Post No. 38 - If you are a Canadian residential appraiser, hopefully you will comment on this post and explain how appraisals are done 50% cheaper and in half the time of American appraisals.
"Average turnaround time of appraisals in Canada is 2.5 days, while in the US it is double that. And an appraisal in the US is also twice the price as in Canada."
While surfing the web I came across that quote from the article with the link below:
I think we can assume away currency differences as a possible reason.
I believe Canada has something similar to USPAP, but am not positive of that. It would be interesting to know how they can perform residential appraisals quicker and cheaper than the USA. Hopefully, someone on this site is in Canada and can explain any differences in the scope of work or such between Canadian and American appraisals.
I usually assume away delivery differences as 90% of the delivery time is used completing other assignments. E.g. if it takes 4 hours to perform a residential appraisal (assumes two appraisals per day...some of you may do more or less obviously), then a 5 or 10 day delivery is due to other work in the appraiser's queue. But, the time it takes to actually do the appraisal remains the same. Therefore, maybe there is simply less volume in Canada and therefore quicker delivery?
Cost is a whole different animal though. I am not going to guess at possible reasons. I will let someone with factual knowledge provide the reasons. I Look forward to learning about this.
Have a great weekend and remember....
Ban The Sales Comparison Approach!
George R. Mann, CRE, FRICS, MAI