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Appraisal Policy

Please be advised that a property appraisal by a designated professional is required as a condition of funding a Self-Directed Private Arm's Length mortgage or a Syndicated mortgage from a registered account at Community Trust.

Private Arm's Length Mortgages

A property appraisal required in support of a request to fund a Self-Directed Private Arm’s Length Mortgage from a registered account must meet the following conditions:

  • Be prepared and signed by a designated member of either the Appraisal Institute of Canada or Canadian National Association of Real Estate Appraisers (CNREA). A professional preparing and signing the evaluation must have one of the following designations:
    • AACI
    • CRA from the AIC
    • DAR
    • DAC from the CNAREA
  • Be dated within 6 months of application for a Private Arm’s Length Mortgage
  • May be a Drive – By* or Full Appraisal

*Community Trust will use the lower value of the range provided

Syndicated Mortgages

A property appraisal required in support of a request to fund a Syndicated Mortgage from a registered account must meet the following conditions:

 

  • Be prepared and signed by a designated member of either the Appraisal Institute of Canada or Canadian National Association of Real Estate Appraisers
  • Be dated within 12 months of application for Syndicated Mortgages (developments & constructions)
  • May be a Full Appraisal (‘As Is’ value) for Syndicated Mortgages (developments & constructions)
  • May be an updated valuation by an AACI or DAC, a designated member of the Appraisal Institute of Canada (AIC) or Canadian National Association of Real Estate Appraisers (CNAREA)
    • Updated valuations may be used to assess the value of the property during various phases of development & construction
    • Valuations are required when funding requests exceed the ‘As Is’ value
    • Updated valuations must be within 12 months of application
Questions about this policy?

Contact our Client Services Specialists at (416) 763-2291 ext. 844, or email them at is@communitytrust.ca