London, Ontario
Precise, lender-approved commercial property valuations by London's largest team of AACI-designated appraisers. Over 30 years and 50,000+ files completed across Southwestern Ontario.
Commercial appraisals are required across a wide range of situations — from financing and investment decisions to legal proceedings and strategic planning.
Lender-approved appraisals for commercial mortgage applications, refinancing, and construction financing. Accepted by all major Canadian financial institutions.
Independent market value opinions to support the purchase or sale of commercial properties in London and Southwestern Ontario.
Periodic portfolio valuations for institutional investors, REITs, and property managers requiring accurate asset values for reporting and planning.
Valuations for IFRS financial reporting, capital gains calculations, CRA compliance, and property tax assessment appeals before the Assessment Review Board.
Replacement cost and market value assessments for insurance coverage determination and claims support on commercial and industrial properties.
Court-ready valuations for litigation, partnership buyouts, shareholder disputes, and expropriation proceedings with experienced expert witness testimony.
Our AACI-designated appraisers cover all commercial property types across London-Middlesex and Southwestern Ontario.
Multi-tenant office complexes, corporate headquarters, professional buildings, and medical office facilities across the London CMA.
Strip malls, shopping centres, standalone retail, anchored plazas, and mixed-use retail developments in London and surrounding communities.
Manufacturing facilities, distribution centres, flex industrial, and specialized industrial properties. London's industrial vacancy sits near 4.1% (Q1 2026 CBRE data).
Apartment buildings, rental complexes, and large multi-unit residential investment properties for financing, disposition, and portfolio management.
Properties combining residential, retail, office, or hospitality uses requiring specialized mixed-use valuation methodology.
Hotels, gas stations, automotive facilities, development land, and other special purpose properties throughout the London market.
London is Southwestern Ontario's economic centre, with a diverse commercial real estate market supported by healthcare, education, financial services, logistics, and manufacturing sectors.
Key market indicators as of Q1 2026:
Our appraisers use CoStar Professional, TRREB, and RealTrack data to ensure every London commercial appraisal reflects current market conditions.
London's Largest AACI Team
More AACI-designated appraisers in London than any competitor.
30+ Years & 50,000+ Files
Founded in London in 1995. Deep local market knowledge no competitor can match.
RICS & IRWA Designations
International credentialing unique in the London market — no other local firm holds these.
All Major Lenders Accepted
Reports accepted by all Canadian banks, credit unions, CMHC, and private lenders.
CUSPAP Compliant
Every report meets the Canadian Uniform Standards of Professional Appraisal Practice.
London's commercial market is not uniform. Valuations are highly submarket-specific — a retail plaza on Wellington Road trades on fundamentally different metrics than a flex industrial building near the airport.
The Downtown London BIA area — Richmond, Dundas, King, Talbot — contains London's highest concentration of office space, government buildings, and mixed-use assets. Office vacancy in the core reached approximately 31.5% in Q1 2026 as remote and hybrid work reduced demand for traditional floor plates. However, boutique office conversions, residential intensification projects, and adaptive reuse of heritage buildings are generating new valuation complexity.
Ground-floor retail in the core is tenant-sensitive and appraised on a net income basis; upper-floor office vacancy affects overall cap rates significantly. Metrix has completed appraisals across the entire downtown core dating back to the early 2000s.
London's primary industrial submarket clusters around the London International Airport and extends east along Highway 401. This corridor accommodates logistics and distribution tenants, automotive parts suppliers, food and beverage processing operations, and advanced manufacturing facilities. Industrial vacancy in this submarket sits near 4% — well below the 6–8% range considered a balanced industrial market.
New speculative industrial construction has added supply, but large-bay modern logistics buildings continue to attract competitive offers. Metrix regularly completes industrial appraisals across this corridor for lender financing, acquisition due diligence, and lease analysis.
Wellington Road from Highway 401 to Bradley Avenue is London's primary power centre and big-box retail corridor. Anchored by national and regional retailers, food uses, and automotive service, this corridor represents a significant share of London's total retail square footage. Valuation along Wellington Road is driven by traffic counts, anchor tenant health, and access to Highway 401.
Community and neighbourhood retail centres are differentiated by anchor type and grocery-anchored assets continue to command lower cap rates than unanchored plazas. Strip retail on Commissioners, Wharncliffe, and Colonel Talbot Road rounds out the suburban retail market.
Oxford Street East and West, along with emerging nodes at Hyde Park, Fanshawe Park Road, and Huron Street in the north end, contain a mix of suburban office, medium-format retail, and neighbourhood-scale commercial uses. Oxford Street nodes support medical offices, professional services, and financial sector tenants.
