Vol 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
THE APPEAL OF THE APPRAISAL PROFESSION \u2013
A CANDIDATE\u2019S PERSPECTIVE
L\u2019attrait de la profession d\u2019\u00e9valuateur \u2013 Perspective d\u2019un Membre Stagiaire<\/p>\n\n\n\n
THE CRITICAL OPPORTUNITY FOR APPRAISERS IN RESERVE FUND STUDIES
L\u2019opportunit\u00e9 cruciale pour
les \u00e9valuateurs dans les \u00e9tudes de fonds de r\u00e9serve<\/p>\n\n\n\n
YOU THINK IT IS WORTH HOW MUCH? TIPS FOR PREVENTING AND DEALING WITH CLIENT CONCERNS
Vous pensez que cela vaut COMBIEN ? Astuces pour pr\u00e9venir et g\u00e9rer les
pr\u00e9occupations des clients<\/p>\n\n\n\n
THE ROLE OF BUYER KNOWLEDGE IN REAL ESTATE VALUATION
Le r\u00f4le de la connaissance de l\u2019acheteur dans l\u2019\u00e9valuation immobili\u00e8re<\/p>\n\n\n\n
The Official Publication of the Appraisal Institute of Canada \/ Publication officielle de l\u2019Institut canadien des \u00e9valuateurs<\/p>\n\n\n\n
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Matthew McWatters P. App., AACI Principal, Managing Director & Canadian Leader, Valuation,
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ARTICLES
16 The appeal of the appraisal profession \u2013 A Candidate\u2019s perspective
18 L\u2019attrait de la profession d\u2019\u00e9valuateur \u2013 Perspective d\u2019un membre stagiaire
20 Power up your practice
with machinery and equipment valuations
23 Optimisez votre pratique avec
l\u2019\u00e9valuation de machinerie et d\u2019\u00e9quipement
26 Land Acknowledgements
28 Reconnaissance des territoires
30 The critical opportunity for appraisers in Reserve Fund Studies
33 L\u2019opportunit\u00e9 cruciale pour les \u00e9valuateurs dans les \u00e9tudes de fonds de r\u00e9serve
36 You think it is worth HOW much?
Tips for preventing and dealing with client concerns
39 Vous pensez que cela vaut COMBIEN ? Astuces pour pr\u00e9venir et g\u00e9rer les pr\u00e9occupations des clients
42 The role of buyer knowledge in real estate valuation
48 Le r\u00f4le de la connaissance de
l\u2019acheteur dans l\u2019\u00e9valuation immobili\u00e8re
54 Navigating valuation challenges and disclosure requirements for pits and quarries in Ontario under the Trust in Real Estate Services Act
59 Comment relever les d\u00e9fis de l\u2019\u00e9valuation et des exigences en mati\u00e8re de divulgation pour
les carri\u00e8res et les gravi\u00e8res en Ontario en vertu de la Loi sur les services immobiliers en fiducie<\/p>\n\n\n\n
COLUMNS CHRONIQUES
7 From the desk of the CEO
Adapting to change in an uncertain world 10 Du bureau de la pr\u00e9sidente-directrice g\u00e9n\u00e9rale
S\u2019adapter au changement dans un monde incertain
12 Executive Corner
Reflections from the President\u2019s Desk 14 Le coin de l\u2019\u00e9xecutif
R\u00e9flexions du bureau de la pr\u00e9sidente
64 Legal Matters
Interpreting easement agreements \u2013 appraisal uncertainty 67 Questions juridiques
Interpr\u00e9tation des accords de servitude \u2013 incertitude de l\u2019\u00e9valuation
70<\/p>\n\n\n\n
72 News
\u2022 AIC 2025 Annual Conference Preview
\u2022 Important Dates
\u2022 In Memoriam
Designations, candidates, students 70<\/p>\n\n\n\n
72 Nouvelles
\u2022 Congr\u00e8s national de l\u2019ICE 2025
\u2022 Dates importantes
\u2022 En m\u00e9moire
D\u00e9signations, stagiaires, \u00e9tudiants<\/p>\n\n\n\n
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The Personal refers to The Personal Insurance Company. Certain conditions, limitations and exclusions may apply. Auto insurance is not available in Manitoba, Saskatchewan and British Columbia due to government-run plans. The Personal\u00ae and related trademarks are trademarks of The Personal Insurance Company, used under license.<\/p>\n\n\n\n
La Personnelle d\u00e9signe La Personnelle, compagnie d\u2019assurances. Certaines conditions, exclusions et limitations peuvent s\u2019appliquer. L\u2019assurance auto n\u2019est pas oferte au Manitoba, en Saskatchewan ni en Colombie-Britannique, o\u00f9 il existe des r\u00e9gimes d\u2019assurance
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FROM THE DESK OF THE CEO<\/p>\n\n\n\n
Adapting to change
in an uncertain world
DONNA DEWAR, MBA, PMP AIC CEO<\/p>\n\n\n\n
hange seems to be the one certainty in an ever- evolving world. Whether political, economic, technological, or industry-driven, change is happening faster than ever, and adaptation is no
longer optional \u2013 it is imperative. The appraisal profession is no exception, as it has faced significant shifts, from advancement in artificial intelligence (AI) to global economic uncertainties shaped by policy-makers, such as those currently related to the back-
and-forth tariff talk and international and inter-provincial trade policies. As we navigate these transitions, AIC\u2019s focus remains on protecting the public, advocating for our Members, and ensuring the long-term stability of the appraisal profession and Canada\u2019s real estate market as a whole.
AI\u2019s role in real estate valuation is expanding, continuing to
bring both opportunity and concern. Automated Valuation Models (AVMs) and AI-driven analytics are becoming more prevalent, raising questions about their accuracy, reliability, and implications for our Members. While AI can enhance efficiency and provide rapid data insights, it lacks the judgement, real-time insights, and market-driven analysis that Professional Appraisers (P. App.)
bring to the table.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
FROM THE DESK OF THE CEO<\/p>\n\n\n\n
The AIC continues to advocate for the responsible use of AI in valuation, ensuring that regulatory frameworks prioritize quality, reliability, and consumer protection. As part of our ongoing efforts, we have been and will continue to engage with lenders, AMCs, insurers, regulators, and government officials to reinforce the indispensable role of AIC Professional Appraisers (P. App.) in maintaining market integrity. Discussions have focused on improving industry processes and addressing challenges such as declining fees, increasing workloads, and inconsistencies in market rent assessments. These conversations are crucial in ensuring that AIC Members can continue to provide the highest standard of service while operating in a fair environment.
Shifts in U.S. trade and tariff policies will also have significant implications for Canada\u2019s economy and the real estate market.
As discussions around tariffs, counter-tariffs, exemptions, trade agreements, and threats of annexation intensify, we must be prepared for potential disruptions in supply chains, fluctuating<\/p>\n\n\n\n
property values, and broader market instability. These evolving conditions are a clear example of where a Professional Appraiser\u2019s informed analysis and expertise in providing reliable market-based insights becomes increasingly important.
Political unpredictability can impact consumer confidence and investment trends, while also affecting broader financial market dynamics. In such an environment, reliable property valuation becomes even more critical. The AIC remains vigilant in monitoring these developments and will continue advocating for policies that uphold the stability of the Canadian real estate market.
The AIC is committed to equipping our Members with the tools, programs, policies, and resources necessary to navigate change. This is why we continue to deliver on taskforce recommendations that were approved by our Members resulting in updates to our Membership Policy, By-Laws, and Committee\/Working Group Terms of Reference. It is also why we introduced changes to the Co-Signing Program and launched a new Mandatory Review Policy. All these changes have been made with membership top of mind and allow us to better serve Members and support the advancement of the appraisal profession in Canada.
With 2025 well underway, the AIC remains steadfast in its mission to advocate for our Members, uphold professional excellence,
and adapt to the challenges ahead. The pace of change may be accelerating, but with collaboration, foresight, and resilience, we will continue to positively shape the future of the profession.
