||Following is the results of a survey conducted with AIC membership in 2012.
- The average net income of AIC active members, both fee and non-fee, is $79,000.
- Average net income for fee-appraisers after deductions is $75,000.
- Average salary for non-fee appraisers is $86,000.
- According to Statistics Canada, in 2010, the average Canadian working full time, or 30 or more hours per week, makes an average of $44,366.
- Over half (60%) of fee appraisers earn a gross income before business deductions of more than $90,000
- 50% of fee appraisers earn a net income of $75,000.
- 11% of fee appraisers earn more than $250,000.
- There is a direct link between income and hours worked.
- The average gross income of our AACI designated members is $102,000.
- The average net income during AACI designated members during their first five years as an appraiser is just over $52,000.
- Real estate consulting
- Valuation firms
- Insurance/lenders/Asset Managers
- Small appraisal firms
- Federal government/agency
- Provincial government/agency
- Municipal government/agency
- Appraisal Management Companies (AMCs)
- 78% of appraisers currently are men.
- Over 85% of employers indicate that they are looking for analysis and critical thinking in new appraisers.
- Other skills and areas of practice include greater analytical abilities such as statistical modeling, database analysis, and development of property tax assessment knowledge.
- Development of property tax assessment skills including mass appraisals.
- Ability to understand and interpret legislation.
- Additional database analytics and other IT skills.
- Larger employers will have a much higher rate of turnover due to retirements of almost half (47%) of their Designated Appraisers over the next 5 years.
- Most large employers (81%) will be seeking new employees with appraisal expertise in the next 1-5 years.
- Over 1,110 new designated appraisers will be required over the next 5 years.
To meet employer demand the AIC will need to designate over 220 Appraisers per year; a substantial increase over current numbers.
- An example of large employers that require appraisal experts include: corporate entities such as Altus, Colliers, Sun Life Insurance, TD Bank, RBC; public employers such as each municipality and provincial assessment agencies such as BC Assessment or MPAC; mortgage guarantors such as CMHC and Genworth; utility companies such as Hydro One and Manitoba Hydro; and federal government employers such as PWGSC and CCRA. Smaller employers are primarily specialized real estate appraisal firms.
- 68% will pay membership fees.
- 74% will pay for AIC candidate courses.
- 61% will pay for Continuing Professional Development courses and other continuing education courses.
- Over 60% of Employers (68% of Large employers; 61% of small employers) hire students with the intention of having them designated.
- Over one third also said they will have openings for Co-op students over the next 1-5 years.
- 81% of large employers said they are “very likely” to hire appraisers with an AACI designation; 50% indicated that they are “very likely” to hire appraisers with a CRA designation; and 54% indicated that they are “very likely” to hire an AIC Candidate.
- 61% of employers, both large and small, place the highest importance on those students already pursuing the AIC designation compared to 25% who indicated a Bachelor of Commerce was all that was important.
About the Survey: The Membership study results are based on an on-line survey of active members conducted from June 20 to the 29th, 2012. A total of 1,054 completed responses were obtained. This represents a 26% response rate and results are considered accurate to within +/- 3%, 19 times out of 20. The employer survey was based on a multiple lines of evidence approach. This included in-depth interviews and an online survey of the 35 of the largest employers of AIC members. This was augmented by results from the membership survey including from those who self-identified as having employment responsibility. The study was conducted by Douglas Meredith and Associates, consultants specializing in business research and strategy.