Canadian Uniform Standards of Professional Appraisal Practice | Appraisal Institute of CanadaAppraisal Institute of Canada

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The Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), first introduced in January 2001, respects the expanding role of the valuation professional within the Appraisal Institute of Canada. The Standards meet the sponsor criteria of the Appraisal Foundation in their international membership category, and endorse International Valuation Standards as an authority promoting world-wide acceptance of standards for property valuation.
 
CUSPAP 2018 pdficon_small is now in effect as of January 1, 2018. All forms and templates that are compliant with CUSPAP 2018 can be found here.
 
For an overview of the changes between CUSPAP 2016 and 2018, click here. A more detailed comparison can be found in Appendix B in CUSPAP 2018.
 
For the convenience of our Members, the CUSPAP 2018New Residential Forms webinar was recorded and can be viewed at this link.
 
 
HOW CUSPAP 2018 IS STRUCTURED 
 
CUSPAP 2018 includes seven Standards:
  1. Ethics Standard
  2. Real Property Appraisal Standard
  3. Review Standard
  4. Consulting Standard
  5. Reserve Fund Studies Standard
  6. Appraisal of Machinery and Equipment Standard
  7. Mass Appraisal Standard (New)

COMPULSORY AND NON-COMPULSORY REQUIREMENTS  

Definitions form an integral part of the Standards; for the purpose of these Standards, their application is compulsory.

Rules set out the overarching requirement and provide minimum performance Standards for ethics, appraisal, review, consulting, reserve fund study and valuation of machinery and equipment assignments. Their application is compulsory.

Comments clarify, interpret, explain and elaborate on the Rules, and form an integral part of the Standards; for the purpose of these Standards, their application is compulsory.

Practice Notes offer advice, examples and resolution; their application is not compulsory.

Any assignment completed on or before December 31, 2017 with a current, retrospective or updated opinion of value, or a prospective value with an effective date January 1, 2018 or after, must comply to CUSPAP 2016.

Any assignment completed on or after January 1, 2018, including a retrospective assignment must comply to CUSPAP 2018.


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