Once your mortgage is in progress, the lender or an appraisal management company assigns an independent appraiser. Neither you nor your agent chooses the appraiser, which protects the independence of the value. The appraiser then contacts the listing agent, the seller or you to book access to the property.

The appraiser walks the home, measures the exterior and interior, counts bedrooms and bathrooms, photographs each room and the exterior, and notes condition, upgrades, layout and any issues. This visit is usually 20 to 45 minutes for a typical home. Some lenders accept a drive-by or exterior-only appraisal in lower-risk files, where the appraiser relies on the listing, photos and market data without going inside.

Back at the desk, the appraiser pulls recent sales of comparable properties in the same area, ideally sold within the past 90 days. They adjust for differences in lot size, square footage, finishes, age, garage, basement and location, then reconcile those adjusted values into a single opinion of value. This comparable sales approach is the core method for most residential appraisals in Ontario.

The appraiser delivers a written report, usually within 2 to 5 business days, stating the opinion of value along with the comparables, photos and adjustments that support it. The report goes to the lender. As the borrower you paid for it, but you are not automatically entitled to a copy, though many lenders and brokers will share it on request. The lender then uses the value to confirm or adjust your mortgage.

Above-grade square footage, the number of bedrooms and bathrooms, and how functional the layout is all drive value. A finished basement adds value but is usually weighted differently than above-grade space. Odd or chopped-up layouts can reduce value even when the total square footage is generous.

Renovated kitchens and bathrooms, newer roofs, windows, furnaces and updated electrical all support a higher value. Deferred maintenance, dated finishes and visible damage pull it down. Appraisers care about permanent, structural and system upgrades far more than cosmetic styling or staging.

Lot size, frontage, a premium ravine or corner position, and proximity to parks, transit and amenities all matter. So do negatives such as backing onto a busy road, hydro corridor or commercial use. In York Region, a premium lot or a strong school catchment can meaningfully lift the comparable-adjusted value.

This is the single biggest driver. The appraiser anchors the value to what genuinely similar homes nearby have sold for recently. In a rising market, comparables from a few months ago may understate value. In a softening market, they may overstate it. This is exactly why the direction of the market matters when an offer is written above recent sold prices.

If you are the seller, prepare a simple written list of improvements with rough dates and costs: roof, furnace, windows, kitchen, bathrooms, electrical and any permitted additions. The appraiser cannot always tell a five-year-old furnace from a fifteen-year-old one by looking. Documented upgrades help support the value.

Tidy, clean and clutter-free helps the appraiser see the home clearly and measure without obstruction. Make sure every room, the basement, the garage and the mechanical areas are accessible. While staging does not directly set the value, a home that shows well and is easy to assess supports a fair, complete evaluation.

The most valuable preparation. A strong agent proactively provides the appraiser with recent, relevant sold comparables that support the price, especially in a fast-moving market where the newest sales may not yet be widely visible. This is one of the ways a knowledgeable local agent protects a deal, and it is standard practice on every transaction my team handles.