Appraisal Submission Site

Please read the following requirements and click "I Agree/Accept" at the bottom of this page.

The following requirements apply to EVERY appraisal that is submitted to CHIP Home Income Plan.

  • All appraisals must be done on the Appraisal Institute of Canada, Residential Appraisal Report format and submitted electronically as a single PDF file.  (refer to for more information regarding this format)

Please note the following new items:

  • All rooms in the house are to be viewed
  • Interior photos of key living areas (kitchen, bathrooms, living room & bedrooms) to be provided with all reports
  • Photos of the comparable sales properties must be provided
  • A map indicating the location of both the subject property and the comparables sales to be provided with all reports
  • On acreage properties advise if there are any animals/livestock on the property. The type and approximate number of animals to be included in the comments.

Please do not proceed if any of the following applies:

  • The client cannot provide payment at the time of inspection and another payment arrangement has not been pre-arranged
  • There is an underground oil tank
  • The subject property is located in a Flood Fringe, Zone or Plain
  • The property is zoned Commercial. (HomEquity Bank will consider homes zoned as commercial/residential)
  • Any of the rooms cannot be inspected. All rooms must be viewed.

HomEquity Bank requirements for appraisals. Please include all of the following:

  • A copy of the paid invoice must be included with the report
  • Pictures are required of both front and rear of the property along with a street scene
  • All rooms must be viewed
  • Interior pictures must be provided of key living areas (kitchen, bathrooms, bedrooms, living room)
  • The final value must only be attributed to the house, basic garage (if applicable) and up to a maximum of 10 acres of land (see 'Acreage' section below)
  • Do not include the value of any outbuildings such as sheds or guest homes
  • The interior of all outbuildings must be inspected (please provide pictures if applicable)
  • Legal description
  • Lot and Site sizes: All measurements must be reported in imperial units, including lot size (frontage and depth)
  • Electrical amperage (breakers/fuses)
  • Age of roof/material. If almost at life expectancy, further comments are required
  • The Cost Approach must be completed
  • Percentage complete – Construction must be at least 97% complete
  • Sales history – Comment on known agreements for sale, prior sales or listings in the last year
  • If the home has "UFFI", please indicate such but you may proceed with appraising the property
  • If water seepage is evident in basement, further comments and pictures are required
  • If the property has a High Land Value, further comments are required regarding the contributive factors (i.e. zoning, re-zoning, acreage, future redevelopment potential, etc.)
  • Water Source
    • If type is Well: Type of well is required (i.e. drilled, artesian, cistern*, etc.)
    • If type is Lake Intake*: please indicate if there is an Ultraviolet (UV) Filtration System in place

* If water source is lake intake or cistern, please indicate if it is common for the area and how it impacts marketability

  • Comparables
    • Minimum of 3 comparable sales to be provided
    • DOM: All comparables must include the total number of days listed on the market. If DOM are excessive please provide an explanation
    • Sale Dates: Anything older than six months should be time adjusted or an explanation regarding market conditions is required
    • No more than one private sale should be used
    • Include a map showing the location of the comparables in relation to the subject property
    • Photos of all comparable sales are required
  • Fuel Type ( If Oil)
    • Location: Please indicate the location of the oil tank (inside the home or outside, - above or below ground)
    • Please indicate the age of the oil tank. The manufacturing date is stamped on newer oil tanks
  • Acreage
    • If the subject property has acreage, the number of acres must be indicated
    • Maximum acceptable acreage is 160 acres
    • If more than 10 acres, the final value must include the home and 10 acres only. Additional acreage and any outbuildings are not to be included in value
    • If there are any animals/livestock on the property please indicate the type and approximate number
  • Condominiums
    • The name of the Condominium Management Company is required
    • If the building is subject to any special assessment, details should be included in the Comments
  • Mobile Homes
    • Client must own the land (leased land or rental pads not acceptable)
    • Serial Number, Year, Make and Model of the mobile home are required
    • Comments are required confirming if the home is on a permanent foundation or not
    • Mobile Home Registry number is required in the province of British Columbia

    Incomplete appraisals will not be accepted