Your refinance is closing shortly 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 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
  • A conventional lender-grade narrative report structure, prepared in compliance with CUSPAP: 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 on your lender's approved-appraiser panel?

Many federally regulated lenders and Ontario credit unions maintain approved-appraiser panels. If your lender has a panel requirement, confirm compatibility during intake. Appraisals.on.ca's practitioners include panel-approved AACIs across Ontario markets.

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

We commit to a delivery date in the engagement letter, set against the report type, the asset, and your lender's deadline. Most refinance deadlines are comfortably accommodated. If your timeline is tighter, expedited delivery is often available - but confirm it with us before committing to the lender.

How Appraisals.on.ca commissions an Ontario refinancing appraisal.

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 from a few hours to a full day on-site, depending on unit count and access.
  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 decades 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?

Turnaround runs from the signed engagement letter to the signed report, and the delivery date is fixed in writing before work starts. Expedited delivery is available for most asset classes where a practitioner has capacity. The timeline depends on property complexity, comparable availability, and practitioner capacity - give us your lender's date at intake and we will confirm whether we can meet it.

What makes a commercial appraisal refinance-ready?

Three things: (1) AACI-designated signatory, (2) a CUSPAP-compliant report, 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 - lenders typically want a recent effective date, often within about 90 days of the funding decision.

How much does a commercial refinancing appraisal cost in Ontario?

Fees vary by asset class, complexity, and timeline, and we quote a fixed fee against your scope before any work begins. 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?

Many federally regulated lenders and Ontario credit unions maintain approved panels. Confirm your lender's panel requirement during intake and we will verify practitioner eligibility before engaging. Our practice includes panel-approved 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 - OSFI-regulated institutions treat this as standard practice.
  • Turnaround runs from the signed engagement letter and is confirmed in writing before work starts; expedited delivery is available at a premium where capacity allows.
  • 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 Kitchener-Waterloo practice, established 1973

Update log: 2026-05-06 - First published. 2026-07-15 - Panel terminology corrected and turnaround windows standardized.