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.
Quick Answer
What should you know about Coquitlam Home Appraisal Explained?
A home appraisal in Coquitlam is a formal valuation by a licensed appraiser, ordered by your lender as part of the mortgage approval. It Craig Johnston, Top 1% Team Member — Greater Vancouver REALTORS® and 47+ year Tri-Cities resident, can walk you through the local context. Free Strategy Call ends with a written one-page plan in 24 hours.
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.
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An appraisal often decides whether a deal closes, yet it is widely misunderstood. Six points to make it clear.
Point
An appraisal is an independent professional’s estimate of a property’s value, most often ordered by a lender to confirm the home is worth what is being borrowed against it.
Point
An appraisal is a considered opinion of value for lending purposes; the market value is what a buyer will actually pay. They usually align, but they are not the same thing.
Point
Location, size, condition, updates, lot and — above all — recent comparable sales drive the number. It is an evidence-based estimate, not a guess about the future.
Point
Financing generally depends on the appraised value supporting the purchase price. If it does, the deal proceeds smoothly; if it does not, the buyer may need to bridge the gap.
Point
If an appraisal comes in below the price, options include renegotiating, increasing the down payment, or disputing with fresh comparables. It is a solvable problem, but one to plan for.
Point
Sellers can help by ensuring the home is clean and accessible and by noting recent upgrades. A well-presented, well-documented home gives the appraiser every reason to see its full value.
The key thing to understand is that an appraisal is a check on value for lending, grounded in comparable sales, not an arbitrary number or a home inspection. Knowing what drives it — and that it usually tracks the market rather than defying it — takes much of the anxiety out of the process for buyers and sellers alike.
This page is general information for Coquitlam buyers, not financial, tax or legal advice. Exact figures, rates and rules depend on your situation and change over time — confirm the specifics with your mortgage professional, lawyer and REALTOR® before you rely on them.
A lender-ordered estimate of a property's market value, based on comparable recent sales, used to confirm the home is worth the price before the bank advances your mortgage.
No. An appraisal estimates value for the lender; a home inspection examines the property's physical condition for you. They're different professionals doing different jobs, and you often want both.
Typically about $300–$500 for a residential appraisal, and it's often arranged and sometimes covered by your lender as part of the mortgage.
The lender finances only against the lower appraised value, leaving a gap you must cover in cash, renegotiate, or potentially walk away from if your financing subject allows. It's a real risk in fast-rising markets.
An appraisal is a current, individual estimate of market value for your lender. BC Assessment is a mass-calculated value as of July 1 of the prior year, used to set property tax — not what your home is worth today.
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