To all AIC Members \u2013 Thank you for your trust in times of change and for your dedication to the profession. Together, we will navigate the challenges ahead and build a stronger, more adaptive industry for the years to come.<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
Forge your own path to success<\/p>\n\n\n\n
Join CBRE\u2019s Valuation & Advisory Services Team
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Adam Hannah, P. App, AACI, MBA
Head of Valuation & Advisory Services (Canada) adam.hannah@cbre.com | +1 416 815 2393
cbre.ca<\/p>\n\n\n\n
DU BUREAU DE LA PR\u00c9SIDENTE-DIRECTRICE G\u00c9N\u00c9RALE<\/p>\n\n\n\n
S\u2019adapter au changement dans un monde incertain
DONNA DEWAR, MBA, PMP
LA PR\u00c9SIDENTE-DIRECTRICE G\u00c9N\u00c9RALE<\/p>\n\n\n\n
e changement semble \u00eatre la seule certitude dans un monde en constante \u00e9volution. Qu\u2019il soit politique, \u00e9conomique, technologique ou industriel, le changement se produit plus rapidement que jamais et l\u2019adaptation n\u2019est plus facultative,
elle est imp\u00e9rative. La profession d\u2019\u00e9valuateur ne fait pas exception, car elle a \u00e9t\u00e9 confront\u00e9e \u00e0 des changements importants, allant des progr\u00e8s de l\u2019intelligence artificielle (IA) aux incertitudes \u00e9conomiques
mondiales fa\u00e7onn\u00e9es par les d\u00e9cideurs politiques, telles que celles li\u00e9es actuellement aux discussions entourant les droits de douane et aux politiques commerciales internationales et interprovinciales. Alors que nous naviguons dans ces transitions, l\u2019ICE continue de se concentrer
sur la protection du public, la d\u00e9fense des int\u00e9r\u00eats de ses membres et la garantie de la stabilit\u00e9 \u00e0 long terme de la profession d\u2019\u00e9valuateur et du march\u00e9 immobilier canadien dans son ensemble.
Le r\u00f4le de l\u2019IA dans l\u2019\u00e9valuation immobili\u00e8re se d\u00e9veloppe, continuant \u00e0 apporter \u00e0 la fois des opportunit\u00e9s et des pr\u00e9occupations. Les mod\u00e8les d\u2019\u00e9valuation automatis\u00e9s (MEA) et les analyses bas\u00e9es sur l\u2019IA sont de plus en plus r\u00e9pandus, ce qui soul\u00e8ve des questions quant \u00e0 leur exactitude, leur fiabilit\u00e9 et leurs implications pour nos membres. Si l\u2019IA peut am\u00e9liorer l\u2019efficacit\u00e9
et fournir des informations rapides sur les donn\u00e9es, elle n\u2019a pas le jugement, les connaissances en temps r\u00e9el et l\u2019analyse ax\u00e9e sur le march\u00e9 que les \u00e9valuateurs professionnels ont \u00e0 leur disposition.<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
DU BUREAU DE LA PR\u00c9SIDENTE-DIRECTRICE G\u00c9N\u00c9RALE<\/p>\n\n\n\n
L\u2019ICE continue de plaider en faveur d\u2019une utilisation responsable de l\u2019IA dans l\u2019\u00e9valuation, en veillant \u00e0 ce que les cadres r\u00e9glementaires donnent la priorit\u00e9 \u00e0 la qualit\u00e9, \u00e0 la fiabilit\u00e9 et \u00e0 la protection des consommateurs. Dans le cadre de nos
efforts continus, nous avons \u00e9t\u00e9 et continuerons \u00e0 nous engager aupr\u00e8s des pr\u00eateurs, des soci\u00e9t\u00e9s de gestion d\u2019\u00e9valuations (SGE), des assureurs, des r\u00e9gulateurs et des repr\u00e9sentants
du gouvernement pour renforcer le r\u00f4le indispensable des \u00e9valuateurs professionnels de l\u2019ICE (\u00c9. Pro.) dans le maintien de l\u2019int\u00e9grit\u00e9 du march\u00e9. Les discussions ont port\u00e9 sur l\u2019am\u00e9lioration des processus de l\u2019industrie et sur les d\u00e9fis \u00e0 relever, tels que la baisse des honoraires, l\u2019augmentation de la charge de travail et les incoh\u00e9rences dans l\u2019\u00e9valuation des loyers du march\u00e9. Ces
conversations sont cruciales pour garantir que les membres de l\u2019ICE puissent continuer \u00e0 fournir un service de la plus haute qualit\u00e9 tout en op\u00e9rant dans un environnement \u00e9quitable.
Les changements dans les politiques commerciales et tarifaires des \u00c9tats-Unis auront \u00e9galement d\u2019importantes r\u00e9percussions
sur l\u2019\u00e9conomie et le march\u00e9 immobilier du Canada. Alors que les discussions sur les droits de douane, les contre-mesures
tarifaires, les exemptions, les accords commerciaux et les menaces d\u2019annexion s\u2019intensifient, nous devons nous pr\u00e9parer \u00e0 d\u2019\u00e9ventuelles perturbations des cha\u00eenes d\u2019approvisionnement, \u00e0 des fluctuations de la valeur des biens immobiliers et \u00e0 une instabilit\u00e9 plus g\u00e9n\u00e9rale du march\u00e9. Ces conditions en constante \u00e9volution illustrent
clairement \u00e0 quel point l\u2019analyse \u00e9clair\u00e9e et l\u2019expertise d\u2019un \u00e9valuateur professionnel pour fournir des informations fiables bas\u00e9es sur le march\u00e9 deviennent de plus en plus importantes.<\/p>\n\n\n\n
L\u2019impr\u00e9visibilit\u00e9 politique peut avoir un impact sur la confiance des consommateurs et les tendances en mati\u00e8re d\u2019investissement, tout en affectant la dynamique plus large des march\u00e9s financiers. Dans
un tel environnement, une \u00e9valuation fiable des biens immobiliers devient encore plus critique. L\u2019ICE reste vigilant dans le suivi de ces d\u00e9veloppements et continuera \u00e0 plaider en faveur de politiques qui maintiennent la stabilit\u00e9 du march\u00e9 immobilier canadien.
L\u2019ICE s\u2019engage \u00e0 fournir \u00e0 ses membres les outils, programmes, politiques et ressources n\u00e9cessaires pour faire face au changement. C\u2019est pourquoi l\u2019ICE continue de donner suite aux recommandations du groupe de travail qui ont \u00e9t\u00e9 approuv\u00e9es par nos membres, ce qui a entra\u00een\u00e9 la mise \u00e0 jour de notre politique en mati\u00e8re d\u2019adh\u00e9sion, de nos statuts et du mandat de nos comit\u00e9s et groupes de travail, et c\u2019est pourquoi nous avons apport\u00e9 des modifications au programme de cosignature et lanc\u00e9 une nouvelle politique de r\u00e9vision obligatoire.
Tous ces changements ont \u00e9t\u00e9 apport\u00e9s en gardant \u00e0 l\u2019esprit les membres afin de nous permettre de mieux les servir et de soutenir l\u2019avancement de la profession d\u2019\u00e9valuateur au Canada.
Alors que 2025 est d\u00e9j\u00e0 largement entam\u00e9e, l\u2019ICE reste fid\u00e8le \u00e0 sa mission de d\u00e9fendre les int\u00e9r\u00eats de ses membres, de maintenir l\u2019excellence professionnelle et de s\u2019adapter aux d\u00e9fis \u00e0 venir.
Le rythme du changement s\u2019acc\u00e9l\u00e8re peut-\u00eatre, mais gr\u00e2ce \u00e0 la collaboration, \u00e0 la pr\u00e9voyance et \u00e0 la r\u00e9silience, nous continuerons \u00e0 fa\u00e7onner positivement l\u2019avenir de la profession.
\u00c0 tous les membres de l\u2019ICE : Merci de votre confiance en ces temps de changement et de votre d\u00e9vouement envers la profession.
Ensemble, nous rel\u00e8verons les d\u00e9fis \u00e0 venir et b\u00e2tirons une industrie plus forte et plus adaptable pour les ann\u00e9es \u00e0 venir.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
EXECUTIVE CORNER
Reflections from
the President\u2019s Desk
DENA KNOPP, P. APP., CRA AIC NATIONAL PRESIDENT<\/p>\n\n\n\n
s my tenure as President of the Appraisal Institute of Canada (AIC) comes to a close, I find myself looking back on an incredible journey with deep gratitude and a profound sense of accomplishment. Serving in
this role has provided me with a unique, internal perspective of our organization \u2013 one that few are fortunate enough to experience. It has been an unparalleled learning opportunity, a chance to connect with Members across the country, and a period of growth that has reaffirmed my passion for the AIC and its Members.
Without hesitation, I wholeheartedly recommend this rewarding experience to anyone who shares that same passion. Volunteering is not only a meaningful way to give back to the profession, but also an opportunity to help shape the direction of the AIC and influence the future of our industry. It fosters a deeper connection to our community, broadens your professional perspective, and leaves you with the lasting fulfillment of knowing you have contributed to something more.
One of the highlights of my term was celebrating Donna Dewar\u2019s first anniversary as our CEO early in my presidency. Her commitment to immersing herself in the world of valuation and appraisal was evident in her thoughtful approach to understanding the organization, our Members, and the broader industry landscape. Her dedication has given me great confidence in the AIC\u2019s future, and I am optimistic about the continued progress we will achieve under her leadership.
Speaking of progress, I am pleased to see the Board advancing the recommendations of the Shaping Our Future Task Force, which have laid the foundation for our Strategic Plan. This forward momentum would not have been possible without the dedication of the AIC<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
EXECUTIVE CORNER<\/p>\n\n\n\n
National office staff, to whom I extend my heartfelt gratitude. Their tireless efforts drive the AIC\u2019s success, and we owe much of our achievements to their unwavering commitment.
