All of the appraisers are members of the Appraisal Institute of Canada. At Ridgepoint our appraisers are either a CRA (Canadian Residential Appraiser) or a candidate. CRA members are qualified for valuation and consultations for capital gains, mortgage appraisals, estate planning, divorce, and many other residential uses. Using a member of the Appraisal Institute ensures that the appraisal you receive is the most widely recognized in the country.

A real estate appraisal can be broken down into 3 sections that are typically the most important to the reader.  

• Details about the house, neighbourhood, and market

• The final estimate of value that the appraiser has determined the house would likely sell for in the market.

• The direct comparison approach.  This is where the appraiser has selected the best comparables and made $dollar adjustments that represent the final estimate.

The components above are not the only parts but tend to be the most important for a reader's use.

At Ridgepoint we are known for our quick turnaround times. Mortgage brokers can be assured that the owner will be contacted shortly after the order is made. Once the property is inspected the report is provided the next morning or prior.

In order to become an appraiser with the Appraisal Institute of Canada there are many different qualifications needed. After attaining a post-secondary education, they must fulfill rigourous educational requirements and adhere to an extensive code of professional ethics training. Candidates complete wide-ranging work experience and a guided case report. Mentoring is held by a qualified designated member and followed by an interview with the Appraisal Institute panel.  Once the designation is obtained, there is yearly education and a code of ethics training.  

We currently cover the following areas in Ontario.

• Toronto

• York Region (Markham, Thornhill, Whitchurch-Stouffville, King, Aurora, Newmarket,    Vaughan, Uxbridge, Woodbridge, East Gwillimbury)

• Peel (Mississauga, Brampton)

• Durham (Whitby, Pickering, Oshawa, Ajax), Halton

• Halton (Oakville, Milton, Burlington)

• Hamilton

In a residential appraisal, the value is generally determined by comparable properties sold on MLS (realtor’s multiple listing services) that are located in the subject dwelling’s neighbourhood.  The perfect comparables, would have the same finishes inside and outside, have the same lot dimensions, same sqft, be located on the street, and sold yesterday.  

Obviously, that does not happen often, so we try to find the comparables that are the most similar to the home that is being appraised.  If it's not located on the subject’s street, then maybe the next street over.  Maybe there are no sales with 2,000 sqft but there is one with 1,800 sqft and another with 2,200 sqft.  Then based on market evidence, we adjust the value of each comparable to help determine the likely value that a house would sell for in a market.