AACI-designated. CUSPAP-compliant.
Commercial Property Valuation in Ontario
Independent valuations for owners, buyers, investors, lenders, accountants and lawyers across Ontario.
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By Ashita Chandra, AACI, P.App — Director of Valuations
A commercial property valuation is an independent, CUSPAP-compliant opinion of what a commercial property is worth on a given date, prepared by an AACI-designated appraiser. Aion provides commercial property valuation services across Ontario for owners, buyers, investors, lenders, accountants and lawyers, with the signed report usually delivered 5–10 business days after the site visit.
What a commercial property valuation is, and what it is not
A valuation and an appraisal are the same thing: a written, defensible estimate of market value prepared under Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). Lenders and lawyers tend to say appraisal; owners, accountants and investors tend to say valuation. Either way, the report carries the appraiser's signature and designation and can be relied on by the people it is addressed to.
It is not the same as three things it is often confused with. A broker's opinion of value is a marketing estimate, not an independent one, and lenders do not accept it. An MPAC assessment is the province's figure for property tax, set by mass appraisal and often years out of date. An online estimate has no site visit, no rent roll and no comparable sales analysis behind it. A property valuation from an AACI appraiser replaces all three when money, tax or a dispute depends on the number.
When you need a commercial property valuation
- Financing or refinancing: the lender needs an independent value before advancing funds.
- Buying or selling: to set or test a price, or to settle a partner buyout.
- Tax assessment appeals: to show MPAC's assessed value is above market value.
- Estates and capital gains: a value at a past date for probate, a deemed disposition or a CRA filing.
- Expropriation, arbitration and litigation: a value that stands up to cross-examination.
- Insurance: a replacement-cost figure for coverage.
- Financial reporting and planning: year-end values for a portfolio or a lease decision.
What we value
Office buildings, retail plazas and single-tenant stores, industrial and warehouse buildings, multi-unit residential buildings of five or more units, mixed-use buildings, agricultural land and farms, vacant and development land, and new construction at any stage. We do not value single-family homes or buildings of up to four units; that is residential work, outside the commercial practice.
How a commercial property is valued
Three approaches, applied where they fit. The income approach capitalises the property's net operating income at a rate drawn from comparable sales, and carries the most weight for leased buildings. The direct comparison approach tests that figure against what similar properties recently sold for. The cost approach, land value plus replacement cost less depreciation, is added for new or special-purpose buildings. The appraiser reconciles the indications into one final value and explains the weighting in the report. The arithmetic behind each approach, with a worked example, is on our valuation methods page.
What is in the report
The purpose and intended users, the effective date, the property description and photographs from the site visit, zoning and highest-and-best-use analysis, the market and comparable evidence, the approaches applied and their reconciliation, the final value, and the assumptions and limiting conditions. Every report is reviewed by a second AACI-designated appraiser before it is signed.
How the process works
You do four things: request a quote, accept it, sign the letter of engagement and pay, and upload the documents we ask for (typically the rent roll, leases, operating statements and tax bill). We open the file, book the site visit, complete the analysis and the second review, and deliver the signed report to your authorised users, usually 5–10 business days after the site visit. The full fourteen-step sequence is on the how it works page.
Who prepares it
Every Aion valuation is signed by an AACI-designated appraiser: Ashita Chandra, AACI, P.App, our Director of Valuations, or another AACI on the team. AACI is the Appraisal Institute of Canada's designation for all property types; its other designation, CRA, is limited to residential property of up to four units. You can confirm any appraiser's designation in the Institute's Find an Appraiser directory.
Where we work
Across Ontario, within about 200 km of our base in Wellington County: the Greater Toronto Area, Hamilton and Niagara, Waterloo Region and Guelph, Simcoe County, London and Southwestern Ontario, and the Kawarthas and Eastern Ontario as far as Kingston. See the full list of cities we serve.
Commercial property valuation FAQ
What is the difference between a commercial property valuation and an appraisal?
None in substance. Both are an independent opinion of market value under CUSPAP, signed by a designated appraiser. "Valuation" is the term owners and accountants use; "appraisal" is the lender's and lawyer's term.
How much does a commercial property valuation cost?
Fees are quoted per property, because the work depends on the property type, size, income complexity and the purpose of the report. You receive a written quote before any work starts. See what affects the fee.
How long does a commercial property valuation take?
Usually 5–10 business days after the site visit. Larger or more complex properties can take longer; rush service may be available, ask when you request a quote.
Who can prepare a commercial property valuation in Ontario?
An appraiser holding the Appraisal Institute of Canada's AACI designation. The CRA designation covers residential property of up to four units only.
Do you value apartment buildings?
Yes, multi-unit residential buildings of five or more units. Buildings of up to four units are residential work and outside our practice.
Can I use the valuation for a tax assessment appeal?
Yes. A valuation at the relevant assessment date is the evidence an Assessment Review Board appeal rests on. See tax assessment appeal appraisals.
Is a site visit always required?
For most assignments, yes. Where the purpose does not require an inspection, the step is waived and the file moves straight to analysis.
Will my lender accept the report?
Reports are prepared to CUSPAP and to major lender standards, and are addressed to the users you name. Tell us who the report is for when you request the quote so it is addressed correctly.
AACI, P.App
Ashita Chandra is an AACI-designated appraiser and Director of Valuations at Aion Appraisals & Consulting, preparing commercial property appraisals across Ontario.
Verify this designation in the Appraisal Institute of Canada directoryGet a Commercial Property Valuation
Signed by an AACI-designated appraiser, delivered 5–10 business days after the site visit.