Omnis Valuations & Advisory Ltd. offers commercial real estate advisory, business valuation, forensic accounting and litigation support services. Although we do not appraise single-family residential properties, we are often contacted with such requests, so we created this post to help those individuals.
The following screenshot highlights areas of the “Find An Appraiser” page on the Appraisal Institute of Canada (AIC) website. Note the circled filters in the screenshot below.
Location
As they say in real estate: location, location, location. Entering details in the City/Town field and selecting the appropriate Province from the dropdown will help you find an appraiser servicing the market where your property is located. If your property is in a smaller town or village, try searching for an appraiser in the closest city.
Fee vs. Non-Fee Appraiser
Not all designated appraisers prepare independent real estate appraisals for third parties (e.g., homeowners, banks, lawyers, etc.). For instance, a designated appraiser may work for the municipal, provincial, or federal government, or perhaps the appraiser is employed by a bank to conduct appraisal reviews internally (rather than for third parties).
Selecting the ‘Only Fee Appraisers’ field excludes appraisers who work in government or other settings where they do not provide independent opinions of value for third parties. In other words, clicking on ‘Only Fee Appraisers’ ensures that your search excludes appraisers who do not provide independent opinions of value for third parties such as yourself.
Designation
The Appraisal Institute of Canada (AIC) is Canada’s leading real property valuation association and is responsible for granting two designations:
- CRA, which is short for Canadian Residential Appraiser; and
- AACI, which is short for Accredited Appraiser Canadian Institute.
A Professional Appraiser (P.App) holding the CRA or AACI designation is responsible for preparing independent appraisal reports that adhere to Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP).
Selecting the ‘Only CRA Designated’ box provides a list of appraisers providing residential real estate appraisal and consulting services. In the context of real estate appraisals prepared by members of the AIC, a ‘residential property’ is defined as any residential property of four units or less (e.g., single-detached, semi-detached, tri-plex, four-plex, townhouse or residential condominium unit, residential acreage), including vacant residential lots capable of development comprising four units or less.
Suppose a residential property (as defined above) has the potential for commercial development or residential development comprising five or more units. In that case, it may become necessary to hire a commercial property appraiser, meaning an AACI-designated appraiser.
Summary
Whether your residential property is located in Calgary, Toronto, or some other Canadian municipality, the Appraisal Institute of Canada’s “Find an Appraiser” tool is helpful for anyone needing a professional market value estimate from a qualified appraiser. Selecting an appraiser from this list ensures that the professional you hire is in good standing with the Appraisal Institute of Canada (e.g., up-to-date on continuing professional development requirements) and holds appropriate errors and omissions (E&O) insurance coverage.
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