Another memorable aspect of my presidency was engaging with other North American and international valuation organizations.
These meetings allowed for valuable exchanges of information and ideas with our counterparts at the Appraisal Institute (AI), The European Group of Valuers\u2019 Associations (TEGOVA), the American Society of Appraisers (ASA), the International Association of
Assessing Officers (IAAO), and others. Seeing the AIC through their lens gave me fresh perspectives on our strengths and opportunities, and underscored the importance of global collaboration in advancing the valuation profession.
Of course, self-regulation remains one of our defining attributes as an organization \u2014 a privilege that comes with its share of challenges. Balancing the diverse needs and expectations of our Members while upholding our regulatory responsibilities is no small task. It is true that regulatory efforts may not always be top of mind for all Members, especially when balanced against the AIC\u2019s role as a service-oriented organization. However, preserving our self-regulatory status is essential to who we are. While regulation may not always garner
the most attention, it remains a cornerstone of our credibility, our professionalism, and our influence within the broader real estate and financial sectors.
This balancing act reminds me that leadership often involves asking more questions than finding answers. How can we enhance Member engagement and volunteer participation at all levels \u2014 local, provincial, and national? How can we continue to support appraisers in a rapidly evolving marketplace where \u2018getting a number\u2019 is often seen as a substitute for professional valuation? Lender and stakeholder meetings underscored the need for appraisers to identify risks, and while I advocate for the expertise of AIC Members, it is crucial that we maintain the quality of our work to remain relevant and trusted.<\/p>\n\n\n\n
Change has been another theme of my presidency. I have
often mused that our approach to change can feel paradoxical \u2013 \u2018Don\u2019t change anything, unless you should have changed something.\u2019 Change can be uncertain and sometimes emotional, but is essential if we want to avoid looking back with regret at opportunities not taken. If the answer to a question is \u201cwe\u2019ve always done it this way,\u201d perhaps it is time to re-examine the question itself.
Looking back, I can truly say this journey has been full of new learning experiences. My understanding of governance has
deepened, and my appreciation for the AIC and its community has grown immeasurably. I am sincerely grateful to the Board for their engagement and collaboration, and to all Members for entrusting me with the privilege of serving in this capacity. This experience has profoundly enriched my career and life perspective, and I will carry its lessons with me always.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
LE COIN DE L\u2019 EX\u00c9CUTIF
R\u00e9flexions du
bureau de la pr\u00e9sidente
DENA KNOPP, \u00c9. PRO., CRA PR\u00c9SIDENTE NATIONALE DE L\u2019ICE<\/p>\n\n\n\n
lors que mon mandat de pr\u00e9sidente de l\u2019Institut canadien des \u00e9valuateurs (ICE) tire \u00e0 sa fin, c\u2019est avec une profonde gratitude et un profond sentiment d\u2019accomplissement que je jette un regard sur
un parcours incroyable. Le fait d\u2019occuper ce poste m\u2019a permis
d\u2019avoir une perspective interne unique de notre organisation, une perspective que peu de personnes ont la chance d\u2019avoir. Cela a \u00e9t\u00e9 une occasion d\u2019apprentissage sans pr\u00e9c\u00e9dent, une chance d\u2019entrer en contact avec des membres de tout le pays et une p\u00e9riode de croissance qui a r\u00e9affirm\u00e9 ma passion pour l\u2019ICE et ses membres.
Sans h\u00e9siter, je recommande de tout c\u0153ur cette exp\u00e9rience enrichissante \u00e0 quiconque partage cette m\u00eame passion. Le b\u00e9n\u00e9volat est non seulement un moyen significatif de redonner \u00e0 la profession, mais aussi une occasion de contribuer \u00e0 fa\u00e7onner l\u2019orientation de l\u2019ICE et d\u2019influencer l\u2019avenir de notre industrie. Il favorise un lien
plus profond avec notre communaut\u00e9, \u00e9largit notre perspective professionnelle et nous laisse avec la satisfaction durable de savoir que nous avons contribu\u00e9 \u00e0 quelque chose de plus grand.
L\u2019un des moments forts de mon mandat a \u00e9t\u00e9 la c\u00e9l\u00e9bration du premier anniversaire de Donna Dewar en tant que pr\u00e9sidente- directrice g\u00e9n\u00e9rale au d\u00e9but de ma pr\u00e9sidence. Son engagement \u00e0 s\u2019immerger dans le monde de l\u2019\u00e9valuation se manifeste par son approche r\u00e9fl\u00e9chie pour comprendre l\u2019organisation, nos membres et le paysage plus large de l\u2019industrie. Son d\u00e9vouement m\u2019a donn\u00e9<\/p>\n\n\n\n
Cela a \u00e9t\u00e9 une occasion d\u2019apprentissage sans pr\u00e9c\u00e9dent, une chance d\u2019entrer en contact avec des membres \u00e0 travers le pays et une p\u00e9riode de croissance qui a r\u00e9affirm\u00e9 ma passion pour l\u2019ICE et ses membres. \u00bb<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
LE COIN DE L\u2019 EX\u00c9CUTIF<\/p>\n\n\n\n
une grande confiance dans l\u2019avenir de l\u2019ICE, et je suis optimiste quant aux progr\u00e8s continus que nous r\u00e9aliserons sous sa direction.
En parlant de progr\u00e8s, je suis heureuse de voir le Conseil
d\u2019administration faire avancer les recommandations du groupe de travail Fa\u00e7onner notre avenir, qui ont jet\u00e9 les bases de notre plan strat\u00e9gique. Cette dynamique n\u2019aurait pas \u00e9t\u00e9 possible sans le d\u00e9vouement du personnel du bureau national de l\u2019ICE, \u00e0 qui j\u2019adresse mes sinc\u00e8res remerciements. Leurs efforts inlassables
sont le moteur du succ\u00e8s de l\u2019ICE, et nous devons une grande partie de nos r\u00e9alisations \u00e0 leur engagement ind\u00e9fectible.
Un autre aspect m\u00e9morable de ma pr\u00e9sidence a \u00e9t\u00e9 la collaboration avec d\u2019autres organisations nord-am\u00e9ricaines et internationales d\u2019\u00e9valuation. Ces rencontres ont permis de pr\u00e9cieux \u00e9changes d\u2019informations et d\u2019id\u00e9es avec nos homologues de l\u2019Appraisal Institute (AI), du European Group of Valuers\u2019 Associations (TEGOVA), de l\u2019American Society of Appraisers (ASA), l\u2019International Association
of Assessing Officers (IAAO), et d\u2019autres. Voir l\u2019ICE \u00e0 travers leur regard m\u2019a donn\u00e9 de nouvelles perspectives sur nos forces et nos opportunit\u00e9s, et a soulign\u00e9 l\u2019importance de la collaboration mondiale pour faire progresser la profession d\u2019\u00e9valuateur.
Bien s\u00fbr, l\u2019autor\u00e9gulation reste l\u2019un de nos attributs d\u00e9terminants en tant qu\u2019organisation – un privil\u00e8ge qui s\u2019accompagne de son lot de d\u00e9fis. Trouver un \u00e9quilibre entre les divers besoins et attentes de nos membres tout en assumant nos responsabilit\u00e9s r\u00e9glementaires n\u2019est pas une mince affaire. Il est vrai que les efforts de r\u00e9glementation
ne sont pas toujours une priorit\u00e9 pour tous les membres, surtout si l\u2019on tient compte du r\u00f4le de l\u2019ICE en tant qu\u2019organisation ax\u00e9e sur les services. Cependant, la pr\u00e9servation de notre statut d\u2019organisme d\u2019autor\u00e9glementation est essentielle \u00e0 notre identit\u00e9.
Bien que la r\u00e9glementation ne soit pas toujours au centre des pr\u00e9occupations, elle reste la pierre angulaire de notre cr\u00e9dibilit\u00e9, de<\/p>\n\n\n\n
notre professionnalisme et de notre influence au sein des secteurs immobiliers et financiers au sens large.
Cette recherche de l\u2019\u00e9quilibre me rappelle que le leadership consiste souvent \u00e0 poser plus de questions qu\u2019\u00e0 trouver des r\u00e9ponses. Comment pouvons-nous renforcer l\u2019engagement des membres et la participation des b\u00e9n\u00e9voles \u00e0 tous les niveaux – local, provincial et national ? Comment pouvons-nous continuer \u00e0 soutenir les \u00e9valuateurs dans un march\u00e9 en \u00e9volution rapide o\u00f9
\u00ab obtenir un chiffre \u00bb est souvent consid\u00e9r\u00e9 comme un substitut \u00e0 l\u2019\u00e9valuation professionnelle ? Les r\u00e9unions des pr\u00eateurs et des parties prenantes ont soulign\u00e9 la n\u00e9cessit\u00e9 pour les \u00e9valuateurs d\u2019identifier les risques, et bien que je d\u00e9fende l\u2019expertise des membres de l\u2019ICE, il est essentiel que nous maintenions la qualit\u00e9 de notre travail pour rester pertinents et dignes de confiance.
