As the spring market is winding down and summer approaches, we’re pleased to share this quarter's update, featuring upcoming events, lender and workflow reminders, a market snapshot, and a spotlight on appraiser excellence.
What's Coming Up
CNAREA Conference
Sept 15, 2026
We look forward to seeing you there!
Lender Updates
The adjusted value range across the comparable sales in the Sales Comparison grid must not exceed 50%. If the variance exceeds 50%, the report will be escalated by TD and placed in pending status, which will delay the file.
Comparables for Westboro files must show days on market and must be within 90 days. If it is not possible to obtain two or more comparables within 90 days:
You must include a fourth comparable, and
Provide a detailed explanation outlining why older comparables were necessary.
When completing an ATB appraisal involving an outbuilding, please refer to Item #20of the ATB TOR for full special instructions, including Narrative Addendum requirements and Cost Approach reporting. The following photos are required:
2 photos of interior
2 photos of exterior (front and side)
1 photo showing the dwelling and outbuilding together in a single image (where the angle allows)
Market Updates
The national RPS House Price Index fell 4% year-over-year in May. The national figure continues to reflect deeply divergent conditions across the country: meaningful gains in Quebec and select Prairie markets, relative balance in Calgary, Regina, Edmonton, and sustained softness across B.C.'s Lower Mainland and southern Ontario.
May Year-over-Year House Price Changes - Major Markets
Toronto (-9%) and Hamilton (-9%) both registered among the steepest declines tracked this month. Ontario's new HST rebate for new homes may shift buyer behaviour toward new construction. A shift in Ontario buyer behaviour carries national implications given that the sales activity in Ontario and B.C. alone can historically represent half or more of all sales in Canada.
Quebec City (+11%) and Montreal (+7%) continue to lead the country in price increases, supported by relative affordability and years of undersupplied housing.
Halifax (-5%) has faced headwinds from a sharp drop in international students, a population whose presence had supported elevated housing demand.
Staying current on price trends is good practice and foundational to a defensible appraisal. The RPS House Price Index provides a reliable, independent view of price movement across major Canadian markets, giving you a data point to support your market condition commentary and strengthen the credibility of your reports.
To get early access to the monthly analysis and public dataset, delivered straight to your inbox each month, sign up for the HPI public release.
RPS is currently updating the Help and FAQ section of the Appraiser Portal. This enhancement is on track for completion in Q3 2026 and will provide clearer guidance and faster answers to common workflow questions.
All Order Communications and Requests Must Go Through RPS
Please ensure all order-related instructions and communications come through RPS directly. If contacted by a lender or broker, direct them to submit their request through the RPS Portal. This ensures full visibility across all parties involved in the order. Do not action requests by phone.
Upgrading a Desk Review or Drive-By to a Full Appraisal
If an order is upgraded from a Desk Review or Drive-By to a full appraisal, please ensure you provide a new quote reflecting the updated scope of work.
Reviewing Order Details Before Quoting
When receiving an order, please review all special instructions, attachments, and any other relevant information before submitting your quote to ensure it is accurate and complete.
Full Appraisal by Plan and Spec
Any assignment request for a full appraisal by plan and spec still requires a site visit.
Comparable Adjustments
All comparable adjustments must be clearly explained within the report. Insufficient commentary makes it difficult for lenders to understand the rationale behind the adjustments, which can lead to unnecessary back and forth.
Please see below for your current Appraiser Network Manager contacts by region.
We’d like to highlight the dedication and excellence of our appraisers, shedding light on their impact on our organization and the clients we serve.
Sherry Davidson
Davidson Appraisals
Thank you for your reliability and willingness to support our team when capacity is needed. Your availability helps us maintain service levels for our clients, and we're grateful for your support.
Louis-Philippe Munoz
Immobec Inc.
Complex orders require patience, expertise, and a collaborative approach, and Louis-Philippe consistently delivers on all three. Thank you for your continued willingness to take on challenging files.
Thank you for your continued support and dedication.
We look forward to another strong quarter together.
RPS, 468 King St W, Suite#300, Toronto, Ontario M5V 1L8, Canada, 1-877-658-8258