Suburban office valuations require careful analysis of vacancy trends, lease expiry schedules, and the competitive impact of downtown core alternatives. Metrix's familiarity with London's suburban office and retail submarkets informs appraisal assignments that require accurate comparison within a heterogeneous market.
London's rental market has been shaped by proximity to Western University, Fanshawe College, and the regional hospital network. Multi-family apartment buildings trade on net income capitalization, and the applicable cap rate varies significantly by building vintage, unit mix, condition, and whether the asset is CMHC-insured.
Purpose-built rental buildings — a growing asset class in London due to provincial housing policy changes — require appraisers with experience in pro forma income analysis and market rent stabilization assumptions. Metrix completes multi-family appraisals for lenders, investors, and CMHC-insured financing applications.
London's Official Plan and the provincial More Homes Built Faster Act have accelerated intensification along major transit corridors and in the urban growth centres. Development land valuation requires analysis of permitted density, servicing capacity, development charges, and comparable land sales in the context of current entitlement risk.
Metrix completes development land appraisals for rezoning applications, severances, land acquisitions, and lender financing for sites across London's residential and mixed-use growth areas.
A credible commercial appraisal doesn't start with a number — it starts with an analysis of the market. Appraisers apply one or more recognized valuation approaches, weighted according to the property type, quality of available data, and intended use of the report.
The income approach is the primary valuation method for income-producing commercial properties — office buildings, retail plazas, industrial facilities, and apartment buildings. It converts an estimate of future net operating income (NOI) into a present value using a capitalization rate (cap rate) derived from comparable investment sales in the London market.
For complex or larger assets, a discounted cash flow (DCF) analysis models projected income and expenses over a holding period, discounting each year's net cash flow and the terminal reversion to a present value using a discount rate reflective of investor return expectations for the asset class.
The appraiser independently derives both the market rent applicable to the property and the appropriate capitalization rate — two conclusions that directly determine value and that require current knowledge of London's commercial lease and investment markets.
The direct comparison approach values a property by comparing it to recent arm's-length sales of similar properties. For each comparable, the appraiser adjusts the sale price to account for differences in date, location, size, condition, zoning, and physical characteristics — arriving at an adjusted per-square-foot or per-unit value that is then applied to the subject property.
For commercial properties, comparable selection requires access to detailed transaction data. Metrix appraisers use CoStar Professional, regional MLS data, and in-house transaction records to build comparable sets that reflect London's actual market, not province-wide averages that may not apply locally.
The direct comparison approach is typically primary for development land, owner-occupied commercial buildings, and property types with active sale markets where income data is limited or secondary.
The cost approach estimates value by calculating the depreciated replacement cost of the improvements plus the market value of the underlying land. It is most applicable for special-purpose properties — industrial facilities with unique specifications, owner-occupied manufacturing plants, institutional buildings, and properties where comparable sales or income data is insufficient to support the other approaches.
The cost approach requires accurate estimation of reproduction cost (what it would cost to rebuild the property today) and depreciation — including physical deterioration, functional obsolescence, and external obsolescence. In a market with rising construction costs, cost approach valuations require current contractor cost data to remain credible.
For most income-producing properties, the cost approach serves as a reasonableness check rather than the primary indicator. For unique assets where market data is limited, it may carry more weight in the final value conclusion.
After completing each applicable approach, the appraiser reconciles the results into a final value conclusion. This is not a mechanical average — it requires professional judgment about which approach best reflects how typical purchasers and investors make decisions for that property type in that market.
For most London commercial properties, the income approach carries the greatest weight because commercial real estate is purchased primarily as an investment. The direct comparison approach provides market context and a reasonableness check. The final value conclusion is supported by the appraiser's signed certification, which confirms that the opinion was developed independently, that no contingent fees were involved, and that the report meets CUSPAP requirements.
Commercial mortgage lenders have specific requirements for the appraisals they will accept. Understanding these requirements before ordering an appraisal avoids delays, reorders, and financing complications.
Major Canadian lenders — chartered banks, credit unions, CMHC, and most institutional lenders — require that commercial appraisals be signed by an AACI-designated appraiser. This is non-negotiable for commercial files. A CRA-designated appraiser is not authorized to complete commercial appraisals, and a report signed by a non-designated appraiser will be rejected at underwriting regardless of its content quality.
Every appraisal Metrix delivers for commercial financing is signed by an active AACI-designated member in good standing with the Appraisal Institute of Canada. You can verify an appraiser's standing and designation through the AIC member directory.