Le changement a \u00e9t\u00e9 un autre th\u00e8me de ma pr\u00e9sidence. J\u2019ai souvent r\u00e9fl\u00e9chi au fait que notre approche du changement peut sembler paradoxale : \u00ab Ne changez rien, sauf si vous auriez d\u00fb changer quelque chose. \u00bb Le changement peut \u00eatre incertain et parfois \u00e9motionnel, mais il est essentiel si nous voulons \u00e9viter de regretter les opportunit\u00e9s manqu\u00e9es. Si la r\u00e9ponse \u00e0 une question est \u00ab nous avons toujours fait comme \u00e7a \u00bb, il est peut-\u00eatre temps de r\u00e9examiner la question elle-m\u00eame.
Avec le recul, je peux vraiment dire que ce parcours a \u00e9t\u00e9 riche en nouvelles exp\u00e9riences d\u2019apprentissage. Ma compr\u00e9hension de
la gouvernance s\u2019est approfondie et mon appr\u00e9ciation de l\u2019ICE et de sa communaut\u00e9 s\u2019est consid\u00e9rablement accrue. Je suis sinc\u00e8rement reconnaissante au conseil d\u2019administration pour son engagement et sa collaboration, ainsi qu\u2019\u00e0 tous les membres pour m\u2019avoir confi\u00e9 le privil\u00e8ge d\u2019exercer cette fonction. Cette exp\u00e9rience a profond\u00e9ment enrichi ma carri\u00e8re et ma perspective de vie, et je garderai toujours de bons souvenirs.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
THE APPEAL
OF THE APPRAISAL PROFESSION<\/p>\n\n\n\n
A Candidate\u2019s perspective
BY ADAM THORNE, AIC CANDIDATE MEMBER<\/p>\n\n\n\n
Introduction
Real estate is one of the largest asset classes in the world, yet its value is not always obvious. Markets operate on limited information and subjective assessments. Appraisers bridge this gap by providing analysis that facilitates informed decision- making. As the real estate industry continues to expand, the demand for objective, well- trained professionals has never been greater.
I began my candidacy in 2022 and am nearing my AACI designation. Reflecting on the process, I want to share what motivated me to pursue a career as an appraiser.
As an appraiser, you are not confined to a specific area; your expertise is applicable across the different areas of real estate, including investment analysis, portfolio management, and strategic decision-making.\u201d<\/p>\n\n\n\n
The appraisal perspective
Real estate markets operate on incomplete information. Developers understand construction costs and feasibility, but
may rely on others for market analysis. Lenders are concerned with risk mitigation, but may have less exposure to long-term asset performance. Realtors specialize
in transactions, but may have limited operational context. Property managers handle day-to-day operations, but may not be exposed to transactions or development.
All of these factors affect market value, and it is an appraiser\u2019s responsibility
to understand and reconcile how they come together to affect market decisions. Because of this, appraisers have access to more information than others typically would regarding financial performance, broader market perspectives, risk considerations \u2013 and most importantly \u2013 what value means in real estate.<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
The career dynamic
The real estate industry offers a variety of career paths, including working as a realtor, developer, lender, or investor. However,
the role of an appraiser is distinct. As an<\/p>\n\n\n\n
I was drawn to appraisal because it offers more than just technical skills \u2013 it offers perspective.\u201d<\/p>\n\n\n\n
appraiser, you are not confined to a specific area; your expertise is applicable across the different areas of real estate, including
investment analysis, portfolio management, and strategic decision-making.
The word \u2018appraiser\u2019 implies we focus solely on value; however, we also work in many areas within real estate. We provide expertise in areas such as conservation easements, hotels, natural resources, litigation, development, portfolio valuation, and feasibility studies. This variety allows appraisers to be involved in different aspects of real estate, from commercial and residential to specialized property types.
Another benefit of being an appraiser is the willingness of professionals to share their knowledge. Past and present colleagues, as well as \u2018competitors,\u2019 have eagerly shared their knowledge and opinions. If you want
to learn, all you need to do is ask. With a clear path in mind, there are few barriers to pursuing it.<\/p>\n\n\n\n
The demand for appraisers
While the real estate industry continues to grow, the number of appraisers has seen a modest decline. According to the 2023-2024 AIC Annual Update, compared with 2015-2016, there are 55 fewer AACIs and 14 fewer CRAs.
With a growing real estate industry and fewer appraisers, established professionals are focused on their work, leaving a gap
in volunteer roles. This provides a unique opportunity for new appraisers to become more involved, whether through local chapters, direct engagement with the Appraisal Institute of Canada, or contributing in ways that would normally be unavailable to those earlier in their careers. It\u2019s a chance to build connections and gain experience in the industry.
There are also many appraisers who are retiring, with nobody to replace them. Because of this, clients and colleagues are often more willing to work with
new appraisers in order to fill the gap.
These assignments tend to be specialized and are often more interesting than standard appraisals. Developing these skills boosts your credibility.<\/p>\n\n\n\n
The designation
The amount of study and preparation required, paired with real-world
experience, led me to repeatedly revisit core concepts and challenge how they apply in different contexts. This process prompted me to ask many questions and read extensively, giving me a perspective that I would not have gained otherwise.
In appraisal, we have a formalized perspective on value that has evolved over a century, dating back to the early 1900s when land economists began formalizing modern land economics. Many of these economists laid the foundation for our profession \u2013 conducting valuations and studies that shaped the methods we use today.
An appraisal designation is a mark of expertise, earned through rigorous study and practical application, grounded in
a tradition that dates back to the early<\/p>\n\n\n\n
land economists who shaped real estate valuation. This sets appraisers apart as the foremost real estate analysts.<\/p>\n\n\n\n
The appeal
I was drawn to appraisal because it offers more than just technical skills \u2013 it offers perspective. Unlike other real estate professions, appraisal is not about selling, financing, or managing assets; it is about understanding them. That understanding develops over time and is shaped by
experience and the people willing to share what they have learned.
In the short time I have been in this career, I have had the opportunity to speak with a variety of professionals and contribute to many interesting projects. It is the top of the field which allows you to pursue any path in real estate. That makes it appealing.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
L\u2019ATTRAIT DE LA PROFESSION D\u2019EVALUATEUR<\/p>\n\n\n\n
Perspective d\u2019un Membre Stagiaire
PAR ADAM THORNE, MEMBRE STAGIAIRE DE L\u2019ICE<\/p>\n\n\n\n
Introduction
L\u2019immobilier est l\u2019une des plus grandes classes d\u2019actifs au monde, mais sa valeur n\u2019est pas toujours \u00e9vidente. Les march\u00e9s fonctionnent avec une information limit\u00e9e et des \u00e9valuations subjectives. Les \u00e9valuateurs comblent cette lacune en fournissant des analyses qui facilitent la prise de d\u00e9cisions \u00e9clair\u00e9es. Alors que l\u2019industrie immobili\u00e8re continue de cro\u00eetre, la demande pour des professionnels objectifs et bien form\u00e9s n\u2019a jamais \u00e9t\u00e9 aussi forte.<\/p>\n\n\n\n
J\u2019ai commenc\u00e9 mon stage en 2022 et j\u2019approche de mon titre d\u2019AACI. En r\u00e9fl\u00e9chissant \u00e0 ce parcours, je souhaite
partager ce qui m\u2019a motiv\u00e9 \u00e0 poursuivre une carri\u00e8re en \u00e9valuation immobili\u00e8re.<\/p>\n\n\n\n
La perspective de l\u2019\u00e9valuation
Les march\u00e9s immobiliers fonctionnent avec des informations incompl\u00e8tes. Les promoteurs comprennent les co\u00fbts de construction et la faisabilit\u00e9 des projets, mais ils peuvent d\u00e9pendre d\u2019autres experts<\/p>\n\n\n\n
Contrairement aux autres professions, il ne se limite pas \u00e0 un domaine sp\u00e9cifique; son expertise s\u2019applique \u00e0 divers aspects de l\u2019immobilier, notamment l\u2019analyse des investissements, la gestion de portefeuilles et la planification strat\u00e9gique. \u00bb<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
pour l\u2019analyse du march\u00e9. Les pr\u00eateurs se concentrent sur la gestion des risques, mais ils peuvent avoir une exposition limit\u00e9e \u00e0 la performance des actifs \u00e0 long terme. Les courtiers immobiliers sont sp\u00e9cialis\u00e9s dans les transactions, mais<\/p>\n\n\n\n
L\u2019\u00e9valuation m\u2019a attir\u00e9 parce qu\u2019elle offre bien plus que des comp\u00e9tences techniques \u2014 elle offre une compr\u00e9hension approfondie du march\u00e9. \u00bb<\/p>\n\n\n\n
leur connaissance du march\u00e9 peut \u00eatre limit\u00e9e aux aspects commerciaux. Les gestionnaires immobiliers supervisent les op\u00e9rations quotidiennes, mais ils peuvent ne pas toujours participer aux transactions ou au d\u00e9veloppemente
Tous ces facteurs influencent la valeur marchande, et c\u2019est \u00e0 l\u2019\u00e9valuateur de comprendre et de concilier ces \u00e9l\u00e9ments pour \u00e9clairer les d\u00e9cisions du march\u00e9. Cela donne aux \u00e9valuateurs un acc\u00e8s unique
\u00e0 des informations sur la performance financi\u00e8re, les perspectives du march\u00e9, les consid\u00e9rations de risque et, surtout, la signification de la valeur en immobilier.<\/p>\n\n\n\n
La dynamique de carri\u00e8re
L\u2019industrie immobili\u00e8re offre diverses voies professionnelles, que ce soit en tant que courtier, promoteur, pr\u00eateur ou investisseur. Toutefois, le r\u00f4le de l\u2019\u00e9valuateur se distingue.
