Office address: Unit #1 - 97 Hanna Court S Belleville, Ontario K8P 5H2, Canada
Website: https://cnarea.ca
Year established: 1992
Company type: Not-for-profit association
Employees: 11-50
Expertise: Licensing, certification, education, and regulation of real property appraisers in Canada
Parent company: N/A
CEO and key people: Stacy Thomson, CEO
Financing status: -
The Canadian National Association of Real Estate Appraisers (CNAREA) plays a pivotal role in the country’s real property appraisal sector. As an independent non-for-profit organization, the group serves to educate, certify, and regulate real property appraisers across Canada.
CNAREA acts as an industry organization that offers professional real estate appraisers membership based on academic qualifications, training, and practical experience. It is dedicated to raising the standards of the profession by maintaining professionalism through continuing education, advancing recognition of its members as qualified appraisers, and protecting the consumers.
CNAREA was established in 1992 to provide an effective membership-oriented organization for professional real appraisers in the country. The group has since grown into a respected industry body with members throughout Canada. CNAREA’s professional designations are recognized by all national banks, mortgage lenders, and mortgage insurers.
CNAREA offers several key services and designations:
Designated Appraiser Residential (DAR): This designation is granted to individuals with demonstrated field experience and successful completion of a comprehensive education program. DAR-designated members are qualified to provide valuations on residential properties with up to four living units and vacant land valuations.
Designated Appraiser Commercial (DAC): This is awarded to individuals who have achieved the DAR designation, completed the required educational program, and acquired sufficient field experience. DAC-designated appraisers can provide valuations on all real property types.
Certified Appraisal Reviewer: This designation is for DAR or DAC members who have attained advanced training and certification in appraisal review. This gives them the authority to produce field or technical appraisal review reports on all types of real property appraisals.
All CNAREA members must adhere to the Uniform Standards of Professional Appraisal Practice (USPAP) and complete a continuing education program every two years.
CNAREA fosters a culture of professionalism and continuous learning among its ranks. The organization maintains a strong commitment to raising the standards of the real property appraisal profession and ensuring that all members maintain a high level of expertise through continuing education. This dedication to excellence and consumer protection is a cornerstone of CNAREA’s culture.
Stacy Thomson was appointed CEO of CNAREA in May 2023. She brings a wealth of experience to the organization. Prior to joining CNAREA, Thomson held significant roles in various esteemed institutions:
Senior Director Operations at The Nationwide Group (May 2021 - March 2023)
Director, Business Transformation at RPS Real Property Solutions (November 2019 - May 2021)
Senior Manager, Appraisal Risk Management at Scotiabank (August 2015 - November 2019)
Team Leader - Residential Appraisal Review at BMO Bank of Montreal (June 2014 - August 2015)
Valuation Consultant at Weichert Workforce Mobility (June 2010 - June 2014)
Residential Appraiser at Chalifour Denis & Associates (January 2007 - June 2010)
Thomson earned a bachelor's degree in urban development from Western University. She also studied at the Sauder School of Business at the University of British Columbia from 2006 to 2012. Thomson holds membership with the Appraisal Institute of Canada (AIC) since June 2006.
CNAREA is well positioned to continue its status as a leader in Canada’s real estate appraisal industry. By maintaining high professional standards and advancing the recognition of its members, CNAREA is set to navigate the evolving landscape of real estate appraisal with innovative approaches and steadfast commitment. The organization's involvement with the Appraisal Foundation and its active role in the Appraisal Foundation Advisory Council (TAFAC) in Washington D.C., USA underscores its dedication to aligning with international standards and practices.
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