Lobbying Information
Subject Matters
- Financial Institutions
- Housing
- Privacy and Access to Information
Subject Matter Details
Policies or Program
- AIC is supporting OSFI Residential Mortgage Underwriting and Mortgage Insurance Practices and Procedures encouraging Federally Regulated Financial Institutions to employ sound valuation practices to determine the value of collateral used to secure and insure mortgages. AIC has recommended that these same guidelines extend to non-federally regulated institutions or organizations offering mortgage financing to Canadians.
- AIC members must complete appraisal reports and other valuation assignments in accordance with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). Compliance with CUSPAP, in part, requires access to a full range of data on the subject property - including information on sales history. This data has traditionally been in the public domain but access has become limited.
- Canadian consumers require additional education on the full range of fees associated with mortgage financing and refinancing as well as the role of various professionals involved in the transaction. A disclosure of all fees incurred as part of obtaining a loan should be a mandatory requirement for all lending institutions - federally and non-federally regulated – to ensure that Canadians understand the financial commitment involved in what is often the largest investments in their lifetime. This includes the appraisal management fee and the appraisal fee.
- Downward pressure on appraisal fees and increasing demand for quicker turnaround times, combined with the restrictions on accessing good and reliable data, may ultimately drive professional appraisers away from completing mortgage finance work. This places a much higher risk for lenders and for Canadian consumers.
- Over reliance on Automated Valuation Methodologies (AVMs) poses a significant risk for Canadian consumers, lenders and the financial system. The best option to minimize the lending risk for mortgage properties is to have an on-site appraisal conducted by a third-party appraiser to determine the occupancy, the condition of the property, the neighborhood characteristics, and ultimately, the existence of the property.
Communication Techniques
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Written communication
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Oral communication
Government Institutions
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Bank of Canada
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Canada Mortgage and Housing Corporation (CMHC)
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Finance Canada (FIN)
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Financial Consumer Agency of Canada (FCAC)
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House of Commons
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Office of the Superintendent of Financial Institutions Canada (OSFI)
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Privy Council Office (PCO)
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Public Services and Procurement Canada (PSPC)
Government institutions added through a monthly communication report
- Innovation, Science and Economic Development Canada (ISED)
- Prime Minister's Office (PMO)
In-house Organization Details
Description of the organization's activities
Founded in 1938, the Appraisal Institute of Canada (AIC) is the premier real property valuation association in Canada. The AIC’s national office is located in Ottawa, Ontario and works collaboratively with 10 affiliated provincial organizations. AIC grants the distinguished Accredited Appraiser Canadian Institute (AACI) and Canadian Residential Appraiser (CRA) designations to individuals across Canada and around the world. These designations recognize highly qualified individuals who have completed AIC's rigorous curriculum, experience and examination requirements.
Responsible officer name and position during the period of this registration
KEITH LANCASTLE,
Chief Executive Officer
Organization's membership or classes of membership
AIC's designated members hold either the AACI or CRA designation. Candidate members work in the profession while pursuing studies towards their choice of designation. Student members are enrolled in full time studies.
Government funding
No government funding was received during the last completed financial year.
In-house Organization Contact Information
Address:
200 Catherine Street
Suite 403
Ottawa, ON K2P 2K9
Canada
Telephone number:
613-234-6533
Ext.
222
Fax number:
613-234-7197
Lobbyists Details
Employees who lobby for the organization
- Keith Lancastle,
Chief Executive Officer |
No public offices held
