{"id":120126,"date":"2023-11-06T08:52:26","date_gmt":"2023-11-06T13:52:26","guid":{"rendered":"https:\/\/www.aicanada.ca\/?post_type=issue&#038;p=120126"},"modified":"2023-11-06T09:53:26","modified_gmt":"2023-11-06T05:53:26","slug":"2023-volume-67-tome-4","status":"publish","type":"issue","link":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2023-volume-67-tome-4\/","title":{"rendered":"2023 &#8211; Volume 67 &#8211; Tome 4"},"content":{"rendered":"\n<p>Vol 67 | Book 4 \/ Tome 4 | 2023<br>PM #40008249 Return undeliverable Canadian Items to: Appraisal Institute of Canada, 403-200 Catherine St., Ottawa, ON K2P 2K9<br>The Official Publication of the<br>Appraisal Institute of Canada \/<br>Publication officielle de l&rsquo;Institut<br>canadien des \u00e9valuateurs<br>THE TIME IS NOW FOR<br>CANADA\u2019S APPRAISERS<br>TO DEVELOP AN ESG<br>VALUATION STRATEGY<br>Il est temps que les<br>\u00e9valuateurs du Canada<br>\u00e9laborent une strat\u00e9gie<br>d\u2019\u00e9valuation ESG<br>LOSS OF USE ANALYSIS:<br>A FRESH LOOK AT<br>THE PROXY MODEL<br>Analyse de la perte<br>d\u2019usage : un nouveau<br>regard sur le mod\u00e8le<br>de procuration<br>EDI: WHY THE HYPE?<br>EDI : Pourquoi toute<br>cette m\u00e9diatisation?<br>APPRAISING<br>AGRICULTURAL<br>PROPERTIES<br>Trends and considerations<br>L\u2019\u00c9VALUATION<br>DES PROPRI\u00c9T\u00c9S<br>AGRICOLES<br>Tendances et consid\u00e9rations<br>Competitive<br>compensation package<br>Leverage technology to<br>service clients<br>High performance,<br>people-first culture<br>Recruiting<br>top talent<br>The Avison Young Valuation<br>and Advisory Services Team<br>is growing and we are looking<br>for individuals, teams and<br>companies across Canada<br>seeking an opportunity to<br>grow with us.<br>Contact us to learn more about joining<br>the team.<br>Matthew McWatters AACI, P. App.<br>Principal, Executive Vice President<br>and Canadian Leader,<br>Valuation and Advisory Services<br>matthew.mcwatters@avisonyoung.com<br>avisonyoung.ca\/valuations<\/p>\n\n\n\n<p>Experts choose experts<br>collierscanada.com<br>Interested in working in an entrepreneurial environment with the opportunity to grow your appraisal<br>practice supported by the Colliers brand? Reach out today to take your career to the next level.<br>Contact Jenna.Davidson@colliers.com to learn about joining the Colliers Valuation &amp; Advisory Services team.<br>Colliers is seeking<br>motivated appraisers to<br>join our Valuation and<br>Advisory Services team.<br>Flexibility in where<br>and when you work;<br>take advantage of our<br>month-abroad option<br>Enterprising<br>culture with<br>growth mindset<br>Global platform<br>and leading<br>expertise<br>Why Colliers<br>The articles printed in this issue<br>represent authors\u2019 opinions<br>only and are not necessarily<br>endorsed by the Appraisal<br>Institute of Canada. Copyright<br>2023 by the Appraisal<br>Institute of Canada. All rights<br>reserved. Reproduction in<br>whole or in part without<br>written permission<br>is strictly prohibited.<br>Subscription, $40.00 per year.<br>Printed in Canada.<br>Les articles imprim\u00e9s dans<br>ce num\u00e9ro ne rep\u00e9sentent<br>que l\u2019opinion de leur auteur<br>respectif, mais ne sont pas<br>n\u00e9cessairement endoss\u00e9s<br>par l&rsquo;Institut canadien des<br>\u00e9valuateurs. Tous droits<br>reserv\u00e9s 2023 par l&rsquo;Institut<br>canadien des \u00e9valuateurs. La<br>reproduction totale ou partielle<br>sous quelque forme que se<br>soit sans authorisation \u00e9crite<br>est absolument interdite.<br>Abonnement 40,00 $ par ann\u00e9e.<br>Imprim\u00e9 au Canada.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Appraisal Institute of<br>Canada reserves the right to<br>reject advertising that it deems<br>to be inappropriate.<br>** The publisher and the<br>Appraisal Institute of Canada<br>cannot be held liable for any<br>material used or claims made<br>in advertising included in this<br>publication.Indexed in the<br>Canadian Business. Index<br>and available on-line in the<br>Canadian Business &amp; Current<br>Affairs database.<br>ISSN 0827-2697<br>Publication Mails Agreement<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">40008249<\/h1>\n\n\n\n<p>Return undeliverable<br>Canadian items to:<br>Appraisal Institute of Canada<br>403-200 Catherine St.,<br>Ottawa, ON K2P 2K9.<br>Director, Public Affairs<br>and Communications:<br>Andr\u00e9 Hannoush<br>Coordinator, Public Affairs<br>and Communications:<br>Brandyn Hayes<br>Manager, Communications<br>Hannah Tellier<br>Publication management,<br>design and production by:<br>Direction, conception et<br>production par :<br>3rd Floor \u2013 2020 Portage<br>Avenue, Winnipeg,<br>MB R3J 0K4<br>Phone: 866-985-9780<br>Fax: 866-985-9799<br>E-mail: info@kelman.ca<br>Web: www.kelman.ca<br>Managing Editor:<br>Craig Kelman<br>Design\/Layout:<br>Jackie Magat<br>Marketing Manager:<br>Kris Fillion<br>Advertising Co-ordinator:<br>Stefanie Hagidiakow<br>COLUMNS CHRONIQUES<br>14<br>Loss of Use analysis:<br>A fresh look at the Proxy Model<br>Analyse de la perte d\u2019usage : un nouveau<br>regard sur le mod\u00e8le de procuration<br>The time is now for Canada\u2019s appraisers<br>to develop an ESG valuation strategy<br>Il est temps que les \u00e9valuateurs du Canada<br>\u00e9laborent une strat\u00e9gie d\u2019\u00e9valuation ESG<br>26<br>20<br>Trends and considerations<br>for appraising<br>agricultural properties<br>Tendances et consid\u00e9rations<br>en mati\u00e8re d\u2019\u00e9valuation<br>des propri\u00e9t\u00e9s agricoles<br>6 Executive Corner<br>Donna Dewar brings a wealth of experience and a well-defined<br>leadership style to CEO role<br>38 Advocacy in Action<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Parliament Hill Day builds vital relationships<br>with federal officials<\/li>\n\n\n\n<li>Written submission for the pre-budget consultation<br>in advance of the 2024 federal budget<br>46 Equity, Diversion and Inclusion (EDI)<br>Why the hype?<br>51 The Future is Bright<\/li>\n\n\n\n<li>Julie Dub\u00e9, P. App., AACI, \u00c9.A.<\/li>\n\n\n\n<li>Pardeep Punia, P. App., CRA<br>60 News<\/li>\n\n\n\n<li>2024 AIC calendars<\/li>\n\n\n\n<li>Important Dates<\/li>\n\n\n\n<li>In Memoriam<br>62 Designations, Candidates, Students<br>10 Le coin de l\u2019\u00e9xecutif<br>Donna Dewar apporte une vaste exp\u00e9rience et un style de leadership<br>bien d\u00e9fini au poste de chef de la direction<br>42 D\u00e9fense<\/li>\n\n\n\n<li>La Journ\u00e9e sur la Colline du Parlement permet d\u2019\u00e9tablir<br>des relations vitales avec les repr\u00e9sentants f\u00e9d\u00e9raux.<\/li>\n\n\n\n<li>M\u00e9moire pour les consultations pr\u00e9budg\u00e9taires en vue du<br>budget f\u00e9d\u00e9ral de 2024<br>48 \u00c9quit\u00e9, diversit\u00e9 et inclusion (EDI)<br>Pourquoi toute cette m\u00e9diatisation?<br>56 L&rsquo;avenir est prometteur<\/li>\n\n\n\n<li>Julie Dub\u00e9, P. App., AACI, \u00c9.A.<\/li>\n\n\n\n<li>Pardeep Punia, P. App., CRA<br>60 Nouvelles<\/li>\n\n\n\n<li>Le calendrier 2024 de l\u2019ICE<\/li>\n\n\n\n<li>Dates importantes<\/li>\n\n\n\n<li>En m\u00e9moire<br>62 D\u00e9signations, stagiaires, \u00e9tudiants<br>Canadian Property Valuation | \u00c9valuation 6 immobili\u00e8re au Canada Return to CONTENTS<br>Donna Dewar brings a wealth<br>of experience and a well-defined<br>leadership style to CEO role<br>I was looking for an<br>opportunity to lead<br>a member-based<br>organization and build<br>on its successes \u2026<br>There are not many<br>professional bodies<br>that advocate for their<br>Members, publish their<br>professional standards,<br>have a self-regulatory<br>body, oversee the<br>designation process,<br>including education<br>and training, and also<br>provide professional<br>liability insurance. It is<br>an incredibly unique<br>organization and I<br>think we can all be very<br>proud of it.<br>EXECUTIVE CORNER<br>Q. You have over 20 years of<br>experience in the non-profit<br>sector with membership-based<br>associations. What are some of the<br>organizations you have been involved<br>with and what would you say have been<br>your career highlights to date?<br>I have worked with several not-for-profit<br>organizations over my career, including<br>the Canadian Red Cross, the Canadian<br>Nurses Association, and the Federation<br>of Canadian Municipalities. Some career<br>highlights for me include growing<br>and enhancing the impact of these<br>organizations. I did this in a variety of<br>ways, depending on the organization \u2013<br>for example, by improving performance,<br>modernizing operations and governance<br>models, including transforming and<br>digitizing programs, developing and<br>operationalizing strategic plans, providing<br>continuing education and professional<br>development opportunities, and leading<br>the national voice of the profession.<br>Q. In addition to experience in this<br>field, what is your educational<br>background?<br>I obtained my Master of Business<br>Administration (MBA) with a focus<br>on Innovation Leadership from the<br>University of Fredericton in late 2018.<br>Since June 2009, I have also held my<br>Project Management Professional<br>designation (PMP) in good standing.<br>Q. In making this significant career<br>move, what attracted you to join<br>the AIC?<br>I was looking for an opportunity to lead<br>a member-based organization and build<br>on its successes, so I was excited to learn<br>of the AIC CEO opportunity. As you know,<br>it is a membership-based association,<br>which I have a great deal of experience<br>managing, and in an industry that was<br>new to me. It was an exciting opportunity<br>where I felt I could make a difference, but<br>also learn a great deal from others.<br>The AIC is also an extremely<br>interesting organization. There are<br>not many professional bodies that<br>advocate for their Members, publish<br>their professional standards, have a selfregulatory<br>body, oversee the designation<br>process, including education and<br>training, and also provide professional<br>liability insurance. It is an incredibly<br>unique organization and I think we can all<br>be very proud of it.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 7<br>EXECUTIVE CORNER<br>Listening and building<br>strong, meaningful<br>relationships that<br>are rooted in trust is<br>extremely important<br>to me.<br>I myself lean towards<br>a \u2018servant\u2019 leadership<br>style, with a focus<br>on how I can make<br>a positive difference<br>and help others be<br>their best, and my<br>journey to date has<br>helped me become<br>a highly effective<br>communicator with a<br>people-first focus.<br>I believe in the value<br>and the importance<br>of working closely<br>with team members<br>and partners to<br>develop strategies,<br>identify priorities, and<br>make decisions.<br>Q. You have undoubtedly<br>experienced many different<br>people, organizational<br>structures, and workplace environments.<br>How have these experiences shaped your<br>management or leadership philosophy?<br>No two organizations are the same; all<br>have areas in which they excel and areas<br>that are more challenging. We are all<br>on a path of continuous learning and<br>development, and organizations are no<br>different. Throughout my career, I have<br>had the fortunate opportunity to work with<br>some amazing leaders and learned a great<br>deal from them. I myself lean towards a<br>\u2018servant\u2019 leadership style, with a focus on<br>how I can make a positive difference and<br>help others be their best, and my journey<br>to date has helped me become a highly<br>effective communicator with a people-first<br>focus. In all, I would describe myself as a<br>positive, high-energy, driven leader who<br>creates an innovative culture, builds on<br>ideas, and empowers staff to be the best<br>they can be.<br>Q.In addition to your personal<br>philosophy, what would you say<br>are the main attributes you bring<br>to the position of AIC CEO?<br>I understand today\u2019s challenges with<br>membership associations and the<br>importance of demonstrating value and<br>benefits through products, services,<br>programs, and messaging. Listening and<br>building strong, meaningful relationships<br>that are rooted in trust is extremely<br>important to me. Continued growth and<br>advocating for Members\u2019 needs are key<br>components to any association\u2019s success,<br>and building strong relationships with other<br>organizations for win-win opportunities is<br>a necessity. I consider myself a motivated,<br>results-oriented, and trusted leader who<br>leverages interpersonal skills, teamwork,<br>and planning to achieve the goals and<br>objectives that align with Members\u2019 needs.<br>Q. What do you see as being your<br>main focus at the AIC in the early<br>stages of taking office as CEO?<br>Initially, my main focus is to understand<br>where we are today as an organization and<br>where the Membership would like to see<br>us go moving forward. I am fortunate that<br>significant direction for the Shaping our<br>Future Task Force was built on feedback<br>from our Membership. Building on the<br>success of this work, along with our<br>Strategic Plan, I will look to identify our<br>next priorities while continuing to keep the<br>AIC at the forefront of the industry.<br>Q. As you mention, one of the<br>AIC\u2019s major initiatives has been<br>its Shaping our Future Task<br>Force, which has put forward a number of<br>recommendations. What are your thoughts<br>relative to these recommendations and<br>your role in their implementation going<br>forward?<br>I have reviewed the Shaping our Future<br>Task Force report and was immediately<br>impressed by its level of detail. It was great<br>to see that there was representation from<br>across the country to develop this report<br>and that there was clearly a great deal<br>of thought and effort put into finalizing<br>Q. What can the AIC membership<br>expect in your day-to-day<br>management style?<br>I am a very transparent type of leader \u2013<br>what you see is what you get. My style is<br>also very collaborative. I believe in the<br>value and the importance of working<br>closely with team members and partners to<br>develop strategies, identify priorities, and<br>make decisions.<br>Canadian Property Valuation | \u00c9valuation 8 immobili\u00e8re au Canada Return to CONTENTS<br>EXECUTIVE CORNER<br>its 21 recommendations. I know work<br>has already started on some of these<br>recommendations, so I will be working<br>with our talented staff and committees<br>to understand where we are on those<br>initiatives and decide which should be<br>given our attention next. A great deal<br>of time and effort has gone into this<br>report and it will take considerable<br>time and effort to work through all of<br>its recommendations.<br>Q.What does AIC\u2019s EDI initiative<br>mean to you personally?<br>I believe that the AIC\u2019s EDI<br>initiatives are extremely important.<br>Internally, creating a culture where<br>everyone feels safe, valued, and has<br>a sense of belonging can lead to an<br>environment where we empower each<br>other to reach our full potential. This is<br>a benefit both for individuals and the<br>organization as a whole. I have seen firsthand<br>how different perspectives and the<br>exchange of ideas leads to better decisionmaking<br>and increased innovation.<br>Externally, this means ensuring that<br>our programs and services are appropriate<br>for our Members and the public they<br>serve. It also means that all Members feel<br>represented within their national association.<br>Q. What changes do you expect to<br>see in the AIC going forward as a<br>result of its EDI efforts?<br>I am keen to see our EDI initiatives result in<br>real change within the AIC in terms of both<br>volunteer and leadership composition. Just<br>as importantly, I would like all current and<br>prospective Members to have a sense of<br>belonging at the AIC, and to see our Board<br>and committees reflect the Canadian public<br>at large.<br>Q. What do you see as the biggest<br>challenges in the year ahead for<br>you as an individual and for the<br>AIC in general?<br>As an individual, I will be learning as much<br>as I can about what\u2019s important to our<br>Members and to the industry. To continue<br>building on the successes of the AIC to date,<br>it will be important for me to deepen my<br>understanding on both these fronts.<br>As for the AIC, I am still in my early days,<br>but my initial goal is to land on the right<br>priorities and move forward with the Task<br>Force recommendations.<br>Q. What else would you like<br>Members of the AIC to know<br>about you?<br>I would like AIC Members to know that<br>their voice matters. I would like every<br>Member across the country to feel a<br>close connection to their national body,<br>to feel that we are relevant and helping<br>to make a difference in their professional<br>life, while also protecting the Canadian<br>public. I would encourage every Member to<br>participate in polls and surveys, to engage<br>through social media, and to volunteer<br>through our many opportunities. Together<br>we are stronger.<br>Internally, creating a<br>culture where everyone<br>feels safe, valued,<br>and has a sense of<br>belonging can lead to<br>an environment where<br>we empower each<br>other to reach our<br>full potential.<br>I would like every<br>Member across the<br>country to feel a close<br>connection to their<br>national body, to feel<br>that we are relevant<br>and helping to make<br>a difference in their<br>professional life, while<br>also protecting the<br>Canadian public.<br>I will be learning as<br>much as I can about<br>what\u2019s important<br>to our Members<br>and to the industry.<br>To continue building<br>on the successes of<br>the AIC to date, it<br>will be important for<br>me to deepen my<br>understanding on<br>both these fronts.<br>Q.Another recent initiative for the<br>AIC has been the President\u2019s<br>Council on Equity, Diversity and<br>Inclusion (EDI). What have been your<br>personal experiences in this area?<br>In the past, I have worked extensively on<br>promoting equity, diversity, and inclusion<br>both internally within professional<br>associations and externally for those they<br>serve. Some examples include updating<br>a by-law to include an EDI affirmation,<br>creating advisory councils with an EDI<br>focus, and releasing related declarations.<br>I have also been involved with ensuring that<br>internal policies align with organizational<br>EDI efforts and with developing measures<br>to address the Truth and Reconciliation<br>Commission Report through the provision<br>of educational sessions to the Board of<br>Directors, as well as staff and members.<\/li>\n<\/ul>\n\n\n\n<p>10 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada Return to CONTENTS<br>LE COIN DE L\u2019EX\u00c9CUTIF<br>Donna Dewar apporte une vaste<br>exp\u00e9rience et un style de leadership bien<br>d\u00e9fini au poste de chef de la direction<br>J\u2019\u00e9tais \u00e0 la recherche<br>d\u2019une occasion de<br>diriger une organisation<br>bas\u00e9e sur les membres<br>et de b\u00e2tir sur ses<br>succ\u00e8s, et c\u2019est donc<br>avec enthousiasme<br>que j\u2019ai appris que<br>l\u2019ICE offrait un poste<br>de chef de la direction.<br>Il n\u2019y a pas beaucoup<br>d\u2019organismes<br>professionnels qui<br>d\u00e9fendent les int\u00e9r\u00eats<br>de leurs membres,<br>publient leurs normes<br>professionnelles,<br>disposent d\u2019un organisme<br>d&rsquo;autor\u00e8glementation,<br>supervisent le processus<br>de d\u00e9signation, y<br>compris l\u2019\u00e9ducation et la<br>formation, et fournissent<br>\u00e9galement une<br>assurance responsabilit\u00e9<br>professionnelle. C\u2019est<br>une organisation<br>incroyablement unique<br>et je pense que nous<br>pouvons tous en \u00eatre<br>tr\u00e8s fiers.<br>Q.Vous avez plus de 20 ans<br>d\u2019exp\u00e9rience dans le secteur \u00e0 but<br>non lucratif au sein d\u2019associations<br>bas\u00e9es sur l\u2019adh\u00e9sion. Quelles sont les<br>organisations avec lesquelles vous avez<br>travaill\u00e9 et quels sont, selon vous, les<br>points forts de votre carri\u00e8re \u00e0 ce jour?<br>J\u2019ai travaill\u00e9 avec plusieurs organisations<br>\u00e0 but non lucratif au cours de ma<br>carri\u00e8re, notamment la Croix-Rouge<br>canadienne, l\u2019Association des infirmi\u00e8res<br>et infirmiers du Canada et la F\u00e9d\u00e9ration<br>canadienne des municipalit\u00e9s. Parmi les<br>faits marquants de ma carri\u00e8re, il y a la<br>croissance et l\u2019am\u00e9lioration de l\u2019impact<br>de ces organisations. J\u2019y suis parvenue de<br>diff\u00e9rentes mani\u00e8res, selon l\u2019organisation, par<br>exemple en am\u00e9liorant les performances et<br>en modernisant les op\u00e9rations et les mod\u00e8les<br>de gouvernance, notamment en transformant<br>et en num\u00e9risant les programmes, en<br>\u00e9laborant et en mettant en oeuvre des plans<br>strat\u00e9giques, en offrant des possibilit\u00e9s de<br>formation continue et de d\u00e9veloppement<br>professionnel, et en faisant entendre la voix<br>de la profession au niveau national.<br>Q. Outre votre exp\u00e9rience<br>dans ce domaine, quelle est<br>votre formation?<br>J\u2019ai obtenu ma ma\u00eetrise en administration<br>des affaires (MBA) avec concentration<br>sur le leadership en mati\u00e8re d\u2019innovation<br>\u00e0 l\u2019Universit\u00e9 de Fredericton \u00e0 la fin de<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"2018\">\n<li>Depuis juin 2009, je suis \u00e9galement<br>titulaire en r\u00e8gle de la d\u00e9signation Project<br>Management Professional (PMP).<br>Q. Qu\u2019est-ce qui vous a incit\u00e9e \u00e0 vous<br>joindre \u00e0 l\u2019ICE dans le cadre de cet<br>important changement de carri\u00e8re?<br>J\u2019\u00e9tais \u00e0 la recherche d\u2019une occasion de diriger<br>une organisation bas\u00e9e sur les membres et<br>de b\u00e2tir sur ses succ\u00e8s, et c\u2019est donc avec<br>enthousiasme que j\u2019ai appris que l\u2019ICE offrait<br>un poste de chef de la direction. Comme<br>vous le savez, il s\u2019agit d\u2019une association<br>bas\u00e9e sur l\u2019adh\u00e9sion, que j\u2019ai une grande<br>exp\u00e9rience de la gestion, et dans un secteur<br>qui \u00e9tait nouveau pour moi. Il s\u2019agissait<br>d\u2019une opportunit\u00e9 passionnante o\u00f9 j\u2019avais le<br>sentiment de pouvoir faire la diff\u00e9rence, mais<br>aussi d\u2019apprendre beaucoup des autres.<br>L\u2019ICE est \u00e9galement une organisation<br>extr\u00eamement int\u00e9ressante. Il n\u2019y a pas<br>beaucoup d\u2019organismes professionnels<br>qui d\u00e9fendent les int\u00e9r\u00eats de leurs<br>membres, publient leurs normes<br>professionnelles, disposent d\u2019un organisme<br>d&rsquo;autor\u00e8glementation, supervisent le<br>processus de d\u00e9signation, y compris l\u2019\u00e9ducation<br>et la formation, et fournissent \u00e9galement une<br>assurance responsabilit\u00e9 professionnelle. C\u2019est<br>une organisation incroyablement unique et je<br>pense que nous pouvons tous en \u00eatre tr\u00e8s fiers.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 11<br>LE COIN DE L\u2019EX\u00c9CUTIF<br>L\u2019\u00e9coute et<br>l\u2019\u00e9tablissement de<br>relations solides et<br>significatives, fond\u00e9es<br>sur la confiance,<br>sont extr\u00eamement<br>importants pour moi.<br>Je tends moi-m\u00eame vers<br>un style de leadership<br>\u00ab au service des autres \u00bb,<br>en me concentrant sur<br>la mani\u00e8re dont je peux<br>faire une diff\u00e9rence<br>positive et aider les<br>autres \u00e0 donner le<br>meilleur d\u2019eux-m\u00eames,<br>et mon parcours \u00e0 ce<br>jour m\u2019a aid\u00e9 \u00e0 devenir<br>tr\u00e8s efficace dans<br>mes communications<br>en adoptant une<br>approche centr\u00e9e sur<br>les personnes.<br>Je crois en la valeur<br>et en l\u2019importance<br>d\u2019une collaboration<br>\u00e9troite avec les<br>membres de l\u2019\u00e9quipe<br>et les partenaires<br>pour \u00e9laborer des<br>strat\u00e9gies, d\u00e9finir des<br>priorit\u00e9s et prendre<br>des d\u00e9cisions.<br>Q. Vous avez sans aucun doute fait<br>l\u2019exp\u00e9rience d\u2019un grand nombre<br>de personnes, de structures<br>organisationnelles et d\u2019environnements<br>de travail diff\u00e9rents. Comment ces<br>exp\u00e9riences ont-elles fa\u00e7onn\u00e9 votre<br>philosophie de gestion ou de leadership?<br>Il n\u2019y a pas deux organisations identiques;<br>toutes ont des domaines dans lesquels<br>elles excellent et d\u2019autres qui sont plus<br>difficiles. Nous sommes tous sur la voie de<br>l\u2019apprentissage et du d\u00e9veloppement continus,<br>et les organisations ne sont pas diff\u00e9rentes.<br>Tout au long de ma carri\u00e8re, j\u2019ai eu la chance de<br>travailler avec des dirigeants extraordinaires et<br>j\u2019ai beaucoup appris d\u2019eux. Je tends moi-m\u00eame<br>vers un style de leadership \u00ab au service des<br>autres \u00bb, en me concentrant sur la mani\u00e8re dont<br>je peux faire une diff\u00e9rence positive et aider<br>les autres \u00e0 donner le meilleur d\u2019eux-m\u00eames,<br>et mon parcours \u00e0 ce jour m\u2019a aid\u00e9 \u00e0 devenir<br>tr\u00e8s efficace dans mes communications<br>en adoptant une approche centr\u00e9e sur les<br>personnes. Dans l\u2019ensemble, je me d\u00e9crirais<br>comme un leader positif, plein d\u2019\u00e9nergie<br>et motiv\u00e9, qui cr\u00e9e une culture innovante,<br>s\u2019appuie sur des id\u00e9es et donne au personnel<br>les moyens de donner le meilleur de lui-m\u00eame.<br>Q. Outre votre philosophie<br>personnelle, quelles sont les<br>principales qualit\u00e9s que vous<br>apportez au poste de chef de la direction<br>de l\u2019ICE?<br>Je comprends les d\u00e9fis actuels des<br>associations de membres et l\u2019importance<br>de d\u00e9montrer la valeur et les avantages<br>par le biais de produits, de services, de<br>programmes et de messages. L\u2019\u00e9coute<br>et l\u2019\u00e9tablissement de relations solides et<br>significatives, fond\u00e9es sur la confiance,<br>sont extr\u00eamement importants pour moi.<br>La croissance continue et la d\u00e9fense des<br>besoins des membres sont des \u00e9l\u00e9ments<br>cl\u00e9s de la r\u00e9ussite d\u2019une association,<br>et l\u2019\u00e9tablissement de relations solides<br>avec d\u2019autres organisations pour des<br>opportunit\u00e9s gagnant-gagnant est une<br>n\u00e9cessit\u00e9. Je me consid\u00e8re comme une<br>leader motiv\u00e9e, orient\u00e9e vers les r\u00e9sultats<br>et digne de confiance, qui tire parti de<br>ses comp\u00e9tences interpersonnelles,<br>du travail d\u2019\u00e9quipe et de la planification<br>pour atteindre les buts et les objectifs qui<br>correspondent aux besoins des membres.<br>Q. Quelle sera votre principale<br>pr\u00e9occupation au sein de l\u2019ICE dans<br>les premiers temps de votre entr\u00e9e<br>en fonction au poste de chef de la direction?<br>Dans un premier temps, mon objectif<br>principal est de comprendre o\u00f9 nous en<br>sommes aujourd\u2019hui en tant qu\u2019organisation<br>et o\u00f9 les membres voudraient que nous<br>allions \u00e0 l\u2019avenir. J\u2019ai la chance de pouvoir<br>compter sur le fait que le groupe de travail<br>\u00ab Fa\u00e7onner notre avenir \u00bb se soit appuy\u00e9<br>sur les commentaires de nos membres. En<br>m\u2019appuyant sur le succ\u00e8s de ce travail, ainsi<br>que sur notre plan strat\u00e9gique, je chercherai<br>\u00e0 identifier nos prochaines priorit\u00e9s tout en<br>continuant \u00e0 maintenir l\u2019ICE \u00e0 l\u2019avant-garde<br>de notre secteur d\u2019activit\u00e9s.<br>Q. Comme vous l\u2019avez mentionn\u00e9,<br>l\u2019une des principales initiatives<br>r\u00e9centes de l\u2019ICE a \u00e9t\u00e9 son<br>groupe de travail \u00ab Fa\u00e7onner notre avenir \u00bb,<br>qui a formul\u00e9 un certain nombre de<br>recommandations. Que pensez-vous de<br>ces recommandations et de votre r\u00f4le dans<br>leur mise en oeuvre \u00e0 l\u2019avenir?<br>J\u2019ai \u00e9tudi\u00e9 le rapport du groupe de<br>travail \u00ab Fa\u00e7onner notre avenir \u00bb et j\u2019ai \u00e9t\u00e9<br>imm\u00e9diatement impressionn\u00e9e par son<br>niveau de d\u00e9tail. J\u2019ai \u00e9t\u00e9 ravie de constater<br>que des repr\u00e9sentants de tout le pays ont<br>particip\u00e9 \u00e0 l\u2019\u00e9laboration de ce rapport et<br>que les 21 recommandations qu\u2019il contient<br>ont fait l\u2019objet d\u2019une r\u00e9flexion et d\u2019un<br>effort consid\u00e9rables. Je sais que le travail<br>Q. Que peuvent attendre les<br>membres de l\u2019ICE de votre style<br>de gestion au quotidien?<br>Je suis une dirigeante tr\u00e8s transparente &#8211;<br>ce que vous voyez est ce que vous obtenez.<br>Mon style est \u00e9galement tr\u00e8s collaboratif.<br>Je crois en la valeur et en l\u2019importance<br>d\u2019une collaboration \u00e9troite avec les<br>membres de l\u2019\u00e9quipe et les partenaires<br>pour \u00e9laborer des strat\u00e9gies, d\u00e9finir des<br>priorit\u00e9s et prendre des d\u00e9cisions.<br>Canadian Property Valuation | \u00c9valuation 12 immobili\u00e8re au Canada Return to CONTENTS<br>LE COIN DE L\u2019EX\u00c9CUTIF<br>a d\u00e9j\u00e0 commenc\u00e9 sur certaines de ces<br>recommandations, et je vais donc travailler<br>avec notre personnel et nos comit\u00e9s<br>talentueux pour comprendre o\u00f9 nous en<br>sommes dans ces initiatives et d\u00e9cider<br>lesquelles devraient faire l\u2019objet de notre<br>prochaine attention. Ce rapport a n\u00e9cessit\u00e9<br>beaucoup de temps et d\u2019efforts, et il faudra<br>en consacrer beaucoup pour donner suite \u00e0<br>toutes les recommandations qu\u2019il contient.<br>Q.Qu\u2019est-ce que l\u2019initiative EDI<br>de l\u2019ICE signifie pour vous<br>personnellement?<br>Je pense que les initiatives EDI de l\u2019ICE sont<br>extr\u00eamement importantes. \u00c0 l\u2019interne, la<br>cr\u00e9ation d\u2019une culture o\u00f9 chacun se sent<br>en s\u00e9curit\u00e9, valoris\u00e9 et a un sentiment<br>d\u2019appartenance peut conduire \u00e0 un<br>environnement o\u00f9 nous nous donnons les<br>moyens d\u2019atteindre notre plein potentiel.<br>C\u2019est un avantage \u00e0 la fois pour les individus<br>et pour l\u2019organisation dans son ensemble.<br>J\u2019ai pu constater de mes propres yeux que<br>des perspectives diff\u00e9rentes et l\u2019\u00e9change<br>d\u2019id\u00e9es permettent de prendre de meilleures<br>d\u00e9cisions et d\u2019accro\u00eetre l\u2019innovation.<br>Sur le plan externe, cela signifie qu\u2019il faut<br>veiller \u00e0 ce que nos programmes et services<br>soient adapt\u00e9s \u00e0 nos membres et au public<br>qu\u2019ils servent. Cela signifie \u00e9galement que<br>tous les membres se sentent repr\u00e9sent\u00e9s au<br>sein de leur association nationale.<br>Q. Quels changements attendez-vous<br>\u00e0 l\u2019avenir au sein de l\u2019ICE \u00e0 la suite<br>de ses efforts en mati\u00e8re d\u2019EDI?<br>Je souhaite vivement que nos initiatives en<br>mati\u00e8re d\u2019EDI se traduisent par un v\u00e9ritable<br>changement au sein de l\u2019ICE, tant au niveau<br>de la composition des b\u00e9n\u00e9voles que de celle<br>des dirigeants. Tout aussi important, j\u2019aimerais<br>que tous les membres actuels et futurs aient<br>un sentiment d\u2019appartenance \u00e0 l\u2019ICE et que<br>notre Conseil d\u2019administration et nos comit\u00e9s<br>refl\u00e8tent le public canadien dans son ensemble.<br>Q. Quels sont, selon vous, les plus<br>grands d\u00e9fis de l\u2019ann\u00e9e \u00e0 venir<br>pour vous personnellement et<br>pour l\u2019ICE en g\u00e9n\u00e9ral?<br>En tant qu\u2019individu, je vais apprendre<br>autant que possible ce qui est important<br>pour nos membres et pour l\u2019industrie.<br>Pour continuer \u00e0 b\u00e2tir sur les succ\u00e8s de<br>l\u2019ICE \u00e0 ce jour, il sera important pour moi<br>d\u2019approfondir ma compr\u00e9hension sur ces<br>deux fronts.<br>Pour ce qui est de l\u2019ICE, je n\u2019en suis qu\u2019\u00e0<br>mes d\u00e9buts, mais mon premier objectif est de<br>fixer les bonnes priorit\u00e9s et de faire avancer<br>les recommandations du groupe de travail.<br>Q.Qu\u2019aimeriez-vous que les<br>membres de l\u2019ICE sachent<br>d\u2019autre sur vous?<br>Je voudrais que les membres de l\u2019ICE<br>sachent que leur voix compte. J\u2019aimerais<br>que tous les membres du pays se sentent<br>\u00e9troitement li\u00e9s \u00e0 leur organisme national,<br>qu\u2019ils aient le sentiment que nous sommes<br>pertinents et que nous contribuons \u00e0 faire<br>la diff\u00e9rence dans leur vie professionnelle,<br>tout en prot\u00e9geant le public canadien.<br>J\u2019encourage tous les membres \u00e0 participer<br>\u00e0 des sondages et \u00e0 des enqu\u00eates, \u00e0<br>s\u2019engager dans les m\u00e9dias sociaux et \u00e0 faire<br>du b\u00e9n\u00e9volat dans le cadre des nombreuses<br>possibilit\u00e9s qui leur sont offertes. Ensemble,<br>nous sommes plus forts.<br>\u00c0 l\u2019interne, la cr\u00e9ation<br>d\u2019une culture o\u00f9<br>chacun se sent en<br>s\u00e9curit\u00e9, valoris\u00e9<br>et a un sentiment<br>d\u2019appartenance<br>peut conduire \u00e0 un<br>environnement o\u00f9<br>nous nous donnons<br>les moyens d\u2019atteindre<br>notre plein potentiel.<br>Je voudrais que les<br>membres du pays se<br>sentent \u00e9troitement<br>li\u00e9s \u00e0 leur organisme<br>national, qu\u2019ils aient<br>le sentiment que nous<br>sommes pertinents et<br>que nous contribuons \u00e0<br>faire la diff\u00e9rence dans<br>leur vie professionnelle,<br>tout en prot\u00e9geant<br>le public canadien.<br>En tant qu\u2019individu,<br>je vais apprendre<br>autant que possible<br>ce qui est important<br>pour nos membres et<br>pour l\u2019industrie. Pour<br>continuer \u00e0 b\u00e2tir sur les<br>succ\u00e8s de l\u2019ICE \u00e0 ce jour,<br>il sera important pour<br>moi d\u2019approfondir ma<br>compr\u00e9hension sur ces<br>deux fronts.<br>Q. Une autre initiative r\u00e9cente<br>de l\u2019ICE a \u00e9t\u00e9 le Conseil du<br>Pr\u00e9sident sur l\u2019\u00e9quit\u00e9, la diversit\u00e9<br>et l\u2019inclusion (EDI). Quelle a \u00e9t\u00e9 votre<br>exp\u00e9rience personnelle dans ce domaine?