Why an Appraisal?

Appraisals are typically required whenever real property is sold and/or mortgaged, but can also be carried out for a number of other reasons.

For example, appraisals can be prepared for:
-Value for mortgage or lending purposes
-Current value of property being bought or sold
-Future value of property being built
-Value to assist in investment decisions
-Value to measure property tax assessments and other taxes
-Verification of damage claims resulting from fire, rain, hail, windstorms and other disasters
-Value of property to determine compensation where property is to be expropriated
-Value of property involved in litigation (e.g. value disputes, marital asset distribution or estate settlement)
-Value of private property acquired by governments for public use
-Value of property as it affects pending business mergers or dissolution

Appraisals may be required for a variety of property types, including residential properties, apartment buildings and condominium development, commercial properties, industrial sites, vacant land and agricultural holdings.

What is the Role of the Appraiser?

The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property—providing assistance to those who own, manage, sell, invest in, and/or lend money on the security of real estate. Appraisers assemble a series of facts, statistics, and other information regarding specific properties, analyze this data, and develop opinions of value. Each appraisal assignment challenges the appraiser's ability to put analytical skills into practice, exercise sound judgment, and communicate effectively.

What Qualifications do Appraisers Need?

Real property appraisers need to be able to make prudent judgments and independent decisions. They must be skilled in gathering and evaluating facts, and must understand how to access the variety of data sources that are needed for comparisons and analyses. Technical competence in reading survey drawings and blueprints, and identifying construction features and materials is applied in many situations. Mathematical skills are a strong asset for both the technical aspects of inspections and the analysis of markets; strong written and verbal communication skills are also necessary for producing clear, concise reports and for dealing with clients on a daily basis. Critical thinking and analytical skills are essential for individuals involved in formulating opinions, working in consulting and advisory capacities. To obtain a nationally accredited designation, through the Appraisal Institute of Canada (AIC), one must have a degree from an accredited college, on exit. In addition, one must complete a number of educational requirements, as well as an Applied Experience Program, an Applied Experience Written Exam and a Professional Competency Interview. These requirements must be completed, prior to one obtaining his/her designation. For more information on how to obtain an AIC designation please visit: Appraisal Institute Canada