Frequently Asked Questions

AIC-designated real estate appraisers are highly-trained and qualified property valuation professionals. They will provide you with an impartial written estimate or opinion of the value of a property you might be considering purchasing, selling or investing in. Their appraisals are based on a recognized valuation process that considers a range of factors including the size, condition and location of the property, recent sale values of similar properties, market conditions, and more.

Buying or selling property is typically the biggest financial decision any of us make. An appraisal from a designated appraiser may be needed to obtain a qualified opinion of value for mortgage or lending purposes; provide investors with adequate information for making investment decisions; provide expert opinions of the value of real property as a basis of compensation when a property is being expropriated by the government; and provide expert opinions of the value of real property in legal disputes and settlements.

The Appraisal Institute of Canada (AIC) designates appraisers after years of training and experience in the field. There are two designations: CRA, P.App. and AACI, P.App. A Canadian Residential Appraiser (CRA) is qualified to appraise and value individual undeveloped residential dwelling sites and dwellings containing not more than four self-contained family housing units. An Accredited Appraiser Canadian Institute (AACI), Professional Appraiser, is qualified to appraise and value a wide range of residential, commercial and industrial real property.

Every appraisal is quoted individually, because the scope of work depends on the property, the purpose of the report and the effective date. Send us the address and what the appraisal is for, and we will provide a quote before any work begins.

A property tax assessment from MPAC is a mass-produced estimate used to calculate property taxes, valued as of a fixed base date. An appraisal is an independent opinion of the market value of your specific property on a specific date, based on an inspection and comparable sales.

Use the online request form, call 226-973-3158 or email info@riverbendappraisals.com. Tell us the property address, what the appraisal is for and the date the value is needed as of. We confirm the details and send a quote before any work begins.

The property address, what the appraisal is for and who will rely on it, the effective date if it is a past date, when you need the report, who to contact for entry, and the lender name and reference number if it is for a mortgage. Details of renovations or a previous appraisal help too. Don’t worry if you don’t have everything; we will ask for anything that’s missing.

Someone needs to give the appraiser access. We arrange entry with you, your agent or whoever you name, at a time that works.

An appraiser visits the property, evaluates the interior and exterior, measures the living area, notes the condition and key features, and takes photographs of the home and the surrounding area.

Standard turnaround is 2 to 3 business days from the property inspection. Rush delivery is available for urgent court and filing deadlines. Retrospective valuations that need extensive historical research may take slightly longer.

London and Middlesex County, including Komoka, Ilderton, Mount Brydges and Strathroy, St. Thomas and Elgin County, Woodstock and Oxford County, Thamesford and Zorra Township, St. Marys, Sarnia and Lambton County, Grand Bend and the Lake Huron shore, Chatham-Kent and the surrounding Southwestern Ontario region. If your property is nearby but outside these areas, ask us.

Every report is completed and signed by a Canadian Residential Appraiser (CRA, P.App.), a member in good standing of the Appraisal Institute of Canada, in accordance with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP).

The report is written for its intended users: you, and the people who will rely on it, such as your lawyer, accountant, lender or the court. Tell us who should receive the report and the invoice when you request the appraisal.

A description of the property and its condition, photographs, an analysis of the neighbourhood and local market, comparable sales with adjustments for differences in size, condition and location, the valuation approaches used, and a reconciled opinion of value as of the effective date.

Lenders usually need an appraiser on their approved list, and some need the report ordered or addressed to them. Check our approved lenders page, and share the lender name and reference number when you request the appraisal.

Yes. Our appraisers have expert witness testimony and litigation support experience. If your matter may require testimony, tell us when you request the appraisal so we can plan for it.

We appraise residential properties: detached and semi-detached houses, townhomes, condominiums, and buildings with up to four self-contained units, which is the scope of the CRA designation.

No. A home inspection examines a building’s systems and condition to find defects. An appraisal is an independent opinion of market value. The appraiser notes condition because it affects value, but does not test systems or report on repairs.

A comparative market analysis from a real estate agent helps set a list price. An appraisal is an independent, signed opinion of value prepared to CUSPAP by a designated appraiser who has no stake in the sale, which is why courts, the CRA and lenders rely on it.

Not always dollar for dollar. The effect of an upgrade depends on local market conditions and what comparable homes offer. Share details of renovations and when they were done, so the appraiser can account for them.

The Appraisal Institute of Canada’s recommended practice is for each party to obtain their own independent appraisal, which strengthens each party’s position in negotiations or court proceedings.

Ontario’s Family Law Act typically requires the property to be valued at the valuation date, which is usually the date of separation. Each valuation date requires its own appraisal report.

A retrospective valuation that determines what the property was worth on the date the owner passed away, using historical comparable sales and market conditions as of that date.

Generally, no. CRA and Ontario courts require that appraisals reflect fair market value at the relevant date, typically the date of death.

Common situations include a change in use, a deemed disposition at death, gifting or selling property to a family member, and selling a rental or second property. Your accountant will confirm the date needed.