In 2024, the Appraisal Institute of Canada (AIC) unveiled revamped appraisal forms to reflect a bunch of standards changes it made.
"These changes significantly increase the potential liability for brokers who start a deal with one lender, but end up funding with a private lender," says Christopher Bisson, Founder of Appraisal Management firm Value Connect Inc.
“Most mortgage brokers have no idea these changes were made," he adds, likely because they're busy with things more exhilarating than appraisal paperwork.
Among the AIC's form additions were things like:
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