Market Value¹ is the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.ï°¾

One definition of Market Value¹ is:

most probable price which a property should bring in a competitive and open Market as of the specified date under conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeable and assuming the price is not affected by undue stimulus.ï°¾

This definition may be expanded by adding: Implicit in this definition is the consummation of a Sale as of the specified date and passing of title from seller to buyer under conditions whereby:

• buyer and seller are typically motivated
• both parties are well informed or well advised and acting in what they consider their best interests
• a reasonable time is allowed for exposure in the open Market
• payment is made in terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto
• the price represents the normal consideration for the property sold unaffected by special or creative financing or sale concessions granted by anyone associated with the sale

¹Lines 12.16.1 to 12.16.3 of Canadian Uniform Standards Professional Practice, January 1, 2012