You don’t have to be an expert, but you should know the basics.
I know what it’s like: Whether you’re buying or selling your home, especially in the current overheated market, the last thing you have time (or interest) for is a deep dive into real estate appraisals.
At the same time, as a vendor or purchaser of property, especially if it’s your first one or it involves the fairly large sums of money typical of real estate in southern Ontario, it’s important that you have a basic familiarity of the process – and be able to ask the right questions if any red flags pop up.
The Canadian angle
Of course, this infographic was designed with US clients in mind, but the process in Canada is much the same.
- There are 5400 licensed appraisers in Canada
- Appraisers can have one of two professional designations: CRA (Canadian Residential Appraiser, primarily focused on appraising residential properties) and AACI (Accredited Appraiser Canadian Institute, who appraise residential, commercial, industrial and agricultural properties)
If you’re getting a mortgage or refinancing your current property, your financial institution will likely either recommend or engage a certified appraiser on your behalf. However, if you’d like to learn more on your own, the Appraisal Institute of Canada is a good place to start.
Guide to home appraisals
