Appraisal Requirements


The following requirements apply to EVERY appraisal that is submitted to HomeEquity Bank.



**For Bank Regulatory purposes the cost of the appraisal is to be included in the report or a copy of the invoice/receipt provided to the applicant is to be submitted along with the report.**

Please do not proceed if any of the following applies:

  • The client cannot provide payment at the time of inspection and another payment arrangement has not been pre-arranged.
  • There is an underground oil tank.
  • The subject property is located in a Flood Fringe, Zone or Plain.
  • The property is zoned Commercial. (HomeEquity Bank will consider homes zoned as commercial/residential).
  • Any of the rooms cannot be inspected. All rooms must be viewed.
  • Properties under construction not at least 97% complete.

The following applies to ALL files:

  • All appraisals must be done on the Appraisal Institute of Canada, Residential Appraisal Report format and submitted electronically as a single PDF file.  (refer to for more information regarding this format)
  • Pictures are required of both front and rear of the property along with a street scene.
  • All rooms in the house must be viewed and accessed.
  • Interior photos of all rooms (including those in the basement) to be provided.
  • The final value must only be attributed to the house, basic garage (if applicable) and up to a maximum of 10 acres of land (see “Acreage” section).
  • Do not include the value of any outbuildings such as sheds or guest homes.
  • The interior of all outbuildings must be inspected and photos provided.
  • Legal description.
  • Lot and Site sizes: All measurements must be reported in imperial units, including lot size (frontage and depth).
  • Electrical amperage (breakers/fuses).
  • Age of roof/material. If almost at life expectancy, further comments are required.
  • The cost approach is required on all reports with the exception of condominium/strata properties.
  • Percentage complete – Construction must be at least 97% complete.
  • Sales history – Comment on known agreements for sale, prior sales or listings in the last year.
  • If the home has “UFFI”, please indicate such but you may proceed with appraising the property.
  • Structural Integrity (Foundation cracks, water seepage/staining, etc) if evident, additional comments and pictures are required.
  • Deferred Maintenance if known, please provide estimated costs associated with scope of work.
  • If the property has a High Land Value, further comments are required regarding the contributing factors (i.e. zoning, re-zoning, acreage, future redevelopment potential, etc.).
  • Water Source
    • If type is Well: Type of well is required (i.e. drilled, artesian, cistern*, etc.).
    • If type is Lake Intake*: please indicate if there is an Ultraviolet (UV) Filtration System in place.

* If water source is lake intake or cistern, please indicate if it is common for the area and how it impacts marketability.

  • Comparables
    • Minimum of 3 comparable sales to be provided.
    • DOM: All comparables must include the total number of days listed on the market. If DOM are excessive please provide an explanation (i.e. over-valued properties, seasonality).
    • Sale Dates: Anything older than six months should be time adjusted or an explanation regarding market conditions is required.
    • No more than one private sale should be used and should not be the most comparable comp to the subject property (where applicable).
    • Include a map showing the location of the comparables in relation to the subject property.
    • Photos of all comparable sales are required.
  • Fuel Type ( If Oil)
    • Location: Please indicate the location of the oil tank (inside the home or outside and above or below ground).
    • Please indicate the age of the oil tank. The manufacturing date is stamped on newer oil tanks.
  • Acreage
    • If the subject property has acreage, the number of acres must be indicated.
    • Maximum acceptable acreage is 160 acres.
    • If more than 10 acres, the final value must include the home and 10 acres only. Additional acreage and any outbuildings are not to be included in value.
    • If there are any animals/livestock on the property please indicate the type and approximate number.
  • Condominiums
    • Please provide the number of units in the subject complex.
    • If the building is subject to any special assessment, details should be included in the Comments.
  • Mobile Homes
    • Client must own the land (leased land or rental pads not acceptable).
    • Please provide the; Serial Number, Year, Make and Model of the mobile home if available.
    • Comments are required if the home is on a permanent foundation or not mobile (i.e. tires removed/skirted etc.).
    • Mobile Home Registry number is required in the province of British Columbia.

Incomplete appraisals will not be accepted