What you need really depends on why you are needing a value for your property. If you are looking to put your home on the market with a REALTOR ® then a Market Evaluation will provide you a good idea of what the market situation is like at the current moment with the final value determined by market forces. If you are looking for a more precise number that is not dictated by market forces for things like refinancing then you should seek the opinion of a Professional Appraiser.

According to the Real Estate Council of Alberta (RECA.ca) which is the governing body for the Alberta Real Estate industry there are some important distinctions that mush be disclosed in terms of a Market Evaluation (sometimes referred to as a Market Estimate or Market Analysis).

The purpose of the market evaluation is for:

1. Prospective listing or sale.
2. For providing information to a Seller who is under a Seller Brokerage Agreement.
3. For providing information to a Buyer who is under a Buyer Brokerage Agreement.
4. Providing a management report to a client.

Some of the aspects of the Market Evaluation according to the Real Estate Council of Alberta are:

1. The Market Evaluation shall be a range of value.
2. The Market Evaluation is not something prepared by an individual authorized by RECA as a licensed Real Estate Appraiser.
3. The market analysis or price estimate is not an appraisal and should not be referred to, construed as, or relied upon as an appraisal and does not comply with commonly accepted professional appraisal standards

The Real Estate Council also suggests that industry members should include the following with all Market Evaluations to further clarify to the public the difference:

"This comparative market analysis or price estimate was prepared solely for the client for the purpose or function indicated in the report and is not intended for subsequent use. It was not prepared by an authorized real estate appraiser and is not a real estate appraisal. It does not comply with the standards of professional appraisal practice and should not be used in lieu of an appraisal performed by an authorized appraiser."

An appraisal is performed by a licensed Real Estate Appraiser who is approved to work within Alberta by the Real Estate Council. Some of the distinctions that Appraisers have according to the Real Estate Council are that::

1. Appraisers are qualified by education, training, and experience to provide professional opinions of value for various types of property
2. Valuation is based upon an interpretation of facts and judgments as of a stated date.
3. The opinions of Appraisers are objective and independent
4. Appraisers fees are not based upon a predetermined value estimate or a minimum/maximum direction in value.