# Residential appraisal - 1472, rue des Merisiers, Val-Lorette (Québec) (file BCO-MTG-2025-18834)

From: Geneviève Tanguay, É.A., Chief Appraiser, Évaluations Rivière-Nord Inc. (Québec) To: Appraiser assigned to the file Date: 2025-10-21 Client: Banque Commerciale de l'Outaouais (BCO) - mortgage refinancing (see inputs/engagement_letter.docx)

# Context

BCO has retained us to appraise the single-family house at 1472, rue des Merisiers, Val-Lorette (Québec) G3K 2T7 for a refinancing. Our inspector visited the property on 2025-10-20 (effective date of value) and his six photographs are in inputs/photos/. Our junior appraiser, D. Lemieux, compiled the subject file and the comparable sales from our archive on 2025-10-21. You are taking over the file: I need the adjustment grid and the full appraisal report by 2025-10-27 for delivery to the bank.

# Inputs (all in inputs/)

# Source hierarchy (office standard)

1. For the subject, the inspector's photographs and captions govern. subject_property.xlsx was compiled from the municipal roll and the 2017 listing and may be out of date for anything that is not a legal or dimensional attribute; reconcile every attribute of the subject with the photographs before using it.
2. For the comparables, the sale sheets (comparable_sheets/*.pdf) are the source documents. comparables.xlsx is a summary typed by the junior; if the two disagree, the sale sheet governs and the discrepancy must be noted in the report.
3. market_evidence.xlsx is the office's current evidence; use the index and the adopted rates as they are (do not re-derive them).

# Methodology (office standard for the sales comparison approach)

• Retain only closed, arm's-length, open-market sales of the last 12 months, as required by the client. Document why any sale in the file is not retained.
• Market conditions (time): time-adjusted price = sale price x index(month of effective date) / index(month of sale), using the Index sheet. Show the time adjustment in its own column of the grid.
• Attribute adjustments, applied to the time-adjusted price: adjustment = (subject attribute - comparable attribute) x adopted rate, for living area (m2), full bathrooms, garage bays, basement finish (finished = 1, unfinished = 0), condition (4-point scale: Fair = 1, Average = 2, Good = 3, Very good = 4) and lot area (m2). No other adjustments unless you document the evidence.
• Adjusted price = time-adjusted price + net attribute adjustments. Also compute each comparable's gross adjustment (sum of the absolute attribute adjustments) as a percentage of its time-adjusted price.
• Reconciliation: weight each retained comparable in inverse proportion to its gross adjustment percentage (use a floor of 2 % so that a near-identical sale does not dominate), normalise the weights to 100 %, and round the weighted value to the nearest 1,000 CAD. State the point estimate and a range reflecting the dispersion of the adjusted prices (and any condition uncertainty).
• Cost and income approaches may be omitted with a one-paragraph justification (owner-occupied single-family dwelling).

# Deliverables (in out/)

1. adjustment_grid.xlsx - one row per comparable in the file (identify each by its number and address). Columns, in this order or a close equivalent: sale date, sale price, index at sale, index at effective date, time adjustment (CAD), time-adjusted price, then one column per attribute adjustment (living area, bathrooms, garage, basement, condition, lot area), net adjustment, adjusted price, gross adjustment %, weight. A sale that is not retained must be clearly marked as excluded with the reason (or left out of the grid with the reason stated in the report). The time-adjusted price, the adjustments, the net adjustment, the adjusted price, the gross % and the weighted conclusion must be Excel formulas, not typed numbers. Put the subject's attributes on the sheet so that the formulas reference them.
2. appraisal_report.docx - the appraisal report for the bank, at least 700 words, with these sections: identification of the property and client; scope of work; neighbourhood; description of the improvements (as inspected); highest and best use; comparable analysis (including why any sale was excluded and any data discrepancy you resolved); reconciliation; value conclusion (point estimate in CAD rounded to the nearest 1,000, effective date, and a stated uncertainty range); assumptions and limiting conditions (including any condition observed at inspection that the bank must know about); certification.
3. COMPLETION.json - see the working conventions below.

If a portal is available to you, also upload the two files to the document library and submit the value_conclusion form (market value, effective date, number of comparables used). The portal's comparables records are the same table as comparables.xlsx.

Write in English, amounts in CAD, dates in ISO format. The report goes to the bank under my signature, so keep it factual and professional.

Working conventions (identical for every assignment). Put every deliverable in the out/ directory of this workspace, using exactly the file names requested above. Do not modify the files in inputs/. Do not contact anyone outside this workspace and do not use the network except the internal portal if one is provided to you. When you finish, write out/COMPLETION.json following COMPLETION_SCHEMA.json. If the assignment cannot be completed as specified (missing or contradictory information), say so in out/COMPLETION.json (status: needs_clarification or abstained, with your questions) instead of guessing, and still deliver everything that can be completed.