{"id":116773,"date":"2023-08-15T10:32:53","date_gmt":"2023-08-15T14:32:53","guid":{"rendered":"https:\/\/www.aicanada.ca\/?post_type=issue&p=116773"},"modified":"2023-08-15T10:33:53","modified_gmt":"2023-08-15T06:33:53","slug":"2023-volume-67-tome-3","status":"publish","type":"issue","link":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2023-volume-67-tome-3\/","title":{"rendered":"2023 – VOLUME 67 – Tome 3"},"content":{"rendered":"\n

Vol 67 | Book 3 \/ Tome 3 | 2023 PM #40008249 Return undeliverable Canadian Items to: Appraisal Institute of Canada, 403-200 Catherine St., Ottawa, ON K2P 2K9 The Official Publication of the Appraisal Institute of Canada \/ Publication officielle de l’Institut canadien des \u00e9valuateurs NEW PRESIDENT: ADAPTABLE AND PREPARED FOR THE UNEXPECTED Nouveau pr\u00e9sident : agile et pr\u00eat \u00e0 faire face aux impr\u00e9vus DEMONSTRATING THE VALUE OF AUTHENTIC FEMALE LEADERSHIP D\u00e9montrer la valeur d\u2019un authentique leadership f\u00e9minin VALUING HOTELS IN TUMULTUOUS TIMES \u00c9valuer les h\u00f4tels en des temps tumultueux dans \u00ab ESG \u00bbL’\u00e9l\u00e9mentG\u00ab\u00bb \u2018G\u2019element in \u2018ESG\u2019TheCompetitive compensation package Leverage technology to service clients High performance, people-first culture Recruiting top talent The Avison Young Valuation and Advisory Services Team is growing and we are looking for individuals, teams and companies across Canada seeking an opportunity to grow with us. Contact us to learn moreabout joining the team. Matthew McWattersAACI, P.App Principal, Executive Vice President and Canadian Leader, Valuation and Advisory Services matthew.mcwatters@avisonyoung.com avisonyoung.ca\/valuationsBe the expert Colliers is seeking motivated appraisers to join our Valuation and Advisory Services team. Colliers recently introduced new market leading report writing software which upon its introduction increased average report production speeds by upwards of 30%. Colliers AACI designated appraisers in Canada had an average net compensation in 2022 in excess of $442,000. Reach out today to learn how to leverage Colliers brand, technology and resources to take your career to the next level. Contact Ahmed Al-Sadekin at AAhhmmeedd..AAll–SSaaddeekkiinn@@ccoolllliieerrss..ccoomm to learn more about joining Valuation & Advisory Services at Colliers International. colliers.comThe articles printed in this issue represent authors\u2019 opinions only and are not necessarily endorsed by the Appraisal Institute of Canada. Copyright 2023 by the Appraisal Institute of Canada. All rights reserved. Reproduction in whole or in part without written permission is strictly prohibited. Subscription, $40.00 per year. Printed in Canada. Les articles imprim\u00e9s dans ce num\u00e9ro ne rep\u00e9sentent que l\u2019opinion de leur auteur respectif, mais ne sont pas n\u00e9cessairement endoss\u00e9s par l’Institut canadien des \u00e9valuateurs. Tous droits reserv\u00e9s 2023 par l’Institut canadien des \u00e9valuateurs. La reproduction totale ou partielle sous quelque forme que se soit sans authorisation \u00e9crite est absolument interdite. Abonnement 40,00 $ par ann\u00e9e. Imprim\u00e9 au Canada. * The Appraisal Institute of Canada reserves the right to reject advertising that it deems to be inappropriate. ** The publisher and the Appraisal Institute of Canada cannot be held liable for any material used or claims made in advertising included in this publication.Indexed in the Canadian Business. Index and available on-line in the Canadian Business & Current Affairs database. ISSN 0827-2697 Publication Mails Agreement #40008249 Return undeliverable Canadian items to: Appraisal Institute of Canada 403-200 Catherine St., Ottawa, ON K2P 2K9. Director, Public Affairs and Communications: Andr\u00e9 Hannoush Coordinator, Public Affairs and Communications: Brandyn Hayes Manager, Communications Hannah Tellier Publication management, design and production by: Direction, conception et production par : 3rd Floor \u2013 2020 Portage Avenue, Winnipeg, MB\u2002R3J 0K4 Phone: 866-985-9780 Fax: 866-985-9799 E-mail: info@kelman.ca Web: www.kelman.ca Managing Editor: Craig Kelman Design\/Layout: Jackie Magat Marketing Manager: Kris Fillion Advertising Co-ordinator: Stefanie Hagidiakow COLUMNSCHRONIQUES 2023 AIC National Conference Recap R\u00e9sum\u00e9 du Congr\u00e8s national de l\u2019ICE 2023 Demonstrating the value of authentic female leadership D\u00e9montrer la valeur d\u2019un authentique leadership f\u00e9minin Valuing hotels in tumultuous times \u00c9valuer les h\u00f4tels en des temps tumultueux The \u2018G\u2019 element in \u2018ESG\u2019 L\u2019\u00e9l\u00e9ment \u00ab G \u00bb dans \u00ab ESG \u00bb 5136 2818 7 Executive Corner New President: Adaptable and prepared for the unexpected 36 Equity, Diversion and Inclusion (EDI) Demonstrating the value of authentic female leadership 44 Legal Matters Compensation in constructive (De Facto) expropriation \u2013 ignoring the scheme 51 News \u2022 2023 AIC National Conference Recap \u2022 Important Dates \u2022 In Memoriam \u2022 2024 AIC calendars \u2022 New search engine on AICanada.ca: Relevanssi \u2022 Candidate voting 66 Designations, Candidates, Students 12 Le coin de l\u2019\u00e9xecutif Nouveau pr\u00e9sident : agile et pr\u00eat \u00e0 faire face aux impr\u00e9vus 40 \u00c9quit\u00e9, diversit\u00e9 et inclusion (EDI) D\u00e9montrer la valeur d\u2019un authentique leadership f\u00e9minin 47 Questions juridiques Indemnisation en cas d\u2019expropriation par interpr\u00e9tation (de facto) \u2013 ignorer le r\u00e9gime 51 Nouvelles \u2022 R\u00e9sum\u00e9 du Congr\u00e8s national de l\u2019ICE 2023 \u2022 Dates importantes \u2022 En m\u00e9moire \u2022 Le calendrier 2024 de l\u2019ICE \u2022 Nouveau moteur de recherche sur AICanada.ca : Relevanssi \u2022 Les membres stagiaires peuvent d\u00e9sormais voter 66 D\u00e9signations, stagiaires, \u00e9tudiantsEXECUTIVE CORNER New President: Adaptable and prepared for the unexpected CLAUDIO POLITO, P.APP., AACI Claudio Polito, P. App., AACI of King City, Ontario was elected as AIC National President for 2023-2024 during the AIC\u2019s 2023 Annual General Meeting. He has been involved in the real estate industry since 1987, joined the Appraisal Institute of Canada in 1991, and earned his AACI designation in 2006. In the past, he has served as Co-Chair of York Chapter of AIC-Ontario (AIC-ON), as well as Provincial Director \u2014 and later, President \u2014 of AIC-ON. Claudio was then elected to the Board of the AIC, where he served as Chair of the Standards Sub-committee and member of the Shaping our Future Task Force. An advocate for Members and the appraisal profession, he is frequently featured on podcasts and has spoken at multiple industry events. The following is an interview with Claudio a few weeks following his election. Q: You have been involved in the real estate industry since 1987. Can you elaborate on the career path that led to your current position? CP: My interest in real estate was really piqued in high school when I was given the opportunity to work on an assignment to track down Giving back, leaving a legacy, and helping pass the baton to those who follow is what it\u2019s all about. I truly want to look back and say that I made a difference. 7Return to CONTENTSVolume 67 | Book 3 \/ Tome 3 | 2023EXECUTIVE CORNER Never make it about the money. You are much better served if you make it about the experience, the learning, and the personal growth along the way. Volunteering offers that in spades. It\u2019s my responsibility to provide a steady sense of leadership as we move in positive directions that benefit our Members as well as the general public. descendants of the original landowners of the site on which the school was located. This involved researching countless documents at the land registry office during spring break. I was fascinated by the entire process of searching through property data to find the right information. It\u2019s something I still enjoy to this day. With the real estate boom Toronto experienced in the late 1980s, many of my friends who were graduating from university at the same time as me were getting into real estate. I first tried my hand at selling properties, but I wasn\u2019t sure if that was what I wanted to do long-term. At the time, I was working part-time at TD Bank where I was exposed to the profession of real estate appraisal. I was fortunate to meet the owner of an appraisal firm who offered me the opportunity to join his company. Apart from a brief return to selling real estate, I settled in with this small, two-person appraisal firm focusing on residential and commercial properties in downtown Toronto and the outlying rural communities. In 1996, I met Claudio Gaudio, P. App., CRA (Retired), who then offered me the opportunity to join his firm. Soon I found myself in a new company consisting of five appraisers, and I slowly worked my way up, becoming a partner, and then sole owner of what is today Cross-Town Appraisal Limited. Q: Can you tell us about the company and the business you conduct in and around the Greater Toronto Hamilton Area (GTHA)? CP: I consider us to be a small, independent appraisal company serving Ontario\u2019s \u2018Golden Horseshoe\u2019 region. Having expanded, at one point, to 33 appraisers, we subsequently chose to streamline our operation into a more manageable group which now includes 13 designated appraisers, eight Candidates, and five support staff. We service the residential, commercial, and rural markets of the GTHA. Our residential business deals largely with investment properties, estates, and carriage homes. With the industry transforming to equity lenders rather than banks, our firm now focuses on high value custom homes and unique properties. Matrimonial work and investment planning also play a big part in the assignments we take on. While there is always pressure to grow larger and expand across Canada, we are very comfortable with our current business model at this point in time. Q: You obviously made a decision at some point in your career to become engaged in volunteer activities. In what capacities have you volunteered over the years? CP: Like many parents, I have been very involved over the years in coaching my kids\u2019 sports teams. However, my penchant for volunteering goes beyond that. I served five years on the Board of what is now the Canadian Mortgage Brokers Association (CMBA), have volunteered with a number of Foundations, and have spent many years with the Appraisal Institute of Canada (AIC), first at the Chapter level, then provincially, and now with national. Along the way, I was proud to help establish the York Chapter, to become President of the Ontario Board, and to now be actively involved nationally. To have been elected President of the AIC is truly an honour. Q: How would you sum up your experiences as a volunteer and what it has meant to you personally and professionally? CP: I don\u2019t believe you can truly quantify the incredible personal satisfaction you get from volunteering. We only have a finite time on this planet and in this wonderful profession of ours. Giving back, leaving a legacy, and helping pass the baton to those who follow is what it\u2019s all about. Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 8Return to CONTENTSEXECUTIVE CORNER While I might have ideas and opinions on where things should be headed and how we should get there, it\u2019s important for me to realize that I cannot change everything or have everything done my way and in my time. I need to be adaptable and prepared for the unexpected. I truly want to look back and say that I made a difference. The experiences along the way are also extremely rewarding. I believe this outlook on life even carries over in a very beneficial way to one\u2019s career. Never make it about the money. Some appraisal assignments come together quickly and prove to be very profitable, while others may take considerably longer and result in considerably diminished financial returns. You are much better served if you make it about the experience, the learning, and the personal growth along the way. Volunteering offers that in spades. Q: You were recently elected as AIC President. What do you see as your primary responsibilities in this role? CP: To \u2018listen, listen, and listen some more,\u2019 to both our AIC Members and our Board. Based on that input, it\u2019s my responsibility to provide a steady sense of leadership as we move in a positive direction that benefits our Members, as well as the general public. I like to think of my role as a steady hand guiding the ship. Q: As President of the AIC, what do you see as the biggest challenges in the year ahead for you as an individual? CP: Being self-employed, my personal challenge is to constantly remind myself that the AIC is not my company, that I will only be President for one year, and that I am only one voice. While I might have ideas and opinions on where things should be headed and how we should get there, it is important for me to realize that I cannot change everything or have everything done my way and in my time. I need to be adaptable and prepared for the unexpected. As I said previously \u2013 a steady hand guiding the ship. Q: What about the challenges you see ahead for the AIC and for appraisers in general? CP: I would say that the biggest challenge is being prepared for change and managing it in the best way possible. Change is inevitable no matter what the industry or profession. Just look at the manufacturing industry. Many of the largest, most successful manufacturing companies 20 years ago are not so today. Appraisal work has always been synonymous with bank work, but that\u2019s certainly not the case anymore. The AIC as an organization, and we as appraisers, need to embrace the changes that come our way. We need to work with these changes and ensure that they result in a positive outcome for our profession. Q: One of the AIC\u2019s most significant recent initiatives has been its Shaping our Future Task Force. Can you elaborate on this initiative and what you foresee in this area for the year ahead? CP: In 2020, the AIC embarked on a three-year initiative to help anticipate and shape the future of our profession, our Membership, and our organization. After a few years of research and analysis, while navigating the complexities of the pandemic, the Shaping our Future Task Force made 21 recommendations that impact three areas: 1) advancing our profession, 2) advancing our Members, and 3) advancing the AIC. All 21 recommendations were approved by the AIC Board of Directors of the day and are now reflected in the 2023-2025 AIC Strategic Plan. Some of these recommendations will take time to implement, while others are relatively straightforward. Many have been addressed over the course of the last year, while others are in the preliminary stages depending on resources, funds, and complexity of implementation. The AIC Board of Directors, AIC national committees, and AIC national staff are engaged and committed to seeing these recommendations through over the next several years. The AIC as an organization, and we as appraisers, need to embrace the changes that come our way. We need to work with these changes and ensure that they result in a positive outcome for our profession. Volume 67 | Book 3 \/ Tome 3 | 20239Return to CONTENTSEXECUTIVE CORNER Q: Equity, diversity, and inclusion (EDI) has been a big part of the Shaping our Future initiative. How is the EDI initiative taking shape? CP: When you look at the makeup of our Board, there is no question we are not yet where we want to be in terms of EDI. However, when you look at the demographics of our Membership, we are making great strides. Our challenge and our commitment is to make our Members feel welcome as volunteers who serve on our committees and on our Board, and valued in our profession. Our goal is to have our Membership better represent the changing face of Canada. It should be pointed out that there are many positive changes taking place in regard to EDI at the AIC. For example, our President Elect, Dena Knopp, is CRA designated. This demonstrates that you do not need to be an AACI Designated Member to rise to the highest position on our Board. And speaking of Dena, she will be the third female President of the AIC, following Suzanne de Jong by only one year. Prior to Suzanne, it had been more than a decade since our only other female President \u2013 Sheila Young \u2013 had been elected. I would say that has been a very positive progression. And while, for some, EDI might not be happening as quickly as they would like, I can assure everyone that it is night and day now as compared to five years ago. From the examples I just referenced to the EDI webinars we\u2019re implementing for volunteers and committee members, we know the right thing to do regarding EDI and we\u2019re taking action to make it happen. As an association, we are proud to have been at the forefront of EDI in our field by establishing the President\u2019s Council on Equity, Diversity, and Inclusion. But as President of the day, I cannot rest on that alone. Change is all-encompassing, and change begins at home \u2013 at the AIC. Q: In a recent press release, you referenced the fact that \u201chousing and shelter are more critical than ever, and we all have a role to play in protecting the public.\u201d What did you mean by that statement and what do you see as the role of the AIC and of its Members in protecting the public? CP: The real estate market, and more specifically the residential housing market, involves many professionals, institutions, organizations, and government agencies. Together, our collective actions and roles have an impact on one common denominator \u2013 the public, or consumers. As Professional Appraisers, we have a very unique role in a real estate transaction \u2013 we are asked to provide an independent, third-party opinion of value without undue influence by external factors not related to the value. This very important role essentially and inherently protects the public and the market by ensuring that those relying on professionally prepared appraisal reports are making informed decisions \u2013 said differently, Professional Appraisers are a sober second thought. Q: A year from now, when you reflect back on your term as President, what do you hope will have been the Institute\u2019s most significant accomplishments in that time period? CP: When looking back this time next year, I hope to have left the ship pointed in a direction that assists Members, the profession, and the public. I hope to have moved our Strategic Plan and Task Force recommendations forward. I hope to have made a difference to all Members, fee and non-fee, commercial and residential, Candidate and designated. I hope to have served them all well. Our challenge and our commitment are to make the Members from these diverse groups feel welcome to become volunteers who serve on our committees and on our Board. Our goal is to have our membership better represent the changing face of Canada. The AIC Board of Directors, AIC national committees, and AIC national staff are engaged and committed to seeing these recommendations through over the next several years. Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 10Return to CONTENTSEXECUTIVE CORNER Q: Going forward, what advice would you give to new Members entering the profession and to existing Members who have been involved in the valuation field for some time? CP: Don\u2019t make it about the money and get caught up in the day-to-day, fee-forservice pressures. Instead, look at it from the perspective of what you can learn and how you can make yourself more valuable to your company and to the profession. What will it take to get you where you want to be in 3-5 years? How can you increase your knowledge? What experiences can you have? How can you make change work for you? And how can you make yourself more relevant in the profession you have chosen? Enjoy the ride \u2026 the rest will take care of itself. Q: With the demands on your time from a business and volunteer perspective, how does personal time fit into the equation? CP: First, allow me to say that the only way I\u2019m able to meet the demands on my time, whether business or personal, is to have an amazing support system. It starts with my wife Teresa, who supports me in every way possible, and extends to my colleagues and support staff at the AIC and Cross-Town Appraisals, who assist me when needed or keep things moving forward when I\u2019m busy with other matters. It\u2019s all of them who enable me to meet the demands of my professional life so that I can also coach my kids, travel, and spend as much time as possible with family and friends. How can you increase your knowledge? What experiences can you have? How can you make change work for you? And how can you make yourself more relevant in the profession you have chosen? Enjoy the ride \u2026 the rest will take care of itself. As an association, we are proud to have been at the forefront by establishing the President\u2019s Council on Equity, Diversity, and Inclusion. But as President of the day, I cannot rest on that alone. Change is all-encompassing, and change begins at home \u2013 at the AIC. Suite 101, 24 Inglewood Drive, St. Albert, AB T8N 6K4 Please send resumes to: info@crvg.com AACI & Candidates Tel: (780) 424-8856 \u2022 Fax: (587) 290-2267 Volume 67 | Book 3 \/ Tome 3 | 202311Return to CONTENTSLE COIN DE L\u2019EX\u00c9CUTIF Nouveau pr\u00e9sident : agile et pr\u00eat \u00e0 faire face aux impr\u00e9vus Rendre la pareille, laisser un h\u00e9ritage et aider \u00e0 passer le relais \u00e0 ceux qui nous suivent, voil\u00e0 ce dont il s\u2019agit. Je veux vraiment regarder en arri\u00e8re et dire que j\u2019ai fait une diff\u00e9rence. CLAUDIO POLITO, P.APP., AACI Claudio Polito, P. App., AACI, de King City, Ontario, a \u00e9t\u00e9 \u00e9lu pr\u00e9sident national de l\u2019ICE pour 2023-2024 lors de l\u2019Assembl\u00e9e g\u00e9n\u00e9rale annuelle de l\u2019ICE. Il travaille dans le secteur immobilier depuis 1987, s\u2019est joint \u00e0 l\u2019Institut canadien des \u00e9valuateurs en 1991 et a obtenu sa d\u00e9signation AACI en 2006. Dans le pass\u00e9, il a \u00e9t\u00e9 copr\u00e9sident de la section York de l\u2019ICE-Ontario (ICE-ON), ainsi que directeur provincial – et plus tard, pr\u00e9sident – de l\u2019ICE-ON. M. Polito a ensuite \u00e9t\u00e9 \u00e9lu au Conseil d\u2019administration de l\u2019ICE, o\u00f9 il a \u00e9t\u00e9 pr\u00e9sident du sous-comit\u00e9 des normes et membre du groupe de travail \u00ab Fa\u00e7onner notre avenir \u00bb. D\u00e9fenseur des membres et de la profession d\u2019\u00e9valuateur, Claudio est fr\u00e9quemment invit\u00e9 \u00e0 participer \u00e0 des balados et a pris la parole lors de nombreux \u00e9v\u00e9nements du domaine immobilier. Voici un entretien avec M. Polito quelques semaines apr\u00e8s son \u00e9lection. 12Return to CONTENTSCanadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada mmobili\u00e8re au Canada LE COIN DE L\u2019EX\u00c9CUTIF Ne jamais en faire une affair d\u2019argent. Vous serez bien mieux servi si vous vous concentrez sur l\u2019exp\u00e9rience, l\u2019apprentissage et l\u2019\u00e9panouissement personnel en cours de route. Le b\u00e9n\u00e9volat offre tout cela \u00e0 profusion. Il m\u2019incombe d\u2019assurer un leadership constant pour nous permettre d\u2019avancer dans une direction positive qui profite \u00e0 nos membres et au grand public. Q : Vous travaillez dans le secteur de l\u2019immobilier depuis 1987. Pouvez-vous nous d\u00e9crire le parcours professionnel qui vous a conduit \u00e0 votre poste actuel? CP : Mon int\u00e9r\u00eat pour l\u2019immobilier s\u2019est vraiment \u00e9veill\u00e9 au secondaire, lorsque j\u2019ai eu l\u2019occasion de travailler sur un projet scolaire visant \u00e0 retrouver les descendants des premiers propri\u00e9taires fonciers du site sur lequel se trouvait l\u2019\u00e9cole. Pour ce faire, j\u2019ai d\u00fb rechercher d\u2019innombrables documents au bureau du cadastre pendant le cong\u00e9 du printemps. J\u2019ai \u00e9t\u00e9 fascin\u00e9 par l\u2019ensemble du processus de recherche dans les donn\u00e9es fonci\u00e8res pour trouver les bonnes informations. C\u2019est quelque chose que j\u2019appr\u00e9cie encore aujourd\u2019hui. Avec le boom immobilier qu\u2019a connu Toronto \u00e0 la fin des ann\u00e9es 1980, beaucoup de mes amis qui sortaient de l\u2019universit\u00e9 en m\u00eame temps que moi se sont lanc\u00e9s dans l\u2019immobilier. J\u2019ai d\u2019abord essay\u00e9 de vendre des propri\u00e9t\u00e9s, mais je n\u2019\u00e9tais pas s\u00fbr que ce f\u00fbt-ce que je voulais faire \u00e0 long terme. \u00c0 l\u2019\u00e9poque, je travaillais \u00e0 temps partiel \u00e0 la Banque TD, o\u00f9 j\u2019ai d\u00e9couvert la profession d\u2019\u00e9valuateur. J\u2019ai eu la chance de rencontrer le propri\u00e9taire d\u2019une entreprise d\u2019\u00e9valuation qui m\u2019a invit\u00e9 \u00e0 m\u2019y joindre. \u00c0 l\u2019exception d\u2019un bref retour \u00e0 la vente de biens immobiliers, je me suis install\u00e9 dans cette petite entreprise d\u2019\u00e9valuation compos\u00e9e de deux personnes, qui se concentre sur les propri\u00e9t\u00e9s r\u00e9sidentielles et commerciales du centre-ville de Toronto et des communaut\u00e9s rurales environnantes. En 1996, j\u2019ai rencontr\u00e9 Claudio Gaudio, P. App., CRA (retrait\u00e9), qui m\u2019a propos\u00e9 de rejoindre son entreprise. Je me suis rapidement retrouv\u00e9 dans une nouvelle soci\u00e9t\u00e9 compos\u00e9e de cinq \u00e9valuateurs, et j\u2019ai lentement gravi les \u00e9chelons, devenant partenaire, puis propri\u00e9taire unique de ce qui est aujourd\u2019hui Cross-Town Appraisal Limited. Q : Pouvez-vous nous parler de votre entreprise et des activit\u00e9s qu\u2019elle m\u00e8ne dans la r\u00e9gion du Grand Toronto et de Hamilton (GTHA)? CP : Je consid\u00e8re que nous sommes une petite entreprise d\u2019\u00e9valuation ind\u00e9pendante qui dessert la r\u00e9gion du \u00ab Golden Horseshoe \u00bb de l\u2019Ontario. Apr\u00e8s avoir compt\u00e9 jusqu\u2019\u00e0 33 \u00e9valuateurs, nous avons choisi de rationaliser nos activit\u00e9s pour former un groupe plus g\u00e9rable, qui comprend aujourd\u2019hui 13 \u00e9valuateurs d\u00e9sign\u00e9s, huit stagiaires et cinq employ\u00e9s de soutien. Nous desservons les march\u00e9s r\u00e9sidentiels, commerciaux et ruraux du GTHA. Notre activit\u00e9 r\u00e9sidentielle concerne principalement les biens d\u2019investissement, les successions et les maisons de campagne. Avec la transformation du secteur en pr\u00eateurs sur fonds propres plut\u00f4t qu\u2019en banques, notre entreprise se concentre d\u00e9sormais sur les maisons personnalis\u00e9es de grande valeur et les propri\u00e9t\u00e9s uniques. Le travail matrimonial et la planification des investissements jouent \u00e9galement un r\u00f4le important dans les contrats de service que nous prenons en charge. Bien qu\u2019il y ait toujours une pression pour grandir et s\u2019\u00e9tendre \u00e0 travers le Canada, nous sommes tr\u00e8s \u00e0 l\u2019aise avec notre mod\u00e8le d\u2019entreprise actuel. Q : \u00c0 un moment donn\u00e9 de votre carri\u00e8re, vous avez manifestement d\u00e9cid\u00e9 de vous engager dans des activit\u00e9s b\u00e9n\u00e9voles. Dans quelles fonctions avez-vous fait du b\u00e9n\u00e9volat au fil des ans? CP : Comme beaucoup de parents, j\u2019ai \u00e9t\u00e9 tr\u00e8s impliqu\u00e9 au fil des ans dans l\u2019entra\u00eenement des \u00e9quipes sportives de mes enfants. Mais mon penchant Volume 67 | Book 3 \/ Tome 3 | 202313Return to CONTENTSLE COIN DE L\u2019EX\u00c9CUTIF pour le b\u00e9n\u00e9volat ne s\u2019arr\u00eate pas l\u00e0. J\u2019ai si\u00e9g\u00e9 pendant cinq ans au Conseil d\u2019administration de ce qui est aujourd\u2019hui l\u2019Association canadienne des courtiers en hypoth\u00e8ques (ACCH), j\u2019ai \u00e9t\u00e9 b\u00e9n\u00e9vole pour un certain nombre de fondations et j\u2019ai pass\u00e9 de nombreuses ann\u00e9es au sein de l\u2019Institut canadien des \u00e9valuateurs (ICE), d\u2019abord au niveau des sections, puis au niveau provincial, et maintenant au niveau national. En cours de route, j\u2019ai \u00e9t\u00e9 fier de participer \u00e0 la cr\u00e9ation de la section de York, de devenir pr\u00e9sident du Conseil d\u2019administration de l\u2019Ontario et d\u2019\u00eatre aujourd\u2019hui activement impliqu\u00e9 au niveau national. Avoir \u00e9t\u00e9 \u00e9lu pr\u00e9sident de l\u2019ICE est un v\u00e9ritable honneur. Q : Comment r\u00e9sumeriez-vous votre exp\u00e9rience en tant que b\u00e9n\u00e9vole et ce qu\u2019elle vous a apport\u00e9 sur le plan personnel et professionnel? CP : Je ne crois pas que l\u2019on puisse vraiment quantifier l\u2019incroyable satisfaction personnelle que l\u2019on retire du b\u00e9n\u00e9volat. Nous n\u2019avons qu\u2019un temps limit\u00e9 sur cette plan\u00e8te et dans cette merveilleuse profession qui est la n\u00f4tre. Rendre la pareille, laisser un h\u00e9ritage et aider \u00e0 passer le relais \u00e0 ceux qui nous suivent, voil\u00e0 ce dont il s\u2019agit. Je veux vraiment regarder en arri\u00e8re et dire que j\u2019ai fait une diff\u00e9rence. Les exp\u00e9riences v\u00e9cues en cours de route sont \u00e9galement extr\u00eamement gratifiantes. Je crois que cette fa\u00e7on de voir la vie se r\u00e9percute de mani\u00e8re tr\u00e8s b\u00e9n\u00e9fique sur notre carri\u00e8re. Ne jamais en faire une affair d\u2019argent. Certains travaux d\u2019\u00e9valuation s\u2019accomplissent rapidement et s\u2019av\u00e8rent tr\u00e8s rentables, tandis que d\u2019autres peuvent prendre beaucoup plus de temps et donner lieu \u00e0 des retours financiers consid\u00e9rablement r\u00e9duits. Vous serez bien mieux servi si vous vous concentrez sur l\u2019exp\u00e9rience, l\u2019apprentissage et l\u2019\u00e9panouissement personnel en cours de route. Le b\u00e9n\u00e9volat offre tout cela \u00e0 profusion. Q : Vous avez r\u00e9cemment \u00e9t\u00e9 \u00e9lu pr\u00e9sident national de l\u2019ICE. Quelles sont, selon vous, vos principales responsabilit\u00e9s dans ce r\u00f4le? CP : \u00c9couter, \u00e9couter et encore \u00e9couter les membres de l\u2019ICE et le Conseil d\u2019administration. Sur la base de ces informations, il m\u2019incombe d\u2019assurer un leadership constant pour nous permettre d\u2019avancer dans une direction positive qui profite \u00e0 nos membres et au grand public. J\u2019aime \u00e0 consid\u00e9rer mon r\u00f4le comme celui d\u2019une main s\u00fbre guidant le navire. Q : En tant que pr\u00e9sident de l\u2019ICE, quels sont, selon vous, les plus grands d\u00e9fis de l\u2019ann\u00e9e \u00e0 venir pour vous en tant que personne? CP : En tant que travailleur autonome, mon d\u00e9fi personnel est de me rappeler constamment que l\u2019ICE n\u2019est pas mon entreprise, que je n\u2019en serai le pr\u00e9sident que pendant un an et que je ne suis qu\u2019une voix parmi plusieurs. M\u00eame si j\u2019ai des id\u00e9es et des opinions sur la direction \u00e0 prendre et sur la mani\u00e8re d\u2019y parvenir, il est important que je me rende compte que je ne peux pas tout changer ou tout faire \u00e0 ma mani\u00e8re et \u00e0 mon rythme. Je dois m\u2019adapter et me pr\u00e9parer \u00e0 l\u2019inattendu. Comme je viens de le dire \u2013 une main s\u00fbre guidant le navire. Q : Quels sont les d\u00e9fis qui attendent l\u2019ICE et les \u00e9valuateurs en g\u00e9n\u00e9ral? CP : Je dirais que le plus grand d\u00e9fi est de se pr\u00e9parer au changement et de le g\u00e9rer de la meilleure fa\u00e7on possible. Le changement est in\u00e9vitable, quel que soit le secteur ou la profession. Il suffit de regarder l\u2019industrie manufacturi\u00e8re. Bon nombre des entreprises manufacturi\u00e8res les plus importantes et les plus prosp\u00e8res il y a 20 ans ne le sont plus aujourd\u2019hui. Le travail d\u2019\u00e9valuation a toujours \u00e9t\u00e9 synonyme de travail bancaire, mais ce n\u2019est certainement plus le cas aujourd\u2019hui. L\u2019ICE en tant qu\u2019organisation, et nous en tant qu\u2019\u00e9valuateurs, devons accepter les changements qui se pr\u00e9sentent \u00e0 nous. Nous devons travailler avec M\u00eame si j\u2019ai des id\u00e9es et des opinions sur la direction \u00e0 prendre et sur la mani\u00e8re d\u2019y parvenir, il est important que je me rende compte que je ne peux pas tout changer ou tout faire \u00e0 ma mani\u00e8re et \u00e0 mon rythme. L\u2019ICE en tant qu\u2019organisation, et nous en tant qu\u2019\u00e9valuateurs, devons accepter les changements qui se pr\u00e9sentent \u00e0 nous. Nous devons travailler avec ces changements et veiller \u00e0 ce qu\u2019ils aboutissent \u00e0 un r\u00e9sultat positif pour notre profession. Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 14Return to CONTENTSLE COIN DE L\u2019EX\u00c9CUTIF ces changements et veiller \u00e0 ce qu\u2019ils aboutissent \u00e0 un r\u00e9sultat positif pour notre profession. Q : L\u2019une des initiatives r\u00e9centes les plus importantes de l\u2019ICE a \u00e9t\u00e9 son groupe de travail \u00ab Fa\u00e7onner notre avenir \u00bb. Pouvezvous nous en dire plus sur cette initiative et sur ce que vous pr\u00e9voyez dans ce domaine pour l\u2019ann\u00e9e \u00e0 venir? CP : En 2020, l\u2019ICE s\u2019est lanc\u00e9 dans une initiative de trois ans visant \u00e0 anticiper et \u00e0 fa\u00e7onner l\u2019avenir de notre profession, de nos membres et de notre organisation. Apr\u00e8s quelques ann\u00e9es de recherche et d\u2019analyse, tout en naviguant dans les m\u00e9andres de la pand\u00e9mie, le groupe de travail \u00ab Fa\u00e7onner notre avenir \u00bb a formul\u00e9 21 recommandations qui ont un impact sur trois domaines : 1) l\u2019avancement de notre profession, 2) l\u2019avancement de nos membres et 3) l\u2019avancement de l\u2019ICE. Les 21 recommandations ont \u00e9t\u00e9 approuv\u00e9es par le Conseil d\u2019administration de l\u2019ICE du jour et sont maintenant refl\u00e9t\u00e9es dans le Plan strat\u00e9gique 2023-2025 de l\u2019ICE. La mise en \u0153uvre de certaines de ces recommandations prendra du temps, tandis que d\u2019autres sont relativement simples. Nombre d\u2019entre elles ont \u00e9t\u00e9 mises en \u0153uvre au cours de l\u2019ann\u00e9e \u00e9coul\u00e9e, tandis que d\u2019autres en sont au stade pr\u00e9liminaire, en fonction des ressources, des fonds et de la complexit\u00e9 de la mise en \u0153uvre. Le Conseil d\u2019administration de l\u2019ICE, les comit\u00e9s nationaux de l\u2019ICE et le personnel national de l\u2019ICE se sont engag\u00e9s \u00e0 mettre en \u0153uvre ces recommandations au cours des ann\u00e9es \u00e0 venir.  Q : L\u2019\u00e9quit\u00e9, la diversit\u00e9 et l\u2019inclusion (EDI) ont constitu\u00e9 une part importante de l\u2019initiative \u00ab Fa\u00e7onner notre avenir \u00bb. Comment l\u2019initiative EDI prend-elle forme? CP : Si l\u2019on consid\u00e8re la composition de notre Conseil d\u2019administration, il ne fait aucun doute que nous ne sommes pas encore au niveau souhait\u00e9 en termes d\u2019EDI. Toutefois, si l\u2019on consid\u00e8re les donn\u00e9es d\u00e9mographiques de nos membres, on constate que nous progressons \u00e0 grands pas. Notre d\u00e9fi et notre engagement consistent \u00e0 faire en sorte que nos membres se sentent les bienvenus en tant que b\u00e9n\u00e9voles au sein de nos comit\u00e9s et de notre Conseil d\u2019administration, et qu\u2019ils se sentent appr\u00e9ci\u00e9s dans notre profession. Notre objectif est de faire en sorte que nos membres repr\u00e9sentent mieux le visage changeant du Canada. Il convient de souligner que de nombreux changements positifs ont lieu au sein de l\u2019ICE en ce qui concerne l\u2019EDI. Par exemple, notre pr\u00e9sidente \u00e9lue, Dena Knopp, est d\u00e9sign\u00e9e CRA. Cela d\u00e9montre qu’il n’est pas n\u00e9cessaire d’\u00eatre un membre d\u00e9sign\u00e9 AACI pour acc\u00e9der \u00e0 la plus haute position au sein de notre Conseil d’administration. En ce qui concerne Dena, elle sera la troisi\u00e8me femme pr\u00e9sidente de l\u2019ICE, apr\u00e8s Suzanne de Jong, un an seulement apr\u00e8s elle. Avant Suzanne, cela faisait plus de dix ans que notre seule autre femme pr\u00e9sidente \u2013 Sheila Young \u2013 avait \u00e9t\u00e9 \u00e9lue. Je dirais qu\u2019i s\u2019agit d\u2019une \u00e9volution tr\u00e8s positive. Et si, pour certains, l\u2019EDI n\u2019\u00e9volue peut-\u00eatre pas aussi rapidement qu\u2019ils le souhaiteraient, je peux assurer \u00e0 tout le monde que c\u2019est le jour et la nuit entre aujourd\u2019hui et il y a cinq ans. Qu\u2019il s\u2019agisse des exemples que je viens de citer ou des webinaires sur l\u2019EDI que nous mettons en place pour les b\u00e9n\u00e9voles et les membres des comit\u00e9s, nous savons ce qu\u2019il convient de faire en mati\u00e8re d\u2019EDI et nous prenons des mesures pour y parvenir. En tant qu\u2019association, nous sommes fiers d\u2019avoir \u00e9t\u00e9 \u00e0 l\u2019avant-garde de l\u2019EDI dans notre domaine en cr\u00e9ant le Conseil pr\u00e9sidentiel sur l\u2019\u00e9quit\u00e9, la diversit\u00e9 et l\u2019inclusion. Mais en tant que pr\u00e9sident du jour, je ne peux pas me contenter de cela. Le changement est global, et il commence chez nous, \u00e0 l\u2019ICE. Le Conseil d\u2019administration de l\u2019ICE, les comit\u00e9s nationaux de l\u2019ICE et le personnel national de l\u2019ICE se sont engag\u00e9s \u00e0 mettre en \u0153uvre ces recommandations au cours des ann\u00e9es \u00e0 venir. Notre d\u00e9fi et notre engagement consistent \u00e0 faire en sorte que nos membres, appartenant \u00e0 divers groupes, se sentent les bienvenus en tant que b\u00e9n\u00e9voles et qu\u2019ils se sentent appr\u00e9ci\u00e9s dans notre profession. Notre objectif est de faire en sorte que nos membres repr\u00e9sentent mieux le visage changeant du Canada. Volume 67 | Book 3 \/ Tome 3 | 202315Return to CONTENTSLE COIN DE L\u2019EX\u00c9CUTIFLE COIN DE L\u2019EX\u00c9CUTIF Q : Dans un r\u00e9cent communiqu\u00e9 de presse, vous avez fait r\u00e9f\u00e9rence au fait que \u00ab le logement et l\u2019h\u00e9bergement sont plus critiques que jamais, et nous avons tous un r\u00f4le \u00e0 jouer dans la protection du public \u00bb. Que vouliez-vous dire par l\u00e0 et quel est, selon vous, le r\u00f4le de l\u2019ICE et de ses membres dans la protection du public? CP : Le march\u00e9 de l\u2019immobilier, et plus particuli\u00e8rement le march\u00e9 du logement r\u00e9sidentiel, implique de nombreux professionnels, institutions, organisations et agences gouvernementales. Ensemble, nos actions et nos r\u00f4les collectifs ont un impact sur un d\u00e9nominateur commun : le public, ou les consommateurs. En tant qu\u2019\u00e9valuateurs professionnels, nous jouons un r\u00f4le tr\u00e8s particulier dans une transaction immobili\u00e8re : on nous demande de fournir une opinion ind\u00e9pendante et tierce sur la valeur d\u2019un bien, sans influence indue de facteurs externes non li\u00e9s \u00e0 cette valeur. Ce r\u00f4le tr\u00e8s important prot\u00e8ge essentiellement et intrins\u00e8quement le public et le march\u00e9 en garantissant que les personnes qui s\u2019appuient sur des rapports d\u2019\u00e9valuation \u00e9tablis par des professionnels prennent des d\u00e9cisions en pleine connaissance de cause – en d\u2019autres termes, les \u00c9valuateurs Professionnels sont ce second regard objectif. Q : Dans un an, lorsque vous ferez le bilan de votre mandat de pr\u00e9sident, quelles auront \u00e9t\u00e9, selon vous, les r\u00e9alisations les plus importantes de l\u2019ICE au cours de cette p\u00e9riode? CP : L\u2019ann\u00e9e prochaine, \u00e0 la m\u00eame \u00e9poque, j\u2019esp\u00e8re avoir laiss\u00e9 le navire pointer dans une direction qui aide les membres, la profession et le public. J\u2019esp\u00e8re avoir fait avancer notre plan strat\u00e9gique et les recommandations de notre groupe de travail \u00ab Fa\u00e7onner notre avenir \u00bb. J\u2019esp\u00e8re avoir fait la diff\u00e9rence pour tous les membres, \u00e0 honoraires ou r\u00e9mun\u00e9r\u00e9s, commerciaux ou r\u00e9sidentiels, stagiaires ou d\u00e9sign\u00e9s. J\u2019esp\u00e8re les avoir tous bien servis. Q : \u00c0 l\u2019avenir, quels conseils donneriez-vous aux nouveaux membres qui entrent dans la profession et aux membres existants qui sont impliqu\u00e9s dans le domaine de l\u2019\u00e9valuation depuis un certain temps? CP : N\u2019en faites pas une question d\u2019argent et ne vous laissez pas pi\u00e9ger par les pressions quotidiennes li\u00e9es au paiement \u00e0 l\u2019acte. Envisagez plut\u00f4t la question sous l\u2019angle de ce que vous pouvez apprendre et de la mani\u00e8re dont vous pouvez vous rendre plus utile \u00e0 votre entreprise et \u00e0 la profession. Qu\u2019est-ce qui vous permettra d\u2019atteindre votre objectif d\u2019ici 3 \u00e0 5 ans? Comment pouvez-vous accro\u00eetre vos connaissances? Quelles exp\u00e9riences pouvez-vous vivre? Comment faire en sorte que le changement soit \u00e0 votre avantage? Et comment pouvez-vous vous rendre plus pertinent dans la profession que vous avez choisie? Profitez du voyage \u2026 le reste se fera tout seul. Q : Compte tenu des exigences professionnelles et b\u00e9n\u00e9voles qui p\u00e8sent sur votre temps, quelle est la place du temps personnel dans cette \u00e9quation? CP : Tout d\u2019abord, permettez-moi de dire que la seule fa\u00e7on pour moi de r\u00e9pondre aux exigences de mon temps, qu\u2019il soit professionnel ou personnel, est de disposer d\u2019un syst\u00e8me de soutien extraordinaire. Cela commence avec mon \u00e9pouse Teresa, qui me soutient de toutes les mani\u00e8res possibles, et s\u2019\u00e9tend \u00e0 mes coll\u00e8gues et au personnel de soutien de l\u2019ICE et de Cross-Town Appraisals, qui m\u2019assistent en cas de besoin ou font avancer les choses lorsque je suis occup\u00e9 \u00e0 d\u2019autres t\u00e2ches. C\u2019est gr\u00e2ce \u00e0 eux que je peux r\u00e9pondre aux exigences de ma vie professionnelle et que je peux aussi entra\u00eener mes enfants, voyager et passer le plus de temps possible avec ma famille et mes amis. En tant qu\u2019association, nous sommes fiers d\u2019avoir \u00e9t\u00e9 \u00e0 l\u2019avant-garde en cr\u00e9ant le Conseil du Pr\u00e9sident sur l\u2019\u00e9quit\u00e9, la diversit\u00e9 et l\u2019inclusion. Mais en tant que pr\u00e9sident du jour, je ne peux pas me contenter de cela. Le changement est global, et il commence chez nous, \u00e0 l\u2019ICE. Comment pouvez-vous accroitre vos connaissances? Quelles experiences pouvez-vous vivre? Comment faire en sorte que le changement soit a votre avantage? Et comment pouvez-vous vous rendre plus pertinent dans la profession que vous avez choisie? Profitez du voyage \u2026 le reste se fera tout seul. Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 16Return to CONTENTS EARN CPD CREDITS AND ADVANCE OUR APPRAISAL PROFESSION Do you want to contribute to the next issue of Canadian Property Valuation? OBTENEZ DES CR\u00c9DITS PPC ET MODERNISONS NOTRE PROFESSION D\u2019\u00c9VALUATEUR Voulez-vous contribuer au prochain num\u00e9ro d\u2019\u00c9valuation immobili\u00e8re au Canada? Si vous aimeriez faire publier un article dans un prochain num\u00e9ro de la revue \u00c9valuation immobili\u00e8re au Canada et contribuer de fa\u00e7on significative \u00e0 l\u2019avancement de la profession, veuillez contacter : BRANDYN HAYES Coordonateur, Affaires publiques et communications Institut canadiens des \u00e9valuateurs brandynh@aicanada.ca \u2022 1-613-234-6533 x230 *Remarque : Nous fournirons les d\u00e9tails suppl\u00e9mentaires et toute l\u2019aide dont vous pourriez avoir besoin pour assurer un processus de contribution harmonieux et efficace. Nous sommes \u00e0 la recherche d\u2019articles qui traitent de sujets pertinents, opportuns et informatifs, r\u00e9dig\u00e9s par des \u00e9valuateurs d\u00e9sireux de partager leurs connaissances et leur expertise ou partager leurs exp\u00e9riences uniques en contribuant un article dans la revue \u00c9valuation immobili\u00e8re au Canada. C\u2019est une fa\u00e7on id\u00e9ale : \u00fc d\u2019am\u00e9liorer les connaissances de vos coll\u00e8gues \u00fc de moderniser la profession d\u2019\u00e9valuateur dans son ensemble \u00fc de profiter d\u2019une exposition et d\u2019\u00eatre reconnu par vos pairs \u00fc d’obtenir des cr\u00e9dits de PPC We are looking for topical, timely and informative articles provided by appraisers who are willing to share their knowledge and expertise or unique experiences by contributing an article to Canadian Property Valuation. It is an ideal way to: \u00fc enhance the knowledge of your colleagues \u00fc advance the appraisal profession as a whole \u00fc gain exposure and recognition with your peers \u00fc earn CPD credits If you are interested in being published in a future issue of Canadian Property Valuation and contributing significantly to the advancement of the profession, please contact: BRANDYN HAYES Coordinator, Public Affairs and Communications Appraisal Institute of Canada brandynh@aicanada.ca \u2022 1-613-234-6533 x230 *Note: We will provide additional details and any assistance you require to ensure a smooth and efficient contribution process.By BRUCE TURNER, P. App., AACI, MBA President, Heuristic Consulting Associates, Courtenay, British Columbia \u2018G\u2019element in \u2018ESG\u2019 for commercial real estate The to market acceptance in either investment analysis or valuation. Finally, it looks briefly at responses to ESG by professional valuers\u2019 associations in a still uncertain environment. So, what is ESG? The International Valuation Standards Council (IVSC) says that ESG are criteria increasingly used to assess the impact of the environmental, social, and ethical practices of companies on their operations, financial performance, and attractiveness to investors. IVSC\u2019s perspective paper goes on to say that ESG factors should also be considered from a tangible asset\u2019s perspective, as the ESG principles affect not only the behaviour of owners and operators of assets, but also other matters related to the physical properties themselves. In its 2023 Exposure Draft, IVSC\u2019s IVS 104 introduces ESG definitions and examples for consideration.2 While environmental factors are generally addressed in appraisal practice for \u2018green buildings,\u2019 social and governance factors present greater challenges. As IVSC notes in a perspectives The environmental, social, and governance (ESG) factors of a company\u2019s sustainability and ethical impact is a multi-faceted concept which can be difficult to fully understand without a comprehensive analysis. For several years, real estate professionals have recognized sustainability in valuing green and high-performance buildings because their unique features may result in lower energy and water costs, differing operating costs, and improved marketability. There may also be special tax advantages or incentives that offset the gross cost of these features. Sustainability, as such, has proven challenging to valuers as the market\u2019s reaction to green features may not be supported in the sales comparison approach with limited sales in each market. Generally, the income capitalization and cost approaches are considered to provide more credible value conclusions in this realm.1 This article will explore our rapidly evolving understanding of ESG factors related to commercial real estate, and its challenges Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 18Return to CONTENTSpaper, the meaning of social value is often clouded in uncertainty, with many definitions, and by the lack of an internationally recognized measurement framework and standards of practice.3 Social values are influenced by and perceived differently across cultures and geopolitics. That is, social factors tend to have a regional context and, therefore, do not readily lend themselves to analysis and quantification in the valuation process. Without some rationalization for \u2018normalizing\u2019 these differences across cultures, comparisons and quantifications may not be meaningful. Efforts at assigning a monetary value to social impact may be subject to misinterpretation.4,5 For commercial real estate, governance has less to do with individual assets or even portfolios, and more to do with how a business is structured and led, and how decisions are made. For example, an executive compensation structure tied to ESG benchmarks and a board-level ESG committee are signs that the real estate company is fully integrating ESG issues into its enterprise risk management system and long-term planning.6 Basic questions to consider ESG risks related to governance might include:7 \u2022 Are executive compensation packages tied to ESG strategy8 benchmarks for the property and\/or portfolio? \u2022 Do the key stakeholders have ESG and netzero strategies with specific targets and action plans? (i.e., increasingly important to investors and tenants) \u2022 What business ethics do the key stakeholders subscribe to? How transparent is the data provided to stakeholders? What kind of reporting practices are in place? (e.g., are data governance and reporting principles and practices in line with ESG Principles of Reporting for Private Real Estate, NCREIF PREA Reporting Standards URL: https:\/\/ reportingstandardsinfo.files.wordpress.com\/2021\/10\/rshandbook-vol-ii-research-esg-principles.pdf. \u2022 How do the principal players (e.g., investors, owners, managers, tenants, lenders, etc.) reflect and report on diversity and inclusion? Good governance practices directly impact an organization\u2019s ability to build investor, tenant, and community trust. Corporate governance structures that adopt ESG frameworks are better equipped to identify and respond to changing conditions that contribute to obsolescence, regulatory non-compliance, litigation, and reputational risk. Commercial real estate governance may be influenced by multiple stakeholder perspectives beyond owners \u2013 across lenders, investors, and occupiers. Upon clarifying the purpose of the valuation, multiple stakeholder perspectives may need to be considered in a decision matrix weighing the expectations of each, considered in terms of relative contributions of material non-financial (social and governance) factors that impact financial feasibility. Consider, for example, the valuation of a social housing complex with a restrictive covenant that constrains the site\u2019s highest and best use.9 \u201cGlobally, around half of respondents believe that green\/ sustainable buildings achieve a rent and a price premium over comparable non-green\/unsustainable buildings. More than one-third believe that the rent and price premium stands at up to 10%; around 15% judge it to be higher still. Furthermore, over 30% of respondents suggest that, even if there is no rent or price premium, buildings not classed as green or sustainable are subject to a brown discount.\u201d Climate change, growing recognition of social inequity, and the pandemic are contributing to more robust approaches to sustainability-related risks. The three ESG factors are increasingly recognized as critical drivers of long-term value. In its 2022 Sustainability Report, RICS reported rising investor demand for sustainable buildings. Not so fast \u2013 Does everyone accept ESG as a driver of long-term value? ESG shifts corporate economic performance from its singular long-term focus on profit for shareholders to include stakeholders\u2019 perspectives, with the aim of encouraging more socially responsible (or perhaps less socially irresponsible) behaviour.11 While investors and valuers have previously considered environmental issues (e.g., energy), their risk perspectives are expanding to consider governance and social impacts. Owners, tenants, investors, and other stakeholders are increasingly using ESG performance as a predictor of long-term financial and economic performance.12 The increasing emphasis on ESG drives a need for more clarity on its commercial real estate impacts. We need to know: Do ESG factors impact real estate markets? And how can we measure ESG impacts in real estate valuations? For the valuer, expanding the traditional profit perspective to include ESG factors is key to analyzing governance and social factors. These are increasingly important to understanding the backstory of comparable transactions \u2013 for example, in capitalization rate analysis. The functional definition of material ESG factors can vary across geopolitical, cultural, and legislative differences. Do ESG factors receive market recognition, including previously recognized \u2018green value\u201910 relating primarily to energy? The UN\u2019s Sustainable Real Estate Investment initiative states that the people who manage global real estate assets \u2013 valued at around US$50 trillion \u2013 are one of the most important decisionmaking groups to address climate change and responses to the COVID-19 pandemic. The buildings sector has one of the highest carbon footprints \u2013 currently contributing 30% of global annual greenhouse gas (GHG) emissions and consuming around 40% of the world\u2019s energy. Following through on the 2015 commitments made in Paris to limit global warming means avoiding 77% in total CO2 emissions in the buildings sector by 2050 compared to today\u2019s levels. Volume 67 | Book 3 \/ Tome 3 | 202319Return to CONTENTSAdding to the complexity of ESG is the confusion of multiple ESG frameworks13,14,15 that real estate professionals are invited to consider. Consistent global standards are not yet available. Caution should be exercised in selecting and implementing standards to avoid claims of greenwashing and other reputational risks. More widely recognized ESG frameworks and standards for commercial real estate include: the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD). In Australia, NABERS (the National Australian Built Environment Rating System) provides reliable and comparable environmental measurement across building sectors, including hotels, shopping centres, apartments, offices, and data centres. Such frameworks target financial disclosure, climate risk, and GHG emissions with varying relevance to real estate in Europe, North America, and Asia. Existing standards attempt to integrate ESG criteria and certifications across a patchwork of jurisdictional regulation and legislation, hindered by lack of common taxonomy. On a regional basis, the EU Taxonomy is one strategy that defines what actually constitutes sustainable activities across the European Union. It uses minimum compliance criteria for economic activities that are environmentally sustainable. A Harvard Business Review article sums the issue: \u201c\u2026 two conversations have been going on \u2026. One is about its financial performance \u2026. The other is about sustainability performance  \u2026 a conversation between the company\u2019s sustainability function and the sustainability and stewardship function in the investor. These two conversations are already starting to converge and must become one. Finance and sustainability people at both companies and investors must become bilingual.\u201d16 What are other challenges to market acceptance of ESG? To help inform their clients\u2019 investment and whole-life asset (valuation) decisions, real estate professionals need to evaluate material ESG factors that are likely to affect commercial real estate. To do so, real estate professionals need to know which ESG factors are relevant and have an impact on the risks and value of the specific property or portfolio being considered. Borrowing from business and finance, material ESG issues may be defined as those governance, sustainability, or societal factors likely to affect the financial condition or operating performance of specific properties within each asset class. Sustainability and the sustained use of a building can be determined by certification. Some of the most well-known international certification systems are LEED, BOMA Best, BREEAM and DGNB.17 Building Owners and Managers Association International (BOMA), in its recently released BOMA Best 4.0, presents an example of continually improving certification programs. BOMA Best 4.0 is a streamlined version of the sustainable certification standard for existing commercial and multi-family real estate buildings that was launched April 2023. It offers a simplified questionnaire for each asset class, with an emphasis on carbon emissions. These simplified questionnaires can also contribute to improved data governance.18 ESG analysis is integral to generally accepted appraisal practice. For example, in the direct comparison approach, the appraiser identifies and evaluates the importance of various elements of comparison in the market to judge the relative weight a particular sale should have in comparative analysis. Likewise, real estate professionals need to identify and evaluate those elements of ESG that are material to highest and best use (HBU) analysis, and that are relevant to the investors\u2019 or clients\u2019 needs. There are four tests in HBU analysis. ESG factors influence the first three HBU tests (physically possible, legally permissible, and financially feasible). But identifying and analyzing the social and governance factors may be better considered as part of the fourth HBU test \u2013 that is, evaluating each alternative to determine the option to achieve maximal productivity over the long-term. Rating and weighing these factors in a decision matrix needs to reflect the preferred criteria and scope of work defined by the investor, lender, or other stakeholders typical to the given asset market. The analyst is challenged to identify relevant ESG factors and evaluate their impact on value with limited market evidence. Transactional evidence, authoritative surveys, and benchmarks may help provide an understanding of how real estate investors, lenders, tenants, and owners weigh ESG factors in evidence-based real estate decisions. Criteria rating and weighting factors in a decision matrix that meets the ESG perspectives of stakeholders means reviewing property characteristics, market risks, societal and governance considerations, and investment criteria. A good ESG rating means that, relative to comparable peers, the asset\u2019s environmental, social, and governance risks are managed well to preserve (or maximize) long-term value. Network Management for Valuations The right appraiser on every order, every time. Solidifi provides appraisal services to the residential mortgage lending industry. Our clients include Canada\u2019s top lending institutions. TRUSTED BY THE NATION\u2019S LARGEST MORTGAGE LENDERS support@solidifi.com | 866.583.3983 | solidifi.ca Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 20Return to CONTENTSGenerally, ESG criteria ratings and weightings for corporate real estate are determined by ESG rating agencies and reflect the specific ESG factors they determine are most important to the industry. Examples of rating agencies include Global Real Estate Sustainability Benchmark (GRESB),19 Morgan Stanley Investment Capital (MSCI),20 Sustainalytics,21 and Institutional Shareholder Services (ISS).22 GRESB assesses and benchmarks the ESG performance of real estate assets globally, providing standardized and validated data to the capital markets. GRESB, MSCI, and ISS are examples of rating agencies that evaluate real estate companies based on ESG criteria such as energy efficiency, water conservation, and indoor air quality, and assign weights to each criterion based on its perceived importance. Engaging a wellrecognized commercial real estate rating agency, which recognizes appropriate certification (e.g., GRESB, NABERS, Green Star, BOMA Best) and transparency can help avoid claims of greenwashing23 and other reputational risks. ESG ratings and weighting criteria are increasingly used by investors and lenders in their corporate real estate decisions. For example, CBRE notes that real estate investors should at least consider ESG factors such as energy efficiency, water conservation, and indoor air quality when evaluating a property\u2019s ESG performance.24 And Deloitte notes that ESG considerations for real estate include environmental factors such as energy efficiency and carbon emissions, social factors such as tenant health and safety, and governance factors such as board diversity and executive compensation.25 Investors and lenders consider ESG ratings and weighting criteria to evaluate the sustainability of a property and assess its long-term value. It can be difficult to evaluate sustainability factors in a given evaluation unless specific sustainability and ESG data, comparables, or benchmarks are available for the subject. With recent emphasis on factors such as carbon emissions, net zero plans, and energy efficiency, it is imperative to seek relevant data for the asset under valuation from key stakeholders as well as from publicly available sources to ensure sustainability decisions are reliably evidence-based. As with other elements of comparison, ESG data requirements for the subject and comparables should align to the asset class and target market, which reflect similar sustainability credentials. Guidance from professional associations The body of knowledge around the impact of ESG factors on property valuation is still developing. Here are examples of emerging guidance from professional valuation associations. The Royal Institute of Chartered Surveyors\u2019 (RICS) published a guidance note on sustainability and ESG in commercial property valuation and strategic advice in 2021.26 The guidance note, complementary to RICS Red Book Global Standards, provides direction regarding valuation methods, and sustainability considerations such as risk premiums and obsolescence. The note also provides an overview of issues related to the application of the direct comparison and income (especially discounted cash flow) approaches. The International Valuations Standards Council (IVSC) states that the obligation to consider ESG within the tangible asset valuation process is implicit in International Valuation Standards.27 IVSC\u2019s Perspectives Paper says that discounted cash flow analysis (DCF) is well-suited to quantifying ESG factors within a real estate valuation because a DCF can explicitly reflect specific assumptions which relate to income, expense, capital expenditures, exit yields, and vacancies over a period of years. In an IVSC interview, Adrian Nicholls noted the importance of understanding the value of intangible assets, whether it be workforce skills, organizational knowledge, or the power of brands.28 Today, the blurring of property and business values extends to all property types and industry sectors including hotels and hospitality variations (including timeshares and Airbnb\/VRBO), self-storage, manufactured housing and for-rent subdivision communities, REITs with NNN-lease structures for big-box retail stores, e-commerce warehouses, and mixed-use adaptive reuse projects.29 DCF valuation methodology and the blurring of property and business enterprise emphasizes the need for clarity in defining the bases of value \u2013 distinguishing between market value, investment worth, or synergistic value.30 Looking forward In the current uncertain global real estate market environment, IVSC\u2019s advice about ESG may be most appropriate when accounting for ESG factors within the valuation process: \u2022 Monitor the continued evolution of ESG; identifying building aspects that result in higher or lower ESG ratings. In Our Field. Outstanding VANCOUVER \u00b7 VICTORIA \u00b7 OKANAGAN PEACE REGION \u00b7 CALGARY \u00b7 EDMONTON LAWRENSONWALKER.COM Volume 67 | Book 3 \/ Tome 3 | 202321Return to CONTENTS\u2022 Evaluate a building in its market, being aware of applicable governmental ESG measures. \u2022 Maintain a keen understanding of green leasing and other market requirements to accurately reflect supply and demand considering ESG. \u2022 Liaise with construction and building cost professionals to understand components that enhance ESG factors and their cost. \u2022 Analyze ESG features of comparables used and determine, through rating criteria, the weight that market participants place on such features. \u2022 Determine the availability and impact of favourable financing on buildings with higher ESG ratings. Endnotes 1 Appraisal Institute. The Appraisal of Real Estate, Fifteenth Edition. 