Find out today what the price is for an accredited appraiser in Quebec
14 March 2019,
 Off

While 94% of current and future homeowners consider it important to know how to assess their property in a real estate transaction, only 56% know the market value of their home and only 18% have an appraisal report on hand. Are you one of them?

 

What is the cost of a home appraisal?

Find out today what the price is for an accredited appraiser in Quebec

The Order of Chartered Appraisers of Quebec (OEAQ) has so far not set any prices for a home appraisal as many variables need to be considered as the form of report you need (your intention or goal to reach), the area where the property is located, the type of building, the time required, etc.

When you have presented your needs to your chartered appraiser or real estate appraiser, they will have the information they need to establish a fairer bid.

To contact an accredited or residential appraiser for a home appraisal, simply fill out the online request form on this page.

Anyway, here are some numbers that will give you an overview of an appraiser’s rate. * Note that the appraiser is not required to be licensed to practice. We can, therefore, distinguish between the chartered appraiser and the real estate or residential appraiser.

The hourly rates of a chartered appraiser

Based on average rates for services furnished by the government in 2009

 

  Hourly rate for the valuation of a property
Senior certified appraiser
Minimum 10 years of experience
± $45
Intermediate certified Appraiser
between 5 to 10 years of experience
± $40
Junior appraiser
between 0 to 5 years of experience
±$35

 

The cost of a chartered appraiser for appraising a condo or single-family home is $500 maximum.

Although, in some circumstances, banks take into consideration municipal valuation when making certain decisions regarding expansion or renovation work, in most instances, the amount of funding provided by mortgage lenders is determined by the market value estimated by a chartered appraiser who is a member of a professional order.

The acquisition of your property will probably be the biggest investment of your life. Why not buy it at the right price?

 

What justifies the price of a house appraisal?

According to La Presse.ca, Mr. Richard Côté, chartered appraiser and member of the board of directors of the Order of Chartered Appraisers of Quebec (OEAQ), states that “in order to establish a selling price, the best thing is to ask for an evaluation done by a certified appraiser who will be able to carry out a specialized inspection of the property.”

Depending on market fluctuations, the relevance and accuracy of the assessment of the market value of your home performed by a certified appraiser who is a member of a professional order may be valid for approximately six (6) months.

The situation is quite different with respect to municipal assessment.

Your municipality will set the price of your property about 1½ before your next property assessment comes into effect. Thus, the value given to your home during the years 2016 to 2018 was established on July 1, 2014.

In addition, the municipal evaluation of your property is most often done by means of comparable statistics, comparing similar residences in your area (land area, living space and on how many floors, the age of the house).

This approach is understandable given that municipalities often have only one chartered appraiser to estimate the value of 25,000 to 30,000 properties. It is humanly impossible for him to visit each of them.

A chartered appraiser who travels to visit your property and objectively determine the exact market value, in real time, is your best bet for having the right time.

However, the role of a chartered appraiser goes much further than helping you set the selling price of your property.

 

When is it worth the cost of using an accredited appraiser or real estate appraiser?

A real estate appraisal carried out in accordance with the standards of practice set by the Order of Chartered Appraisers of Quebec (OEAQ) may be essential to make an informed decision at any time in order to:

  • conclude real estate matters during a divorce, succession or legal dissolution of a corporation
  • move funds or real estate during a tax reorganization
  • determine the potential profits from a revenue property
  • estimate the market value of a building that is part of the family patrimony (patrimonial distribution during a divorce, a death)
  • be aware of the value (cost of replacement or reproduction) of your property in the event of a loss for the purpose of negotiating a settlement of your insurance policy
  • have a counter-appraisal to challenge the findings of the municipal assessment
  • set the amount of your claim in the event that your property is the subject of a dispute
  • renovate, expand or build a property
  • sell, buy or convert a building
  • place a value on your land
  • invest in title deeds (shares) relating to real estate
  • put one or more premises of a building for rent
  • negotiate the financing with a mortgage lender
  • for a municipality: develop the part of the appraisal
  • for buyback or to negotiate a contract like a lease
  • reassess the amount paid in the case of expropriation
  • review the real estate assets of a portfolio or business

As you can see, in recent years, the services offered by licensed or real estate appraisers have become more diversified. Several licensed or residential appraisers now perform furniture, or a business valuation.

