In recent months, the major banks in our market have begun to tighten their lending rules. It follows too that with the market coming into balance, banks are now seeing a greater level of risk in granting mortgages because the values of homes may not continue to appreciate at the record braking rates of yesterday.

With a balanced or declining market, banks can be left holding mortgages for homes that were appraised too highly. As a result, they are trending towards "In Person" appraisals over the standard, quick automated appraisal of yester years.

Here's the bank's perspective on their changing method of home appraisals. 

If you are refinancing expect a home visit by an appraiser. It's the reality of today's uncertain market.