Normac
Normac is a Canadian specialized insurance appraisal firm that provides Total Insurable Value reports for condominiums, strata corporations, property managers, and insurance brokers across Canada, with a recently launched US presence in South Florida.
- Company typePrivate
- Founded1998
- HeadquartersVancouver, Canada
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Normac does
Normac Appraisals Ltd. is a Canadian professional services firm founded in 1998 by Cameron Carter in Vancouver, specializing exclusively in insurance/replacement cost appraisals for property. The company produces Total Insurable Value (TIV) reports used by property owners, condominium and strata corporations, property management companies, and insurance brokers to set property insurance coverage. Supporting offerings include Standard Insurable Unit Descriptions (SIUD), required under the Alberta Condominium Property Amendment Act, and Desktop Appraisals for remote properties. The firm operates through nine Canadian offices covering British Columbia, Alberta, Manitoba, Ontario, Quebec, and Nova Scotia, plus a recently launched Normac USA operation in Broward County, South Florida.
The company's core technology consists of a proprietary costing database built from actual construction projects and regional cost guides, supplemented by a custom appraisal application that took six years to develop and was deployed nationally in 2022. Accredited appraiser credentials span RI(BC), AACI, CRP, RICS, and CBV, and the team has appraised over $1 trillion in replacement costs across 200+ Canadian cities.
Normac monetizes through a subscription-style three-year appraisal program with annual updates and no incremental fees in years 2 and 3, complemented by on-demand SIUD and desktop engagements. Distribution is sales-led via direct quote requests, a dedicated client services team, deep association memberships (CCI, ACMO, PAMA, REIC/IREM, CAI Canada, BCNPHA), and co-marketing with insurance brokers. Following the June 2021 acquisition of Reliance Asset Consulting's insurance appraisal portfolio, Normac is positioned as the largest specialized replacement cost appraisal firm in Canada, with cross-sell into Reliance's reserve fund study practice via a fee discount partnership.
Normac firmographics
Firmographics- Name
- Normac
- Legal name
- Normac Appraisals Ltd.
- Website
- https://normac.ca
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Normac is a Canadian specialized insurance appraisal firm that provides Total Insurable Value reports for condominiums, strata corporations, property managers, and insurance brokers across Canada, with a recently launched US presence in South Florida.
- Ownership category
- akta.pro rank
Normac industry classification
Industry- Product category
- Insurance Appraisal Services
- NAICS
- Offices of Real Estate Appraisers (531320), Offices of Real Estate Appraisers (53132)
- SIC
- Real Estate (6500)
- akta.pro primary industry
- Insurance Replacement Cost & Damage/Loss Valuation (BPAJAKAL)
- akta.pro secondary industries
- Residential Property Appraisal (BPAJAKAA), Real Estate Valuation & Appraisal (BPAHANAC), Special-Purpose Property Appraisal (Healthcare, Religious, Public, etc.) (BPAJAKAG)
Keywords
Where Normac is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices9 records
Markets served
Normac business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Insurance Appraisal Services: Professional insurance appraisal services provided on a three-year program basis with annual updates. The primary revenue stream comes from replacement cost valuation reports for properties, with complimentary updates in years 2 and 3 of their three-year programs. Also includes Standard Insurable Unit Description (SIUD) services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Three-Year Appraisal Program with Annual Updates |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Normac product offering
Product offeringCore offering
Normac provides professional insurance appraisals that estimate the Total Insurable Value (TIV) of a property for property insurance placement, delivered through a three-year program with annual updates. Supporting services include Standard Insurable Unit Descriptions (SIUD) required under Alberta's Condominium Property Amendment Act and Desktop Appraisals for remote properties where no physical site inspection is conducted.
Product overview
Normac is a specialized insurance appraisal company offering a focused portfolio of professional services centered on replacement cost valuation. The core offering is Insurance Appraisals, which provide Total Insurable Value (TIV) reports for properties in the event of total loss. Supporting services include Standard Insurable Unit Descriptions (SIUD) required under Alberta legislation for condominiums, and Desktop Appraisals for remote properties. The company operates across Canada with offices in multiple provinces and has expanded to the United States.
Differentiator
Problem solved
Functional benefit
Products and services
- Insurance Appraisals Insurance appraisals provide an estimate of total replacement cost for a property in the event of a total loss, known as the Total Insurable Value (TIV), used for placing property insurance. Reports are comprehensive and include detailed property descriptions, construction type summaries, cost breakdowns, and consideration of all rebuilding costs including materials, labor, professional fees, taxes, permits, demolition, and building code upgrades. Delivered to property owners, property managers, and insurance brokers across Canada.
- Standard Insurable Unit Description (SIUD) Standard Insurable Unit Descriptions outline all standard finishes and fixtures of a condo unit based on original construction, as required under the Alberta Condominium Property Amendment Act. The SIUD provides clarity for condo boards and insurers regarding insurance coverage responsibility in case of loss.
