Frequently Asked Questions

 

  1. How much does a real estate appraisal cost?  The cost of any service we provide is dependent upon the time required to properly complete a file.  The time input is driven by the relative complexity of the file.  Certain files are quoted on a flat-fee basis while other matters are priced on an hourly basis.  In addition, fee's will vary according to the years of experience of the individual Associate Appraiser and/or Partner/Principal involved with carriage of the file.    

  2. How long does it take to complete a real estate appraisal?  Similar to the question on appraisal fee's, the more complex or involved a file is, the greater the amount of time will be required to properly complete the file.  However, completion time is also dependent upon the work load in our office at any given point in time when a file is created.  We will normally discuss this with you up front so you are aware of the timeline. 

  3. My property is very unique and you will not find comparisons from which to establish value, so how do you value it?  This is a very common question we receive as our firm is known for taking on difficult files.  Our role as appraisers is to reflect the actions of buyers and sellers actions into the valuation process and impart this into an appraisal report.  With this in mind, the overwhelming majority of times we are able to locate sufficient market data.  However, in extreme situations we have resorted to surveys of potential buyers, survey of offers made against property, and other methods as deemed necessary.   

  4. Are you licensed to appraise property?  Most provinces, including Ontario, do not have a licensing regime for real estate appraisers.  Rather, we are "accredited" or designated to have requisite competency to conduct real estate valuations as mandated by the Appraisal Institute of Canada.  

  5. My realtor offered me a free market valuation, why should I hire you?  There are many reasons as to why a designated real estate appraiser should be your first choice to determine market value.  Paramount to this is the fact that those that retain us, most often claim they want to know the person valuing their property has no other interest or expectation other than a fee for a specified purpose. 

  6. What information do you need from me in order to complete the appraisal?  Upon being retained, the disclosure requirements will be outlined in our retainer agreement.  We would also have discussed this with you during our initial consultation.   

  7. What do you look for in valuing property? There are many nuances to property depending on the asset class.  However, in very simple terms, the main drivers of value are location, building size (building size/rentable area), and condition/quality of the capital improvements.