<br>Dans le pass\u00e9, j\u2019ai beaucoup travaill\u00e9 sur la<br>promotion de l\u2019\u00e9quit\u00e9, de la diversit\u00e9 et de<br>l\u2019inclusion, \u00e0 la fois \u00e0 l\u2019interne au sein des<br>associations professionnelles et \u00e0 l\u2019externe<br>pour les membres qu\u2019elles servent. Parmi<br>les exemples, citons la mise \u00e0 jour d\u2019un<br>r\u00e8glement pour y inclure une affirmation sur<br>l\u2019EDI, la cr\u00e9ation de conseils consultatifs ax\u00e9s<br>sur l\u2019EDI et la publication de d\u00e9clarations<br>connexes. J\u2019ai \u00e9galement veill\u00e9 \u00e0 ce que<br>les politiques internes s\u2019alignent sur les<br>efforts de l\u2019organisation en mati\u00e8re d\u2019EDI<br>et \u00e0 ce que des mesures soient prises pour<br>donner suite au rapport de la Commission<br>de v\u00e9rit\u00e9 et de r\u00e9conciliation en organisant<br>des s\u00e9ances d\u2019information \u00e0 l\u2019intention du<br>Conseil d\u2019administration, du personnel et<br>des membres.<br>Le Congr\u00e8s<br>de l&rsquo;ICE 2024<br>R\u00c9SERVEZ LA DATE!<br>C&rsquo;est le temps de commencer \u00e0 planifier votre voyage \u00e0 la belle<br>ville de Charlottetown, \u00cePE!<br>Le comit\u00e9 du Congr\u00e8s de l&rsquo;ICE 2024 travail fort pour mettre<br>au point une exp\u00e9rience de congr\u00e8s des plus dynamiques et<br>m\u00e9morables. D\u00e9couvrez l\u2019Excellence gr\u00e2ce au professionnalisme<br>du 5 au 8 juin 2024 \u00e0 Charlottetown, \u00e0 l\u2019\u00cele-du-Prince-\u00c9douard.<br>Le prestigieux Congr\u00e8s national de l\u2019ICE promet de rehausser<br>votre expertise, d\u2019\u00e9largir vos horizons et de renforcer votre r\u00e9seau<br>au sein de la profession d\u2019\u00e9valuateur!<br>Renouez avec des coll\u00e8gues de tout le Canada, rencontrez des<br>leaders d&rsquo;opinion et des experts de l&rsquo;industrie, obtenez des cr\u00e9dits<br>de PPC et d\u00e9couvrez ce que Charlottetown a de mieux \u00e0 offrir!<br>Pour plus de d\u00e9tails, visitez :<br>www.aicanada.ca\/fr\/evenements-aic\/congres-national-de-lice-2024<br>2024 National<br>Conference<br>SAVE THE DATE<br>It&rsquo;s time to start preparing for your trip to beautiful<br>Charlottetown, PEI!<br>AIC&rsquo;s 2024 Conference Committee has been hard at work<br>planning another dynamic and memorable conference<br>experience. Discover Excellence in Professionalism:<br>Raising the Bar from June 5 to 8, 2024 in Charlottetown, PEI.<br>The prestigious AIC National Conference promises to elevate<br>your expertise, broaden your horizons, and strengthen your<br>network in the appraisal profession!<br>Reconnect with colleagues from across Canada, connect with<br>thought leaders and industry experts, earn CPD credits, and<br>experience the best of what Charlottetown has to offer!<br>For more details:<br>www.aicanada.ca\/aic-events\/2024-national-conference<br>Canadian Property Valuation | \u00c9valuation 14 immobili\u00e8re au Canada Return to CONTENTS<br>Appraising farms, like any other asset<br>class, requires a certain level of<br>competence from a Professional<br>Appraiser (P. App.). A high degree of<br>knowledge and professionalism is<br>expected by clients in the agricultural space \u2014<br>and deservedly so. Part of the allure of being<br>an appraiser is meeting the challenges of<br>diverse projects to learn the nuances that<br>determine value in any market. Fortunately,<br>we do not have to walk a mile in someone<br>else\u2019s \u2018boots\u2019 to get an idea of what they find<br>valuable about a farm property, although it<br>definitely helps. Despite general agriculture<br>zoning and permitted uses typically being<br>similar, a cash cropper\u2019s land requirements<br>will vary considerably from those of a<br>market garden grower and, even more<br>so, from a horse farm or other livestock<br>operation. Considering highest and best<br>use in more specific detail is paramount<br>to learning the driving forces behind farm<br>values in certain areas.<br>So, let\u2019s harvest some of real estate\u2019s<br>general principles and apply them to a<br>farming context by examining how wars,<br>By Brandon Wilcox, P. App., AACI, S.W. Irvine &amp; Associates; and Kim Passmore, P. App., AACI, S.W. Irvine &amp; Associates<br>disease, weather, and interest rates will<br>keep prices of farmland dynamic for years to<br>come, and how basic valuation adjustments<br>and units of comparison differ by consumer<br>types in agricultural appraisal.<br>Prime location can have very different<br>meanings based on how a land user<br>intends to apply its features. For example,<br>boarding horses close to an urban centre<br>is convenient, as recreational horse-riding<br>often draws from suburban participants as<br>opposed to a rural crowd. By the same token,<br>standard and thoroughbred racehorses are<br>often located near racetracks. These, again,<br>rely on urban populations. On the other hand,<br>livestock farm values are less inclined to<br>correlate with urban proximity, but instead<br>prioritize geographies with fertile soil.<br>Other more traditional farming areas<br>place a high value on flat grounds for large<br>machinery, uniformly shaped parcels, and<br>proximity to grain elevators or livestock<br>producers, as opposed to urban areas.<br>The Direct Comparison Approach (DCA)<br>to value is often the primary method of<br>valuation for the average farm. When<br>considering more improved farms, support<br>from the Cost Approach (CA) can be<br>helpful to supply reassurance that the<br>values shown in the Direct Comparison<br>Approach are reliable. There are very few<br>instances where the Income Approach<br>has relevance when valuing farms. This is<br>mostly to do with the fact that most farms<br>AGRICULTURAL<br>PROPERTIES<br>Trends and considerations for<br>APPRAISING<br>\u201cPrime location can have very<br>different meanings based on the<br>land user and how they intend to<br>apply its features.\u201d<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 15<br>and accompanying structures are typically<br>owner occupied and the ones that are not<br>often have unique rental circumstances and<br>limited market data to deliver reliable lease<br>or capitalization rates.<br>In addition to selecting the best<br>comparable sales, selecting the most<br>relevant unit of comparison is a crucial<br>exercise when using the Direct Comparison<br>Approach to value farms and farmland.<br>At a high level, cash croppers are primarily<br>concerned with workable land, so using<br>a rate per workable acre is often the most<br>relevant approach. When the subject has<br>less than 75% workable acres on their entire<br>farm, there are circumstances where overall<br>rate per acre might be more applicable than<br>using a rate per workable acre.<br>\u201cUsing sales of properties<br>which would appeal to similar<br>market participants provides the<br>best information to then make<br>sound conclusions and arrive at a<br>final estimate of value.\u201d When farms are bought for more<br>recreational or rural residential purposes,<br>comparing the total sale price and making<br>adjustments thereon is more practical than<br>trying to apply a rate per acre, because these<br>buyers are not necessarily using the number<br>of acres to make their buying decision.<br>Overall, selecting sales most<br>comparable to the subject is always the<br>key to substantiating value. Using sales of<br>properties which would appeal to similar<br>market participants provides the best<br>information to then make sound conclusions<br>and arrive at a final estimate of value.<br>The COVID-19 pandemic has been talked<br>about enough over the past few years, so we<br>will keep the point short and sweet here<br>as to some of the pandemic-related trends<br>we witnessed from 2020 through 2023.<br>The metropolis exodus is more or less over<br>and many people are returning to their regular<br>commuter lifestyles. The appeal of owning<br>rural property and hobby farms has subsided,<br>as maintenance and upkeep of these property<br>types takes a great deal of money and, more<br>importantly, time. During the pandemic, the<br>10- to 50-acre farms just outside of urban<br>centres saw some of the biggest jumps in<br>value, as borrowing costs were low and<br>people flocked to have more space. Fast<br>forward to 2023 and Canadians are essentially<br>back to work and areas of the country with bad<br>cell reception or poor internet connectivity<br>might not fit the hybrid model that many<br>now follow in their workplaces. The country<br>lifestyle that so many dreamed of during<br>the pandemic does not always facilitate<br>the hybrid work model that so many now<br>follow. In fact, we have noticed that these<br>hobby farms and rural estate properties<br>experienced the largest decline in value as<br>interest rates began to increase.<br>As the housing market cooled in some<br>urban areas in early 2022, the working farm<br>not only maintained its value, but increased<br>in value. The 2022 FCC Farmland Values<br>Report illustrates this growth, with land<br>value increases of 8.0% to 19.4% making<br>the average national increase in farmland<br>value 12.8% for the period between 2021<br>and 2022. (Note: Due to lack of data,<br>these figures exclude Newfoundland and<br>Labrador, Northwest Territories, Nunavut,<br>and Yukon.) This increase in value is the<br>highest since the farmland value boom of<br>2012\/2013.<br>Like all things in our economy, value is<br>driven by supply and demand. Events such<br>as Russia invading Ukraine, a major world<br>corn and soybean producer, created fears<br>of supply shortages. In turn, commodity<br>prices shot up. When prices of animal food<br>like corn and soybeans rise, so do prices<br>of those animals, as well their meat and<br>byproducts like eggs, milk, and cheese.<br>In addition to supply and demand,<br>inflation has seemingly played a large<br>role as well. For a period, the traditional<br>bank barn, older livestock barns, and even<br>farm sheds were nearing the end of their<br>useful lives. However, when the costs to<br>replace or rebuild some of these structures<br>skyrocketed, farmers began to use repairs,<br>\u201cThe metropolis exodus is more or less over and many people are<br>returning to their regular commuter lifestyles. The appeal of owning<br>rural property and hobby farms has subsided, as maintenance and<br>upkeep of these property types takes a great deal of money and, more<br>importantly, time.\u201d<br>\u201cIn addition to selecting the best<br>comparable sales, selecting the<br>most relevant unit of comparison<br>is a crucial exercise when using the<br>Direct Comparison Approach to<br>value farms and farmland.\u201d<br>\u201cAs the housing market<br>cooled in some urban areas in<br>early 2022, the working farm not<br>only maintained its value, but<br>increased in value.\u201d<br>Canadian Property Valuation | \u00c9valuation 16 immobili\u00e8re au Canada Return to CONTENTS<br>additions, and alterations to squeeze<br>some extra utility out of structures that<br>would otherwise be &lsquo;taken out to pasture&rsquo;.<br>Contributory values placed on some older<br>farmhouses and livestock buildings saw a<br>definitive bump from years past, when some<br>of these structures would have been, for all<br>intents and purposes, written off. In general,<br>some of these trends are starting to return to<br>what would have been seen pre-pandemic,<br>but appraisers have had to be cognizant of<br>these trends over the last few years.<br>Staying up to date with trends in<br>agricultural building code is also important<br>while valuing livestock buildings. Nearly all<br>sectors have had some guideline changes<br>centered around improving animal welfare.<br>Table 1 indicates a few notable changes.<br>The S.W. Irvine &amp; Associates internal<br>databases suggest construction cost<br>increases between 54% and 68% across<br>all three of these livestock housing<br>sectors from 2019 to 2022\/2023. These<br>cost increases are not directly associated<br>with the previously mentioned animal<br>welfare changes, but rather a combination<br>of supply shortages in both labour and<br>material, primarily lumber and concrete.<br>More recently, interest rate increases and<br>high construction costs have impacted<br>plans for farmers considering building<br>new structures. Instead, they are choosing<br>to modify and modernize their existing<br>building envelopes, or delay construction<br>until costs normalize somewhat.<br>The importance of Canadian<br>agriculture is increasingly at the forefront<br>of conversations around the national<br>economy. This is due, in large part, to<br>pressure to expand urban areas in order to<br>meet housing demand, increasing concerns<br>around food security, and climate change.<br>Although there is much to be considered<br>in determining the competence of a given<br>appraiser, especially since agriculture is<br>such a diverse sector, chief among these<br>considerations is an appraiser\u2019s ability to<br>keep up to date with changing factors, such<br>as supply, demand, inputs, and regulations.<br>Gaining or increasing competency as a<br>Professional Appraiser (P. App.) takes<br>time and effort, whether it be through<br>research, courses, and\/or aligning yourself<br>with a subject matter expert. Besides our<br>Canadian Uniform Standard of Professional<br>Appraisal Practice (CUSPAP) requirements,<br>farmers are the real industry experts<br>and they are owed the courtesy of being<br>knowledgeable, professional, and up to<br>date on the rapidly changing industry that is<br>their business and livelihood.<br>SECTOR TYPE IMPLICATIONS<br>Poultry Broiler Barns<br>(Growing Barns)<br>Modifications for modular loading: third storeys no longer having utility as they are no longer<br>safely accessible by loading vehicles (i.e., forklifts). Second floors requiring alterations<br>(increased loading door sizes and ability to withstand second storey weight bearing requirements<br>of the new modular\/crate sizes)<br>Layer Barns Enriched layer cages (group housing with perch areas, nesting areas, scratch pads, etc.) replacing<br>individual cage layers<br>Dairy Tie Stall Barns New barns must allow for daily non-tethered freedom of movement year-round<br>Hog Sow Barns Open\/loose housing instead of confined sow stalls when not farrowing (birthing piglets)<br>\u201cAlthough there is much to be considered in determining the<br>competence of a given appraiser, especially since agriculture is such a<br>diverse sector, chief among these considerations is an appraiser\u2019s ability<br>to keep up to date with changing factors, such as supply, demand,<br>inputs, and regulations.\u201d<br>TABLE 1<br>Suite 101, 24 Inglewood Drive, St. Albert, AB T8N 6K4<br>Please send resumes to: info@crvg.com<br>AACI &amp; Candidates<br>Tel: (780) 424-8856 \u2022 Fax: (587) 290-2267<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 17<br>L\u2019\u00e9valuation des exploitations<br>agricoles, comme toute autre classe<br>d\u2019actifs, requiert un certain niveau de<br>comp\u00e9tence de la part d\u2019un \u00c9valuateur<br>Professionnel (P. App.). Les clients<br>du secteur agricole s\u2019attendent, \u00e0 juste<br>titre, \u00e0 un niveau \u00e9lev\u00e9 de connaissances<br>et de professionnalisme. L\u2019attrait du<br>m\u00e9tier d\u2019\u00e9valuateur r\u00e9side en partie<br>dans le fait de relever les d\u00e9fis de divers<br>projets afin d\u2019apprendre les nuances qui<br>d\u00e9terminent la valeur d\u2019un bien, quel que<br>soit le march\u00e9. Heureusement, il n\u2019est<br>pas n\u00e9cessaire de marcher un kilom\u00e8tre<br>dans les \u00ab bottes \u00bb de quelqu\u2019un d\u2019autre<br>pour se faire une id\u00e9e de ce qu\u2019il trouve<br>de pr\u00e9cieux dans une propri\u00e9t\u00e9 agricole,<br>bien que cela soit certainement utile.<br>Bien que le zonage agricole g\u00e9n\u00e9ral et les<br>utilisations autoris\u00e9es soient g\u00e9n\u00e9ralement<br>similaires, les besoins en terres d\u2019un<br>agriculteur commercial sont tr\u00e8s diff\u00e9rents<br>de ceux d\u2019un producteur mara\u00eecher et,<br>plus encore, de ceux d\u2019une ferme \u00e9questre<br>ou d\u2019une exploitation d\u2019\u00e9levage. Il est<br>essentiel d\u2019examiner de mani\u00e8re plus<br>d\u00e9taill\u00e9e l\u2019utilisation optimale des terres<br>pour conna\u00eetre les forces motrices qui<br>sous-tendent la valeur des exploitations<br>agricoles dans certaines r\u00e9gions.<br>Appliquons donc certains principes<br>g\u00e9n\u00e9raux de l\u2019immobilier au contexte agricole<br>en examinant comment les guerres, les<br>maladies, les conditions m\u00e9t\u00e9orologiques et<br>les taux d\u2019int\u00e9r\u00eat maintiendront le prix des<br>terres agricoles \u00e0 un niveau dynamique dans<br>les ann\u00e9es \u00e0 venir, et comment les ajustements<br>de base de l\u2019\u00e9valuation et les unit\u00e9s de<br>comparaison diff\u00e8rent selon les types de<br>consommateurs dans l\u2019\u00e9valuation agricole.<br>Un emplacement de choix peut avoir des<br>significations tr\u00e8s diff\u00e9rentes en fonction<br>de la mani\u00e8re dont l\u2019utilisateur de la terre a<br>l\u2019intention d\u2019utiliser ses caract\u00e9ristiques. Par<br>exemple, il est pratique de mettre des chevaux<br>en pension \u00e0 proximit\u00e9 d\u2019un centre urbain,<br>car l\u2019\u00e9quitation de loisir attire souvent des<br>participants de la banlieue plut\u00f4t que de la<br>campagne. De m\u00eame, les chevaux de course<br>standard et pur-sang sont souvent situ\u00e9s pr\u00e8s<br>des hippodromes. L\u00e0 encore, ces derniers<br>s\u2019appuient sur des populations urbaines.<br>D\u2019autre part, la valeur des fermes d\u2019\u00e9levage a<br>moins tendance \u00e0 \u00eatre corr\u00e9l\u00e9e \u00e0 la proximit\u00e9<br>des villes, mais privil\u00e9gie plut\u00f4t les zones<br>g\u00e9ographiques au sol fertile. D\u2019autres r\u00e9gions<br>agricoles plus traditionnelles accordent une<br>Par Brandon Wilcox, P. App., AACI, S.W. Irvine &amp; Associates et Kim Passmore, P. App., AACI, S.W. Irvine &amp; Associates<br>DES PROPRI\u00c9T\u00c9S<br>AGRICOLES<br>Tendances et consid\u00e9rations en mati\u00e8re<br>D\u2019\u00c9VALUATION<br>\u00abUn emplacement de choix<br>peut avoir des significations tr\u00e8s<br>diff\u00e9rentes en fonction de la<br>mani\u00e8re dont l&rsquo;utilisateur de la<br>terre a l&rsquo;intention d&rsquo;utiliser ses<br>caract\u00e9ristiques. \u00bb<br>Canadian Property Valuation | \u00c9valuation 18 immobili\u00e8re au Canada Return to CONTENTS<br>grande importance aux terrains plats pour<br>les grosses machines, aux parcelles de forme<br>uniforme et \u00e0 la proximit\u00e9 de silos \u00e0 grains ou<br>de producteurs de b\u00e9tail, par opposition aux<br>zones urbaines.<br>La m\u00e9thode de comparaison directe est<br>souvent la principale m\u00e9thode d\u2019\u00e9valuation<br>de l\u2019exploitation agricole moyenne. Lorsqu\u2019il<br>s\u2019agit d\u2019exploitations plus am\u00e9lior\u00e9es, la<br>m\u00e9thode des co\u00fbts peut s\u2019av\u00e9rer utile pour<br>garantir la fiabilit\u00e9 des valeurs indiqu\u00e9es dans<br>la m\u00e9thode de comparaison directe. Il y a<br>tr\u00e8s peu de cas o\u00f9 la m\u00e9thode du revenu est<br>pertinente pour l\u2019\u00e9valuation des exploitations<br>agricoles. Cela s\u2019explique principalement<br>par le fait que la plupart des exploitations<br>agricoles et des structures qui les<br>accompagnent sont g\u00e9n\u00e9ralement occup\u00e9es<br>par leur propri\u00e9taire et que, pour celles qui<br>ne le sont pas, les conditions de location<br>sont souvent particuli\u00e8res et les donn\u00e9es du<br>march\u00e9 trop limit\u00e9es pour pouvoir fournir des<br>taux de location ou de capitalisation fiables.<br>En plus de faire la s\u00e9lection des meilleures<br>ventes comparables, le choix de l\u2019unit\u00e9<br>de comparaison la plus pertinente est un<br>exercice crucial lorsque l\u2019on utilise la m\u00e9thode<br>de comparaison directe pour \u00e9valuer les<br>exploitations et les terres agricoles. \u00c0 un<br>niveau \u00e9lev\u00e9, les producteurs de cultures<br>commerciales sont principalement<br>concern\u00e9s par les terres exploitables,<br>de sorte que l\u2019utilisation d\u2019un taux par<br>acre exploitable est souvent l\u2019approche la<br>plus pertinente. Lorsque le bien vis\u00e9 a moins<br>de 75 % d\u2019acres exploitables sur l\u2019ensemble<br>de son exploitation, il y a des circonstances<br>o\u00f9 le taux global par acre peut \u00eatre plus<br>applicable que le taux par acre exploitable.<br>Lorsque les fermes sont achet\u00e9es \u00e0 des<br>fins plus r\u00e9cr\u00e9atives ou r\u00e9sidentielles rurales,<br>il est plus pratique de comparer le prix de<br>vente total et de proc\u00e9der \u00e0 des ajustements<br>en cons\u00e9quence que d\u2019essayer d\u2019appliquer<br>un taux par acre, car ces acheteurs n\u2019utilisent<br>pas n\u00e9cessairement le nombre d\u2019acres pour<br>prendre leur d\u00e9cision d\u2019achat.<br>Dans l\u2019ensemble, la s\u00e9lection des ventes<br>les plus comparables au bien en objet est<br>toujours la cl\u00e9 de la justification de la valeur.<br>L\u2019utilisation de ventes de biens susceptibles<br>d\u2019int\u00e9resser des acteurs similaires du march\u00e9<br>fournit les meilleures informations pour tirer<br>de solides conclusions et parvenir \u00e0 une<br>estimation finale de la valeur.<br>La pand\u00e9mie de COVID-19 a fait l\u2019objet de<br>longues discussions au cours des derni\u00e8res<br>ann\u00e9es, c\u2019est pourquoi nous nous en tiendrons<br>ici d\u00e9gager les quelques tendances li\u00e9es \u00e0 la<br>pand\u00e9mie que nous avons observ\u00e9es entre<br>2020 et 2023. L\u2019exode vers les m\u00e9tropoles<br>est plus ou moins termin\u00e9 et de nombreuses<br>personnes reviennent \u00e0 leur mode de vie<br>habituel. L\u2019attrait pour les propri\u00e9t\u00e9s rurales<br>et les fermes d\u2019agr\u00e9ment s\u2019est estomp\u00e9, car<br>l\u2019entretien et la maintenance de ces types de<br>propri\u00e9t\u00e9s n\u00e9cessitent beaucoup d\u2019argent<br>et, surtout, de temps. Pendant la pand\u00e9mie,<br>les fermes de 10 \u00e0 50 acres situ\u00e9es juste \u00e0<br>l\u2019ext\u00e9rieur des centres urbains ont connu<br>l\u2019une des plus fortes hausses de valeur, car<br>les co\u00fbts d\u2019emprunt \u00e9taient faibles et les<br>gens se pressaient pour avoir plus d\u2019espace.<br>En 2023, les Canadiens ont repris le travail et<br>les r\u00e9gions du pays o\u00f9 la r\u00e9ception cellulaire<br>est mauvaise ou la connectivit\u00e9 internet<br>m\u00e9diocre risquent de ne pas correspondre au<br>mod\u00e8le hybride que beaucoup de travailleurs<br>ont adopt\u00e9. Le style de vie \u00e0 la campagne dont<br>tant de gens r\u00eavaient pendant la pand\u00e9mie<br>ne facilite pas toujours le mod\u00e8le de travail<br>hybride que tant de gens suivent aujourd\u2019hui.<br>En fait, nous avons remarqu\u00e9 que ces fermes<br>d\u2019agr\u00e9ment et ces propri\u00e9t\u00e9s rurales ont<br>connu la plus forte baisse de valeur lorsque<br>les taux d\u2019int\u00e9r\u00eat ont commenc\u00e9 \u00e0 augmenter.<br>Lorsque le march\u00e9 de l\u2019immobilier s\u2019est<br>refroidi dans certaines zones urbaines au<br>d\u00e9but de l\u2019ann\u00e9e 2022, les exploitations<br>agricoles ont non seulement conserv\u00e9<br>leur valeur, mais l\u2019ont m\u00eame augment\u00e9e.<br>Le rapport 2022 sur la valeur des terres<br>agricoles (2022 FCC Farmland Values<br>Report) illustre cette croissance, avec<br>des augmentations de la valeur des terres<br>allant de 8,0 % \u00e0 19,4 %, ce qui fait que<br>\u00abEn plus de faire la s\u00e9lection des<br>meilleures ventes comparables,<br>le choix de l&rsquo;unit\u00e9 de comparaison<br>la plus pertinente est un exercice<br>crucial lorsque l&rsquo;on utilise la<br>m\u00e9thode de comparaison directe<br>pour \u00e9valuer les exploitations et<br>les terres agricoles. \u00bb<br>\u00abL&rsquo;exode vers les m\u00e9tropoles<br>est plus ou moins termin\u00e9 et de<br>nombreuses personnes reviennent<br>\u00e0 leur mode de vie habituel.<br>L&rsquo;attrait pour les propri\u00e9t\u00e9s<br>rurales et les fermes d&rsquo;agr\u00e9ment<br>s&rsquo;est estomp\u00e9, car l&rsquo;entretien et<br>la maintenance de ces types de<br>propri\u00e9t\u00e9s n\u00e9cessitent beaucoup<br>d&rsquo;argent et, surtout, de temps. \u00bb<br>\u00abL&rsquo;utilisation de ventes de<br>biens susceptibles d&rsquo;int\u00e9resser<br>des acteurs similaires du march\u00e9<br>fournit les meilleures informations<br>pour tirer de solides conclusions et<br>parvenir \u00e0 une estimation finale de<br>la valeur.\u00bb<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 19<br>l\u2019augmentation moyenne nationale de la<br>valeur des terres agricoles a \u00e9t\u00e9 de 12,8 %<br>pour la p\u00e9riode allant de 2021 \u00e0 2022.<br>(Note : En raison du manque de donn\u00e9es, ces<br>chiffres excluent Terre-Neuve-et-Labrador,<br>les Territoires du Nord-Ouest, le Nunavut et<br>le Yukon). Cette augmentation de la valeur<br>est la plus \u00e9lev\u00e9e depuis le boom de la valeur<br>des terres agricoles de 2012\/2013.<br>Comme toute chose dans notre<br>\u00e9conomie, la valeur est d\u00e9termin\u00e9e par<br>l\u2019offre et la demande. Des \u00e9v\u00e9nements tels<br>que l\u2019invasion de l\u2019Ukraine par la Russie,<br>l\u2019un des principaux producteurs mondiaux<br>de ma\u00efs et de soja, ont fait craindre une<br>p\u00e9nurie de l\u2019offre. Les prix des produits de<br>base ont alors grimp\u00e9 en fl\u00e8che. Lorsque<br>les prix des aliments pour animaux, tels que<br>le ma\u00efs et le soja, augmentent, il en va de<br>m\u00eame pour les prix de ces animaux, de leur<br>viande et de leurs sous-produits, tels que<br>les oeufs, le lait et le fromage.<br>Outre l\u2019offre et la demande, l\u2019inflation<br>semble \u00e9galement avoir jou\u00e9 un r\u00f4le<br>important. Pendant un certain temps,<br>la grange bancaire traditionnelle, les<br>anciens b\u00e2timents d\u2019\u00e9levage et m\u00eame<br>les hangars agricoles approchaient de la<br>fin de leur cycle de vie utile. Cependant,<br>lorsque les co\u00fbts de remplacement ou de<br>reconstruction de certaines de ces structures<br>sont mont\u00e9s en fl\u00e8che, les agriculteurs ont<br>commenc\u00e9 \u00e0 r\u00e9cup\u00e9rer des structures qui,<br>autrement, auraient \u00e9t\u00e9 mises au rancart, en<br>les r\u00e9parant, en les agrandissant et en les<br>modifiant. La valeur contributive de certaines<br>vieilles fermes et de certains b\u00e2timents<br>d\u2019\u00e9levage a connu une nette augmentation<br>par rapport aux ann\u00e9es pr\u00e9c\u00e9dentes,<br>lorsque certaines de ces structures auraient<br>\u00e9t\u00e9, \u00e0 toutes fins utiles, ray\u00e9es de la carte.<br>D\u2019une mani\u00e8re g\u00e9n\u00e9rale, certaines de ces<br>tendances commencent \u00e0 revenir \u00e0 ce<br>qu\u2019elles \u00e9taient avant la pand\u00e9mie, mais<br>les \u00e9valuateurs ont d\u00fb \u00eatre attentifs \u00e0 ces<br>tendances au cours des derni\u00e8res ann\u00e9es.<br>Il est \u00e9galement important de se tenir<br>au courant des tendances du code des<br>b\u00e2timents agricoles lors de l\u2019\u00e9valuation<br>des b\u00e2timents d\u2019\u00e9levage. Presque tous les<br>secteurs ont connu des changements de<br>lignes directrices ax\u00e9s sur l\u2019am\u00e9lioration<br>du bien-\u00eatre des animaux. Le tableau 1<br>indique quelques changements notables.<br>Les bases de donn\u00e9es internes de<br>S.W. Irvine &amp; Associates indiquent une<br>augmentation des co\u00fbts de construction<br>comprise entre 54 % et 68 % pour les trois<br>secteurs d\u2019\u00e9levage pour la p\u00e9riode de<br>2019 \u00e0 2022-2023. Ces augmentations de<br>co\u00fbts ne sont pas directement li\u00e9es aux<br>changements mentionn\u00e9s pr\u00e9c\u00e9demment<br>en mati\u00e8re de bien-\u00eatre animal, mais plut\u00f4t<br>\u00e0 une combinaison de p\u00e9nuries de maind\u2019oeuvre<br>et de mat\u00e9riaux, principalement le<br>bois d\u2019oeuvre et le b\u00e9ton. Plus r\u00e9cemment,<br>les hausses des taux d\u2019int\u00e9r\u00eat et les co\u00fbts<br>de construction \u00e9lev\u00e9s ont eu un impact sur<br>les projets des agriculteurs qui envisagent<br>SECTEUR TYPE ENJEUX<br>Volaille Poulet \u00e0 griller<br>(poulaillers d\u2019\u00e9levage)<br>Modifications pour le chargement modulaire : les troisi\u00e8mes \u00e9tages n&rsquo;ont plus d&rsquo;utilit\u00e9<br>car ils ne sont plus accessibles en toute s\u00e9curit\u00e9 par les v\u00e9hicules de chargement (par<br>ex., les chariots \u00e9l\u00e9vateurs \u00e0 fourche). Les deuxi\u00e8mes \u00e9tages doivent \u00eatre modifi\u00e9s<br>(augmentation de la taille des portes de chargement et capacit\u00e9 \u00e0 supporter le poids<br>du deuxi\u00e8me \u00e9tage en fonction des nouvelles dimensions des modules et des caisses).<br>Poulaillers de pondeuses Pondeuses dans des cages enrichies (logement en groupe avec perchoirs, aires de<br>nidification, coussins de grattage, etc.) rempla\u00e7ant les cages individuelles.<br>Laitier \u00c9tables \u00e0 stabulation<br>entrav\u00e9e pour vaches laiti\u00e8res<br>Les nouvelles \u00e9tables doivent permettre une libert\u00e9 de mouvement quotidienne, sans<br>attache, tout au long de l&rsquo;ann\u00e9e.<br>Porc Porcheries Logement ouvert\/libre au lieu de stalles confin\u00e9es pour les truies lorsqu&rsquo;elles ne<br>mettent pas bas (naissance des porcelets).<br>de construire de nouvelles structures.<br>Ils choisissent plut\u00f4t de modifier et de<br>moderniser leurs b\u00e2timents existants ou de<br>retarder la construction jusqu\u2019\u00e0 ce que les<br>co\u00fbts se normalisent quelque peu.<br>L\u2019importance de l\u2019agriculture canadienne<br>est de plus en plus au premier plan des<br>conversations sur l\u2019\u00e9conomie nationale.<br>Cela est d\u00fb, en grande partie, aux pressions<br>exerc\u00e9es pour \u00e9tendre les zones urbaines<br>afin de r\u00e9pondre \u00e0 la demande de logements,<br>aux pr\u00e9occupations croissantes en mati\u00e8re<br>de s\u00e9curit\u00e9 alimentaire et au changement<br>climatique. Bien qu\u2019il y ait beaucoup \u00e0<br>prendre en compte pour d\u00e9terminer la<br>comp\u00e9tence d\u2019un \u00e9valuateur donn\u00e9, en<br>particulier parce que l\u2019agriculture est<br>un secteur tr\u00e8s diversifi\u00e9, la principale<br>consid\u00e9ration est la capacit\u00e9 d\u2019un<br>\u00e9valuateur \u00e0 se tenir au courant des facteurs<br>changeants, tels que l\u2019offre, la demande, les<br>intrants et les r\u00e9glementations. L\u2019acquisition<br>ou l\u2019am\u00e9lioration des comp\u00e9tences en<br>tant qu\u2019\u00c9valuateur Professionnel (P. App.)<br>demande du temps et des efforts, que ce soit<br>par le biais de recherches, de cours ou d\u2019une<br>collaboration avec un expert en la mati\u00e8re.<br>Outre les exigences des Normes uniformes<br>de pratique professionnelle en mati\u00e8re<br>d\u2019\u00e9valuation au Canada (NUPPEC), les<br>agriculteurs sont les v\u00e9ritables experts de<br>l\u2019industrie et on leur doit la courtoisie d\u2019\u00eatre<br>bien inform\u00e9s, professionnels et \u00e0 jour sur<br>l\u2019\u00e9volution rapide de l\u2019industrie qui constitue<br>leur activit\u00e9 et leur gagne-pain.<br>\u00abBien qu&rsquo;il y ait beaucoup \u00e0 prendre en compte pour d\u00e9terminer la<br>comp\u00e9tence d&rsquo;un \u00e9valuateur donn\u00e9, en particulier parce que l&rsquo;agriculture<br>est un secteur tr\u00e8s diversifi\u00e9, la principale consid\u00e9ration est la capacit\u00e9<br>d&rsquo;un \u00e9valuateur \u00e0 se tenir au courant des facteurs changeants, tels que<br>l&rsquo;offre, la demande, les intrants et les r\u00e9glementations.\u00bb<br>\u00abLorsque le march\u00e9 de l&rsquo;immobilier s&rsquo;est refroidi dans certaines zones<br>urbaines au d\u00e9but de l&rsquo;ann\u00e9e 2022, les exploitations agricoles ont non<br>seulement conserv\u00e9 leur valeur, mais l&rsquo;ont m\u00eame augment\u00e9e.\u00bb<br>TABLEAU 1<br>Canadian Property Valuation | \u00c9valuation 20 immobili\u00e8re au Canada Return to CONTENTS<br>The time is now for Canada\u2019s<br>appraisers to develop AN<br>ESG valuation<br>strategy<br>While chatting recently with the<br>owner of several properties<br>occupied by a Canadian grocery<br>company, the topic of ESG came<br>up. The thrust of the conversation was<br>that achieving environmental, social, and<br>governance (ESG) excellence \u2014 especially<br>on the environment side \u2014 remains a bit of<br>a mystery. Questions were raised such as:<br>How do we become ESG-compliant to meet<br>tenants\u2019 corporate policies or potential<br>government regulations? What are<br>the implications if we do not? Are ESG<br>considerations just a fad? What is the<br>value of this property, or its resale value,<br>if it falls behind other competing assets<br>when it comes to ESG factors?<br>These are increasingly important<br>questions that the broader commercial<br>real estate industry and Professional<br>Appraisers (P. App.) and valuation<br>experts should be tangling with.<br>By Rob Purdy, P. App., AACI,<br>Vice President, Colliers<br>Canada\u2019s Valuation and<br>Advisory Services Group<br>\u201cIn the near future, ESG will have a greater influence within the<br>property valuation and transaction market across the various asset<br>classes, and it is essential for experts to start figuring out how<br>to establish a solid appraisal process that considers various ESG<br>elements, especially on the sustainability side.\u201d<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 21<br>In the near future, ESG will have a greater<br>influence within the property valuation<br>and transaction market across the various<br>asset classes, and it is essential for experts<br>to start figuring out how to establish a<br>solid appraisal process that considers<br>various ESG elements, especially on the<br>sustainability side.<br>We are already starting to get a sense of<br>what is in store for us based on data that is<br>emerging in Europe, where they are further<br>along in their ESG journey.