An appraisal is 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 – as defined by Canadian Uniform Standards of Professional Appraisal (CUSPAP)

There are numerous reasons for to obtain a professional appraisal of your property:

Some of these include:

*Purchase financing

*Sales considerations

*Equity re-financing

*Fesibility studies

*Taxation considerations

*Estate planning

*Property tax appeals

*Litigation purposes

...and more

We strive to complete every report in a time efficient manner while upholding a high standard of quality and integrity. Completion times vary depending upon the scope of the assignment and our current workload. When we receive an appraisal/report request we will quote what we feel to be a reasonable time frame for completion. As we do place a high value on client relationships, we will do our best to make sure that our timeline works with yours.

In short, no. An insurance appraisal will estimate the cost to re-build an existing building or development in the case of a complete loss. Replacement cost varies dependent on current trends within the construction industry and includes demotion and debris removal allowances and any potential bylaw upgrade costs. A market value appraisal will determine a value that represents the achievable sale price for a property on the open market. This value is based upon the three accepted approaches to property valuation: the Cost Approach, the Income Approach and the Direct Comparison Approach. Please refer to our resources page.

Phung Horwood appraisers either hold the AACI, P.App, designation or are Candidate Members of the Appraisal Institute of Canada (AIC).

The following is an abstraction from publications by the Appraisal Institute of Canada:

The AACI designation is awarded to those who complete the AACI program and meet all professional requirements of the Appraisal Institute of Canada, allowing them to provide valuation and consulting services for various real property types.

Candidate members of the Appraisal Institute of Canada (AIC) represent the future of the appraisal profession. They are pursuing the AIC Program of Professional Studies and preparing for prestigious professional designations. Candidates actively train as appraisers, adhering to Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). They can take on more complex assignments with the guidance of designated members.

Full AIC members enjoy privileges like preparing limited-responsibility appraisal reports under supervision. They must adhere to CUSPAP and commit to ongoing professional development, receiving Institute support and access to resources for confident practice.

(source: Appraisal institute of Canada - https://www.aicanada.ca/about-aic/appraisal-institute-canada/)

During a visit to the property that is the subject of the appraisal, the Appraiser makes a visual assessment of the interior and exterior of the Subject Property. In a multi-tenant situation this may include the interiors of individual units/suites, the common areas and the mechanical facilities. This often involves photograpy of the improvements and on-site measurement.

Due to confidentiality, copies of appraisals completed by Phung Horwood are only available to the Client or Clients for whom the appraiser performs a service, unless specific authorization is given otherwise. This may or may not be the person who actually pays for the appraisal. In cases where the Lender or Broker orders the appraisal from the appraiser they are the Client, regardless of whether the owner pays the fee.

Our appraisal/report fees are determined on a case by case basis. Determining factors (Not all inclusive) include: the scope of the assignment, the availability of relevant data, the size of the project, concurrent commitments/assignments and the required time frame for completion.