InFocus: The Role of Appraisals

Key things to consider when hiring a designated appraiser

Key things to consider when hiring a designated appraiser

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For any mortgage broker attempting to navigate the modern market in the most efficient way, partnering with an Appraisal Institute of Canada (AIC) designated appraiser is an important step. Whenever real estate is sold, mortgaged, assessed, and insured an AIC appraiser plays an integral role in providing a professional and independent opinion on the quality, value, or utility of a specific property.

The AIC provides two types of education and accreditation to appraisers the Accredited Appraiser Canadian Institute (AACI) and the Canadian Residential Appraiser (CRA).

An AIC member with the CRA accreditation is qualified to undertake a residential real property assignment (in a geography where they understand market influences that impact value) on dwellings containing not more than four self-contained family housing units or an individual undeveloped residential dwelling site. An appraiser with the AACI designation is permitted to undertake any assignment on residential, commercial, industrial, institutional, agricultural, land and special use property types.

“With respect our designation process, we have the most rigorous educational program in the world, so when someone employs a member of the AIC they are getting a world class member,” says Dan Brewer, President of the Appraisal Institute of Canada (AIC). “We are also insured: we have a liability program that allows us to protect the public if a mistake is made. There is some really good value in why you would hire AIC member; you’re getting qualified people who have a deep knowledge and experience of the industry.”
AIC-designated appraisers are highly qualified professionals, who are trained to complete assignments for many types of property, including residential dwellings shopping centers, hotels and other lodging facilities, office buildings, rental properties, condominiums and industrial sites just to name a few. But, what factors should a broker consider before deciding on an accredited appraiser to work with? “Ask the appraiser for their professional designation and be sure the appraiser is a member of strong professional association such as the Appraisal Institute of Canada,” Brewer says. “Selecting “Find an appraiser” on AICanada.ca is a good place to start.”

“Also, make sure you also ask the professional appraiser about their qualifications and ensure the AIC member holds either the AACI (Accredited Appraiser Canadian Institute) or CRA (Canadian Residential Appraiser) designation or is an AIC Candidate Member.”

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The Appraisal Institute of Canada (AIC) is a leading real property valuation association with over 5,200 members across Canada. Established in 1938, the AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations.

AIC Designated Members are highly qualified, respected professionals who undertake comprehensive curriculum, experience and examination requirements. Our members provide unbiased appraisal, appraisal review, consulting and reserve fund studies on all properties within their scope.