The home appraisal process in Canada

You confirm the report's intended use, the intended user (lender, lawyer, accountant, court), the effective date, and the scope. The appraiser issues an engagement letter or instructions.

Most residential appraisals involve a full interior and exterior inspection. The appraiser measures, photographs, and notes condition, finishes, and improvements.

The appraiser pulls and analyzes recent comparable sales — and sometimes active listings — to bracket the subject property's value.

Each comparable is adjusted for differences in size, age, condition, lot, location, and features. Where relevant, the cost approach and income approach are applied.

The appraiser reconciles the evidence into a single defensible opinion of value tied to the report's effective date and purpose.

You receive a signed report — form-based for most lender work, narrative for legal, estate, tax, and complex files. Most appraisers will discuss the report with the intended user on request.