2015. 2 IVSC. International Valuation Standards Exposure Draft for Consultation. 2023. URL: https:\/\/www.ivsc.org\/themencodepdf-viewer\/?file=https:\/\/www.ivsc.org\/wp-content\/ uploads\/2023\/04\/IVS-Exposure-Draft-Apr-23.pdf#zoom=auto 3 IVSC. Perspectives Paper: Defining and Estimating \u2018Social Value\u2019. URL: https:\/\/www.ivsc.org\/wp-content\/uploads\/2021\/09\/ Perspectivespaper-SocialValue.docx.pdf 4 Bala Gnanam, Vice President, VP – Sustainability, Advocacy & Stakeholder Relations, BOMA. Interview \u2013 April 19, 2023. 5 PwC Canada. Creating value from the S factor of ESG in real estate. URL: https:\/\/www.pwc.com\/ca\/en\/industries\/real-estate\/ emerging-trends-in-real-estate\/social-investments.html 6 Aquicore Resource Library. A Guide to ESG for Commercial Real Estate. URL: https:\/\/www.aquicore.com\/esg-guide-cre#governance 7 Emerging Trends in Real Estate \u2013 USA & Canada. 2023. 2. ESG Performance: A Critical Issue for Canadian Real Estate. PwC & ULI. URL: https:\/\/www.pwc.com\/ca\/en\/real-estate\/ publications\/emerging-trends-in-real-estate-2023-report.pdf 8 An ESG strategy should include a process for tracking metrics and establishing targets (software enabled). 9 BC Property Assessment Appeal Board. Chishaun Housing Society v. Area 09 (2023 PAABBC 20220005). URL: https:\/\/ decisions.assessmentappeal.bc.ca\/Decisions\/Dfull\/dec_202109-00026_20220005.asp 10 Through certifications such as LEED, BREEAM, and BOMA Best for individual assets. 11 BOMA Best Sustainable. URL: https:\/\/bomabestfieldguide.org\/ field-guide-for-sustainable-buildings\/ 12 Henisz, Koller & Nuttall. November 2019. McKinsey Quarterly. URL: https:\/\/www.mckinsey.com\/~\/media\/McKinsey\/ Business%20Functions\/Strategy%20and%20Corporate%20 Finance\/Our%20Insights\/Five%20ways%20that%20ESG%20 creates%20value\/Five-ways-that-ESG-creates-value.ashx 13 Royal Institute of Chartered Surveyors (RICS): Sustainability and ESG in commercial property valuation and strategic advice Global 3rd edition, effective from 31 January 2022 – Appendix A: International sustainability\/ESG rating, benchmarking and measurement schemes. URL: https:\/\/www.rics.org\/content\/ dam\/ricsglobal\/documents\/standards\/Sustainability%20and%20 ESG_3rd%20edition_standard%20-%20May%202023.pdf 14 Building Owners and Managers Association International: Sustainability Resources Green Rating Programs URL: https:\/\/ www.boma.org\/BOMA\/Research-Resources\/Sustainability\/ Sustainability%20Resources.aspx 15 Five ESG Frameworks Real Estate Owners Need to Know In 2022 and Beyond. URL: https:\/\/www.measurabl.com\/five-esg-frameworksreal-estate-owners-need-to-know-in-2022-and-beyond\/ 16 Robert Eccles & Bhakti Mirchandani. We Need Universal ESG Accounting Standards. Harvard Business Review. February 15, 2022. URL: https:\/\/hbr.org\/2022\/02\/we-need-universal-esgaccounting-standards 17 CMS. CMS Expert Guide to green lease law and regulation in Europe. URL: https:\/\/cms.law\/en\/int\/expert-guides\/cmsexpert-guide-to-green-lease-clauses-in-europe 18 BOMA Best Building Certification Program. URL: https:\/\/ bomabestfieldguide.org\/field-guide-for-sustainable-buildings\/ 19 GRESB – Sustainability Performance Data & Real Asset Insights.\u201d GRESB, 2021. GRESB is a global ESG benchmark for real estate and infrastructure investments. They assess and benchmark the ESG performance of real estate assets around the world, providing standardized and validated data to the capital markets. URL: https:\/\/gresb.com\/ 20 ESG Ratings – MSCI ESG Research.\u201d MSCI, 2021, https:\/\/www. msci.com\/esg-ratings 21 ESG Ratings – Sustainalytics.\u201d Sustainalytics, 2021, https:\/\/ www.sustainalytics.com\/esg-ratings\/ 22 ESG Ratings – ISS ESG.\u201d ISS ESG, 2021, https:\/\/www. issgovernance.com\/solutions\/esg-ratings\/ 23 Avoiding the perception of greenwashing requires ESG disclosures using a reputable, global reporting framework such as Global Reporting Initiative (GRI), Principles for Responsible Investment (PRI), or Sustainability Accounting Standards Board (SASB). Such frameworks require presentation of standardized and comparable ESG information. 24 CBRE. 2022. ESG and Real Estate: The Top 10 Things Investors Need to Know URL: https:\/\/www.cbre.com\/insights\/reports\/ esg-and-real-estate-the-top-10-things-investors-need-toknow#introduction 25 Deloitte. 2021. ESG Real Estate Insights 2021. URL: https:\/\/ www2.deloitte.com\/content\/dam\/Deloitte\/pl\/Documents\/ Reports\/pl_Real_Estate_ESG__8.pdf 26 Royal Institution of Chartered Surveyors (RICS). 2021. Sustainability and ESG in commercial property valuation and strategic advice Global 3rd edition, December 2021 URL: https:\/\/www.rics.org\/ content\/dam\/ricsglobal\/documents\/standards\/Sustainability%20 and%20ESG_3rd%20edition_standard%20-%20May%202023.pdf 27 IVSC. Perspectives Paper: ESG and Real Estate Valuation. 28 IVSC. The Changing Landscape of the Valuation Industry. An Interview with Adrian Nicholls,EY Global Valuation, Modeling & Economics Leader. URL: https:\/\/www.ivsc.org\/pdfviewer\/ivscinterview-with-eg-global-valuation-leader-adrian-nicholls\/ 29 CCIM Institute. Appraising Change. Fall 2022. URL: https:\/\/www. ccim.com\/cire-magazine\/articles\/2022\/fall\/appraising-change\/ 30 IVSC. IVS 104 \u2013 Bases of Value, effective January 31, 2022. URL: https:\/\/www.aicanada.ca\/wp-content\/uploads\/IVSC-effective31-Jan-2022-1.pdf Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 22Return to CONTENTS Les facteurs environnementaux, sociaux et de gouvernance (ESG) aux plans de la durabilit\u00e9 et de l\u2019impact \u00e9thique d\u2019une entreprise sont un concept \u00e0 multiples facettes qu\u2019il peut \u00eatre difficile de comprendre sans une analyse compl\u00e8te. Depuis plusieurs ann\u00e9es, les professionnels de l\u2019immobilier reconnaissent la durabilit\u00e9 dans l\u2019\u00e9valuation des b\u00e2timents \u00e9cologiques et \u00e0 haute performance, car leurs caract\u00e9ristiques uniques peuvent se traduire par une r\u00e9duction des co\u00fbts de l\u2019\u00e9nergie et de l\u2019eau, des co\u00fbts diff\u00e9rents de fonctionnement et une meilleure qualit\u00e9 marchande. Il peut \u00e9galement y avoir des avantages fiscaux sp\u00e9ciaux ou des incitations qui compensent le co\u00fbt brut de ces caract\u00e9ristiques. La durabilit\u00e9, en tant que telle, s\u2019est av\u00e9r\u00e9e un d\u00e9fi pour les \u00e9valuateurs, car la r\u00e9action du march\u00e9 aux caract\u00e9ristiques \u00e9cologiques peut ne pas \u00eatre prise en compte dans la m\u00e9thode de comparaison des ventes, les ventes \u00e9tant limit\u00e9es sur chaque march\u00e9. En g\u00e9n\u00e9ral, les m\u00e9thodes de capitalisation des revenus et de co\u00fbt sont consid\u00e9r\u00e9es comme fournissant des conclusions de valeur plus cr\u00e9dibles dans ce domaine.1 Cet article explore l\u2019\u00e9volution rapide de notre compr\u00e9hension des facteurs ESG li\u00e9s \u00e0 l\u2019immobilier commercial et les d\u00e9fis qu\u2019ils posent \u00e0 l\u2019acceptation par le march\u00e9, que ce soit dans l\u2019analyse des investissements ou dans l\u2019\u00e9valuation. Enfin, il examine bri\u00e8vement les r\u00e9ponses apport\u00e9es \u00e0 l\u2019ESG par les associations professionnelles d\u2019\u00e9valuateurs dans un environnement encore incertain. Alors, c\u2019est quoi l\u2019ESG? Selon l\u2019International Valuation Standards Council (IVSC), les crit\u00e8res ESG sont de plus en plus utilis\u00e9s pour \u00e9valuer l\u2019impact des pratiques environnementales, sociales et \u00e9thiques des entreprises sur leurs activit\u00e9s, leurs performances financi\u00e8res et leur attrait pour les investisseurs. Le document de perspective de l\u2019IVSC poursuit en disant que les facteurs ESG devraient \u00e9galement \u00eatre consid\u00e9r\u00e9s du point de vue d\u2019un actif tangible, car les principes ESG affectent non seulement le comportement des propri\u00e9taires et des exploitants d\u2019actifs, mais aussi d\u2019autres questions li\u00e9es aux propri\u00e9t\u00e9s physiques elles-m\u00eames. Dans son expos\u00e9-sondage Par BRUCE TURNER P. App., AACI, MBA Pr\u00e9sident, Heuristic Consulting Associates dans \u00ab ESG \u00bb pour l’immobilier commercial L’\u00e9l\u00e9mentG\u00ab\u00bb Volume 67 | Book 3 \/ Tome 3 | 202323Return to CONTENTS2023, l\u2019IVS 104 de l\u2019IVSC pr\u00e9sente des d\u00e9finitions et des exemples de facteurs ESG \u00e0 prendre en consid\u00e9ration.2 Bien que les facteurs environnementaux sont g\u00e9n\u00e9ralement pris en compte dans les pratiques d\u2019\u00e9valuation des \u00ab b\u00e2timents verts \u00bb, les facteurs sociaux et de gouvernance posent de plus grands d\u00e9fis. Comme le note l\u2019IVSC dans un document de prospective, la signification de la valeur sociale est souvent entach\u00e9e d\u2019incertitude, avec de nombreuses d\u00e9finitions, et par l\u2019absence d\u2019un cadre de mesure et de normes de pratique reconnus au niveau international.3 Les valeurs sociales sont influenc\u00e9es et per\u00e7ues diff\u00e9remment selon les cultures et la g\u00e9opolitique. En d\u2019autres termes, les facteurs sociaux ont tendance \u00e0 s\u2019inscrire dans un contexte r\u00e9gional et ne se pr\u00eatent donc pas facilement \u00e0 l\u2019analyse et \u00e0 la quantification dans le cadre du processus d\u2019\u00e9valuation. Sans une certaine rationalisation pour \u00ab normaliser \u00bb ces diff\u00e9rences entre les cultures, les comparaisons et les quantifications risquent de ne pas \u00eatre significatives. Les efforts visant \u00e0 attribuer une valeur mon\u00e9taire \u00e0 l\u2019impact social peuvent faire l\u2019objet d\u2019une interpr\u00e9tation erron\u00e9e.4,5 Pour l\u2019immobilier commercial, la gouvernance a moins \u00e0 voir avec les actifs individuels ou m\u00eame les portefeuilles, qu\u2019avec la mani\u00e8re dont une entreprise est structur\u00e9e et dirig\u00e9e, et dont les d\u00e9cisions sont prises. Par exemple, une structure de r\u00e9mun\u00e9ration des cadres li\u00e9e \u00e0 des crit\u00e8res ESG et la pr\u00e9sence d\u2019un comit\u00e9 ESG au niveau du Conseil d\u2019administration sont des signes que la soci\u00e9t\u00e9 immobili\u00e8re int\u00e8gre pleinement les questions ESG dans son syst\u00e8me de gestion des risques d\u2019entreprise et dans sa planification \u00e0 long terme.6 Les questions de base \u00e0 se poser pour examiner les risques ESG li\u00e9s \u00e0 la gouvernance peuvent inclure :7 \u2022 Les programmes de r\u00e9mun\u00e9ration des cadres sont-ils li\u00e9s \u00e0 une strat\u00e9gie ESG8 pour la propri\u00e9t\u00e9 et\/ ou le portefeuille? \u2022 Les principales parties prenantes ont-elles des strat\u00e9gies ESG et net-z\u00e9ro assorties d\u2019objectifs et de plans d\u2019action sp\u00e9cifiques? (\u00e9tant de plus en plus important pour les investisseurs et les locataires) \u2022 Quelle est l\u2019\u00e9thique des affaires \u00e0 laquelle souscrivent les principales parties prenantes? Quelle est la transparence des donn\u00e9es fournies aux parties prenantes? Quelles sont les pratiques de pr\u00e9sentation de rapports en place? (par ex., la gouvernance des donn\u00e9es et les principes et pratiques de pr\u00e9sentation de rapports sont-ils conformes aux ESG Principles of Reporting for Private Real Estate, NCREIF PREA Reporting Standards URL: https:\/\/ reportingstandardsinfo.files.wordpress.com\/2021\/10\/rshandbook-vol-ii-research-esg-principles.pdf. \u2022 Comment les principaux intervenants (investisseurs, propri\u00e9taires, gestionnaires, locataires, pr\u00eateurs, etc.) refl\u00e8tent-ils la diversit\u00e9 et l\u2019inclusion et en rendent-ils compte? Les bonnes pratiques de gouvernance ont un impact direct sur la capacit\u00e9 d\u2019une organisation \u00e0 gagner la confiance des investisseurs, des locataires et de la communaut\u00e9. Les structures de gouvernance d\u2019entreprise qui adoptent des cadres de travail ESG sont mieux \u00e9quip\u00e9es pour identifier et r\u00e9pondre aux conditions changeantes qui contribuent \u00e0 l\u2019obsolescence, \u00e0 la non-conformit\u00e9 r\u00e9glementaire, aux litiges et au risque de perte de r\u00e9putation. La gouvernance de l\u2019immobilier commercial peut \u00eatre influenc\u00e9e par les perspectives de multiples parties prenantes au-del\u00e0 des propri\u00e9taires – pr\u00eateurs, investisseurs et occupants. Apr\u00e8s avoir clarifi\u00e9 l\u2019objectif de l\u2019\u00e9valuation, il peut s\u2019av\u00e9rer n\u00e9cessaire de prendre en compte les perspectives des multiples parties prenantes dans une matrice de d\u00e9cision pond\u00e9rant les attentes de chacune d\u2019entre elles, en termes de contributions relatives des facteurs non financiers importants (sociaux et de gouvernance) qui ont un impact sur la faisabilit\u00e9 financi\u00e8re. Prenons l\u2019exemple de l\u2019\u00e9valuation d\u2019un complexe de logements sociaux avec une clause restrictive qui limite l\u2019utilisation optimale du site.9 Les facteurs ESG sont-ils reconnus par le march\u00e9, y compris la \u00ab valeur verte \u00bb10 pr\u00e9c\u00e9demment reconnue surtout en termes d\u2019\u00e9nergie? L\u2019initiative des Nations unies pour l\u2019investissement immobilier durable affirme que les personnes qui g\u00e8rent les actifs immobiliers mondiaux – \u00e9valu\u00e9s \u00e0 environ 50 000 milliards de dollars – constituent l\u2019un des groupes d\u00e9cisionnels les plus importants pour faire face au changement climatique et \u00e0 la pand\u00e9mie de COVID-19. Le secteur du b\u00e2timent a l\u2019une des empreintes carbone les plus \u00e9lev\u00e9es, contribuant actuellement \u00e0 30 % des \u00e9missions annuelles mondiales de gaz \u00e0 effet de serre (GES) et consommant environ 40 % de l\u2019\u00e9nergie mondiale. Le respect des engagements pris \u00e0 Paris en 2015 pour limiter le r\u00e9chauffement climatique implique d\u2019\u00e9viter 77 % des \u00e9missions totales de CO2 dans le secteur du b\u00e2timent d\u2019ici \u00e0 2050 par rapport aux niveaux actuels. \u00ab Globalement, pr\u00e8s de la moiti\u00e9 des personnes interrog\u00e9es pensent que les b\u00e2timents \u00e9cologiques\/durables permettent d\u2019obtenir des loyers et un prix plus \u00e9lev\u00e9s que les b\u00e2timents comparables non \u00e9cologiques\/non durables. Plus d\u2019un tiers d\u2019entre eux estiment que la prime de loyer et de prix peut atteindre 10 % ; environ 15 % jugent qu\u2019elle est encore plus \u00e9lev\u00e9e. En outre, plus de 30 % des personnes interrog\u00e9es sugg\u00e8rent que, m\u00eame s\u2019il n\u2019y a pas de prime de loyer ou de prix, les b\u00e2timents qui ne sont pas class\u00e9s comme verts ou durables font l\u2019objet d\u2019une d\u00e9cote brune \u00bb. Le changement climatique, la reconnaissance croissante de l\u2019in\u00e9galit\u00e9 sociale et la pand\u00e9mie contribuent \u00e0 des approches plus robustes des risques li\u00e9s \u00e0 la durabilit\u00e9. Les trois facteurs ESG sont de plus en plus reconnus comme des moteurs essentiels de la valeur \u00e0 long terme. Dans son rapport de 2022 sur le d\u00e9veloppement durable, le RICS fait \u00e9tat d\u2019une demande croissante des investisseurs pour des b\u00e2timents durables. Pas si vite – Tout le monde accepte-t-il que les facteurs ESG soient un moteur de valeur \u00e0 long terme? L\u2019ESG fait passer la performance \u00e9conomique des entreprises d\u2019un simple objectif \u00e0 long terme de profit pour les actionnaires \u00e0 la Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 24Return to CONTENTSprise en compte des perspectives des parties prenantes, dans le but d\u2019encourager un comportement plus socialement responsable (ou peut-\u00eatre moins socialement irresponsable).11 Alors que les investisseurs et les \u00e9valuateurs prenaient auparavant en compte les questions environnementales (par ex., l\u2019\u00e9nergie), leurs perspectives de risque s\u2019\u00e9largissent pour prendre en compte la gouvernance et les incidences sociales. Les propri\u00e9taires, les locataires, les investisseurs et les autres parties prenantes utilisent de plus en plus les performances ESG pour pr\u00e9dire les performances financi\u00e8res et \u00e9conomiques \u00e0 long terme.12 L\u2019importance croissante accord\u00e9e aux aspects ESG rend n\u00e9cessaire une plus grande clart\u00e9 quant \u00e0 leurs impacts sur l\u2019immobilier commercial. Nous avons besoin de savoir si les facteurs ESG ont un impact sur les march\u00e9s immobiliers et comment nous pouvons mesurer l\u2019impact des facteurs ESG dans les \u00e9valuations immobili\u00e8res. Pour l\u2019\u00e9valuateur, l\u2019\u00e9largissement de la perspective traditionnelle du profit aux facteurs ESG est essentiel \u00e0 l\u2019analyse des facteurs sociaux et de gouvernance. Ceux-ci sont de plus en plus importants pour comprendre l\u2019historique des transactions comparables, par exemple dans l\u2019analyse du taux de capitalisation. La d\u00e9finition fonctionnelle des facteurs ESG importants peut varier en fonction des diff\u00e9rences g\u00e9opolitiques, culturelles et l\u00e9gislatives. La confusion des multiples cadres ESG13,14,15 que les professionnels de l\u2019immobilier sont invit\u00e9s \u00e0 prendre en compte ajoute \u00e0 la complexit\u00e9 de l\u2019ESG. Il n\u2019existe pas encore de normes mondiales coh\u00e9rentes. Il convient d\u2019\u00eatre prudent lors de la s\u00e9lection et de la mise en \u0153uvre des normes afin d\u2019\u00e9viter les accusations d\u2019\u00e9coblanchiment et d\u2019autres risques pour la r\u00e9putation. Les cadres et normes ESG les plus largement reconnus pour l\u2019immobilier commercial comprennent : la Global Reporting Initiative (GRI), le Sustainability Accounting Standards Board (SASB) et le Task Force on Climate-related Financial Disclosures (TCFD). En Australie, le syst\u00e8me NABERS (National Australian Built Environment Rating System) fournit des mesures environnementales fiables et comparables dans tous les secteurs de la construction, y compris les h\u00f4tels, les centres commerciaux, les appartements, les bureaux et les centres de donn\u00e9es. Ces cadres ciblent la divulgation financi\u00e8re, le risque climatique et les \u00e9missions de GES, avec une pertinence variable pour l\u2019immobilier en Europe, en Am\u00e9rique du Nord et en Asie. Les normes existantes tentent d\u2019int\u00e9grer les crit\u00e8res ESG et les certifications dans un ensemble disparate de r\u00e9glementations et de l\u00e9gislations juridictionnelles, entrav\u00e9es par l\u2019absence de taxonomie commune. Au niveau r\u00e9gional, la taxonomie de l\u2019UE est une strat\u00e9gie qui d\u00e9finit ce qui constitue r\u00e9ellement des activit\u00e9s durables dans l\u2019Union europ\u00e9enne. Elle utilise des crit\u00e8res de conformit\u00e9 minimaux pour les activit\u00e9s \u00e9conomiques qui sont durables sur le plan environnemental. Un article de la Harvard Business Review r\u00e9sume la question comme suit : \u00ab \u2026 deux conversations se d\u00e9roulent \u2026. L\u2019une porte sur les performances financi\u00e8res de l\u2019entreprise \u2026. L\u2019autre porte sur les performances en mati\u00e8re de d\u00e9veloppement durable \u2026 une conversation entre la fonction de d\u00e9veloppement durable de l\u2019entreprise et la fonction de d\u00e9veloppement durable et d\u2019intendance de l\u2019investisseur. Ces deux conversations commencent d\u00e9j\u00e0 \u00e0 converger et ne doivent plus faire qu\u2019une. Les sp\u00e9cialistes de la finance et du d\u00e9veloppement durable des entreprises et des investisseurs doivent devenir bilingues. \u00bb 16 Quels sont les autres obstacles \u00e0 l\u2019acceptation de l\u2019ESG par le march\u00e9? Pour aider leurs clients \u00e0 prendre des d\u00e9cisions \u00e9clair\u00e9es en mati\u00e8re d\u2019investissement et d\u2019\u00e9valuation des actifs tout au long de leur vie, les professionnels de l\u2019immobilier doivent \u00e9valuer les facteurs ESG importants qui sont susceptibles d\u2019affecter l\u2019immobilier commercial. Pour ce faire, ils doivent savoir quels facteurs ESG sont pertinents et ont un impact sur les risques et la valeur de l\u2019immeuble ou du portefeuille consid\u00e9r\u00e9. En empruntant au monde des affaires et de la finance, les questions ESG importantes peuvent \u00eatre d\u00e9finies comme les facteurs de gouvernance, de durabilit\u00e9 ou de soci\u00e9t\u00e9 susceptibles d\u2019affecter la situation financi\u00e8re ou la performance op\u00e9rationnelle de biens immobiliers sp\u00e9cifiques au sein de chaque cat\u00e9gorie d\u2019actifs. La durabilit\u00e9 et l\u2019utilisation durable d\u2019un b\u00e2timent peuvent \u00eatre d\u00e9termin\u00e9es par la certification. Certains des syst\u00e8mes de certification internationaux les plus connus sont LEED, BOMA Best, BREEAM et DGNB.17 La Building Owners and Managers Association International (BOMA), dans sa r\u00e9cente publication BOMA Best 4.0, pr\u00e9sente un exemple d\u2019am\u00e9lioration continue des programmes de certification. BOMA Best 4.0 est une version simplifi\u00e9e de la norme de certification durable pour les immeubles commerciaux et multifamiliaux existants, qui a \u00e9t\u00e9 lanc\u00e9e en avril 2023. Elle propose un questionnaire simplifi\u00e9 pour chaque cat\u00e9gorie d\u2019actifs, en mettant l\u2019accent sur les \u00e9missions de carbone. Ces questionnaires simplifi\u00e9s peuvent \u00e9galement contribuer \u00e0 am\u00e9liorer la gouvernance des donn\u00e9es.18 L\u2019analyse ESG fait partie int\u00e9grante des pratiques d\u2019\u00e9valuation g\u00e9n\u00e9ralement accept\u00e9es. Par exemple, dans la m\u00e9thode de comparaison directe, l\u2019\u00e9valuateur identifie et \u00e9value l\u2019importance des diff\u00e9rents \u00e9l\u00e9ments de comparaison sur le march\u00e9 pour juger du poids relatif d\u2019une vente particuli\u00e8re dans l\u2019analyse comparative. De m\u00eame, les professionnels de l\u2019immobilier doivent identifier et \u00e9valuer les \u00e9l\u00e9ments ESG qui sont importants pour l\u2019analyse de l\u2019utilisation optimale (UO) et qui sont pertinents pour les besoins des investisseurs ou des clients. L\u2019analyse de l\u2019UO comporte quatre tests. Les facteurs ESG influencent les trois premiers tests de l\u2019UO (physiquement possible, l\u00e9galement admissible et financi\u00e8rement r\u00e9alisable). Mais l\u2019identification et l\u2019analyse des facteurs sociaux et de gouvernance peuvent \u00eatre mieux consid\u00e9r\u00e9es dans le cadre du quatri\u00e8me test UO \u2013 \u00e0 savoir l\u2019\u00e9valuation de chaque alternative pour d\u00e9terminer l\u2019option permettant d\u2019atteindre une productivit\u00e9 maximale \u00e0 long terme. L\u2019\u00e9valuation et la pond\u00e9ration de ces facteurs dans une matrice de d\u00e9cision doivent refl\u00e9ter les crit\u00e8res pr\u00e9f\u00e9r\u00e9s et l\u2019\u00e9tendue des travaux d\u00e9finis par l\u2019investisseur, le pr\u00eateur ou d\u2019autres parties prenantes typiques d\u2019un march\u00e9 d\u2019actifs donn\u00e9. L\u2019analyste doit relever le d\u00e9fi d\u2019identifier les facteurs ESG pertinents et d\u2019\u00e9valuer leur impact sur la valeur avec des donn\u00e9es de march\u00e9 limit\u00e9es. En l\u2019absence de preuves transactionnelles, des enqu\u00eates et des r\u00e9f\u00e9rences faisant autorit\u00e9 peuvent aider \u00e0 comprendre comment les investisseurs immobiliers, les pr\u00eateurs, Volume 67 | Book 3 \/ Tome 3 | 202325Return to CONTENTSles locataires et les propri\u00e9taires pond\u00e8rent les facteurs ESG dans des d\u00e9cisions immobili\u00e8res fond\u00e9es sur des preuves. L\u2019\u00e9valuation des crit\u00e8res et la pond\u00e9ration des facteurs dans une matrice de d\u00e9cision qui r\u00e9pond aux perspectives ESG des parties prenantes impliquent l\u2019examen des caract\u00e9ristiques des biens immobiliers, des risques du march\u00e9, des consid\u00e9rations soci\u00e9tales et de gouvernance, et des crit\u00e8res d\u2019investissement. Une bonne notation ESG signifie que, par rapport \u00e0 des entreprises comparables, les risques environnementaux, sociaux et de gouvernance de l\u2019actif sont bien g\u00e9r\u00e9s afin de pr\u00e9server (ou de maximiser) la valeur \u00e0 long terme. En g\u00e9n\u00e9ral, les notations et les pond\u00e9rations des crit\u00e8res ESG pour l\u2019immobilier d\u2019entreprise sont d\u00e9termin\u00e9es par des agences de notation ESG et refl\u00e8tent les facteurs ESG sp\u00e9cifiques qu\u2019elles jugent les plus importants pour le secteur. Parmi les agences de notation, on peut citer Global Real Estate Sustainability Benchmark (GRESB),19 Morgan Stanley Investment Capital (MSCI),20 Sustainalytics,21 et Institutional Shareholder Services (ISS).22. GRESB \u00e9value et compare les performances ESG des actifs immobiliers au niveau mondial, en fournissant des donn\u00e9es normalis\u00e9es et valid\u00e9es aux march\u00e9s financiers. GRESB, MSCI et ISS sont des exemples d\u2019agences de notation qui \u00e9valuent les soci\u00e9t\u00e9s immobili\u00e8res sur la base de crit\u00e8res ESG tels que l\u2019efficacit\u00e9 \u00e9nerg\u00e9tique, la conservation de l\u2019eau et la qualit\u00e9 de l\u2019air int\u00e9rieur, et qui attribuent une pond\u00e9ration \u00e0 chaque crit\u00e8re en fonction de son importance per\u00e7ue. Le recours \u00e0 une agence de notation de l\u2019immobilier commercial bien connue, qui reconna\u00eet les certifications appropri\u00e9es (par exemple, GRESB, NABERS, Green Star, BOMA Best) et la transparence peuvent contribuer \u00e0 \u00e9viter les all\u00e9gations d\u2019\u00e9coblanchiment23 et d\u2019autres risques pour la r\u00e9putation. Les investisseurs et les pr\u00eateurs utilisent de plus en plus les notations ESG et les crit\u00e8res de pond\u00e9ration pour prendre leurs d\u00e9cisions en mati\u00e8re d\u2019immobilier d\u2019entreprise. Par exemple, CBRE note que les investisseurs immobiliers devraient au moins prendre en compte les facteurs ESG tels que l\u2019efficacit\u00e9 \u00e9nerg\u00e9tique, la conservation de l\u2019eau et la qualit\u00e9 de l\u2019air int\u00e9rieur lorsqu\u2019ils \u00e9valuent la performance ESG d\u2019un bien immobilier.24 Deloitte note que les consid\u00e9rations ESG pour l\u2019immobilier comprennent des facteurs environnementaux tels que l\u2019efficacit\u00e9 \u00e9nerg\u00e9tique et les \u00e9missions de carbone, des facteurs sociaux tels que la sant\u00e9 et la s\u00e9curit\u00e9 des locataires, et des facteurs de gouvernance tels que la diversit\u00e9 du Conseil d\u2019administration et la r\u00e9mun\u00e9ration des dirigeants.25 Les investisseurs et les pr\u00eateurs prennent en compte les notations ESG et les crit\u00e8res de pond\u00e9ration pour \u00e9valuer la durabilit\u00e9 d\u2019un bien immobilier et en \u00e9valuer la valeur \u00e0 long terme. Il peut \u00eatre difficile d\u2019\u00e9valuer les facteurs de durabilit\u00e9 dans le cadre d\u2019une \u00e9valuation donn\u00e9e, \u00e0 moins de disposer de donn\u00e9es, de comparables ou de r\u00e9f\u00e9rences sp\u00e9cifiques en mati\u00e8re de durabilit\u00e9 et d\u2019ESG pour le bien concern\u00e9. L\u2019accent ayant \u00e9t\u00e9 mis r\u00e9cemment sur des facteurs tels que les \u00e9missions de carbone, les plans \u00ab net z\u00e9ro \u00bb et l\u2019efficacit\u00e9 \u00e9nerg\u00e9tique, il est imp\u00e9ratif de rechercher des donn\u00e9es pertinentes pour le bien \u00e9valu\u00e9 aupr\u00e8s des principales parties prenantes ainsi qu\u2019aupr\u00e8s de sources accessibles au public afin de s\u2019assurer que les d\u00e9cisions en mati\u00e8re de durabilit\u00e9 sont fond\u00e9es sur des donn\u00e9es probantes. Comme pour les autres \u00e9l\u00e9ments de comparaison, les exigences en mati\u00e8re de donn\u00e9es ESG pour le bien en objet et les comparables doivent s\u2019aligner sur la classe d\u2019actifs et le march\u00e9 cible, qui refl\u00e8tent des r\u00e9f\u00e9rences similaires en mati\u00e8re de durabilit\u00e9. Conseils des associations professionnelles Le corpus de connaissances sur l\u2019impact des facteurs ESG sur l\u2019\u00e9valuation immobili\u00e8re est encore en d\u00e9veloppement. Voici quelques exemples d\u2019orientations \u00e9mergentes \u00e9manant d\u2019associations professionnelles d\u2019\u00e9valuation. Le Royal Institute of Chartered Surveyors (RICS) a publi\u00e9 en 2021 une note d\u2019orientation sur la durabilit\u00e9 et l\u2019ESG dans l\u2019\u00e9valuation de l\u2019immobilier commercial et les conseils strat\u00e9giques.26 Cette note d\u2019orientation, qui compl\u00e8te les normes mondiales du Red Book du RICS, donne des indications sur les m\u00e9thodes d\u2019\u00e9valuation et les consid\u00e9rations relatives \u00e0 la durabilit\u00e9, telles que les primes de risque et l\u2019obsolescence. La note donne \u00e9galement un aper\u00e7u des questions li\u00e9es \u00e0 l\u2019application de la m\u00e9thode de la comparaison directe et de la m\u00e9thode des revenus (en particulier la m\u00e9thode des flux de tr\u00e9sorerie actualis\u00e9s). L\u2019International Valuations Standards Council (IVSC) d\u00e9clare que l\u2019obligation de prendre en compte l\u2019ESG dans le processus d\u2019\u00e9valuation des actifs corporels est implicite dans les International Valuation Standards.27 Le document de perspectives de l\u2019IVSC indique que l\u2019analyse des flux de tr\u00e9sorerie actualis\u00e9s (DCF) est bien adapt\u00e9e pour quantifier les facteurs ESG dans une \u00e9valuation immobili\u00e8re parce qu\u2019un DCF peut explicitement refl\u00e9ter des hypoth\u00e8ses sp\u00e9cifiques relatives aux revenus, aux d\u00e9penses, aux d\u00e9penses d\u2019investissement, aux rendements de sortie et \u00e0 l\u2019inoccupation sur une p\u00e9riode de plusieurs ann\u00e9es. Dans un entretien avec l\u2019IVSC, Adrian Nicholls a soulign\u00e9 l\u2019importance de comprendre la valeur des actifs incorporels, qu\u2019il s\u2019agisse des comp\u00e9tences de la main-d\u2019\u0153uvre, des connaissances organisationnelles ou du pouvoir des marques.28 Aujourd\u2019hui, la confusion entre la valeur des biens et celle des entreprises s\u2019\u00e9tend \u00e0 tous les types de biens et \u00e0 tous les secteurs d\u2019activit\u00e9, y compris les h\u00f4tels et les variations de l\u2019h\u00f4tellerie (y compris les multipropri\u00e9t\u00e9s et Airbnb\/VRBO), le self-stockage, les maisons pr\u00e9fabriqu\u00e9es et les communaut\u00e9s de lotissement \u00e0 louer, les FPI avec des structures de location NNN pour magasins de d\u00e9tail grande surface, les entrep\u00f4ts de commerce \u00e9lectronique, et les projets de r\u00e9utilisation adaptative \u00e0 usage mixte.29 La m\u00e9thode d\u2019\u00e9valuation DCF et la confusion entre propri\u00e9t\u00e9 et entreprise commerciale soulignent la n\u00e9cessit\u00e9 de d\u00e9finir clairement les bases de la valeur – en faisant la distinction entre la valeur marchande, la valeur d\u2019investissement ou la valeur synergique.30 Perspectives d\u2019avenir Dans le contexte actuel d\u2019incertitude du march\u00e9 immobilier mondial, les conseils de l\u2019IVSC concernant l\u2019ESG peuvent \u00eatre plus appropri\u00e9s lorsqu\u2019il s\u2019agit de prendre en compte les facteurs ESG dans le processus d\u2019\u00e9valuation : \u2022 Surveiller l\u2019\u00e9volution continue de l\u2019ESG; identifier les aspects de l\u2019immeuble qui entra\u00eenent des notations ESG plus ou moins \u00e9lev\u00e9es. \u2022 \u00c9valuer un immeuble sur son march\u00e9, en tenant compte des mesures gouvernementales applicables en mati\u00e8re d\u2019ESG. Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 26Return to CONTENTS\u2022 Maintenir une compr\u00e9hension approfondie de la location \u00e9cologique et des autres exigences du march\u00e9 afin de refl\u00e9ter avec pr\u00e9cision l\u2019offre et la demande en mati\u00e8re d\u2019ESG. \u2022 Assurer la liaison avec les professionnels de la construction et des co\u00fbts de construction pour comprendre les composants qui am\u00e9liorent les facteurs ESG et leur co\u00fbt. \u2022 Analyser les caract\u00e9ristiques ESG des biens comparables utilis\u00e9s et d\u00e9terminer, par le biais de crit\u00e8res d\u2019\u00e9valuation, le poids que les parties prenantes du march\u00e9 accordent \u00e0 ces caract\u00e9ristiques. \u2022 D\u00e9terminer la disponibilit\u00e9 et l\u2019impact d\u2019un financement favorable sur les b\u00e2timents ayant des notes ESG plus \u00e9lev\u00e9es. Notes en fin de texte 1 Appraisal Institute. The Appraisal of Real Estate, Quinzi\u00e8me \u00e9dition. 2015. 2 IVSC. Expos\u00e9-sondage sur les normes internationales d\u2019\u00e9valuation pour consultation. 2023. URL: https:\/\/www.ivsc.org\/ themencode-pdf-viewer\/?file=https:\/\/www.ivsc.org\/wp-content\/ uploads\/2023\/04\/IVS-Exposure-Draft-Apr-23.pdf#zoom=auto 3 IVSC. Perspectives Paper: Defining and Estimating \u2018Social Value\u2019. URL: https:\/\/www.ivsc.org\/wp-content\/uploads\/2021\/09\/ Perspectivespaper-SocialValue.docx.pdf 4 Bala Gnanam, vice-pr\u00e9sident, VP – Sustainability, Advocacy & Stakeholder Relations, BOMA. Interview \u2013 19 avril 2023. 5 PwC Canada. Cr\u00e9er de la valeur \u00e0 partir du facteur S de l\u2019ESG dans l\u2019immobilier. URL: https:\/\/www.pwc.com\/ca\/en\/industries\/realestate\/emerging-trends-in-real-estate\/social-investments.html 6 Aquicore Resource Library. Guide de l\u2019ESG pour l\u2019immobilier commercial. URL: https:\/\/www.aquicore.com\/esg-guidecre#governance 7 Emerging Trends in Real Estate \u2013 USA & Canada. 2023. 2. ESG Performance: A Critical Issue for Canadian Real Estate. PwC & ULI. URL: https:\/\/www.pwc.com\/ca\/en\/real-estate\/ publications\/emerging-trends-in-real-estate-2023-report.pdf 8 Une strat\u00e9gie ESG devrait inclure un processus de suivi des mesures et d\u2019\u00e9tablissement des objectifs (logiciel activ\u00e9). 9 Commission d\u2019appel de l\u2019\u00e9valuation fonci\u00e8re de la ColombieBritannique. Chishaun Housing Society c. Area 09 (2023 PAABBC 20220005). URL: https:\/\/decisions.assessmentappeal.bc.ca\/ Decisions\/Dfull\/dec_2021-09-00026_20220005.asp 10 Par le biais de certifications telles que LEED, BREEAM et BOMA Best pour des actifs individuels. 11 BOMA Best Sustainable. URL: https:\/\/bomabestfieldguide.org\/ field-guide-for-sustainable-buildings\/ 12 Henisz, Koller & Nuttall. Novembre 2019. McKinsey Quarterly. URL: https:\/\/www.mckinsey.com\/~\/media\/McKinsey\/ Business%20Functions\/Strategy%20and%20Corporate%20 Finance\/Our%20Insights\/Five%20ways%20that%20ESG%20 creates%20value\/Five-ways-that-ESG-creates-value.ashx 13 Royal Institute of Chartered Surveyors (RICS): Sustainability and ESG in commercial property valuation and strategic advice Global 3e \u00e9dition, en vigueur le 31 janvier 2022 – Appendix A: International sustainability\/ESG rating, benchmarking and measurement schemes. URL: https:\/\/www.rics.org\/content\/ dam\/ricsglobal\/documents\/standards\/Sustainability%20and%20 ESG_3rd%20edition_standard%20-%20May%202023.pdf 14 Building Owners and Managers Association International: Sustainability Resources Green Rating Programs URL: https:\/\/ www.boma.org\/BOMA\/Research-Resources\/Sustainability\/ Sustainability%20Resources.aspx 15 Five ESG Frameworks Real Estate Owners Need to Know In 2022 and Beyond. URL: https:\/\/www.measurabl.com\/five-esg-frameworksreal-estate-owners-need-to-know-in-2022-and-beyond\/ 16 Robert Eccles & Bhakti Mirchandani. We Need Universal ESG Accounting Standards. Harvard Business Review. 15 f\u00e9vrier 2022. URL: https:\/\/hbr.org\/2022\/02\/we-need-universal-esgaccounting-standards 17 CMS. CMS Expert Guide to green lease law and regulation in Europe. URL: https:\/\/cms.law\/en\/int\/expert-guides\/cmsexpert-guide-to-green-lease-clauses-in-europe 18 BOMA Best Building Certification Program. URL: https:\/\/ bomabestfieldguide.org\/field-guide-for-sustainable-buildings\/ 19 GRESB – Sustainability Performance Data & Real Asset Insights.\u00bb GRESB, 2021. Le GRESB est une r\u00e9f\u00e9rence ESG mondiale pour les investissements dans l\u2019immobilier et les infrastructures. Il \u00e9value et compare les performances ESG des actifs immobiliers dans le monde entier, en fournissant des donn\u00e9es normalis\u00e9es et valid\u00e9es aux march\u00e9s financiers. URL: https:\/\/gresb.com\/ 20 Notations ESG – MSCI ESG Research.\u00bb MSCI, 2021, https:\/\/www. msci.com\/esg-ratings 21 Notations ESG – Sustainalytics.\u00bb Sustainalytics, 2021, https:\/\/ www.sustainalytics.com\/esg-ratings\/ 22 Notations ESG – ISS ESG.\u00bb ISS ESG, 2021, https:\/\/www. issgovernance.com\/solutions\/esg-ratings\/ 23 Pour \u00e9viter la perception d\u2019\u00e9coblanchiment, il faut que les informations ESG soient communiqu\u00e9es \u00e0 l\u2019aide d\u2019un cadre d\u2019information mondial r\u00e9put\u00e9, tel que la Global Reporting Initiative (GRI), les Principles for Responsible Investment (PRI) ou le Sustainability Accounting Standards Board (SASB). Ces cadres exigent la pr\u00e9sentation d\u2019informations ESG normalis\u00e9es et comparables. 24 CBRE. 2022. ESG and Real Estate: The Top 10 Things Investors Need to Know URL: https:\/\/www.cbre.com\/insights\/reports\/esg-and-realestate-the-top-10-things-investors-need-to-know#introduction 25 Deloitte. 2021. ESG Real Estate Insights 2021. URL: https:\/\/ www2.deloitte.com\/content\/dam\/Deloitte\/pl\/Documents\/ Reports\/pl_Real_Estate_ESG__8.pdf 26 Royal Institution of Chartered Surveyors (RICS). 2021. Sustainability and ESG in commercial property valuation and strategic advice Global 3e \u00e9dition, D\u00e9cembre 2021 URL: https:\/\/www.rics.org\/ content\/dam\/ricsglobal\/documents\/standards\/Sustainability%20 and%20ESG_3rd%20edition_standard%20-%20May%202023.pdf 27 IVSC. Perspectives Paper: ESG and Real Estate Valuation. 28 IVSC. The Changing Landscape of the Valuation Industry. Entretien avec Adrian Nicholls, responsable mondial de l\u2019\u00e9valuation, de la mod\u00e9lisation et de l\u2019\u00e9conomie chez EY. URL: https:\/\/www.ivsc.org\/pdfviewer\/ivsc-interview-with-egglobal-valuation-leader-adrian-nicholls\/ 29 CCIM Institute. Appraising Change. Fall 2022. URL: https:\/\/www. ccim.com\/cire-magazine\/articles\/2022\/fall\/appraising-change\/ 30 IVSC. IVS 104 \u2013 Bases of Value, en vigueur le 31 janvier 2022. URL: https:\/\/www.aicanada.ca\/wp-content\/uploads\/IVSCeffective-31-Jan-2022-1.pdf Volume 67 | Book 3 \/ Tome 3 | 202327Return to CONTENTSBy Cindy Schoenauer, P. App., AACI, Cushman & Wakefield \u2013 Vice President, Hospitality and Gaming, Valuation & Advisory INTRODUCTION 2020 will always be remembered for the speed with which COVID-19 arrived and affected our lives and businesses. For the Canadian hospitality market, it was a year that stressed the industry nearly to its breaking point. In Cushman & Wakefield\u2019s 2020 Hotel Sector Outlook, we anticipated slowing growth after 10 years of uninterrupted growth and expansion. As Q1 2020 ended, and the COVID-19 pandemic became a reality, hotel markets across the country saw unprecedented declines. The Canadian hotel industry lost 60% of its revenue in 2020, with monthly occupancy rates dropping to as low as 14% nationwide by April of that year. In April and May 2020, the question quickly became: \u201cHow do we value hotels during a rapid decline and recovery period?\u201d The following chart is from Cushman and Wakefield\u2019s Canadian Lodging Overview, published in January 2021, which outlines the change in Revenue Per Available Room (RevPAR) by month and by location throughout 2020: JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 10% 0%-10%-20%-30%-40%-50%-60%-70%-80%-90%-100% SMALL METRO HIGHWAY SUBURBAN AIRPORT CANADA URBAN RESORT CANADAURBANSUBURBANAIRPORTHIGHWAYRESORTSMALL METRO\/TOWN 2020 REVPAR % CHANGE FROM 2019 Source: Cushman & Wakefield & Smith Travel Research (STR) VALUING HOTELS in tumultuous timesin tumultuous times Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 28Return to CONTENTSTHE MARKET STUDY An important component of a hotel appraisal is the market study. Smith Travel Research (STR) data is the most widely used in the global hotel sector for monitoring the performance of hotel trends and growth. During the pandemic, STR was providing the industry with weekly updates for the metrics of occupancy, Average Daily Rate (ADR), and RevPAR. The Cushman Wakefield team attended weekly STR webinars to understand the latest trends for both the United States and Canada, as certain markets and hotel types were recovering faster than others. We were monitoring airport traffic patterns, public health travel restrictions by province, information from the International Airport Transport Association, Air Canada and WestJet, as well as economic and tourism forecasts. Destination Canada, in partnership with Tourism Economics, was also continuously updating industry participants with weekly webinars and COVID-19 Tourism Outlooks reports. These forecasts outlined the recovery for tourism expenditures and visitation levels by geographic area (Domestic, US, Mexico, International, etc.). With this market intelligence, we were able to understand that the path forward for recovery would be unique for each hotel based on its type (limited-service, full-service, etc.), scale (economy, luxury, etc.) and location (highway, airport, urban, resort, etc.). We would have to look at each appraisal differently. Over the course of the pandemic, we prepared detailed monthly topline projections (demand and ADR growth) for the market and subject for the first two years of the projection period. Our market studies estimated that, in 2023-2024, the subject hotel and market would recover from the pandemic in both demand and ADR, which would assist in estimating the year in which hotel values would stabilize. VALUATION METHOD In 2020, hotel transaction activity decreased to levels not seen since the recession of 2009. There were very few sales of hotels, which is why the Direct Comparison Approach could only provide an indication of value based on pre-pandemic income levels. Over 2021 and 2022, nearly a quarter of total hotel sales were for conversion to alternate use or redevelopment. Over the course of the pandemic, at a time when most hotels were incurring significant net income losses, the industry received much needed government assistance in the form of government funded subsidies. With no net income to capitalize and derive value from, the most reasonable method to value hotels was the Discounted Cash Flow Method of the Income Approach. Applying a direct capitalization rate on trailing 12 months\u2019 net income or on projected year one income could not reflect a reasonable market value from 2020 through most of 2022. Therefore, the approach taken was to adjust cash flows vs. capitalization rates. According to the recovery growth projected in our market studies, and with guidance from historic and year-to-date detailed operating statements, pro forma projections were carefully prepared. Adjustments were required for government subsidies, one-time quarantine contracts, skeleton staffing models, vacancies due to labour challenges, and increasing costs of labour. IMPACT OF INFLATION AND EVOLVING CAPITALIZATION RATES In 2022, most hotel markets in Canada experienced accelerated ADR growth, which resulted in most hotels achieving ADRs well above pre-pandemic levels. The following chart shows the Historical Canadian Hotel Market Performance from 2018 to 2022, plus the period for year-to-date results for May 2023: ADRRevPAROccupancy CANADA MARKET HISTORICAL ROOMS PERFORMANCE Source: STR $163 $165 $131 $139 $182 $180 $108 $107 $43 $58 $111 $110 66%65% 33% 42% 61%61% $200 $150 $100 $50 $0 20182019202020212022YTD May 2023 80% 60% 40% 20% 0% Volume 67 | Book 3 \/ Tome 3 | 202329Return to CONTENTSdirectly impacted by flow of capital to the sector and investor expectations. For the hospitality sector specifically, capitalization rate increases have been less than expected, given good investor demand and a limited amount of hotels available for acquisition. The following chart shows the movement of hotel capitalization rates for full-service hotels throughout major markets in Canada from 2017 to 2022. Into 2023, we continue to value hotels carefully, as we evaluate strong ADR gains, the impact of rising costs, and investor interest in determining the appropriate capitalization rate. CONCLUSION Valuing hotels during rapid decline and recovery conditions requires a finger on the pulse. Ongoing research, analysis, and observation of a multitude of variables is critical in understanding the state of the industry. As hotel specialists, through access to up-to-date research, data, published industry forecasts, and outlooks, we were able to develop a strong market study component, which would pave the way for reasonable cash flow projections. Using the discounted cash flow method allowed for all these variables to be reflected in value with the application of stabilized market derived capitalization rates. Ongoing correspondence with hotel owners and brokers, and discussion with hotel operators, was also critical in obtaining an understanding of the situation and preparing a recovery trajectory. The market will continue to reclaim demand levels over the next two years, and ADR growth should normalize. This tumultuous period in hotel history has made for a stimulating time for owners, operators, appraisers, and brokers. HOTEL CAP RATE SURVEY REPORT FULL-SERVICE DOWNTOWN (IN MAJOR CANADIAN MARKETS) Source: Cushman & Wakefield 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 6.00% 6.00% 6.00% 6.06% 6.19% 6.00% 5.00% 4.88% 4.50% 4.63% 5.00% 5.00% 8.13% 7.88% 7.50% 7.63% 8.00% 8.00% 5.44% 4.88% 4.50% 4.63% 5.00% 5.00% 7.00% 6.88% 6.50% 6.63% 7.00% 7.00% 7.50% 7.38% 7.00% 7.13% 7.50% 7.50% 8.00% 7.88% 7.50% 7.50% 7.50% 7.50% 8.00% 7.63% 7.50% 7.50% 7.50% 7.50% 8.00% 8.00% 8.00% 8.38% 8.50% 8.50% 8.00% 8.00% 8.00% 8.38% 8.50% 8.50% 7.00% 7.00% 7.00% 7.38% 7.50% 7.50% 6.75% 6.13% 6.00% 6.38% 6.50% 6.50% 6.25% 6.25% 6.25% 6.44% 6.50% 6.50% 9.13% 9.00% 9.00% 9.38% 9.50% 9.50% 8.00% 8.00% 8.00% 8.38% 8.50% 8.50% 8.50% 8.50% 8.50% 8.88% 9.00% 9.00% 9.00% 9.00% 9.00% 9.38% 9.50% 9.50% 9.00% 8.63% 8.50% 8.88% 9.00% 9.00% 10 .00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% CalgaryEdmontonHalifaxKitchener\/ Waterloo MontrealOttawaTorontoVancouverVictoriaWinnipeg 2017 2018 2019 2020 2021 2022 Higher demand for domestic leisure largely drove ADR gains in 2021 and 2022, as travel outside of Canada was restricted. The outlook for 2023 and 2024 is for the continued recovery of group and corporate sources of demand, which pay discounted and negotiated fees, and should result in the levelling off of ADR growth. That said, ADR growth was up 17.1% according to YTD May 2023 year-over-year results, which indicates that rates are elevated due to inflationary factors. Despite the recuperation of room revenues, maintaining higher net income levels has been a challenge for most hotels, as operations face increased costs for labour, goods, and materials. StatsCan reported that the Consumer Price Index rose 6.8% on an average annual basis in 2022, led by food and energy costs. Hotels continue to see rises in the cost of utilities, insurance, and property taxes as well. In addition, salaries and wages have risen with further increases in minimum wages, and because the accommodation and food sector is the lowest paying industry in Canada, hoteliers have had to increase both pay and benefits substantially to compete with other sectors. A healthy 5.4% unemployment rate has also contributed to ongoing labour challenges. In general, hotel capitalization rates have increased between 50 to 100 basis points since Q2 2020. Hotel capitalization rates are published in Cushman & Wakefield\u2019s quarterly Canadian Cap Rate Report. While the range in rates for hotels has not shifted since early 2022, the survey does indicate increasing upward pressure on capitalization rates across all asset classes driven by economic uncertainty, high inflation, and the rise in interest rates. Historically, changes in interest rates alone did not drive changes in capitalization rates. Capitalization rates are more Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 30Return to CONTENTSThis publication is printed on Forest Stewardship Council\u00ae (FSC\u00ae) certified paper with vegetable oil-based inks. Please do your part for the environment by reusing and recycling. Our concern for the environment is more than just talk The approach of Verity Claims Management to every claim will be to provide \u201cFundamental True Value.\u201d Our claims handling services are grounded in the following principles: \u2022 Client-focused service \u2022 Collaboration with other service providers \u2022 Careful and thorough analysis and investigation \u2022 Prompt and clear reporting to clients 1860 Appleby Line-Suite 420, Burlington, ON L7L 7H7 KatjaK@verityclaims.ca | 647-884-5065 9776478 Canada Inc. A properly handled claim can make a large difference in the outcome of the claim OUR VISION To be the most trusted association of residential appraisal firms in Canada. OUR MANDATE BAREA protects and promotes the business interests of our member firms through a strong and cohesive voice as well as the sharing of best practices. Business Association of Real Estate Appraisers Stronger together DON\u2019T GO IT ALONE OUR VISION To be the most trusted association of residential appraisal firms in Canada. OUR MANDATE BAREA protects and promotes the business interests of our member firms through a strong and cohesive voice as well as the sharing of best practices. Business Association of Real Estate Appraisers barea.ca Stronger together DON\u2019T GO IT ALONE Volume 67 | Book 3 \/ Tome 3 | 202331Return to CONTENTSINTRODUCTION On se souviendra toujours de l\u2019ann\u00e9e 2020 pour la rapidit\u00e9 avec laquelle la COVID-19 a frapp\u00e9, affectant nos vies et nos entreprises. Pour le march\u00e9 canadien de l\u2019h\u00f4tellerie, ce fut une ann\u00e9e qui a durement \u00e9prouv\u00e9 l\u2019industrie, presque jusqu\u2019\u00e0 son point de rupture. Dans l\u2019analyse de Cushman & Wakefield 2020 Hotel Sector Outlook, nous anticipions un ralentissement de la croissance apr\u00e8s 10 ans de croissance et d\u2019expansion ininterrompues. \u00c0 la fin du premier trimestre de 2020, quand la pand\u00e9mie de COVID-19 est devenue r\u00e9alit\u00e9, les march\u00e9s de l\u2019h\u00f4tellerie \u00e0 travers le pays ont connu des reculs sans pr\u00e9c\u00e9dent. L\u2019industrie canadienne de l\u2019h\u00f4tellerie a perdu 60 % de ses revenus en 2020, alors que les taux d\u2019occupation sont tomb\u00e9s aussi bas que 14 % \u00e0 l\u2019\u00e9chelle nationale au mois d\u2019avril cette ann\u00e9e-l\u00e0. En avril et mai 2020, la question est vite devenue : \u00ab Comment \u00e9value-t-on les h\u00f4tels durant une p\u00e9riode de d\u00e9clin et de r\u00e9tablissement rapides ? \u00bb \u00c9VALUER LES H\u00d4TELS en des temps tumultueux Par Cindy Schoenauer, P. App., AACI, Cushman & Wakefield \u2013 vice-pr\u00e9sidente, Hospitalit\u00e9 et jeux, \u00e9valuation et conseils Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 32Return to CONTENTSL\u2019\u00c9TUDE DU MARCH\u00c9 Un \u00e9l\u00e9ment important dans l\u2019\u00e9valuation d\u2019un h\u00f4tel est l\u2019\u00e9tude du march\u00e9. Les donn\u00e9es de Smith Travel Research (STR) sont les plus utilis\u00e9es dans le secteur h\u00f4telier mondial pour surveiller les tendances et la croissance des h\u00f4tels. Durant la pand\u00e9mie, STR fournissait \u00e0 l\u2019industrie des mises \u00e0 jour hebdomadaires sur les mesures de l\u2019occupation, le tarif quotidien moyen (TQM) et le RevPCD. L\u2019\u00e9quipe de Cushman & Wakefield assistait \u00e0 des webinaires STR hebdomadaires pour comprendre les derni\u00e8res tendances tant aux \u00c9tats-Unis qu\u2019au Canada, alors que certains march\u00e9s et types d\u2019h\u00f4tels se r\u00e9tablissaient plus vite que d\u2019autres. Nous avons surveill\u00e9 les circuits de circulation a\u00e9rienne des a\u00e9roports, les restrictions de voyage de sant\u00e9 publique par province, l\u2019information de l\u2019Association du Transport A\u00e9rien International, d\u2019Air Canada et de WestJet, de m\u00eame que les pr\u00e9visions \u00e9conomiques et touristiques. Destination Canada, en partenariat avec Tourism Economics, mettait aussi continuellement \u00e0 jour les participants de l\u2019industrie avec des webinaires et des rapports hebdomadaires Perspectives touristiques sur la COVID-19. Ces pr\u00e9visions donnaient un aper\u00e7u du r\u00e9tablissement des d\u00e9penses touristiques et des niveaux de visites, par r\u00e9gion g\u00e9ographique (domestique, \u00c9.-U., Mexique, International, etc.). Gr\u00e2ce \u00e0 ces renseignements sur le march\u00e9, nous avons pu comprendre que la voie du r\u00e9tablissement d\u00e9pendrait de chaque h\u00f4tel, selon le type (service limit\u00e9, service complet, etc.), la gamme (\u00e9conomique, luxueux, etc.) et l\u2019emplacement (autoroute, a\u00e9roport, urbain, vill\u00e9giature, etc.). Il fallait aborder chaque \u00e9valuation diff\u00e9remment. Au cours de la pand\u00e9mie, nous avons pr\u00e9par\u00e9 des projections mensuelles brutes d\u00e9taill\u00e9es (croissance de la demande et du TQM) pour le march\u00e9 visant les deux premi\u00e8res ann\u00e9es de la p\u00e9riode de projection. Nos \u00e9tudes de march\u00e9 estimaient qu\u2019en 2023-2024, l\u2019h\u00f4tel et le march\u00e9 vis\u00e9s se r\u00e9tabliraient de la pand\u00e9mie tant pour la demande que pour le TQM, ce qui a aid\u00e9 \u00e0 estimer l\u2019ann\u00e9e o\u00f9 les valeurs h\u00f4teli\u00e8res se stabiliseraient. M\u00c9THODE D\u2019\u00c9VALUATION En 2020, le volume des transactions h\u00f4teli\u00e8res est tomb\u00e9 \u00e0 des niveaux que l\u2019on n\u2019avait pas vus depuis la r\u00e9cession de 2009. Il y a eu quelques ventes d\u2019h\u00f4tels, ce qui explique pourquoi la m\u00e9thode de comparaison directe ne pouvait fournir qu\u2019une indication de la valeur selon les niveaux de revenu pr\u00e9-pand\u00e9mie. En 2021 et 2022, pr\u00e8s du quart de toutes les ventes d\u2019h\u00f4tels concernait la conversion \u00e0 un autre usage ou le red\u00e9veloppement. JANVIER F\u00c9VRIER MARS AVRIL MAI JUIN JUILLET AO\u00dbT SEPTEMBRE OCTOBRE NOVEMBRE D\u00c9CEMBRE 10 % 0 %-10 %-20 %-30 %-40 %-50 %-60 %-70 %-80 %-90 %-100 % PETITE R\u00c9G. M\u00c9TROP. AUTOROUTE SUBURBAIN A\u00c9ROPORT CANADA URBAIN VILL\u00c9GIATURE CANADAURBAINSUBURBAINA\u00c9ROPORTAUTOROUTEVILL\u00c9GIATUREPETITE R\u00c9G. M\u00c9TROP.