Industry Leaders & Crediting Bodies
Professional Appraisal Organizations
Appraisal Institute of Canada www.aicanada.ca
Canadian National Association of Real Estate Appraisers www.cnarea.ca
British Columbia Association, Appraisal Institute of Canada www.appraisal.bc.ca
Real Estate Institute of British Columbia www.reibc.org
Looking to purchase or sell a property?
Real Estate Listings, Open Houses in Vancouver www.rew.ca
Real Estate Board of Greater Vancouver www.rebgv.org
Q: What is a real estate appraisal?
Answer: A real estate appraisal is an estimate of the market value of a piece of real estate. There are various purposes for an appraisal such as; buying or selling real estate, retrospective value for capital gains required by accountants the CRA (Canadian Revenue Agency), partial takings in the case of expropriation (municipal, provincial or federal governments), division of assets in the case of divorce and preservation of wealth in new partnerships.
Q: When would I need to order an appraisal?
Answer: An appraisal is usually required when you are; Buying or selling a home, refinancing your mortgage, home renovation, marriage or separation, capital gains, estate planning and settlement.
Q: Who does the appraisal?
Answer: Real estate appraisers are educated to interpret the market data for the purpose for which the appraisal will be used. For example, the appraiser would consider current conditions and sale prices to establish current market value for buying and selling purposes; The appraiser would consider past conditions and past real estate prices for a retrospective appraisal for capital gains purposes.
Q: What should I expect on the day of appraisal?
Answer: The appraiser will inspect the exterior and need to access the interior of the property and all rental units included.
What You Can Expect The Process To Entail
The appraiser will need access to the entire interior of the subject property including any part of the property that is rented and/ or leased.
The inspection will include taking photos of at least six (6) rooms but some banks ask for more.
If recent renovations have been done, please have a list of the work completed along with the costs to do the work.
The inspection will include looking at the furnace/boiler/hot water tank/electrical panel/s.
The interior inspection usually takes between 15-30 minutes, depending on the size of the property.
The exterior inspection usually takes between 10-20 minutes, depending on the size of the property.
Chances are, the appraiser has been hired by the Lender to do the appraisal. The report will therefore be sent to the Lender only.
We suggest you have your house clean and tidy for optimal results.
Please make floor plans available for the appraiser to have a look at during the inspection or send a PDF to: firstname.lastname@example.org so that we can include them in the report.
The information above is designed to help you understand the process and alleviate the stress that an appraisal may cause you, the home owner.
We sincerely hope that you will have a good experience with us.