Intercity Appraisals Ltd. has been performing both Residential and Commercial appraisals since 1989. Over the years the format and content included in a legitimate appraisal report has changed dramatically. The Appraisal Institute of Canada and it's members have gone to great lengths to define the various types of reports and their content.
A residential appraisal may be used for many purposes. Typically when we are asked to perform a residential appraisal it is to be used for mortgage purposes. However, they are often used to determine the value of a property before listing the home for sale or for ascertaining the value for tax purposes. If a property that is currently being used as a primary residence is to be a revenue property an appraisal is necessary to determine future capital gains or losses. In most cases, getting an appraisal at the time of residency change is less expensive than waiting and getting a back-dated report.
If you are planning to purchase a home it is also a good idea to obtain an appraisal report. Most responsible financial institutions require that a report by an accredited appraiser be done to verify that adequate security is in the property to secure a mortgage. Sometimes the lender may rely on assessment information avaliable by the local assessment authority office. These assessments are based on a specific date (usually July 1st of the previous year) and should be used for tax purposes only as there is risk involved in relying on an estimate of value for a property that may not have been visited by an appraiser for some time. If you are relying on a REALTOR to provide your research data, make sure that she/he shows you sales of similar properties in the area which have sold recently and discuss the differences between those properties and the one you are interested in. Remember that a listing is an indicator of what a vendor hopes to receive for their property and a sale is what they eventually accept.
If you are planning to obtain high ratio financing through Canadian Mortgage and Housing Corporation (C.M.H.C.), you may be charged an appraisal fee either directly or indirectly without actually having someone actually visit the property. Make sure that your interests are protected by having your potential investment appraised. Insist that an appraisal by an accredited appraiser be done and that the fee be deducted from the C.M.H.C fee.
If you would like to have an appraisal done by our firm you may request an appraisal online or call our offices. We can verifiy our approval for you financial institution and help you with selecting the appropriate appraisal type for your needs.
Intercity Appraisals Ltd. has been consulting on Commercial, Industrial, Multi-Family and Development properties since 1989. These reports have been used for financing, tax, court and estate purposes. Our expertise generally lies in properties under $5,000,000 in value and are located in the Greater Vancouver and Fraser Valley areas. If you have a property outside these parameters we can recommend another firm to suit your purposes.
If you have any questions about our IC&I services please feel free to contact our office anytime or make an online request for information. Fees for service are quoted on an individual basis depending on the needs of the client.
The proposed use of the report usually determines the type format that the appraisal should take. If the report is for financing, insurance, court or tax purposes consult the institution before specifying which report you would like.