\/VILLE CHANGEMENT DE % DU REVPCD EN 2020 PAR RAPPORT \u00c0 2019 Source : Cushman & Wakefield & Smith Travel Research (STR) Le diagramme suivant provient de l\u2019analyse de Cushman & Wakefield Canadian Lodging Overview, publi\u00e9e en janvier 2021, qui d\u00e9crit le changement dans le Revenu par chambre disponible (RevPCD), par mois et par type d\u2019emplacement en 2020 : Volume 67 | Book 3 \/ Tome 3 | 202333Return to CONTENTSDurant la pand\u00e9mie, quand la plupart des h\u00f4tels essuyaient d\u2019importantes pertes de revenus, l\u2019industrie a re\u00e7u une aide gouvernementale fort attendue sous forme de subventions financ\u00e9es. Avec aucun revenu pour capitaliser et pour d\u00e9duire la valeur, la mani\u00e8re la plus raisonnable d\u2019\u00e9valuer les h\u00f4tels \u00e9tait d\u2019employer la m\u00e9thode d\u2019actualisation des flux de tr\u00e9sorerie dans la m\u00e9thode du revenu. Appliquer un taux de capitalisation direct sur 12 mois de revenus nets ou \u00e0 la premi\u00e8re ann\u00e9e de revenu projet\u00e9e ne pouvait pas refl\u00e9ter une valeur marchande raisonnable de 2020 \u00e0 la fin de 2022. Par cons\u00e9quent, la m\u00e9thode utilis\u00e9e consistait \u00e0 ajuster les flux de tr\u00e9sorerie par rapport aux taux de capitalisation. En se basant sur la croissance du r\u00e9tablissement projet\u00e9e dans nos \u00e9tudes de march\u00e9 et en se guidant sur les comptes d\u2019exploitation historiques et d\u2019une ann\u00e9e sur l\u2019autre d\u00e9taill\u00e9s, on a soigneusement pr\u00e9par\u00e9 des projections pro forma. Il a fallu apporter des ajustements pour les subventions du gouvernement, les contrats de service uniques en quarantaine, les mod\u00e8les sch\u00e9matiques de dotation, les emplois vacants dus aux difficult\u00e9s de maind\u2019\u0153uvre et les co\u00fbts croissants de la main-d\u2019\u0153uvre. IMPACT DE L\u2019INFLATION ET DES TAUX DE CAPITALISATION \u00c9VOLUTIFS En 2022, la plupart des march\u00e9s h\u00f4teliers au Canada ont vu leur TQM augmenter rapidement, ce qui a permis \u00e0 la majorit\u00e9 des h\u00f4tels d\u2019atteindre des TQM de loin sup\u00e9rieurs \u00e0 ceux d\u2019avant la pand\u00e9mie. Le diagramme suivant montre le Rendement historique du march\u00e9 h\u00f4telier canadien, de 2018 \u00e0 2022, plus les r\u00e9sultats de la p\u00e9riode de cumul annuel jusqu\u2019\u00e0 mai 2023 : Une plus forte demande pour les loisirs domestiques a \u00e9t\u00e9 la cause principale des gains de TQM en 2021 et 2022, les voyages \u00e0 l\u2019ext\u00e9rieur du Canada \u00e9tant restreints. On pr\u00e9voit qu\u2019en 2023 et 2024, les sources de la demande continueront de se r\u00e9tablir chez les groupes et les corporations, qui paient des frais escompt\u00e9s et n\u00e9goci\u00e9s, ce qui devrait stabiliser la croissance du TQM. Ceci dit, la croissance du TQM \u00e9tait en hausse de 17,1 % selon les r\u00e9sultats d\u2019une ann\u00e9e sur l\u2019autre du cumul de mai 2023, ce qui indique que les tarifs sont \u00e9lev\u00e9s \u00e0 cause des facteurs inflationnistes. Malgr\u00e9 la r\u00e9cup\u00e9ration des revenus de chambres, il a \u00e9t\u00e9 difficile de maintenir des niveaux de revenu net plus \u00e9lev\u00e9s pour la plupart des h\u00f4tels, car leur exploitation rencontre de plus forts co\u00fbts pour la main-d\u2019\u0153uvre, les marchandises et les mat\u00e9riaux. Statistique Canada rapportait que l\u2019indice des prix \u00e0 la consommation avait augment\u00e9 de 6,8 % sur une base annuelle moyenne en 2022, pouss\u00e9 par les prix des aliments et de l\u2019\u00e9nergie. Les h\u00f4tels continuent \u00e0 voir augmenter le co\u00fbt des services publics, des assurances, en plus des taxes fonci\u00e8res. Les traitements et salaires ont aussi augment\u00e9 suite \u00e0 d\u2019autres hausses du salaire minimum et comme le secteur de l\u2019h\u00e9bergement et de la restauration est l\u2019industrie TQMRevPCDOccupation RENDEMENT HISTORIQUE DES CHAMBRES SUR LE MARCH\u00c9 DU CANADA Source : STR 163 $ 165 $ 131 $ 139 $ 182 $ 180 $ 108 $ 107 $ 43 $ 58 $ 111 $ 110 $ 66 %65 % 33 % 42 % 61 %61 % 200 $ 150 $ 100 $ 50 $ 0 $ 20182019202020212022Cumul mai 2023 80 % 60 % 40 % 20 % 0 % Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 34Return to CONTENTSla moins bien r\u00e9mun\u00e9r\u00e9e au Canada, les h\u00f4teliers ont d\u00fb augmenter consid\u00e9rablement les salaires et les avantages sociaux pour concurrencer d\u2019autres secteurs. Un taux de ch\u00f4mage sain de 5,4 % a \u00e9galement contribu\u00e9 aux difficult\u00e9s persistantes de la main-d\u2019\u0153uvre. En g\u00e9n\u00e9ral, les taux de capitalisation des h\u00f4tels ont augment\u00e9 de 50 \u00e0 100 points de base depuis le deuxi\u00e8me trimestre de 2020. Les taux de capitalisation des h\u00f4tels sont publi\u00e9s dans le rapport trimestriel Canadian Cap Rate Report de Cushman & Wakefield. Alors que la fourchette des taux pour les h\u00f4tels n\u2019a pas chang\u00e9 depuis le d\u00e9but de 2022, l\u2019enqu\u00eate indique une pression croissante \u00e0 la hausse sur les taux de capitalisation dans toutes les classes d\u2019actifs, entra\u00een\u00e9e par l\u2019incertitude \u00e9conomique, la forte inflation et l\u2019augmentation des taux d\u2019int\u00e9r\u00eat. Historiquement, les changements des taux d\u2019int\u00e9r\u00eat seuls n\u2019ont pas caus\u00e9 les changements dans les taux de capitalisation. Les taux de capitalisation sont affect\u00e9s plus directement par les flux de capitaux vers le secteur et par les attentes des investisseurs. Pour le secteur de l\u2019h\u00e9bergement en particulier, les augmentations du taux de capitalisation ont \u00e9t\u00e9 moins \u00e9lev\u00e9es que pr\u00e9vu, gr\u00e2ce \u00e0 une bonne demande des investisseurs et \u00e0 une quantit\u00e9 limit\u00e9e d\u2019h\u00f4tels \u00e0 vendre. Le diagramme suivant montre la variation des taux de capitalisation pour les h\u00f4tels \u00e0 service complet dans les principaux march\u00e9s du Canada, de 2017 \u00e0 2022 : En 2023, nous continuons \u00e0 \u00e9valuer prudemment les h\u00f4tels, alors que nous estimons les forts gains de TQM, l\u2019impact des co\u00fbts \u00e0 la hausse et l\u2019int\u00e9r\u00eat des investisseurs pour d\u00e9terminer le taux de capitalisation appropri\u00e9. CONCLUSION \u00c9valuer les h\u00f4tels dans des situations de d\u00e9clin et de r\u00e9tablissement rapides requiert une vigilance constante. La recherche soutenue, l\u2019analyse et l\u2019observation d\u2019une multitude de variables sont critiques pour comprendre l\u2019\u00e9tat de l\u2019industrie. En tant qu\u2019experts sur les h\u00f4tels ayant acc\u00e8s aux plus r\u00e9centes recherches, donn\u00e9es, pr\u00e9visions industrielles publi\u00e9es et perspectives, nous avons \u00e9t\u00e9 en mesure d\u2019\u00e9laborer une robuste composante d\u2019\u00e9tude du march\u00e9 qui puisse paver la voie \u00e0 des projections raisonnables des flux de tr\u00e9sorerie. L\u2019emploi de la m\u00e9thode d\u2019actualisation des flux de tr\u00e9sorerie a fait en sorte que toutes les valeurs de ces variables soient refl\u00e9t\u00e9es avec l\u2019application des taux de capitalisation d\u00e9riv\u00e9s du march\u00e9 stabilis\u00e9. La correspondance continue avec les propri\u00e9taires d\u2019h\u00f4tels et les courtiers, de m\u00eame que la discussion avec les exploitants d\u2019h\u00f4tel, a \u00e9galement \u00e9t\u00e9 essentielle pour bien saisir l\u2019ensemble de la situation et pour pr\u00e9parer la voie du r\u00e9tablissement. Le march\u00e9 continuera \u00e0 reconqu\u00e9rir les niveaux de la demande au cours des deux prochaines ann\u00e9es et la croissance du TQM devrait se normaliser. Cette p\u00e9riode tumultueuse dans l\u2019histoire des h\u00f4tels aura somme toute \u00e9t\u00e9 stimulante pour les propri\u00e9taires, les exploitants, les \u00e9valuateurs et les courtiers. RAPPORT D\u2019ENQU\u00caTE SUR LES TAUX DE CAPITALISATION DES H\u00d4TELS Source : Cushman & Wakefield 7,00 % 7,00 % 7,00 % 7,00 % 7,00 % 7,00 % 7,00 % 7,00 % 7,00 % 7,00 % 7,00 % 7,00 % 6,00 % 6,00 % 6,00 % 6,06 % 6,19 % 6,00 % 5,00 % 4,88 % 4,50 % 4,63 % 5,00 % 5,00 % 8,13 % 7,88 % 7,50 % 7,63 % 8,00 % 8,00 % 7,00 % 6,88 % 6,50 % 6,63 % 7,00 % 7,00 % 7,50 % 7,38 % 7,00 % 7,13 % 7,50 % 7,50 % 8,00 % 7,88 % 7,50 % 7,50 % 7,50 % 7,50 % 8,00 % 7,63 % 7,50 % 7,50 % 7,50 % 7,50 % 8,00 % 8,00 % 8,00 % 8,38 % 8,50 % 8,50 % 8,00 % 8,00 % 8,00 % 8,38 % 8,50 % 8,50 % 7,00 % 7,00 % 7,00 % 7,38 % 7,50 % 7,50 % 6,25 % 6,25 % 6,25 % 6,44 % 6,50 % 6,50 % 9,13 % 9,00 % 9,00 % 9,38 % 9,50 % 9,50 % 8,00 % 8,00 % 8,00 % 8,38 % 8,50 % 8,50 % 8,50 % 8,50 % 8,50 % 8,88 % 9,00 % 9,00 % 9,00 % 9,00 % 9,00 % 9,38 % 9,50 % 9,50 % 9,00 % 8,63 % 8,50 % 8,88 % 9,00 % 9,00 % CENTRE-VILLE, SERVICE COMPLET (PRINCIPAUX MARCH\u00c9S CANADIENS) 10 ,00 % 9,00 % 8,00 % 7,00 % 6,00 % 5,00 % 4,00 % 3,00 % CalgaryEdmontonHalifaxKitchener\/ Waterloo Montr\u00e9alOttawaTorontoVancouverVictoriaWinnipeg 2017 2018 2019 2020 2021 2022 5,44 % 4,88 % 4,50 % 4,63 % 5,00 % 5,00 % 6,75 % 6,13 % 6,00 % 6,38 % 6,50 % 6,50 % Volume 67 | Book 3 \/ Tome 3 | 202335Return to CONTENTSOctober is Women\u2019s History Month in Canada, a time to celebrate the women and girls from our past, and our present, who are contributing to a better, more inclusive Canada. Lisa Campbell, P. App., AACI is one of these trailblazing women who deserve to be celebrated and we thank her for sharing her story that truly demonstrates the value of female leadership in our industry. Campbell & Company Appraisals Inc. is a three-member commercial real estate appraisal team located in the Niagara Region of southern Ontario. My story might be similar in many ways to those of other self-employed appraisers in Canada, but it is different in one respect \u2013 I am the leader of one of a handful of wholly female-led commercial real estate appraisal teams in Canada. When I began my career in 1993, Canada had very few women with AACI designations. Today, surprisingly, the situation is not much different. Statistics from the Appraisal Institute of Canada (AIC) indicate that only 20% of AACIs are women. At 28%, the figures are not much better for female CRAs. My research EQUITY, DIVERSITY AND INCLUSION (EDI) Demonstrating the value of authentic female leadershipLisa Campbell, P. App., AACI, principal of Campbell & Company Appraisals Inc. My story might be similar in many ways to those of other self-employed appraisers in Canada, but it is different in one respect \u2013 I am the leader of one of a handful of wholly femaleled commercial real estate appraisal teams in Canada.\u201d indicates that, when it comes to team leaders, the figures dwindle further. Why is this? My research indicates that the answer is multi-layered and deserves its own discussion. However, this article provides some thoughts relative to the Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 36Return to CONTENTSquestion of \u201cwhere do we go from here?\u201d As the number of female leaders in our industry rises, the goal is to write a \u2018point-in-time\u2019 piece to encourage other females to step into leadership positions, including starting their own firms. In 2015, I resigned from a position at a national appraisal company. I left the building in tears, as I had acknowledged that my dream of becoming a leader in the company was not to be. I had come to one major realization. Due to my need for a self-defined commitment level, I did not fit into the leadership mold at that company. Not because of the people working there, but because of the culture of the company. And the culture of the company unfortunately reflected the culture of much of our industry. No one talked about company culture and its impact on diversity back then. No one talked about industry culture and its impact on the lack of diversity at the leadership level. In 2015, I found myself being yet another individual who had reached for the stars through Plan A, then realized that Plan B was necessary because the demands of Plan A were beyond what I was willing to accept on a long-term basis. And yes, part of my need for flexibility came from the fact that I am a woman and had childcare responsibilities. I was a single mom with sole responsibility for the care of my children. But my need for flexibility and a self-defined level of commitment also came from the fact that I am human and, if given a choice, will choose a 30- 35-hour work week on my own terms. So, I gave myself that choice. I walked out of that office building for the last time. I was going to start a business – but working in which markets? When I had accepted that national company position, I had left my old industry market four years prior to work in the \u2018big city,\u2019 and no longer had the local contacts I once had. I decided to go back to my old market and see if I could pull something together there. I was most familiar with the structure of a small company in a mid-sized community. For some of us, life is just a walk of humility, so I decided to give it a go and ventured out. When I first started Campbell & Company Appraisals Inc., my first questions were: how do I connect with potential clients, and how do I get my company\u2019s name out there? I had chosen to leave my market of origin, but was not a go-to name in the big city, so I was literally starting from scratch. Shortly after, I was surprised when a former colleague reached out to me to complete some sub-contract work. It was a great starting place, and the first surprise of many that I have had in my journey of self-employment. This was also the start of another surprising and treasured mentorship. After the first year of home-based selfemployment, although I was pleased to no longer have the two-hour daily commute involved in Plan A, I realized that I could not work long-term as a sole proprietor. At the end of a full day of working by myself in my home office, I would feel run down and exhausted. I needed to build my own team. But, while my workload had been building, how was I ever going to build enough business to feed an entire team? Hence the start of a road to tackle a new challenge. Reaching out to local financial institutions, inviting bank account managers out for lunch, reaching out to local municipalities, the list goes on. Developing relationships takes time. While I have had successes, I have reached out many times in circumstances that did not appear fruitful at the time. I am grateful for those experiences, as this has been a process of learning and growing. At the end of the day, if you reach out to develop a new relationship that did not previously exist and the relationship is not fruitful, you have not lost anything. My attitude towards marketing is now not transactional. Today, I see networking more as a goal of developing trusted relationships, similar to making friends. How do you make friends? You be a friend. Putting one\u2019s self out there with no expectation of reciprocation is a little riskier approach, however, it feels more authentic and joyful. My basic attitude now is that, if a potential client wants to develop a relationship, the client is willing to abide by my value system, and we have the resources to accommodate the request, then I will be pleased to develop a relationship with that potential client. In order to be clear, my value system is on my website. EQUITY, DIVERSITY AND INCLUSION (EDI) I found myself being yet another individual who had reached for the stars through Plan A, then realized that Plan B was necessary because the demands of Plan A were beyond what I was willing to accept on a long-term basis.\u201d If a potential client wants to develop a relationship, the client is willing to abide by my value system, and we have the resources to accommodate the request, then I will be pleased to develop a relationship with that potential client.\u201d At the end of a full day of working by myself in my home office, I would feel run down and exhausted. I needed to build my own team.\u201d Volume 67 | Book 3 \/ Tome 3 | 202337Return to CONTENTSCampbell & Company is a different breed than many in the industry, by definition, as its owner is a woman. Since I felt like a bit of an outsider anyway, I felt free to develop something unique and personal; a combination of the best of the big city firm, the smalltown operation, and the female leadership. Therefore, Campbell & Company is structured on priaciples first. What does that mean? It means we have a mission and well-defined set of core values that propel our business forward. First, our opinions of value are objective and independent. This is the cornerstone of Campbell & Company and I regularly speak to potential clients about our commitment to objectivity. We are committed to integrity, diligence, and teamwork. The teamwork core value is key as it creates the opportunity for optimal mentorship\/employee development. Skillsets can also be used more interchangeably according to the needs of the project. Teamwork also incorporates respect towards the needs of the team members. For instance, one of my employees is working part-time while her children are young. While she was originally hired to complete commercial projects, we found that part-time hours did not work well for commercial project deadlines. So, I took the opportunity to open another product line which filled an existing need in our market and dovetailed well with her skillset. This product line has now grown and is an integral part of the business. Our core value of integrity runs deeper than the quality of our reports \u2013 it envelops our commitment to interpersonal respect. For instance, rather than annual employee reviews (or no reviews at all), we have annual employee\/employer reviews that form a two-way conversation to further develop the relationship. In addition to regular feedback loops, both from the perspective of skillsets and dollar figures, these annual reviews serve to propel the business forward. The structure of Campbell & Company is collaborative in nature, rather than a top-down model. There is a focus on reciprocity, dialogue, and learning from each other. In effect, there is a fair amount of attention given to the \u2018soft skills,\u2019 which are often lacking in a maledominated industry. I have found that this business model is more flexible than the typical top-down model and results in a stronger, more agile business. Surprises I have learned from in the past seven years 1. Business can come from places you least expect and can develop relationships you did not know were possible. Meanwhile, there have been times when I thought developing a relationship would be a good idea, but things did not work out for whatever reason. The world is larger than what we think we can see. 2. Our success as a business has been a welcome surprise. Campbell & Company\u2019s first fiscal year had a revenue of six figures, being built from scratch. During the past seven years, our revenue has grown an average of 19% per year (annual compounded rate). Last year was our highest growth year at 41%. 3. An important question to ask is: \u201cWhen faced with a challenge I want to take on, but that has an uncertain outcome, how would I feel if I did not take the challenge and someone else did, and that person received the benefits of the outcome?\u201d I have asked myself this question many times during the past seven years, and my answer has been the catalyst in facing my fears and taking risks that I might otherwise not have taken. Campbell & Company has grown as a result, and I have grown in humility, as the outcomes of these challenges are not always what I had hoped. EQUITY, DIVERSITY AND INCLUSION (EDI) I felt free to develop something unique and personal; a combination of the best of the big city firm, the smalltown operation, and the female leadership.\u201d We have a mission and welldefined set of core values that propel our business forward.\u201d Our core value of integrity runs deeper than the quality of our reports \u2013 it envelops our commitment to interpersonal respect.\u201d The structure of Campbell & Company is collaborative in nature, rather than a top-down model. There is a focus on reciprocity, dialogue, and learning from each other. In effect, there is a fair amount of attention given to the \u2018soft skills.\u2019\u201d Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 38Return to CONTENTS4. The level of self-confidence needed to progress in scaling a team increases with each step, particularly the step of hiring and\/or mentoring young industry leaders. A much higher level of confidence was necessary to take this step versus being a sole proprietor, and a much higher level of confidence is necessary every day to continue this role. Hand-in-hand with that higher level of self-confidence is the necessity for an increased ability to trust in the capabilities of others, particularly when they have shown themselves worthy of that trust. 5. The high quality of experienced team members we have been able to attract was unexpected. I believe our collaborative, team-based business model proves attractive to certain individuals. I remember a mentor, one of the very best in the business, saying, \u201cIt is a tough world out there. When our team members walk in the door, this office needs to be a safe place.\u201d This is my goal. 6. When we grew to the point where I was no longer the sole decisionmaker in the company, much of the organizational structure needed to change. I spent much of 2022 revamping portions of our corporate structure to accommodate scaling (present and future). 7. Hiring a female business coach was a game-changer. While I have not knowingly encountered discrimination due to my being a woman, being a sole female team lead in a maledominated field has resulted in a certain loneliness. Once my company seriously began to scale, I found that having a woman to talk with when needed has been invaluable. 8. The joy of mentoring and further developing professionals has been deep for me. And, I am mentored as well. This is a two-way street. I have learned that, while accepted industry thinking generally tends to separate the human from the employee\/ revenue-generator, the truth is that we all bring our humanity to the office. Career growth and personal growth are intimately related. 9. Particularly during the past couple of years (due to our name being out there for several years now), market acceptance has been remarkably strong. We are now a team of three, when my original goal in 2017 was a team of four. My hope is to reach a team of four this quarter. My new goal will then likely be seven. 10. I never expected the level of deep joy that I now experience in my position. Plan B turned out to be a whole lot of fun. What I now believe 1. The time has arrived for more female leaders to start team-based appraisal companies in Canada. Female networking systems are stronger than before, and female mentors are starting to come to the fore. In the larger environment in which our industry exists, we now have far more girls playing in the boys\u2019 sandbox. 2. Historically, the real estate appraisal profession has had elements of dysfunction arising from its being almost entirely male-led. The present state of the appraisal profession is weaker than it would have been had its leadership (beginning with designated members) been drawn from a pool more representative of the population. When leadership is drawn from roughly 50% of the population (in this case, almost solely male) by definition, the leadership is weaker than if it had been drawn from 100% of the population. The authentic female voice, which operates in harmony with the male voice, has largely been non-existent, and our industry has been weakened as a result. 3. An industry in which male and female leaders bring their respective leadership styles, and the harmony that can result when both male and female leaders are operating authentically, is far healthier. I believe this is the future of our industry. There truly is a place for the authentic female voice and authentic female leadership in the industry. EQUITY, DIVERSITY AND INCLUSION (EDI) The time has arrived for more female leaders to start team-based appraisal companies in Canada. Female networking systems are stronger than before, and female mentors are starting to come to the fore.\u201d Hiring a female business coach was a game-changer. While I have not knowingly encountered discrimination due to my being a woman, being a sole female team lead in a male-dominated field has resulted in a certain loneliness.\u201d An industry in which male and female leaders bring their respective leadership styles, and the harmony that can result when both male and female leaders are operating authentically, is far healthier.\u201d Volume 67 | Book 3 \/ Tome 3 | 202339Return to CONTENTSD\u00e9montrer la valeur d\u2019un authentique leadership f\u00e9mininLisa Campbell, P. App., AACI, principal of Campbell & Company Appraisals Inc. \u00c9QUIT\u00c9, DIVERSIT\u00c9 ET INCLUSION (\u00c9DI) Le mois d\u2019octobre est le Mois de l\u2019histoire des femmes au Canada, une occasion de c\u00e9l\u00e9brer les femmes et les filles du pass\u00e9 et du pr\u00e9sent qui contribuent \u00e0 un Canada meilleur et plus inclusif. Lisa Campbell, P. App., AACI, est l\u2019une de ces femmes pionni\u00e8res qui m\u00e9ritent d\u2019\u00eatre c\u00e9l\u00e9br\u00e9es et nous la remercions d\u2019avoir partag\u00e9 son histoire qui d\u00e9montre vraiment la valeur du leadership f\u00e9minin dans notre industrie. Campbell & Company Appraisals Inc. est une \u00e9quipe d\u2019\u00e9valuation immobili\u00e8re commerciale, compos\u00e9e de trois membres, oeuvrant dans la r\u00e9gion du Niagara du sudest de l\u2019Ontario. Mon histoire n\u2019est peut-\u00eatre pas tr\u00e8s diff\u00e9rente de celle de plusieurs autres \u00e9valuateurs ind\u00e9pendants au Canada, mais elle diff\u00e8re en ceci : je dirige l\u2019une des rares \u00e9quipes d\u2019\u00e9valuation immobili\u00e8re commerciale men\u00e9es seulement par des femmes au Canada. Au d\u00e9but de ma carri\u00e8re, en 1993, le Canada comptait tr\u00e8s peu de femmes AACI. Aujourd\u2019hui, ce qui est surprenant, la situation n\u2019a pas beaucoup chang\u00e9. Les statistiques de l\u2019Institut canadien des \u00e9valuateurs (ICE) indiquent que seulement 20 % des AACI sont des femmes. Et, \u00e0 28 %, les chiffres ne sont pas tellement meilleurs pour les femmes CRA. Ma recherche montre qu\u2019en ce qui concerne les chefs d\u2019\u00e9quipe, les chiffres sont encore pires. Mon histoire n\u2019est peut-\u00eatre pas tr\u00e8s diff\u00e9rente de celle de plusieurs autres \u00e9valuateurs ind\u00e9pendants au Canada, mais elle diff\u00e8re en ceci : je dirige l\u2019une des rares \u00e9quipes d\u2019\u00e9valuation immobili\u00e8re commerciale men\u00e9es seulement par des femmes au Canada. \u00bb Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 40Return to CONTENTS\u00c9QUIT\u00c9, DIVERSIT\u00c9 ET INCLUSION (\u00c9DI) Pourquoi cela? Dans ma recherche, j\u2019ai constat\u00e9 que la r\u00e9ponse comporte plusieurs \u00e9l\u00e9ments, qui m\u00e9ritent que l\u2019on s\u2019y arr\u00eate. Toutefois, cet article fournit quelques r\u00e9flexions sur la question de savoir \u00ab qu\u2019est-ce qu\u2019on fait maintenant? \u00bb Alors qu\u2019augmente le nombre de leaders f\u00e9minins dans notre industrie, mon objectif est d\u2019\u00e9crire un article \u2039 ponctuel \u203a pour encourager d\u2019autres femmes \u00e0 occuper des postes de leadership, y compris en d\u00e9marrant leurs propres firmes. En 2015, j\u2019ai d\u00e9missionn\u00e9 d\u2019un poste dans une compagnie nationale d\u2019\u00e9valuation. J\u2019ai quitt\u00e9 l\u2019immeuble en larmes, ayant compris que mon r\u00eave de devenir une dirigeante dans la compagnie n\u2019allait pas se r\u00e9aliser. Mais j\u2019avais fait une d\u00e9couverte importante. Comme j\u2019avais besoin d\u2019un niveau d\u2019engagement d\u00e9fini par moi-m\u00eame, je n\u2019entrais pas dans le moule de leadership de la compagnie. Pas \u00e0 cause des gens qui y travaillaient, mais \u00e0 cause de la culture qu\u2019elle entretenait. La culture de la compagnie refl\u00e9tait celle de la plus grande partie de notre industrie. \u00c0 l\u2019\u00e9poque, personne ne parlait de la culture des compagnies et de son impact sur la diversit\u00e9. C\u2019\u00e9tait le silence radio sur la culture de l\u2019industrie et son incidence sur l\u2019absence de diversit\u00e9 au niveau du leadership. Et, en 2015, je me suis encore retrouv\u00e9e comme une autre personne qui avait vis\u00e9 les \u00e9toiles dans le plan A, puis qui avait compris que le plan B \u00e9tait n\u00e9cessaire parce que les exigences du plan A d\u00e9passaient ce que j\u2019\u00e9tais dispos\u00e9e \u00e0 accepter \u00e0 long terme. Et oui, une partie de mon besoin de flexibilit\u00e9 venait du fait que je suis une femme, qui doit \u00e9lever des enfants. \u00c9tant m\u00e8re c\u00e9libataire, j\u2019\u00e9tais seule responsable d\u2019en prendre soin. Mais mon besoin de flexibilit\u00e9 et le niveau d\u2019engagement que j\u2019avais moi-m\u00eame d\u00e9fini venaient aussi du fait que je suis humaine et, si on me l\u2019offrait, je choisirais de travailler 30 \u00e0 35 heures par semaine, \u00e0 mes propres conditions. Alors, je me suis donn\u00e9 ce choix. Je suis sortie de cet immeuble de bureaux pour la derni\u00e8re fois. J\u2019allais d\u00e9marrer une entreprise – mais dans quels march\u00e9s travailler? Quand j\u2019avais accept\u00e9 cet emploi \u00e0 la compagnie nationale, j\u2019avais laiss\u00e9 mon ancien march\u00e9 de l\u2019industrie quatre ans avant de travailler dans la \u00ab grande ville \u00bb, et je n\u2019avais plus les contacts locaux que j\u2019avais d\u00e9j\u00e0 eus. J\u2019ai d\u00e9cid\u00e9 de retourner \u00e0 mon ancien march\u00e9 pour voir si je pourrais organiser quelque chose. J\u2019\u00e9tais assez famili\u00e8re avec la structure d\u2019une petite compagnie \u00e9voluant dans une communaut\u00e9 de taille moyenne. Et, pour certains d\u2019entre nous, la vie n\u2019est qu\u2019un exercice d\u2019humilit\u00e9. J\u2019ai donc d\u00e9cid\u00e9 d\u2019essayer et je me suis lanc\u00e9e. Au d\u00e9but, quand j\u2019ai d\u00e9marr\u00e9 Campbell & Company Appraisals Inc., mes premi\u00e8res questions \u00e9taient : comment contacter des clients potentiels et comment faire conna\u00eetre le nom de ma compagnie dans la r\u00e9gion? J\u2019avais d\u00e9cid\u00e9 de quitter mon march\u00e9 d\u2019origine, mais je n\u2019\u00e9tais pas un nom de r\u00e9f\u00e9rence dans la grande ville, alors je partais litt\u00e9ralement de z\u00e9ro. Peu apr\u00e8s, j’ai \u00e9t\u00e9 surprise lorsqu\u2019un ancien coll\u00e8gue m\u2019a demand\u00e9 de compl\u00e9ter du travail dans un contrat de sous-traitance. C\u2019\u00e9tait un excellent point de d\u00e9part et la premi\u00e8re de plusieurs surprises que j\u2019ai eues dans mon aventure de travailleuse autonome. C\u2019\u00e9tait \u00e9galement le d\u00e9but d\u2019un autre mentorat surprenant et pr\u00e9cieux. Apr\u00e8s la premi\u00e8re ann\u00e9e de travail ind\u00e9pendant \u00e0 la maison, m\u00eame si j\u2019\u00e9tais heureuse de ne plus faire la navette quotidienne de deux heures dans le plan A, j\u2019ai r\u00e9alis\u00e9 que je ne pourrais pas travailler \u00e0 long terme comme seule propri\u00e9taire. \u00c0 la fin d\u2019une journ\u00e9e compl\u00e8te de travail seule dans mon bureau \u00e0 la maison, je me sentais \u00e9puis\u00e9e. J\u2019avais besoin de b\u00e2tir ma propre \u00e9quipe. Mais, alors que ma charge de travail avait augment\u00e9, comment est-ce que je pourrais jamais obtenir assez de contrats pour occuper toute une \u00e9quipe ? De l\u00e0 le d\u00e9but du cheminement pour relever un nouveau d\u00e9fi. \u00c7a voulait dire contacter les institutions financi\u00e8res locales, inviter des gestionnaires de comptes bancaires \u00e0 d\u00eener, rencontrer des responsables municipaux, et ainsi de suite. Tisser des liens prend du temps. M\u00eame si j\u2019y ai assez bien r\u00e9ussi, j\u2019ai souvent tendu la main dans des circonstances qui ne semblaient pas propices sur le coup. Et je suis reconnaissante pour ces exp\u00e9riences, car ce fut un processus d\u2019apprentissage et de croissance. Tout compte fait, si vous essayez de d\u00e9velopper une nouvelle relation qui n\u2019existait pas auparavant et que vous n\u2019y parvenez pas, vous n\u2019avez rien perdu. Mon attitude actuelle envers le marketing n\u2019est pas de nature transactionnelle. Aujourd\u2019hui, je vois le r\u00e9seautage plus comme un but de d\u00e9velopper des relations de confiance, un peu comme se faire des amis. si un client potentiel veut d\u00e9velopper une relation, s\u2019il veut bien accepter mon syst\u00e8me de valeurs et si nous avons les ressources pour r\u00e9pondre \u00e0 sa demande, alors je serai heureuse de d\u00e9velopper une relation avec ce client potentiel. \u00bb \u00c0 la fin d\u2019une journ\u00e9e compl\u00e8te de travail seule dans mon bureau \u00e0 la maison, je me sentais \u00e9puis\u00e9e. J\u2019avais besoin de b\u00e2tir ma propre \u00e9quipe. \u00bb je me suis encore retrouv\u00e9e comme une autre personne qui avait vis\u00e9 les \u00e9toiles dans le plan A, puis qui avait compris que le plan B \u00e9tait n\u00e9cessaire parce que les exigences du plan A d\u00e9passaient ce que j\u2019\u00e9tais dispos\u00e9e \u00e0 accepter \u00e0 long terme. \u00bb Volume 67 | Book 3 \/ Tome 3 | 202341Return to CONTENTS\u00c9QUIT\u00c9, DIVERSIT\u00c9 ET INCLUSION (\u00c9DI) Comment se fait-on des amis? Il faut \u00eatre ami soi-m\u00eame. S\u2019ouvrir aux autres sans attendre de r\u00e9ciprocit\u00e9 est une approche un peu plus risqu\u00e9e, mais elle semble plus authentique et plus joyeuse. Mon attitude habituelle maintenant, c\u2019est que si un client potentiel veut d\u00e9velopper une relation, s\u2019il veut bien accepter mon syst\u00e8me de valeurs et si nous avons les ressources pour r\u00e9pondre \u00e0 sa demande, alors je serai heureuse de d\u00e9velopper une relation avec ce client potentiel. Pour \u00eatre claire, mon syst\u00e8me de valeurs se trouve dans mon site Web. Campbell & Company est une race diff\u00e9rente de beaucoup de compagnies dans l\u2019industrie, par d\u00e9finition, car sa propri\u00e9taire est une femme. Comme je me sentais un peu \u00e9trang\u00e8re de toute fa\u00e7on, j\u2019ai pens\u00e9 que j\u2019\u00e9tais libre de d\u00e9velopper quelque chose d\u2019unique et de personnel : une combinaison du meilleur de ce qu\u2019offre une firme de la grande ville, d\u2019une entreprise dans une petite ville et du leadership f\u00e9minin. Par cons\u00e9quent, la structure de Campbell & Company s\u2019appuie d\u2019abord sur les principes. Qu\u2019est-ce que \u00e7a signifie? \u00c7a signifie que nous avons une mission ainsi qu\u2019un ensemble de valeurs fondamentales bien d\u00e9finies qui propulsent notre entreprise en avant. Premi\u00e8rement, nos opinions sur la valeur sont objectives et ind\u00e9pendantes. C\u2019est la pierre angulaire de Campbell & Company et je parle souvent \u00e0 des clients potentiels de notre engagement envers l\u2019objectivit\u00e9. Nous privil\u00e9gions l\u2019int\u00e9grit\u00e9, la diligence et le travail d\u2019\u00e9quipe. La valeur fondamentale du travail d\u2019\u00e9quipe est incontournable, car elle cr\u00e9e une opportunit\u00e9 de mentorat optimal et de perfectionnement des employ\u00e9es. Les comp\u00e9tences peuvent aussi \u00eatre utilis\u00e9es de fa\u00e7on plus interchangeable pour s\u2019adapter aux n\u00e9cessit\u00e9s d\u2019un projet. Le travail d\u2019\u00e9quipe int\u00e8gre en outre le respect pour les besoins des membres de l\u2019\u00e9quipe. Par exemple, une de mes employ\u00e9es travaille \u00e0 temps partiel tandis que ses enfants sont jeunes. Alors qu\u2019elle a \u00e9t\u00e9 embauch\u00e9e \u00e0 l\u2019origine pour compl\u00e9ter des projets commerciaux, nous avons vu que des heures partielles ne convenaient pas aux \u00e9ch\u00e9anciers de ce type de projet. J\u2019en ai donc profit\u00e9 pour ouvrir une autre gamme de produits, qui r\u00e9pondaient \u00e0 un besoin existant dans notre march\u00e9 et qui co\u00efncidaient avec son ensemble de comp\u00e9tences. Ces produits ont maintenant matur\u00e9 et sont une partie int\u00e9grale de l\u2019entreprise. Notre valeur fondamentale d\u2019int\u00e9grit\u00e9 va plus loin que la qualit\u00e9 de nos rapports \u2013 elle englobe notre engagement envers le respect interpersonnel. Par exemple, plut\u00f4t que de faire des examens annuels des employ\u00e9es (ou aucun examen), nous avons des examens annuels d\u2019employ\u00e9es \/ employeuses sous forme de dialogue afin d\u2019approfondir les relations. En plus des boucles de r\u00e9troactions p\u00e9riodiques, tant sur les comp\u00e9tences que sur les montants d\u2019argent en pr\u00e9sence, ces examens annuels aident \u00e0 faire progresser l\u2019entreprise. Campbell & Company privil\u00e9gie la collaboration plut\u00f4t qu\u2019un mod\u00e8le descendant. Nous ciblons la r\u00e9ciprocit\u00e9, le dialogue et l\u2019apprentissage entre les unes et les autres. En effet, on accorde passablement d\u2019attention au \u2039 savoir-\u00eatre \u203a, qui est souvent absent dans une industrie domin\u00e9e par les hommes. J\u2019ai d\u00e9couvert que ce mod\u00e8le d\u2019affaires est plus flexible que le mod\u00e8le descendant typique et qu\u2019il produit une entreprise plus robuste et plus agile. Surprises que la vie m\u2019a faites depuis sept ans 1. Les contrats peuvent venir des sources les plus inattendues et donner lieu \u00e0 des relations que vous n\u2019auriez pas crues possible. Entre-temps, il y a eu des moments o\u00f9 je pensais que d\u00e9velopper une relation \u00e9tait une bonne id\u00e9e, mais \u00e7a n\u2019a pas fonctionn\u00e9, pour une raison ou une autre. Le monde est plus grand que ce que nous en percevons. 