the loan we are being asked to make? The appraisal serves the financing decision — it is not a marketing tool, and it is not commissioned by you to maximize your price.
That difference in purpose explains why the numbers can diverge. My CMA asks “what will the market pay for this home if it is presented and negotiated well?” The appraisal asks “is this price defensible security for a mortgage?” Sellers usually meet the appraisal only when it becomes a problem — a financed buyer whose lender’s appraisal comes in below the agreed price can face a financing gap, which is one reason a realistic list price protects your deal even after you have accepted an offer.
CMA vs appraisal vs MPAC: what is the difference?
Here is the side-by-side I draw for clients.
| CMA | Bank appraisal | MPAC assessment | |
|---|---|---|---|
| Who prepares it | A Realtor | An appraiser, ordered by the lender | MPAC, Ontario’s property assessment corporation |
| Purpose | Pricing and selling strategy in today’s market | The lender’s financing decision | Property taxation |
| Based on | Recent comparable sales, adjusted for location, size, condition, upgrades and market conditions | The appraiser’s opinion of value for the specific property as loan security | Fully phased-in January 1, 2016 values — reassessment postponed, no new date announced |
| Reflects today’s market? | Yes — that is its entire job | Aims at current value for financing purposes | No — MPAC states assessed value is not current market value |
| Who it answers to | You | The lender | The tax system |
Which number should you use to price your Etobicoke home?
The CMA — and specifically, a fresh one, built on comparables you have walked through with the agent who chose them. Pricing is where a sale is won or lost before the sign goes up, and it deserves more than a number pulled from an algorithm or a tax roll.
When I present a CMA, I show my work: which sales I used, which I rejected and why, what I adjusted for, and where I think the realistic range sits for your street and your segment. I would rather defend a number with evidence than flatter a homeowner with a big one — an inflated “listing presentation number” that the market then refuses is one of the most reliable ways to end up selling for less, later. If two agents give you very different numbers, do not average them; ask each to justify their comparables and see whose reasoning survives the questions.
The takeaway
Your MPAC assessment is a 2016-based taxation number, the bank appraisal is the lender’s protection, and the CMA is the only one of the three built to answer the question you are actually asking: what would this home sell for now, in this market? Get the CMA done properly, in person, with the comparables on the table.
How I help
I am a licensed Realtor with RE/MAX Quantum Realty, and Etobicoke — Mimico, New Toronto, Long Branch, Alderwood, Humber Bay Shores and the Queensway corridor — is where I work and live day to day. When I evaluate a home, you get the comparables, the adjustments and the reasoning, not just a headline number.
Want to know what your home is actually worth?
Send me your address and a few details — or nothing more than the address, if that is all you want to share. I will prepare a free, no-obligation evaluation of your home against current Etobicoke sales: what I would list it at, and exactly why. No pitch, no obligation.
connect@jatindua.com · 437-987-1925 · Book a free consultation
Confidential. Reviewed personally and answered within 24 hours. I never share, sell or distribute your information.
Frequently asked questions
Is my MPAC assessment the same as my home’s market value?
No. MPAC assesses properties for property tax purposes, and 2026 assessments are still based on fully phased-in January 1, 2016 values. MPAC itself notes that assessed value is not the same as current market value.
When is the next MPAC reassessment?
Ontario’s property reassessment has been postponed, and as of August 2026 no new reassessment date has been announced. MPAC’s assessment cycle page at mpac.ca is the place to check for the current position.
What is the difference between a CMA and an appraisal?
A CMA is a Realtor’s estimate of likely sale price, built from recent comparable sales adjusted for location, size, condition, upgrades and market conditions, and used to price and sell the home. An appraisal is an opinion of value ordered by a lender to support a financing decision. They serve different masters and can produce different numbers.
How do I find out what my home in Etobicoke is worth?
Ask a local Realtor for a comparative market analysis based on current comparable sales in your specific pocket of Etobicoke. I prepare these free of charge, with no obligation — you get the comparables and the reasoning, and you keep the report whether or not you ever list with me.
Sources
- MPAC — Assessment cycle. Confirms 2026 property assessments remain based on fully phased-in January 1, 2016 values, with reassessment postponed and no new date announced. Accessed 13 August 2026.
- MPAC — Understanding your assessment. MPAC’s explanation of what assessed value is for, and why it differs from current market value. Accessed 13 August 2026.
Related reading
- The best time to sell a house in Toronto, honestly examined
- Is home staging worth it in Toronto?
- The real cost of selling a house in Ontario (2026)
- Etobicoke community guide
About the author — Jatin Dua, Etobicoke real estate agent
I am Jatin Dua, a licensed Realtor with RE/MAX Quantum Realty, working out of 799 The Queensway in Etobicoke. I write these guides myself and verify every factual claim against the primary sources linked above — on this page, MPAC’s own published material on how assessment works and what it does not measure.
Reach me at connect@jatindua.com or 437-987-1925.