Contrairement aux autres professions, il ne se limite pas \u00e0 un domaine sp\u00e9cifique; son expertise s\u2019applique \u00e0 divers aspects de l\u2019immobilier, notamment l\u2019analyse des
investissements, la gestion de portefeuilles et la planification strat\u00e9gique.
Le terme \u00ab \u00e9valuateur \u00bb implique que notre r\u00f4le se limite \u00e0 l\u2019estimation de la valeur. Cependant, nous intervenons dans plusieurs domaines de l\u2019immobilier.
Notre expertise couvre les servitudes de conservation, l\u2019h\u00f4tellerie, les
ressources naturelles, le contentieux, le d\u00e9veloppement immobilier, l\u2019\u00e9valuation de portefeuilles et les \u00e9tudes de faisabilit\u00e9.
Cette diversit\u00e9 permet aux \u00e9valuateurs
d\u2019\u00eatre impliqu\u00e9s dans diff\u00e9rents secteurs, qu\u2019il s\u2019agisse d\u2019actifs commerciaux, r\u00e9sidentiels ou sp\u00e9cialis\u00e9s.
Un autre avantage d\u2019\u00eatre \u00e9valuateur est la transmission du savoir au sein de la
profession. Les coll\u00e8gues, anciens et actuels, ainsi que les \u00ab concurrents \u00bb, partagent volontiers leurs connaissances et leurs<\/p>\n\n\n\n
points de vue. Ceux qui veulent apprendre n\u2019ont qu\u2019\u00e0 poser des questions. Avec une orientation claire, il y a peu d\u2019obstacles pour avancer dans cette carri\u00e8re.<\/p>\n\n\n\n
La demande pour les evaluateurs
Bien que l\u2019industrie immobili\u00e8re continue de cro\u00eetre, le nombre d\u2019\u00e9valuateurs
a connu une l\u00e9g\u00e8re baisse. Selon le Rapport annuel 2023-2024 de l\u2019ICE, il y a aujourd\u2019hui 55 AACI et 14 CRA de moins qu\u2019en 2015-2016.
Avec une industrie en expansion et moins d\u2019\u00e9valuateurs en exercice, les professionnels \u00e9tablis consacrent leur temps \u00e0 leur travail, laissant un vide au sein des r\u00f4les b\u00e9n\u00e9voles. Cela offre une occasion unique aux nouveaux \u00e9valuateurs de s\u2019impliquer davantage, que ce soit par les sections locales, une participation directe \u00e0 l\u2019Institut canadien des \u00e9valuateurs (ICE) ou
d\u2019autres contributions qui, autrement, ne seraient pas accessibles en d\u00e9but de carri\u00e8re. C\u2019est une opportunit\u00e9 pour \u00e9tablir des liens et acqu\u00e9rir de l\u2019exp\u00e9rience dans le domaine.
Par ailleurs, de nombreux \u00e9valuateurs prennent leur retraite sans rel\u00e8ve pour occuper leurs postes. En cons\u00e9quence, les clients et les coll\u00e8gues sont plus enclins \u00e0 collaborer avec de nouveaux \u00e9valuateurs afin de combler ces lacunes. Ces missions, souvent sp\u00e9cialis\u00e9es et plus stimulantes que les \u00e9valuations standards, permettent de d\u00e9velopper des comp\u00e9tences qui renforcent la cr\u00e9dibilit\u00e9 des professionnels \u00e9mergents.<\/p>\n\n\n\n
Le titre
Le niveau d\u2019\u00e9tudes et de pr\u00e9paration requis, combin\u00e9 \u00e0 l\u2019exp\u00e9rience pratique, m\u2019a amen\u00e9 \u00e0 revoir continuellement les concepts fondamentaux et \u00e0 remettre en question leur application dans divers<\/p>\n\n\n\n
contextes. Ce processus m\u2019a incit\u00e9 \u00e0 poser de nombreuses questions et \u00e0 approfondir mes lectures, ce qui m\u2019a permis d\u2019acqu\u00e9rir une perspective que je n\u2019aurais pas pu obtenir autrement.
En \u00e9valuation, nous avons une vision
structur\u00e9e de la valeur qui s\u2019est d\u00e9velopp\u00e9e sur plus d\u2019un si\u00e8cle, remontant au d\u00e9but des ann\u00e9es 1900, lorsque les \u00e9conomistes fondateurs ont commenc\u00e9 \u00e0 formaliser l\u2019\u00e9conomie fonci\u00e8re moderne. Plusieurs de ces \u00e9conomistes ont jet\u00e9 les bases de notre profession en r\u00e9alisant des \u00e9valuations et des \u00e9tudes qui ont fa\u00e7onn\u00e9 les m\u00e9thodes que nous utilisons aujourd\u2019hui.
Un titre en \u00e9valuation est une reconnaissance d\u2019expertise, obtenue gr\u00e2ce \u00e0 des \u00e9tudes rigoureuses et \u00e0 une application pratique des concepts. Il s\u2019inscrit dans une tradition remontant aux premiers \u00e9conomistes fonciers qui ont contribu\u00e9 \u00e0 fa\u00e7onner l\u2019\u00e9valuation immobili\u00e8re moderne. C\u2019est ce qui distingue les \u00e9valuateurs comme les analystes immobiliers de r\u00e9f\u00e9rence.<\/p>\n\n\n\n
L\u2019attrait de la profession
L\u2019\u00e9valuation m\u2019a attir\u00e9 parce qu\u2019elle offre bien plus que des comp\u00e9tences techniques \u2014 elle offre une compr\u00e9hension approfondie du march\u00e9. Contrairement aux autres professions de l\u2019immobilier, l\u2019\u00e9valuation ne repose pas sur la vente, le financement ou
la gestion d\u2019actifs, mais sur leur analyse. Cette compr\u00e9hension se d\u00e9veloppe avec le temps et s\u2019enrichit gr\u00e2ce \u00e0 l\u2019exp\u00e9rience et aux professionnels qui acceptent de transmettre leur savoir.
En peu de temps, j\u2019ai eu l\u2019occasion d\u2019\u00e9changer avec de nombreux
professionnels et de participer \u00e0 des projets stimulants. C\u2019est le sommet du domaine, et il permet d\u2019explorer toutes les avenues en immobilier. Voil\u00e0 ce qui rend cette profession si int\u00e9ressante.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
Power up your practice:
how to diversify into machinery and equipment valuations<\/p>\n\n\n\n
BY ARLENE BLAKE, P. APP., CRA
ABSOLUTE APPRAISALS & CONSULTING INC.<\/p>\n\n\n\n
A<\/p>\n\n\n\n
s Canadian Residential Appraisers (CRA\u00ae), we have traditionally focused on real property financing
assignments. However, there are many opportunities for diversification and growth for CRA designated appraisers. The dynamic field of machinery and equipment (M&E) appraisals opens the door to new revenue streams. In today\u2019s<\/p>\n\n\n\n
In today\u2019s market, businesses across industries require accurate appraisals for their machinery and equipment for purposes such as financing, insurance, tax reporting, and litigation. M&E appraisal is a valuable service and can become a complement to your existing practice.\u201d<\/p>\n\n\n\n
market, businesses across industries require accurate appraisals for their machinery and equipment for purposes such as financing, insurance, tax reporting, and litigation. M&E appraisal is a valuable service and can become a complement to your existing practice.<\/p>\n\n\n\n
WHY DIVERSIFY
INTO M&E APPRAISAL?
