How much does a home appraisal cost in Canada?

Who pays

For a lender's appraisal, the lending institution is the client and the homeowner pays the fee, according to the Appraisal Institute of Canada. CMHC's mortgage-cost guide also says your bank or credit union may require the property be appraised at your expense. FCAC lists appraisal fees among the costs of borrowing against home equity.

What sets the price

The AIC describes the fee as generally flat, determined by the complexity of the assignment and the hours needed. Expect more for larger or unusual homes, rural properties with acreage, multi-unit homes, rush jobs and remote locations; less for a typical condo in a city. Some lenders accept a desktop or drive-by report, or an AVM, for low loan-to-value refinances, which may cost less or nothing.

Lender-ordered vs your own

A report you commission yourself is yours (useful for an estate, a separation or pricing a sale) but lenders generally won't rely on it: OSFI's B-20 expects appraisers to be independent from the loan decision. For a refinance, let the lender order it. Find designated appraisers through the AIC directory.

Getting value for the fee

• Check comparables first with our comparables check, so you know whether the plan works before paying.
• Prepare a list of improvements with dates and costs, and permits for any finished basement or suite.
• Be home for the inspection; point out features that sales listings miss.