(Toronto Real Estate Board Market Charts- September 2019)

Here's What's Involved in my Appraisal:

The Inspection: 

The appraisal process begins, where possible, with an on-site inspection of the subject property. This typically requires 20-45 minutes, depending on home / condo size. Careful attention is paid to structural elements and mechanical systems. Improvements and deficiencies are noted. A full "sense" of the property is sought. 


Market conditions in the local markets are carefully reviewed. Specific attention is paid to housing trends in the GTA and then to the local neighborhood in which the subject property is located. Property sales over the past 1-2 years  are reviewed and short-listed to the most similar sales. The most recent and appropriate comparables are then carefully reviewed.  A shortlist is developed, analyzed,  and adjustments are applied

As a broker member of the Toronto Real Estate Board, I have full access to Toronto Real Estate Board listings, sales, and stats, as well as MPAC and Geowarehouse/Registry data dating back to 1980

 The following Data Points are among those considered:

  1. Sale / List Price Ratio

  2. Sales / Listing Inventory Ratio

  3. Average Number of Days on the Market

  4. Current Range of Sale Prices in the Comparable Area

  5. Number of Current Listings in the Comparable Area

  6. Range of Asking Prices of Current Listings

  7. Average Number of Days on the Market for Current Listings

  8. General Market Trends

  9. Local Market Trends

  10. All registered sales in the subject area over the past 1-2 years. (Neighborhood specific)

  11. A full study of adjusted square foot values (condominiums)

  12. Land value when applicable

  13. The most similar property sales carefully reduced to the most similar 3

Adjustments-(The Direct Sales Comparison Approach) 

Once the most comparable properties is identified, adjustments are applied for a range of factors: Location - type and style - lot size - interior square footage - overall condition - improvements and deficiencies - finishes - mechanics - parking - landscaping etc.

These adjustments are described and accounted for in the report in the Direct Sales Comparison Approach to value.


Often, a longer narrative explanation of the appraisal process is required. This is an opportunity to discuss how some adjustments were approached and how specific conclusions were reached. 


The adjustments are calculated, and the general value range of the subject property is ascertained. Greatest weighting 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 in the appraisal report.

The Report: 

You will receive a fully descriptive original appraisal report which includes selected comparables, a narrative rationale,  supporting documents, and photographs.

Sample report

Sample report

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, if requested.

These appraisals reflect the market value of the property, whether currently or on a date in the past..  

The primary objective of my appraisal report is to provide a clear, unequivocal, fair market value of the subject property, based on carefully researched historical precedent and a professional comprehension of current market conditions and relative values. To this end, I will not engage in a discussion of fair market value until the appraisal is complete.

Bank appraisals are potentially biased. Simply put, bank appraisals are intended to protect the business interests of the lender. The 'client' in a bank appraisal is actually the bank and not the homeowner. Very often banks order appraisals for 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 in advance. The appraiser is aware of this established amount. Is their appraisal report reflective of fair market value, or just a reflection of the bank's lending criteria? 

I approach the evaluation with a clean slate and base my conclusions on specific market research from the broadest to the most specific data points and comparisons. I do not prejudge value and I do not wish to know details of any previous reports, comments or anticipated values.  

The content of each report is original. No 'cut and paste' clauses or recycled comparable sales are used. 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.  

 Michael Kavluk is an Appraiser and Broker at Bosley Real Estate Ltd. (Brokerage)