Buyer · Appraisal
A home appraisal in Coquitlam is a formal valuation by a licensed appraiser, ordered by your lender as part of the mortgage approval. It's different from BC Assessment (mass-calculated, lagging) and different from a REALTOR® CMA (market-based opinion). Here's the real read.
Verified · Buyer · Appraisal
Who orders the appraisal
Your lender (bank or alternative lender). Some lenders use AVM (Automated Valuation Model) for low-risk deals; full appraisals are required for high-LTV or non-standard situations.
Who pays
Buyer typically. Cost: $300-$500 for residential appraisal in Coquitlam. Some lenders absorb appraisal cost as part of the mortgage offer.
Who performs
Licensed appraiser, AACI or CRA designation through the Appraisal Institute of Canada.
What appraiser checks
Comparable recent sales (typically 3-5 sold within last 6 months and 2 km), property condition, lot, neighbourhood, current market trends, and the specific property's features.
Difference from BC Assessment
BC Assessment is mass-calculated, reflects July 1 prior year, used for tax. Appraisal is property-specific, reflects current market, used for lending.
Difference from REALTOR® CMA
CMA is your REALTOR®'s opinion based on recent solds. Appraisal is a licensed appraiser's formal opinion for lending purposes — more rigorous.
Low appraisal risk
If appraisal comes in below contract price, lender may reduce mortgage amount. Buyer must either bring more cash to closing OR negotiate price with seller OR walk (if subject-to-financing). One of the largest unexpected risks in active markets.
Appraisal contingency
Most BC residential subject offers include subject-to-financing. If appraisal-driven financing failure occurs during subject period, deal can collapse with deposit returned.
No pressure. No obligation. Just a 30-minute call to talk through your specific situation.