Michael Kavluk: Certified Residential Market Value Appraiser (MVA) and Real Estate Broker. Registered with Bosley Real Estate Ltd. (Brokerage).
Objective Market Value Appraisals of Toronto Homes
By a Certified Residential Appraiser
"When a Careful Study of Value is More Suitable than a Quick Bank Appraisal"
Family Law | Estates | Capital Gains | Internal Sales | Current and Past Values
Riverdale, Leslieville, Danforth Village, East York, Playter-Jackman, The Beach
Upper Beach, The Bluffs, Hunt Club, Cliffcrest, Birch Cliff, Scarborough, The Rouge
Rosedale, Moore Park, Chaplin Estates, Lytton Park, Leaside, Bennington Heights
Davisville Village, Yonge-Eglinton, Rathnelly, Cabbagetown, Corktown
Lawrence Park, Summerhill, Yorkville, The Annex, The Distillery District, Harbourfront
Little Italy, Liberty Village, Trinity-Bellwoods, Dufferin Grove, Parkdale
West Queen West, Beaconsfield, Roncesvalles, Regal Heights, Brockton Village
Dovercourt Park, The Junction, High Park, Swansea, Bloor West Village, Stonegate-Queensway
~ Residential Freehold and Condominium and Co-op Properties Appraised ~
Sample Appraisal Format
Thorough Research | Careful Analysis | Clear Presentation
As both a Real Estate Appraiser and active Real Estate Broker, I have a first-hand understanding of the ongoing and continuously changing dynamic of our local neighbourhood markets. I understand that each property has a distinct and subtle set of characteristics and value considerations.
The difference between my appraisal and a "bank" appraisal
Simply put, bank appraisals are intended to protect the bank's business interests. The 'client' is the bank and not you, the homeowner. Very often the bank's 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, or credit qualification to reference. The appraisal value, not surprisingly, often equals this established amount.
In contrast, I approach each appraisal without bias. I do not prejudge its value and I do not accept information about any previous reports or expectations. For this reason, I do not accept assignments from banks who have a vested interest in the appraisal conclusion.
The work on my appraisals is approached from the bottom up. They are based entirely on historical research, current market conditions, features specific and unique to the subject property and my own considerable first hand experience in our local markets, present and past. The No-Conflict Appraisal is free of compromising influences and has the sole purpose of providing the fair market value of a property as of a specific effective date.
Here's What's Involved:
Request: Once received, the appraisal request is verified and a written confirmation outlining terms of the assignment is sent by e-mail to the client.
Inspection: The appraisal process begins with a careful on-site inspection of the subject property, usually requiring 30-45 minutes depending on property size. At this time careful attention is paid to 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 , the Community,and then to the specific neighborhood-location of the subject property. Comparable property sales over the past 2 or more years, are carefully reviewed and short-listed to the most similar and most recent sales. The most comparable properties are then carefully reviewed. As a full member of the Toronto Real Estate Board, I have full access to listings, sales, and statistics as well as MPAC and Geowarehouse/Registry information.
The following Data Points are considered:
Sale/List Price Ratios
Sales/Listing Inventory Ratios
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. (Neighbourhood specific)
The most similar property sales over the past 60-120 days
The Appraisal Process:
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 (as appropriate).
Delivery of Report: The report is carefully reviewed before being released to the client. Preparation time is 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 $450.00 (+ HST)
Additional Historical Date: $100.00 (+ HST)
Letter confirming appointment and proposed fee will be forwarded to the client
Payment is requested at the time of property inspection.
About Michael Kavluk
1991-Present: Certified Real Estate Appraiser (MVA)2005-Present: Broker: Bosley Real Estate Ltd. (Founders Club Member)
1989-1996: 5 Term Elected Director: Toronto Real Estate Board