How Much Does A House Appraisal Cost In Ontario?

At Robert Floris’ Mortgage Architects Office in Hamilton, Ontario, we are frequently asked how much does a house appraisal cost in Ontario. First, let’s discuss why banks ask for an appraisal sometimes.

Why Do Banks Ask For An Appraisal?

When buying or refinancing home, a bank frequently requests an appraisal. The reason is quite obvious. Since they are investing in your home, the financial institution wants to make sure their funds are secure. In the past, the mortgage companies have turned down loans due to the following:

• You overpaid for the home in the open market
• The house was gutted
• It was a drug home
• The home was in disrepair
• It was located near an industry
• The home was located on a commercial street
• The home was located in a flood zone
• There was no kitchen
• It was situated on leased land

In a sense, and appraisal will ensure that you have a good marketable property in case you sell the home. It protects the bank’s money but it also protects you.

What Is The Cost?

Now we get to the answer to the question how much does a house appraisal cost in Ontario.

The cost of appraisals are really based upon how many factors need to be included in the final value. Let’s take an example of an appraisal in a City. How much does a house appraisal cost in Ontario in a normal home in a city?  Probably around $300-$425. Now, if we add in these additional factors, the price increases:

• market rent analysis for a rental property
• country home: appraiser will charge for the extra time, mileage and lack of comparables
• acreage: you pay for the extra for the study of the extra acreage
• executive homes of over $1 million will cost you more since extra work is involved
• in some remote areas, there is a lack of appraisers so they certainly take advantage of this
• multi-unit home such as a duplex, triplex or four-plex will most certainly cost you more

Therefore, the easy explanation to answer the question “how much does a house appraisal cost in Ontario is: the more complicated, the higher the fee!

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

If you would like to apply for a mortgage online, please follow this link.

If you would like to see our Google reviews or leave one yourself, you can do so here.