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Tag: appraisals

  • How to choose the best appraisal firm – MoneySense

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    1. Look for designated appraisers (AIC Members)

    The first and most important factor is credentials. Ensure the firm’s appraisers are designated members of the Appraisal Institute of Canada (AIC)—either CRA (Canadian Residential Appraiser) or AACI (Accredited Appraiser Canadian Institute).

    These designations guarantee that your appraisal report meets Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) requirements, ensuring credibility and acceptance by:

    • Major banks and lenders
    • Lawyers and accountants
    • The Canada Revenue Agency (CRA)

    2. Choose a firm with local market expertise

    Canada’s real estate market is diverse and constantly evolving. From urban condos to suburban family homes and rural properties, each region has its own unique value drivers. Choose an appraisal firm with deep local market expertise and access to regional MLS data through the appropriate real estate board.

    Local expertise ensures accurate valuations that reflect true market conditions and recent comparable sales.

    You’re 2 minutes away from getting the best mortgage rates.

    Answer a few quick questions to get a personalized quote, whether you’re buying, renewing or refinancing.

    3. Review their range of services

    Different situations require different types of appraisals. A reputable firm should offer a comprehensive range of appraisal services, including:

    • Mortgage financing & refinancing appraisals
    • Estate and probate appraisals
    • Retrospective (historical date) appraisals
    • Tax and capital gains appraisals
    • Separation or divorce appraisals
    • Pre-listing or pre-purchase appraisals

    Having a firm that specializes in multiple areas ensures they can handle any appraisal purpose you need—with consistency and professionalism.

    4. Check turnaround time and communication

    Timely service is crucial, especially when deadlines matter for refinancing, court filings, or estate settlements. The best appraisal firms maintain clear communication, reasonable turnaround times, and transparent pricing. Ask upfront:

    • What’s included in the quote?
    • How long will it take to receive the final report?
    • Will my lender or lawyer accept the report?

    Firms that prioritize client communication are typically the most reliable.

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    5. Read client reviews and testimonials

    Before choosing an appraiser, read Google Reviews and client testimonials. Positive reviews often highlight qualities such as professionalism, accuracy, and reliability—all signs of a reputable firm.

    Look for reviews that mention:

    • Clear explanations of value
    • Professional service and punctuality
    • Easy-to-read, detailed reports

    6. Compare quotes—but don’t choose based on price alone

    While cost matters, the cheapest quote isn’t always the best choice. A lower price can sometimes mean less experience, limited data access, or generic reports that aren’t accepted by banks or lawyers.

    Instead, focus on value for service: accuracy, reliability, and professional certification should come first. A reputable firm like Walson Consulting Inc., for example, offers:

    • Certified appraisers—reports prepared by accredited professionals
    • Standards compliance—following CUSPAP or other recognized appraisal standards
    • Local market expertise—knowledge of the neighborhoods or regions relevant to your property
    • Reasonable turnaround times—efficient service without sacrificing accuracy
    • Transparent pricing—clear quotes and no hidden fees

    Whether you need an appraisal for financing, estate planning, or tax purposes, you want to ensure that the firm you choose delivers accurate, credible, and professional valuation reports you can trust.

    Final thoughts

    Choosing the best appraisal firm doesn’t have to be complicated. Focus on credentials, experience, communication, and reputation, and you’ll find a firm that provides the accuracy and confidence you need.

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    About Tejveer S. Walia, P.App, CRA


    About Tejveer S. Walia, P.App, CRA

    Tejveer S. Walia is a designated appraiser with Appraisal Institute of Canada (AIC) and the founder of Walson Consulting Inc., serving homeowners, lawyers, and estate professionals across the Greater Toronto Area (GTA).

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    Tejveer S. Walia, P.App, CRA

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  • The hidden value of a professional real estate appraisal – MoneySense

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    Online and tax valuations often mislead

    Online valuation tools are convenient, but they rely on broad averages and incomplete data. Municipal tax assessments, on the other hand, are designed for revenue collection, not market precision. Both can be tens of thousands of dollars off the mark.

    For example, a property on a busy street might be assessed in line with quieter comparables, inflating its market value. Conversely, a recently renovated home may be undervalued because assessments don’t account for upgrades. These discrepancies matter when you’re refinancing, selling, settling an estate, or dividing assets.

    Why professional appraisals trump generic estimates

    Unlike generic estimates, a professional appraisal provides a defensible opinion of value grounded in market evidence and industry standards. Appraisers are trained to analyze:

    • Comparable recent sales with key adjustments
    • Current market trends and demand
    • Property-specific factors like condition, renovations, and location influences
    • Highest and best use of the property

    This level of detail ensures that the valuation stands up to scrutiny from lenders, courts, or the Canada Revenue Agency.

    You’re 2 minutes away from getting the best mortgage rates.

    Answer a few quick questions to get a personalized quote, whether you’re buying, renewing or refinancing.

