Step-by-Step Guide to Estate Settlement Appraisals in Ontario
- tejveer198
- Oct 21
- 3 min read
Settling an estate can be an emotional and complex process — especially when it involves real estate. One critical step is obtaining a professional estate settlement appraisal. In Ontario, this appraisal determines the fair market value of a property as of the date of death, ensuring a smooth and compliant estate process.
Whether you’re an executor, estate trustee, lawyer, or family member, understanding how estate settlement appraisals work can help you avoid disputes, tax complications, and costly delays.
This guide walks you through every step of the estate appraisal process in Ontario, from the initial request to the final report.
What Is an Estate Settlement Appraisal?
An estate settlement appraisal is a certified valuation of a property conducted by a Designated Appraiser (CRA, AACI) to determine its fair market value at the date of death.
These appraisals are often required for:
Estate distribution among beneficiaries
Probate and estate tax purposes
Capital gains reporting for CRA
Legal proceedings or estate disputes
The appraisal ensures all parties have an objective and professionally supported value, based on CUSPAP-compliant standards (Canadian Uniform Standards of Professional Appraisal Practice).
Step 1: Identify the Purpose and Date of Appraisal
Before ordering an appraisal, clarify why you need it.
For estate purposes, the most common valuation date is the date of passing of the property owner. This retrospective (backdated) value reflects what the property was worth at that exact time — not today’s market.
Tip: Clearly specify the purpose as “Estate Settlement” or “Date of Death Appraisal” when requesting your quote.
Step 2: Choose a Qualified Appraisal Firm
Not all appraisers are created equal. In Ontario, ensure you hire a Designated Member of the Appraisal Institute of Canada (AIC) — a CRA (Canadian Residential Appraiser) or AACI (Accredited Appraiser Canadian Institute).
When choosing an appraisal firm, look for:
AIC designation (CRA or AACI)
Experience with estate and retrospective appraisals
Reports that are CUSPAP-compliant
Familiarity with local Ontario market data
Hiring a qualified firm like Walson Consulting Inc. ensures your appraisal is legally defensible, CRA-acceptable, and professionally supported.
Step 3: Provide Key Property Information
Once you select your appraiser, you’ll need to provide details such as:
Property address and type (detached, condo, etc.)
Legal owner’s name and date of passing
Purpose of appraisal (estate, probate, capital gains, etc.)
Any available property details (renovations, size, etc.)
If the property has been sold, the appraiser may still conduct a retrospective appraisal using past market data and MLS records to determine the accurate historical value.
Step 4: Property Inspection and Market Research
The appraiser will conduct an on-site inspection or, in retrospective cases, a desktop review using photos, records, and market data from the valuation date.
They analyze comparable sales, market trends, and neighbourhood factors to determine the most accurate fair market value.
This step ensures that the value is objective, data-supported, and fully compliant with AIC standards.
Step 5: Receive Your Certified Appraisal Report
The final report includes:
Property description and condition
Comparable sales and market analysis
Determination of Fair Market Value (FMV) as of the specified date
Appraiser’s certification and AIC designation
This report can be shared with lawyers, accountants, CRA, or financial institutions as part of the estate settlement process.
Step 6: Use the Appraisal for Legal and Tax Purposes
Once complete, the appraisal supports key estate tasks such as:
Submitting to the lawyer or estate trustee for probate filing
Reporting to CRA for capital gains or deemed disposition
Dividing estate assets fairly among beneficiaries
Having a professional, independent appraisal reduces the risk of disputes and ensures full compliance with legal and tax requirements.
Why Estate Lawyers and Trustees Trust Walson Consulting Inc.
At Walson Consulting Inc., we specialize in Estate Settlement and Retrospective Appraisals across the Greater Toronto Area.
Our clients choose us because:
All appraisals are AIC-certified and CUSPAP-compliant
Reports are accepted by lawyers, accountants, CRA, and courts
We provide fast turnaround times and clear communication
Every report is prepared with accuracy, detail, and integrity
Final Thoughts
Estate settlement can be overwhelming, but a professional real estate appraisal brings clarity, fairness, and peace of mind.
If you’re an executor, estate trustee, or lawyer in Ontario, make sure your next step is a certified estate appraisal.
Contact Walson Consulting Inc. today for a free quote or to discuss your estate appraisal needs.