Mortgage and refinance appraisers in Canada
A mortgage appraisal is an independent opinion of a property’s market value, prepared so a lender can decide how much it is prepared to lend against it. The lender’s loan-to-value limits are applied to the appraised value, not to the price you paid or the value you believe the home has, so the appraisal sets the ceiling on a purchase, a refinance or a HELOC.
The appraisers listed here do residential lending work across Canada. Most mortgage appraisals are ordered by the lender rather than the borrower, which changes how you find one and what you can do with the report, both are explained below.
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Are you an appraiser? List here freeWho orders a bank appraisal, and who pays for it
In most cases the lender orders the appraisal itself, either from its own panel of approved appraisers or through an appraisal management company that assigns the file. The lender is the client and the intended user of the report. That arrangement exists so the valuation is independent of the borrower, the realtor and the broker, each of whom has an interest in a higher number.
Who pays varies. On many files the borrower pays the fee, either directly to the appraiser or through the lender or broker; on some the lender absorbs it as part of the offer. Insured purchases with conventional properties are sometimes approved on an automated valuation, with no appraiser visit at all.
Ask your lender or broker whether you are entitled to a copy of the report. You paid for it in many cases, but the report is addressed to the lender, and whether you receive it depends on the lender’s policy.
Refinance appraisal: full inspection, drive-by or desktop
A refinance appraisal is usually a full interior inspection, because the lender is advancing new money against a home it has not valued before. The appraiser measures the home, notes condition, finishes and any renovations, photographs it, and then selects recent sales of comparable properties to adjust against.
A drive-by appraisal inspects only the exterior and relies on records for the interior. A desktop appraisal involves no visit, and is prepared from sales data, assessment records and listing history. Lenders use them where the risk is lower, a modest HELOC increase, or a property with plenty of close comparables. Which one you get is the lender’s decision, not yours.
When the appraisal comes in low
A low appraisal on a purchase means the lender lends against the lower figure, and the gap between that and the purchase price comes out of your down payment. On a refinance, it reduces the equity you can take out. The appraiser has no stake in either outcome.
You can ask the lender to have the appraiser reconsider, but it works only with evidence: a closer comparable sale the appraiser missed, a factual error in the size or features of the home, or a renovation that was not recorded. Disagreement with the number on its own is not grounds. A broker can sometimes send the file to a different lender, which will order its own appraisal, that is a new opinion, not an appeal of the first.
Common questions
Can I use my own appraisal for a mortgage?
Usually not. Most lenders accept only reports they ordered themselves, from appraisers on their panel, with the lender named as client. A report you commissioned privately is still useful, to price a sale, settle a separation or plan a refinance, but expect the lender to order its own. A few lenders, mostly outside the major banks, will accept a report re-addressed to them; ask before you pay for one.
How long does an appraisal take?
The inspection itself is short, often under an hour for a typical house. The report follows within a few business days in most markets. What stretches it is booking the visit in a busy season, a rural or unusual property with few comparable sales, or a lender that needs additional support for the value.
How long is an appraisal good for?
There is no single rule. Each lender sets its own limit on how old a report can be when the mortgage funds, and it is shorter in a fast-moving market. If your closing is delayed, or you move to another lender, expect to need a new report or an update.
What drives the cost of a mortgage appraisal?
The type of report (desktop, drive-by or full inspection), the size and complexity of the property, the distance the appraiser travels, and how hard it is to find comparable sales. Rural properties, large acreages, multi-unit homes and custom houses cost more to appraise because they take more time to support.
Do I need an appraisal for a HELOC?
Usually, because the lender needs a current value before it sets the limit. On smaller limits, or where the lender already has recent data on the property, a desktop or automated valuation may be used instead.