Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Synonyms:assessment, estimation, evaluation, measurement, rating, relative value, valuation
Filed Under: mortgages, real-estate
Tags: mortgage, realty

Definition of appraisal

1. A market value estimate for a parcel of real estate that is made by a competent professional who is knowledgeable about local real estate prices and market trends.

Related Terms and Acronyms:

  • appraisal fee   What someone charges to deliver a professional opinion about how much a property is worth.
  • appraisal report   A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.
  • appraised value   An educated opinion of how much a property is worth.
  • comparables   Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
  • competent   Legal ability to make decisions and enter into contracts.
  • current market value (CMV)   The estimated price determined by the recent sale of similar properties.
  • environmental impact statement (EIS)   A government-required evaluation of how construction will affect the environment surrounding a site.
  • inspection report   The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
  • monetary value   A property's monetary value is its worth if sold at this moment in time.
  • valuation   The estimation of a property's price value through an appraisal.

More Related Terms and Acronyms

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Important Tip on Credit Card Debt
Credit card interest rates average at around 18.9 per cent. You, like many other Canadians, may have over ten thousand dollars charged to your credit card, but, if you only make the minimum required monthly payment of 2 per cent ($200 the first month) that $10,000 in credit card debt will ultimately take more than 57 years and cost around 40,000 dollars to fully pay off.

Using a home equity loan will allow you to eliminate the high interest credit card (and by eliminate we mean cut up) and consolidate the debt to a low interest rate mortgage payment.