The appraisal mistake costing Canadian buyers $27,000

A low appraisal just cost this buyer $27,000 extra.

1. Your lender won’t give you a dollar more than the appraised value — so if your $600K home appraises at $570K, you’re suddenly scrambling to cover that $27,000 gap out of pocket before closing.
   → $27,000
2. Home appraisals in Canada cost $350 to $650 in 2026 for a standard property, but complex or rural homes can run $800 to $1,500 or more — and yes, you’re paying this whether the deal closes or not.
   → $350–$650
3. Your lender orders their own appraisal to protect themselves, not you — if you want an unbiased second opinion before making an offer, hire a private certified appraiser through the Appraisal Institute of Canada.
4. If your appraisal comes in low, you have four options: cover the gap in cash, renegotiate the purchase price, challenge the appraisal with comparable sales, or walk away if your contract has an appraisal condition.
   → 4 options

Full breakdown with verified math at getwealthy.blog

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https://getwealthy.blog/home-appraisal-canada-2026-guide/

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