<br>In London, we have seen a gap<br>emerge in the last four years between<br>the average purchase prices of buildings<br>with sustainability ratings versus those<br>without, according to research by the<br>MSCI published last year. I wrote recently<br>in SustainableBiz.ca that the gap last year<br>had touched 25%, with buyers in London<br>placing a higher value on buildings that had<br>achieved sustainability requirements from<br>organizations like the Building Research<br>Establishment (BREEAM), U.S. Green<br>Building Council (LEED), and GBC Alliance.<br>That same research suggested the value gap<br>had reached 35% in Paris in 2022.<br>The North American market is lagging<br>behind Europe on this front. We also face<br>the challenge of not having a clear picture<br>of comparable valuations given that our<br>national CRE transaction market has<br>been slow amid post-pandemic economic<br>challenges and elevated interest rates,<br>and we also have not yet reached a<br>large enough inventory of ESG-ready or<br>certified buildings that are transacting to<br>give us a base of data.<br>Is ESG just a fad?<br>Some may be hoping that ESG is just a fad<br>that eventually becomes an issue they do<br>not have to deal with. I am not convinced<br>that is going to happen.<br>It is likely that some ESG pushback<br>could emerge (most likely along partisan<br>lines), but it will be the reality of the<br>situation our environment, our cities, our<br>communities, and our buildings are facing,<br>that dictates the path and staying power<br>of the ESG movement and sustainability<br>requirements.<br>Insurance companies, financial<br>institutions, and permitting governments<br>are already adjusting their processes<br>and policies to react to extreme weather<br>events brought by climate change. In<br>the Canadian context, we do not need to<br>search very hard for instances of extreme<br>weather events directly threatening our<br>infrastructure. British Columbia just<br>experienced its most devastating wildfire<br>season on record. For a time this summer,<br>it appeared the entire city of Yellowknife<br>would be lost to wildfire. This comes<br>only two years after the record-setting<br>and fatal Heat Dome in Western Canada,<br>which was followed in the fall of that year<br>by devastating mudslides and floods<br>that overwhelmed communities and<br>destroyed sections of major highways,<br>essentially severing<br>the Lower Mainland<br>from the rest of Canada.<br>These disasters are costing<br>us billions.<br>Opinions will matter less as<br>real consequences with measurable<br>costs continue to challenge our built<br>environment. Appraisers should be<br>preparing themselves for this movement<br>to properly support clients as they seek to<br>appropriately position their ESG-ready or<br>certified buildings in the market.<br>\u201cIt is likely that some ESG pushback could emerge (most likely<br>along partisan lines), but it will be the reality of the situation our<br>environment, our cities, our communities, and our buildings are facing,<br>that dictates the path and staying power of the ESG movement and<br>sustainability requirements.\u201d<br>\u201cOpinions will matter less<br>as real consequences<br>with measurable costs<br>continue to challenge<br>our built environment.<br>Appraisers should be<br>preparing themselves for<br>this movement to properly<br>support clients as they seek<br>to appropriately position<br>their ESG-ready or certified<br>buildings in the market.\u201d<br>\u201cA good starting point for an<br>ESG-friendly appraisal strategy<br>is to think about risk.\u201d<br>Think about ESG valuation<br>strategy in terms of risk<br>A good starting point for an ESG-friendly<br>appraisal strategy is to think about risk.<br>The risk is that, by ignoring the ESG<br>movement, property owners in Canada<br>will start falling behind in the market<br>when aiming to secure large, corporate,<br>global clients. We know, for instance, that<br>42% of Fortune Global 500 companies<br>have made public commitments to major<br>climate targets by 2030. Sixty-six per cent<br>of companies have set carbon reduction<br>targets for 2050, according to the Climate<br>Impact Partners Report.<br>That means there is a larger contingent<br>of companies that will need to find and<br>secure space that achieves net-zero criteria<br>for their own corporate responsibilities. It is<br>possible that that roster of global companies<br>will grow; 2030 is just around the corner.<br>It is also interesting to take a look at the<br>Net Zero Tracker \u2013 a website that tracks<br>Canadian Property Valuation | \u00c9valuation 22 immobili\u00e8re au Canada Return to CONTENTS<br>and publishes information on the net-zero<br>commitments and strategies of companies<br>around the world. The list of companies<br>with targets to eventually achieve net<br>zero carbon or carbon neutrality includes<br>Walmart, Apple, Amazon, Toyota,<br>Volkswagen, and Samsung.<br>There is not a simple formula to achieve<br>this, but a good starting point is to perceive<br>the risk associated with doing nothing.<br>There is risk in losing ground or value as<br>a property owner, as government ESG<br>regulations expand or increase. There<br>is also the potential to lose out on the<br>carrots or incentives emerging to support<br>the movement in Canada, as policies and<br>grants coalesce around ESG. Another risk<br>is being considered archaic by tenants and<br>being left with an asset that is orphaned or<br>relegated by the market.<br>Start with decarbonization<br>Carbon neutrality, whether it is with an<br>industrial building or an office building, is<br>the low-hanging fruit that will probably<br>be the first domino to fall. It is already<br>happening. Toronto-based KingSett<br>Capital, for instance, has an asset portfolio<br>of 5.4 milion square feet to decarbonize<br>by 2027. If achieved, it would equate to a<br>35% drop in carbon emissions from the<br>company\u2019s baseline.<br>In speaking with partners and<br>stakeholders in the national market who<br>are involved in this right now, we are seeing<br>signs in the design-build process that reveal<br>a desire to futureproof buildings, especially<br>on the office and industrial side. The first step<br>tends to be decarbonization efforts.<br>\u201cAs appraisers, we must accept the challenge of developing a strategy<br>to assess risk and interpret the market as it pertains to a single<br>property at a certain point in time.\u201d<br>ESG is an emerging focus in our built<br>environment and valuation experts must<br>take a nuanced approach, as more clarity<br>emerges in our marketplaces. This clarity<br>will factor in various elements, including<br>the marketability of buildings, financing<br>availability, tenant demand and leaseability,<br>and adherence to corporate or<br>government policies.<br>As appraisers, we must accept the<br>challenge of developing a strategy to<br>assess risk and interpret the market as it<br>pertains to a single property at a certain<br>point in time.<br>We are at an interesting inflection<br>point where some major institutional<br>groups are on top of the ESG movement \u2014<br>they are engaging with ESG consultants<br>and updating their corporate stack to<br>futureproof their real estate holdings.<br>On the other hand, some groups<br>appear indifferent and are<br>taking no action.<br>As appraisers, we<br>need to engage with the<br>movement and develop<br>a standard for ESG<br>valuation today,<br>so that we are ready<br>for tomorrow.<br>\u201cAs appraisers, we need to<br>engage with the movement and<br>develop a standard for ESG<br>valuation today, so that we are<br>ready for tomorrow.\u201d<br>\u201cCarbon neutrality, whether<br>it is with an industrial<br>building or an office building,<br>is the low-hanging fruit that<br>will probably be the first<br>domino to fall.\u201d<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 23<br>En discutant r\u00e9cemment avec le<br>propri\u00e9taire de plusieurs biens<br>immobiliers occup\u00e9s par une \u00e9picerie<br>canadienne, on s\u2019est mis \u00e0 parler<br>d\u2019ESG. La conversation portait sur le fait que<br>l\u2019atteinte de l\u2019excellence Environnementale,<br>Sociale et de Gouvernance \u2014 surtout pour<br>l\u2019environnement \u2014 demeure quelque peu<br>myst\u00e9rieuse. Voici des questions soulev\u00e9es<br>dans nos \u00e9changes : Comment peut-on<br>se conformer \u00e0 l\u2019approche ESG pour<br>respecter les politiques g\u00e9n\u00e9rales des<br>locataires ou l\u2019\u00e9ventuelle r\u00e9glementation<br>gouvernementale? Que se passe-t-il si<br>on ne le fait pas? Les consid\u00e9rations ESG<br>sont-elles une mode passag\u00e8re? Que vaut<br>cette propri\u00e9t\u00e9, ou quelle est sa valeur de<br>revente, si elle est d\u00e9favoris\u00e9e par rapport \u00e0<br>d\u2019autres actifs concurrentiels lorsqu\u2019il s\u2019agit<br>des facteurs ESG?<br>Ce sont l\u00e0 des questions de plus en plus<br>importantes auxquelles devraient s\u2019attaquer la<br>plus vaste industrie immobili\u00e8re commerciale<br>et les \u00c9valuateurs Professionnels (P. App.).<br>Dans un avenir rapproch\u00e9, la strat\u00e9gie<br>ESG aura davantage d\u2019influence au sein du<br>Il est temps que les \u00e9valuateurs<br>du Canada \u00e9laborent<br>une strat\u00e9gie<br>d\u2019\u00e9valuation ESG<br>\u00ab Dans un avenir rapproch\u00e9, la strat\u00e9gie ESG aura davantage d\u2019influence<br>au sein du march\u00e9 des \u00e9valuations immobili\u00e8res et des transactions,<br>\u00e0 travers les diff\u00e9rentes cat\u00e9gories d\u2019actifs, et il est essentiel que<br>les experts commencent \u00e0 comprendre comment \u00e9tablir un robuste<br>processus d\u2019\u00e9valuation qui tienne compte des divers \u00e9l\u00e9ments ESG, en<br>particulier concernant la durabilit\u00e9. \u00bb<br>Par Rob Purdy, P. App., AACI,<br>vice-pr\u00e9sident,<br>Groupe d\u2019\u00e9valuation et<br>de consultation chez<br>Colliers Canada<br>Canadian Property Valuation | \u00c9valuation 24 immobili\u00e8re au Canada Return to CONTENTS<br>\u00ab Les opinions compteront moins alors que les v\u00e9ritables cons\u00e9quences<br>aux co\u00fbts mesurables continuent de mettre au d\u00e9fi notre environnement<br>b\u00e2ti. Les \u00e9valuateurs devraient se pr\u00e9parer \u00e0 ce mouvement pour<br>soutenir ad\u00e9quatement leurs clients qui veulent bien positionner leurs<br>b\u00e2timents pr\u00eats ou certifi\u00e9s \u00e0 la norme ESG dans le march\u00e9. \u00bb<br>\u00ab Un bon point de d\u00e9part pour<br>une strat\u00e9gie d\u2019\u00e9valuation ESG<br>conviviale est de penser au risque. \u00bb<br>\u00ab Il est vraisemblable qu\u2019un<br>certain recul ESG survienne<br>(tr\u00e8s probablement selon<br>des lignes partisanes), mais<br>c\u2019est une r\u00e9alit\u00e9 que notre<br>environnement, nos villes, nos<br>communaut\u00e9s et nos b\u00e2timents<br>doivent affronter et qui dicte<br>la voie \u00e0 suivre et l\u2019endurance<br>du mouvement ESG et des<br>exigences de durabilit\u00e9. \u00bb<br>J\u2019\u00e9crivais r\u00e9cemment dans SustainableBiz.ca<br>que l\u2019\u00e9cart en 2022 avait atteint 25 %, les<br>acheteurs londoniens mettant davantage<br>l\u2019accent sur les b\u00e2timents qui r\u00e9pondaient<br>\u00e0 certaines exigences de durabilit\u00e9 gr\u00e2ce<br>aux \u00e9valuations d\u2019organisations telles que la<br>Building Research Establishment (BREEAM),<br>l\u2019US Green Building Council (LEED) et la GBC<br>Alliance. La m\u00eame \u00e9tude avan\u00e7ait que l\u2019\u00e9cart<br>des valeurs avait atteint 35 % \u00e0 Paris en 2022.<br>Le march\u00e9 nord-am\u00e9ricain est \u00e0 la tra\u00eene<br>derri\u00e8re l\u2019Europe \u00e0 cet \u00e9gard. Nous avons<br>aussi le d\u00e9savantage de ne pas comprendre<br>clairement les \u00e9valuations de comparables,<br>\u00e9tant donn\u00e9 que notre march\u00e9 national des<br>transactions immobili\u00e8res commerciales a<br>\u00e9t\u00e9 lent suite aux difficult\u00e9s \u00e9conomiques<br>d\u2019apr\u00e8s pand\u00e9mie et au taux d\u2019int\u00e9r\u00eats<br>\u00e9lev\u00e9s, alors que nous n\u2019avons pas accumul\u00e9<br>d\u2019inventaire suffisamment important de<br>b\u00e2timents pr\u00eats ou certifi\u00e9s \u00e0 la norme ESG<br>faisant l\u2019objet de transactions pour nous<br>fournir un ensemble potable de donn\u00e9es.<br>L\u2019approche ESG est-elle<br>une mode qui va passer?<br>Certains esp\u00e8rent peut-\u00eatre que cette<br>approche est une tendance passag\u00e8re qui<br>ne soul\u00e8vera pas de difficult\u00e9s et dont ils<br>n\u2019auront pas \u00e0 se pr\u00e9occuper. Je ne suis pas<br>convaincu que ce sera le cas.<br>Il est vraisemblable qu\u2019un certain<br>recul ESG survienne (tr\u00e8s probablement<br>selon des lignes partisanes), mais c\u2019est<br>une r\u00e9alit\u00e9 que notre environnement, nos<br>villes, nos communaut\u00e9s et nos b\u00e2timents<br>doivent affronter et qui dicte la voie \u00e0 suivre<br>et l\u2019endurance du mouvement ESG et des<br>exigences de durabilit\u00e9.<br>Les compagnies d\u2019assurance, les<br>institutions financi\u00e8res et les gouvernements<br>d\u2019autorisation ajustent d\u00e9j\u00e0 leurs processus<br>et politiques afin de r\u00e9agir aux \u00e9v\u00e9nements<br>m\u00e9t\u00e9orologiques extr\u00eames caus\u00e9s par le<br>changement climatique. Dans le contexte<br>canadien, nous n\u2019avons pas besoin de<br>chercher longtemps pour trouver des<br>exemples de ph\u00e9nom\u00e8nes environnementaux<br>intenses qui menacent directement notre<br>infrastructure. La Colombie-Britannique<br>vient de vivre sa pire saison des feux de<br>for\u00eat jamais enregistr\u00e9e. Pendant quelque<br>temps cet \u00e9t\u00e9, on a m\u00eame cru que toute la<br>ville de Yellowknife serait d\u00e9truite par les<br>flammes. Cela survient seulement deux ans<br>apr\u00e8s le d\u00f4me de chaleur record et fatal<br>dans l\u2019Ouest canadien, suivi \u00e0 l\u2019automne<br>de la m\u00eame ann\u00e9e par des coul\u00e9es de<br>boue et des inondations d\u00e9vastatrices<br>qui ont accabl\u00e9 les collectivit\u00e9s et d\u00e9truit<br>des tron\u00e7ons d\u2019autoroutes majeures,<br>coupant essentiellement les basses-terres<br>continentales du reste du Canada. Ces<br>catastrophes nous co\u00fbtent des milliards.<br>Les opinions compteront moins alors<br>que les v\u00e9ritables cons\u00e9quences aux co\u00fbts<br>mesurables continuent de mettre au d\u00e9fi<br>notre environnement b\u00e2ti. Les \u00e9valuateurs<br>devraient se pr\u00e9parer \u00e0 ce mouvement pour<br>soutenir ad\u00e9quatement leurs clients qui<br>veulent bien positionner leurs b\u00e2timents pr\u00eats<br>ou certifi\u00e9s \u00e0 la norme ESG dans le march\u00e9.<br>march\u00e9 des \u00e9valuations immobili\u00e8res et<br>des transactions, \u00e0 travers les diff\u00e9rentes<br>cat\u00e9gories d\u2019actifs, et il est essentiel que les<br>experts commencent \u00e0 comprendre comment<br>\u00e9tablir un robuste processus d\u2019\u00e9valuation qui<br>tienne compte des divers \u00e9l\u00e9ments ESG, en<br>particulier concernant la durabilit\u00e9.<br>Nous entrevoyons d\u00e9j\u00e0 ce qui nous<br>attend en analysant les donn\u00e9es qui<br>\u00e9mergent en Europe, o\u00f9 on a pouss\u00e9 plus<br>loin le d\u00e9veloppement ESG.<br>\u00c0 Londres, nous avons observ\u00e9 un \u00e9cart<br>qui se creuse depuis quatre ans entre les prix<br>d\u2019achat moyens des b\u00e2timents dot\u00e9s d\u2019une<br>note de durabilit\u00e9 par rapport \u00e0 ceux qui<br>n\u2019en n\u2019ont pas, si l\u2019on en croit la recherche de<br>MSCI publi\u00e9e l\u2019ann\u00e9e derni\u00e8re.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 25<br>Pensez \u00e0 la strat\u00e9gie d\u2019\u00e9valuation<br>ESG en termes de risque<br>Un bon point de d\u00e9part pour une strat\u00e9gie<br>d\u2019\u00e9valuation ESG conviviale est de penser<br>au risque. Le risque, c\u2019est qu\u2019en ignorant le<br>mouvement ESG, les propri\u00e9taires de biens<br>immobiliers au Canada commenceront \u00e0 tirer<br>de l\u2019arri\u00e8re dans le march\u00e9 quand ils voudront<br>gagner des clients importants, corporatifs<br>et mondiaux. Nous savons, par exemple, que<br>42 % des entreprises Fortune 500 se sont<br>engag\u00e9es publiquement \u00e0 atteindre des cibles<br>climatiques majeures d\u2019ici 2030. Et 66 % des<br>entreprises ont fix\u00e9 des cibles de r\u00e9duction<br>du carbone pour 2050, selon le Climate<br>Impact Partners Report.<br>Cela signifie que plus d\u2019entreprises<br>devront trouver et s\u00e9curiser un espace<br>qui r\u00e9alise des crit\u00e8res \u00e0 z\u00e9ro \u00e9mission<br>nette pour leurs propres responsabilit\u00e9s<br>corporatives. La liste des entreprises<br>internationales va probablement s\u2019allonger ;<br>2030 approche \u00e0 grands pas.<br>\u00ab \u00c0 titre d\u2019\u00e9valuateurs,<br>nous devons accepter le d\u00e9fi<br>d\u2019\u00e9laborer une strat\u00e9gie pour<br>analyser le risque et interpr\u00e9ter le march\u00e9 en ce qui<br>touche une propri\u00e9t\u00e9 unique \u00e0 un moment pr\u00e9cis. \u00bb<br>fait rien. Il y a le risque de perdre du terrain<br>ou de voir diminuer la valeur d\u2019un bien pour<br>son propri\u00e9taire, \u00e0 mesure que s\u2019\u00e9tend ou<br>qu\u2019augmente la r\u00e9glementation ESG des<br>gouvernements. On pourrait \u00e9galement<br>perdre sur les carottes ou les incitatifs<br>\u00e9mergents pour soutenir le mouvement<br>au Canada, alors que les politiques et les<br>subventions se fondent dans l\u2019approche<br>ESG. Un autre risque est que l\u2019approche<br>soit consid\u00e9r\u00e9e comme archa\u00efque par les<br>locataires, dont les actifs pourraient devenir<br>orphelins ou rel\u00e9gu\u00e9s par le march\u00e9.<br>Commencer par la d\u00e9carbonation<br>La neutralit\u00e9 carbone, que ce soit pour un<br>b\u00e2timent industriel ou un immeuble de<br>bureaux, est une solution \u00e0 notre port\u00e9e<br>qui fera probablement tomber le premier<br>domino. \u00c7a se produit d\u00e9j\u00e0. La soci\u00e9t\u00e9<br>KingSett Capital, bas\u00e9e \u00e0 Toronto, dispose<br>par exemple d&rsquo;un portefeuille d&rsquo;actifs de<br>5,4 millions de pieds carr\u00e9s \u00e0 d\u00e9carboniser<br>d&rsquo;ici 2027. Si l\u2019objectif se r\u00e9alise, cela<br>\u00e9quivaudrait \u00e0 35 % moins d\u2019\u00e9mission de<br>carbone comparativement \u00e0 la base de<br>r\u00e9f\u00e9rence de l\u2019entreprise.<br>En parlant \u00e0 des partenaires et des<br>intervenants du march\u00e9 international<br>pr\u00e9sentement engag\u00e9s dans cet enjeu, nous<br>voyons des signes dans le processus de<br>conception qui r\u00e9v\u00e8lent un d\u00e9sir d\u2019assurer<br>l\u2019avenir des b\u00e2timents, particuli\u00e8rement dans<br>le secteur des bureaux et des industries.<br>La premi\u00e8re \u00e9tape tend \u00e0 impliquer les<br>initiatives de d\u00e9carbonation.<br>La strat\u00e9gie ESG est une nouvelle<br>cible dans notre environnement b\u00e2ti et les<br>experts de l\u2019\u00e9valuation doivent adopter<br>une m\u00e9thode nuanc\u00e9e, \u00e0<br>mesure que l\u2019on voit de plus<br>en plus clairement cet enjeu<br>\u00e9voluer dans le march\u00e9. Cette<br>limpidit\u00e9 permettra d\u2019int\u00e9grer<br>divers \u00e9l\u00e9ments, y compris la qualit\u00e9<br>marchande des b\u00e2timents, la disponibilit\u00e9<br>du financement, les demandes des<br>locataires et leur admissibilit\u00e9 locative,<br>de m\u00eame que l\u2019adh\u00e9rence aux politiques<br>corporatives et gouvernementales.<br>\u00c0 titre d\u2019\u00e9valuateurs, nous devons<br>accepter le d\u00e9fi d\u2019\u00e9laborer une strat\u00e9gie<br>pour analyser le risque et interpr\u00e9ter le<br>march\u00e9 en ce qui touche une propri\u00e9t\u00e9<br>unique \u00e0 un moment pr\u00e9cis.<br>Nous nous trouvons \u00e0 un point<br>d\u2019inflexion int\u00e9ressant, o\u00f9 certains groupes<br>institutionnels importants sont au sommet<br>du mouvement ESG, travaillant avec<br>des conseillers ESG et actualisant leurs<br>ressources corporatives pour assurer l\u2019avenir<br>de leurs avoirs immobiliers. \u00c0 l\u2019autre bout<br>du spectre, certains groupes semblent<br>indiff\u00e9rents et ne prennent aucune mesure.<br>En tant qu\u2019\u00e9valuateurs, nous devons nous<br>engager dans le mouvement et d\u00e9velopper<br>une norme pour l\u2019\u00e9valuation ESG aujourd\u2019hui,<br>afin d\u2019\u00eatre pr\u00eats pour demain.<br>\u00ab La neutralit\u00e9 carbone, que ce<br>soit pour un b\u00e2timent industriel<br>ou un immeuble de bureaux, est<br>une solution \u00e0 notre port\u00e9e qui<br>fera probablement tomber le<br>premier domino \u00bb<br>\u00ab En tant qu\u2019\u00e9valuateurs, nous<br>devons nous engager dans le<br>mouvement et d\u00e9velopper une<br>norme pour l\u2019\u00e9valuation ESG<br>aujourd\u2019hui, afin d\u2019\u00eatre pr\u00eats<br>pour demain. \u00bb<br>Il est \u00e9galement int\u00e9ressant de jeter un<br>coup d\u2019oeil sur Net Zero Tracker, un site Web<br>qui suit et publie de l\u2019information sur les<br>engagements et strat\u00e9gies \u00e0 z\u00e9ro \u00e9mission<br>nette des entreprises \u00e0 travers le monde.<br>La liste des entreprises ayant adopt\u00e9 des<br>cibles pour atteindre \u00e9ventuellement z\u00e9ro<br>\u00e9mission nette ou la neutralit\u00e9 carbone<br>inclut Walmart, Apple, Amazon, Toyota,<br>Volkswagen et Samsung.<br>Il n\u2019y a pas de formule simple pour<br>r\u00e9aliser cela, mais un bon point de d\u00e9part<br>est d\u2019imaginer le risque qui existe si on ne<br>Canadian Property Valuation | \u00c9valuation 26 immobili\u00e8re au Canada Return to CONTENTS<br>The famed astronomer Galileo Galilei said that mathematics<br>is the language of the universe. He perhaps meant<br>that mathematics is fundamental to our understanding<br>of life. Professional Appraisers (P. App.) are well-versed in<br>applying simple mathematical concepts which form the basis<br>of appraisal.<br>In a simple example, if an appraiser found that a 10,000-square<br>foot warehouse sold for $1 million, this transaction is distilled by<br>basic division into a market indicator as such: $1,000,000 \u00f7 10,000<br>square feet = $100 per square foot. Or, in other words, price<br>divided by area equals unit rate per dollar. If that same property<br>was generating $100,000 in annual net rent, the appraiser<br>would then demonstrate, using simple division, that the ratio<br>between the annual income and the sale price was a 10% return.<br>Supposing that the income was perpetual, the investor would<br>expect a 10% capitalization rate.<br>A fresh look at the Proxy Model<br>By John E Farmer, P. App., AACI, MRICS, Q.Arb.; Gina Gallant, BComm, P. App., AACI; and Norris Wilson, BA, P. App., AACI<br>Historically, appraisers have been trained to consider equity<br>return with an eye to the loan-to-value ratio and the return net of<br>financing. Today, through the use of tools such as discounted cash<br>flow (DCF) analysis software, calculations are more comprehensive.<br>The power of DCF analysis is that it can employ numerous<br>assumptions over a forecast timeline and convert future annual<br>performance into a present value estimate in seconds.<br>In addition, today&rsquo;s Professional Appraiser (P. App.) must work to<br>comprehend the issues at play in a given valuation assignment. Using<br>the universal language of mathematics, they can provide answers to<br>complex questions.<br>Poignant examples can be found in cases where the complex<br>issue of Loss of Use arises, such as in a First Nation land claim.<br>Where questions arise such as \u2018surrender of parts of original<br>reserves,\u2019 or \u2018shortfall in treaty land entitlement,\u2019 how can an<br>appraiser use pure mathematical principles to calculate values?<br>Loss of<br>Use analysis:<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 27<br>Appraisers are familiar with the \u2018principle of anticipation\u2019 in real<br>estate valuation: the idea that the property\u2019s market value is the present<br>value of the sum of anticipated future benefits. Returning to our earlier<br>example of a property acquired for $1 million, with an anticipated<br>income of $100,000 per year, and supposing that the income was<br>derived from land rent instead of a warehouse building, the answer is<br>still the same. The return is embodied in the 10% capitalization rate.<br>The Proxy Model is a variation of the land rental approach to value.<br>In this case, the land rental rate is a proxy for the economic return for<br>land which, when applied to the market value of the land, results in an<br>estimate of nominal annual rent. The power of this technique is that the<br>appraiser can point to any point in time and project the anticipated return<br>for a given property or plot to the present day. Therefore, this estimated<br>historical income stream is processed into a present value which, in<br>theory, reflects compensation for the Loss of Use of the land over time.<br>WHAT IS LOSS OF USE?<br>The concept of value presumes that the purchaser\/owner is motivated<br>by future returns on their investment (i.e., enjoyment of living in their<br>home, collecting rent from a tenant, raising livestock, harvesting a<br>crop to sell at market, etc.). But what happens when that was taken<br>away a century ago or more; how do you calculate what was lost?<br>The loss to an owner of a single tenant industrial property would<br>be the lost rent for each year. Similarly, the landowner that has lost<br>the use of their land is deprived of their ability to rent the land to<br>a tenant. In each instance, not only has the owner been deprived<br>of income, but, theoretically, that rental income could have been<br>saved in a bank or invested, to generate financial returns.<br>The Proxy Model, therefore, is not only a means by which to<br>consider the loss of revenue for each year, but also to calculate the<br>loss of the return on that revenue for each year. Once these amounts<br>have been calculated for the duration of the loss, this provides an<br>insight into a claim for Loss of Use.<br>It may be argued that the landowner that suffered the loss could<br>have used their revenue for their own purposes over time. But this<br>stance simply ignores the reality that the owner was deprived of<br>their ability to enjoy this revenue and never had the opportunity to<br>deploy this revenue. Even if it had been spent rather than invested,<br>economists agree that the future benefits arising from whatever the<br>revenue was spent on would be at least as advantageous as saving<br>the money in an investment account.<br>In applying the theory of the Proxy Model, the Loss of Use of the land<br>is measured on the basis of imputed land rent foregone by the landowner<br>over the period between the loss and present day. The foundation of<br>the rates applied is based upon observations of market activity over<br>this period and these represent the proxy for the losses endured.<br>EXAMPLE SCENARIO<br>A landowner in Alberta lost the use of their 1,000 acres of farmland on<br>January 1, 1913. The price of land at that time was hypothetically $3,000<br>($3.00 per acre). As of the date of loss, the land had been cleared<br>and used for pasture and some crop production. It had been surveyed<br>under the township system and patents registered at land titles.<br>At the present effective date, (December 31, 2020), the same<br>1,000 acres has a hypothetical current value appraised at $1,000<br>per acre. For the sake of simplicity, we will say that the land has not<br>changed in terms of either use or development.<br>The following evaluates the compensation owed to the<br>landowner from the date of loss to the current effective date.<br>GENERAL APPROACH<br>There are four main components to the Proxy Model:<\/li>\n\n\n\n<li>Define land value at the date of Loss of Use 1(a) and the current<br>date 1(b)<\/li>\n\n\n\n<li>Define annual growth rates in land value over time since 1(a)<\/li>\n\n\n\n<li>Define the return on the land (annual rental rate) for each year<br>for the duration of the loss<\/li>\n\n\n\n<li>Define return on annual land rent proceeds received for each<br>year as if it had been invested<br>The Proxy Model requires the estimation of several variables.<br>1(a) Retrospective value of the land<br>Establishing the value of land at a past date presents challenges<br>to the appraiser; the further back in time the appraiser needs to<br>delve, the greater the effort to complete diligent research into<br>historical transactions.<br>For example, say the appraiser in Alberta has access to online<br>records back to the mid-1980s. For earlier periods, requests must<br>be made directly to the historical department of the land titles<br>office. An added complication is that the province did not officially<br>exist until April 1905, so historical transactions prior to 1905 need<br>to be traced through federal archives, museum records, and other<br>library sources.<br>The quality of the land is also something to establish as of<br>the retrospective effective date. Early settlers to the western<br>provinces were faced with land in a raw and natural state. This was<br>advantageous if the homestead was in an area of grassland, but more<br>challenging if it was covered in trees and the settlers needed to clear<br>stumps or drain swampy low-lying areas. Either way, the price of the<br>land from the government or railway company (liquidating their land<br>holdings) would reflect the raw state.<br>An adjustment for clearing costs is then required to reflect<br>the time and cost to bring the land into a productive state for<br>agricultural purposes, a painfully slow and laborious process<br>initially done without the help of modern machinery.<br>1 (b) Current value of the land<br>Establishing the current value of the land follows current valuation<br>approaches, which are outside the scope of this article.<br>2 Estimating the annual change in land value between<br>dates 1(a) and 1(b)<br>Once the values have been established at their respective points<br>in time, it follows that there is an annual change in value over time<br>between the two dates \u2013 historical and present.<br>The rate of annual change can be derived from empirical<br>evidence. Several approaches have been used in past applications<br>of the Proxy Model, including prorating the growth between the<br>start and end value estimates on a straight-line basis, or using<br>Canadian inflation, which may or may not give a result to match<br>Canadian Property Valuation | \u00c9valuation 28 immobili\u00e8re au Canada Return to CONTENTS<br>the current value estimate in the appraisal. Other time series have<br>been estimated using inflation as measured by the Consumer Price<br>Index for the period up to 1949 and then a rate which inflates the<br>1950 value forecast in a straight line to match the current appraised<br>value, or by estimating retrospective value at points along the<br>timeline, say every 25 or 30 years, and straight lining the projected<br>value between these.<br>Generally, it is not believed that general inflation is a suitable<br>guide to the fluctuations of land value over time. Estimating values<br>at intermediate check-in dates is not always considered to be a<br>practical solution either, as the choice of dates may miss important<br>inflection points in the economy and result in over or under<br>estimating the changes in value over time.<br>The authors recommend that the appraiser create a time series<br>on which to base an imputed land rent cash flow. For example, Altus<br>Group uses the long-term value trend indicated by the blend of<br>provincial (post-1921, when Statistics Canada information became<br>available) and Kansas farm value data (pre-1921). Using statistical<br>rates provides a strong proxy for a logical growth rate.<br>The farm value time series is a general statistical trend used to<br>provide the annual change in land values over time. Just using this<br>series alone leaves the calculation vulnerable to a basic weakness \u2014<br>that the appraiser would be unable to link the retrospective date (1a)<br>to the current date (1b). Therefore, the appraiser needs to buffer the<br>value trend data with a constant, so that the annual inflator applied<br>to 1(a) arrives at a unit value mathematically consistent with 1(b).<br>The buffer constant is a fixed number that is calculated in the<br>spreadsheet to align the time series to arrive at the current value (1b).<br>This is a simple process with today\u2019s spreadsheet technology.<br>Figure 1 provides an example (not all years shown):<br>A B C D E<br>YEAR<br>Data<br>Trend<br>Buffer<br>Constant<br>Adj Trend with<br>Buffer Constant<br>Land Value<br>Trend<br>B + C Value x (1 + D)<br>1913 (1a) $3,000<br>1914 4.65% 0.77% 5.43% $3,163<br>1915 4.44% 0.77% 5.22% $3,328<br>1916 6.25% 0.77% 7.02% $3,562<br>1917 5.88% 0.77% 6.66% $3,799<br>1918 7.27% 0.77% 8.05% $4,104<br>1919 11.29% 0.77% 12.07% $4,600<br>1920 0.00% 0.77% 0.77% $4,635<br>1921 -12.73% 0.77% -11.95% $4,081<br>2016 7.73% 0.77% 8.51% $775,751<br>2017 8.20% 0.77% 8.97% $845,365<br>2018 6.16% 0.77% 6.94% $904,025<br>2019 5.10% 0.77% 5.88% $957,168<br>2020 (1b) 3.70% 0.77% 4.47% $1,000,00<br>Figure 1 \u00a9 Altus Group<br>Column A the effective years, between 1913 and 2020<br>Column B statistical farm value time series<br>(Kansas to 1920, Stats Canada 1921 onwards)<br>Column C the buffer constant<br>Column D the adjusted statistical farm value time series<br>Column E the annual projected value of the land for each year of<br>the timeline, arriving at the current value (1b)<br>Understanding how land prices have changed through time involves<br>some basic understanding of history. For example, Statistics<br>Canada has records going back to 1921. Since then, as shown in<br>Figure 2, the agricultural economy was affected by a spike in farm<br>value immediately after WW1, the downturn in the 1930s, increases<br>in land value in the late 1960s when chemical fertilizer enhanced<br>crop yields and profitability, and the downturn in the 1980s because<br>of high inflation and interest rates, followed by generally increasing<br>land prices up to present date.