If it involves real estate, involve an AIC-designated appraiser.
What sets designated appraisers apart?
1
Objectivity
Appraisers provide unbiased, impartial valuations based on standardized methods, free from conflicts of interest.
2
Expertise
Appraisers have specialized training and use detailed valuation techniques to assess complex property factors.
3
Legitimacy
Appraisers' valuations are required for legal, tax, and financial transactions due to adherence to regulatory standards.
About the AIC
The Appraisal Institute of Canada (AIC) is Canada’s leading real property valuation association with over 5,500 members across the country and around the world. AIC Professional Appraisers (P. App.) are Canada’s real estate valuation experts. AIC Members are qualified professionals providing independent appraisal services, taking the guesswork out of your residential, commercial, and industrial real estate transactions. Since 1938, the AIC has worked collaboratively with its 10 affiliated provincial associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations.
AACI—qualified to undertake any valuation and consulting assignment on residential, commercial, industrial, institutional, agricultural, land and special use property types.
CRA—qualified to undertake any valuation and consulting assignment on dwellings containing not more than four self-contained family housing units or on individual undeveloped residential dwelling sites.
Each designation is a guarantee of quality, knowledge and professionalism. Furthermore, AIC designations are recognized as experts within judicial and quasi-judicial settings.
AIC Designated Members complete AIC’s Program of Professional Study, which includes university-based education delivered in partnership with the University of British Columbia and Université Laval. They are also required to successfully complete an applied experience program and examination as well as a professional competency interview, and must hold a degree from a recognized Canadian university in order to become designed with AACI™ or CRA™.
About CUSPAP
The Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) sets the national standard for appraisal practice in Canada. Established and enforced by the Appraisal Institute of Canada (AIC), CUSPAP ensures that appraisals are conducted with consistency, integrity, and professionalism.
Only members of the AIC—those holding the AACI or CRA designations—are required to adhere to CUSPAP. This means that when you hire an AIC-designated appraiser, you can trust that their work meets nationally recognized professional and ethical standards.
How CUSPAP Applies to Appraisers
Ensures Accuracy and Consistency
CUSPAP provides a standardized approach to valuation, ensuring that every appraisal is well-documented, market-supported, and objective.Mandates Ethical Conduct
AIC members must follow strict ethical guidelines, maintaining independence, impartiality, and transparency in every assignment. Conflicts of interest must be disclosed, and appraisals must be free from bias.Defines Professional Competency
Appraisers must demonstrate expertise in the property types they assess, ensuring valuations are prepared by professionals with the appropriate qualifications and experience.Regulates Reporting Standards
CUSPAP establishes clear reporting requirements, ensuring appraisal reports contain transparent methodologies, assumptions, and supporting data.Requires Ongoing Professional Development
AIC members must engage in continuing education and professional development to maintain compliance with CUSPAP and stay current with market trends and valuation techniques.
Why CUSPAP Matters
For property owners, businesses, lenders, and legal professionals, CUSPAP provides confidence that appraisals are conducted with accuracy, professionalism, and adherence to national standards. Choosing an AIC-designated appraiser ensures that your valuation is recognized by financial institutions, courts, and regulatory bodies.
At Capital Appraisals, we are proud AIC members and strictly adhere to CUSPAP, delivering professional, reliable valuations that meet the highest industry standards.
FAQs
How is an appraiser different from a real estate agent??
While both professionals deal with real estate, their roles are distinct:
Appraisers provide objective and impartial property valuations based on detailed analysis and standardized methodologies.
Real estate agents focus on marketing properties, representing buyers or sellers, and facilitating transactions.
Why should I hire a certified appraiser?
Certified appraisers have met stringent educational, experience, and professional requirements. They are trained to provide fair, unbiased valuations that comply with recognized standards like the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). This ensures accuracy and reliability in their assessments.
When might I need an appraisal?
An appraisal may be required for:
Buying or selling property
Securing a mortgage or refinancing
Determining property tax assessments
Estate planning or settlement
Divorce settlements
Resolving disputes
Insurance purposes
How is the value of a property determined?
The value of a property is determined using one or more valuation methods, including:
Direct Comparison Approach: Comparing the property to similar ones recently sold.
Cost Approach: Estimating the cost to replace the property, minus depreciation.
Income Approach: Evaluating the income the property could generate if rented or leased.
Are appraisals legally binding?
While appraisals themselves are not legally binding, they are considered authoritative and are often relied upon in legal, financial, and governmental decisions.
How can I verify an appraiser’s credentials?
You can verify an appraiser’s credentials by checking their membership status with the Appraisal Institute of Canada. AIC maintains a directory of members, which can be accessed on their official website.