Choose Your Appraiser
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. AACI and CRA are the two most highly respected designations in the real property realm and ACI is the leading valuation organization in Canada.
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 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). AIC designations are also nationally and internationally recognized hallmarks of quality. AIC members who have achieved them are widely respected and sought after by investors, federally and non-federally regulated financial institutions, the courts, all levels of government and the private sector. For many, an AIC-designated appraiser is the only appraisal professional of choice. 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.
Not all appraisers have experience in certain markets. 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
There is a big difference in the quality of report an appraiser prepares. 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?