<br>$3,000<br>$2,500<br>$2,000<br>$1,500<br>$1,000<br>$500<br>$0<br>50.00%<br>40.00%<br>30.00%<br>20.00%<br>10.00%<br>0.00%<br>-10.00%<br>-20.00%<br>-30.00%<br>1921<br>1924<br>1927<br>1930<br>1933<br>1936<br>1939<br>1942<br>1945<br>1948<br>1951<br>1954<br>1957<br>1960<br>1963<br>1966<br>1969<br>1972<br>1975<br>1978<br>1981<br>1984<br>1987<br>1990<br>1993<br>1996<br>1999<br>2002<br>2005<br>2008<br>2011<br>2014<br>2017<br>Alberta Value per acre Annual Percentage Change<br>Figure 2 \u00a9 Altus Group<br>To extend this back to the retrospective date, reference is made<br>to the statistics on Kansas farm values which are available back<br>to 1860. When the Alberta vs Kansas data is compared (between<br>the available Alberta data 1921 and 2019), it is found that there is a<br>strong correlation coefficient of 97%, as illustrated in Figure 3.<br>3000<br>2500<br>2000<br>1500<br>1000<br>500<br>0<br>-500<br>R2 = 0.9679<br>0 500 1,000 1,500 2,000 2,500<br>Alberta Farm Value Trend vs Kansas Farm<br>Value Trend 1921-2019<br>Figure 3 \u00a9 Altus Group<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 29<br>This gives great confidence in using annual changes in Kansas farm<br>values to backfill the period in the farm value trend series prior to<br>1921, back to the retrospective date (1a).<br>3 Annual land rental rate<br>This is the more challenging concept to understand, as there are<br>two moving parts to the equation. First, the underlying assumption<br>is that the Loss of Use of the land has led to a loss of revenue to<br>the former owner. This needs to be calculated for each year of the<br>duration of the loss. Second, it is assumed that this revenue would<br>have been saved and invested in a savings account, accumulating<br>compound interest.<br>At this point, it is important to remember that the point of the<br>Loss of Use analysis is that the owner lost the use and revenue<br>from their land every year. Because they never received that<br>income, they never had the opportunity to make the revenue work<br>for them, in whatever way they would have chosen to do so. Thus,<br>the compensation claim using the Proxy Model assumes that this<br>revenue would have been saved and would have earned interest in<br>the intervening years.<br>LAND RENT ESTIMATE<br>Return on land is generally perceived as the residual yield after<br>all the agents employed in the business on the land have been<br>satisfied. In other words, the gross revenue from the business<br>enterprise is allocated first to labour, then to capital, management<br>and profit, and, finally, to land.<br>Land capitalization rates are the ratio between cash rent for<br>land and the value of that land at a point in time. An example of the<br>dynamic of this statistic is illustrated in Figure 4 based on statistics<br>on land rents and land values for the State of Kansas produced by<br>the USDA for the period from 1985 to 2009.<br>Land Rent Returns vs Long Canada Bonds<br>0.12<br>0.1<br>0.08<br>0.06<br>0.04<br>0.02<br>0<br>1985<br>1986<br>1987<br>1988<br>1989<br>1990<br>1991<br>1992<br>1993<br>1994<br>1995<br>1996<br>1997<br>1998<br>1999<br>2000<br>2001<br>2002<br>2003<br>2004<br>2005<br>2006<br>2007<br>2008<br>2009<br>Land Rental Rate Long Canada Bonds<br>Figure 4<br>Source: Bank of Canada and USDA statistics<br>Due to the lack of a long-term series of such land rental rate data,<br>the Kansas data was compared to several financial instruments<br>to try to find a reasonable proxy for land rent returns that could<br>be applied over a long period of history. Long Canada bonds are<br>graphed against the available Kansas land rent series and there is a<br>reasonable similarity between them over time.<br>To test this, we created a scatter plot (Figure 5) to investigate the<br>degree of similarity between the two series and found a correlation<br>coefficient of 0.86, which we regard as being reasonably similar.<br>Taking into account the fact that long bond rates are among the<br>lowest rates of return offered and are thus considered a \u2018safe rate,\u2019<br>the resulting rent estimates should be viewed as conservative.<br>Land Rent and Long Bonds Correlation<br>12.00%<br>10.00%<br>8.00%<br>6.00%<br>4.00%<br>2.00%<br>0.00%<br>Long Bond Rate<br>Land Rental Rate<br>0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00%<br>R2 = 0.861<br>Figure 5 \u00a9 Altus Group<br>Given the similarity between land rates of return and long Canada\/<br>US bond rates, long bond rates are used as a proxy for land<br>capitalization rates used to estimate annual land rent amounts.<br>PART I: BOND RATES<br>Past application of the model has used an inflation adjusted yield<br>rate based on real return Canada bonds. The real return or \u2018real<br>rate\u2019 concept is useful to gauge the effective return to the investor<br>net of inflation, but no one would invest in a bond which did not<br>provide some protection from future inflation.<br>In fact, the use of the face rate of return (real rate) only reflects<br>part of the story of these investments.<br>The Canadian real return bond series, which some analysts<br>have referred to for Loss of Use cases, does not simply return a<br>rate of interest shown on the face of the bond but also adjusts the<br>value of the bond at maturity for inflation in step with the Consumer<br>Price Index. In truth, the actual return on a real return bond is a<br>combination of the face interest rate and an adjustment for inflation<br>to preserve the capital value of the investment. The correct rate of<br>return to land must be one that includes inflation or at least a risk<br>buffer for anticipated future inflation.<br>There is a problem, however, in that historical records of Canada<br>long-term bond rates (10 years and up) are only available back to<\/li>\n\n\n\n<li>In order to supplement this time series for earlier periods<br>previous to 1919, reference can made to a bond return series<br>developed by US economics professor Robert Shiller. His data<br>provides long bond interest rates back to 1871 for the US \u2014 but are<br>they reasonably similar to Canada bonds?<br>Canadian Property Valuation | \u00c9valuation 30 immobili\u00e8re au Canada Return to CONTENTS<br>Plotting the Canada series and the US series over their common<br>history shows a strong correlation (Figure 6). The correlation<br>coefficient derived from a scatter plot (Figure 7) on these series was<br>over 0.96, which is considered statistically significant and indicates<br>the two series moved in near perfect tandem over the study period.<br>We conclude one can reasonably be substituted for the other.<br>18<br>16<br>14<br>12<br>10<br>8<br>6<br>4<br>2<br>0<br>1919<br>1926<br>1933<br>1940<br>1947<br>1954<br>1961<br>1968<br>1975<br>1982<br>1989<br>1996<br>2003<br>2010<br>US Bond Rates Canada Bond Rates<br>Percent<br>Comparison Canada and US Bond Rates<br>Figure 6<br>Correlation Canada and US Long Bond Rates 1919 to 2015<br>US Bond Rates<br>Canada Bond Rates<br>20.00<br>15.00<br>10.00<br>5.00<br>0.00<br>R2 = 0.9667<br>0 2 4 6 8 10 12 14 16<br>Figure 7<br>Source: Robert Shiller: US Long Bond Rates<br>www.econ.yale.edu\/~shiller\/data.htm<br>Source: Bank of Canada Long Canada Bond Rates<br>www.bankofcanada.ca\/rates\/interest-rates\/canadian-bonds\/<br>Therefore, if required, the appraiser can supplement the Canadian<br>data from Statistics Canada with the US data for 1871 to 1918. Doing<br>so provides the result shown (Figure 8).<br>1871<br>1878<br>1885<br>1892<br>1899<br>1906<br>1913<br>1920<br>1927<br>1934<br>1941<br>1948<br>1955<br>1962<br>1969<br>1973<br>1983<br>1990<br>1997<br>2004<br>2011<br>Percent<br>Long Bond Rate Trend<br>18<br>16<br>14<br>12<br>10<br>8<br>6<br>4<br>2<br>0<br>US Bond Rates Canada Bond Rates<br>Figure 8<br>Source: Robert Shiller and Bank of Canada<br>To continue with this hypothetical example, rates of return are thus<br>a blend of rates from the US (1913 to 1918) and then long Canada<br>bond rates (Figure 9).<br>A E F G<br>YEAR Land Value Trend Bond Rate 10yr+ Land Rent<br>Value<br>x (1 + D)<br>Revenue<br>D x E<br>1913 (1a) $3000 3.00% $90<br>1914 $3,163 3.50% $111<br>1915 $3,328 4.00% $133<br>1916 $3,562 4.00% $142<br>1917 $3,799 5.00% $190<br>1918 $4,104 3.00% $123<br>1919 $4,600 5.00% $230<br>1920 $4,635 5.00% $232<br>1921 $4,081 5.50% $224<br>2016 $775,751 3.71% $28,780<br>2017 $845,365 2.55% $21,557<br>2018 $904,025 2.47% $22,329<br>2019 $957,168 2.80% $26,801<br>2020 (1b) $1,000,000 1.75% $17,500<br>Figure 9 \u00a9 Altus Group<br>Column E represents the annual land value (inflated over time to<br>current value).<br>Column F represents the Bond Rate proxy for a rate of return from<br>the land, with US data prior to 1918 and Canadian data<br>from 1919 onwards.<br>Column G estimated annual land rent<br>PART II: RETURN ON RENT<br>In the normal course of business, it is expected that any land rent<br>earned by a First Nation would have been deposited in a band trust<br>account maintained by the Government of Canada and would earn<br>the interest rates set over time by Indigenous Services Canada (ISC)<br>and its precursors. In applying this model to a private sector situation,<br>the assumption would be that a safe rate of return as represented<br>by Canada long term bonds would be appropriate. The band trust<br>account rate was prescribed by ISC up to 1969 and thereafter reflects<br>Canada long bond rates, so relatively similar results can be expected.<br>PART III: INTEREST CALCULATION<br>A December 2016 decision by the Specific Claims Tribunal (SCT)<br>Huu-Ay-Aht First Nations v. Her Majesty the Queen in Right of<br>Canada, 2016 SCTC 141 awarded Loss of Use compensation for<br>timber revenue. The interest rate applied to the loss forecast was<br>based on a blend of short- and long-term Canada bonds and the<br>band trust rate. All the forecast foregone revenue was brought<br>forward to current date on the basis of 100% compound interest.<br>Also, in December 2016, in Beardy\u2019s &amp; Okemasis Band #96 and<\/li>\n<\/ol>\n\n\n\n<h1 class=\"wp-block-heading\">97 v. Her Majesty the Queen in Right of Canada, 2016 SCTC 15,2<\/h1>\n\n\n\n<p>the SCT awarded compensation for withheld annuity payments from<br>1885-1888 based on compound interest using the band trust fund rate.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 31<br>Most recently, the decision in Southwind v. Canada, 2021 SCC<br>283 affirmed the use of compound interest in bringing loss of use<br>nominal annual rent estimates forward to current date.<br>In keeping with these decisions, in our example we base our<br>model on 100% compound interest at the band trust rate.<br>In Figure 10, the land rent (Column G) is invested at the band trust<br>rate (Column H) to generate the annual interest on the rent saved.<br>Therefore, in 1913, the claimant would have received $90 in land<br>rent (G) and banked $2.70 (I) interest at 3.0% band trust rate on<br>$90, thus \u00b1$93 (J).<br>In the following year (1914), the claimant would also receive<br>land rent ($111) (G) and band trust rate interest of $3.32 (I).<br>However, the accumulator column also reflects that the claimant<br>would have had $93 in the bank that would gain interest at the band<br>trust rate. Thus $111 + $93 ($203) is inflated by the band trust rate,<br>resulting in $209.<br>Then in 1915, the land rent (G) is $133, which is added to the<br>amount accumulated from the previous two years. This is inflated by the<br>band trust rate. Thus ($133 + $209 = $343) x 1.03 = \u00b1$353, and so on.<br>Once all years have been considered, the accumulated loss of value<br>in the above hypothetical example would be $5,880,000, reflecting not<br>only the loss of rent income, but also the loss of return on that rent.<br>CLEARING COSTS AND DEVELOPMENT<br>As noted earlier, the land may be in a raw state as of the<br>retrospective date. The appraiser will need to research the cost and<br>rate of clearing and reflect these in the model as well. It has been<br>quoted by historians that a homesteader may be able to manage to<br>clear 20 acres per year. Land granted to homesteaders was often on<br>the basis that they could enter the land and, subject to their periodic<br>clearing of the land, the balance of the purchase price would be due<br>once the land was in an altered and productive state.<br>In some situations, the land in question may have been further<br>subdivided and developed at later points in time. The appraiser<br>needs to evaluate the cost of capitalizing on these periodic changes<br>in highest and best use and make additions or deductions in the<br>revenue forecast as a result and where appropriate.<br>CONCLUSION<br>The example featured in this article was simplified to illustrate the<br>basic assumptions and calculations required for Loss of Use cases,<br>but, in practice, the model can also be configured to account for<br>costs of development for agriculture and for evolving land uses, as<br>well as to reflect any income earned by a First Nation from sales<br>proceeds from surrendered land over time.<br>It is equally important to coordinate the assumptions in the Loss<br>of Use model and the changes in highest and best use of land over<br>time with the valuation at current date to ensure that no double<br>accounting takes place.<br>As you can see, the Proxy Model is theoretically sound and<br>results in well supported estimates of Loss of Use compensation.<br>However, this is only possible when credible estimates of land<br>value, land rent, and investment returns are based on historical<br>evidence which is relevant to the real estate market over long<br>periods of time.<br>END NOTES<br>1 https:\/\/canlii.ca\/t\/h3z9n<br>2 https:\/\/canlii.ca\/t\/h3z98<br>3 https:\/\/canlii.ca\/t\/jh0pr<br>Figure 10 \u00a9 Altus Group<br>A E F G H I J<br>YEAR Land Value Trend Bond Rate 10yr+ Land Rent Band Trust Rate<br>Interest on Land Rent<br>Calculation Annual<br>Account Balance<br>Gross Cash Flow<br>Value<br>x (1 + D)<br>Revenue<br>D x E<br>Interest Rate<br>on revenue<br>Interest<br>G x H<br>accumulator<br>(prior yr J + current yr G) x (1 + prior yr H)<br>1913 (1a) $3000 3.00% $90 3.00% $2.70 $93<br>1914 $3,163 3.50% $111 3.00% $3.32 $209<br>1915 $3,328 4.00% $133 3.00% $3.99 $353<br>1916 $3,562 4.00% $142 3.00% $4.27 $510<br>1917 $3,799 5.00% $190 3.00% $5.70 $721<br>1918 $4,104 3.00% $123 3.00% $3.69 $870<br>1919 $4,600 5.00% $230 3.00% $6.90 $1,133<br>1920 $4,635 5.00% $232 3.00% $6.95 $1,405<br>1921 $4,081 5.50% $224 3.00% $6.73 $1,679<br>2016 $775,751 3.71% $28,780 2.92% $840.39 $5,218,281<br>2017 $845,365 2.55% $21,557 2.33% $502.27 $5,392,841<br>2018 $904,025 2.47% $22,329 2.83% $631.92 $5,541,344<br>2019 $957,168 2.80% $26,801 2.39% $640.54 $5,725,723<br>2020 (1b) $1,000,000 1.75% $17,500 2.05% $358.75 $5,880,486<br>Rounded: $5,880,000<br>Canadian Property Valuation | \u00c9valuation 32 immobili\u00e8re au Canada Return to CONTENTS<br>Le c\u00e9l\u00e8bre astronome Galil\u00e9e a dit que les math\u00e9matiques<br>sont le langage de l\u2019univers. Il voulait peut-\u00eatre dire<br>que les math\u00e9matiques sont fondamentales pour notre<br>compr\u00e9hension de la vie. Les \u00c9valuateurs Professionnels (P. App.)<br>sont rompus \u00e0 l\u2019application de concepts math\u00e9matiques simples qui<br>constituent la base de l\u2019\u00e9valuation.<br>Par exemple, si un \u00e9valuateur constate que le prix de vente d\u2019un<br>entrep\u00f4t de 10 000 pieds carr\u00e9s a \u00e9t\u00e9 de 1 million de dollars, cette<br>transaction est transform\u00e9e en un indicateur de march\u00e9 par une<br>division de base, \u00e0 savoir : 1 000 000 $ \u00f7 10 000 pieds carr\u00e9s = 100<br>$ le pied carr\u00e9. En d\u2019autres termes, le prix divis\u00e9 par la surface est<br>\u00e9gal au taux unitaire par dollar. Si ce m\u00eame bien g\u00e9n\u00e9rait un loyer<br>net annuel de 100 000 dollars, l\u2019\u00e9valuateur d\u00e9montrerait alors, en<br>utilisant la division simple, que le rapport entre le revenu annuel et<br>le prix de vente repr\u00e9sentait un rendement de 10 %. En supposant<br>que le revenu soit perp\u00e9tuel, l\u2019investisseur s\u2019attendrait \u00e0 un taux de<br>capitalisation de 10 %.<br>Historiquement, les \u00e9valuateurs ont \u00e9t\u00e9 form\u00e9s \u00e0 consid\u00e9rer le<br>rendement des capitaux propres en tenant compte du ratio pr\u00eat\/<br>valeur et du rendement net de financement. Aujourd\u2019hui, gr\u00e2ce<br>\u00e0 l\u2019utilisation d\u2019outils tels que les logiciels d\u2019analyse des flux de<br>tr\u00e9sorerie actualis\u00e9s, les calculs sont plus complets. La puissance<br>de l\u2019analyse des flux de tr\u00e9sorerie r\u00e9side dans le fait qu\u2019elle peut<br>utiliser de nombreuses hypoth\u00e8ses sur une p\u00e9riode de pr\u00e9vision et<br>convertir les performances annuelles futures en une estimation de<br>la valeur actuelle en quelques secondes.<br>En outre, l\u2019\u00c9valuateur Professionnel (P. App.) d\u2019aujourd\u2019hui doit<br>s\u2019efforcer de comprendre les enjeux d\u2019un contrat de service d\u2019\u00e9valuation<br>donn\u00e9. En utilisant le langage universel des math\u00e9matiques, il peut<br>apporter des r\u00e9ponses \u00e0 des questions complexes.<br>un nouveau regard sur<br>le mod\u00e8le de procuration<br>Par John E Farmer, P. App., AACI, MRICS, Q.Arb.; Gina Gallant, BComm, P. App., AACI; et Norris Wilson, BA, P. App., AACI<br>Des exemples convaincants peuvent \u00eatre trouv\u00e9s dans les cas<br>o\u00f9 la question complexe de la perte d\u2019usage se pose, comme dans<br>le cas d\u2019une revendication territoriale d\u2019une Premi\u00e8re Nation.<br>Lorsque des questions se posent, telles que la \u00ab cession d\u2019une<br>partie des r\u00e9serves initiales \u00bb ou le \u00ab manque de droits fonciers issus<br>d\u2019un trait\u00e9 \u00bb, comment un \u00e9valuateur peut-il utiliser des principes<br>math\u00e9matiques purs pour calculer des valeurs?<br>Les \u00e9valuateurs connaissent bien le \u00ab principe d\u2019anticipation \u00bb<br>en mati\u00e8re d\u2019\u00e9valuation immobili\u00e8re : l\u2019id\u00e9e selon laquelle la valeur<br>marchande d\u2019un bien est la valeur actuelle de la somme des b\u00e9n\u00e9fices<br>futurs anticip\u00e9s. Si l\u2019on reprend notre exemple pr\u00e9c\u00e9dent d\u2019un bien<br>acquis pour 1 million de dollars, avec un revenu anticip\u00e9 de 100 000<br>dollars par an, et si l\u2019on suppose que ce revenu provient de la location<br>d\u2019un terrain plut\u00f4t que d\u2019un entrep\u00f4t, la r\u00e9ponse est toujours la m\u00eame.<br>Le rendement est incorpor\u00e9 dans le taux de capitalisation de 10 %.<br>Le mod\u00e8le de remplacement est une variante de la m\u00e9thode<br>de la valeur fond\u00e9e sur la location d\u2019un terrain. Dans ce cas, le<br>taux de location du terrain est une approximation du rendement<br>\u00e9conomique du terrain qui, lorsqu\u2019il est appliqu\u00e9 \u00e0 la valeur<br>marchande du terrain, permet d\u2019estimer le loyer annuel nominal.<br>L\u2019int\u00e9r\u00eat de cette technique r\u00e9side dans le fait que l\u2019\u00e9valuateur peut<br>se r\u00e9f\u00e9rer \u00e0 n\u2019importe quel moment dans le temps et projeter le<br>rendement anticip\u00e9 d\u2019une propri\u00e9t\u00e9 ou d\u2019un terrain donn\u00e9 jusqu\u2019\u00e0<br>aujourd\u2019hui. Par cons\u00e9quent, ce flux de revenus historiques estim\u00e9s<br>est transform\u00e9 en une valeur actuelle qui, en th\u00e9orie, refl\u00e8te la<br>compensation de la perte d\u2019usage du terrain au fil du temps.<br>QU\u2019EST-CE QUE LA PERTE D\u2019USAGE?<br>Le concept de valeur suppose que l\u2019acheteur\/propri\u00e9taire est<br>motiv\u00e9 par les rendements futurs de son investissement (c\u2019est-\u00e0-dire<br>Analyse de<br>la perte d\u2019usage :<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 33<br>le plaisir de vivre dans sa maison, de percevoir un loyer d\u2019un<br>locataire, d\u2019\u00e9lever du b\u00e9tail, de r\u00e9colter une culture pour la vendre<br>sur le march\u00e9, etc.). Mais que se passe-t-il lorsque ces avantages<br>ont \u00e9t\u00e9 supprim\u00e9s il y a un si\u00e8cle ou plus ; comment calculer ce<br>qui a \u00e9t\u00e9 perdu?<br>La perte subie par le propri\u00e9taire d\u2019une propri\u00e9t\u00e9 industrielle<br>\u00e0 locataire unique correspondrait au loyer perdu pour chaque<br>ann\u00e9e. De m\u00eame, le propri\u00e9taire qui a perdu l\u2019usage de son terrain<br>est priv\u00e9 de la possibilit\u00e9 de le louer \u00e0 un locataire. Dans chaque<br>cas, non seulement le propri\u00e9taire a \u00e9t\u00e9 priv\u00e9 de revenus, mais,<br>th\u00e9oriquement, ces revenus locatifs auraient pu \u00eatre \u00e9pargn\u00e9s dans<br>une banque ou investis, pour g\u00e9n\u00e9rer des rendements financiers.<br>Le mod\u00e8le de procuration n\u2019est donc pas seulement un moyen<br>d\u2019\u00e9valuer la perte de revenus pour chaque ann\u00e9e, mais aussi de calculer<br>la perte de rendement de ces revenus pour chaque ann\u00e9e. Une fois que<br>ces montants ont \u00e9t\u00e9 calcul\u00e9s pour la dur\u00e9e de la perte, ils donnent un<br>aper\u00e7u de la demande d\u2019indemnisation pour perte d\u2019usage.<br>On peut faire valoir que le propri\u00e9taire foncier qui a subi la<br>perte aurait pu utiliser ses revenus \u00e0 ses propres fins au fil du<br>temps. Mais cette position ne tient pas compte du fait que le<br>propri\u00e9taire a \u00e9t\u00e9 priv\u00e9 de la possibilit\u00e9 de jouir de ces revenus et<br>qu\u2019il n\u2019a jamais eu l\u2019occasion de les utiliser. M\u00eame s\u2019ils avaient \u00e9t\u00e9<br>d\u00e9pens\u00e9s plut\u00f4t qu\u2019investis, les \u00e9conomistes s\u2019accordent \u00e0 dire<br>que les b\u00e9n\u00e9fices futurs d\u00e9coulant de l\u2019utilisation de ces revenus<br>seraient au moins aussi avantageux que d\u2019\u00e9pargner l\u2019argent sur un<br>compte d\u2019investissement.<br>En appliquant la th\u00e9orie du mod\u00e8le de procuration, la perte<br>d\u2019usage des terres est mesur\u00e9e sur la base du loyer foncier imput\u00e9<br>auquel le propri\u00e9taire foncier a renonc\u00e9 au cours de la p\u00e9riode<br>allant de la perte \u00e0 aujourd\u2019hui. Les taux appliqu\u00e9s sont bas\u00e9s sur<br>les observations de l\u2019activit\u00e9 du march\u00e9 au cours de cette p\u00e9riode et<br>ils repr\u00e9sentent l\u2019approximation des pertes subies.<br>EXEMPLE DE SC\u00c9NARIO<br>Un propri\u00e9taire terrien de l\u2019Alberta a perdu l\u2019usage de ses 1 000<br>acres de terres agricoles le 1er janvier 1913. Le prix de ce terrain,<br>\u00e0 cette \u00e9poque, \u00e9tait hypoth\u00e9tiquement de 3 000 $ (3,00 $ l\u2019acre).<br>\u00c0 la date de la perte, la terre avait \u00e9t\u00e9 d\u00e9frich\u00e9e et utilis\u00e9e comme<br>p\u00e2turage et pour quelques cultures. Elle avait \u00e9t\u00e9 arpent\u00e9e dans le<br>cadre du syst\u00e8me des cantons de l\u2019\u00e9poque et les brevets avaient \u00e9t\u00e9<br>enregistr\u00e9s dans les titres fonciers.<br>\u00c0 la date d\u2019entr\u00e9e en vigueur actuelle (le 31 d\u00e9cembre 2020), les<br>m\u00eames 1 000 acres ont une valeur actuelle hypoth\u00e9tique \u00e9valu\u00e9e<br>\u00e0 1 000 $ l\u2019acre. Par souci de simplicit\u00e9, nous dirons que les terres<br>n\u2019ont pas chang\u00e9 en termes d\u2019utilisation ou de d\u00e9veloppement.<br>Les paragraphes suivants \u00e9valuent l\u2019indemnisation due au<br>propri\u00e9taire foncier depuis la date de la perte jusqu\u2019\u00e0 la date<br>r\u00e9elle actuelle.<br>M\u00c9THODE G\u00c9N\u00c9RALE<br>Le mod\u00e8le de procuration comporte quatre t\u00e2ches principales :<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>D\u00e9finir la valeur du terrain \u00e0 la date de la perte d\u2019usage 1(a) et \u00e0 la<br>date actuelle 1(b)<\/li>\n\n\n\n<li>D\u00e9finir les taux de croissance annuels de la valeur du terrain<br>depuis 1(a)<\/li>\n\n\n\n<li>D\u00e9finir le rendement du terrain (taux de location annuel) pour<br>chaque ann\u00e9e pendant la dur\u00e9e de la perte.<\/li>\n\n\n\n<li>D\u00e9finir le rendement du loyer annuel du terrain re\u00e7u pour chaque<br>ann\u00e9e comme s\u2019il avait \u00e9t\u00e9 investi.<br>Le mod\u00e8le de procuration n\u00e9cessite l\u2019estimation de plusieurs variables.<br>1(a) Valeur r\u00e9trospective du terrain<br>L\u2019\u00e9tablissement de la valeur d\u2019un terrain \u00e0 une date ant\u00e9rieure<br>pr\u00e9sente des d\u00e9fis pour l\u2019\u00e9valuateur; plus l\u2019\u00e9valuateur doit remonter<br>dans le temps, plus il doit faire d\u2019efforts pour effectuer une<br>recherche diligente sur les transactions historiques.<br>Par exemple, supposons que l\u2019\u00e9valuateur en Alberta ait acc\u00e8s<br>\u00e0 des dossiers en ligne remontant jusqu\u2019au milieu des ann\u00e9es<\/li>\n\n\n\n<li>Pour les p\u00e9riodes ant\u00e9rieures, les demandes doivent \u00eatre<br>adress\u00e9es directement au service historique du bureau des titres<br>fonciers. Une complication suppl\u00e9mentaire r\u00e9side dans le fait<br>que la province n\u2019a officiellement exist\u00e9 qu\u2019en avril 1905, de sorte<br>que les transactions historiques ant\u00e9rieures \u00e0 1905 doivent \u00eatre<br>recherch\u00e9es dans les archives f\u00e9d\u00e9rales, les dossiers des mus\u00e9es<br>et d\u2019autres sources biblioth\u00e9caires.<br>La qualit\u00e9 des terres doit \u00e9galement \u00eatre \u00e9tablie \u00e0 la date<br>d\u2019entr\u00e9e en vigueur r\u00e9troactive. Les premiers colons des provinces<br>de l\u2019Ouest se trouvaient face \u00e0 des terres \u00e0 l\u2019\u00e9tat brut et naturel.<br>Cette situation \u00e9tait avantageuse si la propri\u00e9t\u00e9 \u00e9tait situ\u00e9e dans<br>une zone de prairie, mais plus difficile si elle \u00e9tait couverte d\u2019arbres<br>et que les colons devaient enlever les souches ou drainer les zones<br>mar\u00e9cageuses \u00e0 basse altitude. Quoi qu\u2019il en soit, le prix de la terre<br>achet\u00e9e du gouvernement ou de la compagnie de chemin de fer (qui<br>liquident leurs propri\u00e9t\u00e9s fonci\u00e8res) refl\u00e8te l\u2019\u00e9tat brut de la terre.<br>Un ajustement des co\u00fbts de d\u00e9frichement est alors n\u00e9cessaire<br>pour refl\u00e9ter le temps et le co\u00fbt n\u00e9cessaires pour rendre la terre<br>productive \u00e0 des fins agricoles, un processus douloureusement lent<br>et laborieux r\u00e9alis\u00e9 initialement sans l\u2019aide de machines modernes.<br>1(b) Valeur actuelle du terrain<br>L\u2019\u00e9tablissement de la valeur actuelle de la terre suit les m\u00e9thodes<br>d\u2019\u00e9valuation actuelles, qui sortent de la port\u00e9e de cet article.<br>2 Estimation de la variation annuelle de la valeur du terrain<br>entre les dates 1(a) et 1(b)<br>Une fois que les valeurs ont \u00e9t\u00e9 \u00e9tablies \u00e0 leurs moments<br>respectifs, il s\u2019ensuit qu\u2019il y a une variation annuelle de la valeur au<br>fil du temps entre les deux dates &#8211; historique et actuelle.<br>Le taux de variation annuelle peut \u00eatre calcul\u00e9 \u00e0 partir de<br>donn\u00e9es empiriques. Plusieurs approches ont \u00e9t\u00e9 utilis\u00e9es dans<br>les applications ant\u00e9rieures du mod\u00e8le de procuration, notamment<br>le calcul au prorata de la croissance entre les estimations de<br>la valeur initiale et de la valeur finale sur une base lin\u00e9aire, ou<br>l\u2019utilisation de l\u2019inflation canadienne, qui peut ou non donner un<br>r\u00e9sultat correspondant \u00e0 l\u2019estimation de la valeur actuelle dans<br>l\u2019\u00e9valuation. D\u2019autres s\u00e9ries chronologiques ont \u00e9t\u00e9 estim\u00e9es en<br>utilisant l\u2019inflation mesur\u00e9e par l\u2019indice des prix \u00e0 la consommation<br>pour la p\u00e9riode allant jusqu\u2019\u00e0 1949, puis un taux qui gonfle la valeur<br>pr\u00e9vue pour 1950 en ligne droite pour qu\u2019elle corresponde \u00e0 la<br>valeur d\u2019expertise actuelle, ou en estimant la valeur r\u00e9trospective \u00e0<br>des points de la chronologie, par exemple tous les 25 ou 30 ans, et<br>en alignant la valeur projet\u00e9e entre ces deux points.<br>D\u2019une mani\u00e8re g\u00e9n\u00e9rale, on ne pense pas que l\u2019inflation<br>g\u00e9n\u00e9rale soit un guide appropri\u00e9 pour les fluctuations de la<br>Canadian Property Valuation | \u00c9valuation 34 immobili\u00e8re au Canada Return to CONTENTS<br>valeur des terrains dans le temps. L\u2019estimation des valeurs \u00e0 des<br>dates interm\u00e9diaires n\u2019est pas toujours consid\u00e9r\u00e9e comme une<br>solution pratique non plus, car le choix des dates peut manquer<br>des points d\u2019inflexion importants dans l\u2019\u00e9conomie et entra\u00eener une<br>surestimation ou une sous-estimation des changements de valeur<br>au fil du temps.<br>Les auteurs recommandent \u00e0 l\u2019\u00e9valuateur de cr\u00e9er une s\u00e9rie<br>temporelle sur laquelle il pourra baser un flux de tr\u00e9sorerie de<br>loyer foncier imput\u00e9. Par exemple, Altus Group utilise la tendance<br>\u00e0 long terme de la valeur indiqu\u00e9e par la combinaison de donn\u00e9es<br>provinciales (post\u00e9rieures \u00e0 1921, lorsque les informations de<br>Statistique Canada sont devenues disponibles) et de donn\u00e9es sur<br>la valeur des fermes du Kansas (ant\u00e9rieures \u00e0 1921). L\u2019utilisation de<br>taux statistiques permet d\u2019obtenir une bonne approximation d\u2019un<br>taux de croissance logique.<br>La s\u00e9rie chronologique de la valeur agricole est une tendance<br>statistique g\u00e9n\u00e9rale utilis\u00e9e pour fournir l\u2019\u00e9volution annuelle de<br>la valeur des terres au fil du temps. L\u2019utilisation de cette seule<br>s\u00e9rie rend le calcul vuln\u00e9rable \u00e0 une faiblesse fondamentale :<br>l\u2019\u00e9valuateur ne serait pas en mesure de relier la date r\u00e9trospective<br>(1a) \u00e0 la date actuelle (1b). C\u2019est pourquoi l\u2019\u00e9valuateur doit ajouter<br>une constante aux donn\u00e9es relatives \u00e0 l\u2019\u00e9volution de la valeur,<br>de sorte que l\u2019inflation annuelle appliqu\u00e9e \u00e0 1(a) aboutisse \u00e0<br>une valeur unitaire math\u00e9matiquement coh\u00e9rente avec 1(b).<br>La constante tampon est un nombre fixe qui est calcul\u00e9 dans le<br>tableur pour aligner les s\u00e9ries temporelles afin d\u2019obtenir la valeur<br>actuelle (1b). Il s\u2019agit d\u2019un processus simple gr\u00e2ce \u00e0 la technologie<br>actuelle des tableurs.<br>La figure 1 en donne un exemple (toutes les ann\u00e9es ne sont<br>pas repr\u00e9sent\u00e9es) :<br>A B C D E<br>ANN\u00c9E<br>Tendance<br>des donn\u00e9es<br>Constante<br>tampon<br>Tendance<br>avec<br>constante<br>Tendance<br>de la valeur<br>des terres<br>B + C Valeur x<br>(1 + D)<br>1913 (1a) 3 000 $<br>1914 4,65 % 0,77 % 5,43 % 3 163 $<br>1915 4,44 % 0,77 % 5,22 % 3 328 $<br>1916 6,25 % 0,77 % 7,02 % 3 562 $<br>1917 5,88 % 0,77 % 6,66 % 3 799 $<br>1918 7,27 % 0,77 % 8,05 % 4 104 $<br>1919 11,29 % 0,77 % 12,07 % 4 600 $<br>1920 0,00 % 0,77 % 0,77 % 4 635 $<br>1921 -12,73 % 0,77 % -11,95 % 4 081 $<br>2016 7,73 % 0,77 % 8,51 % 775 751 $<br>2017 8,20 % 0,77 % 8,97 % 845 365 $<br>2018 6,16 % 0,77 % 6,94 % 904 025 $<br>2019 5,10 % 0,77 % 5,88 % 957 168 $<br>2020 (1b) 3,70 % 0,77 % 4,47 % 1 000 00 $<br>Figure 1 \u00a9 Altus Group<br>Colonne A les ann\u00e9es effectives, entre 1913 et 2020<br>Colonne B les s\u00e9ries chronologiques de la valeur agricole<br>statistique (Kansas jusqu\u2019\u00e0 1920, Statistique Canada \u00e0<br>partir de 1921)<br>Colonne C la constante tampon<br>Colonne D la s\u00e9rie chronologique ajust\u00e9e de la valeur agricole<br>statistique<br>Colonne E valeur annuelle projet\u00e9e de la terre pour chaque ann\u00e9e<br>du calendrier, pour arriver \u00e0 la valeur actuelle (1b)<br>Pour comprendre comment les prix des terrains ont \u00e9volu\u00e9 dans<br>le temps, il faut avoir quelques notions d\u2019histoire. Par exemple,<br>Statistique Canada dispose de donn\u00e9es remontant \u00e0 1921. Depuis<br>lors, comme le montre la figure 2, l\u2019\u00e9conomie agricole a \u00e9t\u00e9 affect\u00e9e<br>par un pic de la valeur des exploitations imm\u00e9diatement apr\u00e8s la<br>Premi\u00e8re Guerre mondiale, le ralentissement des ann\u00e9es 1930,<br>l\u2019augmentation de la valeur des terres \u00e0 la fin des ann\u00e9es 1960<br>lorsque les engrais chimiques ont am\u00e9lior\u00e9 les rendements et<br>la rentabilit\u00e9 des cultures, et le ralentissement des ann\u00e9es 1980<br>en raison de l\u2019inflation et des taux d\u2019int\u00e9r\u00eat \u00e9lev\u00e9s, suivis d\u2019une<br>augmentation g\u00e9n\u00e9rale des prix des terres jusqu\u2019\u00e0 aujourd\u2019hui.<br>3 000 $<br>2 500 $<br>2 000 $<br>1 500 $<br>1 000 $<br>500 $<br>0 $<br>50,00 %<br>40,00 %<br>30,00 %<br>20,00 %<br>10,00 %<br>0,00 %<br>-10,00 %<br>-20,00 %<br>-30,00 %<br>1921<br>1924<br>1927<br>1930<br>1933<br>1936<br>1939<br>1942<br>1945<br>1948<br>1951<br>1954<br>1957<br>1960<br>1963<br>1966<br>1969<br>1972<br>1975<br>1978<br>1981<br>1984<br>1987<br>1990<br>1993<br>1996<br>1999<br>2002<br>2005<br>2008<br>2011<br>2014<br>2017<br>Alberta, valeur par acre Changement du pourcentage annuel<br>Figure 2 \u00a9 Altus Group<br>Pour \u00e9tendre ce ph\u00e9nom\u00e8ne \u00e0 la date r\u00e9trospective, on se r\u00e9f\u00e8re<br>aux statistiques sur les valeurs agricoles du Kansas, qui remontent<br>\u00e0 1860. Lorsque l\u2019on compare les donn\u00e9es de l\u2019Alberta \u00e0 celles du<br>Kansas (entre les donn\u00e9es disponibles pour l\u2019Alberta en 1921 et en<br>2019), on constate qu\u2019il existe un coefficient de corr\u00e9lation \u00e9lev\u00e9 de<br>97 %, comme le montre la figure 3.<br>3 000<br>2 500<br>2 000<br>1 500<br>1 000<br>500<br>0<br>-500<br>R2 = 0.9679<br>0 500 1 000 1 500 2 000 2 500<br>Tendance de la valeur des terres agricoles en Alberta par rapport \u00e0<br>la tendance de la valeur des terres agricoles au Kansas, 1921-2019<br>Figure 3 \u00a9 Altus Group<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 35<br>Cela permet d\u2019utiliser avec une grande confiance les variations annuelles<br>de la valeur des exploitations agricoles au Kansas pour combler<br>la p\u00e9riode de la s\u00e9rie de tendances de la valeur des exploitations<br>agricoles ant\u00e9rieure \u00e0 1921, jusqu\u2019\u00e0 la date r\u00e9trospective (1a).