30+ Years of Trusted Real Estate Appraisals

Appraisers are typically employed by lenders, buyers and sellers to estimate the Value of property involved in a loan transaction (i.e. mortgage), however Appraisers also provide opinions in litigation cases, tax matters and investment decisions.

Gathering data is one of the primary roles of an Appraiser with data divided into two categories, Specific and General. Specific Data is gathered from the home itself, i.e. location, condition, amenities, size, etc., and General Data is gathered from a number of sources such as Multiple Listing Services (MLS) for data on recently sold homes that might be used as comparables, tax records (MPAC), and other public documents which are used to verify actual sales prices in a market. But, most importantly, the Appraiser gathers General Data from his or her past experience in conducting Appraisals for other properties in the same market.

Anytime the Value of your home or other real property is being used to make a significant financial decision, an Appraisal helps - if you're selling your home, an Appraisal helps you set the most appropriate Value; if you're buying a home it makes sure you don't overpay; if you're engaged in an estate settlement or divorce it ensures that property is divided fairly. Often, your home is the single, largest financial asset you will ever own and knowing its true Value means you can make the right financial decisions.

The first step in most Appraisals is scheduling a time for the Appraiser visit the property during which time the Appraiser will measure it, determine the layout of the rooms inside, confirm all aspects of the property's general condition, and take several photos of your house for inclusion in the report. The best thing you can do to help is make sure the Appraiser has easy access to all areas of your property, i.e. the exterior (trim any bushes and move any items that would make it difficult to measure the structure) and the interior (make sure the Appraiser can easily access items like furnaces and water heaters). The following items, if available, will help your Appraiser to provide a more accurate Appraisal in a shorter period of time:

• A survey of the property
• A recent tax bill (i.e. MPAC Assessment)
• A list of personal property to be sold with the property (if applicable)
• A copy of the original plans
• List of any improvements you have completed to the property (i.e. updated kitchen, new furnace, etc.)
• List outlining any rents, utility expenses, etc. (rental property only)

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 the seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. 

Implicit in this definition are the consummation of a sale as of a specified date and the 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 their own best interests; 
• A reasonable time is allowed for exposure in the market; 
• Payment is made in 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 sales concessions granted by anyone associated with the sale. 

Canadian Uniform Standards of Professional Appraisal Practice dated January 1, 2024 

The answer to this is different depending upon the location of the home as different markets Value amenities differently. For example, adding a central air unit in Toronto ON may add significant Value, while adding one in a home located in Nunavik NWT would not have much impact. As a general rule, the most Value returned from renovating a home comes from painting and decorating, and according to a survey conducted by the Appraisal Institute of Canada in, painting and decorating returned an average of 73% of the investment - in other words, a $3,000 painting and decorating project would add approximately $2,190 to the Value of the home. Kitchen renovations were second, returning 72%, and bathroom renovations were third with a 68% return.