My appraisal came in low — now what?
A low appraisal can derail a purchase, refinance, or estate matter. Here's how the Reconsideration of Value (ROV) process works in Canada and when a second opinion is justified.
The appraiser's client is the lender (for mortgage work) or the party who retained them. Borrowers usually go through the broker or lender to raise concerns, not the appraiser.
Pull 3–5 recent comparable sales (last 3–6 months) that are demonstrably more similar to your home than the ones used in the report. Note proximity, size, age, condition, finish level, and recent improvements.
Your broker or lender submits an ROV request including your supporting comparables and any factual corrections (square footage, lot size, upgrades the appraiser missed). The appraiser reviews and either confirms, adjusts, or reissues the report.
If the ROV is denied and the value still looks wrong, you can sometimes commission a second appraisal — particularly for private, B-lender, refinance, or non-mortgage purposes. For A-lender purchases this is less common.
For purchases, talk to your broker about restructuring the deal — a larger down payment, vendor takeback, or renegotiated price. For refinances, you may take a smaller loan amount or wait.
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