<br>3 Taux annuel de location des terres<br>Ce concept est le plus difficile \u00e0 comprendre, car l\u2019\u00e9quation<br>comporte deux parties mobiles. Tout d\u2019abord, l\u2019hypoth\u00e8se sousjacente<br>est que la perte d\u2019usage des terres a entra\u00een\u00e9 une perte de<br>revenus pour l\u2019ancien propri\u00e9taire. Cette perte doit \u00eatre calcul\u00e9e<br>pour chaque ann\u00e9e de la dur\u00e9e de la perte. Deuxi\u00e8mement, on<br>suppose que ces revenus auraient \u00e9t\u00e9 \u00e9pargn\u00e9s et plac\u00e9s dans un<br>compte d\u2019\u00e9pargne, accumulant ainsi des int\u00e9r\u00eats compos\u00e9s.<br>\u00c0 ce stade, il est important de se rappeler que le but de l\u2019analyse<br>de la perte d\u2019usage est que le propri\u00e9taire a perdu l\u2019usage et les<br>revenus de sa terre chaque ann\u00e9e. Comme il n\u2019a jamais per\u00e7u ce<br>revenu, il n\u2019a jamais eu la possibilit\u00e9 de le faire fructifier, quelle<br>que soit la mani\u00e8re dont il aurait choisi de le faire. Par cons\u00e9quent,<br>la demande d\u2019indemnisation fond\u00e9e sur le mod\u00e8le de procuration<br>suppose que ces revenus auraient \u00e9t\u00e9 \u00e9pargn\u00e9s et auraient produit<br>des int\u00e9r\u00eats au cours des ann\u00e9es \u00e9coul\u00e9es.<br>ESTIMATION DE LA RENTE FONCI\u00c8RE<br>La rente fonci\u00e8re est g\u00e9n\u00e9ralement per\u00e7ue comme le rendement<br>r\u00e9siduel apr\u00e8s que tous les agents employ\u00e9s dans l\u2019entreprise sur<br>la terre ont \u00e9t\u00e9 satisfaits. En d\u2019autres termes, le revenu brut de<br>l\u2019entreprise est d\u2019abord allou\u00e9 au travail, puis au capital, \u00e0 la gestion<br>et au profit, et enfin \u00e0 la terre.<br>Les taux de capitalisation des terres sont le rapport entre le<br>loyer en esp\u00e8ces des terres et la valeur de ces terres \u00e0 un moment<br>donn\u00e9. Un exemple de la dynamique de cette statistique est illustr\u00e9<br>dans la figure 4, bas\u00e9e sur les statistiques relatives aux loyers et \u00e0<br>la valeur des terres pour l\u2019\u00c9tat du Kansas, produites par l\u2019USDA pour<br>la p\u00e9riode allant de 1985 \u00e0 2009.<br>Rendement des loyers fonciers par rapport<br>aux obligations \u00e0 long terme du Canada<br>0,12<br>0,1<br>0,08<br>0,06<br>0,04<br>0,02<br>0<br>1985<br>1986<br>1987<br>1988<br>1989<br>1990<br>1991<br>1992<br>1993<br>1994<br>1995<br>1996<br>1997<br>1998<br>1999<br>2000<br>2001<br>2002<br>2003<br>2004<br>2005<br>2006<br>2007<br>2008<br>2009<br>Taux des loyers fonciers Obligations \u00e0 long terme du Canada<br>Figure 4<br>Source : Banque du Canada et statistiques de l\u2019USDA<br>En raison de l\u2019absence d\u2019une s\u00e9rie \u00e0 long terme de donn\u00e9es sur<br>les loyers fonciers, les donn\u00e9es du Kansas ont \u00e9t\u00e9 compar\u00e9es<br>\u00e0 plusieurs instruments financiers pour tenter de trouver une<br>approximation raisonnable des rendements des loyers fonciers<br>qui pourrait \u00eatre appliqu\u00e9e sur une longue p\u00e9riode. Les obligations<br>\u00e0 long terme du Canada sont repr\u00e9sent\u00e9es graphiquement par<br>rapport aux s\u00e9ries de loyers fonciers disponibles au Kansas et l\u2019on<br>constate une similitude raisonnable entre elles au fil du temps.<br>Pour le v\u00e9rifier, nous avons cr\u00e9\u00e9 un diagramme de dispersion<br>(figure 5) afin d\u2019\u00e9tudier le degr\u00e9 de similitude entre les deux s\u00e9ries<br>et nous avons trouv\u00e9 un coefficient de corr\u00e9lation de 0,86, que nous<br>consid\u00e9rons comme raisonnablement similaire. Compte tenu du<br>fait que les taux des obligations \u00e0 long terme sont parmi les taux de<br>rendement les plus bas offerts et sont donc consid\u00e9r\u00e9s comme un<br>\u00ab taux s\u00fbr \u00bb, les estimations de loyer qui en r\u00e9sultent doivent \u00eatre<br>consid\u00e9r\u00e9es comme prudentes.<br>Rendement des loyers fonciers par rapport<br>aux obligations \u00e0 long terme du Canada<br>12,00 %<br>10,00 %<br>8,00 %<br>6,00 %<br>4,00 %<br>2,00 %<br>0,00 %<br>Taux des obligations \u00e0 long terme<br>Taux des loyers fonciers<br>0,00 % 2,00 % 4,00 % 6,00 % 8,00 % 10,00 % 12,00 %<br>R2 = 0,861<br>Figure 5 \u00a9 Altus Group<br>\u00c9tant donn\u00e9 la similitude entre les taux de rendement des terres et<br>les taux des obligations \u00e0 long terme Canada\/\u00c9tats-Unis, les taux<br>des obligations \u00e0 long terme sont utilis\u00e9s comme approximation<br>des taux de capitalisation des terres utilis\u00e9s pour estimer les<br>montants annuels de la rente fonci\u00e8re.<br>PARTIE I : TAUX OBLIGATAIRES<br>Dans le pass\u00e9, le mod\u00e8le a utilis\u00e9 un taux de rendement ajust\u00e9 \u00e0<br>l\u2019inflation bas\u00e9 sur le rendement r\u00e9el des obligations du Canada.<br>Le concept de rendement r\u00e9el ou de \u00ab taux r\u00e9el \u00bb est utile pour<br>\u00e9valuer le rendement effectif pour l\u2019investisseur apr\u00e8s d\u00e9duction<br>de l\u2019inflation, mais personne n\u2019investirait dans une obligation qui<br>n\u2019offrirait pas une certaine protection contre l\u2019inflation future.<br>En fait, l\u2019utilisation du taux de rendement nominal (taux r\u00e9el) ne<br>refl\u00e8te qu\u2019une partie de l\u2019histoire de ces investissements.<br>La s\u00e9rie d\u2019obligations canadiennes \u00e0 rendement r\u00e9el, \u00e0 laquelle<br>certains analystes se sont r\u00e9f\u00e9r\u00e9s pour les cas de perte d\u2019usage,<br>ne se contente pas de rapporter un taux d\u2019int\u00e9r\u00eat indiqu\u00e9 au recto<br>de l\u2019obligation, mais ajuste \u00e9galement la valeur de l\u2019obligation \u00e0<br>l\u2019\u00e9ch\u00e9ance pour tenir compte de l\u2019inflation en fonction de l\u2019indice<br>des prix \u00e0 la consommation. En r\u00e9alit\u00e9, le rendement r\u00e9el d\u2019une<br>obligation \u00e0 rendement r\u00e9el est une combinaison du taux d\u2019int\u00e9r\u00eat<br>nominal et d\u2019un ajustement pour l\u2019inflation afin de pr\u00e9server la<br>valeur en capital de l\u2019investissement. Le taux de rendement correct<br>pour la terre doit \u00eatre un taux qui inclut l\u2019inflation ou au moins une<br>marge de risque pour l\u2019inflation future anticip\u00e9e.<br>Un probl\u00e8me se pose toutefois : les donn\u00e9es historiques sur<br>les taux des obligations \u00e0 long terme du Canada (10 ans et plus) ne<br>sont disponibles qu\u2019\u00e0 partir de 1919. Afin de compl\u00e9ter cette s\u00e9rie<br>chronologique pour les p\u00e9riodes ant\u00e9rieures \u00e0 1919, il est possible<br>de se r\u00e9f\u00e9rer \u00e0 une s\u00e9rie de rendements obligataires d\u00e9velopp\u00e9e<br>par le professeur d\u2019\u00e9conomie am\u00e9ricain Robert Shiller. Ses<br>donn\u00e9es fournissent les taux d\u2019int\u00e9r\u00eat des obligations \u00e0 long terme<br>depuis 1871 pour les \u00c9tats-Unis \u2013 mais sont-ils raisonnablement<br>similaires \u00e0 ceux des obligations canadiennes?<br>Canadian Property Valuation | \u00c9valuation 36 immobili\u00e8re au Canada Return to CONTENTS<br>La repr\u00e9sentation graphique de la s\u00e9rie canadienne et de la<br>s\u00e9rie am\u00e9ricaine sur leur histoire commune montre une forte<br>corr\u00e9lation (figure 6). Le coefficient de corr\u00e9lation d\u00e9riv\u00e9 d\u2019un<br>diagramme de dispersion (figure 7) sur ces s\u00e9ries est sup\u00e9rieur<br>\u00e0 0,96, ce qui est consid\u00e9r\u00e9 comme statistiquement significatif et<br>indique que les deux s\u00e9ries ont \u00e9volu\u00e9 en tandem presque parfait<br>au cours de la p\u00e9riode \u00e9tudi\u00e9e. Nous en concluons que l\u2019une peut<br>raisonnablement \u00eatre substitu\u00e9e \u00e0 l\u2019autre.<br>18<br>16<br>14<br>12<br>10<br>8<br>6<br>4<br>2<br>0<br>1919<br>1926<br>1933<br>1940<br>1947<br>1954<br>1961<br>1968<br>1975<br>1982<br>1989<br>1996<br>2003<br>2010<br>Taux des obligations des \u00c9tats-Unis Taux des obligations du Canada<br>Pourcentage<br>Comparaison entre les taux des obligations du Canada et des \u00c9tats-Unis<br>Figure 6<br>Corr\u00e9lation entre les taux des obligations \u00e0 long terme du<br>Canada et des \u00c9tats-Unis 1919 \u00e0 2015<br>Taux des obligations des \u00c9tats-Unis<br>Taux des obligations du Canada<br>20,00<br>15,00<br>10,00<br>5,00<br>0,00<br>R2 = 0.9667<br>0 2 4 6 8 10 12 14 16<br>Figure 7<br>Source: Robert Shiller: US Long Bond Rates http:\/\/www.econ.<br>yale.edu\/~shiller\/data.htm<br>Source: Banque du Canada Long Canada Bond Rates https:\/\/<br>www.bankofcanada.ca\/rates\/interest-rates\/canadian-bonds<br>Par cons\u00e9quent, si n\u00e9cessaire, l\u2019\u00e9valuateur peut compl\u00e9ter les<br>donn\u00e9es canadiennes de Statistique Canada par les donn\u00e9es<br>am\u00e9ricaines pour les ann\u00e9es 1871 \u00e0 1918. Ce faisant, il obtient le<br>r\u00e9sultat illustr\u00e9 (figure 8).<br>1871<br>1878<br>1885<br>1892<br>1899<br>1906<br>1913<br>1920<br>1927<br>1934<br>1941<br>1948<br>1955<br>1962<br>1969<br>1973<br>1983<br>1990<br>1997<br>2004<br>2011<br>Pourcentage<br>Tendance des taux des obligations \u00e0 long terme<br>18<br>16<br>14<br>12<br>10<br>8<br>6<br>4<br>2<br>0<br>Taux des<br>obligations des<br>\u00c9tats-Unis<br>Taux des<br>obligations du<br>Canada<br>Figure 8<br>Source : Robert Shiller et Banque du Canada<br>Pour continuer avec cet exemple hypoth\u00e9tique, les taux de rendement<br>sont donc un amalgame des taux am\u00e9ricains (de 1913 \u00e0 1918)<br>et des taux des obligations \u00e0 long terme du Canada (figure 9).<br>A E F G<br>ANN\u00c9E Tendance de la<br>valeur des terres<br>Taux des<br>obligations 10 ans+ Loyer des terres<br>Valuer<br>x (1 + D)<br>Revenu<br>D x E<br>1913 (1a) 3000 $ 3,00 % 90 $<br>1914 3 163 $ 3,50 % 111 $<br>1915 3 328 $ 4,00 % 133 $<br>1916 3 562 $ 4,00 % 142 $<br>1917 3 799 $ 5,00 % 190 $<br>1918 4 104 $ 3,00 % 123 $<br>1919 4 600 $ 5,00 % 230 $<br>1920 4 635 $ 5,00 % 232 $<br>1921 4 081 $ 5,50 % 224 $<br>2016 775 751 $ 3,71 % 28 780 $<br>2017 845 365 $ 2,55 % 21 557 $<br>2018 904 025 $ 2,47 % 22 329 $<br>2019 957 168 $ 2,80 % 26 801 $<br>2020 (1b) 1 000 000 $ 1,75 % 17 500 $<br>Figure 9 \u00a9 Altus Group<br>Colonne E repr\u00e9sente la valeur annuelle du terrain (gonfl\u00e9e au fil<br>du temps pour atteindre la valeur actuelle).<br>Colonne F repr\u00e9sente le taux d\u2019int\u00e9r\u00eat des obligations pour un taux<br>de rendement de la terre, avec des donn\u00e9es am\u00e9ricaines<br>avant 1918 et des donn\u00e9es canadiennes \u00e0 partir de 1919.<br>Colonne G repr\u00e9sente la rente fonci\u00e8re annuelle estim\u00e9e<br>PARTIE II : RENDEMENT DU LOYER<br>Dans le cours normal des affaires, on s\u2019attend \u00e0 ce que tout loyer<br>foncier gagn\u00e9 par une Premi\u00e8re Nation soit d\u00e9pos\u00e9 dans un compte<br>en fiducie maintenu au nom de la bande par le gouvernement du<br>Canada et qu\u2019il produise les taux d\u2019int\u00e9r\u00eat fix\u00e9s au fil du temps<br>par Services aux Autochtones Canada (SAC) et ses pr\u00e9curseurs.<br>En appliquant ce mod\u00e8le \u00e0 une situation dans le secteur priv\u00e9,<br>l\u2019hypoth\u00e8se serait qu\u2019un taux de rendement s\u00fbr, tel que repr\u00e9sent\u00e9<br>par les obligations \u00e0 long terme du Canada, serait appropri\u00e9.<br>Le taux du compte en fiducie de la bande a \u00e9t\u00e9 prescrit par SAC<br>jusqu\u2019en 1969 et, par la suite, il refl\u00e8te les taux des obligations<br>\u00e0 long terme du Canada, de sorte que l\u2019on peut s\u2019attendre \u00e0 des<br>r\u00e9sultats relativement similaires.<br>PARTIE III : CALCUL DES INT\u00c9R\u00caTS<br>Une d\u00e9cision rendue en d\u00e9cembre 2016 par le Tribunal des<br>revendications particuli\u00e8res (TRPC) dans l\u2019affaire Premi\u00e8res<br>Nations Huu-Ay-Aht c. Sa Majest\u00e9 la Reine du chef du Canada, 2016<br>TRPC 141 a accord\u00e9 une indemnit\u00e9 pour perte de jouissance pour<br>les revenus tir\u00e9s du bois. Le taux d\u2019int\u00e9r\u00eat appliqu\u00e9 aux pr\u00e9visions<br>de pertes \u00e9tait bas\u00e9 sur une combinaison d\u2019obligations du Canada<br>\u00e0 court et \u00e0 long termes et sur le taux de fiducie de la bande. Toutes<br>les pr\u00e9visions de recettes perdues ont \u00e9t\u00e9 report\u00e9es \u00e0 la date<br>actuelle sur la base d\u2019un taux d\u2019int\u00e9r\u00eat compos\u00e9 de 100 %.<br>De m\u00eame, en d\u00e9cembre 2016, dans l\u2019affaire Bande Beardy\u2019s et<br>Okemasis nos 96 et 97 c. Sa Majest\u00e9 la Reine chef du Canada, 2016<br>TRPC 15,2 le TRPC a accord\u00e9 une indemnisation pour les paiements<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 37<br>d\u2019annuit\u00e9s retenus de 1885 \u00e0 1888 sur la base d\u2019int\u00e9r\u00eats compos\u00e9s en<br>utilisant le taux du fonds fiduciaire de la bande.<br>Plus r\u00e9cemment, l\u2019arr\u00eat Southwind c. Canada, 2021 CSC 283 a<br>confirm\u00e9 l\u2019utilisation d\u2019int\u00e9r\u00eats compos\u00e9s pour avancer \u00e0 la date actuelle<br>les estimations de loyers annuels nominaux pour perte d\u2019usage.<br>Conform\u00e9ment \u00e0 ces d\u00e9cisions, dans notre exemple, nous basons<br>notre mod\u00e8le sur des int\u00e9r\u00eats compos\u00e9s \u00e0 100 % au taux de la fiducie<br>de la bande.<br>Dans la figure 10, le loyer du terrain (colonne G) est investi au<br>taux de la fiducie de la bande (colonne H) pour g\u00e9n\u00e9rer l\u2019int\u00e9r\u00eat<br>annuel sur le loyer \u00e9conomis\u00e9.<br>Par cons\u00e9quent, en 1913, le demandeur aurait re\u00e7u un loyer<br>foncier de 90 $ (G) et aurait accumul\u00e9 2,70 $ (I) d\u2019int\u00e9r\u00eats au taux de<br>fiducie de la bande de 3,0 % sur 90 $, soit \u00b1 93 $ (J).<br>Au cours de l\u2019ann\u00e9e suivante (1914), le demandeur aurait \u00e9galement<br>re\u00e7u un loyer foncier (111 $) (G) et des int\u00e9r\u00eats de 3,32 $ (I) au taux de<br>fiducie de la bande. Cependant, la colonne de l\u2019accumulateur indique<br>\u00e9galement que le demandeur aurait eu 93 $ \u00e0 la banque qui aurait<br>rapport\u00e9 des int\u00e9r\u00eats au taux de fiducie de la bande. Ainsi, 111 $ + 93 $<br>(203 $) sont gonfl\u00e9s par le taux de fiducie de la bande, ce qui donne 209 $.<br>En 1915, le loyer de la terre (G) est de 133 $ et s\u2019ajoute au montant<br>accumul\u00e9 au cours des deux ann\u00e9es pr\u00e9c\u00e9dentes. Ce montant est<br>major\u00e9 du taux de fiducie de la bande. Ainsi, (133 $ + 209 $ = 343 $) x<br>1,03 = \u00b1 353 $, et ainsi de suite.<br>Une fois que toutes les ann\u00e9es ont \u00e9t\u00e9 prises en compte, la perte<br>de valeur cumul\u00e9e dans l\u2019exemple hypoth\u00e9tique ci-dessus serait de 5<br>880 000 $, refl\u00e9tant non seulement la perte de revenus locatifs, mais<br>aussi la perte de rendement de ces loyers.<br>CO\u00dbTS DE D\u00c9FRICHEMENT ET DE D\u00c9VELOPPEMENT<br>Comme nous l\u2019avons indiqu\u00e9 pr\u00e9c\u00e9demment, le terrain peut \u00eatre \u00e0<br>l\u2019\u00e9tat brut \u00e0 la date de r\u00e9trospection. L\u2019\u00e9valuateur devra rechercher<br>le co\u00fbt et le taux de d\u00e9frichement et en tenir compte dans le mod\u00e8le.<br>Selon certains historiens, un colon peut r\u00e9ussir \u00e0 d\u00e9fricher 20 acres<br>par an. Les terres accord\u00e9es aux colons l\u2019\u00e9taient souvent sur<br>la base d\u2019un droit d\u2019entr\u00e9e et, sous r\u00e9serve d\u2019un d\u00e9frichement<br>p\u00e9riodique, le solde du prix d\u2019achat \u00e9tait d\u00fb une fois que les terres<br>avaient \u00e9t\u00e9 modifi\u00e9es et \u00e9taient devenues productives.<br>Dans certains cas, le terrain en question peut avoir \u00e9t\u00e9<br>subdivis\u00e9 et d\u00e9velopp\u00e9 ult\u00e9rieurement. L\u2019\u00e9valuateur doit \u00e9valuer<br>le co\u00fbt de la capitalisation de ces changements p\u00e9riodiques de<br>l\u2019utilisation optimale et faire des ajouts ou des d\u00e9ductions dans les<br>pr\u00e9visions de revenus en cons\u00e9quence et le cas \u00e9ch\u00e9ant.<br>CONCLUSION<br>L\u2019exemple pr\u00e9sent\u00e9 dans cet article a \u00e9t\u00e9 simplifi\u00e9 pour illustrer<br>les hypoth\u00e8ses et les calculs de base requis pour les cas de<br>perte d\u2019usage, mais, en pratique, le mod\u00e8le peut \u00e9galement \u00eatre<br>configur\u00e9 pour tenir compte des co\u00fbts de d\u00e9veloppement de<br>l\u2019agriculture et de l\u2019\u00e9volution de l\u2019utilisation des terres, ainsi que<br>pour refl\u00e9ter tout revenu gagn\u00e9 par une Premi\u00e8re Nation gr\u00e2ce au<br>produit de la vente des terres c\u00e9d\u00e9es au fil du temps.<br>Il est \u00e9galement important de coordonner les hypoth\u00e8ses du<br>mod\u00e8le de perte d\u2019usage et les changements dans l\u2019utilisation<br>optimale des terres au fil du temps avec l\u2019\u00e9valuation \u00e0 la date actuelle<br>afin de s\u2019assurer qu\u2019il n\u2019y a pas de double comptabilisation.<br>Comme vous pouvez le constater, le mod\u00e8le de procuration<br>est th\u00e9oriquement solide et permet d\u2019obtenir des estimations bien<br>\u00e9tay\u00e9es de l\u2019indemnisation pour perte d\u2019usage. Toutefois, cela n\u2019est<br>possible que lorsque des estimations cr\u00e9dibles de la valeur du<br>terrain, de la rente fonci\u00e8re et du rendement des investissements<br>sont bas\u00e9es sur des donn\u00e9es historiques pertinentes pour le march\u00e9<br>de l\u2019immobilier sur de longues p\u00e9riodes.<br>NOTES DE FIN<br>1 https:\/\/canlii.ca\/t\/h3z9n<br>2 https:\/\/canlii.ca\/t\/h3z98<br>3 https:\/\/canlii.ca\/t\/jh0pr<br>Figure 10 \u00a9 Altus Group<br>A E F G H I J<br>ANN\u00c9E Tendance de la<br>valeur des terres<br>Taux des<br>obligations 10 ans+ Loyer du terrain Taux de fiducie<br>de la bande<br>Int\u00e9r\u00eat sur calcul annuel<br>du loyer du terrain<br>Flux de tr\u00e9sorerie brut<br>au solde du compte<br>Valuer<br>x (1 + D)<br>Revenu<br>D x E<br>Taux d\u2019int\u00e9r\u00eat<br>sur le revenu<br>Int\u00e9r\u00eats<br>G x H<br>Accumulateur<br>(ann\u00e9e ant\u00e9rieure J + ann\u00e9e courante G)x<br>(1 + ann\u00e9e ant\u00e9rieure H)<br>1913 (1a) 3000 $ 3,00 % 90 $ 3,00 % 2,70 $ 93 $<br>1914 3 163 $ 3,50 % 111 $ 3,00 % 3,32 $ 209 $<br>1915 3 328 $ 4,00 % 133 $ 3,00 % 3,99 $ 353 $<br>1916 3 562 $ 4,00 % 142 $ 3,00 % 4,27 $ 510 $<br>1917 3 799 $ 5,00 % 190 $ 3,00 % 5,70 $ 721 $<br>1918 4 104 $ 3,00 % 123 $ 3,00 % 3,69 $ 870 $<br>1919 4 600 $ 5,00 % 230 $ 3,00 % 6,90 $ 1 133 $<br>1920 4 635 $ 5,00 % 232 $ 3,00 % 6,95 $ 1 405 $<br>1921 4 081 $ 5,50 % 224 $ 3,00 % 6,73 $ 1 679 $<br>2016 775 751 $ 3,71 % 28 780 $ 2,92 % 840,39 $ 5 218 281 $<br>2017 845 365 $ 2,55 % 21 557 $ 2,33 % 502,27 $ 5 392 841 $<br>2018 904 025 $ 2,47 % 22 329 $ 2,83 % 631,92 $ 5 541 344 $<br>2019 957 168 $ 2,80 % 26 801 $ 2,39 % 640,54 $ 5 725 723 $<br>2020 (1b) 1 000 000 $ 1,75 % 17 500 $ 2,05 % 358,75 $ 5 880 486 $<br>Arrondi : 5 880 000 $<br>Canadian Property Valuation | \u00c9valuation 38 immobili\u00e8re au Canada Return to CONTENTS<br>ADVOCACY IN ACTION<br>Parliament Hill Day<br>builds vital relationships<br>with federal officials<br>Minister of Crown-Indigenous Relations, Gary<br>Anandasangaree, Interim CEO Keith Lancastle,<br>Minister of Housing, Sean Fraser, and AIC President<br>Claudio Polito P. App., AACI.<br>Dan Brewer P. App., AACI, Fellow, Conservative<br>Shadow Minister for Housing, MP Scott Aitchison,<br>Brad Brewster P. App., AACI, and AIC Coordinator of<br>Public Affairs and Communications Brandyn Hayes.<br>Christina Bhalla BA, DULE, NDP Housing Critic, MP<br>Jenny Kwan, Andy Pham P. App., AACI, and Terry<br>Dowle, P. App., AACI.<br>In this edition of Advocacy in Action, our<br>spotlight is on the Appraisal Institute of<br>Canada\u2019s 6th Annual Parliament Hill Day,<br>which was held along with the Advocacy<br>Committee meetings in Ottawa from<br>September 20-22, 2023.<br>Parliament Hill Days provide an important<br>opportunity for AIC Members and leadership<br>to meet as many Ministers, Members of<br>Parliament (MPs), and staff as possible.<br>Our goal, as always, is to introduce the AIC to<br>these government stakeholders and discuss<br>the important role appraisers play in the real<br>estate industry and the Canadian economy.<br>The relationships we build on these occasions<br>\u2013 and subsequently reinforce, year after<br>year \u2013 are beneficial for AIC Members and for<br>the protection of the public, and they ensure<br>that the AIC has a seat at the table in federal<br>conversations related to appraisal and the<br>Canadian real estate industry.<br>Further, these meetings open the door<br>for the AIC to advocate for certain issues in<br>housing and real estate where we would like<br>to see the federal government take action.<br>This year, AIC Advocacy and Executive<br>Committees had 25 very successful and<br>informative meetings as part of Parliament<br>Hill Day. In addition to general awareness and<br>outreach, these meetings focused on AIC\u2019s<br>2024 pre-budget consultation, reiterating<br>the need for prudent mortgage underwriting<br>guidelines, the need to address the housing<br>crisis by focusing on supply initiatives, and<br>exempting mortgage renewals from the<br>application of the stress test when moving<br>between federally regulated financial<br>institutions so that Canadians can obtain the<br>most competitive rates possible.<br>The full pre-budget submission can be<br>read on the AIC website, and is also available<br>here: www.aicanada.ca\/wp-content\/uploads\/<br>AIC-2024-Pre-Budget-Submission.pdf.<br>This feedback will be shared with Finance<br>Committee Members as they prepare a report<br>to be sent to the Federal Finance Minister.<br>As the AIC brand continues to build after<br>several successful Hill Days, this was the<br>first year we held a reception on Parliament<br>Hill the day prior to meetings. The event was<br>sponsored by MP Francesco Sorbara and<br>was an overwhelming success, leading to<br>many positive discussions with legislators<br>and providing an excellent opportunity<br>to continue to build relationships with<br>decision-makers.<br>AIC leadership will continue to engage<br>with Federal Ministers, Members of<br>Parliament, and officials throughout<br>2023\/2024, as we forge ahead with fostering<br>these important relationships. In a time where<br>housing supply and affordability are some of<br>the most important issues facing Canadians, it<br>is as important as ever for the AIC to continue<br>to focus on these advocacy efforts.<br>To view images from some of the<br>meetings that occurred, please visit AIC\u2019s<br>Facebook page, Twitter page, LinkedIn<br>page, and Instagram page.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 39<br>Written submission for the<br>pre-budget consultation in advance<br>of the 2024 federal budget<br>ADVOCACY IN ACTION<br>About the AIC<br>The Appraisal Institute of Canada (AIC)<br>is the premier real property valuation<br>organization in Canada with the mission<br>to \u201cAdvance the Canadian real property<br>appraisal profession in the public interest<br>through education, self-regulation and<br>member support.\u201d Founded in 1938, AIC is<br>a self-regulating professional organization<br>that grants the distinguished Professional<br>Appraiser (P. App.) trademark accompanied<br>by either the Accredited Appraiser Canadian<br>Institute (AACI) or Canadian Residential<br>Appraiser (CRA) designations to individuals<br>across Canada and around the world.<br>Our Members adhere to the nationally<br>and internationally recognized Canadian<br>Uniform Standards of Professional Appraisal<br>Practice (CUSPAP) and are respected<br>worldwide for meeting the rigorous AIC<br>designation program and its ongoing<br>professional development requirements.<br>An integral part of the real estate<br>market in Canada, Professional Appraisers<br>are hired by residential, commercial and<br>industrial market participants as well as the<br>public, to provide independent, real-time<br>opinions of the value of real property to<br>help them make informed decisions.<br>Each year, AIC Professional Appraisers<br>conduct over one million appraisals valuing<br>over one trillion dollars.<br>Introduction<br>Over the past few years, our lifestyles and<br>our entire economy have been upended.<br>The impact of inflation, coupled with<br>the seemingly perpetual rise in interest<br>rates, have reduced purchasing power<br>for many that have still not entered the<br>housing market. While conventional<br>thinking would suggest house prices<br>would fall when purchasing power is<br>considerably impacted, various factors<br>(i.e., immigration, low unemployment, low<br>housing inventory) have either minimized<br>the decline in prices or made them<br>stagnate. For those who have purchased<br>a home at the peak of the housing boom,<br>their equity has been reduced, or even<br>eliminated, and many are seeing their<br>monthly payments rise. The Bank of<br>Canada (BOC) has recognized that the<br>share of households affected by higher<br>interest rates and the inability to service<br>their debts will continue to rise over the<br>next few years (2023 BOC Financial<br>System Review1).<br>The AIC and, by extension, its Members<br>have a strong focus on consumer<br>protection. We \u2013 the AIC and its Members \u2013<br>uphold independent, third-party valuation<br>fundamentals that help mitigate risks by<br>ensuring lenders, insurers, and consumers<br>have the information they need to make<br>informed decisions. Appraisers, working<br>alongside home builders, realtors,<br>Overview of recommendations<\/li>\n\n\n\n<li>Exempt mortgage renewals from the application of the stress test when moving between federally regulated financial<br>institutions: so that Canadians can obtain the most competitive rate possible<\/li>\n\n\n\n<li>Address housing challenges by focusing on housing supply initiatives<\/li>\n\n\n\n<li>Continue to apply prudent underwriting guidelines<br>Canadian Property Valuation | \u00c9valuation 40 immobili\u00e8re au Canada Return to CONTENTS<br>ADVOCACY IN ACTION<br>mortgage brokers, and home buyers,<br>are an important part of Canada\u2019s real<br>estate industry.<br>To continue supporting Canadians, it<br>is important to make policy decisions that<br>help home buyers and homeowners, while<br>ensuring the health of the financial system<br>and the real estate market.<br>The AIC believes that the following<br>three recommendations will help mitigate<br>risk in the market as well as make housing<br>more affordable to those aspiring to<br>purchase a home.<br>Exempt mortgage renewals from<br>the application of the stress test<br>under B20 Guidelines<br>The B20 Guidelines under the Office of<br>the Superintendent of Financial<br>Institutions (OSFI) call for a \u201cstress test\u201d<br>to be applied to mortgage loans. This<br>entails Federally Regulated Financial<br>Institutions (FRFIs) applying a Minimum<br>Qualifying Rate (MQR) equal to the<br>greater of: the mortgage contractual rate,<br>plus two percentage points, or 5.25%.<br>The stress test applies to all mortgage<br>loans whether they are new originations,<br>renewals, or refinances.<br>Of concern is the application of the<br>stress test to mortgage renewals and<br>its impact on the consumer\u2019s ability to<br>obtain the most competitive interest rate<br>possible amongst FRFIs \u2013 especially in<br>the current interest rate environment<br>(10 increases since March 2022,<br>representing a 1900% increase). We<br>believe that all existing FRFI mortgage<br>borrowers should have the option to<br>switch FRFI lenders, without being<br>restricted by the application of the stress<br>test, should they find a better interest rate<br>at another FRFI. Applying the stress test<br>on borrowers who want to switch lenders<br>at renewal could result in a higher interest<br>rate for the consumer at its current FRFI,<br>resulting in even higher interest payments<br>than the potential alternative and what the<br>market is offering. With many Canadians<br>facing the challenges of higher costs in<br>practically every aspect of daily life,<br>a competitive interest rate can have a<br>substantial impact on consumer cash flow.<br>Whether it is at the end of the<br>mortgage\u2019s first term or several terms<br>down the road, mortgage borrowers<br>seeking to renew their mortgage at an<br>FRFI have already completed and met<br>the obligations of their original mortgage<br>term and have demonstrated their<br>ability and capacity to repay their<br>loans. These individuals have proven<br>to be responsible borrowers, have not<br>accumulated additional debt on their<br>mortgages, and have prudently managed<br>their financial obligations.<br>Furthermore, transferring a mortgage<br>from one FRFI to another does not add<br>any additional financial risk to FRFIs, as<br>the original lender would be renewing<br>the mortgage in the vast majority of, if not<br>all, cases. The stability of FRFIs would<br>not be affected.<br>Certain parameters could be applied,<br>such as restricting the borrower\u2019s ability<br>to refinance at renewal\/obtaining a home<br>equity line of credit, or verifying whether<br>the borrower increased their loan amount<br>through the lifespan of the mortgage.<br>Further, a loan-to-value (LTV) ratio<br>threshold could be instituted to determine<br>whether the \u2018stress test\u2019 should still apply.<br>If transferring from one FRFI to another,<br>the new FRFI could obtain a professional<br>appraisal to determine the current LTV<br>ratio. Finally, the application of the stress<br>test can continue to be a requirement if the<br>consumer is seeking to renew a mortgage<br>at an FRFI from a non-FRFI.<br>As such, we recommend that mortgage<br>renewals be exempt from the application<br>of the stress test so that Canadians can<br>obtain the most competitive rate possible<br>within FRFIs. We believe that this policy<br>change is well aligned with the spirit and<br>objectives of B20, as it would not impose<br>any additional risks to the solvency of<br>FRFIs. It would also demonstrate that the<br>regulator is making adjustments based on<br>the realities of the market.<br>Address housing challenges<br>by focusing on housing and<br>supply initiatives<br>It goes without saying that the need for\/<br>access to\/availability of housing is a major<br>issue and challenge for governments<br>across Canada. The last few years have<br>seen governments focus more on supply<br>as opposed to continuous policy changes<br>on the demand side.<br>The AIC applauds the federal<br>government\u2019s recent launch of the<br>Housing Accelerator Fund which will<br>help address the shortage of housing<br>supply, however, more needs to be done<br>as soon as possible to incentivize new<br>housing starts. Targeted policies that<br>help to increase the supply of housing in<br>Canada are necessary to address housing<br>affordability, a continuing concern for<br>Canadians. While the housing market<br>saw modest price declines due to rising<br>interest rates, the shortage of housing<br>supply remains, and will intensify as<br>immigration numbers continue to climb<br>and unemployment and inventory<br>remains low. These factors are forcing<br>house prices to remain high and<br>hinders the efficacy of BOC interest rate<br>adjustments to reduce inflation.<br>The AIC believes a holistic approach<br>to supply needs to be considered, where<br>industry and municipal, provincial and<br>federal governments all work together if<br>there is any possibility for solving the lack<br>of inventory and encouraging affordable<br>housing prices.<br>There are many factors impeding<br>housing starts\/construction\/completion.<br>Many of them are due to approval delays<br>(permits, inspections, etc.), the lack<br>of trained\/skilled labour, NIMBYism,<br>and restrictive or improper zoning<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 41<br>ADVOCACY IN ACTION<br>requirements. As an example, permit<br>delays should be reduced by creating a<br>program to train individuals in the use of<br>e-permitting. The issue of permit delays<br>in Canada is well known. For example,<br>in Toronto, a developer must wait<br>249 days, while in Singapore it takes<br>just 36 days and in Denmark and Finland<br>only 65 days.2 By funding training for<br>individuals currently working in and with<br>today\u2019s paper permitting system, both<br>in government and industry, the federal<br>government can reduce these delays<br>that hamper the building of new housing<br>supply in Canada.<br>While housing starts in June 2023 were<br>up 2.3% from May 2023, corresponding<br>to the six-month moving average of<br>seasonally adjusted and annualized<br>monthly housing starts across Canada,<br>the year-to-date housing starts for the<br>first half of 2023 were 8% lower than they<br>were over the same period in 2022.3<br>The federal government should expand<br>its focus on the supply aspect in all facets<br>of home building, including an increase<br>in education and availability of skilled<br>labourers and other home building<br>professionals, as well as the accessibility<br>and affordability of building materials.<br>To address housing supply shortage<br>there needs to be people to build them.<br>With the construction industry expected<br>to lose 20% of its 2022 labour force due<br>to retirement,4 the federal government<br>should prioritize investment in training<br>programs and recruitment strategies<br>that equip individuals with the necessary<br>skills for the various construction<br>trades, collaborating with trade unions,<br>educational institutions and industry<br>associations. There is a significant<br>opportunity to offer this training and<br>career path to the hundreds of thousands<br>of immigrants choosing Canada as their<br>new home over the next several years.<br>Regarding home building affordability,<br>Canada\u2019s residential construction price<br>index (CPI) has increased by record<br>levels \u2013 up 51% since the start of the<br>pandemic \u2013 due to rising costs of building<br>materials such as concrete, steel and<br>lumber.5 Providing builders with access to<br>affordable and quality building supplies<br>is crucial to boost housing supply.