- Desktop Appraisals A desktop appraisal is a comprehensive, cost-effective, and time-efficient appraisal option. USPAP compliant, credible, and widely accepted, it produces a justifiable total insurable value. It is best suited for properties in remote locations where no physical site inspection is conducted, with property information provided directly by the client.
Quantifiable outcome
- Over $1 trillion in replacement costs appraised across 200+ cities in Canada
- +2 more outcomes
Companies that use Normac
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles5 records
Normac technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Normac partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Reliance Asset ConsultingcoreThe Reliance insurance appraisal portfolio was acquired by Normac on June 16, 2021. This acquisition officially made Normac the largest specialized replacement cost appraisal firm in Canada. The reserve fund study portfolio continues to operate as Reliance Asset Consulting under Dan Jablonski of ICB Solutions. Normac clients with active appraisal programs benefit from a fee discount on reserve fund studies or depreciation reports from Reliance Asset Consulting.
Scale indicators5 records
Recent moves14 records
Expansion highlights5 records
Normac competitors and assessment
Company assessmentOthers
- BFL Canada: Canadian insurance broker referenced as a Normac seminar partner. Not a direct competitor but a key buyer/distributor of Normac's appraisals and a bellwether for broker-side demand in the Canadian market.
Direct peers
- Vertical Capital: Specialized firm providing replacement cost appraisals for residential and commercial properties for insurance purposes. Closely aligned to Normac's niche insurance-only appraisal positioning.
- J.S. Held: Specialty consulting firm with a dedicated insurance loss/valuation practice covering property damage, replacement cost, and forensic engineering. Competes for the same insurance-broker and adjuster-driven engagements as Normac.
- Engineering Systems Inc. (ESi): US-based consulting firm performing insurance appraisals, forensic investigations, and failure analysis for property losses. Most direct functional competitor to Normac's insurance replacement-cost appraisal work, operating at a larger scale across North America.
- Donan: Forensic engineering and fire investigation firm with insurance appraisal and replacement cost valuation services for property losses. Directly comparable in serving insurance carrier and broker demand for loss-related valuation work.
Broad incumbents
- Reliance Asset Consulting: Calgary-based reserve fund study and asset consulting firm whose insurance appraisal portfolio was acquired by Normac in 2021. Continues to operate reserve fund studies/depreciation reports under separate branding — adjacent to Normac's appraisal core.
- Cushman & Wakefield Valuation: Global CRE services firm offering real estate valuation and advisory, including insurance-related appraisal work. Adjacent rather than direct — typically broader and market-value focused.
- Altus Group: Large Canadian real estate advisory firm offering valuation, appraisal, and cost consulting across property types. Overlaps with Normac in real estate valuation but operates at much broader scope and scale.
- Colliers Project Leaders (Valuation): International real estate services firm with a Canadian valuation practice. Competes with Normac on real estate appraisal but with a much broader market-value focus rather than pure replacement-cost insurance specialization.
- CBRE Valuation & Advisory Services: Global commercial real estate services giant with a substantial valuation practice. Overlaps with Normac on insurance-related real estate valuations but as part of a much broader CRE advisory portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Normac social profiles
Digital presenceNormac financial estimates
Financial estimateRevenue estimate
Valuation estimate
Normac leadership team
Management profileNumber of profiles
Profiles9 records
Normac subsidiaries and ownership
Company hierarchySubsidiaries1 record
Normac funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Normac M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Normac
What does Normac do?
Normac provides professional insurance appraisals that estimate the Total Insurable Value (TIV) of a property for property insurance placement, delivered through a three-year program with annual updates. Supporting services include Standard Insurable Unit Descriptions (SIUD) required under Alberta's Condominium Property Amendment Act and Desktop Appraisals for remote properties where no physical site inspection is conducted.
Is Normac a public or private company?
Normac is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Normac founded?
Normac was founded in 1998. It employs 11 to 50 people.
Where is Normac based?
Normac is headquartered in Vancouver, Canada, in the North America region.
How does Normac make money?
One revenue line is on record: insurance Appraisal Services.
Who are Normac's main competitors?
BFL Canada is listed as an others. Direct peers are Vertical Capital, J.S. Held, Engineering Systems Inc. (ESi) and Donan. Broad incumbents are Reliance Asset Consulting, Cushman & Wakefield Valuation, Altus Group, Colliers Project Leaders (Valuation) and CBRE Valuation & Advisory Services.
Does Normac have an API?
No public API is recorded for Normac.
What industry is Normac in?
Normac's product category is Insurance Appraisal Services. Its primary akta.pro industry code is BPAJAKAL, Insurance Replacement Cost & Damage/Loss Valuation, with a secondary code of BPAJAKAA, Residential Property Appraisal. Its NAICS code is 531320 and its SIC code is 6500.