Rosedale, Moore Park, Chaplin Estates, Lytton Park, Leaside, Bennington Heights
Davisville Village, Yonge-Eglinton, Rathnelly, Cabbagetown, Corktown
Summerhill, Yorkville, The Annex, The Distillery District, Harbourfront
Little Italy, Liberty Village, Trinity-Bellwoods, Dufferin Grove
West Queen West, Beaconsfield, Roncesvalles, Regal Heights, Brockton Village
Dovercourt Park, The Junction, High Park, Swansea, Bloor West Village
~Residential Freehold and Condominium Properties Appraised~
Sample Appraisal Format
As both a Real Estate Appraiser and active Real Estate Broker, I understand the ongoing and constantly changing dynamic of our local neighbourhood markets. I recognize that each location and property has a distinct and subtle set of characteristics and value considerations.
The difference between this appraisal and a 'bank' appraisal ?
By definition, "bank appraisals" can be somewhat biased. Simply put, they're intended to protect the bank's business interests. The 'client' is the bank and not the homeowner. Very often the bank appraisal is of properties which have "just sold" or are being refinanced at a specified amount. In either event, the bank's appraiser typically has a known price/value to reference. The appraisal value often equals this established amount.
I approach the evaluation with a clean slate. I do not prejudge its value and I do not wish to know details about any previous reports. The subject property is carefully inspected.I then schedule 4-6 hours for the research, analysis, and writing of an objective appraisal report. The content of each report is original. No 'cut and paste' clauses or recycled comparable sales. No boilerplate software. No third party agenda.
The work on my appraisals is approached from the bottom up. They are based entirely on historical research, current market conditions, and those features specific and unique to the subject property.
Here's What's Involved:
Inspection:The appraisal process begins with a careful on-site inspection of the subject property, usually requiring 30-60 minutes depending on size. At this time careful attention is paid to the structural elements and mechanical systems. Improvements and deficiencies are noted. A full "sense" of the property is sought.
Research:In the research stage, market conditions in the general and local markets are considered. Specific attention is paid to housing trends in the GTA and then to the specific neighborhood-location of the subject property. Comparable property sales over the past 2 years, are carefully reviewed and short-listed to the most similar and most recent sales. As a member of TREB, I have full access to Toronto Real Estate Board listings, sales, and statistics as well as MPAC and Geowarehouse/Registry.
The following Data Points are considered:
Sale/List Price Ratio
Sales/Listing Inventory Ratio
Average Number of Days on the Market
Range of Sale Prices in the Comparable Area
Number of Current Listings in the Comparable Area
Range of Asking Price of Current Listings
Average Number of Days on the Market for Current Listings
General Market Trends
Local Market Trends
All registered sales in the subject area over the past 1-2 years.
The 3 most similar property sales over the past 90 days.
Adjustments: Once a grouping of the most comparable properties is identified, adjustments are applied for a wide range of factors: Location, lot size, square footage, overall condition, improvements and deficiencies, finishes, mechanics, parking, landscaping etc. These adjustments are described and accounted for in the report.
Rationale:In some instances a longer narrative explanation of the appraisal process is required. This is an opportunity to discuss how some adjustments were approached and how conclusions were reached.
Conclusion:After the adjustments are calculated, and the general value range of the subject property is ascertained. Greatest weight is given to the comparable(s) requiring the least net and gross adjustments. After careful consideration and a "common sense" review, a final value is submitted to the client.
The Report:You will receive a fully descriptive original appraisal report which includes selected comparables, a narrative rationale, supporting documents, and photographs.
Delivery of Report:The report is carefully reviewed before being released to the client, within 3-5 business days following the inspection. A pdf version can be e-mailed immediately, followed by a bound hard copy report. All work is completely confidential.
Condominium apartment: From $375.00 (+ HST)
Single family home or duplex: From $425.00 (+ HST)
Additional Historical Date: $75.00 (+ HST)
Payment is requested at the time of property inspection.
About Michael Kavluk
1978: Specialist’s Degree in English Literature Victoria College (U of T)
1979: Licensed Real Estate Sales Representative
1981: Licensed Real Estate Broker
1981-2005: President of Oxford Real Estate Ltd.
1985-1994: Lecturer: Introduction to Real Estate. Mortgage Financing (OREA)
1989-1996: 5 Term Elected Director: Toronto Real Estate Board (Chaired: Education, MLS, Ethics Appeals & By-Laws)
1995-Present: Certified Real Estate Appraiser (MVA)
2005-Present: Broker: Bosley Real Estate Ltd. (Founders Club Member)
About the MVA-Residential Designation
The Market Value Appraiser (MVA-Residential) designation is recognized by:
Canada Mortgage and Housing Corporation (CMHC)
GE Capital Mortgage Insurance Canada
Canadian Real Estate Association (CREA)
The Ontario Real Estate Association (OREA)
Toronto Real Estate Board (TREB)
Real Estate Institute of Canada (REIC)
Canada Revenue Agency (CRA)
The Real Estate Counsel of Ontario (RECO) (Real Estate Regulatory body)
These reports are recognized by the courts, solicitors, mediators, estate probate applications, corporate relocation, and partnership/family buyouts.
The Canada Revenue Agency accepts these reports for related tax matters such as Capital Gains.
The appraisal cannot be undertaken unless the complete objectivity of the appraiser is maintained.
Please do not refer to other evaluations, opinions of value, offers to purchase, or anticipated values.
To schedule an appraisal, or if you have further questions about this service, please contact me.