Which Type of Appraiser Service Do I Need?
The Appraisal Institute of Canada (AIC) regulates two (2) types of designations for valuing Real Property in Canada:
1. CRA | Canadian Residential Appraiser
2. AACI | Accredited Appraiser Canadian Institute
Residential Property → CRA
If you are appraising a typical residential property—such as a detached home, semi-detached home, townhouse, condominium, or residential property containing up to four self-contained dwelling units—a CRA-designated appraiser is generally appropriate.
These assignments are typically completed using a shorter Form Report format, with the scope, complexity, turnaround time and fee reflecting the residential nature of the assignment.
Commercial Property → AACI
If the property is commercial-retail, industrial, agricultural, institutional, income-producing, development-oriented, an AACI-designated appraiser is required.
These assignments generally require substantially more research, analysis and explanation and are commonly completed in a Narrative Report format. As a result, AACI assignments typically require more time and involve higher fees than a standard residential appraisal.
SIMPLY PUT
If it is a straightforward single-family residential property (or with four or fewer dwelling units), think CRA.
If the property is commercial, income-producing or otherwise complex, think AACI.
Quick Reference Chart
CRA – Form Report
AACI – Narrative Report
Property Types
Detached single family house
Commercial Retail
Semi-detached house
Industrial
Townhouse
Office
Condominium/Apartment
Agricultural
Multi-unit residential, Four(4) or less units
Institutional
Special Purpose Properties, including Funeral Home, self-storage facilities, Auto Dealerships, Data Centers
“The Young man knows the rules, but the old man knows the exceptions”
Oliver Wendell Holmes, Sr.
However, there are exceptions for the appropriate selection. Sometimes, the added detail within a Narrative Report format can be critically valuable in specific situations such as complex legal circumstances regarding residential properties; or negotiation support for private sale/transfer among family members where added data and analysis provides basis for mediation terms.