How much does a certified appraiser costs?

Knowing the market value of a property is practical, even necessary, in many situations. To know the exact price of your home, it is essential to have it appraised by a professional, such as a certified appraiser.

Of course, you will have to pay the appraiser for his work. Depending on the type of property to be appraised, you can expect to pay a few hundred dollars. That is not much when you consider that your home is probably the most important investment of your life!

Want to know more about the cost of real estate appraisal services? Read on for more information.

What is the role of a certified appraiser?

A certified appraiser is a real estate appraisal expert. Their role is to assess the market value of a property. There are several situations in which you may need to call on the services of a professional appraiser. For example:

• A sale;
• A mortgage refinancing;
• A divorce
• A capital gains calculation;
• Etc.

Depending on the case, the expert may be mandated by an individual, a financial institution, a municipality, or even a court. His authority as an appraiser is the only one recognized by banks and the courts.

The practice of a certified appraiser is governed by the Ordre des évaluateurs agréés du Québec (OEAQ). An appraiser who is a member of the OEAQ has a duty to offer you a neutral and impartial real estate appraisal.

What are the appraisal methods?

The appraiser's job is to draw up a complete picture of the property to be assessed. Depending on the type of property, the certified appraiser will then determine the various techniques to be used to obtain the fairest and most accurate value possible.

Among the appraisal methods recognized in Quebec, the most popular is undoubtedly the comparison appraisal. This technique, known as the "comparables method" or "sales comparison approach”, estimates the market value of a property by comparing it with others nearby with similar characteristics (surface area, number of rooms and floors, year of construction, etc.).

In addition to this method, there are also the cost method and the income method, which are usually used when valuing commercial, industrial, or special-purpose buildings.

How is a property appraised?

The appraiser will first inspect the physical appearance of the house to determine its condition. At the same time, he or she will determine whether any work needs to be done. The need for renovations is one of the factors influencing the market value of a property.

The physical evaluation also takes into account the presence of other elements, such as:

• The number of rooms;
• The presence of a garage;
• The presence of a swimming pool (in-ground or above ground);
• The living area;
• The exterior siding.

Once this physical inspection is complete, the expert can also use the comparison method to find out the price of homes for sale in your neighborhood or municipality. Most of the time, more than one valuation method will be used by the professional to ensure the validity of the results obtained.

Once the appraisal is complete, the appraiser must submit a detailed analysis report to the client, including information on the property, the purpose of the appraisal, and the date on which it was carried out.

You can read this document to make sure you are asking a fair price for the sale of your home or to make sure you are paying a reasonable price for your new residence. In both cases, the appraiser's report is an asset in proving that the price corresponds to the reality of the real estate market.

The Ordre des évaluateurs agréés du Québec (OEAQ)

The Ordre des évaluateurs agréés du Québec is the province's regulatory body for the profession. Under the Professional Code, it is responsible for the exclusive practice of building appraisal, in order to protect the public and guarantee the quality of the professional acts performed by its members.

The OEAQ also applies a strict code of ethics and standards of practice, guaranteeing that certified appraisers perform their work professionally and to the highest standards.

How much does a certified appraiser cost?

Unfortunately, there are no fixed or pre-established rates set by the OEAQ for the services of a certified appraiser. The cost of a real estate appraisal depends on several factors, including:

• The type of building to be appraised;
• The region in which the property is located;
• The appraiser's professional experience;
• The purposes for which the report is to be produced.

It is important to know, however, that the certified appraiser receives no commission for his work. The market value of the house has no impact on his remuneration. The appraiser, therefore, has no interest in providing an appraisal that is higher or lower than the property's actual market value.

For a single-family home, the cost of an appraisal has long been estimated at around $500. However, due to recent price increases throughout Quebec, it is now estimated that the average cost of an appraisal for a single-family home is closer to $650. As we have already mentioned, several factors can influence this rate upwards or downwards.

Here are the approximate rates for different categories of property:

• Between $500 and $900 for a house;
• Between $400 and $750 for a condo;
• Over $1,000 for a multi-unit.

To get an idea of the rates that will apply to the appraisal of your property, it is recommended to contact different certified appraisers in your area directly to compare prices and services.

Do not hesitate to contact us to facilitate your search for certified appraisers. Our team will put you in touch with 3 professional, pre-qualified appraisers. You will be able to compare their quotes and choose the one that suits you best.

Who pays the certified appraiser?

Of course, if you hire the appraiser yourself to determine the market value of your home, you will be responsible for the costs as well. But did you know that you may have to pay the appraisal fee even if your bank requests the appraisal?

In fact, even if it is your financial institution that requests an appraisal report as part of a mortgage loan or refinancing, it is you, the homeowner, who will have to pay the associated fees.

Why rely on a certified appraiser for the market value appraisal?

To determine the market value of a home, you may be tempted to take a shortcut and rely solely on the municipal assessment. But beware: municipal appraisals are not always accurate, far from it!

In fact, it is only carried out every 3 years by the municipality for the sole purpose of calculating the property taxes you will have to pay. There is a one-and-a-half-year delay between the time the value is determined and the time the new property roll comes into effect.

What is more, property assessment does not take into account real estate market conditions. It is therefore not representative of real value, and should not be used to establish the purchase or sale price of a property. That is why it is best to call on the services of a real estate appraisal professional.

As a seller, a professional market value estimate allows you to ask a fair price for your home. As a buyer, it helps ensure that the asking price for your property is appropriate.

How do I choose a good certified appraiser?

There are plenty of qualified appraisers in the province! So many, in fact, that it is not always easy to choose among all the certified appraisers in your area.

To find a good certified appraiser, be sure to:

• Compare quotes;
• Check that he has all the qualifications required for his profession;
• Verify their training;
• Confirm that he is a member of the Ordre des évaluateurs agréés du Québec;
• Confirm that they hold civil liability insurance.

To obtain a rigorous, accurate appraisal of your property's value, we strongly recommend that you call on a certified appraiser who is a member of the OEAQ. Although the services of this expert may cost a few dollars, the cost of an appraiser is well worth it!

Looking for an appraiser to determine the value of your property?

XpertSource.com can help you find a certified appraiser. 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.

Do you want to be put in touch with real estate professionals and get quotes? Contact us at 1 833 203-7768