Every financial institution in Canada (lender) is interested in knowing what is the market value of an underlying property they finance (under normal market conditions). As a third party in this process, we produce an unbiased report called an appraisal. It is the calculated market value of the specific property being used as security for a mortgage issued by the lender. Market value appraisal is defined as:
The amount, in Canadian funds, for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing, where the buyer and seller have each acted knowledgeably, prudently, and without pressure.
The three types of mortgage financing appraisal:
- Full Appraisal for Mortgage Financing
- Drive-by Market Value Appraisal
- Desktop Market Value Appraisal s market value of the specific property being used as security for a mortgage issued by the lender.