When do you need an appraisal?

Every year, countless people in Canada buy, sell or refinance their own slice of the Canadian Dream! Most, if not all, of these transactions include a requirement of an appraisal. It has become an understood and accepted part of a real estate transaction. You may have heard others saying things like, “Let’s bring in the expert and make sure we’re not spending too much on this property.”

But is this the only reason to get an appraisal? Are there other times when the services of a certified, licensed, independent real estate professional might come in handy?