The demand for M&E appraisal services is growing. Consider the following scenarios where
businesses and individuals require professional appraisals:<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
UNDERSTANDING
M&E APPRAISAL BASICS
Machinery and equipment can include a wide range of assets, such as standard office assets like printers and computers; specialized industrial equipment such
as CNC machines and medical devices; manufacturing, industrial and agricultural machinery; and aircraft, including airplanes and helicopters. In this field, appraisers must understand the differences of each type of asset, including its purpose, functionality, and market demand. It is expected that the appraiser is competent and knowledgeable about the assets being valued. Therefore, the appraiser must be dedicated to learning and training to develop the expertise to diversify into machinery and equipment valuations.<\/p>\n\n\n\n
HERE ARE THE CORE
COMPONENTS OF M&E APPRAISAL:<\/p>\n\n\n\n
\u2022 Physical inspection allows the appraiser to assess condition, maintenance history, and
any modifications.<\/p>\n\n\n\n
BUILDING THE EXPERTISE
By investing in yourself, you will receive appraisal requests. Transitioning into M&E appraisal requires both training and a commitment to learning. Here are the steps to get started:<\/p>\n\n\n\n
PRACTICAL CHALLENGES
AND HOW TO OVERCOME THEM
While M&E appraisal is rewarding, it is not without its challenges. Here are some common obstacles and strategies to address them:<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
\u2022 Solution: Invest time in continuous learning and seek expertise in a niche, such as medical or construction
equipment, to build a strong foundation.<\/p>\n\n\n\n
If an Accredited Appraiser Canadian Institute (AACI\u00ae) is providing an
assignment that also includes a valuation of machinery and equipment, and the AACI is not
competent in these assets, under CUSPAP, the AACI is to have a competent AIC Member to complete the valuation of the M&E to include in their report.<\/p>\n\n\n\n
TECHNOLOGY AND TOOLS FOR M&E APPRAISAL
Modern technology plays a crucial role in streamlining M&E appraisals.
Familiarize yourself with these tools to enhance accuracy and efficiency:<\/p>\n\n\n\n
handheld diagnostic devices can help you conduct thorough inspections.<\/p>\n\n\n\n
MARKETING YOUR
M&E APPRAISAL SERVICES
Once you have the necessary expertise, it is time to market your services.
Highlight your new capabilities to existing clients and reach out to potential clients in industries that rely heavily on machinery. Here are some strategies:<\/p>\n\n\n\n
and law firms that frequently require M&E appraisals.<\/p>\n\n\n\n
CONCLUSION
Appraising machinery and equipment is a challenging yet rewarding field that allows appraisers to diversify their work and tap into lucrative markets.
By mastering the necessary skills, understanding market dynamics, and leveraging modern tools, you can position yourself as a trusted expert in this niche. As the demand for qualified M&E appraisers grows, embracing this specialization will not only enhance your professional value but also provide an
exciting new avenue for diversification and revenue stream.<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
Optimisez votre pratique :
Comment se diversifier dans l\u2019\u00e9valuation de machinerie et d\u2019\u00e9quipement<\/p>\n\n\n\n
PAR ARLENE BLAKE, \u00c9. PRO., CRA ABSOLUTE APPRAISALS & CONSULTING INC.<\/p>\n\n\n\n
E<\/p>\n\n\n\n
n tant qu\u2019\u00e9valuateurs r\u00e9sidentiels canadiens (CRA\u00ae), nous nous sommes traditionnellement concentr\u00e9s sur les contrats
de service de financement immobilier. Cependant, il existe de nombreuses possibilit\u00e9s de diversification et de croissance pour les \u00e9valuateurs d\u00e9sign\u00e9s CRA. Le domaine dynamique de l\u2019\u00e9valuation de la machinerie et de l\u2019\u00e9quipement (M&E) ouvre la porte \u00e0 de nouvelles sources<\/p>\n\n\n\n
Sur le march\u00e9 actuel, les entreprises de tous les secteurs ont besoin d\u2019\u00e9valuations pr\u00e9cises de leurs machines et \u00e9quipements \u00e0 des fins telles que le financement, l\u2019assurance, la d\u00e9claration fiscale et les litiges. L\u2019\u00e9valuation de la machinerie et de l\u2019\u00e9quipement est un service pr\u00e9cieux qui peut venir compl\u00e9ter votre pratique existante. \u00bb<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
de revenus. Sur le march\u00e9 actuel, les entreprises de tous les secteurs ont besoin d\u2019\u00e9valuations pr\u00e9cises de leurs machines et \u00e9quipements \u00e0 des fins telles que le financement, l\u2019assurance, la d\u00e9claration fiscale et les litiges. L\u2019\u00e9valuation de la
machinerie et de l\u2019\u00e9quipement est un service pr\u00e9cieux qui peut venir compl\u00e9ter votre pratique existante.<\/p>\n\n\n\n
POURQUOI SE DIVERSIFIER
DANS L\u2019\u00c9VALUATION DES M&E?
La demande de services d\u2019\u00e9valuation des M&E est \u00e0 la hausse. Voici quelques
sc\u00e9narios dans lesquels les entreprises et les particuliers ont besoin d\u2019\u00e9valuations professionnelles :<\/p>\n\n\n\n
COMPRENDRE LES BASES DE L\u2019\u00c9VALUATION DES M&E
Les machines et \u00e9quipements peuvent inclure un large \u00e9ventail d\u2019actifs, tels que les actifs de bureau standard comme les imprimantes et les ordinateurs ; les \u00e9quipements industriels sp\u00e9cialis\u00e9s tels que les machines CNC et les dispositifs m\u00e9dicaux ; les machines de fabrication,
industrielles et agricoles ; et les a\u00e9ronefs, y compris les avions et les h\u00e9licopt\u00e8res.<\/p>\n\n\n\n
Dans ce domaine, les \u00e9valuateurs doivent comprendre les diff\u00e9rences de chaque
type d\u2019actif, y compris son objectif, sa fonctionnalit\u00e9 et la demande du march\u00e9. L\u2019\u00e9valuateur doit \u00eatre comp\u00e9tent et bien conna\u00eetre les actifs \u00e9valu\u00e9s. Il doit donc se consacrer \u00e0 l\u2019apprentissage et \u00e0 la formation afin de d\u00e9velopper l\u2019expertise n\u00e9cessaire pour se diversifier dans l\u2019\u00e9valuation des M&E.<\/p>\n\n\n\n
VOICI LES PRINCIPALES COMPOSANTES DE L\u2019\u00c9VALUATION DES M&E :<\/p>\n\n\n\n
\u2022 M\u00e9thode de comparaison directe : L\u2019analyse des ventes comparables d\u2019actifs similaires permet de mieux comprendre la valeur marchande.
Les comparables peuvent \u00eatre trouv\u00e9s dans les ventes aux ench\u00e8res, les ventes de concessionnaires, les ventes sur le march\u00e9, etc.
\u2022 M\u00e9thode du revenu : Cette m\u00e9thode \u00e9value la capacit\u00e9 de l\u2019actif \u00e0 g\u00e9n\u00e9rer des revenus au cours de sa dur\u00e9e
de vie utile. Vous devez disposer de toutes les informations relatives aux revenus de l\u2019actif pour appliquer cette m\u00e9thode. Cela peut s\u2019av\u00e9rer difficile car il est parfois difficile de d\u00e9terminer les revenus g\u00e9n\u00e9r\u00e9s par un actif.<\/p>\n\n\n\n
D\u00c9VELOPPER L\u2019EXPERTISE
En investissant dans votre propre d\u00e9veloppement, vous recevrez des demandes d\u2019\u00e9valuation. La transition vers l\u2019\u00e9valuation des M&E n\u00e9cessite \u00e0 la fois une formation et un engagement \u00e0 apprendre. Voici les \u00e9tapes pour commencer :<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
L\u2019\u00e9valuation des machines et des \u00e9quipements est un domaine stimulant mais gratifiant qui permet aux \u00e9valuateurs de diversifier leur travail et de p\u00e9n\u00e9trer des march\u00e9s lucratifs. \u00bb<\/p>\n\n\n\n
tels que l\u2019industrie manufacturi\u00e8re, la sant\u00e9, l\u2019agriculture et la construction.
\u2022 Comprenez les tendances \u00e9mergentes, telles que l\u2019automatisation et la durabilit\u00e9, qui peuvent avoir un impact sur la valeur des \u00e9quipements.<\/p>\n\n\n\n
D\u00c9FIS PRATIQUES ET COMMENT LES SURMONTER
Bien que l\u2019\u00e9valuation des M&E soit
enrichissante, elle n\u2019est pas sans d\u00e9fis. Voici quelques obstacles courants et des strat\u00e9gies pour les surmonter :<\/p>\n\n\n\n
TECHNOLOGIE ET OUTILS D\u2019\u00c9VALUATION DES M&E
La technologie moderne joue un r\u00f4le crucial dans la rationalisation des
\u00e9valuations des M&E. Familiarisez-vous avec ces outils pour am\u00e9liorer la pr\u00e9cision et l\u2019efficacit\u00e9 de vos \u00e9valuations :<\/p>\n\n\n\n
FAITES LA PROMOTION DE VOS SERVICES D\u2019\u00c9VALUATION DES M&E
Une fois que vous disposez de l\u2019expertise n\u00e9cessaire, il est temps de commercialiser vos services. Mettez en \u00e9vidence vos nouvelles capacit\u00e9s aupr\u00e8s de vos
clients existants et contactez des
clients potentiels dans des secteurs qui d\u00e9pendent fortement des machines.
