Retro Appraisal vs. Standard Appraisal: Key Differences Explained

When it comes to property valuation, not all appraisals are the same. Two terms you’ll often come across are standard appraisal and retrospective (retro) appraisal. While both provide professional opinions of value, they serve very different purposes depending on your needs. Understanding the difference is important—whether you’re refinancing, settling an estate, handling legal matters, or preparing for a tax-related requirement.

In this article, we’ll break down what each appraisal is, when you might need one, and the key differences to help you make the right decision.

What Is a Standard Appraisal?

A standard appraisal is the most common type of property valuation. It determines the current market value of a property as of today’s date.

Typical Uses of a Standard Appraisal:

• Buying or selling a home

• Mortgage financing or refinancing

• Private lending purposes

• Divorce settlements

• Insurance purposes

Standard appraisals reflect what your property is worth right now, based on market trends, comparable sales, and property condition.

What Is a Retro (Retrospective) Appraisal?

A retro appraisal looks at the value of a property on a specific date in the past, not today. The appraiser conducts research using historical sales data, market conditions, and property details as they existed at that chosen date.

Typical Uses of a Retro Appraisal:

• Estate settlements (valuing a property as of the date of death)

• Capital gains tax reporting (for CRA purposes)

• Legal disputes where historical value is required

• Insurance claims (determining value before a loss event)

Retro appraisals are often critical for accountants, lawyers, executors, and families dealing with past-dated financial or legal obligations.

Retro vs. Standard Appraisal: The Key Differences

Feature	Standard Appraisal	Retro Appraisal
Valuation Date	Current date	Specific past date
Market Data Used	Recent and current sales	Historical sales and market conditions
Common Users	Homebuyers, lenders, insurers	Lawyers, accountants, estate trustees
Purpose	Current financing, sales, insurance	Estate, tax, and legal matters
Complexity	Relatively straightforward	More research-intensive

Why Does It Matter Which One You Get?

Ordering the wrong type of appraisal can cause delays, unnecessary costs, and frustration—especially when dealing with legal or tax authorities. For example, if CRA requires a valuation as of January 1, 2020, a current appraisal won’t help; you need a retrospective appraisal.

On the other hand, if you’re applying for a new mortgage today, a standard appraisal is exactly what your lender will expect.

Choosing the Right Appraisal with Confidence

At Walson Consulting Inc., all of our appraisal reports are:

• Certified and CUSPAP-compliant

• Prepared by a Designated Member of the Appraisal Institute of Canada (AIC)

• Accepted by major banks, credit unions, insurance companies, lawyers, accountants, and the CRA

Whether you need a retro appraisal for an estate file or a standard appraisal for refinancing, we ensure your report is accurate, defensible, and delivered with attention to detail.

Final Thoughts

Both standard and retro appraisals are valuable tools—but for very different situations. The key is knowing which one applies to your needs so you can move forward without issues.

If you’re unsure which appraisal is right for your situation, reach out to us at Walson Consulting Inc. We’ll guide you through the process and ensure you get the correct report, saving you time, money, and stress.

Get a free quote today and let us help you with your appraisal needs.