Real Estate Appraiser: What They Do and How to Become One

The number of businesses in Canada’s real estate appraisal industry has expanded by 2.1% annually over the five years between 2017-2022. Many people are choosing to enter into this field because it generally provides high salaries and more flexible schedules. If you are interested in becoming a real estate appraiser in Toronto, here are the basics you need to know.

What Does an Appraiser Do?

Real estate appraisers work to assess the value of land, estates, and other pieces of real property. This process is done for a number of reasons, such as during a sale, purchase, taxation negotiation, litigation, or when assets are being disposed of.

How Do I Become a Real Estate Appraiser?

A real estate appraiser undergoes stringent training either through the Canadian National Association of Real Estate Appraisers (CNAREA) or the Appraisal Institute of Canada (AIC).

The CNAREA requires those who wish to train with them to complete 400 hours of classroom instruction and log 3,000 hours of supervised hands-on experience with an appraisal firm, and then pass an exam.

The AIC’s requirements are a bachelor’s degree or the equivalent of 120 credits, completion of the We Value Canada course, completion of the Foundations Real Estate Appraisal course, working under a mentor for at least one year, as well as passing a written exam and interview.

Why Should I Become an Appraiser?

Becoming a designated real estate appraiser opens the door to a host of opportunities. There are many employers in both the private and public sectors who hire designated appraisers. You can work for banks, insurance companies, government offices, real estate appraisal firms, as well as consulting and valuation firms. You can also choose to be your own boss if you don’t want to work for real estate appraisal companies and want to have maximum flexibility in terms of hours and location. Regardless of where you end up, you’ll find the career personally and professionally rewarding.