Collingwood Appraisals Ltd

By: Collingwood Appraisals Ltd  09-12-2011
Keywords: Real Estate, appraisals

Appraisal Services

An appraisal is an opinion of market value provided by a trained accredited professional.  There are many reasons why you may need a professional appraisal of a property.  Bank financing is a common situation that will require a current market value appraisal.  Litigation involving a variety of issues from divorce to land compensation claims will also require a market value appraisal, as at a specific date.

It is essential that a professional appraiser arrive at, and communicate his or her analyses, opinions, and valuation advice in a manner that will be understood by the client and will not be misleading in any way.  Our appraisal reports are well documented valuations, prepared in compliance with the Canadian Uniform Standards of Professional Appraisal Practice, “The Standards”.  The standards set by the Appraisal Institute of Canada reflect the current requirements and reporting standards of the appraisal profession in Canada.

Our professional fees range from $350 to $600 for single-family dwelling residential appraisals (less for bank financing on form reports).  Typically, relatively straight forward commercial, multi-family or industrial property valuations will carry a fee ranging from $2,000 to $3,500, plus disbursements and GST.  The detail and comprehensiveness of our work is dependent upon the user of the report (bank, lawyer, accountant, or real estate broker), as well as our mandate to provide a properly documented valuation analysis as dictated by our professional association’s Code of Ethics and Standards of Professional Practice.  Consulting services and court appearances are billed at an hourly rate.



The Types of Reports We Provide

Consulting Services

These services include reports other than value estimates such as: land utilization or highest and best use analyses, marketability studies, feasibility or investment analyses, and other research driven studies.  These reports are tailored to the needs of a particular client and are based on an hourly rate, agreed upon in advance.


Narrative Appraisal Report

This report provides a full and comprehensive level of detail in the presentation of information pertaining to the subject property, and the data relied upon in the valuation.  The ultimate level of comprehensiveness can vary to some degree, depending on the needs of the client and the function of the report.  This report may also involve some extraordinary limiting conditions or arrive at a value that is other than market value (i.e. an insurance valuation). 


Short Narrative Appraisal Report

This report provides a minimal presentation of information pertaining to the subject and the data used to arrive at an opinion of value.  The report may be limited to the client only and may consider anyone else using the report as an unintended user, thereby denying liability to any third party.  The format is often used in low-ratio lending situations.


Form Reports

Most residential appraisal assignments being used for mortgage financing require the completion of a standard form report.  The forms we use in such instances are sanctioned and developed by the Appraisal Institute of Canada.


Review Report

A critical study of a report prepared by another appraiser.  This report may or may not involve the preparation of our own valuation.  We will comment on the opinion offered in the report being reviewed, and will discuss whether it meets the standards set by the Appraisal Institute of Canada .


Appraisal Updates

An update involves referencing our original report, usually prepared by the same author, and the inclusion of new market information or data pertaining to the subject property that will result in a updated opinion of value.  In cases where the report is older than 12 months, a new appraisal may be required in order to meet the standards set by the Institute and our insurance carrier.


Advice and Expert Testimony

This work includes tax counselling, assessment appeals or reviews, zoning advice, appearance as an expert witness in arbitration hearings, expropriation and litigation.  These services are often related to an appraisal previously completed and are based on an hourly rate previously agreed upon prior to undertaking the assignment.



Purpose and Function of Our Services

Here are just a few of the reasons our clients request our professional services.

• To obtain the current value of a property you wish to buy, sell, or finance

•  Investment decisions

•  Required as part of an application for a mortgage

•  Feasibility studies - completion value of a development.

•  Preparing financial statements - capital gains taxation & estate planning

•  Appeals and reviews ofproperty tax assessments

•  Expert testimony in negotiation, arbitration or litigation.

•  Establishing compensation in cases of expropriation

•  Ensuring adequate insurance coverage - verifying damage claims


Property Expertise

Commercial and Retail Real Estate

Collingwood Appraisals Ltd. appraise all types of retail properties throughout British Columbia, with a focus in the Greater Vancouver and Lower Mainland area.  Retail properties which we have recently appraised include everything from small single-user retail stores to large neighbourhood shopping centres and regional centres.  Reports on retail commercial real estate generally involve a Narrative Report format, but can involve a shorter reporting format under certain circumstances.  We also provide appraisal and consulting services relating to hotels, apartment buildings, office buildings, institutions, vacant land, and other commercial investment property.

Industrial Real Estate

Collingwood Appraisals Ltd. appraise industrial properties throughout British Columbia.  Recent work ranges from small strata-titled warehouse buildings to large warehouse and manufacturing complexes.  We provide a range of appraisal services for industrial property, from short narrative reports to detailed reports and market studies.  Strata industrial warehouses are usually valued using a concise short narrative reporting style that most adequately meets the needs of the client.  Large industrial complexes, either single or multi-tenant designed, are valued using a Narrative Report format, unless other arrangements are made.

Residential Real Estate

Collingwood Appraisals Ltd. appraise all types of residential property throughout the Greater Vancouver and Lower Mainland areas.  We appraise single-family houses, multi-family complexes (apartment buildings), as well as condominiums.  Our service is time sensitive, accurate and reliable.

The information in this article was current at 06 Dec 2011

Keywords: appraisals, Real Estate

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