The Appraisal Institute of Canada (AIC) was founded in 1938 and is the premier real property valuation association in Canada. AIC has approximately 4,800 members across Canada and around the world.
Designated members of AIC hold either an AACI designation or CRA designation. AACI designations permit the member to perform both commercial and residential appraisals. CRA designations indicate that the member specializes in residential properties. A Candidate appraiser is a member working towards their designation under the supervision of a designated member. AIC members undergo an extensive educational program, most hold a University degree and must abide by the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). Both the CRA and AACI designations are recognized by legal court proceedings, the Canada Revenue Agency, Land Titles and finanical institutions. Make sure the appraiser you choose has a AACI or CRA designation or they are a Candidate working under an AACI or CRA designated appraiser.
Does the appraiser have experience in your property type? Have they done other properties in your area? Are they familiar with the trends in your area?
QUALITY OF REPORT
Will the appraiser measure your property? Every appraiser should measure your property to confirm the estimated area of the building(s). Will they include interior photos, a detailed written description of the condition of your home, a location map, a floor plan, and market trends?