2. Notre succ\u00e8s en tant qu\u2019entreprise fut une surprise bienvenue. Le premier exercice financier de Campbell & Company enregistrait un revenu de six chiffres, n\u2019\u00e9tant parti de rien. Depuis sept ans, notre revenu a augment\u00e9 en moyenne de 19 % par ann\u00e9e (taux annuel compos\u00e9). L\u2019an dernier, nous avons connu notre plus forte croissance, soit 41 %. 3. Une question importante \u00e0 poser est : \u00ab Quand je rencontre un d\u00e9fi que je veux relever, mais dont le r\u00e9sultat est incertain, que ressentirais-je si je ne m\u2019y attaquais pas et que quelqu\u2019un d\u2019autre le faisait \u00e0 ma place et en recevait les b\u00e9n\u00e9fices? \u00bb Je me suis plusieurs fois pos\u00e9 la question au cours des sept derni\u00e8res ann\u00e9es et ma r\u00e9ponse a \u00e9t\u00e9 le catalyseur qui m\u2019a aid\u00e9 \u00e0 affronter mes peurs et \u00e0 prendre des risques que je n\u2019aurais j\u2019ai pens\u00e9 que j\u2019\u00e9tais libre de d\u00e9velopper quelque chose d\u2019unique et de personnel : une combinaison du meilleur de ce qu\u2019offre une firme de la grande ville, d\u2019une entreprise dans une petite ville et du leadership f\u00e9minin. \u00bb Campbell & Company privil\u00e9gie la collaboration plut\u00f4t qu\u2019un mod\u00e8le descendant. Nous ciblons la r\u00e9ciprocit\u00e9, le dialogue et l\u2019apprentissage entre les unes et les autres. En effet, on accorde passablement d\u2019attention au \u2039 savoir-\u00eatre \u203a. \u00bb Notre valeur fondamentale d\u2019int\u00e9grit\u00e9 va plus loin que la qualit\u00e9 de nos rapports \u2013 elle englobe notre engagement envers le respect interpersonnel. \u00bb nous avons une mission ainsi qu\u2019un ensemble de valeurs fondamentales bien d\u00e9finies qui propulsent notre entreprise en avant. \u00bb Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 42Return to CONTENTS\u00c9QUIT\u00c9, DIVERSIT\u00c9 ET INCLUSION (\u00c9DI) Embaucher une femme coach en entreprise a chang\u00e9 la donne. M\u00eame si je n\u2019ai pas consciemment subi de discrimination parce que je suis une femme, \u00eatre la seule cheffe d\u2019\u00e9quipe f\u00e9minine dans un champ d\u2019activit\u00e9 domin\u00e9 par les hommes a entra\u00een\u00e9 une certaine solitude. \u00bb Une industrie o\u00f9 les dirigeants masculins et f\u00e9minins apportent leurs styles de leadership respectifs et l\u2019harmonie qui peut r\u00e9sulter quand hommes et femmes leaders agissent de fa\u00e7on authentique, est beaucoup plus saine. \u00bb Le temps est venu pour que plus de femmes leaders ouvrent des compagnies d\u2019\u00e9valuation ax\u00e9es sur les \u00e9quipes au Canada. Les syst\u00e8mes de r\u00e9seautage f\u00e9minins sont plus forts qu\u2019avant et les mentores commencent \u00e0 occuper l\u2019avant-sc\u00e8ne. \u00bb pas pris autrement. Campbell & Company a grandi suite \u00e0 cela et je suis devenue plus humble, car les r\u00e9sultats de ces d\u00e9fis ne sont pas toujours ce que j\u2019avais esp\u00e9r\u00e9. 4. Le niveau de confiance en soi n\u00e9cessaire pour progresser dans le d\u00e9veloppement d\u2019une \u00e9quipe s\u2019\u00e9l\u00e8ve \u00e0 chaque \u00e9tape, notamment \u00e0 celle de l\u2019embauche et\/ou du mentorat des jeunes leaders de l\u2019industrie. Il fallait une plus grande confiance encore pour franchir cette \u00e9tape quand j\u2019\u00e9tais l\u2019unique propri\u00e9taire, alors qu\u2019un niveau de confiance beaucoup plus \u00e9lev\u00e9 est n\u00e9cessaire chaque jour pour continuer \u00e0 jouer ce r\u00f4le. Int\u00e9grer cette plus grande confiance en soi est essentiel pour \u00eatre plus en mesure de se fier aux capacit\u00e9s des autres, surtout lorsqu\u2019elles se sont montr\u00e9es dignes de confiance. 5. La grande qualit\u00e9 des membres d\u2019\u00e9quipe exp\u00e9riment\u00e9s que nous avons pu attirer \u00e9tait inesp\u00e9r\u00e9e. Je crois que notre mod\u00e8le d\u2019affaires collaboratif ax\u00e9 sur le travail d\u2019\u00e9quipe s\u2019av\u00e8re attrayant pour certaines personnes. Je me rappelle un mentor, un des meilleurs dans le domaine, qui m\u2019avait dit : \u00ab Nous vivons dans un monde difficile. Quand nos membres d\u2019\u00e9quipe arrivent, ce bureau doit devenir un endroit s\u00fbr \u00bb. C\u2019est \u00e7a que je vise. 6. Quand nous avons atteint le point o\u00f9 je n\u2019\u00e9tais plus la seule d\u00e9cisionnaire dans la compagnie, une grande partie de sa structure devait changer. J\u2019ai pass\u00e9 presque toute l\u2019ann\u00e9e 2022 \u00e0 repenser des portions de notre structure organisationnelle afin de faciliter le d\u00e9veloppement (actuel et futur). 7. Embaucher une femme coach en entreprise a chang\u00e9 la donne. M\u00eame si je n\u2019ai pas consciemment subi de discrimination parce que je suis une femme, \u00eatre la seule cheffe d\u2019\u00e9quipe f\u00e9minine dans un champ d\u2019activit\u00e9 domin\u00e9 par les hommes a entra\u00een\u00e9 une certaine solitude. Une fois que ma compagnie a vraiment commenc\u00e9 \u00e0 se d\u00e9velopper, j\u2019ai d\u00e9couvert que pouvoir parler \u00e0 une femme quand j\u2019en avais besoin \u00e9tait inestimable. 8. Ce fut un grand bonheur de mentorer et de perfectionner des professionnels. Et je suis aussi mentor\u00e9e. C\u2019est une rue \u00e0 double sens. J\u2019ai appris que les id\u00e9es re\u00e7ues dans l\u2019industrie tendent \u00e0 s\u00e9parer l\u2019\u00eatre humain de l\u2019employ\u00e9\/ g\u00e9n\u00e9rateur de revenu, mais la v\u00e9rit\u00e9 c\u2019est que nous apportons tous notre humanit\u00e9 au bureau. La croissance d\u2019une carri\u00e8re et la croissance personnelle sont intimement li\u00e9es. 9. Surtout depuis deux ans (notre nom est connu depuis plusieurs ann\u00e9es maintenant), le march\u00e9 nous a tellement bien accept\u00e9es. Nous sommes d\u00e9sormais une \u00e9quipe de trois, quand mon objectif de d\u00e9part en 2017 \u00e9tait une \u00e9quipe de quatre. J\u2019esp\u00e8re ajouter une quatri\u00e8me \u00e9quipi\u00e8re ce trimestre. Mon nouvel objectif sera vraisemblablement une \u00e9quipe de sept membres. 10. Je ne me serais jamais attendue \u00e0 \u00e9prouver autant de plaisir dans les fonctions que j\u2019occupe pr\u00e9sentement. Le plan B est finalement devenu tr\u00e8s amusant. Ce que je crois maintenant 1. Le temps est venu pour que plus de femmes leaders ouvrent des compagnies d\u2019\u00e9valuation ax\u00e9es sur les \u00e9quipes au Canada. Les syst\u00e8mes de r\u00e9seautage f\u00e9minins sont plus forts qu\u2019avant et les mentores commencent \u00e0 occuper l\u2019avant-sc\u00e8ne. Dans l\u2019environnement plus large o\u00f9 \u00e9volue notre industrie, nous avons maintenant beaucoup plus de filles qui jouent dans le carr\u00e9 de sable des gar\u00e7ons. 2. Historiquement, la profession d\u2019\u00e9valuateur professionnel comportait des \u00e9l\u00e9ments dysfonctionnels r\u00e9sultant du fait qu\u2019elle \u00e9tait presque enti\u00e8rement dirig\u00e9e par des hommes. L\u2019\u00e9tat actuel de cette profession est plus fragile qu\u2019il ne l\u2019aurait \u00e9t\u00e9 si ses leaders (\u00e0 commencer par les membres d\u00e9sign\u00e9s) avaient \u00e9t\u00e9 puis\u00e9s dans un bassin plus repr\u00e9sentatif de la population. Quand le leadership provient d\u2019environ 50 % de la population (dans ce cas, presque uniquement masculin) par d\u00e9finition, le leadership est plus faible que s\u2019il \u00e9tait venu de 100 % de la population. La voix f\u00e9minine authentique, qui r\u00e9sonne en harmonie avec sa cons\u0153ur masculine, a \u00e9t\u00e9 essentiellement silencieuse et notre industrie en a \u00e9t\u00e9 d\u2019autant affaiblie. 3. Une industrie o\u00f9 les dirigeants masculins et f\u00e9minins apportent leurs styles de leadership respectifs et l\u2019harmonie qui peut r\u00e9sulter quand hommes et femmes leaders agissent de fa\u00e7on authentique, est beaucoup plus saine. Je crois que c\u2019est l\u2019avenir de notre industrie. Il y a vraiment une place pour une authentique voix f\u00e9minine et un authentique leadership f\u00e9minin au sein de l\u2019industrie. Volume 67 | Book 3 \/ Tome 3 | 202343Return to CONTENTSCompensation in constructive (De Facto) expropriation \u2013 ignoring the scheme BY JOHN SHEVCHUK Litigation Counsel, C.Arb, AACI (Hon) LEGAL MATTERS Constructive expropriation defined In 2022, the Supreme Court of Canada [SCC] reconsidered the two-part test to be applied to decide if an arm of government has constructively expropriated property from an owner. An expropriation is \u2018constructive\u2019 (de facto) if there is \u2018effective appropriation of private property by a public authority exercising its regulatory powers.\u2019 Not every instance of regulating the use of property is a constructive taking. There must be deprivation of use and enjoyment in a substantial and unreasonable way.1 The inquiry the courts undertake is:2 \u2022 first, has the public authority acquired a beneficial interest in the property or flowing from the property; and \u2022 second, has the state action removed all reasonable uses of the property. The test is simply stated, but its application is challenging and highly dependent upon the facts in each case.3 Pointe Gourde principle Once constructive expropriation is established, the question of compensation for the owner arises. A general compensation principle in expropriation law is that the effect of the \u2018scheme\u2019 of the expropriation on the subject property is to be ignored. The owner is not be to paid more or less on account of the scheme.4 This principle \u2013 commonly referred to as the Pointe Gourde principle \u2013 has its roots in the common law, but has since been codified in many expropriation jurisdictions.5 The Pointe Gourde principle will be the focus of the SCC in November 2023 when the court hears the appeal from the decision of the Newfoundland and Labrador Court of Appeal (NLCA) in Lynch v. St. John\u2019s (City) 2022 NLCA 29 (Lynch). In 2016, the NLCA held that the Lynch property was constructively expropriated and ordered that the case be referred to the Board of Commissioners of Public Utilities to assess compensation.6 [2016 Decision] During the subsequent Board proceeding, the Board sought direction from the Supreme Court of Newfoundland and Labrador (NLSC) on the following question: Whether the Lynch compensation should be assessed based on the uses permitted by the existing zoning, which are agriculture, forestry, and public utility uses, or whether the existing zoning should be ignored and the value determined as if residential development were permissible. The NLSC held that compensation should be based on the existing zoning. On appeal, the NLCA disagreed, finding that compensation was to be determined without reference to existing zoning. This result would lead to a valuation based on a more lucrative residential use. In answering the question posed by the Board, the courts necessarily focussed on the Pointe Gourde principle that the scheme of the expropriation is to be ignored. \u2018Scheme\u2019 of an expropriation Before reviewing the Lynch fact pattern, it is useful to consider how a \u2018scheme\u2019 of an expropriation was described by the English House of Lords: 7 58. I turn, then, to the question of how the extent of a scheme should be identified in today\u2019s conditions. A scheme essentially consists of a project to carry out certain works for a particular purpose or purposes. If the compulsory acquisition of the subject land is an integral part of such a scheme, the Pointe Gourde principle will apply accordingly. Both elements of a project, the proposed works and the purpose for which they are being carried out, are material when deciding which works should Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 44Return to CONTENTSLEGAL MATTERS be regarded as a single scheme when applying the Pointe Gourde principle to the subject land. 59. The extent of a scheme is often said to be a question of fact. Certainly, identifying the background events leading up to a compulsory purchase order may give rise to purely factual issues of a conventional character. But selecting from these background facts those of key importance for determining the ambit of the scheme is not a process of factfinding as ordinarily understood. 60. Take the present case. The purpose for which the claimants\u2019 land was acquired can be identified at two different levels of generality: for use as a nature reserve, or for use as a nature reserve to compensate for loss of the Taff\/Ely site of special scientific interest through construction of the Cardiff Bay barrage. Factually, each of these stated purposes is correct. Which of these purposes is to be regarded as the more appropriate when identifying the scheme within the meaning of the Pointe Gourde principle is a matter for the tribunal\u2019s judgement. In Lynch, there does not appear to have been any \u2018works\u2019 as part of the project for which expropriation was found to have occurred, but the NLCA did identify the purpose of the constructive expropriation. Lynch fact pattern The Lynch property was acquired through a 1917 Crown grant. It is located in the Broad Cove River (BCR) watershed which feeds a river that is used as a water supply to the City. At the time of the grant, the land was outside municipal boundaries and not subject to any public land use restrictions. In 1959, the City\u2019s control area was expanded with the result that the Lynch property became subject to the City\u2019s pollution control and expropriation powers. However, while use and development of the property became restricted, residential development was not expressly prohibited. In 1964, the City Act was amended to generally prohibit erection of buildings above a certain elevation. In 1978, the City Act was amended to provide the City with discretion to permit building, but there was no guidance regarding the exercise of the discretion. As at 1978, the type and use of permitted buildings was not limited to any particular category such as agriculture, forestry or public utility use, which was to come later. In 1992, an expansion of the City\u2019s boundaries captured the Lynch property. At this point, the property not only remained subject to restrictions on building and expropriation powers for pollution control purposes under the City Act, but also became subject to general land use zoning powers of the City. Shortly thereafter, a Municipal Plan and Development Regulations implementing the plan were adopted designating a Watershed zone that included the Lynch property. No permitted uses were listed, but three discretionary uses \u2013 agriculture, forestry, and public utility \u2013 were contemplated. In 1996, a policy document commissioned by the City recommended that the City continue the City Act restriction on erection of new buildings in the watershed. The authors further recommended the continuation of a ban on urban development with a long-term intention to revert the areas to \u2018natural, pristine conditions.\u2019 The NLCA found that adoption of the policy recommendations demonstrated that the Watershed zoning restrictions in the Municipal Plan and Development Regulations implementing the plan had a direct connection back to the provisions of the City Act. In 2011, the Lynches inquired about the uses to which their property might be put and were verbally advised by the City that no development would be allowed. In 2013, this position was formally reinforced when an application to develop a 10-lot residential subdivision was not approved. The City relied upon the City Act and the Watershed zone under the Development Regulations, both embodying the purpose of protecting the BCR watershed from pollution and safeguarding the drinking water supply. The City\u2019s 2011 and 2013 communications to the Lynches were the base upon which the Court of Appeal found in the 2016 Decision that there was constructive expropriation.8 The Court of Appeal relied upon the two-part test set out in the SCC decision in Canadian Pacific Railway v. Vancouver (City).9 The Pointe Gourde issue in Lynch The question posed by the Board of Commissioners required the courts to consider the scheme of the expropriation as a necessary step in determining whether compensation should be determined on the basis of agriculture\/forestry\/public utility zoning or on zoning that would allow residential use. The 2016 Decision established that the process of expropriation began with the 1964 amendment of the City Act and ended with the 2013 refusal to allow development. But, was the 1994 amendment of the Development Regulations creating the discretionary agriculture\/forestry\/public utility use part of the expropriation scheme? Under the Pointe Gourde principle, if the 1994 amendment was part of the scheme, then zoning and restriction on permitted use introduced by the amendment was to be ignored in setting compensation. The NLCA recounted the Lynch position as follows:10 [46] The appellants characterize the scope of the expropriation scheme more broadly. They suggest that every enactment, and every action taken by the City, between 1964 and 2013 affecting the appellants\u2019 property and related Volume 67 | Book 3 \/ Tome 3 | 202345Return to CONTENTSLEGAL MATTERS to the City\u2019s overarching concern for pollution control and provision of a safe water supply, are part of the scope of the expropriation scheme to be ignored for valuation purposes. On the basis asserted by the appellants, the 1994 Development Regulations would be ignored and valuation would not be restricted to the three discretionary used identified in the regulations. The NLCA\u2019s analysis of the Pointe Gourde principle began with a review of the province\u2019s expropriation legislation at section 27(a) that provides in part as follows: (a) the compensation shall be an amount based on the fair market value of the land and on existing use value at the time of the beginning of expropriation proceedings \u2026 (Emphasis added.) The NLCA held that \u2018beginning\u2019 is not necessarily when a formal notice of expropriation is issued or, in the case of constructive expropriation, the date on which the expropriation crystalizes. Rather, the court must determine when a development scheme leading to expropriation began. Commencement of the scheme is not the act of expropriation. (Does this specific language in the statute make the result unique to Newfoundland and Labrador? Take for example the situation in British Columbia where compensation is based on the market value \u201cat the date of expropriation\u201d.) The NCLA\u2019s review of the case law provided the following general principles:11 \u2022 compensation is based on existing use at the commencement of the expropriation proceedings. (Time and new cases from other jurisdictions will tell if this is unique to Newfoundland and Labrador); \u2022 any change in value caused by the scheme is to be ignored; \u2022 Pointe Gourde is not to be pressed too far \u2013 a fair and reasonable result is the objective; \u2022 an expropriating authority cannot downzone a property in anticipation of the need to acquire property; \u2022 if a zoning bylaw is of general application, not linked to the expropriation, then it is not ignored; \u2022 there must be a causal connection between the imposition of the use restriction and the subsequent expropriation; \u2022 the scope of the intended works and their purpose are not necessarily found only in formal resolutions or documents of the acquiring authority; and \u2022 in case of doubt, a narrower rather than broader view of the scheme will be taken. In its application of the principles the NLCA extracted from the case law, the court held that the Development Regulations and the City Act in relation to watershed issues had one central focus and intent \u2013 prevention of pollution of the City\u2019s water supply. Expropriation to achieve the objectives was not excluded from the legislative authority.12 The state of mind of the City in adopting the regulations limiting land use in 1992 was to further the objective of water pollution control mandated by the City Act. The policy was to use the powers under the City Act in a way complementary to the powers under the Municipal Plan and the zoning bylaw, with the ultimate intention to revert the lands back to a natural and pristine condition. This meant refusing all development and use which amounted to constructive expropriation. Expropriation was the logical result of the zoning policy \u2013 the causal connection could be inferred between the adoption and application of the watershed zoning regulations and the expropriation. The Development Regulations were not an independent enactment. Closing Once constructive expropriation (de facto) is established, expropriation legislation determines how the affected owner is to be compensated. This will generally give rise to a consideration of the Pointe Gourde principle in accordance with its codification in the relevant jurisdiction and require an identification of the scheme of the expropriation. The identification of the scheme in a constructive expropriation can be challenging because there are less obvious indicators of the scheme compared to an actual expropriation and an owner must establish a causal connection between all the actions taken (or not taken) by a regulatory authority. Expropriation practitioners await the guidance the Supreme Court of Canada that will come from the Lynch appeal. End notes 1 Annapolis Group Inc. v. Halifax Regional Municipality, 2022 SCC 36 (Annapolis), paras. 18-19 2 Annapolis, para. 44 3 \u201cDe Facto Expropriation \u2013 Guidance from the Supreme Court of Canada\u201d, Canadian Property Valuation, Vol. 67, Book 1, 2023, pages 46-47 4 Todd, Eric C.E. The Law of Expropriation and Compensation in Canada. 2d ed. Toronto: Carswell Thomson Professional Publishing, 1992, pp. 158-160 5 Pointe Gourde Quarrying & Transport Co. v. Sub-Intendent of Crown Lands, (1947) A.C. 565 (H.L.); see for example Expropriation Act, RSNL 1990, c E-19, s 27; The Expropriation Act, CCSM c E190, s 27(2); Expropriations Act, RSO 1990, c E.26, s 14(4)(b); Expropriation Act, RSBC 1996, c 125, s 33; Expropriation Act, RSA 2000, c E-13 s 45; Expropriation Act, RSNB 1973, c E-14, s 39(4); Expropriation Act, RSNS 1989, c 156, s 33 6 2016 NLCA 35 7 Waters and Others v. Welsh Development Agency, 2004 UKHL 19 at para. 58 8 2016 NLCA 35 at paras. 22, 24, 66-67 9 2006 SCC 5, subsequently re-visited in Annapolis cite above. 10 2022 NLCA 29, para. 46 11 2022 NLCA 29, para. 109 12 2022, NLCA 29, para. 112 This article is provided for the purposes of generating discussion and to make practitioners aware of certain challenges presented in the law. It is not to be taken as legal advice. Any questions relating to the applicability of expropriation legislation in particular circumstances should be put to qualified legal and appraisal practitioners. Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 46Return to CONTENTSQUESTIONS JURIDIQUES Indemnisation en cas d\u2019expropriation par interpr\u00e9tation (de facto) ignorer le r\u00e9gime PAR JOHN SHEVCHUK Avocat plaidant, C.Arb, AACI (Hon) D\u00e9finition de l\u2019expropriation par interpr\u00e9tation En 2022, la Cour supr\u00eame du Canada (CSC) revoyait le double test \u00e0 appliquer pour d\u00e9cider si une branche du gouvernement a expropri\u00e9 par interpr\u00e9tation le bien immobilier d\u2019un propri\u00e9taire. Une expropriation est faite \u2039 par interpr\u00e9tation \u203a (de facto) s\u2019il y a \u2039 appropriation effective d\u2019une propri\u00e9t\u00e9 priv\u00e9e par une autorit\u00e9 publique exer\u00e7ant ses pouvoirs de r\u00e9glementation \u203a. Toutes les situations o\u00f9 on r\u00e9glemente l\u2019utilisation d\u2019une propri\u00e9t\u00e9 ne sont pas n\u00e9cessairement des prises par interpr\u00e9tation. Il doit y avoir une privation de l\u2019utilisation et de la jouissance d\u2019une mani\u00e8re appr\u00e9ciable et d\u00e9raisonnable.1 L\u2019enqu\u00eate entreprise par les tribunaux consiste \u00e0 d\u00e9cider :2 \u2022 premi\u00e8rement, si l\u2019autorit\u00e9 publique a acquis un int\u00e9r\u00eat b\u00e9n\u00e9ficiaire dans le bien-fonds ou un droit d\u00e9coulant de ce bien; et \u2022 deuxi\u00e8mement, si la mesure prise par l\u2019\u00c9tat a supprim\u00e9 toutes les utilisations raisonnables du bien-fonds. Le test est \u00e9nonc\u00e9 simplement, mais son application est difficile et d\u00e9pend fortement des faits pr\u00e9sents dans chaque cas.3 Principe d\u00e9gag\u00e9 dans l\u2019arr\u00eat Pointe Gourde Une fois que l\u2019expropriation par interpr\u00e9tation est \u00e9tablie, la question de l\u2019indemnisation du propri\u00e9taire se pose. Un principe g\u00e9n\u00e9ral d\u2019indemnisation dans le droit de l\u2019expropriation veut que l\u2019on ignore l\u2019effet du \u2039 r\u00e9gime \u203a d\u2019expropriation sur la propri\u00e9t\u00e9 vis\u00e9e. Le propri\u00e9taire ne doit pas \u00eatre pay\u00e9 plus ou moins au titre du r\u00e9gime.4 Ce principe, commun\u00e9ment appel\u00e9 principe de Pointe Gourde, tire ses origines de la common law, mais il a depuis \u00e9t\u00e9 codifi\u00e9 dans plusieurs juridictions d\u2019expropriation.5 Le principe de Pointe Gourde sera \u00e9tudi\u00e9 par la CSC en novembre 2023 lorsqu\u2019elle entendra l\u2019appel de la d\u00e9cision rendue par la Cour d\u2019appel de Terre-Neuve-et-Labrador (CATNL) dans la cause Lynch v. St. John\u2019s (City) 2022 NLCA 29 (Lynch). En 2016, la CATNL concluait que la propri\u00e9t\u00e9 des Lynch avait \u00e9t\u00e9 expropri\u00e9e par interpr\u00e9tation et ordonnait que la cause soit r\u00e9f\u00e9r\u00e9e \u00e0 la R\u00e9gie des commissaires aux services publics pour \u00e9valuer l\u2019indemnisation.6 [D\u00e9cision de 2016] Durant sa proc\u00e9dure subs\u00e9quente, la R\u00e9gie a demand\u00e9 la direction de la Cour supr\u00eame de Terre-Neuve-etLabrador (CSTNL) sur la question suivante : Doit-on \u00e9valuer l\u2019indemnisation des Lynch selon les utilisations permises par le zonage existant, soit l\u2019agriculture, la foresterie et les services publics, ou doit-on plut\u00f4t ignorer le zonage existant et d\u00e9terminer la valeur comme si le d\u00e9veloppement r\u00e9sidentiel \u00e9tait permissible? La CSTNL consid\u00e9rait que l\u2019indemnisation devait reposer sur le zonage existant. Sur appel, la CATNL en disconvenait, concluant que l\u2019indemnisation devait \u00eatre d\u00e9termin\u00e9e sans r\u00e9f\u00e9rence au zonage existant. Ce r\u00e9sultat a men\u00e9 \u00e0 une \u00e9valuation fond\u00e9e sur une utilisation r\u00e9sidentielle plus lucrative. En r\u00e9pondant \u00e0 la question pos\u00e9e par la R\u00e9gie, les tribunaux s\u2019appuyaient n\u00e9cessairement sur le principe de Pointe Gourde \u00e0 l\u2019effet que le r\u00e9gime d\u2019expropriation doive \u00eatre ignor\u00e9. \u2039 R\u00e9gime \u203a d\u2019une expropriation Avant d\u2019examiner la situation factuelle de Lynch, il est utile de consid\u00e9rer comment le \u2039 r\u00e9gime \u203a d\u2019expropriation a \u00e9t\u00e9 d\u00e9crit par la Chambre des lords de l\u2019Angleterre :7 58. Je me tourne donc vers la question \u00e0 savoir comment l\u2019\u00e9tendue d\u2019un r\u00e9gime devrait \u00eatre identifi\u00e9e dans les conditions actuelles. Un r\u00e9gime, c\u2019est essentiellement un projet d\u2019effectuer certains travaux \u00e0 une fin ou des fins particuli\u00e8res. Si l\u2019acquisition obligatoire du terrain vis\u00e9 est une partie int\u00e9grale d\u2019un tel r\u00e9gime, le principe de Pointe Gourde s\u2019appliquera en cons\u00e9quence. Volume 67 | Book 3 \/ Tome 3 | 202347Return to CONTENTSQUESTIONS JURIDIQUES Les deux \u00e9l\u00e9ments d\u2019un projet, soit les travaux propos\u00e9s et la fin pour laquelle ils sont effectu\u00e9s, sont mat\u00e9riels lorsque l\u2019on d\u00e9cide quels travaux devraient \u00eatre consid\u00e9r\u00e9s comme un r\u00e9gime simple en appliquant le principe de Pointe Gourde au terrain vis\u00e9. 59. On dit souvent que l\u2019\u00e9tendue d\u2019un r\u00e9gime est une question de faits. Certainement, d\u00e9gager les faits g\u00e9n\u00e9rateurs du litige menant \u00e0 une commande d\u2019achat obligatoire peut soulever des enjeux purement factuels de nature conventionnelle. Mais s\u00e9lectionner dans ces faits g\u00e9n\u00e9rateurs ceux qui ont une importance cl\u00e9 pour d\u00e9terminer la port\u00e9e du r\u00e9gime n\u2019est pas un processus de recherche des faits comme on l\u2019entend g\u00e9n\u00e9ralement. 