Independent Appraisals Play Important Role in Protecting Both the Lender and Borrower in New Brunswick Opinion.
Scott Wilson, MBA, P.App. AACI (Fellow), MRICS, FRI
Supervisor, Commercial Assessment at Government of Prince Edward Island
In this September 2016 publication, Romain Viel of McInnes Cooper addresses the New Brunswick Court of Appeals' Keough v. Sandfire Capital Limited Partnership decision*.
In his publication, Mr. Viel stresses the importance of lenders obtaining one or more independent appraisals "as close to the mortgage sale date as possible."
In 2015, Appraisal Institute of Canada designated appraisers (AACI and CRA) provided over 1.1 million third party appraisals valued over $1 trillion.**
Every day over 5,000 AIC Members play a critical role in helping to protect Canada's financial system by providing third-party independent valuations.
When it comes to real property in Canada, make sure that you make properly informed decisions by consulting with your local Appraisal Institute of Canada member.
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Sources
** https://www.aicanada.ca/wp-content/uploads/AIC_Annual_Update-2016.pdf