Appraisal

A professional assessment of a property’s fair market value conducted by a designated appraiser, typically required by lenders before approving a mortgage in Ontario. Appraisers are accredited through the Appraisal Institute of Canada (AIC) and hold designations such as AACI (Accredited Appraiser Canadian Institute) or CRA (Canadian Residential Appraiser). If the appraised value comes in below the agreed purchase price, the lender will only finance based on the appraised value — the buyer must cover the shortfall.