We Are Problem Solvers

An appraisal most often refers to a professional opinion of the market value of a home or property. In other words, we estimate what price it would sell for if marketed for a reasonable amount of time at a reasonable asking price. As professional members of the Appraisal Institute of Canada, we will inspect the subject property and take measurements, describe it in detail in a report, estimate its depreciated replacement cost, compare it to other recent sales in the area, and ultimately provide a formal opinion of market value. An appraisal can also refer to a market rent estimate (i.e. what price a property would rent for) or a replacement cost estimate for insurance functions (i.e. what the cost would be to replace a building).

Often an appraisal of your property, or the property you are buying, is required by your lender when you are applying for a mortgage or line of credit. Our market value estimate provides your lender with a detailed description of the property and an unbiased professional opinion of value from which it can base lending decisions, manage its risk, and calculate mortgage amounts. You may also require a professional appraisal to satisfy accounting, BC Assessment appeal, estate, insurance, legal, or separation needs.

Our market value appraisal informs you of the value of your property or a property in which you have an interest. Our appraisal is a very valuable tool which allows you to:

  • reliably calculate your assets and equity
  • effectively list and market your property for sale and, if you choose, share with prospective buyers to support your price and expedite their financing needs
  • make a very informed offer when purchasing a property
  • avoid or overcome differences in value opinion which can arise in family or separation situations
  • calculate capital gains to ensure that you are not being overtaxed
  • have the best value evidence possible if appealing your BC Assessment

As we are current on building costs, our replacement cost appraisal ensures that your home or building is properly insured.

We typically don’t require you to do anything to prepare except allow us access to all spaces and, if applicable, inform tenants that we are coming. In terms of cleanliness and organization, we are trained to concentrate on and value your real property (your structure, your fixtures) and not your belongings. That being said, we do ask to take photographs (some lenders require photos of every room) and we may be more efficient if your space is tidy.

Our full appraisals start in the $300s and increase in fee based on time involved, complexity, property type, and travel. Our desktop and drive-by appraisals start in the $200s.

Our appraisers are designated with the Appraisal Institute of Canada (AIC). In order to achieve an Accredited Appraiser Canadian Institute (AACI) or Canadian Residential Appraiser (CRA) designation, a four year university degree is required in addition to a multi-year AIC curriculum offered by UBC’s Sauder School of Business and a mentorship program.

We provide you with real estate knowledge, information, and advice. You make wise decisions. You save money and time. We’ll help you: 

  • understand our market
  • get the highest return out of a renovation
  • with design tips and trends in the market to maximize value in your project
  • be informed on current building costs
  • determine the highest and best use of a property
  • determine the feasibility of a development
  • appeal a BC Assessment (should your assessment indeed be greater than market value)
  • with just about anything real estate related

We are directly involved with hundreds, if not thousands, of transactions per year. We understand all the numbers, the rents, the income, the rates of return. We are also real estate investors ourselves. Our advice is supported with experience and reality. We’ll help you be a successful investor.

We have some exceptional Realtors in our region who are more than capable of providing reliable value estimates. However, Realtors don’t typically possess the Appraisal Institute of Canada’s qualification required to produce an appraisal report for any formal function (i.e. lending, legal, CRA, etc.). Our appraisers are highly educated, highly experienced professionals who directly analyze hundreds of sales per year and understand the quantitative value of the different property characteristics. Our appraisals are detailed formal documents completed without any motivation to become involved in the sale or purchase of your property.

Typically using computer generated regression models and mass appraisal techniques, BC Assessment (BCA) generates the estimated market value of your property as of July 1st of each year. While BCA is a great organization which does an excellent job with the data and resources it has, its assessment may, or may not, reflect the current market value of your property. We’ve seen properties assessed at $750,000 sell for $750,000. We’ve also seen properties assessed at $750,000 sell for $1,500,000 and properties assessed at $750,000 sell for $450,000. BCA does not have the resources to inspect all properties. It typically isn’t aware of the interior condition of your property or if you have completed significant renovations or additions unless you have accurately applied for a building permit. Conversely, it typically isn’t aware if your property is damaged in some significant way. In addition, the market can change significantly between July 1st of one year and July 1st of the next. Our full appraisals involve an inspection and accurate description of your property, an analysis of the market and recent comparable sales and listings, and a reliable market value estimate at any point in time.

Absolutely not, unless you ask us to or have us act on your behalf in an assessment appeal.

Absolutely. We have the highest of ethical standards and will not share client or privileged property information unless you instruct us to do so.

Unfortunately if a party other than you (i.e. your lender) orders the report for its sole use, we are bound by that appraiser-client relationship and the confidentiality required – regardless of the lender’s requirement that you pay for it. In other words, you may be the mortgage ‘applicant’ and the one who was asked to pay, however the lender is the ‘client’ who technically owns the report. In these cases, we are required to get authorization from the client to release the report to you. We urge homeowners and buyers to consult with their mortgage broker and lender regarding this potential issue prior to arranging appraisals. There is further information on the AIC website here: https://www.aicanada.ca/about-aic/complaint-resolution-faqs/

Similar to the previous FAQ, the client controls the release of the report and the client and the payer aren’t necessarily the same party. Lenders (the client) often require that you (the applicant) pay for the report. Regardless of who pays for it, we require authorization from the client to release the use of the report to another client. If you originally ordered the report and are the client – no issue – at your instructions we can release the report and send a reliance letter to your lender, Lender A. However, once that is complete, Lender A is the new client and controls the release of the report. Thus, should you want us to also release the report to Lender B, we are required to get authorization from Lender A to do so and prevent two (or more) clients from relying on the report at the same time. We urge homeowners and buyers to consult with their mortgage broker and lender regarding this potential issue prior to arranging appraisals. There is further information on the AIC website here: https://www.aicanada.ca/about-aic/complaint-resolution-faqs/

Give us a call or send us an email. We are happy to discuss our process and there are no obligations. Our appraisers have extensive expertise and strive to educate clients and make the process as transparent and straightforward as possible.