    When do you need an appraisal?

    There are several situations where a professional appraisal is not just helpful, but essential:

    • Estate settlements: Executors and beneficiaries need a fair market valuation to avoid disputes and satisfy legal requirements.
    • Divorce or separation: Courts require unbiased valuations to ensure equitable division of property.
    • Refinancing or securing a loan: Lenders rely on appraisals to protect against over-lending.
    • Capital gains and tax reporting: The CRA accepts professional appraisals as credible documentation.

    In all of these cases, a miscalculated value can mean paying too much capital gains tax, accepting too little in a settlement, or risking legal challenges.

    It’s important to ensure you’re getting an appraisal from a firm with the right expertise, though. Look for one that’s a member of the Appraisal Institute of Canada (AIC), at a minimum. Walson Consulting Inc., for example, is a member of the AIC and the Toronto Regional Real Estate Board (TRREB). 

    The best appraisers bring rigorous training, ethical standards, and market insight to each report. That credibility is what makes a professional appraisal stand apart from informal estimates—and why lawyers, accountants, and lenders rely on them.

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    The bottom line

    Your home or investment property is likely your most significant asset. Whether you’re planning, litigating, or simply making a smart financial decision, an accurate, independent appraisal can protect you from costly errors.

    In a world where quick online answers are tempting, the real value comes from getting it right the first time.

    Get free MoneySense financial tips, news & advice in your inbox.

    Read more about appraisals:



    About Tejveer S. Walia, P.App, CRA


    About Tejveer S. Walia, P.App, CRA

    Tejveer S. Walia is a designated appraiser with Appraisal Institute of Canada (AIC) and the founder of Walson Consulting Inc., serving homeowners, lawyers, and estate professionals across the Greater Toronto Area (GTA).

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    Tejveer S. Walia, P.App, CRA

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  • Real Estate Association Addresses Racial Equity Issues At Black History Month-Timed Conference

    Real Estate Association Addresses Racial Equity Issues At Black History Month-Timed Conference

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    As state governments across the country debate whether structural racism exists, whether it should be compensated for with reparations, or discussed in classrooms, a group of minority real estate professionals is about to hold its next conference addressing related homeownership and career issues in the last week of Black History Month.

    SHIBA Explained

    The National Association of Real Estate Brokers sees what it calls “institutional discrimination” persisting in the financial service sectors that keep Black homeownership rates lower than that of other groups – and even lower than it was 19 years ago – while creating challenges for its members.

    In the introduction to NAREB’s latest State of Housing in Black America (SHIBA) report published in November 2022, the organization identified “institutional biases that have undermined Black homeownership,” citing lenders using outdated credit scoring models, federal housing finance institutions charging financially vulnerable borrowers more to access mortgage loans, allowing predatory loan marketing, and failing to expunge appraisal discrimination.

    “The year 2004 marked the highest rate of homeownership for Blacks (at just under 50 percent),” wrote the organization’s president Lydia Pope in the report’s forward. Losses to this community have been substantial since the housing market collapsed 15 years ago, she noted, adding that despite a national recovery, “by the second quarter of 2019, the Black homeownership rate had fallen to 40.6 percent – a rate lower than the Black homeownership rate in 1968, the year the Fair Housing Act was established in law.”

    Education for Equity

    NAREB’s mid-winter conference, to be held in San Diego from February 22 through 26, will address these issues with targeted career-building sessions like “Recruitment of Black Professionals: How to Become an Appraiser,” to help reduce pervasive bias in this underrepresented field. Much has been written recently in prominent publications like the Washington Post and New York Times about dramatic inequities in home appraisals for Black homeowners, based both on the racial profile of the homeowner and the neighborhood – even in affluent areas. NAREB would like to see more Black appraisers join the industry to serve homeowners more fairly.

    Community action is another topic that will be tackled at the event. “As NAREB partners with various organizations such as the African American Mayors Association, we want to ensure our members have a seat at the table to advance the agenda of Building Black Wealth in various cities,” the preliminary agenda suggests for a session, beckoning attendees, “Come and gain the knowledge that will position and prepare you for Boards and Land Bank Commissions in your city.”

    A session on the last morning of the event will “dive deep into current housing discrimination cases” and one that afternoon will “clearly identify the barriers that Black women face on their home ownership journey and outline strategies and solutions to help Black women overcome these obstacles.”

    What sets the NAREB conference apart from similar industry gatherings with universally-popular tips on search engine optimization, team building, media skills and marketing is its special focus on addressing racial biases – both casual and structural – that keep Blacks from thriving as real estate professionals and homeowners.

    Last Words

    Whether your statehouse wants these topics covered in high school or college classrooms, the leaders of this professional real estate association that predates the Fair Housing Act by two decades absolutely wants to teach them in their conference classrooms this month. And any real estate firms that aim to expand and serve new markets in their regions could benefit by studying the lessons.

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    Jamie Gold, Contributor

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