HELPING YOU WITH YOUR REAL ESTATE DECISIONS

Frequently Asked Questions

According to the Canadian Uniform Standards of Professional Appraisal Practice, an Appraisal is defined as a formal opinion of value: prepared as a result of a retainer; intended for reliance by identified parties, and for which the appraiser assumes responsibility.

Appraisal involves selective research into appropriate market areas, the assemblage of pertinent data, the use of appropriate analytical techniques, and the application of knowledge, experience, and professional judgement to develop an appropriate solution to an appraisal problem.

Why do I need an Appraisal?

The reasons for performing a real estate appraisal are varied. Clients typically seek out a AIC-Designated Appraisers when:

  • renovating, building, buying or selling property
  • financing or refinancing property
  • making real estate investment decisions
  • reviewing property tax assessments
  • assessing capital gains
  • making a claim for insurance purposes – resulting from fire, rain, hail, windstorms and other disasters
  • determining or facing expropriation compensation
  • valuing property for matrimonial purposes, arbitration or other litigious matters
  • business mergers, acquisitions or dissolutions involving real estate
  • valuing private property acquired by governments for public use.

AIC-designated appraisers are trained to complete appraisal, review, consulting and reserve fund planning assignments within their area of competence. This may include:

  • single-family homes
  • office buildings
  • shopping centres
  • rental properties
  • condominiums
  • hotels and other lodging facilities
  • retirement and long-term care facilities
  • industrial sites
  • recreational sites
  • farms, orchards, vineyards
  • and much more!

The real property market is a key building block of the Canadian economy and affects every segment of our society. Unbiased and dependable valuations are critical to the decision-making processes of individuals, businesses, and governments when conducting real property transactions. Appraisal Institute of Canada Designated Members are real estate appraisal professionals who play a direct and vital role in the real estate sector. That role is to determine, report upon, and attest to the real value of property. Their valuation is the foundation upon which informed decisions about real estate are made – whether by a family purchasing its first home, a farmer selling a piece of acreage, a retailer deciding where to locate its next outlet, a developer considering an empty lot, or a lawyer defending or prosecuting a case.

Landmark Valuation will inspect your property on the basis of building size, Lot size, Location, General condition, etc., to form an overview of your property in order to compare it to similar properties in order to provide an opinion of value. A home inspector will look at wiring, plumbing, etc., to advise a home-buyer of the condition of those elements of the home but will not provide an opinion of value.

Landmark Valuation will give you a market value estimate of your property based on an intensive analysis of the local real estate market. A realtor will provide an opinion of value to establish an appropriate listing price to market your property. Listing prices and market values usually differ. Furthermore, most reputable Lending Institutions require a professional appraisal completed by designated appraiser. Law Firms, Accounting Firms and Development Companies depend on our designated members for various reasons. Realtors represent buyers and sellers in Real Estate transactions while Appraisers provide opinions of value on Real Estate.

Depending on location and seasonal influences, Landmark Valuation tries to provide a turnaround time of 1-2 days for Residential Properties from the time of viewing the property. Commercial properties vary in complexity and the turnaround time is outlined within the quote letter.

The cost of an appraisal varies depending on location, type and size of property, and any other extenuating factors, such as subdivision potential, waterfront, etc.

The basic cost for a single family home on a city lot in Charlottetown usually ranges from $225to $300 plus HST. This price will vary depending on the above factors. Executive Properties can be in the range of $500 plus HST.

Commercial properties are quoted on an individual basis as they vary in complexity.

We would be glad to discuss your specific appraisal requirements and provide a free estimate and time frame to complete the report.

Anyone can order an Appraisal; however, quite often in lending purposes, banks/brokers wish to order the appraisal themselves. You should check with your bank or broker so that it is done the correct way.

Designated Members of the Appraisal Institute of Canada are those who have completed AIC’s rigorous curriculum, experience and examination requirements to earn one of the following designations:

ACCREDITED APPRAISER CANADIAN INSTITUTE (AACI™): The AACI designation is granted to individuals who have completed the AACI program of studies and fulfilled all the professional requirements of the Appraisal Institute of Canada. AACI members are qualified to offer valuation and consulting services and expertise for all types of real property.
P.App (Professional Appraiser) is used by Members with the AACI designation (e.g. Nick Farquharson, AACI, P.App).

CANADIAN RESIDENTIAL APPRAISER (CRA™): The CRA designation is granted to individuals who have completed the CRA program of studies and fulfilled all the professional requirements of the Appraisal Institute of Canada. CRA members are qualified to offer valuation and consulting services and expertise for individual, undeveloped residential dwelling sites and dwellings containing not more than four self-contained family housing units.

At Landmark Valuation, we are qualified to offer valuation and consulting services and expertise for all types of property.

Landmark Valuation can provide an opinion of market value as of the date of the assessment. This estimate will indicate if your assessment is within reason. If you feel you have a case, the appraisal can be used by you in your negotiations with the Provincial Assessment Office, as evidence of the market value of your property.

Can’t find the answer to your question? Contact us at Landmark Valuation, and we’ll be happy to answer all your questions.


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