CMHC Appraisals
Rental housing appraisals and market studies to support financing and housing program applications.
Who we work with
Rental housing developers, owners and their lenders need independent valuation and rental market evidence for financing reviews. Proposed, partially completed and stabilized projects require different valuation premises.
When you need us
When seeking financing for a proposed, under-construction or stabilized rental development, you need an independent assessment of value, achievable rents and project assumptions.
What we do
Market rent studies and rent certification support
Affordable and mixed-income housing valuations
Multi-residential and mixed-use feasibility studies
Residual land value and development pro forma analysis
How we work
We review project drawings, rent schedules, financial assumptions and the assignment’s lender or program requirements. Local rental evidence, comparable projects and income analysis inform the valuation, with sensitivity analysis where costs, rents or absorption affect the conclusion.
What you receive
An appraisal and, where instructed, market rent analysis addressing the agreed financing purpose. The report sets out the valuation premises, rental and operating assumptions, market evidence and limitations for the intended users.
What we need to begin
Provide the lender’s appraisal instructions, site and building plans, unit mix, proposed rents, operating projections, development budget and approval status. Identify affordability assumptions and any requested as-is, as-approved or as-improved opinions so the scope matches the financing review.
An anonymized assignment
gsi prepared as-is, as-approved and as-improved opinions for a proposed rental development to support CMHC construction loan underwriting. Separate land and income analyses explained the existing position, assumed approvals and anticipated completed property.
Questions & answers
Should we speak to the lender before commissioning the appraisal?
Yes. Obtain the lender’s reporting instructions and confirm the intended users and required valuation premises. This helps avoid a report being prepared on a basis that does not address the financing review.
How are proposed rents assessed?
We consider relevant rental evidence and the project’s location, accommodation, unit mix and assumptions. Proposed rents are examined as inputs to the valuation rather than accepted without analysis.
Does an appraisal confirm financing approval?
No. It provides independent valuation evidence for the financing review. The lending decision and any additional requirements remain with the lender and relevant program administrators.