What a real estate appraiser does
A real estate appraiser estimates the market value of property and explains the reasoning in a written report that a lender, lawyer, court or owner can rely on. Residential appraisers inspect homes and condominiums and work mainly for lenders. Commercial appraisers value office, industrial, retail, land and special-purpose property using the income, cost and direct comparison approaches, often for financing, tax appeals, estates or expropriation.
Most Canadian employers look for membership in the Appraisal Institute of Canada (AIC). The Canadian Residential Appraiser (CRA) designation covers residential property such as single-family homes, condominiums and residential buildings of up to four units, while the Accredited Appraiser Canadian Institute (AACI) designation covers all property types. Many firms also hire AIC candidate members working toward a designation. Finch confirms designation status and reviews the kind of work candidates have completed before you interview them.
Typical responsibilities
- Inspect properties and record condition, size, features and improvements
- Research comparable sales, leases and local market conditions
- Apply the direct comparison, income and cost approaches as each assignment requires
- Write appraisal reports that meet CUSPAP and client requirements
- Answer reviewer and lender questions and support conclusions when challenged
- Review reports prepared by candidate members, where the appraiser is designated
Qualifications and credentials
- AIC membership with the AACI or CRA designation, or candidate status with progress toward one
- A university degree is common, and AIC offers several paths to designation depending on education
- Working knowledge of CUSPAP and the reporting standards of the lenders or clients you serve
- Experience with appraisal software, MLS data and municipal property records
- A valid driver's licence for inspections across the region
Who hires a real estate appraiser
- Independent residential appraisal firms serving lenders
- Commercial real estate advisory and valuation firms
- Banks, credit unions and lenders with in-house valuation teams
- Property tax consultants and assessment appeal firms
- Municipalities and government agencies that acquire or manage land
Where we recruit real estate appraiser candidates
We fill real estate appraiser roles for employers across Toronto and the GTA, including North York, Scarborough, Etobicoke, Vaughan, Markham, Richmond Hill, Mississauga, Brampton, Oakville, Burlington, Oshawa and Pickering, and for employers across Canada. GTA employers can meet us at our North York office by appointment.
What Finch checks before you meet a candidate
- AIC designation or candidate status, confirmed through AIC's public directory
- Property types, assignment purposes and geography they have appraised
- Report writing quality, reviewed through a redacted sample where possible
- Any complaints or professional standards reviews the candidate discloses
- Comfort with your assignment volume, turnaround expectations and inspection travel
Interview questions to ask
- Tell us about a valuation a reviewer challenged. How did you support your conclusion?
- How do you choose comparables in a neighbourhood with few recent sales?
- When would you rely mainly on the income approach rather than direct comparison?