A home evaluation, often referred to as a property appraisal, is a thorough assessment conducted by a certified appraiser to determine the market value of a residential property. This process involves a detailed examination of various factors, including the property’s location, size, condition, features, and recent comparable sales in the area. Appraisers also consider economic and market trends that might affect property values.
The resulting appraisal report provides an unbiased estimate of the property’s worth, which is crucial for various purposes, such as mortgage approval, property tax assessment, and real estate transactions. Accurate home evaluations play a vital role in ensuring fair and equitable property valuations in the Canadian real estate market.