Your refinance closes in 12 days and your lender just requested an AACI-signed commercial appraisal. The credit facility renewal is conditional on a current CUSPAP-compliant valuation of the underlying commercial asset - and the 10-15-business-day window between term sheet and funding close is tight, though it can often be negotiated. Here is how to commission one and what to expect.

What a CUSPAP-compliant commercial refinancing appraisal includes.

Your lender expects a specific product. A CUSPAP-compliant commercial refinancing appraisal includes:

  • An AACI-designated signatory who is accountable for the methodology, the comparables, and the conclusions
  • A market-value opinion supported by comparable sales, income analysis (where applicable), and DCF for institutional-grade assets
  • CUSPAP-compliant reporting structure: letter of transmittal, executive summary, property identification, market area analysis, highest-and-best-use determination, valuation methodology, reconciliation, assumptions and limiting conditions
  • Defensibility for lender credit committee, audit, and regulator review
  • A bound PDF delivered within the lender's timeline

This is the institutional baseline. Your lender's credit committee reviews the report against CUSPAP standards. If the report does not meet the standard, the refinance stalls.

Three things your lender will ask before approving the appraisal commission.

1. Is the appraiser AACI-designated?

The AACI designation (Accredited Appraiser Canadian Institute) is the AIC's highest tier - qualified for all property types including commercial, industrial, institutional, multi-family, special-purpose, and development land. Canadian lenders regulated by OSFI expect AACI-signed reports for commercial work. CRA designation (residential tier) is not sufficient.

2. Is the firm CDIC-compliant for the lender's institution?

Some CDIC-member institutions maintain approved-appraiser panels. If your lender has a panel requirement, confirm compatibility during intake. Appraisals.on.ca's practitioners include CDIC-panel-eligible AACIs across Ontario markets.

3. Can the report be delivered within the lender's window?

The standard commercial appraisal turnaround is 10-15 business days. Most refinance deadlines fall within this window. If your timeline is tighter (5-7 days), expedited delivery is available - but confirm availability before committing to the lender.

How Appraisals.on.ca commissions an Ontario refinancing appraisal in 10 days.

Our process is built for the refinance deadline:

  1. Submit your property and timeline. Property address, asset class, reason (refinance), lender name (optional), and your deadline. The intake form takes 4-5 minutes.
  2. Assigned an AACI commercial appraiser. We match by asset class, geographic region, and current workload. The practitioner assigned to your engagement has capacity in your timeline and experience in your asset class. You receive confirmation within 1 business day.
  3. Property inspection scheduled within 48 hours. The practitioner coordinates site access directly with you or your property contact. For standard commercial properties, the inspection takes 2-4 hours on-site.
  4. CUSPAP-compliant report delivered before your deadline. A bound PDF and machine-readable summary, signed by an AACI who is accountable for the completed report. Delivered via secure deposit to you and (if specified) directly to your lender.

This is a Kitchener-Waterloo practice serving Ontario lenders since 1973. The online intake is new; the practitioner expertise and institutional relationships are 53 years deep.

What you'll need to provide.

  1. Property address and asset class - street address, municipality, property type (office, retail, industrial, multi-family, mixed-use, specialty)
  2. Reason for appraisal - refinance; lender name if known (helps confirm panel eligibility)
  3. Property details - rent roll (if rental income property), recent transaction history (if known), operating statements (if available)
  4. Timeline and deadline - the date your lender needs the report by
  5. Engagement letter from the lender - if available; confirms specific reporting requirements
  6. Site-access details - who to contact for property inspection access; any access restrictions or scheduling constraints

Not all of this is required at intake. The minimum to get started: property address, asset class, reason, and deadline. The assigned practitioner will request additional details after engagement confirmation.

Frequently asked questions

What is required for a commercial refinancing appraisal?

A CUSPAP-compliant report signed by an AACI-designated practitioner, containing a market-value opinion supported by comparable evidence and appropriate methodology (income approach, direct comparison, or both). The report must satisfy your lender's credit-committee review standards.

How long does a commercial refinancing appraisal take?

Standard turnaround is 10-15 business days from site visit to signed report. Expedited delivery (7-10 days) is available for most asset classes. The timeline depends on property complexity, comparable availability, and practitioner capacity.

What makes a commercial appraisal refinance-ready?

Three things: (1) AACI-designated signatory, (2) CUSPAP-compliant reporting structure, and (3) methodology and conclusions defensible to the lender's credit committee and, if challenged, to OSFI or audit review. The report must be current - most lenders require an effective date within 90 days of the funding decision.

How much does a commercial refinancing appraisal cost in Ontario?

Fees vary by asset class, complexity, and timeline. Typical range for a single-asset commercial refinancing appraisal in Ontario is CAD $3,500-$7,500. For a detailed breakdown of what drives commercial appraisal fees, see our cost-driver model.

Can I use the same appraiser my lender used last time?

If you have a preferred AACI practitioner, let us know during intake. If they are part of our practice and have capacity, we can assign them. If not, we match you with an equally qualified AACI in the same asset class and geography.

What if my lender has an approved-appraiser panel?

Some CDIC-member institutions maintain approved panels. Confirm your lender's panel requirement during intake and we will verify practitioner eligibility before engaging. Our practice includes panel-eligible AACIs for major Canadian lenders.

Ready to commission a refinancing appraisal.

One form. One qualified AACI. One signed report - before your deadline.

Request a refinancing appraisal

Key Takeaways

  • Canadian lenders require CUSPAP-compliant, AACI-signed commercial appraisals for refinancing - no exceptions for OSFI-regulated institutions.
  • Standard turnaround is 10-15 business days; expedited (7-10 days) available at premium.
  • The AACI who signs your report is accountable for the completed report - no white-label hand-offs.
  • Appraisals.on.ca matches by asset class, geography, and current capacity to meet your lender's timeline.
  • Minimum to get started: property address, asset class, reason, and deadline.

Related: What drives commercial refinancing appraisal fees | How Appraisals.on.ca's AACI signatories use AI to reduce data-wrangling time | Our 53-year Kitchener-Waterloo practice

Update log: 2026-05-06 - First published.