<br>The federal government should work<br>with all levels of government to implement<br>initiatives that would lower the cost of<br>building supplies. This could include<br>implementing reduced tariffs, taxes<br>and import fees on essential building<br>materials or increasing investment in local<br>manufacturing of building supplies though<br>grants or tax incentives \u2013 including avoiding<br>and eliminating any intra-provincial costs<br>currently being applied.<br>Continue to apply prudent<br>underwriting guidelines<br>A core element of a healthy and balanced<br>real estate market is the timely availability<br>of reliable property valuations. AIC<br>Professional Appraisers play an essential<br>role in providing independent, third-party<br>opinions of value to help stabilize and<br>secure the market, as well as protect<br>Canadians, while supporting the real<br>estate market by contributing their<br>expertise and knowledge to the lending<br>industry and providing sound valuation<br>advice to consumers and key stakeholders.<br>The Residential Mortgage<br>Underwriting Practices and Procedures<br>(B-20 Guidelines), under the authority<br>of OSFI, include provisions for FRFIs to<br>obtain appropriate numbers of on-site<br>inspections and independent appraisals to<br>verify the value of collateral used during<br>the mortgage underwriting process.<br>As always, knowing and understanding<br>the value of the collateral is important<br>to mitigate risk when there is a high<br>loan-to-value ratio, when markets are in<br>flux, such as in the current case, or when<br>the creditworthiness of the borrower may<br>be in doubt.<br>In Canada\u2019s current economic<br>state, continued application of prudent<br>underwriting guidelines, which include<br>strong valuation fundamentals, is equally,<br>if not more important than ever. Many<br>mortgages are now over the 100% loan to<br>value ratio threshold \u2013 proper valuation<br>criteria could mitigate those elevated risks<br>by obtaining an accurate and real time<br>opinion of value.<br>While many participants in the market<br>are seeking to expedite transactions,<br>ultimately, the proper due diligence offered<br>by an independent, third-party Professional<br>Appraiser ensures that decision-makers<br>have a reliable appraisal report providing a<br>well-supported opinion of value.<br>Requiring FRFIs to apply proper due<br>diligence by requiring valuation reports<br>based on on-site, in-person inspections<br>performed by qualified appraisers is<br>a sound practice. It enables lenders<br>to confirm the current valuation of the<br>collateral when processing a mortgage<br>loan application and provides the<br>assurance that they are doing so with a<br>valuation carried out in a fair and objective<br>manner. In summary, we recommend that<br>the Government of Canada continue to<br>mandate, enhance, and enforce strong<br>valuation fundamentals within FRFIs.<br>End notes<br>1 https:\/\/www.bankofcanada.ca\/2023\/05\/<br>financial-system-review-2023\/<br>2 https:\/\/www.cdhowe.org\/expert-opeds\/<br>three-ways-ottawa-could-reallyhelp-<br>boost-housing-supply-withoutcrossing-<br>line-financial-post-op-ed<br>3 https:\/\/www.cmhc-schl.gc.ca\/medianewsroom\/<br>news-releases\/2023\/recordmonth-<br>to-month-increase-saar-housingstarts-<br>reverses-trend-june<br>4 https:\/\/www.buildforce.ca\/en\/node\/12330<br>5 https:\/\/thoughtleadership.rbc.com\/<br>proof-point-soaring-constructioncosts-<br>will-hamper-canadashomebuilding-<br>ambitions<br>Canadian Property Valuation | \u00c9valuation 42 immobili\u00e8re au Canada Return to CONTENTS<br>D\u00c9FENSE DES INT\u00c9R\u00caTS<br>La Journ\u00e9e sur la Colline<br>du Parlement permet<br>d\u2019\u00e9tablir des relations vitales<br>avec les repr\u00e9sentants f\u00e9d\u00e9rales<br>Dans cette \u00e9dition de d\u00e9fense<br>des int\u00e9r\u00eats, nous mettons<br>l\u2019accent sur la 6e Journ\u00e9e<br>annuelle de l\u2019Institut canadien<br>des \u00e9valuateurs sur la Colline du Parlement,<br>qui s\u2019est tenue en m\u00eame temps que les<br>r\u00e9unions du Comit\u00e9 de d\u00e9fense des int\u00e9r\u00eats<br>\u00e0 Ottawa, du 20 au 22 septembre 2023.<br>Les journ\u00e9es sur la Colline du Parlement<br>constituent une occasion importante pour<br>les membres et les dirigeants de l\u2019ICE de<br>rencontrer le plus grand nombre possible<br>de ministres, de d\u00e9put\u00e9s et de membres du<br>personnel. Notre objectif, comme toujours,<br>est de pr\u00e9senter l\u2019ICE \u00e0 ces intervenants<br>gouvernementaux et de discuter du r\u00f4le<br>important que jouent les \u00e9valuateurs<br>dans l\u2019industrie immobili\u00e8re et l\u2019\u00e9conomie<br>canadienne. Les relations que nous<br>\u00e9tablissons \u00e0 cette occasion &#8211; et que nous<br>renfor\u00e7ons par la suite, ann\u00e9e apr\u00e8s ann\u00e9e<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>sont b\u00e9n\u00e9fiques pour les membres de<br>l\u2019ICE et pour la protection du public, et elles<br>garantissent \u00e0 l\u2019ICE un si\u00e8ge \u00e0 la table des<br>discussions f\u00e9d\u00e9rales relatives \u00e0 l\u2019\u00e9valuation<br>et \u00e0 l\u2019industrie canadienne de l\u2019immobilier.<br>En outre, ces r\u00e9unions permettent \u00e0 l\u2019ICE<br>de d\u00e9fendre certaines questions relatives au<br>logement et \u00e0 l\u2019immobilier pour lesquelles<br>nous aimerions que le gouvernement f\u00e9d\u00e9ral<br>prenne des mesures.<br>Cette ann\u00e9e, les comit\u00e9s de d\u00e9fense des<br>int\u00e9r\u00eats et de direction de l\u2019ICE ont tenu 25<br>r\u00e9unions tr\u00e8s fructueuses et instructives<br>dans le cadre de la Journ\u00e9e de la Colline<br>du Parlement. En plus de la sensibilisation<br>g\u00e9n\u00e9rale, ces r\u00e9unions ont port\u00e9 sur la<br>consultationf\u00e9d\u00e9ral pr\u00e9budg\u00e9taire de l\u2019ICE pour<br>2024, r\u00e9it\u00e9rant le besoin de lignes directrices<br>prudentes en mati\u00e8re de souscription<br>hypoth\u00e9caire, la n\u00e9cessit\u00e9 de s\u2019attaquer \u00e0<br>la crise du logement en se concentrant sur<br>les initiatives d\u2019offre, et l\u2019exemption des<br>renouvellements hypoth\u00e9caires de l\u2019application<br>de la simulation de crise lorsqu\u2019ils sont<br>effectu\u00e9s entre des institutions financi\u00e8res<br>sous r\u00e9glementation f\u00e9d\u00e9rale, afin que les<br>Canadiens puissent obtenir les taux les plus<br>concurrentiels possible.<br>Le m\u00e9moire pr\u00e9budg\u00e9taire complet<br>peut \u00eatre lu sur le site web de l\u2019ICE, et<br>est \u00e9galement disponible ici : www.<br>ourcommons.ca\/Content\/Committee\/441\/<br>FINA\/Brief\/BR12564157\/br-external\/<br>AppraisalInstituteOfCanada-10790489-f.pdf.<br>Ces commentaires seront transmis aux<br>membres du Comit\u00e9 des finances de la<br>Chambre des communies qui pr\u00e9parent un<br>rapport \u00e0 l\u2019intention de la ministre f\u00e9d\u00e9ral<br>des Finances.<br>L\u2019image de marque de l\u2019ICE continue de<br>se d\u00e9velopper apr\u00e8s plusieurs Journ\u00e9es de<br>la Colline couronn\u00e9es de succ\u00e8s. C\u2019\u00e9tait la<br>premi\u00e8re ann\u00e9e que nous organisions une<br>r\u00e9ception sur la Colline du Parlement le<br>jour pr\u00e9c\u00e9dant les r\u00e9unions. L\u2019\u00e9v\u00e9nement<br>\u00e9tait parrain\u00e9 par le d\u00e9put\u00e9 Francesco<br>Sorbara et a connu un succ\u00e8s retentissant,<br>donnant lieu \u00e0 de nombreuses discussions<br>positives avec les l\u00e9gislateurs et offrant<br>une excellente occasion de continuer \u00e0<br>nouer des relations avec les d\u00e9cideurs.<br>La direction de l\u2019ICE continuera de<br>s\u2019engager aupr\u00e8s des ministres f\u00e9d\u00e9raux,<br>des d\u00e9put\u00e9s et des fonctionnaires tout au<br>long de la p\u00e9riode 2023\/2024, alors que<br>nous allons de l\u2019avant pour favoriser ces<br>relations importantes. \u00c0 une \u00e9poque o\u00f9 l\u2019offre<br>et l\u2019accessibilit\u00e9 du logement sont parmi<br>les questions les plus importantes pour les<br>Canadiens, il est plus important que jamais<br>pour l\u2019ICE de continuer \u00e0 se concentrer sur<br>ces efforts de d\u00e9fense des int\u00e9r\u00eats.<br>Pour voir des images de certaines des<br>r\u00e9unions qui ont eu lieu, veuillez consulter<br>les pages Facebook, Twitter, LinkedIn et<br>Instagram de l\u2019ICE.<br>Gary Anandasangaree, ministre des Relations<br>Couronne-Autochtones ; Keith Lancastle, chef de la<br>direction par int\u00e9rim de l\u2019ICE ; Sean Fraser, ministre<br>du Logement ; et Claudio Polito, P. App., AACI,<br>pr\u00e9sident national de l&rsquo;ICE.<br>Dan Brewer, P. App., AACI, Fellow ; le ministre du<br>Cabinet fant\u00f4me responsable du Logement, le<br>d\u00e9put\u00e9 Scott Aitchison ; Brad Brewster, P. App.,<br>AACI ; et coordonnateur, affaires publiques et<br>communications de l&rsquo;ICE, Brandyn Hayes.<br>Christina Bhalla BA, DULE ; porte-parole du NPD en<br>mati\u00e8re de logement, la d\u00e9put\u00e9e Jenny Kwan ; Andy<br>Pham P. App., AACI ; et Terry Dowle, P. App., AACI.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 43<br>D\u00c9FENSE DES INT\u00c9R\u00caTS<br>M\u00e9moire pour les consultations<br>pr\u00e9budg\u00e9taires en vue du<br>budget f\u00e9d\u00e9ral de 2024<br>\u00c0 propos<br>L\u2019Institut canadien des \u00e9valuateurs<br>(ICE) est la principale association<br>d\u2019\u00e9valuation des biens immobiliers au<br>Canada. Sa mission consiste \u00e0 \u00ab [f]aire<br>progresser la profession d\u2019\u00e9valuateur<br>de biens immobiliers au Canada dans<br>l\u2019int\u00e9r\u00eat du public par l\u2019\u00e9ducation,<br>l\u2019autor\u00e9glementation et le soutien<br>des membres \u00bb. Fond\u00e9 en 1938, l\u2019ICE<br>est une organisation professionnelle<br>d\u2019autor\u00e9glementation qui accorde le titre<br>prestigieux d\u2019\u00e9valuateur professionnel<br>(P. App.) accompagn\u00e9 des d\u00e9signations<br>d\u2019Accredited Appraiser Canadian Institute<br>(AACI) (\u00c9valuateur accr\u00e9dit\u00e9 de l\u2019Institut<br>canadien) et de Canadian Residential<br>Appraiser (CRA) (\u00c9valuateur r\u00e9sidentiel<br>canadien) aux \u00e9valuateurs situ\u00e9s autant<br>au Canada qu\u2019ailleurs dans le monde.<br>Nos membres observent des normes<br>reconnues \u00e0 l\u2019\u00e9chelle nationale et<br>internationale, soit les Normes uniformes<br>de pratique professionnelle en mati\u00e8re<br>d\u2019\u00e9valuation au Canada (NUPPEC), et sont<br>respect\u00e9s partout dans le monde en raison<br>du programme d\u2019\u00e9tudes rigoureux et de la<br>formation professionnelle continue qu\u2019ils<br>doivent suivre.<br>Faisant partie int\u00e9grante du march\u00e9<br>immobilier au Canada, les \u00e9valuateurs<br>professionnels sont embauch\u00e9s par des<br>participants aux march\u00e9s r\u00e9sidentiels,<br>commerciaux et industriels et des membres<br>du grand public pour fournir des opinions<br>ind\u00e9pendantes, en temps r\u00e9el, sur la valeur de<br>biens immobiliers afin de les aider \u00e0 prendre<br>des d\u00e9cisions \u00e9clair\u00e9es. Chaque ann\u00e9e, les<br>\u00e9valuateurs professionnels de l\u2019ICE r\u00e9alisent<br>plus de 1 million d\u2019\u00e9valuations d\u2019une valeur<br>totale sup\u00e9rieure \u00e0 1 billion de dollars.<br>Introduction<br>Ces derni\u00e8res ann\u00e9es, notre mode de<br>vie et notre \u00e9conomie tout enti\u00e8re ont<br>\u00e9t\u00e9 boulevers\u00e9s. Les effets de l\u2019inflation,<br>conjugu\u00e9s \u00e0 la hausse apparemment<br>perp\u00e9tuelle des taux d\u2019int\u00e9r\u00eat, ont r\u00e9duit le<br>pouvoir d\u2019achat de nombreuses personnes<br>qui n\u2019ont pas encore acc\u00e9d\u00e9 au march\u00e9 du<br>logement. Alors qu\u2019on pourrait \u00eatre port\u00e9 \u00e0<br>croire que le prix des logements diminuerait<br>lorsque le pouvoir d\u2019achat est r\u00e9duit<br>consid\u00e9rablement, divers facteurs (c.-\u00e0-d.<br>l\u2019immigration, le faible taux de ch\u00f4mage<br>et le faible stock de logements) ont soit<br>minimis\u00e9 la baisse des prix, soit fait en sorte<br>que ces derniers stagnent. Les gens ayant<br>achet\u00e9 un logement au plus fort du boom<br>immobilier ont vu la valeur nette de leur<br>logement \u00eatre r\u00e9duite, voire \u00e9limin\u00e9e, et bon<br>nombre d\u2019entre eux voient leurs paiements<br>mensuels augmenter. La Banque du Canada<br>a reconnu que la part des m\u00e9nages touch\u00e9s<br>par l\u2019augmentation des taux d\u2019int\u00e9r\u00eat et<br>incapables d\u2019assurer le service de leur<br>dette continuera de progresser au cours<br>des prochaines ann\u00e9es (Revue du syst\u00e8me<br>financier \u2013 2023 de la Banque du Canada1).<br>L\u2019ICE et, par extension, ses membres<br>mettent beaucoup l\u2019accent sur la protection<br>des consommateurs. Nous \u2013 l\u2019ICE et<br>ses membres \u2013 d\u00e9fendons les principes<br>fondamentaux de l\u2019\u00e9valuation par des tiers<br>ind\u00e9pendants qui contribuent \u00e0 att\u00e9nuer les<br>risques en garantissant que les pr\u00eateurs,<br>Aper\u00e7u des recommandations<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li>S\u2019assurer que les renouvellements hypoth\u00e9caires sont dispens\u00e9s de la simulation de crise lorsqu\u2019ils passent d\u2019une institution<br>financi\u00e8re sous r\u00e9glementation f\u00e9d\u00e9rale \u00e0 une autre afin que les Canadiens puissent obtenir le taux le plus concurrentiel possible.<\/li>\n\n\n\n<li>S\u2019attaquer aux probl\u00e8mes de logement en mettant l\u2019accent sur les initiatives relatives \u00e0 l\u2019offre de logements.<\/li>\n\n\n\n<li>Continuer \u00e0 appliquer des lignes directrices de souscription prudentes.<br>Canadian Property Valuation | \u00c9valuation 44 immobili\u00e8re au Canada Return to CONTENTS<br>D\u00c9FENSE DES INT\u00c9R\u00caTS<br>les assureurs et les consommateurs disposent<br>de l\u2019information n\u00e9cessaire pour prendre des<br>d\u00e9cisions \u00e9clair\u00e9es. Travaillant de concert<br>avec les constructeurs d\u2019habitations, les<br>agents immobiliers, les courtiers en pr\u00eats<br>hypoth\u00e9caires et les acheteurs de propri\u00e9t\u00e9,<br>les \u00e9valuateurs jouent un r\u00f4le d\u00e9terminant<br>dans le secteur immobilier canadien.<br>Pour continuer \u00e0 soutenir les Canadiens,<br>il est important de prendre des d\u00e9cisions<br>strat\u00e9giques qui aident les acheteurs et<br>propri\u00e9taires, tout en garantissant la sant\u00e9 du<br>syst\u00e8me financier et du march\u00e9 immobilier.<br>L\u2019ICE croit que les trois recommandations<br>suivantes contribueront \u00e0 att\u00e9nuer les<br>risques sur le march\u00e9, ainsi qu\u2019\u00e0 rendre les<br>logements plus abordables pour ceux qui<br>aspirent \u00e0 acheter une maison.<br>Dispenser les renouvellements<br>hypoth\u00e9caires de la simulation de<br>crise selon les modalit\u00e9s de la Ligne<br>directrice B-20<br>La Ligne directrice B-20 du Bureau du<br>surintendant des institutions financi\u00e8res<br>(BSIF) exige l\u2019application d\u2019une \u00ab simulation<br>de crise \u00bb aux pr\u00eats hypoth\u00e9caires. Ainsi,<br>les institutions financi\u00e8res f\u00e9d\u00e9rales (IFF)<br>doivent appliquer un taux admissible minimal<br>\u00e9quivalent au montant le plus \u00e9lev\u00e9 entre<br>le taux hypoth\u00e9caire contractuel, major\u00e9<br>de 2 %, et 5,25 %. La simulation de crise<br>s\u2019applique \u00e0 tous les pr\u00eats hypoth\u00e9caires,<br>qu\u2019il s\u2019agisse d\u2019un nouveau pr\u00eat, d\u2019un<br>renouvellement ou d\u2019un refinancement.<br>L\u2019application de la simulation de crise<br>aux renouvellements hypoth\u00e9caires et son<br>incidence sur la capacit\u00e9 du consommateur<br>d\u2019obtenir le taux d\u2019int\u00e9r\u00eat le plus concurrentiel<br>possible parmi les IFF sont pr\u00e9occupantes,<br>surtout dans le contexte actuel des taux<br>d\u2019int\u00e9r\u00eat (10 augmentations depuis mars<br>2022, ce qui repr\u00e9sente une hausse de<br>1 900 %). Nous croyons que tous les<br>emprunteurs hypoth\u00e9caires actuels aupr\u00e8s<br>d\u2019IFF devraient pouvoir changer de pr\u00eateur<br>sans \u00eatre limit\u00e9s par l\u2019application de la<br>simulation de crise, s\u2019ils trouvaient un taux<br>d\u2019int\u00e9r\u00eat plus favorable chez une autre IFF.<br>L\u2019application de la simulation de crise aux<br>emprunteurs qui souhaitent changer de<br>pr\u00eateur lors du renouvellement pourrait se<br>traduire par un taux d\u2019int\u00e9r\u00eat plus \u00e9lev\u00e9 pour<br>le consommateur \u00e0 son IFF actuelle, d\u2019o\u00f9<br>des paiements d\u2019int\u00e9r\u00eat encore plus \u00e9lev\u00e9s<br>qu\u2019\u00e0 une autre IFF et que l\u2019offre du march\u00e9.<br>Alors que de nombreux Canadiens doivent<br>composer avec des co\u00fbts plus \u00e9lev\u00e9s dans<br>pratiquement tous les aspects de leur vie<br>quotidienne, un taux d\u2019int\u00e9r\u00eat concurrentiel<br>peut avoir une incidence consid\u00e9rable sur les<br>liquidit\u00e9s des consommateurs.<br>Que ce soit \u00e0 la fin du premier terme<br>de l\u2019hypoth\u00e8que ou de plusieurs termes<br>plus tard, les emprunteurs hypoth\u00e9caires<br>qui souhaitent renouveler leur pr\u00eat<br>hypoth\u00e9caire aupr\u00e8s d\u2019une IFF ont d\u00e9j\u00e0<br>satisfait aux obligations du terme initial et<br>ont prouv\u00e9 leur capacit\u00e9 de rembourser<br>leur pr\u00eat. Ces gens ont prouv\u00e9 qu\u2019ils sont<br>des emprunteurs responsables, n\u2019ont<br>pas accumul\u00e9 de dettes suppl\u00e9mentaires<br>sur leurs pr\u00eats hypoth\u00e9caires et ont g\u00e9r\u00e9<br>prudemment leurs obligations financi\u00e8res.<br>De plus, le transfert d\u2019une hypoth\u00e8que<br>d\u2019une IFF \u00e0 une autre n\u2019ajoute aucun risque<br>financier pour les IFF puisque le pr\u00eateur<br>initial renouvellerait l\u2019hypoth\u00e8que dans la<br>grande majorit\u00e9 des cas, sinon la totalit\u00e9. Cela<br>n\u2019aurait aucun effet sur la stabilit\u00e9 des IFF.<br>On pourrait appliquer certains<br>param\u00e8tres, comme la limitation de la<br>capacit\u00e9 de l\u2019emprunteur de se refinancer au<br>moment du renouvellement ou de l\u2019obtention<br>d\u2019une marge de cr\u00e9dit hypoth\u00e9caire, ou<br>de la v\u00e9rification de l\u2019augmentation du<br>montant du pr\u00eat par l\u2019emprunteur pendant<br>la dur\u00e9e de l\u2019hypoth\u00e8que. En outre, on<br>pourrait \u00e9tablir un ratio pr\u00eat-valeur pour<br>d\u00e9terminer si la simulation de crise devrait<br>encore s\u2019appliquer. En cas de transfert d\u2019une<br>IFF \u00e0 une autre, la nouvelle IFF pourrait<br>obtenir une \u00e9valuation professionnelle pour<br>d\u00e9terminer le ratio pr\u00eat-valeur actuel. Enfin,<br>l\u2019application de la simulation de crise peut<br>continuer d\u2019\u00eatre exig\u00e9e si le consommateur<br>cherche \u00e0 renouveler un pr\u00eat hypoth\u00e9caire<br>d\u2019une institution financi\u00e8re non f\u00e9d\u00e9rale \u00e0<br>une institution financi\u00e8re f\u00e9d\u00e9rale.<br>Nous recommandons donc que les<br>renouvellements hypoth\u00e9caires soient<br>dispens\u00e9s de la simulation de crise afin<br>que les Canadiens puissent obtenir le taux<br>le plus concurrentiel possible dans les<br>institutions financi\u00e8res sous r\u00e9glementation<br>f\u00e9d\u00e9rale. Nous croyons que ce changement<br>d\u2019orientation cadre bien avec l\u2019esprit et les<br>objectifs de la Ligne directrice B-20, car il<br>n\u2019imposerait pas de risques suppl\u00e9mentaires<br>\u00e0 la solvabilit\u00e9 des IFF. Cela d\u00e9montrerait<br>aussi que l\u2019organisme de r\u00e9glementation<br>apporte des modifications en fonction des<br>r\u00e9alit\u00e9s du march\u00e9.<br>S\u2019attaquer aux probl\u00e8mes de logement<br>en mettant l\u2019accent sur les initiatives en<br>mati\u00e8re de logement et d\u2019offre<br>Il va sans dire que le besoin, l\u2019accessibilit\u00e9<br>et la disponibilit\u00e9 de logements constituent<br>des probl\u00e8mes et des d\u00e9fis majeurs pour<br>les gouvernements \u00e0 l\u2019\u00e9chelle du Canada.<br>Ces derni\u00e8res ann\u00e9es, les gouvernements<br>ont mis davantage l\u2019accent sur l\u2019offre, plut\u00f4t<br>que de constamment chercher \u00e0 modifier<br>les politiques relatives \u00e0 la demande.<br>L\u2019ICE salue le lancement r\u00e9cent par<br>le gouvernement f\u00e9d\u00e9ral du Fonds pour<br>acc\u00e9l\u00e9rer la construction de logements,<br>qui contribuera \u00e0 rem\u00e9dier \u00e0 la p\u00e9nurie de<br>logements. Toutefois, il faut en faire plus d\u00e8s<br>que possible pour encourager les nouvelles<br>mises en chantier. Des politiques cibl\u00e9es qui<br>contribuent \u00e0 augmenter l\u2019offre de logements<br>au Canada sont n\u00e9cessaires pour r\u00e9soudre le<br>probl\u00e8me de l\u2019abordabilit\u00e9 du logement, une<br>pr\u00e9occupation constante pour les Canadiens.<br>Bien que le march\u00e9 du logement ait connu de<br>modestes baisses de prix dues \u00e0 la hausse<br>des taux d\u2019int\u00e9r\u00eat, la p\u00e9nurie de logements<br>persiste et s\u2019intensifiera, \u00e0 mesure que<br>l\u2019immigration continue d\u2019augmenter et que<br>le taux de ch\u00f4mage et le stock de logements<br>restent faibles. Ces facteurs forcent le prix des<br>logements \u00e0 demeurer \u00e9lev\u00e9s et nuisent \u00e0 la<br>capacit\u00e9 des ajustements des taux d\u2019int\u00e9r\u00eat de<br>la Banque du Canada de r\u00e9duire l\u2019inflation.<br>L\u2019ICE estime qu\u2019il faut envisager une<br>approche globale de l\u2019offre, dans laquelle<br>l\u2019industrie et les autorit\u00e9s municipales,<br>provinciales et f\u00e9d\u00e9rales collaborent en<br>vue de tenter de r\u00e9soudre le probl\u00e8me<br>du manque de stocks et de favoriser<br>l\u2019abordabilit\u00e9 des logements.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 45<br>D\u00c9FENSE DES INT\u00c9R\u00caTS<br>De nombreux facteurs entravent<br>les mises en chantier, la construction<br>et l\u2019ach\u00e8vement des logements. Bon<br>nombre d\u2019entre eux sont attribuables aux<br>retards dans le processus d\u2019approbation<br>(permis, inspections, etc.), au manque<br>de main-d\u2019oeuvre form\u00e9e et qualifi\u00e9e,<br>au nombrilisme, ainsi qu\u2019aux exigences<br>restrictives ou inappropri\u00e9es en mati\u00e8re<br>de zonage. Par exemple, il faudrait r\u00e9duire<br>les retards dans l\u2019obtention de permis<br>en cr\u00e9ant un programme de formation<br>sur l\u2019utilisation de permis \u00e9lectroniques.<br>Le retard dans l\u2019obtention de permis est<br>un probl\u00e8me bien connu au Canada. Par<br>exemple, \u00e0 Toronto, un promoteur doit<br>attendre 249 jours, alors que, \u00e0 Singapour,<br>cela prend juste 36 jours et, au Danemark<br>et en Finlande, seulement 65 jours.2 En<br>finan\u00e7ant la formation des personnes qui<br>travaillent actuellement dans le syst\u00e8me<br>de d\u00e9livrance des permis sur papier, tant au<br>sein du gouvernement que de l\u2019industrie,<br>le gouvernement f\u00e9d\u00e9ral peut r\u00e9duire les<br>retards qui entravent la construction de<br>nouveaux logements au Canada.<br>M\u00eame si les mises en chantier en juin<br>2023 ont augment\u00e9 de 2,3 % par rapport \u00e0<br>mai 2023, ce qui correspond \u00e0 la moyenne<br>mobile de six mois du nombre mensuel<br>d\u00e9saisonnalis\u00e9 et annualis\u00e9 de mises en<br>chantier d\u2019habitations \u00e0 l\u2019\u00e9chelle du Canada,<br>le cumul annuel des mises en chantier<br>d\u2019habitations au premier semestre de 2023 a<br>\u00e9t\u00e9 inf\u00e9rieur de 8 % \u00e0 ce qu\u2019il \u00e9tait \u00e0 la m\u00eame<br>p\u00e9riode en 2022.3 Le gouvernement f\u00e9d\u00e9ral<br>devrait se concentrer davantage sur l\u2019offre<br>dans tous les aspects de la construction<br>de logements, notamment en am\u00e9liorant<br>la formation et la disponibilit\u00e9 d\u2019ouvriers<br>qualifi\u00e9s et d\u2019autres professionnels de la<br>construction, ainsi que l\u2019accessibilit\u00e9 et le<br>prix des mat\u00e9riaux de construction.<br>Pour rem\u00e9dier \u00e0 la p\u00e9nurie de logements,<br>il faut des gens pour les construire. Alors que<br>le secteur de la construction devrait perdre<br>20 % de sa population active de 2022 en raison<br>des d\u00e9parts \u00e0 la retraite,4 le gouvernement<br>f\u00e9d\u00e9ral devrait donner la priorit\u00e9 aux<br>investissements dans les programmes de<br>formation et les strat\u00e9gies de recrutement<br>qui permettent aux gens d\u2019acqu\u00e9rir les<br>comp\u00e9tences n\u00e9cessaires aux diff\u00e9rents<br>m\u00e9tiers de la construction, en collaboration<br>avec les syndicats, les \u00e9tablissements<br>d\u2019enseignement et les associations<br>sectorielles. Il y a une belle occasion d\u2019offrir<br>cette formation et ce parcours professionnel<br>aux centaines de milliers d\u2019immigrants qui<br>choisiront le Canada comme nouvelle patrie<br>au cours des prochaines ann\u00e9es.<br>En ce qui concerne l\u2019abordabilit\u00e9 de la<br>construction des logements, l\u2019indice des prix<br>de la construction r\u00e9sidentielle (IPCR) au<br>Canada a atteint des niveaux records \u2013<br>en hausse de 51 % depuis le d\u00e9but de la<br>pand\u00e9mie \u2013 \u00e0 cause de l\u2019augmentation des<br>co\u00fbts des mat\u00e9riaux de construction tels<br>que le b\u00e9ton, l\u2019acier et le bois d\u2019oeuvre.5<br>Pour stimuler l\u2019offre de logements, il est<br>essentiel que les constructeurs aient acc\u00e8s<br>\u00e0 des mat\u00e9riaux de construction abordables<br>et de qualit\u00e9. Le gouvernement f\u00e9d\u00e9ral<br>devrait travailler avec tous les ordres de<br>gouvernement pour mettre en oeuvre des<br>initiatives qui r\u00e9duiraient le co\u00fbt des mat\u00e9riaux<br>de construction. Il pourrait, entre autres,<br>r\u00e9duire les droits de douane, les taxes et les<br>droits \u00e0 l\u2019importation sur les mat\u00e9riaux de<br>construction essentiels ou augmenter les<br>investissements dans la fabrication locale de<br>mat\u00e9riaux de construction par l\u2019entremise de<br>subventions ou d\u2019incitations fiscales, y compris<br>en \u00e9vitant et en \u00e9liminant tous les co\u00fbts<br>intraprovinciaux actuellement appliqu\u00e9s.<br>Continuer \u00e0 appliquer des lignes<br>directrices de souscription prudentes<br>Un \u00e9l\u00e9ment fondamental d\u2019un march\u00e9<br>immobilier sain et \u00e9quilibr\u00e9 est l\u2019acc\u00e8s,<br>en temps utile, \u00e0 des \u00e9valuations fiables<br>des biens immobiliers. Les \u00e9valuateurs<br>professionnels de l\u2019ICE jouent un r\u00f4le<br>essentiel en fournissant des avis de valeur<br>ind\u00e9pendants, \u00e9mis par des tiers, afin de<br>stabiliser et de s\u00e9curiser le march\u00e9, ainsi que<br>de prot\u00e9ger les Canadiens, tout en soutenant<br>le march\u00e9 immobilier en apportant leur<br>expertise et leurs connaissances au secteur<br>des pr\u00eats et en fournissant des conseils<br>d\u2019\u00e9valuation judicieux aux consommateurs et<br>aux principales parties prenantes.<br>Les lignes directrices B-20 (Pratiques<br>et proc\u00e9dures de souscription de pr\u00eats<br>hypoth\u00e9caires r\u00e9sidentiels), sous l\u2019autorit\u00e9<br>du BSIF, comprennent des dispositions<br>permettant aux IFF d\u2019obtenir un nombre<br>appropri\u00e9 d\u2019inspections sur place et<br>d\u2019\u00e9valuations ind\u00e9pendantes afin de v\u00e9rifier<br>la valeur des garanties utilis\u00e9es au cours<br>du processus de souscription des pr\u00eats<br>hypoth\u00e9caires. Comme toujours, il est<br>important de conna\u00eetre et de comprendre la<br>valeur de la garantie pour att\u00e9nuer le risque<br>lorsque le ratio pr\u00eat-valeur est \u00e9lev\u00e9, lorsque<br>les march\u00e9s fluctuent, comme c\u2019est le cas<br>actuellement, ou lorsque la solvabilit\u00e9 de<br>l\u2019emprunteur peut \u00eatre mise en doute.<br>Dans la situation \u00e9conomique actuelle<br>du Canada, il est tout aussi important,<br>voire plus important que jamais, de<br>continuer \u00e0 appliquer des lignes directrices<br>prudentes en mati\u00e8re de souscription,<br>qui comprennent des bases d\u2019\u00e9valuation<br>solides. De nombreux pr\u00eats hypoth\u00e9caires<br>d\u00e9passent aujourd\u2019hui le seuil de 100 % du<br>ratio pr\u00eat-valeur. Des crit\u00e8res d\u2019\u00e9valuation<br>appropri\u00e9s pourraient att\u00e9nuer ces risques<br>\u00e9lev\u00e9s en donnant une opinion pr\u00e9cise et en<br>temps r\u00e9el de la valeur.<br>Bien que de nombreux acteurs du march\u00e9<br>cherchent \u00e0 acc\u00e9l\u00e9rer les transactions, en fin<br>de compte, la diligence raisonnable offerte<br>par un \u00e9valuateur professionnel ind\u00e9pendant<br>et tiers garantit que les d\u00e9cideurs disposent<br>d\u2019un rapport d\u2019\u00e9valuation fiable fournissant<br>un avis de valeur bien \u00e9tay\u00e9.<br>Exiger des IFF qu\u2019elles fassent preuve<br>d\u2019une diligence raisonnable en demandant<br>des rapports d\u2019\u00e9valuation fond\u00e9s sur des<br>inspections sur place et en personne<br>effectu\u00e9es par des \u00e9valuateurs qualifi\u00e9s est<br>une pratique saine. Elle permet aux pr\u00eateurs<br>de confirmer l\u2019\u00e9valuation actuelle de la<br>garantie lorsqu\u2019ils traitent une demande<br>de pr\u00eat hypoth\u00e9caire et donne l\u2019assurance<br>qu\u2019ils le font sur la base d\u2019une \u00e9valuation<br>effectu\u00e9e de mani\u00e8re \u00e9quitable et objective.<br>En r\u00e9sum\u00e9, nous recommandons au<br>gouvernement du Canada de continuer \u00e0<br>rendre obligatoire, \u00e0 renforcer et \u00e0 appliquer<br>des principes fondamentaux d\u2019\u00e9valuation<br>solides au sein des IFF.<br>Canadian Property Valuation | \u00c9valuation 46 immobili\u00e8re au Canada Return to CONTENTS<br>EQUITY, DIVERSITY AND INCLUSION (EDI)<br>Organizations are making Equity, Diversity, and<br>Inclusion (EDI) a priority by investing in their most<br>important resource: their workforce. After many<br>organizations have spent decades on this focus,<br>it\u2019s now evident that it\u2019s not a buzzword or fad. It\u2019s a reality that our<br>workforces, stakeholders, and professions are diverse. It\u2019s how we<br>use this diversity to strengthen our practice and the profession that<br>makes the difference.<br>Many professional associations are investing in this priority<br>to ensure that their respective professions are fueled by the best<br>of current and future talent and to support the diverse needs of<br>Canadians seeking services from their members. EDI connects all<br>aspects of the appraisal profession, including reporting, leadership,<br>policy development, and communications. As a result, it can create a<br>sense of safety and belonging with your colleagues and clients.<br>Equity, diversity,<br>and inclusion (EDI):<br>Why the hype?<br>BY SHAFANA MITHA, CCIP, MBA, CPA-CMA<br>Principal, aKollage Consulting Inc.<br>Excluded<br>Workplaces:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Demotivated<\/li>\n\n\n\n<li>Complaints<\/li>\n\n\n\n<li>Unempowered<\/li>\n\n\n\n<li>Feel like doing less<br>than expected<\/li>\n\n\n\n<li>Want to put<br>in less effort<\/li>\n\n\n\n<li>Time goes<br>by slowly<br>VS Inclusive Workplace<br>Increased<br>employee<br>engagement<br>Retains and<br>motivates staff Reduces cost<br>associated with<br>recruitment<br>Improves<br>employer brand<br>and reputation<br>Accelerates<br>on the job<br>performance<br>and productivity<br>Promotes<br>creativity and<br>innovation<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 47<br>Why is EDI an important focus?<br>As Canadians, we know that diversity is our reality. We know that<br>there is more we want and need to know to better understand the<br>lived experiences of our fellow Canadians and, in the professional<br>setting, your clients. In turn, the more able you are to provide<br>supports that are inclusive of their diverse needs.<br>EDI work is also an opportunity to better understand how<br>the appraisal profession can continue to strengthen the services<br>that Professional Appraisers (P. App.) offer in the Canadian real<br>estate market.<br>Appraisers know the importance of data in monitoring the<br>trends in a given real estate market, and EDI is no different.<br>Within each EDI journey, one needs to measure and analyze data.<br>Well-designed indicators can demonstrate whether or not an<br>organization is representative of society, but also whether or not<br>it has the right tools to help its members succeed and excel in a<br>changing professional landscape.<br>Furthermore, attracting diverse lived experiences to a<br>profession brings new best practices to the table for everyone.<br>This means engaging with individuals from a broad range of<br>professional experiences, including those who have been trained<br>abroad or young people entering the profession right out of postsecondary.<br>Each person can bring a unique perspective to the<br>profession that continues to challenge the status quo and bring<br>innovation, collaboration, and whole new ways of thinking.<br>As employers or leaders in an organization, understanding<br>how to maintain an inclusive workplace where each individual<br>feels that they belong and that their unique perspectives and lived<br>experiences are valued creates an environment where employees<br>are empowered to be their best selves. This can result in far less<br>turnover and more productivity in your team, as your employees<br>become highly engaged and vested in their work.<br>At the end of the day, focusing on EDI helps your bottom line.<br>EDI efforts can result in cost savings in human resource costs, as well<br>as add productivity and innovation to your workplace that can increase<br>profitability. EDI is not just great sense, but great dollars and cents.<br>Where can we go from here?<br>As a membership body, the AIC is enhancing its leadership in<br>EDI by creating more education and development opportunities,<br>benchmarking progress, removing unintended barriers in its<br>policies and processes, and continuing to enhance its practices in<br>attracting diverse Members and volunteers.