COVID-19 Update: Our appraisal team is taking on new assignments, with some changes. Find out more at www.fmappraisals.com/covid-19
Fortier Mattila Appraisals Inc. has been completing residential appraisals in Saskatchewan since 1971. Our team of AACI, P.App and CRA, P.App accredited professional appraisers are liscenced by the Appraisal Institute of Canada (AIC) and have the qualifications and experience required by Canadian Financial Institutions, Banks, Credit Unions and Government Authorities. Our AACI, P.App and CRA, P.App appraisers are proficient and experienced in the valuation of:
- Agricultural property
- Apartments (Multi-Family)
- New Construction
- Recreational (Lake Property)
- Single Family
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Appraisal Institute of Canada Licensed Appraisers. Our professional team includes; (3) AACI, P.App (Accredited Appraiser Canadian Institute, Professional Appraiser) designated appraisers; (2) CRA, P.App (Canadian Residential Appraiser, Professional Appraiser) designated appraisers, research manager and 2 office administrators. Our appraisal team is comprised of appraisers and staff who grew up and reside in Saskatchewan and are competent in the valuation of single family, multi-family, apartment, condominium, acreage, and recreational type properties. All residential assignments are completed by licensed professional appraisers who are members of the Appraisal Institute of Canada. Click Staff for more information about our appraisal team.
Our office has appraisers approved by appraisal management companies, national financial institutions and regional and local credit unions, mortgage brokers, relocation companies. We complete work for various municipal, provincial and federal government organizations including Saskatchewan Department of Highways, Saskatchewan Ministry of Agriculture, Public Works and Government Services Canada, RCMP. We also complete litigation assignments and expert witness testimony for various local, regional and national law firms. David Fortier, AACI, P.App has been qualified as an expert witness by the Court of Queens Bench (Saskatchewan) and testified in open court.
A) Direct Comparison Approach – In this approach, recent sales of similar properties are analyzed. Location, age/condition, liveable floor area, design are of particular importance when selecting comparable sales. These sales are then compared to the subject property and adjusted for differences. The adjustment reflects the likely market reaction to the difference between the subject and each of the sales. After adjusting each of the indicators a final estimate of value is determined.
B) Cost Approach – The estimated cost to construct the residence is then determined through analysis of current construction costs and sales of new construction. The contributory value of the extra features is then estimated though a comparison of cost and market indications. An appropriate depreciation rate is developed and applied to arrive at a final estimate. The depreciated value is then added to the value of the raw land that was estimated using the Direct Comparison Approach.
C) Income Approach – In this approach, the actual and market rental revenue streams of a property are analyzed. Vacancy, bad debt and typical expenses are subtracted to estimate net operating income. Comparable sales are identified to which the relationship between sale price and income is analyzed. A market derived capitalization rate or income multiplier is applied to the subject to estimate market value. For residential appraisals the income approach is more often completed on multi-family type properties than on single family dwellings.
Our residential reports are commonly used for:
- First Mortgage Placement (Purchase Financing)
- Equity Financing (Refinancing)
- Construction Financing (Proposed Valuation and Progress Inspections)
- Re-sale purposes (Vendor pre-marketing reports)
- Employee Relocation
- Capital Gains and Financial Planning (Including Retrospective Valuation)
- Litigation (Arbitration, Foreclosure, Divorce, Estate)
- Expropriation (Compensation)
- Insurance Claims (Actual Cash Value and Replacement Cost)
The map below shows Fortier Mattila Appraisals Inc. offices across the province. With offices in the Battlefords, Meadow Lake, Kindersley, Warman, Saskatoon, Prince Albert we can assist clients across Saskatchewan:
Pricing, Timelines and Report Inclusions
Offices located in the Battlefords, Kindersley, Meadow Lake, Prince Albert, Saskatoon, and Warman, results in reduced timelines, decreased mileage charges, competitive pricing, and most importantly local experts. We are proud to offer all inclusive pricing on all of our projects which includes travel, mileage, inspection, report writing and submission. Our office uses a combination of expertise, technology, and collaboration to ensure projects are completed on time and on budget. As our office has a staff of 8 including 5 appraisers and 3 full time office staff our timelines are significantly reduced, and we are often able to accommodate tight deadlines for residential appraisals. For more information on what is included in our residential appraisals:
Request A Quote
As the cost to complete an appraisal depends on a number of factors including location, property type, outbuildings on site, number of acres, etc – we quote each project on a case by case basis. To order a residential appraisal click Request Quote to complete our online appraisal request form, or you can contact our office at 1-844-937-5073.
Why get a Residential Appraisal?
We have been completing residential appraisals since 1971 for various types of clients including: homeowners, buyers, investors, financial institutions, lawyers, government agencies to name a few. Why should you consider a residential appraisal?
Increased Market Values. With increasing values over the last decade very small differences in value add up very fast. A 1% difference in value on a $500,000 property is $5,000, 2% is $10,000, 5% is $25,000 – you get the picture. With bigger dollar values there is obviously more at stake.
The trouble with ‘Rules of Thumb’ or ‘bench marking’ You wouldn’t sell your house based on the average price of homes in your City would you? You wouldn’t accept an offer on your home for $200,000 just because your neighbor sold his for $200,000 would you? Homes sell for different prices based on a variety of factors including design, age, size, basement development, location, parking, etc. On the surface a sale on your street may seem like a good indicator of your property value – however without knowing all the details – it may not be. A professional appraisal analyses and compares your property to other properties that have sold, adjusting for differences to determine what your property is worth.
Due Diligence. The most important part of decision making when it comes to real estate, financial planning, retirement planning, estate planning is due diligence. Having a professional appraisal completed by our professional appraisers provides peace of mind that you did your due diligence and consulted with the experts beforehand. As we have appraisers who have been qualified as expert witnesses in Court of Queens Bench, and regularly have our appraisals used in legal proceedings – we know the importance of having a thorough, fair, unbiased appraisal reports.
It’s important to know exactly what is reasonable and realistic in today’s market. Rely on an appraisal to ensure you are accepting a reasonable amount when selling, making a fair offer when purchasing, or assigning appropriate values when completing retirement or estate planning. Our appraisal team consist of licensed Appraisal Institute of Canada members, who only complete real estate appraisals – we do not sell real estate – as such we are only concerned with providing a fair, unbiased professional report so that our clients can make the best possible decisions. Call us at 1-306-937-5073 or order an appraisal online at www.fmappraisals.com/request to see how we can help.