CoVid-19 Awareness Update #8 – Essential Services

As of midnight tonight, Tuesday March 24, 2020, both Ontario and Quebec have introduced restrictions on activities and have created Lists of Essential Workplaces. (Ontario List of Essential Workplaces) (Quebec List of Essential Workplaces).

It is our understanding that appraisers are part of the essential services provided by the banking industry. In the Ontario List of Essential Workplaces, Section #31 – Banking & Activities related to Credit Intermediation, and the Quebec Listing for Banking and Financial Services lists, in part: “services related to financial markets,” would include the appraisal of real property for lending purposes.

We want to reiterate our caution to appraisers that contact with occupants of a dwelling, etc. is to be totally avoided, and interior inspections of properties should not be carried out.

The major national lenders have adopted this policy and understand the increased risk to the appraisers, as well as to the occupants if interior inspections were carried out. Please ensure that you comply with all requirements of the USPAP, keep your clients’ informed, and update AMC Portals on a regular basis as has been communicated to you by the various AMCs.

While the office staff are working from home, we are all receiving emails and phone calls at our usual numbers. Please don’t hesitate to contact us if you have any concerns.