<br>Join us on this exciting journey. Bring your diverse voices<br>to the table \u2013 whether it\u2019s participating in networking events,<br>by volunteering your time and knowledge, being a mentor, or<br>promoting the profession in diverse spaces.<br>Bring EDI to your own workplace. Invest in learning more about<br>EDI, look to incorporate more inclusive language into your reporting<br>and communications, assess your organizational policies and<br>processes using an EDI lens, discuss with your clients what their<br>diverse needs are, and create partnerships to make your workplace<br>safer and more inclusive for all.<br>Last but not least, share your knowledge, experiences, and<br>expertise so that the AIC can continue to incorporate your lived<br>experience in its work and strive for excellence in the appraisal<br>profession for all.<br>Looking for a career<br>with purpose?<br>Share your expertise and appraise some of<br>Canada\u2019s most progressive agricultural, commercial<br>and industrial assets.<br>Sound interesting? Reach out to Hugues Laverdure,<br>FCC Senior Director, at hugues.laverdure@fcc.ca.<br>Vous voulez donner<br>un \u00e9lan \u00e0 votre carri\u00e8re?<br>Mettez votre expertise \u00e0 profit et \u00e9valuez certains<br>des actifs agricoles, commerciaux et industriels<br>les plus modernes au Canada.<br>\u00c7a vous int\u00e9resse?<br>Communiquez avec Hugues Laverdure,<br>premier directeur \u00e0 FAC, par courriel \u00e0 l\u2019adresse<br>hugues.laverdure@fac.ca.<br>The approach of Verity Claims Management<br>to every claim will be to provide \u201cFundamental<br>True Value.\u201d Our claims handling services are<br>grounded in the following principles:<\/li>\n\n\n\n<li>Client-focused service<\/li>\n\n\n\n<li>Collaboration with other service providers<\/li>\n\n\n\n<li>Careful and thorough analysis and investigation<\/li>\n\n\n\n<li>Prompt and clear reporting to clients<br>1860 Appleby Line-Suite 420, Burlington, ON L7L 7H7<br>KatjaK@verityclaims.ca | 647-884-5065<br>9776478 Canada Inc.<br>A properly handled claim can make<br>a large difference in the outcome of the claim<br>Canadian Property Valuation | \u00c9valuation 48 immobili\u00e8re au Canada Return to CONTENTS<br>\u00c9QUIT\u00c9, DIVERSIT\u00c9 ET INCLUSION (EDI)<br>Les organisations font de l\u2019\u00e9quit\u00e9, de la diversit\u00e9 et de<br>l\u2019inclusion (EDI) une priorit\u00e9 en investissant dans leur<br>ressource la plus importante : leur personnel. Apr\u00e8s<br>que de nombreuses organisations ont consacr\u00e9 des<br>d\u00e9cennies \u00e0 cette question, il est d\u00e9sormais \u00e9vident qu\u2019il ne s\u2019agit<br>pas d\u2019un mot \u00e0 la mode ou d\u2019un feu de paille. C\u2019est une r\u00e9alit\u00e9 : nos<br>effectifs, nos parties prenantes et nos professions sont diversifi\u00e9s.<br>Ce qui fait une diff\u00e9rence, c\u2019est la fa\u00e7on dont nous utilisons cette<br>diversit\u00e9 pour renforcer notre pratique et la profession.<br>De nombreuses associations professionnelles investissent<br>dans cette priorit\u00e9 pour s\u2019assurer que leurs professions respectives<br>sont aliment\u00e9es par les meilleurs talents actuels et futurs et pour<br>soutenir les divers besoins des Canadiens qui recherchent des<br>services aupr\u00e8s de leurs membres. L\u2019EDI relie tous les aspects de<br>la profession d\u2019\u00e9valuateur, y compris les rapports, le leadership,<br>\u00c9quit\u00e9, diversit\u00e9<br>et inclusion (EDI) :<br>Pourquoi toute<br>cette m\u00e9diatisation?<br>BY SHAFANA MITHA, CCIP, MBA, CPA-CMA<br>Principal, aKollage Consulting Inc.<br>Lieux de<br>travail exclus :<\/li>\n\n\n\n<li>D\u00e9motiv\u00e9s<\/li>\n\n\n\n<li>Plaintes<\/li>\n\n\n\n<li>D\u00e9munis<\/li>\n\n\n\n<li>Envie d&rsquo;en faire<br>moins qu\u2019attendu<\/li>\n\n\n\n<li>D\u00e9sir de faire<br>moins d&rsquo;efforts<\/li>\n\n\n\n<li>Le temps passe<br>lentement<br>VS Lieu de travail inclusif<br>Augmentation<br>de l&rsquo;engagement<br>des employ\u00e9s<br>Conserve et<br>motive<br>le personnel<br>R\u00e9duit les<br>co\u00fbts li\u00e9s au<br>recrutement<br>Am\u00e9liore<br>la marque et<br>la r\u00e9putation de<br>l&#8217;employeur<br>Acc\u00e9l\u00e8re<br>performance<br>et productivit\u00e9<br>au travail<br>Favorise<br>la cr\u00e9ativit\u00e9 et<br>l&rsquo;innovation<br>l\u2019\u00e9laboration des politiques et les communications, et peut ainsi<br>cr\u00e9er un sentiment de s\u00e9curit\u00e9 et d\u2019appartenance aupr\u00e8s de vos<br>coll\u00e8gues et de vos clients.<br>Pourquoi l\u2019EDI est-il un sujet important?<br>En tant que Canadiens, nous savons que la diversit\u00e9 est notre<br>r\u00e9alit\u00e9. Nous savons que nous voulons et devons en savoir plus pour<br>mieux comprendre les exp\u00e9riences v\u00e9cues par nos concitoyens et,<br>dans le cadre professionnel, par nos clients. En retour, vous serez<br>plus \u00e0 m\u00eame de fournir des aides qui tiennent compte de la diversit\u00e9<br>de leurs besoins.<br>Le travail sur l\u2019EDI est \u00e9galement l\u2019occasion de mieux<br>comprendre comment la profession d\u2019\u00e9valuateur peut continuer \u00e0<br>renforcer les services que les \u00c9valuateurs Professionnels (P. App.)<br>offrent sur le march\u00e9 immobilier canadien.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 49<br>\u00c9QUIT\u00c9, DIVERSIT\u00c9 ET INCLUSION (EDI)<br>Les \u00e9valuateurs connaissent l\u2019importance des donn\u00e9es pour<br>suivre les tendances d\u2019un march\u00e9 immobilier donn\u00e9, et l\u2019EDI<br>n\u2019est pas diff\u00e9rent. Dans le cadre de chaque parcours EDI, il est<br>n\u00e9cessaire de mesurer et d\u2019analyser les donn\u00e9es. Des indicateurs<br>bien con\u00e7us peuvent montrer si une organisation est repr\u00e9sentative<br>de la soci\u00e9t\u00e9, mais aussi si elle dispose des bons outils pour aider<br>ses membres \u00e0 r\u00e9ussir et \u00e0 exceller dans un paysage professionnel<br>en mutation.<br>En outre, le fait d\u2019attirer des exp\u00e9riences v\u00e9cues diverses dans<br>une profession apporte de nouvelles bonnes pratiques pour tout le<br>monde. Cela signifie qu\u2019il faut s\u2019engager avec des personnes ayant un<br>large \u00e9ventail d\u2019exp\u00e9riences professionnelles, y compris celles qui ont<br>\u00e9t\u00e9 form\u00e9es \u00e0 l\u2019\u00e9tranger ou les jeunes qui entrent dans la profession<br>d\u00e8s la fin de leurs \u00e9tudes postsecondaires. Chaque personne peut<br>apporter une perspective unique \u00e0 la profession qui continue de<br>remettre en question le statu quo et d\u2019apporter l\u2019innovation, la<br>collaboration et de toutes nouvelles fa\u00e7ons de penser.<br>En tant qu\u2019employeurs ou dirigeants d\u2019une organisation,<br>comprendre comment maintenir un lieu de travail inclusif o\u00f9<br>chaque individu se sent \u00e0 sa place et o\u00f9 ses perspectives uniques<br>et ses exp\u00e9riences v\u00e9cues sont valoris\u00e9es cr\u00e9e un environnement<br>o\u00f9 les employ\u00e9s sont habilit\u00e9s \u00e0 donner le meilleur d\u2019eux-m\u00eames.<br>Cela peut se traduire par une diminution du taux de rotation et une<br>augmentation de la productivit\u00e9 au sein de votre \u00e9quipe, car vos<br>employ\u00e9s s\u2019engagent et s\u2019investissent dans leur travail.<br>En fin de compte, le fait de se concentrer sur l\u2019EDI contribue \u00e0<br>votre r\u00e9sultat net. Les efforts en mati\u00e8re d\u2019EDI peuvent se traduire<br>par des \u00e9conomies sur les co\u00fbts des ressources humaines, ainsi<br>que par une augmentation de la productivit\u00e9 et de l\u2019innovation sur<br>le lieu de travail, ce qui peut accro\u00eetre la rentabilit\u00e9. L\u2019EDI n\u2019est pas<br>seulement une question de bon sens, c\u2019est aussi une question de<br>dollars et de centimes!<br>Que pouvons-nous faire \u00e0 pr\u00e9sent?<br>En tant qu\u2019association de membres, l\u2019ICE renforce son leadership<br>en mati\u00e8re d\u2019EDI en cr\u00e9ant davantage d\u2019opportunit\u00e9s de formation<br>et de d\u00e9veloppement, en \u00e9valuant les progr\u00e8s, en supprimant les<br>obstacles involontaires dans ses politiques et processus, et en<br>continuant \u00e0 am\u00e9liorer ses pratiques pour attirer des membres et<br>des b\u00e9n\u00e9voles diversifi\u00e9s.<br>Rejoignez-nous dans cette aventure passionnante!<br>Apportez vos voix diverses \u00e0 la table &#8211; que ce soit en participant<br>\u00e0 des \u00e9v\u00e9nements de r\u00e9seautage, en offrant votre temps et vos<br>connaissances, en devenant un mentor ou en promouvant la<br>profession dans des espaces diversifi\u00e9s.<br>Apportez l\u2019EDI sur votre propre lieu de travail ! Investissez<br>dans l\u2019apprentissage de l\u2019EDI, cherchez \u00e0 int\u00e9grer un langage plus<br>inclusif dans vos rapports et vos communications, \u00e9valuez vos<br>politiques et processus organisationnels \u00e0 l\u2019aune de l\u2019EDI, discutez<br>avec vos clients de la diversit\u00e9 de leurs besoins et cr\u00e9ez des<br>partenariats pour rendre votre lieu de travail plus s\u00fbr et plus inclusif<br>pour tous et toutes.<br>Enfin et surtout, partagez vos connaissances, vos exp\u00e9riences<br>et votre expertise afin que l\u2019ICE puisse continuer \u00e0 int\u00e9grer votre<br>exp\u00e9rience v\u00e9cue dans son travail et \u00e0 viser l\u2019excellence dans la<br>profession d\u2019\u00e9valuateur pour tous et toutes.<\/li>\n<\/ul>\n\n\n\n<p>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 51<br>THE FUTURE IS BRIGHT<br>Julie Dub\u00e9,<br>P. App., AACI, \u00c9.A.<br>You were recently nominated for the Tyler Beatty Award<br>for being a top appraiser under the age of 40. Can you<br>describe what it means to you to be nominated for such a<br>prestigious award?<br>It is a great recognition to highlight my professional career,<br>though it is still in its early stages. Seeing that my efforts and<br>accomplishments are recognized motivates me to continue on<br>this path and to become an example for younger professionals.<br>Completing the exercise of presenting my candidacy has also been<br>a great opportunity to have a retrospective view on my career and<br>reflect on my achievements.<br>What is your educational background?<br>I completed a bachelor\u2019s degree in Business Administration at Laval<br>University in 2008. I then obtained my CRA designation in 2009 and<br>my AACI in 2018. In between, I completed an MBA at HEC Montr\u00e9al<br>from 2017 to 2019.<br>You first worked with your father in the appraisal field,<br>subsequently with the Altus Group, and now Ivanho\u00e9<br>Cambridge. How did those moves come about, and what does<br>your current position entail?<br>I started my position in 2008 in my hometown, Montmagny, Qu\u00e9bec,<br>where I worked with my father for four years. I then got a call to work<br>for the Altus Group and returned to Qu\u00e9bec City in 2012. In 2014,<br>I moved to the Montr\u00e9al office where I did appraisals for seniors\u2019<br>residences and shopping centres and began to have national-level<br>mandates. In 2018, I joined the asset valuation team at Ivanho\u00e9<br>Cambridge, where I am still working to this day. Our team\u2019s role is<br>to manage the valuation process for the update of the company\u2019s<br>financial statements. In this position, we are required to collaborate<br>with appraisers located all over the world, which is a rewarding<br>experience as a professional.<br>What made you decide to become an appraiser?<br>When I was completing my bachelor\u2019s degree at Laval University,<br>I had to choose a specialty. I hesitated between finance and real<br>estate because I had a strong preference for both fields. I eventually<br>leaned into real estate since I was more familiar with it \u2013 my father<br>himself was a designated appraiser. Real estate is an interesting<br>profession for me because it is often complemented by several<br>other fields such as law, engineering, and finance. Even though I<br>majored in real estate at school, my current job combines both real<br>estate and finance, so it is the best of both worlds.<br>You earned your AACI designation in 2018 while completing<br>your MBA. Can you tell us about that process and any<br>challenges you faced?<br>It was a busy time. I was working full-time and going to school part-time,<br>which required about 15 to 25 hours per week of studies. Since time<br>was a limited resource, I had to prioritize, manage imbalances, and<br>accept that not everything would be perfect. It is at times like this that<br>the effort-impact concept helps decide what needs to be prioritized.<br>You recently became President-Elect of the Montr\u00e9al Chapter<br>of the CREW Network. What is that organization all about<br>and why did you become involved with it?<br>CREW M is part of the CREW Network. Created in 1989, it is the first<br>network in the industry dedicated to promoting and supporting the<br>success of women in commercial real estate. The 12,000 members<br>represent almost every discipline in the commercial real estate<br>industry and meet in 78 chapters covering major North American<br>markets, including seven chapters in Canada. The Montr\u00e9al-Qu\u00e9bec<br>Chapter (Crew M) includes over 200 members and celebrated its<br>20-year anniversary in 2023. The organization\u2019s challenge is to<br>contribute to the emergence of a business model based on diversity<br>and to value the influence of women in the industry.<br>Canadian Property Valuation | \u00c9valuation 52 immobili\u00e8re au Canada Return to CONTENTS<br>THE FUTURE IS BRIGHT<br>I joined CREW M in 2015 and immediately felt the benefits in<br>my career, professional development, and networking. This is an<br>organization that is close to my heart because it has brought me<br>so much from a professional and personal point of view. It was<br>natural for me to give back to this organization that complements<br>my values.<br>What does it mean to you to be a leader in the promotion and<br>support of women in real estate?<br>The commercial real estate industry is male-dominated, and it is rare<br>to find women who have not experienced prejudice or discrimination<br>at work because of their gender. I am no exception, and that is why<br>I have equipped myself to carve out my place in my field through<br>mentorship, leadership training, and developing my network.<br>Reaching a position as prestigious as CREW M president at such a<br>young age (I will be the second president under the age of 40 in our 20<br>years of existence) gives me the conviction that my efforts bear fruit<br>and that the results of our efforts can live up to our ambitions. With<br>my appointment, I hope to inspire other young professionals to set<br>ambitious challenges for the achievement of their professional goals.<br>The AIC is very involved in and committed to promoting<br>equality, diversity, and inclusion in the profession. How<br>would you describe the current situation for women in the<br>profession and is it changing for the better?<br>It could be said that the status of women in real estate has improved<br>in recent years because the labour market, in general, is more<br>sensitive to the inclusion of women. For real estate, not only has<br>the number of women joining the profession increased, but more<br>importantly, they are reaching higher positions within the field.<br>That said, we are still moving at a slow pace to achieve parity for<br>executive positions, even though the female leadership model is<br>increasingly recognized in organizations. There also continues to<br>be male camaraderie in interpersonal relationships, which makes it<br>more difficult for women to develop their network of contacts.<br>I find the actions undertaken by the AIC for diversity, equity,<br>and inclusion in our field very relevant. We must encourage all<br>Members, regardless of gender, to recognize unconscious biases<br>and be allies for all sources of diversity.<br>How long have you been a Member of the AIC and can you<br>describe what that experience has been like so far?<br>I obtained my AACI designation in 2018 when the scope of my work<br>became national and was no longer limited to the province of Quebec.<br>I have held that designation now for five years, but I have been practicing<br>the profession for 15 years. Although, in my current job, I no longer have<br>to sign an appraisal deed, I find it important to keep the professional<br>designation because I am proud to represent the profession both in<br>company and with the appraisers I work with around the world.<br>Do you attend AIC events or participate as a volunteer with the<br>AIC in any capacity? If so, why do you feel that is important?<br>Having earned my designation while working part-time on my MBA,<br>it was difficult to allocate time for volunteering. Then there was the<br>COVID pandemic, and now I am very involved with CREW M. As a result,<br>I have not had the opportunity to participate in AIC events. I do feel it is<br>important and I would very much like to do so in the near future.<br>What advice would you give to someone looking to enter the<br>appraisal profession?<br>To become a good appraiser, you need to have a good<br>understanding of the market, keep up to date with trends, and<br>know how to investigate real estate transactions through time.<br>This can be difficult when you are just starting out, so I encourage<br>new appraisers to find rigorous mentors who can teach them<br>about the markets in which they work. It is also important for new<br>appraisers to take their time to get to know the issues in the sector,<br>the properties being appraised, and the market context. This may<br>take some extra time initially, but it soon becomes easier, and the<br>knowledge to be gained is worth the extra effort.<br>Finally, the real estate market is not the most transparent and<br>the circulation of information can be difficult from profession to<br>profession. That is why all appraisers should develop and nurture a<br>reliable network of other professionals, right from the beginning of<br>their career \u2026 you will reap the benefits over the years. If you are not<br>initially comfortable with networking, know that this is a skill you can<br>develop over time and there is training available in this area.<br>What career plans do you have going forward?<br>Where do you see yourself in five years?<br>Surprisingly, I don\u2019t like to have a specific plan, because I want<br>to give myself the flexibility to adapt my path according to the<br>opportunities that arise. What guides me towards the future is to<br>always invest myself as much as possible in my role and to continue<br>to evolve professionally. This does not necessarily mean changing<br>jobs, because you can very well evolve within the same position, or<br>outside of work, like I do through my involvement with CREW M. So,<br>standing still is not an option.<br>Do you have any personal goals that motivate you in your<br>career? What does success look like to you?<br>Management and strategy are both important to my career. I find<br>it interesting to be involved on the Board of Directors and, even<br>if it is not directly related to my work, I see it as a professional<br>accomplishment. The success of a career lies in achieving personal<br>balance, which includes professional achievements, but also the<br>maintenance of professional, personal, and family balance.<br>The balance of these three components leads to the satisfaction<br>of our achievements.<br>Outside of work-related activities, how do you enjoy<br>spending your free time?<br>I live in a neighbourhood of Montr\u00e9al where culture is very<br>important, so I like to participate in cultural activities and attend<br>plays, concerts, and comedy shows. I also devote myself to<br>painting, even if the result is somewhat amateurish. This artistic<br>side helps me develop my creativity and exploit another facet of my<br>personality that is not necessarily found in my professional life.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 53<br>THE FUTURE IS BRIGHT<br>Pardeep Punia,<br>P. App., CRA<br>You were recently nominated for the Tyler Beatty Award<br>for being a top appraiser under the age of 40. Can you<br>describe what it means to you to be nominated for such a<br>prestigious award?<br>Being nominated for the prestigious Tyler Beatty Award carries<br>immense importance for me, as it serves as a testament to my<br>professional accomplishments, mentorship contributions, and<br>volunteer efforts within the field of residential appraisal in Canada<br>since 2013. This recognition underscores my unwavering dedication<br>to excellence and my commitment to advancing the industry<br>through mentorship and community engagement.<br>Can you tell us about your educational background?<br>I hold two degrees: a Bachelor of Science and a Master of Biomedical<br>Sciences from Delhi University in India.<br>What is your current position<br>and what are your job responsibilities?<br>I have been actively engaged in the field of appraisal since 2013.<br>In 2018, I earned the P. App., CRA designation. Since obtaining this<br>designation, my professional focus has been primarily in Ontario,<br>where I specialize in serving the Greater Toronto Area (GTA) and<br>surrounding regions.<br>Currently, I am the proud owner of a boutique appraisal firm located<br>in Oakville. Our clientele includes Appraisal Management Companies<br>(AMCs), major Canadian banks, mortgage brokers, and private lenders.<br>Within my firm, I have established a dedicated team comprising both of<br>Candidate appraisers and proficient office managers.<br>In addition to overseeing the daily operations of my firm, I<br>also hold the crucial responsibility of reviewing and co-signing<br>appraisal reports submitted by our Candidates. This commitment<br>to quality assurance ensures that our clients consistently receive<br>accurate and reliable appraisals.<br>Furthermore, I am actively involved in volunteer activities<br>within the Appraisal Institute of Canada (AIC), both at the local and<br>national levels. My commitment to the profession extends beyond<br>my business endeavors, driven by my fervor for contributing to and<br>supporting the progress and enhancement of the appraisal sector.<br>Can you describe your career path and what made you decide<br>to become an appraiser?<br>After relocating to Canada, I embarked on a career journey with<br>an international restaurant franchise. In this role, I assumed<br>responsibility for overseeing franchise operations locally and then<br>across Western Canada. Subsequently, I transitioned to another<br>role within the same company where I spearheaded operation<br>compliance efforts and comprehensive business analyses for<br>individual franchises across the country. This role provided me with<br>the unique opportunity to travel extensively within Canada, which<br>taught me the nuances of franchise real estate in diverse Canadian<br>markets. This experience served as a catalyst for my interest in<br>appraisals and ignited my interest in real estate risk management.<br>Ultimately, these experiences led me to enroll in the courses to<br>begin my career in real estate appraisal.<br>You earned your CRA designation in 2018. What was that<br>process like and what challenges did it present?<br>I completed the Canadian Residential Appraiser (CRA)<br>course curriculum at UBC\u2019s Sauder School of Business. This<br>comprehensive program involved both coursework and a<br>professional applied experience program, which I completed under<br>the guidance of a mentor to attain the prestigious CRA designation.<br>For me, this process spanned a total of five years.<br>Throughout my academic journey at UBC, I experienced<br>exceptional support from my instructors, who provided clear and<br>insightful course instructions. While the weekly assignments<br>Canadian Property Valuation | \u00c9valuation 54 immobili\u00e8re au Canada Return to CONTENTS<br>and projects proved immensely beneficial, they also presented<br>a substantial challenge due to my concurrent commitments to<br>a full-time job and caring for a newborn. The completion of all<br>my coursework, assignments, and projects demanded personal<br>discipline, effective time management, and notably, unwavering<br>support from my family.<br>Since, 2018, you have mentored over 15 AIC Candidates and<br>reviewed more than 2,000 appraisal reports submitted by<br>them. Why did you choose to get involved in that capacity?<br>After I earned my designation, I decided to take on a mentoring\/<br>co-signer role. This decision was motivated by my desire to reciprocate<br>the support I received during my own CRA journey. To date, I have<br>mentored a diverse group of Candidates from various demographic,<br>personal, and professional backgrounds. While assisting Candidates\u2019<br>professional growth, I also benefited from a two-way learning process.<br>It is worth noting that the Candidates I have mentor play an integral role<br>within my team, actively contributing to the overall quality of our work<br>and the financial success of our business operations.<br>You have also been involved as a volunteer with AIC Ontario,<br>and more recently, became a member of the AIC Professional<br>Practice Committee and the Investigating Sub-committee,<br>which both operate at the national level. Can you describe<br>what that experience has been like?<br>I began my volunteer work with a Local Chapter in Ontario,<br>where my role involved organizing regular chapter meetings<br>and Continuous Professional Development (CPD) events. This<br>experience was personally fulfilling as it enabled me to establish<br>valuable connections with my fellow appraisers, as well as with<br>current and prospective clients. It has served as an excellent<br>platform for fostering collaboration, continuous learning,<br>and contributing to my professional development, while also<br>contributing to the progress of the appraisal community in Canada.<br>My membership on the AIC national Professional Practice<br>Committee and its Investigating Sub-committee has since provided<br>me firsthand exposure to the complaint resolution process and<br>emphasized for me the importance of adhering to the Canadian<br>Uniform Standards of Professional Appraisal Practice (CUSPAP).<br>This exposure has bolstered my confidence in the fairness and<br>integrity of the investigative procedures instituted by the AIC.<br>Moreover, actively participating in meaningful exchanges during<br>these volunteer gatherings has helped me stay well-informed about<br>the evolving challenges and demands of our industry. Considering the<br>advantages of volunteering, as outlined above, I highly recommend<br>that young appraisers consider volunteering with the AIC.<br>You lived in India before coming to Canada. When you arrived<br>in Canada, you lived in Manitoba, and now you\u2019re located in<br>Oakville, Ontario. Has the experience of living and working<br>in different countries and cities created any advantages or<br>disadvantages for you?<br>Advantages, absolutely! Relocating from a country with temperatures<br>exceeding +40\u00b0C to one with temperatures plummeting to -40\u00b0C was a<br>transformative experience for both me and my wife.<br>My background traces back to a farming family in a small Indian<br>village. I then moved to a city for my schooling and later to the capital<br>of India for my college and university education. Fifteen years ago,<br>my wife and I decided to move to Canada, where we were welcomed<br>with open arms and given the prospect of growing personally and<br>professionally. I then had the opportunity to travel extensively<br>throughout Canada, covering a wide range of regions and territories.<br>My appraisal journey started in Winnipeg, where I appraised<br>properties in both urban and rural areas of Manitoba. I covered<br>huge expanses of the province, exploring places I had never<br>imagined I would go. Subsequently, we made a move to Ontario,<br>which was different compared to Manitoba in many ways, including<br>its demographics, economy, and weather.<br>My experiences across Canada and in India have cultivated<br>resilience and perseverance within me, qualities that have proven<br>invaluable in effectively balancing the demands of my family and<br>my career. These attributes were also instrumental in successfully<br>completing my designation and now, continue to benefit me when<br>engaging with clients.<br>What advice would you give to someone looking to enter the<br>appraisal profession?<br>It requires a substantial investment of time and unwavering<br>dedication to become a successful appraiser.<br>What career plans do you have going forward? Where do you<br>see yourself in five years?<br>I am enthusiastic about collaborating with both emerging talent and<br>seasoned appraisers. I aspire to expand our team and the range of<br>appraisal services we offer in the future.<br>Do you have any personal goals that motivate you in your<br>career? What does success look like to you?<br>A commitment to continuous learning serves as my driving force,<br>propelling me to excel in both my personal and professional<br>endeavors. I define success as achieving financial stability,<br>maintaining a happy and healthy family, and earning a respected<br>reputation within the community.<br>Outside of your career demands, what do you enjoy doing in<br>your free time?<br>Outside my work, I enjoy playing volleyball and coaching my son\u2019s<br>flag football team. Additionally, I highly value my evening walks<br>with my wife, a cherished routine, even though she occasionally<br>playfully nudges me to partake in them.<br>THE FUTURE IS BRIGHT<\/p>\n\n\n\n<p>Canadian Property Valuation | \u00c9valuation 56 immobili\u00e8re au Canada Return to CONTENTS<br>Vous avez r\u00e9cemment \u00e9t\u00e9 mis en nomination pour le prix<br>Tyler Beatty pour avoir \u00e9t\u00e9 l\u2019une des meilleurs \u00e9valuateures<br>de moins de 40 ans. Pouvez-vous d\u00e9crire ce que cela signifie<br>pour vous d\u2019\u00eatre nomin\u00e9e pour un prix aussi prestigieux?<br>C\u2019est en effet une belle reconnaissance de vouloir souligner mon<br>parcours professionnel, bien que ma carri\u00e8re est encore jeune. Voir<br>que les efforts et les accomplissements sont reconnus me motivent \u00e0<br>continuer \u00e0 ce sens et \u00e0 devenir un exemple pour les plus jeunes dans<br>la profession. C\u2019est mon amie Ayda Chamcham impliqu\u00e9e \u00e0 l\u2019ICE qui<br>m\u2019a approch\u00e9 pour la soumission de ma candidature et je la remercie<br>pour cette attention. Faire l\u2019exercice de pr\u00e9senter sa candidature<br>est \u00e9galement une belle occasion d\u2019avoir une r\u00e9trospective sur son<br>parcours et constater les acquis.<br>Quelle est votre formation?<br>J\u2019ai fait un baccalaur\u00e9at en administration des affaires \u00e0 l\u2019Universit\u00e9<br>Laval, dont j\u2019ai \u00e9t\u00e9 dipl\u00f4m\u00e9e en 2008. J\u2019ai obtenu mon titre d\u2019\u00e9valuateur<br>agr\u00e9\u00e9 en 2009, puis celui de AACI en 2018. Entretemps, j\u2019ai fait un MBA<br>au HEC Montr\u00e9al de 2017 \u00e0 2019.<br>Vous avez d\u2019abord travaill\u00e9 avec votre p\u00e8re dans le domaine<br>de l\u2019\u00e9valuation, ensuite avec le Groupe Altus et maintenant<br>chez Ivanho\u00e9 Cambridge. Comment ces changements ont-ils<br>eu lieu et en quoi consiste votre poste actuel?<br>J\u2019ai commenc\u00e9 ma carri\u00e8re en 2008 dans ma ville natale, Montmagny, o\u00f9<br>j\u2019ai travaill\u00e9 avec mon p\u00e8re pendant quatre ans. \u00c0 un certain point, j\u2019ai eu<br>l\u2019appel de la ville. Je suis donc retourn\u00e9e \u00e0 Qu\u00e9bec en 2012 pour travailler<br>chez le Groupe Altus. En 2014, j\u2019ai d\u00e9m\u00e9nag\u00e9 au bureau de Montr\u00e9al o\u00f9 je<br>faisais l\u2019\u00e9valuation des r\u00e9sidences pour a\u00een\u00e9s et des centres commerciaux<br>et je me suis mise \u00e0 avoir des mandats \u00e0 l\u2019\u00e9chelle nationale. En 2018, j\u2019ai<br>rejoint l\u2019\u00e9quipe d\u2019\u00e9valuation des actifs chez Ivanho\u00e9 Cambridge, o\u00f9 je<br>suis encore en poste \u00e0 ce jour. Le r\u00f4le de notre \u00e9quipe consiste \u00e0 g\u00e9rer<br>le processus d\u2019\u00e9valuation des actifs en d\u00e9tention direct pour la mise \u00e0<br>jour des \u00e9tats financiers de l\u2019entreprise. Nous sommes donc amen\u00e9s \u00e0<br>collaborer avec des \u00e9valuateurs localis\u00e9s partout sur la plan\u00e8te, ce qui<br>est une exp\u00e9rience enrichissante en tant que professionnelle.<br>Pourquoi avez-vous d\u00e9cid\u00e9 de devenir \u00e9valuateur?<br>Lorsque je faisais mon baccalaur\u00e9at \u00e0 l\u2019universit\u00e9 Laval, je devais<br>choisir une sp\u00e9cialit\u00e9, j\u2019ai h\u00e9sit\u00e9 entre la finance et l\u2019immobilier car<br>j\u2019avais de forte pr\u00e9f\u00e9rence pour ces deux domaines. J\u2019ai finalement<br>pench\u00e9 vers l\u2019immobilier puisque j\u2019y \u00e9tait famili\u00e8re \u2013 mon p\u00e8re<br>\u00e9tant lui-m\u00eame \u00e9valuateur agr\u00e9\u00e9. L\u2019immobilier est une profession<br>int\u00e9ressante pour moi car il se compl\u00e9mente souvent \u00e0 plusieurs<br>autres domaines comme le droit, l\u2019ing\u00e9nierie et la finance.<br>Nonobstant le fait que je me suis sp\u00e9cialis\u00e9e en immobilier \u00e0 l\u2019\u00e9cole,<br>mon travail actuel combine autant l\u2019immobilier que la finance, c\u2019est<br>donc le meilleur des deux mondes !<br>Vous avez obtenu votre titre AACI en 2018 alors que vous<br>terminiez votre MBA. Pouvez-vous nous parler de ce<br>processus et des d\u00e9fis auxquels vous avez \u00e9t\u00e9 confront\u00e9?<br>C\u2019\u00e9tait en effet une p\u00e9riode o\u00f9 mon horaire \u00e9tait bien rempli. Je<br>travaillais \u00e0 temps plein et j\u2019allais \u00e0 l\u2019\u00e9cole \u00e0 temps partiel, ce qui ce<br>qui n\u00e9cessitait environ 15 \u00e0 25 heures d\u2019\u00e9tudes par semaine. Puisque<br>le temps \u00e9tait alors une ressource limit\u00e9e, il me fallait d\u00e9terminer<br>les priorit\u00e9s, g\u00e9rer les d\u00e9s\u00e9quilibres et accepter que tout ne serait<br>pas parfait. C\u2019est dans des moments comme celui-ci que le concept<br>Effort-Impact prend tout son sens pour d\u00e9finir ce qui est \u00e0 privil\u00e9gier.