Voici quelques strat\u00e9gies :<\/p>\n\n\n\n
CONCLUSION
L\u2019\u00e9valuation des machines et des \u00e9quipements est un domaine stimulant mais gratifiant qui permet aux \u00e9valuateurs de diversifier leur travail et de p\u00e9n\u00e9trer des march\u00e9s lucratifs. En ma\u00eetrisant les comp\u00e9tences n\u00e9cessaires, en comprenant la dynamique du march\u00e9 et en tirant parti des outils modernes, vous pouvez vous positionner comme un expert de confiance dans ce cr\u00e9neau. Alors que la demande d\u2019\u00e9valuateurs qualifi\u00e9s en M&E augmente,
l\u2019adoption de cette sp\u00e9cialisation permettra non seulement d\u2019accro\u00eetre votre valeur professionnelle, mais aussi d\u2019ouvrir une nouvelle voie passionnante de diversification et de source de revenus.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
Land Acknowledgements<\/p>\n\n\n\n
BY DAVID A. FORTIER, P. APP., AACI, BCOMM (DIST.)<\/p>\n\n\n\n
S<\/p>\n\n\n\n
ince the 2015 release of the Truth and Reconciliation Commission\u2019s (TRC) final report, land acknowledgements have increased in prominence.
Among other points, the TRC highlighted the importance of recognizing the traditional territories of Indigenous peoples as a
step towards reconciliation. An increasing number of businesses and organizations are incorporating land acknowledgements into their business practices, including
at the beginning of events or meetings, on websites, in publications, during employee training, through guest speaker presentations, on social media, and by creating policies and values that spread awareness and inclusiveness.
Canadian real estate appraisers include geographic, municipal, and\/or
neighborhood descriptions\/analysis within their reports as a means of establishing context and describing the area. There is an opportunity to expand on the recent history of a particular area and incorporate land acknowledgements and historical context to raise awareness, encourage
readers to learn more, and to broaden one\u2019s understanding of the area\u2019s history.<\/p>\n\n\n\n
EXAMPLE: The land in which the subject property is standing on today is Treaty 6 territory; the traditional territory of many nations including Cree, Dakota, Nakota,
Saulteaux and M\u00e9tis.
Treaty 6 was signed by various first nations and the Canadian Crown in 1876.
In the years preceding the signing of this agreement:
\u2022 the bison population had decreased substantially,
\u2022 smallpox pandemics killed many with no immunity to this new disease,
\u2022 there was increased pressure from new settlers, and
\u2022 there was continued pressure from Hudson\u2019s Bay Company surveyors.
A treaty with the government was trusted by First Nations to guarantee assistance and prevent starvation in exchange for giving up their customary title to the land.
However, the poor implementation of Treaty 6 was a major reason for the north- west resistance or Northwest-Rebellion of 1885, led by Louis Riel and Gabriel Dumont.
Nearly 150 years after the signing of Treaty 6, its legacy is complicated and contentious:<\/p>\n\n\n\n
\u2022 Residential Schools \u2013 after initially being promised schools on reserves, indigenous children were separated from their families and forced to attend residential schools \u2013 the last of which closed in the mid-1990s. Culture loss, abuse, family separation, and intergenerational trauma were just a few of the effects of residential schools.
\u2022 Indigenous Farming \u2013 made problematic by the geographic location of many
reserves on marginal agricultural
land, controlled government rationing, implementation of the \u2018Peasant Farming Policy\u2019 for first nations famers, as well as adoption of the \u2018Pass and Permit System\u2019 as it relates to selling agricultural goods and leaving reserve lands.
\u2022 Treaty Land Entitlement \u2013 addressing the shortfall in the amount of reserve land promised to First Nations under historical treaties, which were based on the population size at the time \u2013 noting many did not receive the full land they were entitled to. As of 2016, 23 of the original 25 first nations have achieved the minimum amount of land required to be purchased and set apart as reserve as defined by the TLE framework.<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
Incorporating Land Acknowledgements into your appraisal business may be an opportunity to expand your understanding of the local history in which you practice, spread awareness and knowledge, show respect for First Nations peoples, and contribute to a broader culture of reconciliation.\u201d<\/p>\n\n\n\n
\u2022 Land Surrender Claims \u2013 related to illegal surrender of indigenous lands. These claims arise when
indigenous lands were surrendered unfairly due to government or government representative coercion or pressure.
\u2022 Indigenous Asset Claims \u2013 related to assets or monies held in trust by the government and were not properly administered. An example is \u2018cows & plows\u2019 provision which promises farm equipment, livestock, seeds and other necessities to support agriculture \u2013 which were not always fulfilled.
Treaty 6 symbolizes both the challenges and aspirations of its signatories.<\/p>\n\n\n\n
The treaty\u2019s legacy is a testament to the complex and evolving nature of Indigenous and government relations in Canada.<\/p>\n\n\n\n
For more information visit:
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/treaty_6.php
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/north-west_resistance.php
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/north-west_resistance_and_ first_nations.php
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/residential_schools.php
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/indigenous_reserve_agriculture_ to_1900.php<\/p>\n\n\n\n
Source: https:\/\/www.otc.ca\/pages\/treaty_map.html<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
Reconnaissance des territoires<\/p>\n\n\n\n
PAR DAVID A. FORTIER, \u00c9. PRO., AACI, B. COM (DIST.)<\/p>\n\n\n\n
D<\/p>\n\n\n\n
epuis la publication en 2015 du rapport final de la Commission de v\u00e9rit\u00e9 et r\u00e9conciliation (CVR), les reconnaissances
territoriales ont gagn\u00e9 en importance. Entre autres, la CVR a soulign\u00e9 l\u2019importance de reconna\u00eetre les territoires traditionnels des peuples autochtones comme une \u00e9tape vers la r\u00e9conciliation. Un nombre croissant d\u2019entreprises et d\u2019organisations int\u00e8grent la reconnaissance des territoires dans leurs pratiques commerciales, notamment au d\u00e9but des \u00e9v\u00e9nements ou des r\u00e9unions,
sur les sites Web, dans les publications, lors de la formation des employ\u00e9s, dans les pr\u00e9sentations des conf\u00e9renciers invit\u00e9s, sur les r\u00e9seaux sociaux, et en cr\u00e9ant des politiques et des valeurs qui favorisent la sensibilisation et l\u2019inclusion.
Les \u00e9valuateurs immobiliers canadiens incluent des descriptions\/analyses g\u00e9ographiques, municipales et\/ou de
quartier dans leurs rapports afin d\u2019\u00e9tablir le contexte et de d\u00e9crire la r\u00e9gion. Il est possible de d\u00e9velopper l\u2019histoire r\u00e9cente d\u2019une r\u00e9gion particuli\u00e8re et d\u2019y int\u00e9grer des
reconnaissances territoriales et un contexte historique afin de sensibiliser le public, d\u2019encourager les lecteurs \u00e0 en savoir plus
et d\u2019\u00e9largir leur compr\u00e9hension de l\u2019histoire de la r\u00e9gion.<\/p>\n\n\n\n
EXEMPLE : Le terrain sur lequel se trouve aujourd\u2019hui la propri\u00e9t\u00e9 en question est un territoire vis\u00e9 par le Trait\u00e9 n\u00b0 6, le territoire traditionnel de nombreuses nations, dont les Cris, les Dakotas, les Nakotas, les Saulteaux et les M\u00e9tis.
Le Trait\u00e9 n\u00b0 6 a \u00e9t\u00e9 sign\u00e9 par diverses Premi\u00e8res nations et la Couronne canadienne en 1876.
Dans les ann\u00e9es pr\u00e9c\u00e9dant la signature de cet accord :
\u2022 la population de bisons avait diminu\u00e9 consid\u00e9rablement,
\u2022 les pand\u00e9mies de variole avaient tu\u00e9 de nombreuses personnes qui n\u2019\u00e9taient pas immunis\u00e9es contre cette nouvelle maladie,
\u2022 la pression des nouveaux colons s\u2019\u00e9tait intensifi\u00e9e et
\u2022 la pression des arpenteurs de la Compagnie de la Baie d\u2019Hudson s\u2019\u00e9tait maintenue.
Les Premi\u00e8res Nations ont fait confiance \u00e0 un trait\u00e9 avec le gouvernement pour garantir une assistance et \u00e9viter la famine en \u00e9change de l\u2019abandon de leur droit.
