Newsletter Late Summer 2016. If you have received an appraisal report recently you may feel cheated. “Fat, fancy and irrelevant” is probably a generous description of the inadequate outcome of your multi thousand dollar investment. Perhaps such was always the case and it did not matter so long as the appraisal served its purpose. However the water has now changed on the beans. The banks are no longer likely to take an appraisal prepared for financing at face value … they now have to live up to Basel III and have OSFI breathing down their necks. Canada Revenue Agency (CRA) too are unlikely to have much regard for an inadequate appraisal report regardless of its “flag” … in fact it is likely to be a red rag to their bull. The world has changed: it is now a more knowledgeable, demanding, discerning and distrustful place. So what can you do to protect your interests? Believe it or not, there is a science to valuation and we apply it day in day out. We may not have all the answers, but it is not for lack of effort.
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