Appraisals are required for a variety of reasons. The most common reasons why appraisals are required are for mortgage financing, matrimonial purposes including separation of assets, prenuptial agreements, capital gains, relocations, estate planning and settling, pre-list and pre-sale, power of sale / foreclosure, assessment appeals, replacement costing, litigation and expropriation.

An appraisal report is an opinion of value (most often market value) that is completed by a designated appraiser and supported by a comprehensive market analysis. Designated appraisers by the Appraisal Institute of Canada (AIC) follow the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). The AIC is the Governing authority that regulates the standards to which AIC appraisers follow. Ongoing professional development is also administered thru the AIC that of which ensures the Public will be served competently by a designated AIC member.

In order to become a designated AIC member an appraiser must hold a bachelor degree from an accredited University and also complete a comprehensive process which involves a combination of education and experience. The rigorous education and experience requirements are in place so the Public can trust that they are receiving professional services from skilled and diligent real estate professionals

An appraisal report completed by a designated AIC member is recognized by the courts and is different from a real estate agent’s opinion of market value as the real estate agent’s opinion is not necessarily withheld by the courts because the opinion of value is not derived from the same standards of an appraiser.

It is of the utmost importance to have a current value appraisal to rely on that is completed by a designated professional member of the (AIC) as the real estate market is constantly changing.

Please feel free to reach out to us at Wieland & Associates Inc. to see if you require any of our valuation services or if you can benefit from our professional advice.