60. Prenons le cas pr\u00e9sent. Le but pour lequel le terrain du demandeur a \u00e9t\u00e9 acquis peut \u00eatre identifi\u00e9 \u00e0 deux diff\u00e9rents niveaux de g\u00e9n\u00e9ralit\u00e9s : pour l\u2019utiliser comme une r\u00e9serve naturelle ou encore pour l\u2019utiliser comme r\u00e9serve naturelle afin de compenser la perte du site Taff\/Ely, qui pr\u00e9sentait un int\u00e9r\u00eat scientifique sp\u00e9cial, en construisant le barrage de Cardiff Bay. Quant aux faits, chacun de ces buts d\u00e9clar\u00e9s est correct. Lequel de ces buts doit \u00eatre consid\u00e9r\u00e9 comme \u00e9tant le plus appropri\u00e9 lorsqu\u2019il faut d\u00e9terminer le r\u00e9gime dans le contexte du principe de Pointe Gourde est une question qui rel\u00e8ve du jugement du tribunal. Dans Lynch, il ne semble pas y avoir eu de \u2039 travaux \u203a dans le cadre du projet pour lequel l\u2019expropriation a \u00e9t\u00e9 r\u00e9put\u00e9e s\u2019\u00eatre produite, mais la CATNL a identifi\u00e9 le but de l\u2019expropriation par interpr\u00e9tation. Situation factuelle de Lynch La propri\u00e9t\u00e9 des Lynch a \u00e9t\u00e9 acquise gr\u00e2ce \u00e0 une concession de la Couronne en 1917. Elle est situ\u00e9e dans le bassin versant de la Broad Cove River (BCR), qui alimente une rivi\u00e8re utilis\u00e9e par la Ville pour s\u2019approvisionner en eau. \u00c0 l\u2019\u00e9poque de la concession, le terrain se trouvait \u00e0 l\u2019ext\u00e9rieur des limites municipales et n\u2019\u00e9tait assujetti \u00e0 aucune restriction d\u2019utilisation des terres. En 1959, la zone de contr\u00f4le de la Ville a \u00e9t\u00e9 \u00e9tendue, avec pour r\u00e9sultat que la propri\u00e9t\u00e9 des Lynch est devenue assujettie aux pouvoirs de la Ville en mati\u00e8re de contr\u00f4le de la pollution et d\u2019expropriation. Toutefois, m\u00eame si l\u2019utilisation et le d\u00e9veloppement de la propri\u00e9t\u00e9 sont devenus restreints, le d\u00e9veloppement r\u00e9sidentiel n\u2019a pas \u00e9t\u00e9 express\u00e9ment interdit. En 1964, la City Act a \u00e9t\u00e9 amend\u00e9e pour interdire g\u00e9n\u00e9ralement l\u2019\u00e9rection de b\u00e2timents au-del\u00e0 d\u2019une certaine hauteur. En 1978, la City Act a \u00e9t\u00e9 amend\u00e9e pour donner \u00e0 la Ville le pouvoir de permettre la construction, \u00e0 sa discr\u00e9tion, mais aucun param\u00e8tre n\u2019encadrait l\u2019exercice de cette discr\u00e9tion. En 1978, le type et l\u2019usage des b\u00e2timents permis n\u2019\u00e9taient limit\u00e9s \u00e0 aucune cat\u00e9gorie particuli\u00e8re, telle l\u2019agriculture, la foresterie ou les services publics, ce qui viendrait plus tard. En 1992, une expansion des limites de la Ville a captur\u00e9 la propri\u00e9t\u00e9 des Lynch. \u00c0 ce moment-l\u00e0, la propri\u00e9t\u00e9 non seulement est demeur\u00e9e assujettie aux restrictions de construction et aux pouvoirs d\u2019expropriation aux fins de contr\u00f4le de la pollution en vertu de la City Act, mais elle est aussi devenue assujettie aux pouvoirs de la Ville sur le zonage de l\u2019utilisation g\u00e9n\u00e9rale des terres. Peu apr\u00e8s, un plan municipal et un r\u00e8glement sur le d\u00e9veloppement mettant ce plan en \u0153uvre ont \u00e9t\u00e9 adopt\u00e9s, d\u00e9signant une zone de bassin versant qui incluait la propri\u00e9t\u00e9 des Lynch. Aucune utilisation permise n\u2019\u00e9tait \u00e9num\u00e9r\u00e9e, mais trois utilisations discr\u00e9tionnaires \u2013 agriculture, foresterie et services publics \u2013 ont \u00e9t\u00e9 prises en consid\u00e9ration. En 1996, un document de politique command\u00e9 par la Ville a recommand\u00e9 que celle-ci maintienne la restriction de la City Act sur l\u2019\u00e9rection de nouveaux b\u00e2timents dans le bassin versant. Les auteurs ont de plus recommand\u00e9 que l\u2019on continue \u00e0 interdire le d\u00e9veloppement urbain, avec l\u2019intention \u00e0 long terme de retourner les zones \u00e0 des \u2039 conditions naturelles immacul\u00e9es \u203a. La CATNL a conclu que l\u2019adoption des recommandations de politique d\u00e9montrait que les restrictions de zonage dans le bassin versant figurant dans le plan municipal et le r\u00e8glement sur le d\u00e9veloppement mettant ce plan en \u0153uvre renvoyaient directement aux dispositions de la City Act. En 2011, les Lynch se sont enquis des utilisations qu\u2019ils pouvaient faire de leur propri\u00e9t\u00e9 et la Ville les a inform\u00e9s verbalement qu\u2019aucun d\u00e9veloppement ne serait permis. En 2013, cette position a \u00e9t\u00e9 officiellement renforc\u00e9e lorsqu\u2019une demande de d\u00e9veloppement d\u2019une subdivision r\u00e9sidentielle de 10 lots n\u2019a pas \u00e9t\u00e9 approuv\u00e9e. La Ville s\u2019est appuy\u00e9e sur la City Act et sur la zone du bassin versant vis\u00e9e par le r\u00e8glement sur le d\u00e9veloppement, les deux incarnant l\u2019objectif de prot\u00e9ger le bassin versant de la BCR de la pollution et de sauvegarder l\u2019approvisionnement en eau potable. Les communications que la Ville a eues avec les Lynch en 2011 et 2013 \u00e9taient la base sur laquelle la Cour d\u2019appel s\u2019\u00e9tait appuy\u00e9e pour conclure dans sa d\u00e9cision de 2016 qu\u2019il y avait bien expropriation par interpr\u00e9tation.8 La Cour d\u2019appel s\u2019est fond\u00e9e sur le double test d\u00e9crit dans la d\u00e9cision de la CSC dans la cause Compagnie de chemin de fer du Canadien Pacifique c. Ville de Vancouver.9 L\u2019enjeu Pointe Gourde dans Lynch La question pos\u00e9e par la R\u00e9gie des commissaires aux services publics demandait aux tribunaux de consid\u00e9rer si le r\u00e9gime d\u2019expropriation \u00e9tait une mesure n\u00e9cessaire pour d\u00e9cider s\u2019il fallait d\u00e9terminer une indemnisation sur la base du zonage d\u2019agriculture\/foresterie\/services publics ou du zonage qui permettrait l\u2019utilisation r\u00e9sidentielle. La d\u00e9cision de 2016 a \u00e9tabli que le processus d\u2019expropriation avait d\u00e9but\u00e9 avec l\u2019amendement de 1964 \u00e0 la City Act et avait pris fin avec le refus en 2013 de permettre le d\u00e9veloppement. Mais, l\u2019amendement de 1994 au r\u00e8glement sur le d\u00e9veloppement cr\u00e9ant l\u2019utilisation discr\u00e9tionnaire pour l\u2019agriculture, la foresterie ou les services publics entrait-il dans le r\u00e9gime d\u2019expropriation? En vertu du principe de Pointe Gourde, si l\u2019amendement de 1994 entrait dans le r\u00e9gime, alors le zonage et la restriction sur l\u2019utilisation permise introduite par l\u2019amendement devaient \u00eatre ignor\u00e9s dans l\u2019\u00e9tablissement d\u2019une indemnisation. La CATNL retra\u00e7ait ainsi la position des Lynch :10 (46) Les appelants caract\u00e9risent la port\u00e9e du r\u00e9gime d\u2019expropriation de mani\u00e8re plus large. Ils avancent que chaque promulgation et chaque mesure prises par la Ville entre 1964 et 2013, Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 48Return to CONTENTSQUESTIONS JURIDIQUES affectant la propri\u00e9t\u00e9 des appelants et li\u00e9es \u00e0 la grande pr\u00e9occupation de la Ville de contr\u00f4ler la pollution et fournir un approvisionnement en eau s\u00e9curitaire, entrent dans la port\u00e9e du r\u00e9gime d\u2019expropriation que l\u2019on doit ignorer pour les fins de l\u2019\u00e9valuation. Sur les arguments pr\u00e9sent\u00e9s par les appelants, le r\u00e8glement sur le d\u00e9veloppement de 1994 serait ignor\u00e9 et l\u2019\u00e9valuation ne serait pas limit\u00e9e aux trois utilisations discr\u00e9tionnaires identifi\u00e9es dans le r\u00e8glement. L\u2019analyse de la CATNL sur le principe de Pointe Gourde a d\u00e9but\u00e9 avec un examen de la l\u00e9gislation de la province sur l\u2019expropriation, \u00e0 l\u2019article 27(a), qui pr\u00e9voit entre autres ce qui suit : (a) l\u2019indemnisation doit \u00eatre d\u2019un montant reposant sur la juste valeur marchande du terrain ainsi que sur la valeur d\u2019utilisation existante au moment o\u00f9 les proc\u00e9dures d\u2019expropriation ont commenc\u00e9 \u2026 (c\u2019est moi qui souligne). La CATNL tenait que le \u2039 commencement \u203a n\u2019est pas n\u00e9cessairement lorsqu\u2019un avis d\u2019expropriation officiel est \u00e9mis ou, dans le cas d\u2019une expropriation par interpr\u00e9tation, la date \u00e0 laquelle l\u2019expropriation prend effet. La cour doit plut\u00f4t d\u00e9terminer quand a d\u00e9but\u00e9 un r\u00e9gime de d\u00e9veloppement menant \u00e0 l\u2019expropriation. Le d\u00e9but du r\u00e9gime n\u2019est pas l\u2019acte d\u2019expropriation. (Ce langage employ\u00e9 dans le statut rend-il le r\u00e9sultat unique \u00e0 Terre-Neuve-et-Labrador? Prenons par exemple la situation en Colombie-Britannique, o\u00f9 l\u2019indemnisation repose sur la valeur marchande \u00ab \u00e0 la date d\u2019expropriation \u00bb.) L\u2019examen de la CATNL sur la jurisprudence a d\u00e9gag\u00e9 les grands principes suivants :11 \u2022 l\u2019indemnisation est fond\u00e9e sur l\u2019utilisation existante au d\u00e9but des proc\u00e9dures d\u2019expropriation. (Le temps et de nouvelles causes dans d\u2019autres juridictions diront si cela est propre \u00e0 Terre-Neuve-et-Labrador.); \u2022 tout changement de valeur caus\u00e9 par le r\u00e9gime doit \u00eatre ignor\u00e9; \u2022 le principe de Pointe Gourde ne doit pas \u00eatre pouss\u00e9 trop loin \u2013 l\u2019objectif est un r\u00e9sultat juste et raisonnable; \u2022 une autorit\u00e9 expropriante ne peut pas r\u00e9duire le zonage d\u2019une propri\u00e9t\u00e9 en anticipant le besoin d\u2019acqu\u00e9rir celle-ci; \u2022 si un r\u00e8glement de zonage est d\u2019application g\u00e9n\u00e9rale, non li\u00e9 \u00e0 l\u2019expropriation, on doit l\u2019ignorer; \u2022 il doit exister un lien de causalit\u00e9 entre l\u2019imposition de la restriction d\u2019utilisation et l\u2019expropriation subs\u00e9quente; \u2022 l\u2019\u00e9tendue des travaux pr\u00e9vus et leur but ne figurent pas n\u00e9cessairement uniquement dans les r\u00e9solutions ou les documents officiels de l\u2019autorit\u00e9 acqu\u00e9reuse; et \u2022 en cas de doute, on adoptera un point de vue plus \u00e9troit plut\u00f4t que plus large sur le r\u00e9gime. Dans son application des principes qu\u2019elle avait d\u00e9gag\u00e9s de la jurisprudence, la CATNL \u00e9tait d\u2019avis que le r\u00e8glement sur le d\u00e9veloppement et la City Act concernant les enjeux du bassin versant avaient un point de mire et une intention : pr\u00e9venir la pollution de l\u2019approvisionnement en eau de la Ville. L\u2019expropriation pour atteindre les objectifs n\u2019\u00e9tait pas exclue de l\u2019autorit\u00e9 l\u00e9gislative.12 En adoptant le r\u00e8glement limitant l\u2019utilisation des terres en 1992, la Ville voulait faire progresser l\u2019objectif de contr\u00f4ler la pollution de l\u2019eau, mandat\u00e9 par la City Act. La politique \u00e9tait d\u2019utiliser les pouvoirs en vertu de la City Act, afin de compl\u00e9ter les pouvoirs accord\u00e9s par le plan municipal et le r\u00e8glement de zonage, avec une intention ultime de retourner les terres \u00e0 des conditions naturelles immacul\u00e9es. Cela signifiait refuser tout d\u00e9veloppement et toute utilisation qui entra\u00eeneraient une expropriation par interpr\u00e9tation. L\u2019expropriation \u00e9tait le r\u00e9sultat logique de la politique de zonage \u2013 le lien de causalit\u00e9 pourrait \u00eatre inf\u00e9r\u00e9 entre l\u2019adoption et l\u2019application du r\u00e8glement de zonage et de l\u2019expropriation du bassin versant. Le r\u00e8glement sur le d\u00e9veloppement n\u2019\u00e9tait pas une promulgation ind\u00e9pendante. Conclusion Une fois que l\u2019expropriation par interpr\u00e9tation (de facto) est \u00e9tablie, la loi sur l\u2019expropriation d\u00e9termine comment le propri\u00e9taire touch\u00e9 doit \u00eatre indemnis\u00e9. Cela entra\u00eenera g\u00e9n\u00e9ralement la consid\u00e9ration du principe de Pointe Gourde, conform\u00e9ment \u00e0 sa codification dans la juridiction pertinente, ainsi qu\u2019une identification du r\u00e9gime d\u2019expropriation. L\u2019identification du r\u00e9gime dans un cas d\u2019expropriation par interpr\u00e9tation peut \u00eatre difficile, car il y a moins d\u2019indicateurs \u00e9vidents du r\u00e9gime comparativement \u00e0 une expropriation r\u00e9elle et un propri\u00e9taire doit \u00e9tablir un lien de causalit\u00e9 entre toutes les mesures prises (ou non prises) par une autorit\u00e9 r\u00e9glementaire. Les sp\u00e9cialistes de l\u2019expropriation attendent la direction de la Cour supr\u00eame du Canada qui d\u00e9coulera de l\u2019appel dans la cause Lynch. Notes de bas de page 1 Annapolis Group Inc. c. Municipalit\u00e9 r\u00e9gionale d\u2019Halifax, 2022 CSC 36 (Annapolis), paragr. 18-19 2 Annapolis, paragr. 44 3 \u00ab Expropriation de facto \u2013 Direction de la Cour supr\u00eame du Canada \u00bb, magazine \u00c9valuation immobili\u00e8re au Canada, vol. 67, tome 1, 2023, pages 48-49 4 Todd, Eric C.E. The Law of Expropriation and Compensation in Canada. 2d ed. Toronto: Carswell Thomson Professional Publishing, 1992, pp. 158-160 5 Pointe Gourde Quarrying & Transport Co. v. Sub-Intendent of Crown Lands, (1947) A.C. 565 (H.L.); voir par exemple Expropriation Act, RSNL 1990, c E-19, s 27; The Expropriation Act, CCSM c E190, s 27(2); Loi sur l\u2019expropriation, LRO 1990, c E.26, art. 14(4)(b); Expropriation Act, RSBC 1996, c 125, s 33; Expropriation Act, RSA 2000, c E-13 s 45; Loi sur l\u2019expropriation, LRN-B 1973, c E-14, art. 39(4); Expropriation Act, RSNS 1989, c 156, s 33 6 2016 NLCA 35 7 Waters and Others v. Welsh Development Agency, 2004 UKHL 19, paragr. 58 8 2016 NLCA 35, paragr. 22, 24, 66-67 9 2006 CSC 5, subs\u00e9quemment revue dans Annapolis cit\u00e9e ci-dessus. 10 2022 NLCA 29, paragr. 46 11 2022 NLCA 29, paragr. 109 12 2022, NLCA 29, paragr. 112 Cet article est fourni dans le but d\u2019alimenter la discussion et de sensibiliser les professionnels \u00e0 certains d\u00e9fis que pr\u00e9sente la loi. Il ne doit pas \u00eatre consid\u00e9r\u00e9 comme un avis juridique. Toutes les questions sur l\u2019applicabilit\u00e9 de la loi \u00e0 l\u2019expropriation dans des circonstances particuli\u00e8res devraient \u00eatre pos\u00e9es \u00e0 des praticiens qualifi\u00e9s dans les domaines du droit et de l\u2019\u00e9valuation. Volume 67 | Book 3 \/ Tome 3 | 202349Return to CONTENTSThe 2023 AIC National Conference, held this year from May 31-June 3, connected more than 630 AIC Members from across the country for an unforgettable weekend in beautiful Vancouver, British Columbia. Once again hosted as a fully hybrid event, the conference included excellent networking opportunities, career enhancing knowledge exchange, and fun-filled social activities. Enjoyed by more than 370 in-person participants and a further 260+ participants online, the event featured an engaging educational program, with 17 education sessions delivered by over 20 amazing presenters, including many AIC Professional Appraisers (P. App.), plus Candidate breakout sessions, and two captivating plenaries. In all, the conference was a resounding success, and marks a continued return to normalcy and renewed Member engagement post-COVID. Thank you to all the attendees, organizers, sponsors, and speakers who contributed their time, energy, and resources to make the 2023 AIC National Conference such a wonderful experience. We look forward to yet another wonderful conference next year in exquisite Charlottetown, Prince Edward Island from June 5 to 8, 2024. Did you miss the conference? On-demand recordings of the education sessions are now available to all Members at: https:\/\/ www.aicanada.ca\/members-home\/professional-practiceresources\/aic-national-conference-speaker-presentations\/ Suzanne de Jong, P. App., AACI, Fellow and now Past President, provides her remarks at the Opening Ceremonies. Opening presenters, conference organizers, and members of the AIC Executive Committee at the Opening Ceremonies (L-R) Claudio Polito, P. App., AACI, AIC National President 2023-24; Suzanne de Jong, P. App., AACI, Fellow, Past President; BC Minister of Labour Harry Bains; Christina Bhalla, BA, DULE, Executive Director AIC-BC; Sandra Behm, P. App., AACI, AIC-BC President; Jessica Toppazzini, P. App., AACI; Keith Lancastle, Hon. AACI, AIC interim CEO. The 2023-24 Executive Committee (L-R) Terry Dowle, P. App., AACI, Vice President; Suzanne de Jong, P. App., AACI, Fellow, Past President; Claudio Polito, P. App., AACI, President; Dena Knopp, P. App., CRA, President Elect; Joanne Slaney, P. App., AACI, Vice President. Zahra Al-Harazi speaks to an AIC Member following her keynote speech. Trade show exhibitors showcase their wares to interested Conference delegates. Delegates enjoy the President\u2019s Gala Dinner. Allan Beatty, P. App., AACI, Fellow addresses attendees at the Awards Luncheon. The Hitsville USA Band provides lively entertainment at the President\u2019s Gala Dinner. RECAP 2023 AIC National Conference Return to CONTENTS51Volume 67 | Book 3 \/ Tome 3 | 2023VOLUNTEER RECOGNITION AWARDS  BRAD BREWSTER, P. APP., AACI Brad has been a Member since 1995 and has served as an AIC Board Member and on various national committees such as the Communications Committee, the Shaping our Future Task Force, and the Admissions and Accreditation Committee, to name a few. RECAP W.C. MCCUTCHEON AWARD RECIPIENTS The W.C. McCutcheon Award, created to mark the AIC\u2019s 80th anniversary, is an esteemed award named after the AIC\u2019s first president in 1938. The award is granted to outstanding volunteers of the AIC who have been long-standing committee volunteers and have demonstrated leadership and commitment to the Institute. These volunteers continually go \u2018above and beyond\u2019 in sharing their time, expertise, and experience to advance the appraisal profession. The following Members are this year\u2019s worthy recipients. BRIAN VARNER, P. APP., AACI Brian has been a Member since 1980 and has served on various national committees over the years, including the Professional Practice Committee and the Standards Sub-committee. He has been a consistent resource for the AIC and the membership at large. As always, a major highlight of the AIC National Conference was the celebration of excellence and achievement in the valuation profession with the presentation of the following awards. Return to CONTENTS52Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada RECAP FELLOWSHIP RECIPIENTS The title of Fellow is granted to Designated Members who have distinguished themselves by their exemplary contributions to the appraisal profession. This is demonstrated by a high level of excellence and achievement that has contributed to the advancement of the profession. The Fellowship Award is granted at the discretion of the AIC Board of Directors. This year\u2019s recipients are: PHILSON KEMPTON, P. APP., AACI Phil was exposed to the importance of volunteerism within the appraisal profession through his father, Philson Sr, who himself was granted an AIC Fellowship for his outstanding service to the AIC not so long ago. Phil has worked as a fee and non-fee valuation professional throughout his distinguished career and is currently working for Regional Manager of Payments In Lieu of Taxes (PILT) for the Atlantic Region at Public Services & Procurement Canada. He has earned a CRA designation as well as an AACI designation, and started volunteering at the provincial level in 1996. Most recently, he served as provincial Vice President from 2019-21, provincial President from 2021-23, and now he is provincial Past President. For approximately 20 years, Phil has been intimately involved in the Applied Experience Examination Sub-committee, grading over 400 exams, delivering countless webinars, and mentoring over 30 Applied Experience Candidates. Phil is also an active member of the Admission and Accreditation Committee, was on the Shaping our Future Task Force, and has been an active participant in the AIC national conferences over the last three decades, both as a delegate and a presenter. CARL NILSEN, P. APP., AACI In 1969, Carl qualified as a Chartered Surveyor in London, England where he worked for a number of years before moving to Toronto in 1971. After moving to Vancouver, he obtained his AACI designation in 1974 and has been practicing as a fee appraiser and consultant ever since. In 1980, Carl founded Nilsen Realty Research Ltd., which subsequently became part of Altus Group. He retired from Altus Group in 2020,but continues to act as a consultant and arbitrator. Carl\u2019s career focused on providing specialized appraisal and consulting services to the public and private sector, as well as litigation support and mentoring new Members in the profession. He has frequently been retained as an expert witness on valuation issues and has given evidence before the BC Assessment Appeal Board, the BC Supreme Court, the BC Expropriation Compensation Board, the Federal Court (Trial Division), and arbitration panels. He has acted as a Valuator under the B.C. Hydro and Power Authority Act, and as an arbitrator on over 25 occasions, either as a single arbitrator or as a member of a panel. As an active Member of the AIC, he has served several terms as a member of the Adjudicating Sub-committee and is currently a member of the Appeal Sub-committee. SUZANNE DE JONG, P. APP., AACI Suzanne is the Vice President of Commercial Operations for Metrix Realty Group in London, Ontario. As a fee appraiser, she completes valuation and consulting work in a variety of areas including multifamily residential, commercial, industrial, and land development. Suzanne joined the AIC in 1990, obtaining her CRA designation in 1993 and her AACI in 2003. She has been actively involved with the AIC at the local, provincial, and national levels since 1996. Suzanne has served on the Executive of the London Chapter of the AIC since 1996, is a past Member of the Executive Board of Directors for AIC-Ontario, and is a past chair of both the Applied Experience Sub-committee and the Admissions and Accreditation Committee. Suzanne has served on the AIC Board of Directors since 2018 and was most recently the AIC National President (2022-23), as well as a member of the Shaping our Future Task Force, and the President\u2019s Council on Equity, Diversity and Inclusion (EDI). Return to CONTENTS53Volume 67 | Book 3 \/ Tome 3 | 2023TYLER BEATTY AWARD RECIPIENTS Each year, the AIC is proud to select two deserving young appraisers to receive recognition for their outstanding contributions to the profession. Beginning in 2022, the Top Appraiser Under 40 Award was renamed the Tyler Beatty Award in honor of Tyler Beatty, P. App., AACI, who passed away in March of that year. Tyler was an exemplary volunteer with the AIC and a very successful appraisal professional. Fittingly, his achievements had been recognized with the Top Appraiser Under 40 Award in 2017. This year, the Tyler Beatty Award was presented to two exceptional valuation professionals: RECAP KIM PASSMORE, P. APP., AACI  Kim started her pursuit of the appraisal profession during her undergraduate degree at the University of Guelph. During this time, Kim took advantage of a summer internship at BC Assessment, as well as UBC\u2019s online course offerings. Her early knowledge and interest in the profession helped her graduate simultaneously with a B.Comm., majoring in Real Estate & Housing, along with the PGCV from UBC. In 2015, Kim \u2013 along with two long-time colleagues \u2013 had the opportunity to take over for their mentor, Steve Irvine (retiring founder of S.W. Irvine & Associates). Since this time, Kim has co-managed the Farm Team, as well as continued her valuation work with a focus on rural properties. She has mentored and continues to mentor numerous AIC Candidates, in addition to volunteering on the AIC-Ontario Board of Directors. From 2016 to 2022, Kim proudly served as Region 2 Director and served most recently as the AIC-Ontario President (2022-23). In this role, Kim was the youngest President in AIC-Ontario history, as well as the first female President with an AACI designation. ERIC TWORO, P. APP., AACI After completing his degree at the University of Western Ontario, Eric began his career as a Candidate Member in 2009, working alongside his father at Appraisals North Realty Inc. in Sudbury, Ontario. He obtained his CRA designation in 2011 while continuing to work towards his AACI, which he obtained in 2017. He then became a partner at Appraisals North in 2018, continuing to service the Northern Ontario region and focusing primarily on commercial and industrial properties. From the onset of his career, Eric has been heavily involved in volunteering with the AIC. He has been an omnipresent member of the local chapter executive and a member of the AIC-Ontario Board of Directors on two occasions, from 2014-2017 and again from 2019-present. As a member of the Board, Eric has sat on a number of committees and is now serving his term as President of the AIC-Ontario Board (2023-24). Throughout his career, Eric has always strived to provide his clients with accurate, well-written appraisal reports, and has become a respected voice in the Northern Ontario real estate market. He takes pride in his ability to liaise with colleagues and is always available to discuss the local market or chat about a complex appraisal question. Eric looks forward to the challenges that await in the next phase of his career and hopes to help the next generation of appraisers as they enter the profession. Return to CONTENTS54Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada RECAP HONORARY AACI DESIGNATIONS Honorary AACI designations are awarded to individuals who are ethically above reproach, publicly recognized as leaders in business, law, academia, and other professions, and contribute to the AIC\u2019s advancement of the profile, respect, body of knowledge, and advocacy of the valuation profession. This year, an Honorary AACI was granted at the discretion of the AIC Board of Directors to Vikki Leslie \u2013 Executive Director and long-time employee of AIC-Ontario. For more information about the 2023 awards, please visit:  www.aicanada.ca\/about-aic\/volunteer-awards\/ PRESIDENT\u2019S CITATION RECIPIENTS The President\u2019s Citation is one of most prestigious awards that is granted to volunteers of the AIC. The award is granted at the discretion of the outgoing AIC President to long-standing committee volunteers who have demonstrated leadership and commitment. This year\u2019s recipients are: CLAUDIO POLITO, P. APP., AACI Claudio is the owner of Cross-Town Appraisal Limited, an independent property appraisal and realty consulting company that offers a wide range of property valuation services across the GTHA. He has been involved in the real estate industry since 1987, joined the AIC in 1991, and earned his AACI designation in 2006. In the past, he has served as Co-Chair of York Chapter of AIC-Ontario, as well as Provincial Director \u2014 and later, President \u2014 of AIC-Ontario. Claudio was then elected to the Board of the AIC, where he served as Chair of the Standards Sub-committee and member of the Shaping our Future Task Force. An advocate for Members and the appraisal profession, Claudio is frequently featured on podcasts and has spoken at multiple industry events. He is currently serving as the AIC President (2023-24). ANDR\u00c9 POULIOT, P. APP., AACI, FELLOW Andr\u00e9 has over 20 years of commercial real estate valuation and property tax experience. He is a Past President of the Nova Scotia Real Estate Appraisers Association (NSREAA) and has occupied positions on its Board from 2007-2015 and again in 2019. He is a PCI Interviewer with AIC and sits on the committee of examiners for NSREAA, where he is responsible for evaluating applications from candidates seeking registration to practice appraisal in Nova Scotia. Andr\u00e9 has provided consulting advice in every Canadian province and has appeared before Boards and tribunals in Nova Scotia, New Brunswick, Newfoundland, Ontario, Alberta, and British Columbia. He works on a broad range of property types including hotels, shopping centres, office buildings, and freestanding retail, as well as a broad array of special purpose properties including sawmills, pulp and paper mills, dairy facilities, food processing plants, shipyards, ports, and grain elevators. 50-YEAR MEMBERS This year, 12 AIC Professional Appraisers celebrated their 50-year anniversary as part of the Institute. Their longevity as Members is a testament to their dedication to the appraisal profession. Congratulations to: \u2022 Ronald Brocklehurst, P. App., AACI (NL) \u2022 Patrick Cornwall, P. App., AACI (ON) \u2022 Alphonse (Al) Garbens, P. App., AACI (ON) \u2022 Ronald Hopper, P. App., AACI (ON) \u2022 Daniel Jones, P. App., AACI (BC) \u2022 Geoffrey Johnston, P. App., AACI (BC) \u2022 John Le\u2019Count, P. App., AACI (ON) \u2022 Michael Lee, P. App., AACI (ON) \u2022 Ronald Richardson, P. App., AACI (BC) \u2022 J. Szpivak, P. App., AACI (ON) \u2022 J. Young, P. App., AACI (BC) \u2022 Michael Mendela, P. App., AACI (ON) Return to CONTENTS55Volume 67 | Book 3 \/ Tome 3 | 2023THANK YOU SPONSORS Whether in-person, virtual, or hybrid, no professional conference can be staged successfully without the incredible support of its sponsors. On behalf of the AIC, our Members, and the profession, we want to thank the following companies for their outstanding commitment and contributions that made the 2023 AIC National Conference so successful. RECAP Return to CONTENTS56Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada R\u00c9SUM\u00c9 DU Congr\u00e8s national del\u2019ICE 2023 Le Congr\u00e8s national de l\u2019ICE 2023, pr\u00e9sent\u00e9 cette ann\u00e9e du 31 mai au 3 juin, a rassembl\u00e9 plus de 630 membres de l\u2019ICE d\u2019un peu partout au pays pour un week-end m\u00e9morable dans la magnifique ville de Vancouver, Colombie-Britannique. De nouveau tenu comme un \u00e9v\u00e9nement enti\u00e8rement hybride, le congr\u00e8s incluait d\u2019excellentes opportunit\u00e9s de r\u00e9seautage, l\u2019\u00e9change de connaissances pour am\u00e9liorer les carri\u00e8res, de m\u00eame que des activit\u00e9s sociales divertissantes pour tous et toutes. Attirant plus de 370 personnes sur place et plus de 260 en ligne, l\u2019\u00e9v\u00e9nement offrait un programme d\u2019\u00e9ducation tr\u00e8s int\u00e9ressant, avec 17 s\u00e9ances \u00e9ducatives livr\u00e9es par plus de 20 pr\u00e9sentateurs extraordinaires, incluant plusieurs \u00c9valuateurs Professionnels (P. App.) de l\u2019ICE, plus des ateliers pour les stagiaires et deux s\u00e9ances pl\u00e9ni\u00e8res captivantes. Tout compte fait, le congr\u00e8s fut un grand succ\u00e8s, marquant un retour continu aux affaires normales et l\u2019engagement renouvel\u00e9 des membres apr\u00e8s la crise du COVID-19. Merci \u00e0 tous et toutes les participants, organisateurs, commanditaires et conf\u00e9renciers qui ont consacr\u00e9 temps, \u00e9nergie et ressources pour faire du Congr\u00e8s national de l\u2019ICE 2023 une exp\u00e9rience aussi merveilleuse. C\u2019est avec plaisir que nous anticipons un autre excellent congr\u00e8s l\u2019an prochain dans la ville enchant\u00e9e de Charlottetown, \u00cele-du-Prince-\u00c9douard, du 5 au 8 juin 2024. Avez-vous rat\u00e9 le congr\u00e8s? Les enregistrements des s\u00e9ances \u00e9ducatives sont maintenant disponibles sur demande pour tous les membres, \u00e0 www.aicanada.ca\/fr\/accueil-desmembres\/ressources-de-pratique-professionnelle\/congresnationale-ice-presentations-des-conferenciers\/ Suzanne de Jong, P. App., AACI, Fellow et Pr\u00e9sidente sortante, a donn\u00e9 le discours d’ouverture lors des C\u00e9r\u00e9monies d’ouverture. Pr\u00e9sentateurs, organisateurs du Congr\u00e8s et membres du Comit\u00e9 ex\u00e9cutif de l’ICE lors de la c\u00e9r\u00e9monie d’ouverture. De gauche \u00e0 droite : Claudio Polito, P. App., AACI, Pr\u00e9sident national de l’ICE 2023-24 ; Suzanne de Jong, P. App., AACI, Fellow, Pr\u00e9sidente sortante ; le ministre du travail de la C.