Bungalow Appraisal Time: What to Expect and What to Do

In the home appraisal process, a qualified appraiser visits the property, measures it, notes its condition and compares it with recent nearby sales to estimate market value for your lender. If the appraisal matches or beats the price or loan amount, financing moves ahead. If it comes in low, you’ll need to make up the gap or change the plan.

When is a home appraisal needed?

Lenders typically require an appraisal when:

• You’re buying with a mortgage, especially with 20% or more down.
• You’re refinancing to borrow more or change terms.
• You’re setting up a home equity line of credit.
• The property is unusual, such as a bungalow on a large rural lot or with a second unit.

Some insured mortgages rely on automated valuation tools instead of a site visit. Your mortgage agent will tell you which applies.

What happens on appraisal day?

1. Booking: the appraiser contacts the listing agent, seller or homeowner to arrange a time.
2. Exterior review: they look at the lot, roof, siding, foundation, driveway and garage.
3. Interior walkthrough: they measure, photograph each room and note finishes and condition.
4. Basement and mechanicals: they check the furnace, water heater, electrical panel and any basement unit.
5. Research: back at the office, they compare the home with recent sales and write the report.

The visit itself is often under an hour for a typical bungalow. The report usually goes to the lender within a few business days.

What should you do before the appraiser arrives?

If you’re the owner (refinance or HELOC)

• Tidy up and make every room, the attic hatch and the electrical panel easy to reach.
• Fix small, visible issues such as dripping taps, burnt-out bulbs and loose handles.
• Prepare a list of upgrades with dates, permits and receipts.
• Note relevant recent bungalow sales nearby.

Our guide on how to increase home appraisal value covers this in detail.

If you’re the buyer

You usually won’t attend. Make sure the seller’s side knows the appraiser will call, and ask your agent to share any comparables and upgrade details with the lender. Stay in touch with your mortgage agent so you hear about the result right away.

Appraisal vs home inspection vs evaluation

	Appraisal	Home inspection	Agent’s evaluation
Purpose	Confirms value for the lender	Finds defects and safety issues	Estimates a listing or offer price
Who orders it	Usually the lender	Usually the buyer	Owner or buyer
Who usually pays	Often the borrower, sometimes the lender	Buyer	Often free
Looks behind walls?	No	Visual, deeper than an appraisal	No

An appraisal is not a substitute for a home inspection. Always get both when you’re buying.

What if the appraisal comes in low?

A low appraisal means the lender will base your loan on the lower value. That can leave a gap between what you owe the seller and what the lender will fund.

Options for buyers

1. Cover the gap. Add more to your down payment if you can.
2. Renegotiate. If you have a financing condition, ask the seller to lower the price.
3. Challenge it. Ask your mortgage agent to submit better comparables for review.
4. Try another lender. Some lenders may order a new appraisal.
5. Walk away. If your financing condition is still open and you can’t solve it, you may be able to end the deal. Speak with your real estate lawyer first.

Options for owners refinancing

You can borrow less, request a review with stronger comparables, or wait and reapply later. As of August 2026, the GTA’s MLS HPI composite benchmark was down 4.5% from a year earlier, so values may be lower than you remember.

Questions to ask your mortgage agent about the appraisal

• Will this lender need a full appraisal, or will it use an automated valuation?
• Who orders it, and who pays?
• How long does this lender usually take to receive the report?
• What happens if the value comes in below the purchase price?
• Can I see a copy of the report once it’s done?

Asking early helps you set a realistic financing condition. If the lender is slow, a few extra business days can make the difference.

Frequently asked questions

How long does a home appraisal take?

The visit often takes under an hour for a bungalow. The written report usually reaches the lender within a few business days.

Who pays for the appraisal in Ontario?

It varies. Borrowers often pay, but some lenders cover the cost, especially on insured mortgages. Ask your mortgage agent up front.

Can I waive my financing condition before the appraisal?

You can, but it’s risky. If the appraisal comes in low after you waive, you may have to cover the gap yourself.

Can the seller see the appraisal?

The appraisal is prepared for the lender, so the seller usually doesn’t receive a copy. If you’re renegotiating, your agent may share the key findings.

The bottom line

Appraisal day is usually routine. Prepare the home, have your paperwork ready and protect yourself with a financing condition when you buy. If the number comes in low, you have options. Review the full buying timeline in our buyer’s guide, and keep an eye on new bungalow listings in case you need a plan B.