What is a Home Appraisal?
A home appraisal is a professional opinion on the value of a home. This opinion is provided by a Home Appraiser certified by Appraisal Institute of Canada (www.aicanada.ca)
The appraisal is most commonly used in the buying or refinancing process by lenders. In most cases, the buyer pays for the home appraisal however, the lenders use this report to ensure that they are not financing an overvalued purchase.
In some cases, a home seller can also obtain a home appraisal when there are not many comparable properties or if it is an unusual property and the value of the property cannot be easily determined by a Real Estate Salesperson or Broker.
The typical cost of a home appraisal in Ontario is $300+HST, however, depending on the property, it can be as high as $600+HST.
CENTURY 21 Leading Edge Realty Inc., Brokerage*