<br>Vous \u00eates r\u00e9cemment devenu Pr\u00e9sidente-\u00c9lue du chapitre<br>Montr\u00e9alais du r\u00e9seau CREW. Parlez-nous de cette<br>organisation et pourquoi vous y \u00eates-vous impliqu\u00e9?<br>CREW M fait partie du r\u00e9seau CREW Network cr\u00e9\u00e9 en 1989,<br>le premier r\u00e9seau de l\u2019industrie \u00e0 se consacrer \u00e0 la promotion et<br>au soutien du succ\u00e8s des femmes en immobilier commercial.<br>Les 12 000 membres repr\u00e9sentent presque toutes les disciplines<br>de l\u2019industrie de l\u2019immobilier commercial et se rencontrent dans<br>78 chapitres couvrant les grands march\u00e9s nord-am\u00e9ricains, dont<br>7 chapitres au Canada. Le chapitre de Montr\u00e9al-Qu\u00e9bec (CREW M)<br>inclut quelques 200 membres et c\u00e9l\u00e8bre son 20e anniversaire cette<br>ann\u00e9e. L\u2019enjeu de l\u2019organisation est de contribuer \u00e0 l\u2019\u00e9mergence<br>d\u2019un mod\u00e8le d\u2019affaires bas\u00e9 sur la diversit\u00e9 et de valoriser<br>l\u2019influence des femmes dans l\u2019industrie.<br>Je me suis jointe \u00e0 CREW M en 2015 et j\u2019ai tout de suite ressenti<br>les b\u00e9n\u00e9fices sur ma carri\u00e8re, d\u00e9veloppement professionnel<br>et r\u00e9seautage. Il s\u2019agit d\u2019une organisation qui me tient \u00e0 coeur<br>car cela me touche directement qui m\u2019a tant apport\u00e9 du point<br>vu professionnel et aussi personnel. Il \u00e9tait normal pour moi de<br>redonner \u00e0 cette organisation qui rejoint mes valeurs.<br>L&rsquo;AVENIR EST PROMETTEUR<br>Julie Dub\u00e9,<br>P. App., AACI, \u00c9.A.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 57<br>Qu\u2019est-ce que cela signifie pour vous d\u2019\u00eatre une leader dans<br>la promotion et le soutien des femmes dans l\u2019immobilier?<br>L\u2019industrie de l\u2019immobilier commercial est \u00e0 pr\u00e9dominance<br>masculine et rare sont les femmes qui n\u2019ont pas v\u00e9cu des pr\u00e9jug\u00e9s<br>ou des discriminations au travail en raison de leur genre. Je ne<br>fais pas exception \u00e0 la r\u00e8gle et c\u2019est pourquoi je me suis outill\u00e9e<br>pour tailler ma place dans mon domaine par le biais du mentorat,<br>formation sur le leadership ainsi qu\u2019en d\u00e9veloppant mon r\u00e9seau.<br>Atteindre un poste aussi prestigieux que la pr\u00e9sidence de CREW<br>M \u00e0 un si jeune \u00e2ge (je serai la 2e pr\u00e9sidente de moins de 40 ans<br>en 20 ans d\u2019existence) me donne la conviction que les efforts<br>portent fruits et que les r\u00e9sultats peuvent \u00eatre \u00e0 la hauteur de nos<br>ambitions. J\u2019esp\u00e8re avec ma nomination inspirer les d\u2019autres jeunes<br>professionnelles \u00e0 se fixer des d\u00e9fis ambitieux pour l\u2019atteinte de<br>leurs objectifs professionnels.<br>L\u2019ICE est tr\u00e8s impliqu\u00e9e et engag\u00e9e dans la promotion de<br>l\u2019\u00e9quit\u00e9, de la diversit\u00e9 et de l\u2019inclusion dans la profession.<br>Comment d\u00e9cririez-vous la situation actuelle des femmes dans<br>la profession et est-elle en train de changer pour le mieux?<br>On pourrait dire que la condition des femmes en immobilier s\u2019est<br>am\u00e9lior\u00e9e depuis les derni\u00e8res ann\u00e9es car le march\u00e9 du travail<br>en g\u00e9n\u00e9ral est plus sensible \u00e0 l\u2019inclusion des femmes. Pour<br>l\u2019immobilier, non seulement le nombre de femmes qui rejoignent<br>la profession a augment\u00e9, mais surtout, celles-ci atteignent des<br>positions plus \u00e9lev\u00e9es au sein du secteur. Cela dit, on tarde quand<br>m\u00eame \u00e0 atteindre la parit\u00e9 pour les postes ex\u00e9cutifs m\u00eame si le<br>mod\u00e8le de leadership f\u00e9minin est de plus en plus reconnu en<br>organisation. On observe aussi encore de la camaraderie masculine<br>dans les relations interpersonnelles, ce qui rend plus difficile le<br>d\u00e9veloppement du r\u00e9seau de contacts pour les femmes.<br>Je trouve tr\u00e8s pertinentes les actions entreprises par l\u2019ICE<br>pour la diversit\u00e9, \u00e9quit\u00e9 et inclusion dans notre domaine. Il<br>faut encourager tous les membres, peu importe notre genre, \u00e0<br>reconna\u00eetre les biais inconscients et \u00eatre alli\u00e9 pour toutes les<br>sources de diversit\u00e9 confondus.<br>Depuis combien de temps \u00eates-vous membre de l\u2019ICE et<br>pouvez-vous d\u00e9crire votre exp\u00e9rience jusqu\u2019\u00e0 pr\u00e9sent?<br>J\u2019ai obtenu mon titre AACI en 2018 alors que l\u2019\u00e9tendue de mon travail<br>\u00e9tait dor\u00e9navant d\u2019envergure nationale et ne se limitait plus \u00e0 la<br>province de Qu\u00e9bec. Cela fait donc 5 ans que je porte la d\u00e9signation<br>AACI, mais 15 ans que j\u2019exerce la profession. Bien que dans mon<br>travail actuel, je n\u2019ai plus \u00e0 signer d\u2019acte d\u2019\u00e9valuation, je trouve<br>important de conserver le titre professionnel car je suis fi\u00e8re de<br>repr\u00e9senter la profession autant au sein de mon entreprise que vis-\u00e0vis<br>les \u00e9valuateurs avec qui je collabore partout dans le monde.<br>Assistez-vous aux \u00e9v\u00e9nements de l\u2019ICE ou participez-vous \u00e0<br>titre de b\u00e9n\u00e9vole \u00e0 l\u2019Institut \u00e0 quelque titre que ce soit? Si oui,<br>pourquoi pensez-vous que c\u2019est important?<br>Ayant obtenu le titre en 2018, tout en faisant mon MBA \u00e0 temps partiel,<br>mon horaire \u00e9tait d\u00e9j\u00e0 bien rempli pour y allouer du temps au b\u00e9n\u00e9volat.<br>Par la suite, il y a eu la pand\u00e9mie de la COVID et maintenant mon<br>implication \u00e0 CREW M qui est exigeant. Je n\u2019ai donc pas eu l\u2019opportunit\u00e9<br>de m\u2019impliquer ni participer aux \u00e9v\u00e9nements de l\u2019ICE. Mais je pense que<br>c\u2019est important et j\u2019aimerais bien le faire dans un futur rapproch\u00e9.<br>Quels conseils donneriez-vous \u00e0 quelqu\u2019un qui cherche<br>devenir \u00e9valuateur?<br>Pour devenir un bon \u00e9valuateur, il faut avoir une bonne connaissance du<br>march\u00e9, se tenir au courant des tendances et savoir comment enqu\u00eater<br>sur les transactions immobili\u00e8res dans le temps. \u00c0 nos d\u00e9buts, on ne<br>peut pas ma\u00eetriser tous ces concepts et c\u2019est pourquoi je vous encourage<br>\u00e0 avoir des mentors rigoureux qui peuvent leur apprendre \u00e0 conna\u00eetre<br>les march\u00e9s sur lesquels ils travaillent. Il est \u00e9galement important que<br>les nouveaux \u00e9valuateurs prennent le temps d\u2019apprendre \u00e0 conna\u00eetre<br>les enjeux du secteur, les biens \u00e0 \u00e9valuer et le contexte du march\u00e9. Cela<br>peut prendre du temps au d\u00e9but, mais cela devient vite plus facile, et les<br>connaissances acquises valent bien cet effort suppl\u00e9mentaire.<br>Finalement, le march\u00e9 immobilier n\u2019est pas des plus transparents<br>et la circulation des informations peut \u00eatre difficile d\u2019une profession<br>\u00e0 l\u2019autre. C\u2019est pourquoi tous les \u00e9valuateurs devraient d\u00e9velopper et<br>entretenir un r\u00e9seau fiable d\u2019autres professionnels, d\u00e8s le d\u00e9but de<br>leur carri\u00e8re \u2026 vous en r\u00e9colterez les fruits au fil des ans. Si vous n\u2019\u00eates<br>pas \u00e0 l\u2019aise avec le r\u00e9seautage, sachez qu\u2019il s\u2019agit d\u2019une comp\u00e9tence<br>que vous pouvez d\u00e9velopper au fil du temps et qu\u2019il y a \u00e9galement des<br>formations en la mati\u00e8re.<br>Quels plans de carri\u00e8re avez-vous pour l\u2019avenir?<br>O\u00f9 vous voyez-vous dans cinq ans?<br>\u00c9tonnamment, je n\u2019aime pas avoir de plan pr\u00e9cis car je veux me donner<br>la flexibilit\u00e9 d\u2019adapter mon parcours en fonction des opportunit\u00e9s qui<br>se pr\u00e9sentent. Ce qui me guide vers l\u2019avenir est de toujours m\u2019investir<br>au maximum dans le r\u00f4le que j\u2019exerce et de continuer d\u2019\u00e9voluer<br>professionnellement. Cela ne signifie pas n\u00e9cessairement de changer<br>d\u2019emploi car on peut tr\u00e8s bien \u00e9voluer au sein d\u2019un m\u00eame poste ou endehors<br>du travail, comme je fais dans mon implication au sein de CREW<br>M. Le sur-place n\u2019est donc pas une option !<br>Avez-vous des objectifs personnels qui vous motivent dans<br>votre carri\u00e8re? \u00c0 quoi ressemble le succ\u00e8s pour vous?<br>La gestion et la pens\u00e9e strat\u00e9gique sont importantes pour ma carri\u00e8re.<br>Je trouve important de m\u2019impliquer au sein de Conseil d\u2019administration<br>et m\u00eame si ce n\u2019est pas reli\u00e9 directement \u00e0 mon travail, je le vois comme<br>un accomplissement professionnel. Le succ\u00e8s d\u2019une carri\u00e8re r\u00e9side dans<br>l\u2019accomplissement de l\u2019\u00e9quilibre de notre personne, ce qui comprends les<br>accomplissements professionnels, mais aussi le maintien de l\u2019\u00e9quilibre<br>professionnel, personnel et familial, dont la r\u00e9partition des poids<br>est propre \u00e0 chacun. La balance de ces trois composantes m\u00e8ne \u00e0 la<br>satisfaction de nos r\u00e9alisations.<br>En dehors des activit\u00e9s li\u00e9es au travail, qu\u2019aimez-vous faire<br>pendant votre temps libre?<br>Je vis dans un quartier de Montr\u00e9al o\u00f9 la culture est tr\u00e8s importante, j\u2019aime<br>donc participer \u00e0 des activit\u00e9s culturelles, assister \u00e0 des pi\u00e8ces de th\u00e9\u00e2tres,<br>des concerts et des spectacles d\u2019humour. Je m\u2019adonne \u00e9galement \u00e0 la<br>peinture m\u00eame si le r\u00e9sultat est amateur. Ce c\u00f4t\u00e9 artistique m\u2019aide \u00e0<br>d\u00e9velopper ma cr\u00e9ativit\u00e9 et exploiter une autre facette de ma personnalit\u00e9<br>qui ne se retrouve pas n\u00e9cessairement dans ma vie professionnelle.<br>L&rsquo;AVENIR EST PROMETTEUR<br>Canadian Property Valuation | \u00c9valuation 58 immobili\u00e8re au Canada Return to CONTENTS<br>L&rsquo;AVENIR EST PROMETTEUR<br>Pardeep Punia,<br>P. App., CRA<br>Vous avez r\u00e9cemment \u00e9t\u00e9 mis en nomination pour le Prix<br>Tyler Beatty en tant que meilleur \u00e9valuateur de moins de<br>40 ans. Pouvez-vous nous dire ce que cela signifie pour vous<br>d\u2019\u00eatre candidat \u00e0 un prix aussi prestigieux?<br>Ma mise en nomination au prestigieux Prix Tyler Beatty rev\u00eat<br>une importance consid\u00e9rable pour moi, car elle t\u00e9moigne de<br>mes r\u00e9alisations professionnelles, de mes contributions en<br>tant que mentor et de mes efforts b\u00e9n\u00e9voles dans le domaine<br>de l\u2019\u00e9valuation r\u00e9sidentielle au Canada depuis 2013. Cette<br>reconnaissance souligne mon d\u00e9vouement in\u00e9branlable \u00e0<br>l\u2019excellence et mon engagement \u00e0 faire progresser l\u2019industrie par<br>le biais du mentorat et de l\u2019engagement communautaire.<br>Pouvez-vous nous parler de votre bagage d\u2019\u00e9tudes?<br>Je suis titulaire de deux dipl\u00f4mes : un baccalaur\u00e9at en sciences<br>et une ma\u00eetrise en sciences biom\u00e9dicales de l\u2019universit\u00e9 de Delhi,<br>en Inde.<br>Quel est votre poste actuel et<br>quelles sont vos responsabilit\u00e9s?<br>Je travaille activement dans le domaine de l\u2019\u00e9valuation depuis<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"2013\">\n<li>En 2018, j\u2019ai obtenu la d\u00e9signation CRA. Depuis l\u2019obtention<br>de ce titre, je me concentre principalement sur l\u2019Ontario, o\u00f9 je me<br>sp\u00e9cialise dans le service de la r\u00e9gion du Grand Toronto et des<br>r\u00e9gions avoisinantes.<br>Actuellement, je suis l\u2019heureux propri\u00e9taire d\u2019un cabinet<br>d\u2019\u00e9valuation situ\u00e9 \u00e0 Oakville. Notre client\u00e8le comprend des<br>soci\u00e9t\u00e9s de gestion des \u00e9valuations (SGE), de grandes banques<br>canadiennes, des courtiers en hypoth\u00e8ques et des pr\u00eateurs priv\u00e9s.<br>Au sein de mon entreprise, j\u2019ai mis en place une \u00e9quipe d\u00e9vou\u00e9e<br>compos\u00e9e \u00e0 la fois d\u2019\u00e9valuateurs stagiaires et de gestionnaires de<br>bureau comp\u00e9tents.<br>En plus de superviser les op\u00e9rations quotidiennes de<br>mon entreprise, j\u2019ai la responsabilit\u00e9 cruciale de r\u00e9viser et de<br>cosigner les rapports d\u2019\u00e9valuation soumis par nos stagiaires. Cet<br>engagement en faveur de l\u2019assurance qualit\u00e9 garantit \u00e0 nos clients<br>des \u00e9valuations pr\u00e9cises et fiables.<br>En outre, je participe activement \u00e0 des activit\u00e9s b\u00e9n\u00e9voles au<br>sein de l\u2019Institut canadien des \u00e9valuateurs (ICE), tant au niveau<br>local que national. Mon engagement envers la profession s\u2019\u00e9tend<br>au-del\u00e0 de mes activit\u00e9s professionnelles, motiv\u00e9 par ma ferveur<br>\u00e0 contribuer et \u00e0 soutenir le progr\u00e8s et l\u2019am\u00e9lioration du secteur<br>de l\u2019\u00e9valuation.<br>Pouvez-vous d\u00e9crire votre parcours professionnel et<br>ce qui vous a amen\u00e9 \u00e0 devenir \u00e9valuateur?<br>Apr\u00e8s m\u2019\u00eatre \u00e9tabli au Canada, j\u2019ai entam\u00e9 une carri\u00e8re au sein<br>d\u2019une franchise internationale de restauration. \u00c0 ce titre, j\u2019\u00e9tais<br>charg\u00e9 de superviser les activit\u00e9s de la franchise au niveau local,<br>puis dans l\u2019Ouest du Canada. Par la suite, j\u2019ai occup\u00e9 un autre<br>poste au sein de la m\u00eame entreprise, o\u00f9 j\u2019ai dirig\u00e9 les efforts de<br>mise en conformit\u00e9 des op\u00e9rations et les analyses commerciales<br>compl\u00e8tes pour les franchises individuelles dans tout le pays.<br>Cette fonction m\u2019a donn\u00e9 l\u2019occasion unique de voyager beaucoup<br>au Canada, ce qui m\u2019a permis d\u2019apprendre les nuances de la r\u00e9alit\u00e9<br>immobili\u00e8re des franchises dans divers march\u00e9s canadiens. Cette<br>exp\u00e9rience a servi de catalyseur \u00e0 mon int\u00e9r\u00eat pour les \u00e9valuations<br>et a \u00e9veill\u00e9 mon int\u00e9r\u00eat pour la gestion des risques immobiliers.<br>En fin de compte, ces exp\u00e9riences m\u2019ont amen\u00e9 \u00e0 m\u2019inscrire aux<br>cours pour commencer ma carri\u00e8re dans l\u2019\u00e9valuation immobili\u00e8re.<br>Vous avez obtenu votre d\u00e9signation CRA en 2018.<br>Comment s\u2019est d\u00e9roul\u00e9 le processus et quels ont \u00e9t\u00e9<br>les d\u00e9fis que vous avez d\u00fb relever?<br>J\u2019ai suivi le programme de cours de l\u2019\u00e9valuateur r\u00e9sidentiel<br>canadien (CRA) \u00e0 la Sauder School of Business de l\u2019UBC.<br>Ce programme complet comprenait \u00e0 la fois des cours et un<br>programme d\u2019exp\u00e9rience professionnelle appliqu\u00e9e, que j\u2019ai suivi<br>sous la direction d\u2019un mentor pour obtenir le prestigieux titre<br>de CRA. Pour moi, ce processus s\u2019est \u00e9tal\u00e9 sur un total de cinq ans.<br>Tout au long de mon parcours universitaire \u00e0 l\u2019UBC, j\u2019ai b\u00e9n\u00e9fici\u00e9<br>d\u2019un soutien exceptionnel de la part de mes professeurs, qui m\u2019ont<br>fourni des instructions claires et perspicaces. Si les devoirs et<br>les projets hebdomadaires se sont r\u00e9v\u00e9l\u00e9s extr\u00eamement utiles,<br>ils ont \u00e9galement repr\u00e9sent\u00e9 un d\u00e9fi de taille en raison de mes<br>engagements simultan\u00e9s dans un emploi \u00e0 temps plein et dans<br>les soins \u00e0 prodiguer \u00e0 un nouveau-n\u00e9. L\u2019ach\u00e8vement de tous mes<br>cours, devoirs et projets a exig\u00e9 une discipline personnelle, une<br>gestion efficace du temps et, notamment, le soutien ind\u00e9fectible<br>de ma famille.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 59<br>L&rsquo;AVENIR EST PROMETTEUR<br>Depuis 2018, vous avez encadr\u00e9 plus de 15 stagiaires<br>\u00e0 l\u2019ICE et examin\u00e9 plus de 2 000 rapports d\u2019\u00e9valuation<br>qu\u2019ils ont soumis. Pourquoi avez-vous choisi de vous<br>impliquer \u00e0 ce niveau?<br>Apr\u00e8s avoir obtenu ma d\u00e9signation, j\u2019ai d\u00e9cid\u00e9 d\u2019assumer un<br>r\u00f4le de mentor et de cosignataire. Cette d\u00e9cision a \u00e9t\u00e9 motiv\u00e9e<br>par mon d\u00e9sir de rendre la pareille au soutien que j\u2019ai re\u00e7u au<br>cours de mon propre parcours vers l\u2019obtention d\u2019une d\u00e9signation<br>CRA. \u00c0 ce jour, j\u2019ai encadr\u00e9 un groupe diversifi\u00e9 de stagiaires<br>issus de diff\u00e9rents milieux d\u00e9mographiques, personnels<br>et professionnels. Tout en contribuant au d\u00e9veloppement<br>professionnel des stagiaires, j\u2019ai \u00e9galement b\u00e9n\u00e9fici\u00e9 d\u2019un<br>processus d\u2019apprentissage. Il convient de noter que les stagiaires<br>que j\u2019ai encadr\u00e9s jouent un r\u00f4le essentiel au sein de mon \u00e9quipe,<br>contribuant activement \u00e0 la qualit\u00e9 g\u00e9n\u00e9rale de notre travail et \u00e0<br>la r\u00e9ussite financi\u00e8re de nos activit\u00e9s.<br>Vous avez \u00e9galement particip\u00e9 en tant que b\u00e9n\u00e9vole \u00e0<br>l\u2019ICE Ontario et, plus r\u00e9cemment, vous \u00eates devenu membre<br>du comit\u00e9 de pratique professionnelle de l\u2019ICE et du<br>sous-comit\u00e9 d\u2019enqu\u00eate, qui op\u00e8rent tous deux au niveau<br>national. Pouvez-vous nous d\u00e9crire cette exp\u00e9rience?<br>J\u2019ai commenc\u00e9 mon travail de b\u00e9n\u00e9vole au sein d\u2019une section<br>locale en Ontario, o\u00f9 mon r\u00f4le consistait \u00e0 organiser des<br>r\u00e9unions r\u00e9guli\u00e8res de la section et des \u00e9v\u00e9nements de<br>perfectionnement professionnel continu (PPC). Cette exp\u00e9rience<br>a \u00e9t\u00e9 tr\u00e8s enrichissante sur le plan personnel, car elle m\u2019a permis<br>d\u2019\u00e9tablir des liens pr\u00e9cieux avec mes coll\u00e8gues \u00e9valuateurs,<br>ainsi qu\u2019avec des clients actuels et potentiels. Elle a constitu\u00e9<br>une excellente plateforme pour favoriser la collaboration,<br>l\u2019apprentissage continu et contribuer \u00e0 mon d\u00e9veloppement<br>professionnel, tout en contribuant au progr\u00e8s de la communaut\u00e9<br>des \u00e9valuateurs au Canada.<br>Ma participation au Comit\u00e9 national de la pratique<br>professionnelle de l\u2019ICE et \u00e0 son sous-comit\u00e9 d\u2019enqu\u00eate m\u2019a permis<br>de me familiariser avec le processus de r\u00e9solution des plaintes<br>et m\u2019a fait prendre conscience de l\u2019importance de respecter<br>les Normes uniformes de pratique professionnelle en mati\u00e8re<br>d\u2019\u00e9valuation au Canada (NUPPEC). Cette exp\u00e9rience a renforc\u00e9<br>ma confiance dans l\u2019\u00e9quit\u00e9 et l\u2019int\u00e9grit\u00e9 des proc\u00e9dures d\u2019enqu\u00eate<br>institu\u00e9es par l\u2019ICE.<br>De plus, la participation active \u00e0 des \u00e9changes significatifs<br>lors de ces rencontres de b\u00e9n\u00e9voles m\u2019a permis de rester bien<br>inform\u00e9e sur les d\u00e9fis et les exigences en constante \u00e9volution de<br>notre industrie. Compte tenu des avantages du b\u00e9n\u00e9volat, tels que<br>d\u00e9crits ci-dessus, je recommande vivement aux jeunes \u00e9valuateurs<br>d\u2019envisager de faire du b\u00e9n\u00e9volat au sein de l\u2019ICE.<br>Vous avez v\u00e9cu en Inde avant de venir au Canada. \u00c0 votre<br>arriv\u00e9e au Canada, vous avez v\u00e9cu au Manitoba et vous \u00eates<br>maintenant install\u00e9 \u00e0 Oakville, en Ontario. L\u2019exp\u00e9rience de<br>vivre et de travailler dans des pays et des villes diff\u00e9rents<br>vous a-t-elle apport\u00e9 des avantages ou des inconv\u00e9nients?<br>Des avantages, absolument! Passer d\u2019un pays o\u00f9 les temp\u00e9ratures<br>d\u00e9passent les +40\u00b0C \u00e0 un pays o\u00f9 les temp\u00e9ratures chutent \u00e0 -40\u00b0C a<br>\u00e9t\u00e9 une exp\u00e9rience transformatrice pour moi et ma femme.<br>Je suis issu d\u2019une famille d\u2019agriculteurs d\u2019un petit village<br>indien. J\u2019ai ensuite d\u00e9m\u00e9nag\u00e9 dans une ville pour aller \u00e0 l\u2019\u00e9cole,<br>puis dans la capitale de l\u2019Inde pour mes \u00e9tudes sup\u00e9rieures.<br>Il y a quinze ans, ma femme et moi avons d\u00e9cid\u00e9 de nous installer<br>au Canada, o\u00f9 nous avons \u00e9t\u00e9 accueillis \u00e0 bras ouverts et o\u00f9<br>nous avons eu la possibilit\u00e9 de nous \u00e9panouir sur le plan<br>personnel et professionnel. J\u2019ai alors eu l\u2019occasion de voyager<br>beaucoup \u00e0 travers le Canada, couvrant un large \u00e9ventail de<br>r\u00e9gions et de territoires.<br>Mon parcours d\u2019\u00e9valuateur a commenc\u00e9 \u00e0 Winnipeg, o\u00f9 j\u2019ai<br>\u00e9valu\u00e9 des biens immobiliers dans les zones urbaines et rurales<br>du Manitoba. J\u2019ai couvert de vastes \u00e9tendues de la province,<br>explorant des endroits o\u00f9 je n\u2019aurais jamais imagin\u00e9 aller. Par<br>la suite, nous nous sommes install\u00e9s en Ontario, une province<br>diff\u00e9rente du Manitoba \u00e0 bien des \u00e9gards, notamment en termes<br>de d\u00e9mographie, d\u2019\u00e9conomie et de climat.<br>Mes exp\u00e9riences au Canada et en Inde m\u2019ont permis de cultiver<br>la r\u00e9silience et la pers\u00e9v\u00e9rance, qualit\u00e9s qui se sont r\u00e9v\u00e9l\u00e9es<br>inestimables pour concilier efficacement les exigences de ma<br>famille et de ma carri\u00e8re. Ces attributs ont \u00e9galement jou\u00e9 un r\u00f4le<br>d\u00e9terminant dans l\u2019obtention de ma d\u00e9signation et continuent de<br>m\u2019\u00eatre utiles dans mes relations avec les clients.<br>Quels conseils donneriez-vous \u00e0 quelqu\u2019un qui souhaite<br>entrer dans la profession d\u2019\u00e9valuateur?<br>Pour devenir un bon \u00e9valuateur, il faut investir beaucoup de temps<br>et faire preuve d\u2019un d\u00e9vouement in\u00e9branlable.<br>Quels sont vos projets professionnels pour l\u2019avenir?<br>O\u00f9 vous voyez-vous dans cinq ans?<br>Je suis enthousiaste \u00e0 l\u2019id\u00e9e de collaborer avec des talents<br>\u00e9mergents et des \u00e9valuateurs chevronn\u00e9s. J\u2019aspire \u00e0 d\u00e9velopper<br>notre \u00e9quipe et la gamme de services d\u2019\u00e9valuation que nous<br>offrirons \u00e0 l\u2019avenir.<br>Avez-vous des objectifs personnels qui vous motivent dans<br>votre carri\u00e8re? \u00c0 quoi ressemble la r\u00e9ussite pour vous?<br>Mon engagement en faveur de la formation continue est ma force<br>motrice et me pousse \u00e0 exceller dans mes activit\u00e9s personnelles<br>et professionnelles. Je d\u00e9finis le succ\u00e8s comme la stabilit\u00e9<br>financi\u00e8re, le maintien d\u2019une famille heureuse et en bonne sant\u00e9,<br>et une r\u00e9putation respect\u00e9e au sein de la communaut\u00e9.<br>En dehors des exigences de votre carri\u00e8re,<br>qu\u2019aimez-vous faire pendant vos temps libres?<br>En dehors de mon travail, j\u2019aime jouer au volley-ball et entra\u00eener<br>l\u2019\u00e9quipe de flag football de mon fils. En outre, j\u2019accorde une grande<br>importance \u00e0 mes promenades avec ma femme en soir\u00e9e, une<br>routine qui me tient \u00e0 coeur, m\u00eame si elle doit parfois insister pour<br>que j\u2019y participe.<br>Canadian Property Valuation | \u00c9valuation 60 immobili\u00e8re au Canada Return to CONTENTS<br>NEWS\/NOUVELLES<br>2024 calendar features<br>amazing AIC photo<br>contest images<br>Accompanying this issue of CPV<br>magazine is our striking new<br>2024 AIC calendar. Once again,<br>the calendar features some<br>of the outstanding AIC photo<br>contest entries from Members<br>across the country. Included in<br>these amazing images are the<br>photo contest winning entries<br>submitted by John Farmer,<br>P. App., AACI (1st Place); Ted<br>Wojas, P. App., AACI (2nd Place);<br>and Megan Simmons, P. App.,<br>AACI (3rd Place). Thank you to<br>all AIC Members who took this<br>opportunity to showcase the built<br>and natural beauty of Canada.<br>Le calendrier 2024 pr\u00e9sente<br>les images splendides du<br>concours de photo de l\u2019ICE<br>Comme encart \u00e0 ce num\u00e9ro de<br>la revue EIC, vous trouverez le<br>remarquable nouveau calendrier 2024<br>de l\u2019ICE. Encore une fois, le calendrier<br>met en vedette certaines des plus<br>belles photos du concours de photo de<br>l&rsquo;ICE, prises par les membres un peu<br>partout au pays. Entre autres, vous<br>verrez les photos gagnantes de<br>John Farmer, P. App., AACI (1\u00e8re place);<br>Ted Wojas, P. App., AACI (2e place);<br>et Megan Simmons, P. App., AACI<br>(3e place). Nous remercions tous et<br>toutes les membres de l\u2019ICE qui ont<br>profit\u00e9 de l\u2019occasion pour faire valoir<br>le patrimoine et la beaut\u00e9 naturelle<br>du Canada.<br>2024<br>Network Management for Valuations<br>The right appraiser on every order, every time.<br>Solidifi provides appraisal services to the residential<br>mortgage lending industry. Our clients include<br>Canada\u2019s top lending institutions.<br>TRUSTED BY THE NATION\u2019S LARGEST MORTGAGE LENDERS<br>support@solidifi.com | 866.583.3983 | solidifi.ca<br>YOUR TRUSTED SOURCE FOR FAST,<br>ACCURATE &amp; RELIABLE APPRAISALS<br>Proudly Servicing The Greater Toronto &amp; Hamilton Area<br>www.adaleyappraisals.ca<br>Fast. Accurate. Reliable.<br>Return to CONTENTS Volume 67 | Book 4 \/ Tome 4 | 2023 61<br>Important Dates<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>December 24, 2023 \u2013 Christmas Eve<\/li>\n\n\n\n<li>December 25, 2023 \u2013 Christmas Day<\/li>\n\n\n\n<li>December 25, 2023 \u2013 Hanukkah (Judaism )<\/li>\n\n\n\n<li>December 26, 2023 \u2013 Boxing Day<\/li>\n\n\n\n<li>December 31, 2023 \u2013 2022-2023 CPD Cycle Deadline<\/li>\n\n\n\n<li>December 31, 2023 \u2013 Insurance Renewal Deadline<\/li>\n\n\n\n<li>January 1, 2024 \u2013 New Year\u2019s Day<\/li>\n\n\n\n<li>February 1, 2024 \u2013 Black History Month<\/li>\n\n\n\n<li>February 10, 2024 \u2013 Chinese Lunar New Year<\/li>\n\n\n\n<li>February 19, 2024 \u2013 Family Day (AB, BC, NB, ON, SK),<br>Islander Day (PEI), Louis Riel Day (MB), Nova Scotia<br>Heritage Day<\/li>\n\n\n\n<li>March 1, 2024 \u2013 Fraud Prevention Month<\/li>\n\n\n\n<li>March 8, 2024 \u2013 International Women\u2019s Days<\/li>\n\n\n\n<li>March 11, 2024 \u2013 Ramadan begins (Islam)<\/li>\n\n\n\n<li>March 17, 2024 \u2013 St. Patrick\u2019s Day<\/li>\n\n\n\n<li>March 19, 2024 \u2013 Spring Equinox<\/li>\n\n\n\n<li>March 20, 2024 \u2013 International Francophonie Day<\/li>\n\n\n\n<li>March 24, 2024 \u2013 Purim (Judaism)<\/li>\n\n\n\n<li>March 25, 2024 \u2013 Holi (Hinduism)<\/li>\n\n\n\n<li>March 31, 2024 \u2013 Easter<\/li>\n\n\n\n<li>April 1, 2024 \u2013 Easter Monday<\/li>\n\n\n\n<li>April 1, 2024 \u2013 Sikh Heritage Month<\/li>\n\n\n\n<li>April 10, 2024 \u2013 Eid al-Fitr (Islam)<\/li>\n\n\n\n<li>April 22, 2024 \u2013 Earth Day<\/li>\n\n\n\n<li>April 23, 2024 \u2013 Passover (Judaism)<br>Dates importantes<\/li>\n\n\n\n<li>24 d\u00e9cembre 2023 \u2013 Veille de No\u00ebl<\/li>\n\n\n\n<li>25 d\u00e9cembre 2023 \u2013 No\u00ebl<\/li>\n\n\n\n<li>25 d\u00e9cembre 2023 \u2013 Hanukkah (Juda\u00efsme)<\/li>\n\n\n\n<li>26 d\u00e9cembre 2023 \u2013 L\u2019Apr\u00e8s No\u00ebl<\/li>\n\n\n\n<li>31 d\u00e9cembre 2023 \u2013 \u00c9ch\u00e9ance du cycle de PPC 2022-2023<\/li>\n\n\n\n<li>31 d\u00e9cembre 2023 \u2013 Date limite de renouvellement des assurances<\/li>\n\n\n\n<li>1 janvier 2024 \u2013 Jour de l\u2019An<\/li>\n\n\n\n<li>1 f\u00e9vrier 2024 \u2013 Mois de l\u2019histoire des Noirs<\/li>\n\n\n\n<li>10 f\u00e9vrier 2024 \u2013 Nouvel an chinois (lunaire)<\/li>\n\n\n\n<li>19 f\u00e9vrier 2024\u2013 Journ\u00e9e de la famille (AB, BC, NB, ON, SK),<br>Jour de L&rsquo;\u00cele en f\u00eate (PEI), Journ\u00e9e Louis Riel (MB),<br>Jour du patrimoine de la Nouvelle-\u00c9cosse<\/li>\n\n\n\n<li>1 mars 2024 \u2013 Mois de la pr\u00e9vention de la fraude<\/li>\n\n\n\n<li>8 mars 2024 \u2013 Journ\u00e9e internationale des femmes<\/li>\n\n\n\n<li>11 mars 2024 \u2013 Ramandan d\u00e9bute (Islam)<\/li>\n\n\n\n<li>17 mars 2024 \u2013 Saint-Patrick<\/li>\n\n\n\n<li>19 mars 2024 \u2013 \u00c9quinoxe de printemps<\/li>\n\n\n\n<li>20 mars 2024 \u2013 Journ\u00e9e internationale de la Francophonie<\/li>\n\n\n\n<li>24 mars 2024 \u2013 Pourim (Juda\u00efsme)<\/li>\n\n\n\n<li>25 mars 2024 \u2013 Holi (Hindouisme)<\/li>\n\n\n\n<li>31 mars 2024 \u2013 P\u00e2ques<\/li>\n\n\n\n<li>1 avril 2024 \u2013 Lundi de P\u00e2ques<\/li>\n\n\n\n<li>1 avril 2024 \u2013 Mois du patrimoine sikh<\/li>\n\n\n\n<li>10 avril 2024 \u2013 Eid al-Fitr (Islam)<\/li>\n\n\n\n<li>22 avril 2024 \u2013 Journ\u00e9e de la Terre<\/li>\n\n\n\n<li>23 avril 2024 \u2013 Pessah (Juda\u00efsme)<br>NEWS\/NOUVELLES<br>These AIC Members have passed away. On behalf of everyone connected<br>with the AIC and the profession, we extend our sincerest sympathies to their<br>families, friends and associates.<br>Ces membres de l&rsquo;ICE sont d\u00e9c\u00e9d\u00e9s. Au nom de tous ceux qui oeuvrent de pr\u00e8s<br>ou de loin au sein de l&rsquo;ICE et de la profession, nous exprimons nos plus sinc\u00e8res<br>condol\u00e9ances \u00e0 leurs familles, amis et associ\u00e9s.<br>In Memoriam \/ En m\u00e9moire Donald Danbrook, Candidate<br>Port Moody, BC<br>William Lemieux, P. App., AACI<br>Calgary, AB<br>William R. Martheleur, P. App., CRA<br>Coxheath, NS<br>David C. Minnick, P. App., CRA<br>Stoney Creek, ON<br>John C. Norquay, ASM (Associate Member)<br>Barrie, ON<br>Anthony Simonetta, P. App., AACI<br>Vaughan, ON<br>Canadian Property Valuation | \u00c9valuation 62 immobili\u00e8re au Canada Return to CONTENTS<br>The Appraisal Institute of Canada (AIC),<br>together with the provincial associations<br>and the provincial bodies affiliated<br>with the AIC, commend the following<br>Members who completed the rigorous<br>requirements for accreditation as a<br>Designated Member of the AIC during<br>the period July 19 to October 11, 2023:<br>L\u2019Institut canadien des \u00e9valuateurs (ICE),<br>en collaboration avec les associations<br>provinciales et les organismes<br>provinciaux affili\u00e9s \u00e0 l\u2019ICE, f\u00e9licitent les<br>membres suivants qui ont compl\u00e9t\u00e9 le<br>programme rigoureux d\u2019accr\u00e9ditation \u00e0<br>titre de membre d\u00e9sign\u00e9 de l\u2019ICE durant<br>la p\u00e9riode du 19 juillet au 11 octobre 2023 :<br>AIC designations granted \/ D\u00e9signations obtenues de l\u2019ICE<br>AIC welcomed the following new Candidate Members during the<br>period July 19 to October 11, 2023:<br>L\u2019ICE souhaite la bienvenue aux personnes suivantes qui ont joint les rangs des<br>membres stagiaires durant la p\u00e9riode du 19 juillet au 11 octobre 2023 :<br>P. App., AACI<br>Accredited Appraiser Canadian Institute<br>Candidates \/ Stagiaires<br>P. App., CRA<br>Canadian Residential Appraiser<br>Alberta<br>Wing Shan Chan<br>Amandeep S. Dhanju<br>David Peltier<br>Jessica Rocque<br>Manitoba<br>Jennifer Arsenault<br>Newfoundland and Labrador\/<br>Terre-Neuve-et-Labrador<br>Angela V. Barron<br>Ontario<br>Adam Fisher<br>Daejung (Winston) Kim<br>Eric Marc Leduc<br>Robert Steele<br>Spencer Andrew Stewart<br>Hyung-gun (Hugh) Yoo<br>Quebec\/Qu\u00e9bec<br>V\u00e9ronique Robitaille<br>Saskatchewan<br>Haleigh Clements<br>Manitoba<br>Brandy Enns<br>New Brunswick\/<br>Nouveau-Brunswick<br>Anca Reid<br>Ontario<br>Otabor Ehigie<br>Sergio Nicolas<br>Sarmiento Grillo<br>Alberta<br>Ruairi Browne<br>Donald Howard Edgecombe<br>Breanne Huolt<br>Angela Hope Linnell<br>Diego Rizzuto<br>Tory Tews<br>Tony Tran<br>Pei Pei Wang<br>British Columbia\/<br>Colombie-Britannique<br>Stefanie Annette Dolan<br>Gianna Fuller<br>Sol Hwang<br>Jake Jagpal<br>Joshua Luke Jaques<br>Rachel Lambert<br>Rickie Lavoie<br>Kenny Chit Leung Leung<br>Manitoba<br>Jerone Verga<br>Nova Scotia\/<br>Nouvelle-\u00c9cosse<br>Ross Gerard Andrew Darlington<br>Maxwell John Fitzgerald<br>Ontario<br>Lucas Bruce<br>Chun Hau Chan<br>Jennifer Hopf<br>Quoc Le<br>Dancong Li<br>Juan Carlos Montilla<br>Jeremy Nantel<br>Parikshit Patel<br>Sarah Sarmiento<br>Danielle Soares<br>Asad Sultan<br>Lua Turcotte<br>Alberta<br>Jim Chen<br>British Columbia\/<br>Colombie-Britannique<br>Lindsay Anderson<br>Gurajvir Singh Bhatia<br>Sanampreet Singh Kler<br>Jessica Kun Leung<br>Students \/ \u00c9tudiants<br>This category of membership serves as the first step on the path to designation<br>for those completing their requirements for Candidate membership. Students<br>considering the appraisal profession as a career option are also welcomed to this<br>category of membership.<br>Cette cat\u00e9gorie d&rsquo;adh\u00e9sion constitue la premi\u00e8re \u00e9tape sur la voie de la<br>d\u00e9signation pour ceux qui s\u2019affairent \u00e0 compl\u00e9ter les exigences de la cat\u00e9gorie<br>de membres stagiaire. Les \u00e9tudiants qui contemplent une carri\u00e8re comme<br>\u00e9valuateur professionnel sont accueillis dans cette cat\u00e9gorie de membres.<br>Prince Edward Island\/<br>\u00cele-du-Prince-\u00c9douard<br>Christina Rose<br>Quebec\/Qu\u00e9bec<br>Francis Lecuyer<br>Saskatchewan<br>Courtney Haggard<br>Nova Scotia\/<br>Nouvelle-\u00c9cosse<br>Bachar Peter Dib<br>Sakher Mrishih<br>Ontario<br>Lydia Arnold<br>Yuri Chae<br>Jiayi Li<br>Brad Tindall<br>Quebec\/Qu\u00e9bec<br>Vanessa Sarah Cohen<br>DESIGNATIONS CANDIDATES STUDENTS \/ D\u00c9SIGNATIONS STAGIAIRES \u00c9TUDIANTS<br>Proud professional liability<br>insurance partner of the<br>Appraisal Institute of Canada<br>Trisura Guarantee Insurance Company is a Canadian specialty insurance and surety provider. We create custom insurance<br>solutions for a niche industry of corporate clients, through a select broker network. Founded in 2006 on the premise that the<br>insurance business can be done better, Trisura focuses on exceptional service for all our partners.<br>trisura.com<br>Canadian Property Valuation | \u00c9valuation 64 immobili\u00e8re au Canada Return to CONTENTS<\/li>\n<\/ul>\n","protected":false},"featured_media":120148,"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-120126","issue","type-issue","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue\/120126","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\/120148"}],"wp:attachment":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media?parent=120126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}