-B. Harry Bains ; Christina Bhalla, BA, DULE, Directrice g\u00e9n\u00e9rale, ICE-C.-B. ; Sandra Behm, P. App., AACI , Pr\u00e9sidente, ICE-C.-B.; Jessica Toppazzini, P. App., AACI ; Keith Lancastle, Hon. AACI, Chef de la direction par int\u00e9rim de l’ICE. Le Comit\u00e9 ex\u00e9cutif 2023-24. De gauche \u00e0 droite : Terry Dowle, P. App., AACI, Vice-pr\u00e9sident ; Suzanne de Jong, P. App., AACI, Fellow, Pr\u00e9sidente sortante ; Claudio Polito, P. App., AACI, Pr\u00e9sident ; Dena Knopp, P. App., CRA, Pr\u00e9sidente d\u00e9sign\u00e9e ; Joanne Slaney, P. App., AACI, Vice-pr\u00e9sidente. Zahra Al-Harazi parle avec un membre de l’ICE apr\u00e8s son allocution principal d’ouverture le 1er juin 2023. Les participants appr\u00e9cient les kiosques des exposants. Les participants profitent de la Soir\u00e9e de gala de la Pr\u00e9sidente le 2 juin 2023. Allan Beatty, P. App., AACI, Fellow, s’adresse aux participants lors du Diner de remise des prix le 2 juin 2023. Le Hitsville USA Band assure le divertissement lors de la Soir\u00e9e de gala de la Pr\u00e9sidente. Return to CONTENTS57Volume 67 | Book 3 \/ Tome 3 | 2023PRIX DE RECONNAISSANCE DES B\u00c9N\u00c9VOLES BRAD BREWSTER, P.APP., AACI Brad est membre depuis 1995, ayant servi au Conseil de l\u2019ICE et dans divers comit\u00e9s nationaux, comme le Comit\u00e9 des communications, le groupe de travail Fa\u00e7onner notre avenir ainsi que le Comit\u00e9 des admissions et de l\u2019accr\u00e9ditation, pour en nommer quelques-uns. R\u00c9CIPIENDAIRES DU PRIX W.C. MCCUTCHEON Le prix W.C. McCutcheon, cr\u00e9\u00e9 pour souligner le 80e anniversaire de l\u2019ICE, est un prix tr\u00e8s estim\u00e9 qui doit son nom au premier pr\u00e9sident de l\u2019ICE en 1938. Le prix est accord\u00e9 \u00e0 des personnes exceptionnelles de l\u2019ICE qui sont des b\u00e9n\u00e9voles depuis longtemps dans des comit\u00e9s et qui ont d\u00e9montr\u00e9 du leadership et de l\u2019engagement envers l\u2019ICE. Ces b\u00e9n\u00e9voles font toujours bien plus que ce que l\u2019on attend d\u2019eux en offrant leur temps, leur expertise et leur exp\u00e9rience pour faire progresser la profession d\u2019\u00e9valuateur. Les membres suivants sont les valeureux r\u00e9cipiendaires de cette ann\u00e9e. BRIAN VARNER, P.APP., AACI Brian est membre depuis 1980, alors qu\u2019il a servi dans divers comit\u00e9s nationaux au fil des ans, incluant le Comit\u00e9 de la pratique professionnelle et le Sous-comit\u00e9 des normes. Il est une ressource fiable pour l\u2019ICE et pour l\u2019ensemble de ses membres. Comme toujours, un des points culminants du Congr\u00e8s national de l\u2019ICE \u00e9tait la c\u00e9l\u00e9bration de l\u2019excellence et de la r\u00e9ussite dans la profession d\u2019\u00e9valuateur, avec la remise des prix suivants. R\u00c9SUM\u00c9 Return to CONTENTS58Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada R\u00c9CIPIENDAIRES DU PRIX \u00ab FELLOW \u00bb Le titre de Fellow est accord\u00e9 \u00e0 des membres d\u00e9sign\u00e9s qui se sont distingu\u00e9s en contribuant de fa\u00e7on exemplaire \u00e0 la profession d\u2019\u00e9valuateur. Ils l\u2019ont d\u00e9montr\u00e9 en atteignant un haut niveau d\u2019excellence et d\u2019accomplissement qui a favoris\u00e9 l\u2019avancement de la profession. Le prix est remis \u00e0 la discr\u00e9tion du Conseil d\u2019administration de l\u2019ICE. Les r\u00e9cipiendaires de cette ann\u00e9e sont : PHILSON KEMPTON, P.APP., AACI Phil a appris l\u2019importance du b\u00e9n\u00e9volat au sein de la profession d\u2019\u00e9valuateur \u00e0 travers son p\u00e8re, Philson Sr., qui a lui-m\u00eame re\u00e7u un prix \u00ab Fellow \u00bb de l\u2019ICE pour son service exceptionnel aupr\u00e8s de l\u2019ICE il n\u2019y a pas si longtemps. Phil \u00e9tait \u00e9valuateur professionnel, \u00e0 honoraires et r\u00e9mun\u00e9r\u00e9, pendant sa distingu\u00e9e carri\u00e8re. Il travaille pr\u00e9sentement comme gestionnaire r\u00e9gional du Programme des paiements vers\u00e9s en remplacement d\u2019imp\u00f4ts (PERI), R\u00e9gion de l\u2019Atlantique, Services publics et Approvisionnement Canada. Ayant obtenu une d\u00e9signation CRA et une d\u00e9signation AACI, il a commenc\u00e9 \u00e0 faire du b\u00e9n\u00e9volat \u00e0 l\u2019\u00e9chelle provinciale en 1996. Plus r\u00e9cemment, il a servi comme vice-pr\u00e9sident provincial de 2019 \u00e0 2021, pr\u00e9sident provincial de 2021 \u00e0 2023, alors qu\u2019il est maintenant le pr\u00e9sident sortant provincial. Pendant environ 20 ans, Phil s\u2019est engag\u00e9 \u00e0 fond dans les activit\u00e9s du Sous-comit\u00e9 d\u2019examen de l\u2019exp\u00e9rience pratique, corrigeant plus de 400 examens, livrant d\u2019innombrables webinaires et mentorant plus de 30 stagiaires \u00e0 l\u2019exp\u00e9rience pratique. Phil est aussi un membre actif du Comit\u00e9 des admissions et de l\u2019accr\u00e9ditation, il a fait partie du groupe de travail Fa\u00e7onner notre avenir et il participe activement aux congr\u00e8s nationaux de l\u2019ICE depuis trois d\u00e9cennies, comme d\u00e9l\u00e9gu\u00e9 aussi bien que pr\u00e9sentateur. CARL NILSEN, P.APP., AACI En 1969, Carl s\u2019est qualifi\u00e9 comme arpenteurg\u00e9om\u00e8tre approuv\u00e9 \u00e0 Londres, Angleterre, o\u00f9 il a travaill\u00e9 quelques ann\u00e9es avant de d\u00e9m\u00e9nager \u00e0 Toronto en 1971. Apr\u00e8s avoir d\u00e9m\u00e9nag\u00e9 \u00e0 Vancouver, il a obtenu sa d\u00e9signation AACI en 1974. Il est \u00e9valuateur \u00e0 honoraires et consultant depuis. En 1980, Carl a fond\u00e9 Nilsen Realty Research Ltd., qui est entr\u00e9 par la suite dans le Groupe Altus. Il a pris sa retraite du Groupe Altus en 2020, mais il travaille encore comme consultant et arbitre. La carri\u00e8re de Carl s\u2019est concentr\u00e9e sur la prestation de services sp\u00e9cialis\u00e9s en \u00e9valuation et en consultation aux secteurs public et priv\u00e9, ainsi que sur le soutien aux litiges et le mentorat des nouveaux membres de la profession. Il est souvent retenu comme t\u00e9moin expert dans des enjeux touchant l\u2019\u00e9valuation. Il a t\u00e9moign\u00e9 devant le BC Assessment Appeal Board, la Cour supr\u00eame de la Colombie-Britannique, le BC Expropriation Compensation Board, la Cour f\u00e9d\u00e9rale (Section de premi\u00e8re instance) et des formations arbitrales. Il a jou\u00e9 le r\u00f4le d\u2019\u00e9valuateur dans le cadre de la B.C. Hydro and Power Authority Act, et celui d\u2019arbitre \u00e0 plus de 25 occasions, comme arbitre unique ou en tant que membre d\u2019une formation arbitrale. Comme membre actif de l\u2019ICE, il a servi plusieurs mandats au Sous-comit\u00e9 d\u2019arbitrage et il si\u00e8ge pr\u00e9sentement au Sous-comit\u00e9 d\u2019appel. SUZANNE DE JONG, P.APP., AACI Suzanne est la vice-pr\u00e9sidente des op\u00e9rations commerciales chez Metrix Realty Group \u00e0 London, Ontario. \u00c9valuatrice \u00e0 honoraires, elle fait du travail d\u2019\u00e9valuation et de consultation dans des types de propri\u00e9t\u00e9s vari\u00e9s, y compris immeubles r\u00e9sidentiels, commerces, industries ainsi que dans l\u2019am\u00e9nagement de terrains. Suzanne a joint les rangs de l\u2019ICE en 1990, obtenant ses d\u00e9signations CRA en 1993 et AACI en 2003. Elle s\u2019implique activement dans l\u2019ICE aussi bien \u00e0 l\u2019\u00e9chelle locale, provinciale que nationale depuis 1996. Suzanne sert \u00e0 l\u2019Ex\u00e9cutif du chapitre de London de l\u2019ICE depuis 1996, alors qu\u2019elle est un ancien membre du Conseil d\u2019administration de l\u2019ICE-Ontario et qu\u2019elle a auparavant pr\u00e9sid\u00e9 le Sous-comit\u00e9 d\u2019examen de l\u2019exp\u00e9rience pratique et le Comit\u00e9 des admissions et de l\u2019accr\u00e9ditation. Suzanne si\u00e8ge au Conseil d\u2019administration de l\u2019ICE depuis 2018 et elle a \u00e9t\u00e9 jusqu\u2019\u00e0 r\u00e9cemment pr\u00e9sidente nationale de l\u2019ICE (2022-23), en plus d\u2019\u00eatre membre du groupe de travail Fa\u00e7onner notre avenir et du Conseil du pr\u00e9sident sur l\u2019\u00e9quit\u00e9, la diversit\u00e9 et l\u2019inclusion (EDI). R\u00c9SUM\u00c9 Return to CONTENTS59Volume 67 | Book 3 \/ Tome 3 | 2023R\u00c9CIPIENDAIRES DU PRIX TYLER BEATTY Chaque ann\u00e9e, l\u2019ICE est fi\u00e8re de s\u00e9lectionner deux jeunes \u00e9valuateurs m\u00e9ritant d\u2019\u00eatre reconnus pour leurs contributions exceptionnelles \u00e0 la profession. \u00c0 compter de 2022, le prix du Meilleur \u00e9valuateur de moins de 40 ans a \u00e9t\u00e9 renomm\u00e9 prix Tyler Beatty, en l\u2019honneur de Tyler Beatty, P. App., AACI qui est d\u00e9c\u00e9d\u00e9 au mois de mars 2020. Tyler \u00e9tait un b\u00e9n\u00e9vole exemplaire de l\u2019ICE et un \u00e9valuateur professionnel couronn\u00e9 de succ\u00e8s. \u00c0 juste titre, ses r\u00e9ussites ont \u00e9t\u00e9 reconnues avec le prix du Meilleur \u00e9valuateur de moins de 40 ans, qu\u2019il a re\u00e7u en 2017. Cette ann\u00e9e, le prix Tyler Beatty a \u00e9t\u00e9 remis \u00e0 deux \u00e9valuateurs professionnels d\u2019exception : KIM PASSMORE, P.APP., AACI Kim a entrepris son cheminement d\u2019\u00e9valuatrice professionnelle durant ses \u00e9tudes \u00e0 l\u2019Universit\u00e9 de Guelph. Pendant ce temps, elle a tir\u00e9 profit d\u2019un stage d’\u00e9t\u00e9 \u00e0 BC Assessment, ainsi que des cours donn\u00e9s en ligne par l\u2019Universit\u00e9 de la ColombieBritannique. Ses connaissances et son int\u00e9r\u00eat pr\u00e9coces pour la profession l\u2019ont aid\u00e9e \u00e0 graduer simultan\u00e9ment avec un baccalaur\u00e9at en communication, avec sp\u00e9cialisation en immobilier et logement, et avec le programme PGVC de l\u2019UCB. En 2015, Kim \u2013 avec deux coll\u00e8gues de longue date \u2013 a eu l\u2019opportunit\u00e9 de remplacer son mentor Steve Irvine (fondateur de S.W. Irvine & Associates) \u00e0 la retraite. Depuis lors, elle assure la cogestion de l\u2019\u00e9quipe de ferme et poursuit son travail d\u2019\u00e9valuation, ax\u00e9 principalement sur les propri\u00e9t\u00e9s rurales. Elle a mentor\u00e9 et continue de le faire pour plusieurs stagiaires de l\u2019ICE, en plus d\u2019\u00eatre b\u00e9n\u00e9vole sur le Conseil d\u2019administration de l\u2019ICE-Ontario. De 2016 \u00e0 2022, Kim a fi\u00e8rement servi comme directrice de la R\u00e9gion 2 et plus r\u00e9cemment comme pr\u00e9sidente de l\u2019ICE-Ontario (2022-23). Elle a \u00e9t\u00e9 la plus jeune pr\u00e9sidente dans l\u2019histoire de l\u2019ICE-Ontario de m\u00eame que la premi\u00e8re femme pr\u00e9sidente au niveau provincial d\u00e9tenant une d\u00e9signation AACI. ERIC TWORO, P.APP., AACI Apr\u00e8s avoir obtenu son dipl\u00f4me \u00e0 l\u2019Universit\u00e9 Western Ontario, Eric a commenc\u00e9 sa carri\u00e8re en tant que membre stagiaire en 2009, travaillant avec son p\u00e8re chez Appraisals North Realty Inc. \u00e0 Sudbury, Ontario. Il a obtenu sa d\u00e9signation CRA en 2011 et poursuivi sa d\u00e9signation AACI, qu\u2019il a acquise en 2017. Il est ensuite devenu partenaire chez Appraisals North en 2018, continuant \u00e0 desservir la R\u00e9gion du Nord de l\u2019Ontario et se concentrant principalement sur les propri\u00e9t\u00e9s commerciales et industrielles. Depuis le d\u00e9but de sa carri\u00e8re, Eric s\u2019est impliqu\u00e9 de pr\u00e8s dans le b\u00e9n\u00e9volat \u00e0 l\u2019ICE. Il a \u00e9t\u00e9 un membre omnipr\u00e9sent \u00e0 l\u2019Ex\u00e9cutif du chapitre local et un membre du Conseil d\u2019administration de l\u2019ICE-Ontario \u00e0 deux occasions, de 2014 \u00e0 2017 et \u00e0 nouveau de 2019 jusqu\u2019\u00e0 aujourd\u2019hui. Membre du Conseil, Eric a si\u00e9g\u00e9 \u00e0 plusieurs comit\u00e9s et il remplit actuellement son mandat de pr\u00e9sident du Conseil de l\u2019ICE-Ontario (2023-24). Tout au long de sa carri\u00e8re, il s\u2019est efforc\u00e9 de fournir \u00e0 ses clients des rapports d\u2019\u00e9valuation pr\u00e9cis et bien r\u00e9dig\u00e9s. Il est devenu une voix respect\u00e9e dans le march\u00e9 immobilier du Nord de l\u2019Ontario. Il tire fiert\u00e9 de sa capacit\u00e9 d\u2019entretenir des rapports avec ses coll\u00e8gues et il est toujours dispos\u00e9 \u00e0 discuter du march\u00e9 local ou \u00e0 bavarder sur une question d\u2019\u00e9valuation complexe. Eric est optimiste face aux d\u00e9fis qui l\u2019attendent dans la prochaine phase de sa carri\u00e8re et il esp\u00e8re aider la prochaine g\u00e9n\u00e9ration d\u2019\u00e9valuateurs entrant dans la profession. R\u00c9SUM\u00c9 Return to CONTENTS60Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada R\u00c9SUM\u00c9 D\u00c9SIGNATIONS AACI HONORAIRES Les d\u00e9signations AACI honoraires sont d\u00e9cern\u00e9es \u00e0 des personnes irr\u00e9prochables au point de vue de l\u2019\u00e9thique, publiquement reconnues comme des leaders dans les secteurs des affaires, du droit, des universit\u00e9s ainsi que d\u2019autres secteurs et qui aident \u00e0 rehausser le profil, le respect, le bloc de connaissances et la d\u00e9fense des int\u00e9r\u00eats de la profession d\u2019\u00e9valuateur pour l\u2019ICE. Cette ann\u00e9e, le Conseil d\u2019administration de l\u2019ICE a d\u00e9cid\u00e9 d\u2019accorder une d\u00e9signation AACI honoraire \u00e0 Vikki Leslie, directrice ex\u00e9cutive et employ\u00e9e de l\u2019ICE-Ontario depuis plusieurs ann\u00e9es. Pour plus d\u2019information sur les prix 2023, veuillez cliquer sur https:\/\/www.aicanada.ca\/fr\/a-propos-de-lice\/prix-benevoles\/. R\u00c9CIPIENDAIRES DE LA CITATION DU PR\u00c9SIDENT.E La Citation du pr\u00e9sident.e est l\u2019un des prix les plus prestigieux d\u00e9cern\u00e9 aux b\u00e9n\u00e9voles de l\u2019ICE. Le prix est remis \u00e0 la discr\u00e9tion du pr\u00e9sident.e sortant.e de l\u2019ICE \u00e0 des b\u00e9n\u00e9voles impliqu\u00e9s depuis longtemps qui ont d\u00e9montr\u00e9 leadership et engagement. Cette ann\u00e9e, les r\u00e9cipiendaires sont : CLAUDIO POLITO, P.APP., AACI Claudio est le propri\u00e9taire de Cross-Town Appraisal Limited, une compagnie ind\u00e9pendante d\u2019\u00e9valuation et de consultation immobili\u00e8re offrant une grande vari\u00e9t\u00e9 de services d\u2019\u00e9valuation de biens immobiliers dans les grandes r\u00e9gions de Toronto et Hamilton. \u00c9voluant dans l\u2019industrie immobili\u00e8re depuis 1987, il s\u2019est joint \u00e0 l\u2019ICE en 1991 et a obtenu sa d\u00e9signation AACI en 2006. Dans le pass\u00e9, il a servi comme copr\u00e9sident du chapitre de York de l\u2019ICE-Ontario, ainsi que directeur provincial \u2013 et plus tard pr\u00e9sident \u2013 de l\u2019ICE-Ontario. Claudio ensuite \u00e9t\u00e9 \u00e9lu au Conseil de l\u2019ICE, o\u00f9 il a servi comme pr\u00e9sident du Sous-comit\u00e9 des normes et membre du groupe de travail Fa\u00e7onner notre avenir. Aimant d\u00e9fendre les int\u00e9r\u00eats des membres et de la profession d\u2019\u00e9valuateur, Claudio est souvent entendu dans des balados et il a prononc\u00e9 des allocutions dans plusieurs \u00e9v\u00e9nements de l\u2019industrie. Il sert pr\u00e9sentement comme pr\u00e9sident national de l\u2019ICE (2023-24). ANDR\u00c9 POULIOT, P.APP., AACI, FELLOW Andr\u00e9 poss\u00e8de plus de 20 ans d\u2019exp\u00e9rience dans l\u2019\u00e9valuation immobili\u00e8re commerciale et l\u2019imp\u00f4t foncier. Il est un ancien pr\u00e9sident de la Nova Scotia Real Estate Appraisers Association (NSREAA), en plus d\u2019avoir occup\u00e9 des postes au sein de son Conseil de 2007 \u00e0 2015 et en 2019. Il est un intervieweur ECP de l\u2019ICE \u00e0 l\u2019\u00e9chelle nationale et si\u00e8ge au Comit\u00e9 des examinateurs de la NSREAA, o\u00f9 il est responsable de l\u2019\u00e9valuation des demandes des stagiaires qui souhaitent s\u2019inscrire pour pratiquer l\u2019\u00e9valuation en Nouvelle-\u00c9cosse. Andr\u00e9 a fourni des conseils dans toutes les provinces canadiennes et il a comparu devant des Conseils et des tribunaux en Nouvelle-\u00c9cosse, au Nouveau-Brunswick, \u00e0 Terre-Neuve, en Ontario, en Alberta et en Colombie- Britannique. Il travaille avec de nombreux types de propri\u00e9t\u00e9s, incluant h\u00f4tels, centres commerciaux, immeubles de bureaux et magasins de vente au d\u00e9tail ind\u00e9pendants, de m\u00eame qu\u2019avec une large palette de biens immobiliers \u00e0 destination particuli\u00e8re tels scieries, fabriques de p\u00e2tes et papiers, \u00e9tablissements laitiers, usines de transformation des aliments, chantiers maritime, ports et \u00e9l\u00e9vateurs \u00e0 grains. MEMBRES DEPUIS 50 ANS Cette ann\u00e9e, 12 \u00e9valuateurs professionnels de l\u2019ICE c\u00e9l\u00e9braient le 50e anniversaire en tant que membre de l\u2019ICE. Leur long\u00e9vit\u00e9 en tant que membres t\u00e9moigne de leur d\u00e9vouement envers la profession d\u2019\u00e9valuateur. Toutes nos f\u00e9licitations \u00e0 : \u2022 Ronald Brocklehurst, P. App., AACI (T.-N.) \u2022 Patrick Cornwall, P. App., AACI (Ont.) \u2022 Alphonse (Al) Garbens, P. App., AACI (Ont.) \u2022 Ronald Hopper, P. App., AACI (Ont.) \u2022 Daniel Jones, P. App., AACI (C.-B.) \u2022 Geoffrey Johnston, P. App., AACI (C.-B.) \u2022 John Le\u2019Count, P. App., AACI (Ont.) \u2022 Michael Lee, P. App., AACI (Ont.) \u2022 Ronald Richardson, P. App., AACI (C.-B.) \u2022 Ernie Szpivak, P. App., AACI (Ont.) \u2022 Rick Young, P. App., AACI (C.-B.) \u2022 Michael Mendela, P. App., AACI (Ont.) Return to CONTENTS61Volume 67 | Book 3 \/ Tome 3 | 2023MERCI AUX COMMANDITAIRES Que ce soit en personne, virtuellement ou de mani\u00e8re hybride, aucun congr\u00e8s professionnel ne pourrait \u00eatre organis\u00e9 avec succ\u00e8s sans le formidable soutien de ses commanditaires. Au nom de l\u2019ICE, de nos membres et de la profession, nous voulons remercier les compagnies suivantes pour leur engagement exceptionnel et leurs g\u00e9n\u00e9reuses contributions qui ont fait du Congr\u00e8s national de l’ICE 2023 une si belle r\u00e9ussite. R\u00c9SUM\u00c9 Return to CONTENTS62Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada NEWS\/NOUVELLES Relevanssi AIC is pleased to announce that we have launched a new, more powerful and efficient search engine on the AIC website. Relevanssi is a robust search engine that will significantly enhance the search functionality and delivers accurate and relevant search results. By implementing this change, it will now be easier for Members and visitors to find relevant content and information. Candidate voting In AIC\u2019s ongoing endeavours for the advancement and betterment of our organization, we are delighted to share some groundbreaking news that marks a significant milestone for the AIC. Following a motion made at the 2022 AGM, the AIC Board of Directors developed a proposed amendment to the Bylaws that would provide Candidate Members with the right to vote. In accordance with legislation, and the AIC Bylaws, the proposed amendment was presented and approved at the 2023 AIC AGM in Vancouver in June 2023. This decision is a monumental and positive development for the AIC and the Appraisal Profession. This decision acknowledges Candidates\u2019 valuable insights, perspectives, and contributions, recognizing their dedication, and provides them with a platform to actively participate in the decision-making processes. By allowing Candidate Members to vote they now have all of the privileges of membership including the right to vote and to volunteer on national committees. Relevanssi L\u2019ICE a le plaisir d\u2019annoncer le lancement d\u2019un nouveau moteur de recherche plus puissant et plus efficace sur son site Web. Relevanssi est un moteur de recherche robuste qui am\u00e9liorera consid\u00e9rablement la fonctionnalit\u00e9 de recherche et fournira des r\u00e9sultats de recherche pr\u00e9cis et pertinents. Gr\u00e2ce \u00e0 ce changement, il sera d\u00e9sormais plus facile pour les membres et les visiteurs de trouver du contenu et des informations pertinentes. Les membres stagiaires peuvent d\u00e9sormais voter Dans le cadre des efforts continus de l\u2019ICE pour l\u2019avancement et l\u2019am\u00e9lioration de notre organisation, nous sommes ravis de partager une nouvelle qui marque une \u00e9tape importante pour l\u2019ICE. \u00c0 la suite d\u2019une motion pr\u00e9sent\u00e9e lors de l\u2019AGA de 2022, le conseil d\u2019administration de l\u2019ICE a \u00e9labor\u00e9 une proposition de modification aux r\u00e8glements de l\u2019ICE qui permettrait aux membres stagiaires d\u2019avoir le droit de vote. Conform\u00e9ment \u00e0 la l\u00e9gislation et aux r\u00e8glements de l\u2019ICE, la modification propos\u00e9e a \u00e9t\u00e9 pr\u00e9sent\u00e9e et approuv\u00e9e lors de l\u2019AGA 2023 de l\u2019ICE, qui s\u2019est tenue \u00e0 Vancouver en juin 2023. Cette d\u00e9cision constitue un d\u00e9veloppement monumental et positif pour l\u2019ICE et la profession d\u2019\u00e9valuateur. Cette d\u00e9cision reconna\u00eet les id\u00e9es, les perspectives et les contributions pr\u00e9cieuses des stagiaires, ainsi que leur d\u00e9vouement, et leur offre une plateforme leur permettant de participer activement aux processus de prise de d\u00e9cision. En autorisant les membres stagiaires \u00e0 voter, ils b\u00e9n\u00e9ficient d\u00e9sormais de tous les privil\u00e8ges d\u2019\u00eatre membre de l\u2019ICE, y compris le droit de vote et le droit de participer aux comit\u00e9s nationaux. 2024 AIC calendar Featuring amazing images taken by appraisers from across Canada, our visually striking 2024 AIC calendars will be available with issue 4 of Canadian Property Valuation. Le calendrier 2024 de l\u2019ICE Mettant en vedette des photos de magnifiques prises par les \u00e9valuateurs de tous les coins du pays, nos calendriers visuellement frappants de 2024 seront bient\u00f4t disponibles avec le 4\u00e8me tome d’\u00c9valuation Immobili\u00e8re au Canada. AIC_Calendar_2023.indd 1AIC_Calendar_2023.indd 12022-11-08 2:50 PM2022-11-08 2:50 PM The following AIC Members have passed away. On behalf of everyone connected with the AIC and the profession, we extend our sincerest sympathies to their families, friends and associates. Les membres suivants de l’ICE sont d\u00e9c\u00e9d\u00e9s. Au nom de tous ceux qui oeuvrent de pr\u00e8s ou de loin au sein de l’ICE et de la profession, nous exprimons nos plus sinc\u00e8res condol\u00e9ances \u00e0 leurs familles, amis et associ\u00e9s. In Memoriam \/ En m\u00e9moire Thomas G. Lee, P. App., AACI Bolton, ON Lincoln North, P. App., AACI, Fellow Thessalon, ON Anthony Simonetta, P. App., AACI Vaughan, ON Volume 67 | Book 3 \/ Tome 3 | 202363Return to CONTENTSImportant Dates \u2022 September 15, 2023 \u2013 Rosh Hashanah \u2022 September 24, 2023 \u2013 Yom Kippur \u2022 September 30, 2023 \u2013 Membership Dues Deadline for 2023\/2024 dues cycle \u2022 September 30 \u2013 National Day for Truth and Reconciliation \u2022 October 1, 2023 \u2013 Women\u2019s History Month begins \u2022 October 9, 2023 \u2013 Thanksgiving Day \u2022 December 31, 2023 \u2013 2022-2023 CPD Cycle Deadline \u2022 December 31, 2023 – Insurance Renewal Deadline Dates importantes \u2022 15 septembre 2023 \u2013 Rosh Hashanah \u2022 24 septembre 2023 \u2013 Yom Kippur \u2022 30 septembre 2023 \u2013 \u00c9ch\u00e9ance de paiement des cotisations pour le cycle 2023\/2024 \u2022 30 septembre \u2013 Journ\u00e9e nationale de la v\u00e9rit\u00e9 et de la r\u00e9conciliation \u2022 1 octobre 2023 \u2013 Le Mois de l\u2019histoire des femmes commence \u2022 9 octobre 2023 \u2013 L\u2019action de grace \u2022 31 d\u00e9cembre 2023 \u2013 \u00c9ch\u00e9ance du cycle de PPC 2022-2023 \u2022 31 d\u00e9cembre 2023 \u2013 Date limite de renouvellement des assurances NEWS\/NOUVELLES Growth & opportunity That\u2019s your Altus Experience Join a team of appraisers, economists, market researchers, advisors and planners. View opportunities at altusgroup.com\/careers YOUR TRUSTED SOURCE FOR FAST, ACCURATE & RELIABLE APPRAISALS Proudly Servicing The Greater Toronto & Hamilton Area www.adaleyappraisals.ca Fast. Accurate. Reliable. Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 64Return to CONTENTSToday\u2019s successful real estate professional is committed to lifelong learning. UBC\u2019s Continuing Professional Development Courses meet your needs. \u2022 Convenient online course format \u2022 Broad range of valuation and real estate business topics \u2022 Guaranteed Appraisal Institute of Canada\u2019s Continuing Professional Development credits Featured courses: \uf0f0 CPD 126, Green Value \u2013 Energy Efficient, Sustainable and Resilient Housing \uf0f0 CPD 161,Project Management and Real Estate \uf0f0 CPD 163,Insurance Valuation To find out more, visit: realestate.ubc.ca\/CPD tel: 604.822.2227 \/ 1.877.775.7733 email: cpd@realestate.sauder.ubc.ca Creative Adaptable Analytical The Appraisal Institute of Canada (AIC), together with the provincial associations and the provincial bodies affiliated with the AIC, commend the following Members who completed the rigorous requirements for accreditation as a Designated Member of the AIC during the period April 18 to July 18, 2023: L\u2019Institut canadien des \u00e9valuateurs (ICE), en collaboration avec les associations provinciales et les organismes provinciaux affili\u00e9s \u00e0 l\u2019ICE, f\u00e9licitent les membres suivants qui ont compl\u00e9t\u00e9 le programme rigoureux d\u2019accr\u00e9ditation \u00e0 titre de membre d\u00e9sign\u00e9 de l\u2019ICE durant la p\u00e9riode du 18 avril au 18 juillet 2023 : AIC designations granted \/ D\u00e9signations obtenues de l\u2019ICE AIC welcomed the following new Candidate Members during the period April 18 to July 18, 2023: L\u2019ICE souhaite la bienvenue aux personnes suivantes qui ont joint les rangs des membres stagiaires durant la p\u00e9riode du 18 avril au 18 juillet 2023 : P. App., AACI Accredited Appraiser Canadian Institute Candidates \/ Stagiaires P. App., CRA Canadian Residential Appraiser Alberta Vanessa Adams Shanna L. McConnell Arunan Sivalingam British Columbia\/Colombie-Britannique Oliver Berkeley Seok Woon Matt Choi Dexter Dong Courtney Brooke Eyre Madison Jones Dedrick Kerkhoff Alireza Nafisi Neelam Kaur Poonian Blaine Daryl Porsnuk Manitoba Jonathan Daman Ontario Joseph Boulet Michael A. Brabender Cecilia Jingwen Duan Kate Hazelton Timothy Myers Steve Paik Ejona Qylafi Tyler M. Raytek Patrick Riganelli Olivia Romaniuk Colt Seraphim Alice X. Sun Michael Taylor Vandana Tushir Ontario Natalia Kotcherova Jessica Mason Sabrina Poon Alex Rocca Swati Walia Alberta Harsh Bagga Devin Gerstenbuhler Jack Connor Healey Shae Jordyn Ivanco Ryan Larochelle Brendan Laycock Heather Pratt Lixing Wu British Columbia\/ Colombie-Britannique Emily Nianxi Chen Zheng Fa Sarita Hartson Samuel Kiernan Raymond Law Steve MacLea Jeremy Salituro Ethan Scott Josiah Jon Vooys Duo Emily Xu Elven Zheng Manitoba Vair Ellison Tyson Riley Funk Philipp Peterson Fei Teng Nova Scotia\/ Nouvelle-\u00c9cosse Austin Deuville Caroline Claire MacDonald Clark Sigfridson Ontario Matin Bozorg Mark Burrell Jacinda Chapman Fred Chereshski Ho Yin Dominic Cheung Tsz Ying Aria Choi Nicholas Michael Cotman Kevin Robert Foslett Daniel Gee Jim Gesang Sean Grant Wai Kin Ho James Silva Hruska Fung Hui John Ignacio Kam Yan Janice Iu Tania Jafary Conrad Kim Young Min Kim Manish Kumar Huy Phu Le Karen Lee Alberta Alexander Cowper Jordin Cummings Angela Hope Linnell Diego Rizzuto Tory Tews British Columbia\/ Colombie-Britannique Veronica Aguilar Linh Y. Bui Chrystal Teare Hoffmann Marc Somerville Swanton Students \/ \u00c9tudiants This category of membership serves as the first step on the path to designation for those completing their requirements for Candidate membership. Students considering the appraisal profession as a career option are also welcomed to this category of membership. Cette cat\u00e9gorie d’adh\u00e9sion constitue la premi\u00e8re \u00e9tape sur la voie de la d\u00e9signation pour ceux qui s\u2019affairent \u00e0 compl\u00e9ter les exigences de la cat\u00e9gorie de membres stagiaire. Les \u00e9tudiants qui contemplent une carri\u00e8re comme \u00e9valuateur professionnel sont accueillis dans cette cat\u00e9gorie de membres. Dinesh Manocha Matt McKenzie Saheel Mehta Karley Merkley Neeyati Modi Jineshkumar Dineshbhai Patel Akash Punia Brandon David Rose Mahek Shah Justin Dean Shea Georgy Sheer Marc Stevens Negar Tehrani Nick Theolis Vanessa Vicencio Sanije (Sunny) Zendeli Quebec\/Qu\u00e9bec Zeth Oakes-Bryden Newfoundland and Labrador\/ Terre-Neuve-et-Labrador Krista L. Longman Nova Scotia\/ Nouvelle-\u00c9cosse Letitia M. Best Benjamin G. Etsell Alexander Van Nieuwkoop Ontario Hunter Dubecki Vikram Maini Andrew Matijczak Saalim Nasri Wayne Petti Divank Satwani Celeste Witzell Prince Edward Island\/ \u00cele-du-Prince-\u00c9douard Melissa D. Gosbee Christina Emily Rose Saskatchewan Laurenne Yvonne Kohle DESIGNATIONS CANDIDATES STUDENTS \/ D\u00c9SIGNATIONS STAGIAIRES \u00c9TUDIANTS Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada 66Return to CONTENTSProud professional liability insurance partner of the Appraisal Institute of Canada Trisura Guarantee Insurance Company is a Canadian specialty insurance and surety provider. We create custom insurance solutions for a niche industry of corporate clients, through a select broker network. Founded in 2006 on the premise that the insurance business can be done better, Trisura focuses on exceptional service for all our partners.<\/p>\n","protected":false},"featured_media":116772,"menu_order":0,"template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":""},"class_list":["post-116773","issue","type-issue","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue\/116773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/types\/issue"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media\/116772"}],"wp:attachment":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media?parent=116773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}