Lenders require that appraisal reports comply with CUSPAP — the Canadian Uniform Standards of Professional Appraisal Practice. A CUSPAP-compliant report identifies the authorized client and authorized users by name, states the intended use of the report, specifies the effective date, documents the scope of work, and includes a signed certification by the appraiser.
Lenders' internal appraisal review departments check for CUSPAP compliance as part of their risk management process. A report that omits required elements — or that names the wrong authorized user — will be returned for revision, delaying the mortgage approval.
Some major Canadian lenders — particularly CMHC for insured multi-family financing — have specific addenda, questionnaires, or supplemental requirements that must be included in the appraisal. Metrix is familiar with the standard reporting requirements of Canada's major chartered banks, credit unions, and CMHC for commercial and multi-family files.
When ordering a commercial appraisal, provide the name of the lender and the loan type. This allows the appraiser to confirm that the report scope and format meet the lender's specific requirements before the assignment begins — not after the report is delivered.
A commercial appraisal prepared for one lender cannot simply be submitted to a different lender. CUSPAP requires that the report identify its authorized users by name. A report naming Bank A as the authorized user is not a valid appraisal for Bank B, even if the property and value are the same.
If the intended lender changes between the time an appraisal is ordered and when the mortgage is placed, contact Metrix to discuss whether the report can be updated to name the new authorized user — this is a client-specific determination governed by CUSPAP's confidentiality and authorization framework.
We discuss your property, purpose, intended users, and provide a transparent fee quote and timeline.
Thorough on-site inspection documenting physical condition, improvements, tenancy, and all value-affecting factors.
Analysis of comparable sales, lease rates, cap rates, and London market conditions using CoStar Professional and TRREB data.
Detailed, professionally formatted appraisal report. Standard: 5–10 business days. Rush: 24–48 hours.
Metrix Realty Group is London, Ontario's leading commercial real estate appraisal firm. Founded in 1995 and headquartered at 620A Richmond Street, Metrix has the largest team of AACI-designated appraisers in the London market, with over 50,000 appraisal files completed across Southwestern Ontario.
Yes. Our AACI-designated appraisers produce CUSPAP-compliant reports accepted by all major Canadian financial institutions including banks, credit unions, CMHC, and private lenders for commercial mortgage financing, refinancing, and construction loans in London and Southwestern Ontario.
Standard commercial appraisals in London typically take 5–10 business days from property inspection to report delivery. Rush assignments are available in 24–48 hours depending on property type and complexity. Turnaround time is confirmed at the consultation stage.
Our commercial appraisers hold the AACI (Accredited Appraiser Canadian Institute) designation — the highest professional designation in Canadian real estate appraisal — and are CUSPAP compliant. Several appraisers also hold RICS (Royal Institution of Chartered Surveyors) and IRWA (International Right of Way Association) designations, unique in the London market.
The income approach converts an estimate of net operating income into value using a capitalization rate drawn from comparable investment sales. It is the primary approach for income-producing commercial properties. The direct comparison approach values the property by comparing it to recent sales of similar assets, with adjustments for differences in date, location, size, and condition. For most London commercial properties, the income approach carries the most weight; the comparison approach provides market context and a reasonableness check. The cost approach is used for special-purpose or low-turnover properties where income or sales data is insufficient.
Generally no. CUSPAP requires that an appraisal report identify its authorized users by name. A report naming one lender is not a valid appraisal submission for a different institution, even if the property and value are unchanged. If the lending relationship changes after an appraisal is ordered, contact Metrix to determine whether the report can be updated to reflect the new authorized user — this depends on the specific circumstances and whether the appraiser's independence and objectivity can be maintained.
Yes. Metrix Realty Group provides commercial appraisals across Southwestern Ontario from offices in London and Windsor. The firm's London team covers Middlesex, Elgin, Oxford, Perth, Huron, and Lambton counties — including St. Thomas, Woodstock, Stratford, and Sarnia. For specialized assignments, Metrix completes appraisals across Ontario. The Windsor office handles Windsor-Essex, Chatham-Kent, and surrounding areas.
To begin, provide the property address, a brief description of the property type and its current use, the purpose and intended use of the appraisal (mortgage financing, sale, legal, etc.), the name of any lender or other authorized user who will receive the report, and the required delivery date. For income-producing properties, having current rent rolls, lease summaries, and recent operating expense statements available will speed up the assignment. Metrix will confirm the scope, fee, and delivery timeline before work begins.
Tell us your property type, purpose, intended users, and timeline. Our AACI-designated team will respond with a transparent fee quote.