What is a real estate appraisal? A Manitoba guide

A real estate appraisal is an independent, professional opinion of a property's market value as of a specific date. In Canada, appraisals for lending are prepared by qualified appraisers who inspect the property and analyse recent comparable sales in the local market.

A realtor's comparative market analysis helps set a listing price and is prepared by someone with an interest in the sale. An appraisal is an independent opinion of value, prepared to professional standards, and is what lenders rely on.

Assessments are prepared by municipalities for property tax purposes, using mass-appraisal methods and a fixed reference date. An appraisal is a current, individual valuation of your specific property for a specific purpose, so the two figures often differ.

Usually the borrower or the person ordering it. When a lender orders an appraisal, the fee is often passed to the borrower. For estates and family law matters, it is typically paid by the estate or the parties.

Fees depend on property type, size, complexity, location and purpose. A standard home in town costs less than a large acreage with several outbuildings. We confirm the fee before booking the inspection.

The inspection of a typical home takes 30 to 45 minutes, and 45 minutes to an hour for an acreage. Most reports are delivered within 2 business days of the inspection.

Someone needs to provide access to the property. It can be the owner, a tenant or the listing agent. If you are present, it helps to share a list of recent updates.

We measure the home and note its layout, condition, finishes, updates, mechanical systems, basement, garage and site. On rural properties we also document water, septic and outbuildings.

Often, but rarely dollar for dollar. Kitchens, bathrooms and essential updates such as roofing, windows and furnaces tend to matter most. The market decides how much each improvement is worth, and an appraisal reflects that.

Yes. Retrospective appraisals are common for estates (as of the date of death) and for family law matters (as of the date of separation).

An appraisal states the value on its effective date. Lenders typically accept reports for a limited period, often 90 days to six months depending on the lender and market conditions.

Talk to us. If you are aware of comparable sales or property features we did not consider, share them through your lender or directly with us. We will review them and explain whether they change the conclusion.

We appraise homes throughout Winnipeg, Headingley, Oak Bluff, La Salle, Steinbach, Portage la Prairie, Winkler, Morden, Altona and the rest of Southern Manitoba.