Definition
An appraiser is a professional licensed by the Ordre des évaluateurs agréés du Québec (OEAQ). Their role is to produce an independent appraisal report estimating the market value of a property on a specific date, per Canadian professional practice standards (USPAP/CUSPAP).
In the mortgage context, the lender almost always requires an appraisal to confirm the property is worth the price paid (purchase) or remaining balance (refinance). LTV is calculated on appraised value, not on purchase price; in hot markets, this can lead to a cash shortfall if the price exceeds appraised value.
Cost: CA$300-500 for a standard single-family home in Québec, more for complexity (plex, cottage, rural property, agricultural land). Many lenders absorb this cost on promotional programs or transfers. On some low-risk properties (very low LTV, major city), the lender may accept an Automated Valuation Model (AVM) without physical visit.