How much does a home appraisal cost? AACI vs CRA, and how to verify

The bill, by assignment type

Assignment	Range*	Who orders it
Standard home (purchase financing or refinance)	≈ $350 – $650	The lender — most often billed to the borrower
Plex, rural, atypical or high-value property	Above the standard range, by quote	The lender, or you
Tax-purpose report: capital gains, estate, retrospective value	≈ $700 – $1,500	You (or your accountant) — see the tax-on-selling dossier

* Market observations recorded on 2026-08-12 — there is NO official fee schedule for appraisals in Canada; every appraiser sets their own prices. As a benchmark, the Appraisal Institute of Canada was cited in 2026 for a residential range of roughly $400 to $610 in British Columbia. Always ask for a written quote stating the report type and its effective date.

Three "appraisals" that have nothing in common

The word causes three confusions a day. The municipal assessment exists to calculate your property taxes — it can diverge sharply from the real selling price (our dossier municipal assessment vs market value quantifies the gap). A broker's opinion of value (the "free evaluation") is a marketing tool, with no appraiser's professional liability. The professional appraisal is a signed report by a designated appraiser who stakes their liability on it — it is what the lender requires, and the only one that holds up before the tax authority or a court.

Also not to be confused with the pre-purchase inspection: the inspector examines the building's condition, the appraiser establishes its value. Each report costs a few hundred dollars and answers a different question.

AACI, CRA, chartered appraiser: verify the title yourself

Outside Quebec, the profession is governed by the Appraisal Institute of Canada (AIC), a professional body — not a state regulator. Its two designations, per the Institute's own definitions: CRA (Canadian Residential Appraiser) — qualified for residential property of four units or fewer and residential sites; AACI (Accredited Appraiser Canadian Institute) — qualified for all property types, residential through commercial. A lender financing a six-unit building will demand an AACI; for a single-family home, a CRA suffices. The Institute's public directory lets you verify a designation by name.

In Quebec, it is different — and stronger: "évaluateur agréé" (chartered appraiser) is a reserved title under the Professional Code, governed by the Ordre des évaluateurs agréés du Québec (OEAQ). The Order's roll is public: check the name there before hiring anyone. It is the same posture as everywhere on Payotte: we publish the credential and where to check it — the verification belongs to you.

Frequently asked questions

How much does a home appraisal cost in Canada?

For a standard home, a professional appraisal generally costs $350 to $650 in Canada (market observations, August 2026) — more for a plex, rural or atypical property, and $700 to $1,500 for a tax-purpose report (capital gains, estate) requiring a retrospective value. The lender requires it to fund or refinance a loan, but the borrower often pays for it. Outside Quebec, verify the appraiser's designation with the Appraisal Institute of Canada: CRA (residential, 4 units or fewer) or AACI (all property types). In Quebec, "évaluateur agréé" (chartered appraiser) is a reserved title governed by the Ordre des évaluateurs agréés du Québec — verifiable on the Order's roll.

Who pays for the appraisal: the bank or me?

The lender requires it and often orders it directly (sometimes through an appraisal-management platform), but the fee is generally passed on to the borrower — a few hundred dollars, occasionally absorbed by the lender as a promotion. On a refinance, the borrower almost always pays. Ask for the amount BEFORE agreeing: it varies by lender.

What is the difference between AACI and CRA?

They are the Appraisal Institute of Canada's two designations. CRA (Canadian Residential Appraiser): residential property of four units or fewer and residential sites. AACI (Accredited Appraiser Canadian Institute): all property types, residential and commercial. Both can be verified by name in the Institute's public directory (aicanada.ca).

Do appraisers need a licence?

In Quebec, effectively yes: "évaluateur agréé" is a reserved title governed by the OEAQ, a professional order — practising chartered appraisal without being on the roll is title usurpation. In most other provinces there is NO state licence: oversight comes through membership in the Appraisal Institute of Canada (AACI/CRA), which lenders require in practice. The nuance matters: a membership is not a licence — but it is just as checkable.

My bank used an "automated valuation" — what is that?

A statistical model (AVM) that estimates value without a visit, from comparable sales. Lenders use it on low-risk files: that is why some purchases get financed without any appraiser visiting — and without an appraisal fee. As soon as the profile departs from the ordinary (small down payment, atypical property, large refinance), the lender demands a full signed report.

Sources

Need a certified appraiser?

Payotte names a single verified appraiser per sector — selected on public data, never on payment. It is, in fact, the directory's least-covered profession: good ones are scarce.

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How much does a home appraisal cost — and how to verify the appraiser