As a specialist in real estate valuation, a certified appraiser is a key player in any real estate transaction. While many individuals frequently inquire about the cost of an appraisal, the topic of the appraiser’s salary often goes unnoticed.
In our ongoing mini-series that explores the earnings of various professionals in the real estate sector, we will take an in-depth look at the salary of certified appraisers. Let’s delve into it!
Real estate appraisal: a brief overview
Are you planning to sell your home and want to set a fair and accurate price? A certified appraiser is the expert you need. By evaluating your property, its features, its surroundings, and the current real estate market, this specialist can help you establish the ideal marketing price, known as the market value of your home.
Certified appraisers also play a role in municipal assessments, determining property values for tax purposes. This evaluation occurs every three years and help establish the annual property taxes that homeowners are required to pay.
In summary, a certified appraiser is a versatile professional who plays an essential role in the real estate industry.
How to become a certified appraiser in Quebec?
To work legally as a certified appraiser in Quebec, you must be a member of the Ordre des évaluateurs agréés du Québec (OEAQ). To do so, every appraiser must:
- Obtain a bachelor's degree from a program recognized by the OEAQ.
- Complete a one-year professional internship.
- Take the ethics and professional practice course offered by the OEAQ.
- Pass the OEAQ admission exam.
How much does an appraisal cost?
In Quebec, certified appraisers are not bound by fixed rates set by the OEAQ; they can establish their own fees. The cost of an appraisal varies based on several factors, including:
- The type of building being appraised.
- The property’s location.
- The appraiser’s professional experience.
While it’s challenging to provide an exact price for an appraisal, here are some approximate fees for different property types:
- Houses: between $500 and $900.
- Condos: between $400 and $750.
- Multi-unit buildings: over $1,000.
If you’re looking to get your property appraised and want a clearer idea of the costs involved, it’s a good idea to contact several certified appraisers in your area for quotes. This will help you compare prices and the services they offer.
The annual salary of a certified appraiser
Unlike many professionals in the real estate sector, certified appraisers do not earn commissions based on property sales. Instead, they receive an hourly wage, which can vary significantly due to several factors, including:
- The appraiser’s years of experience.
- The company they work for.
- The region in which they operate.
In Quebec, the average salary for a certified appraiser is approximately $51,000 per year, translating to around $30 per hour. However, there is a wide salary range in the field. An entry-level appraiser may start at about $18 per hour, while a seasoned appraiser working for a reputable firm can earn near $45 per hour.
Having your property appraised by your real estate broker: is it a good idea?
Selling a property can come with various costs, but did you know your real estate agent can help you determine your home’s market value at no extra charge? With their in-depth knowledge of the local market, they can provide guidance on an appropriate listing price for your property.
While relying on your real estate broker can save you a few hundred dollars, it’s important to recognize that they do not have the sale level of training as a certified appraiser. For a thorough and accurate appraisal, a certified appraiser remains the most qualified expert for the task.
Looking for an expert to help you determine the value of your property?
XpertSource.com can help you find a certified appraiser or a real estate broker. When you tell us about your project, we put you in touch with qualified resources for FREE. Simply fill out our form ( it only takes a few minutes ) and we will connect you with professionals.
