What is an appraisal?

An appraisal is an objective professional opinion of the current or retrospective market value of a property.

What does an appraiser do?

An appraiser utilizes their extensive education and experience to evaluate the market value of a property in compliance with national appraisal governing ethics, standards, and regulations. Appraisers typically visit the property to document through notes and photos its condition, size, and notable features then compare their findings to similar properties within the same general area.

What qualifications do your appraisers have?

Our appraisers team is comprised of accredited residential appraisers licensed by the Appraisal Institute of Canada (AIC) or Canadian National Association of Real Estate Appraisers (CNAREA) with professional liability insurance and up-to-date criminal background checks.

What are the differences between appraisal types?

• Full Appraisal is the most comprehensive type. An inspection of the property's interior and exterior is conducted to provide the most accurate evaluation possible.

• Desktop is an evaluation without an inspection based on publicly available information to provide an estimated range of value. 

• Drive By is an evaluation with an inspection of the property's exterior and publicly available information of the interior to provide an estimated range of value. 

• Market Rent Standalone is an evaluation without an inspection based on publicly available information to provide an estimated range of value for rental purposes.

• Progress Inspection is an inspection of the property's interior and exterior to provide a percentage of construction or renovation completion.

• Appraisal Update is utilizing a previous appraisal to adjust the property's value based on updated market conditions, without a new inspection.

• Lender Redirect or Reliance Letter will allow a new or second lender to utilize a completed appraisal report. Authorization from the original lender is required.

What will appraisers do during an inspection?

Appraisers are required to take photographs of the property's interior and exterior, and may also take measurements of rooms or the house. A typical inspection will take 15 to 30 minutes depending on the size of the property. If the property is large, has more than one tenant, or has outbuildings such as a coach house, laneway house, or garden suite, etc. it can take longer.

How should I prepare the property for an appraisal?

It is recommended for the property to be in viewable conditions and any pets are kept from impeding the inspection. We recognize that many homeowners live busy lives and may not be able to keep their homes in spotless condition however, appraisers require an unobstructed view of all rooms to make a proper evaluation. 

How long will it take to receive the appraisal report?

Typically full appraisals are completed within 1 to 2 business days after inspection. Desktop, Drive By, and Market Rent appraisals can be completed the same day if there is available information. If the subject is large, complex, or unique it may take longer however in those cases, we will advise of our estimated completion date.

How much does an appraisal cost?

Our appraisal fees vary depending on various factors such as type of appraisal, complexity, or uniqueness of the subject, and whether expedited service or additional valuations such as Market Rent is required. We will provide our quote shortly after an appraisal request is submitted.

What should I do if I disagree with the appraisal evaluation?

Our appraisals are done with extensive research of similar properties to come to a supportable, objective evaluation that is carefully reviewed by experienced appraisers. If we suspect or observe anything that may negatively affect the valuation of the property to a significant degree you will be notified in advance. 

We are happy to consider any relevant, verifiable additional information you can provide to adjust the value. However, we cannot alter appraised value or provide refunds simply because the valuation does not meet expectations.