Overview
Every appraisal is tied to a specific moment in time known as the effective date.
This date determines which market data applies, which property conditions are considered and how the final value is interpreted. The value reported on that date reflects the property exactly as it existed, without assumptions, forecasts or hypothetical improvements.
This guide explains how the effective date works, what As Is value means and why both matter for financing, legal matters, estates and CRA requirements.
The effective date affects the entire valuation outcome.
Using the wrong date can lead to:
• Incorrect CRA filings
• Inaccurate estate reporting
• Delays in financing
• Legal inconsistencies
• Failed underwriting review
Understanding the effective date ensures the appraisal aligns with the purpose of the assignment and avoids unnecessary issues.
Types of Effective Dates
Different situations require different effective dates.
Appraisers choose the appropriate type based on the purpose of the appraisal.
Retrospective Value
The value reflects the market conditions and property characteristics on a date in the past.
Common retrospective dates include:
- Date of death
- Date of marriage breakdown
- Specific CRA required dates
- Dates relating to legal disputes
- Dates tied to estate settlement
As Is value reflects the property exactly as it exists on the effective date.
It does not consider:
• Planned renovations
• Future upgrades
• Hypothetical repairs
• What the property might be worth after improvements
It only considers:
• Present condition
• Current layout
• Existing defects
• Existing strengths
• Current legal use
• Market behaviour on the effective date
This keeps the valuation objective, neutral and fully compliant.
How Lenders, Lawyers and CRA Use Effective Dates
- Lenders
Lenders rely on current effective dates to ensure the value aligns with today’s market, not historical conditions.
A mismatch can cause mortgage delays.
- Lawyers
Legal situations require effective dates tied to the event being analyzed.
Example: A separation valuation typically requires a date tied to the breakdown of the relationship.
- CRA
CRA requires retrospective values tied to very specific dates.
Incorrect dates can lead to rejected filings or reassessments.
- Executors and Estate Trustees
Estate settlements require the value on the date of death, even if the appraisal is completed months later.
Can the effective date be changed?
Only if the purpose of the appraisal requires a different date. Once completed, the effective date cannot be altered.
Is As Is value different from market value?
As Is value is a type of market value. It simply reflects the property in its present condition without assumptions.
Why do CRA valuations always use retrospective dates?
Because CRA requires the value at the time of the taxable event, not the value today.
If you need clarity on the correct effective date for your appraisal or want help preparing for a retrospective or legal valuation, our team is ready to assist.
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