HVI Appraisal Area of Coverage extends to all Districts covered by the Toronto Real Estate Board (TREB), except those to the extreme west, north and east.
Finished livable area above grade and with a room or crawl space beneath it. For example, finished area on slab above grade and with nothing but concrete and earth beneath it is not considered livable Floor Area; Cathedral ceiling foyer or family room is only counted as Livable Floor Area on the one level, not the level above.
In Ontario, assessed value is arrived at by Municipal Property Assessment Corporation (MPAC) and is determined by a statistical model with input of information concerning your property called inventory and MLS sales from Ontario Multiple Listing (MLS) Services. The most recent Assessment date was January 1, 2008 and the Assessment Value of all property at this time is used to determine property tax share. Appraised value will be typically for the date inspected and is conducted by a qualified Appraiser that follows a process of Research, Analysis and arrives at a Conclusion of Final Estimate of Value or Appraised Value for a specified date.
Typically they have some similarities but in their purpose and impact, they are different. A Home Inspection is conducted to prepare a report for the interested parties to identify issues, concerns, maintenance & repairs required with the property. A qualified home inspector will be familiar with electrical, plumbing, construction and HVAC features, will test and make specific comments and recommendations on the function and condition of the various components of the property. An appraisal inspection generally will be less intrusive and will make note of required repairs, age and apparent functioning of the components of the property but generally will do so to form an opinion required in comparing the subject property to other sold dwellings in the neighbourhood…ultimately to contribute to a conclusion of Subject current market value. Terms like “dated” and “utility” will come up from an appraisal inspection where as terms of “adequate” & “inadequate” or “efficient” or “inefficient” will come up from a home inspection.
The easy answer is “yes” subject to his/her judgment to decline an assignment he/she does believe they have the competency to do. In other words every profession relies on the individuals professional judgement to undertake only assignments they have the training and support to competently complete. Candidate appraisers have had multiple courses of training, have a Mentor who may be or may not be the supervision Certified Appraiser they are Registered to work with. Certified Appraisers can have a maximum of 4 Candidates they are registered to supervise without special permission. With a Candidate Appraiser, the appraisal will be reviewed and signed by a certified appraiser. Typically work is assigned appropriately as well as the judgement of Candidates and Supervisors to ensure competency in completing the assignment is considered before accepting.