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Understanding the Home Appraisal Process in Vancouver: What Every Buyer Should Know

  • erin0582
  • 6 days ago
  • 2 min read

Updated: 5 days ago



What Is a Home Appraisal and Why It Matters


When you’re buying a home in Vancouver, one of the most important — yet often misunderstood — steps is the home appraisal. An appraisal determines the market value of the property and protects both the buyer and the lender. In simple terms, it confirms whether the price you’re paying is in line with current market conditions.


As Vancouver realtor Erin Price Emery and mortgage broker Julie Tran from The West Mortgage Group explain, an appraisal isn’t just a formality — it’s a crucial step in securing financing. It ensures your lender agrees the home is worth what you’re offering.


When Does an Appraisal Happen?

Once you have an accepted offer and your mortgage application has been submitted, the lender will order an appraisal. For homes under $1 million, the lender may use an automated valuation system (AVS) to determine value. For higher-priced homes, a licensed appraiser typically visits the property to complete a full report.

If you’re making a cash offer, you might skip the appraisal altogether — but it’s still wise to request one privately to protect your investment.


What Happens If the Appraisal Comes in Low?

It’s not uncommon for an appraisal to come in lower than the purchase price — especially in competitive markets where buyers bid above asking. In this case, the lender will base your loan amount on the appraised value, not the offer price.That means you’ll need to cover the difference out of pocket — sometimes tens of thousands of dollars. Understanding this scenario early helps you plan your financing and avoid last-minute stress.


Appraisal vs. Home Inspection

Many buyers confuse the two, but they serve very different purposes.

  • Appraisal: Determines the market value of the property for the lender.

  • Inspection: Evaluates the home’s condition, identifying potential issues like plumbing, electrical, roofing, or foundation problems.


An appraiser doesn’t inspect for deficiencies — they assess the overall property condition and compare it to similar homes sold nearby.


Can You Dispute an Appraisal?

Yes — if you or your realtor believe the appraiser undervalued your home, you can dispute it. Your agent and mortgage broker can provide stronger comparables to support a higher valuation. While not every dispute is successful, it’s always worth reviewing the report with your team.


Expert Tip from Erin & Julie

If you’re planning to make a subject-free or cash offer, consider ordering a private appraisal before submitting your offer. This gives you a clearer picture of the property’s true market value and can prevent financial surprises down the road.


Final Thoughts

Understanding the home appraisal process in Vancouver helps you make informed decisions and protect your investment. Whether you’re a first-time homebuyer or a seasoned investor, working with a knowledgeable realtor and mortgage broker ensures you’re fully prepared from offer to completion.




📞 If you’re buying or selling in Vancouver and want clarity on appraisals, lending, and the full buying process — let’s connect.




Erin Price Emery

Vancouver REALTOR® | The Collective Real Estate Team | Oakwyn Realty

Contact me: erin@priceemery.com 

Call or text: 604-767-7725

Explore homes for sale in Vancouver and other areas at listitvancouver.com




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