Canadian Mortgage Advisor
8-8 Strathearn Avenue
Greater Toronto Area , ON , L6T 4L9 Canada

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Helping GTA Homeowners find a mortgage that is right for them
Call Us: 1-416-930-1225

In order to get a mortgage from a lender something you may be asked to provide IS an appraisal for the subject assets. It is very common for a refinance and not so common for a first time loan. If the lender cannot fairly determine the value of the asset then they will ask for an appraisal.

There are many companies who offer the service. The lenders usually have some preferred ones they will accept an appraisal report from.

Although the industry is not strictly regulated in Canada, there are some respected institutes offering training and certification on real-estate appraisal.

  1. Appraisal Institute if Canada (AIC)
    They have strict educational requirements and continuing educational requirements as well.
  2. The Canadian National Association of Real Estate Appraisers (CNAREA)
    This is a not for profit, independent association that certifies and regulates real property appraisers in Canada.
  3. Until mid 2007 OREA used to offer Market Value Appraiser (MVA) designation. It does not offer that anymore.
  4. Fellow of Real Estate Institute (FRI) is offered by Real Estate Institute of Canada.

How market value of a property is determined:

Following are the main approaches used to figure out the cost of a property:

  • Income approach
  • Cost approach
  • Direct Comparison approach

Types of appraisals

There are many types of appraisals done to satisfy various client needs. The major types are listed below.

  • Desktop Appraisal
  • Drive by Appraisal
  • Full Appraisal

Contact a local appraiser’s office to find out more. You should always ask the lender to send you a list of their accredited appraisers.

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About Us

Sudip Adhikari.
Agent License #M10001082
Broker Mortgage Diligent -
Head Office -1305 Matheson Blvd East, Mississauga, ON L4W 1R1
FSCO #10252 O.A.C , E&OE

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