Lodge and Resort Appraisal Services in BC, SK, MB, NW Ont, NWT, NU & YT

A going-concern appraisal values a fishing lodge, hunting camp, or wilderness resort as an operating business — not just the land, cabins, and buildings. It incorporates revenue from guided services, accommodation, seasonal bookings, and outfitter operations alongside the physical and real property assets. This is the appropriate methodology for market value assignments involving lodges and resorts because their value is tied directly to how they operate as income-producing recreational businesses.

An insurance replacement cost appraisal establishes the full cost to reconstruct all insurable improvements on a lodge or resort property — including the main lodge building, guest cabins, outbuildings, docks, boat storage, fuel systems, and other built infrastructure — at today’s material and labour costs, in the property’s existing location. The report does not reflect the market value of the property; it establishes what it would cost to rebuild if the improvements were destroyed or severely damaged.

For remote and fly-in lodge properties, replacement costs are often significantly higher than market value due to the premiums associated with fly-in material delivery, limited contractor access, remote mobilization, and the elevated cost of construction in northern and wilderness locations. An insurance replacement cost appraisal prepared by an AACI appraiser provides the credible, defensible figure that insurers and brokers require to set appropriate coverage limits.

A market value appraisal answers the question: what would a willing buyer pay for this property in an open market? It incorporates the income generated by the business, the value of outfitter licenses, and the comparative sale prices of similar lodge and resort properties. It is the appropriate report for financing, purchase, sale, and legal purposes.

An insurance replacement cost appraisal answers a different question: what would it cost to rebuild all the structures on this property from scratch, at today’s prices, in this location? It is not a market value opinion — it is a cost estimate for reconstruction. For remote lodge properties in particular, these two numbers can differ substantially, and it is not uncommon for the replacement cost of a fly-in lodge to exceed its market value. Both appraisal types are prepared to CUSPAP standards and signed by an AACI-designated appraiser.

Our appraisal practice covers seven regions: British Columbia, Saskatchewan, Manitoba, Northwestern Ontario, Northwest Territories, Nunavut, and Yukon. We focus exclusively on these regions to provide the depth of local market knowledge — including remote access premiums, regional recreational demand, outfitter licensing nuances, and northern construction cost differentials — that a credible lodge or resort appraisal requires. If your property is located elsewhere in Canada, we recommend contacting the Appraisal Institute of Canada to find a qualified AACI appraiser in your area.

We appraise fishing lodges, hunting camps, RV parks, fly-in wilderness resorts, waterfront eco-resorts, and similar recreational hospitality properties. This includes properties with outfitter licensing, guided operations, seasonal accommodation, and remote or fly-in access components. We provide both market value (going-concern) appraisals and insurance replacement cost appraisals for these property types.

Outfitter and guide licensing can be a significant component of a lodge or hunting camp’s value. In market value assignments, we analyze the license as part of the going-concern business value, considering the exclusivity of the territory, the revenue it enables, and how it transfers with the property or business. This is a specialized area that generalist appraisers often undervalue or mishandle. In insurance replacement cost assignments, outfitter licenses are not insurable improvements and are not included in the replacement cost calculation.

Market value appraisals are commonly required for mortgage financing, property purchase and sale, estate planning and tax purposes, partnership buyouts, and legal proceedings. Insurance replacement cost appraisals are required when setting or reviewing property insurance coverage and are typically commissioned by lodge owners, insurers, and insurance brokers. Lenders, buyers, sellers, lawyers, accountants, and insurance professionals regularly commission appraisal reports for recreational hospitality properties.

Yes. Every appraisal engagement includes a thorough in-person site inspection — including remote and fly-in access properties. For insurance replacement cost assignments, an in-person inspection is particularly important because it allows the appraiser to document all insurable improvements, assess construction quality and materials, and identify structures that may be underrepresented in ownership records. Remote site inspection costs are discussed as part of the engagement terms.