Other evaluators have developed indisputable expertise in sectors of activity such as transport, institutions, industry, or agriculture, etc.

Many licensed and real estate appraisers also use their skills as property managers with private and public sectors, financial institutions, businesses, private and public organizations, and property owners.

Faced with the sudden growth of these different avenues within the profession, the OEAQ set up, in 2010, the Competency Profile of Property Managers.

 

Who should apply for a house appraisal?

If you are applying for a home appraisal yourself from an accredited appraiser or real estate appraiser, you will be the sole owner of the appraisal report that your appraiser will write. No one will receive a copy at any time without your permission.

However, if your lender or mortgage broker requests the expertise of an appraiser, the applicant will be the owner of your legal document, even if you are the one who pays the cost of the appraisal.

If you change lenders or real estate brokers during the process, you will need to have your home appraised again.

We, therefore, advise you to receive quotes from some chartered or real estate appraisers (minimum 3) in order to compare the prices and most especially the professionalism and the services offered.

By completing the free online request form on this page, you will quickly receive up to three (3) service proposals from chartered (or not) and reliable appraisers in your area.

 

Aside from the cost of evaluating your home, consider a superior service

the-quality-of-a-good-appraiser-will-benefit-you

It is imperative that the valuation of your home be done by a licensed appraiser or real estate appraiser whose service is of the highest quality as the information in his report will be used not only by real estate brokers but also by financial institutions and mortgage lenders.

The detailed report that will be written by your licensed or residential appraiser will be a great asset when you sell your property, among other things, as it will prove that the cost is a reflection of the characteristics of your home and the conditions of the current market.

Having no interest in the transaction (no commission, for example) or being dependent on any financial institution, real estate agent or other, your appraiser will give his feedback with objectivity. He will not be concerned about the delay, success, or failure of the sale.

A chartered appraiser or real estate appraiser does not benefit from the price at which he will appraise your property. He will give you an honest report about the exact value of your building as of a specific date.

 

The benefits of an accredited appraiser certified by the OEAQ

In Quebec, the designation of a chartered appraiser is reserved for members of the Order of Chartered Appraisers of Quebec. (OEAQ).

Before being officially registered as an accredited appraiser, an applicant must:

  • has completed university training leading to the license
  • has completed a 12-month internship supervised by a member of the OEAQ
  • has received all required training on standards of ethics and professional practice
  • Has successfully completed the entrance examination and finished various other formalities.

A home appraisal may also be performed by another professional but it is necessary to exercise caution.

Be aware that to be certified by the OEAQ, a chartered appraiser must have professional liability insurance in case of error and omission in order to fulfill their mission of protecting the public interest.

 

Compare the services and prices of 3 licensed or real estate appraisers

For a home appraisal, call on the skills and knowledge of a certified appraiser who is a partner of the Compare Home Quotes network.

Our web platform brings together the best accredited or residential appraisers from across Quebec.

Regardless of your location, all you need to do is fill out the request form for online quotes on this page to receive up to three (3) quotes from certified or real estate appraisers who have been carefully selected for their professionalism, reliability and credentials, well-established, with many years of experience, and expertise that matches the profile you need, etc.

When you send us your request, the team of Compare Home Quotes will consider your needs and requirements. Your request is then forwarded to three (3) chartered appraisers or residential appraisers who can meet your expectations.

Each of them will send you their most appropriate offer as soon as possible at the best price, knowing full well that he is not the only one in the running.

 You will only have to compare the quotes received, choose the chartered or real estate appraiser that seems to be the match for you,
and then contact the professional of your choice.
 

Do you need the opinion of a reliable, impartial, and motivated real estate advisor? Do not hesitate to call a chartered appraiser (or not) who is a partner of Compare Home Quotes.

 

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