Frequently Asked Questions
What are your office hours?
Our office hours are Monday to Friday, 9AM to 6PM. However, all quote requests are addressed after business hours, and on the weekend.
Do you provide Evening Appointments?
In order to provide you with the most accurate appraisal, daylight is required for the exterior inspection of the property. An evening appointment may be accommodated depending on the daylight availability of that month, as well as appraiser availability.
Which areas do you cover?
For residential appraisals, our coverage areas include: Toronto, Markham, Richmond Hill, Vaughan, Whitchurch-Stouffville, King, Aurora, Newmarket, Uxbridge, East Gwillimbury, Brampton, Mississauga, Oakville, Pickering, Ajax, Whitby, Oshawa, Bowmanville, and Courtice.
Our coverage area for commercial appraisals is larger. Please contact us to find out more.
What is an Appraisal?
An appraisal is a professional report, completed by a certified appraiser, in order to provide an unbiased opinion of a Market Value of a property.
What is Market Value?
According to the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), Market Value is defined as:
“The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.”
Why do I need an Appraisal?
An appraisal may be used for primary or secondary mortgage financing, determining the estimated final value of a property which is undergoing construction or renovations, divorce or separation settlements, estate planning, power of sale, asset review, relocation services, and litigation support.
Financial institutes may order an appraisal on your behalf. If you are unsure if you require an appraisal, you should consult with your broker first.
What is the cost of an Appraisal?
The cost of an appraisal varies greatly depending on the intended use of the appraisal, and the property type. As each property is unique, and an appraisal report varies depending on the use, there is no standard rate. The appraisal cost is typically based on the estimated time and expenses which will be required to professionally complete the report.
What is the difference between a Home Inspection and an Appraisal Inspection?
An Appraisal Inspection typically consists of determining a property’s utility and finishes, in order to determine the Market Value of the property based on sales of similar properties in the neighbourhood.
A Home Inspection typically consists of determining the condition of components of a property, like the electrical wiring, plumbing, HVAC, roof, etc. It is not conducted to determine the Market Value of the property.
What is the difference between a Drive-By appraisal, and a Full-Service appraisal?
Drive-By reports consist of a limited exterior inspection, a shorter report, and the market value is provided as a range.
Full-Service reports consist of a full appraisal inspection, a longer report, and a precise market value.
What is the process of a Full-Service Appraisal?
First, the property appraiser must set an appointment to physically inspect both the interior and the exterior of the real estate. The inspection typically includes a walk through the property, photographing the interior, interviewing the owner, and measuring the property from the exterior (when possible). The appraiser may examine the neighbourhood, noting locational influences and the conformity of the property when compared to other properties in the neighbourhood. The appraiser will then conduct research to examine sales in the neighbourhood, and determine how these sales compare to the subject property. Lastly, the appraiser will complete the Appraisal Report, which includes a neighbourhood analysis, site analysis, improvement analysis, and a Market Value.
How long does an Appraisal Inspection take?
There is no set time for an Appraisal Inspection. Inspection times vary greatly depending on the type of property, and the size of the dwelling. For example, an appraisal inspection of a one bedroom condominium apartment may only require 10-15 minutes, while an inspection of a large home may require up to an hour or more.
Should I prepare anything for the Appraisal Inspection?
Although most of the information required for a property appraisal is now available online, a lot survey, dwelling floor plans, and/or an MPAC property tax statement may help the appraiser provide a more accurate report. In addition, a list of recent renovations and their cost is also important.
How do I order an Appraisal?
In order to get started, please click the “Request a Quote” button on the top of the page, or at the bottom of the page. A company representative may then contact you for any additional information, or a quote will be e-mailed to you directly.