Cependant, la mauvaise mise en \u0153uvre du Trait\u00e9 n\u00b0 6 a \u00e9t\u00e9 l\u2019une des principales raisons de la r\u00e9sistance du Nord-Ouest ou de la R\u00e9bellion du Nord-Ouest de 1885, men\u00e9e par Louis Riel et Gabriel Dumont.<\/p>\n\n\n\n
Pr\u00e8s de 150 ans apr\u00e8s la signature du Trait\u00e9 n\u00b0 6, son h\u00e9ritage est complexe et controvers\u00e9 :
\u2022 Les pensionnats \u2013 apr\u00e8s avoir initialement promis des \u00e9coles dans les r\u00e9serves, les enfants autochtones ont \u00e9t\u00e9 s\u00e9par\u00e9s de leurs familles et contraints de fr\u00e9quenter des pensionnats \u2013 dont le dernier a ferm\u00e9 au milieu des ann\u00e9es 1990. La perte de la culture, les abus, la s\u00e9paration des familles et les traumatismes interg\u00e9n\u00e9rationnels ne sont que quelques-uns des effets
des pensionnats.
\u2022 L\u2019agriculture autochtone \u2013 rendue probl\u00e9matique par la situation g\u00e9ographique de nombreuses r\u00e9serves sur des terres agricoles marginales, le rationnement contr\u00f4l\u00e9 par le gouvernement, la mise en \u0153uvre de la \u00ab Politique sur l\u2019agriculture paysanne \u00bb pour les agriculteurs des Premi\u00e8res nations, ainsi que l\u2019adoption du
\u00ab syst\u00e8me de laissez-passer et de permis
\u00bb en ce qui concerne la vente de produits agricoles et l\u2019exode des terres de r\u00e9serve.
\u2022 Droits fonciers issus de trait\u00e9s (DFIT) \u2013 mesure visant \u00e0 combler le manque de terres de r\u00e9serve promises aux Premi\u00e8res Nations en vertu de trait\u00e9s historiques
se fondant sur la taille de la population \u00e0 l\u2019\u00e9poque \u2013 en notant que beaucoup n\u2019ont pas re\u00e7u la totalit\u00e9 des terres auxquelles<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
Int\u00e9grer la reconnaissance des terres dans vos activit\u00e9s d\u2019\u00e9valuation peut \u00eatre l\u2019occasion d\u2019approfondir votre compr\u00e9hension de l\u2019histoire de la localit\u00e9 dans laquelle vous exercez, de sensibiliser et d\u2019informer, de montrer du respect aux peuples des Premi\u00e8res Nations et de contribuer \u00e0 une culture plus large de r\u00e9conciliation. \u00bb<\/p>\n\n\n\n
elles avaient droit. En 2016, 23 des
25 Premi\u00e8res Nations d\u2019origine ont atteint la superficie minimale de terres requise pour \u00eatre achet\u00e9es et mises de c\u00f4t\u00e9 en tant que r\u00e9serve, telle que d\u00e9finie par le cadre des DFIT.
\u2022 Revendications territoriales \u2013 li\u00e9es \u00e0 la cession ill\u00e9gale de terres autochtones. Ces revendications surviennent lorsque des terres autochtones ont \u00e9t\u00e9 c\u00e9d\u00e9es de
mani\u00e8re injuste en raison de la coercition ou de la pression exerc\u00e9e par le gouvernement ou un repr\u00e9sentant du gouvernement.
\u2022 Revendications de biens autochtones \u2013 li\u00e9es \u00e0 des biens ou des sommes d\u2019argent d\u00e9tenus en fiducie par le gouvernement et qui n\u2019ont pas \u00e9t\u00e9 correctement administr\u00e9s. Un exemple est la disposition \u00ab vaches et charrues \u00bb qui promet du mat\u00e9riel agricole,<\/p>\n\n\n\n
du b\u00e9tail, des semences et d\u2019autres produits de premi\u00e8re n\u00e9cessit\u00e9 pour soutenir l\u2019agriculture \u2013 qui n\u2019ont pas toujours \u00e9t\u00e9 respect\u00e9s.
Le Trait\u00e9 n\u00b0 6 symbolise \u00e0 la fois les d\u00e9fis et les aspirations de ses signataires. L\u2019h\u00e9ritage du trait\u00e9 t\u00e9moigne de la nature complexe et \u00e9volutive des relations entre les Autochtones et le gouvernement au Canada.<\/p>\n\n\n\n
Pour plus d\u2019informations, consultez les sites suivants :
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/treaty_6.php
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/north-west_resistance.php
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/north-west_resistance_and_first_ nations.php<\/p>\n\n\n\n
Source: https:\/\/www.otc.ca\/pages\/treaty_map.html<\/p>\n\n\n\n
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/residential_schools.php
\u2022 https:\/\/teaching.usask.ca\/indigenoussk\/ import\/indigenous_reserve_agriculture_ to_1900.php<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
The critical opportunity
for appraisers in Reserve Fund Studies
BY TERRY DOWLE, P. APP., AACI, RI, CRP<\/p>\n\n\n\n
the evolving landscape of real estate appraisal, diversification is more crucial than ever. In the 2015
Canadian Property Valuation Magazine (CPV) (Volume 59, Book 4), three authors \u2013
Kari Benum, P. App., CRA; Ernie Paustian,
P. App., AACI; and Dan Wilson, P. App., AACI, Fellow \u2013 penned an article called
Understanding Reserve Fund Studies. Their goal was to encourage AIC Professional Appraisers (P. App.) to consider offering Reserve Fund Studies as one of their
services. The article emphasized the importance of incorporating Reserve Fund Studies as a vital expansion of their professional practice, recognizing the
substantial opportunities this field presents.<\/p>\n\n\n\n
They concluded: \u201cAs AIC Members, there are tremendous opportunities in developing our skill sets in this area and expanding
our scope of practice into the reserve fund planning field.\u201d
Almost a decade later, the message remains the same. Despite efforts by the Appraisal Institute of Canada (AIC) to pave the way for our Members to engage in reserve fund planning, diversification has been slow. Yet, the demand for such
expertise is only growing. The AIC has made significant strides by revising our governing standards to create a clearer pathway for appraisers to undertake these assignments. Through our partnership with the University of British Columbia (UBC) Sauder School<\/p>\n\n\n\n
of Business and in collaboration with the Real Estate Institute of Canada (REIC), we have developed the premier educational program in Reserve Fund Planning. This initiative equips AIC Members with the skills and knowledge necessary to excel in this field, offering an invaluable opportunity to diversify their practices.
The AIC has long championed the diversification of our Members\u2019 skill sets.
As a national organization, our vision is clear: AIC Professional Appraisers are the trusted experts in real property valuation, advisory, and consulting services in Canada. Reserve Fund Studies and depreciation reports should be at the forefront of our Members\u2019 minds, especially given the current economic climate.<\/p>\n\n\n\n
30 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
Canada is in the throes of an affordability crisis. The federal government\u2019s Housing Accelerator Fund aims to increase the housing stock, a goal that is likely to result in more strata corporations due to urban densification and rising construction costs. These new developments will inevitably require maintenance and repair funding,
creating a growing demand for Reserve Fund Studies. This is a space where AIC Members can \u2013 and should \u2013 play a critical role.<\/p>\n\n\n\n
Traditionally, appraisers have focused on property valuation, market analysis, and investment potential.
However, the scope of an appraiser\u2019s expertise can be significantly
broadened by incorporating Reserve Fund Studies.\u201d<\/p>\n\n\n\n
The real estate market is constantly changing, and appraisers must adapt to remain relevant and competitive. Reserve Fund Studies are an essential tool for condominium corporations and homeowner associations, helping them plan for future repairs and replacements of common elements. By incorporating this knowledge base into their portfolios, appraisers can provide more comprehensive services, unlocking new revenue streams and enhancing their value to clients. In my practice, we have successfully integrated insurance valuation, Reserve Fund Studies, and depreciation reports into a successful independent consulting division. With over 1,500 reports in our portfolio, we are seen as a leader in this field. This diversification creates stability of revenue and provides our staff with a position of importance in
the industry.
Traditionally, appraisers have focused on property valuation, market analysis, and investment potential. However, the scope of an appraiser\u2019s expertise can be significantly broadened by incorporating Reserve Fund Studies. These studies involve assessing the condition and estimated lifespan of
key building components, including roofs, elevators, heating, ventilation and air conditioning (HVAC) systems, and plumbing. Gaining expertise in this area also opens doors to related valuation assignments, such as capital planning, insurance valuations, and strata wind-up valuation services.
The demand for this expertise is rising, driven by regulatory requirements and increased awareness of the importance
of proper reserve fund planning. In many jurisdictions, condominium corporations and homeowner associations are legally required to conduct regular Reserve Fund Studies to ensure they have adequate funds for future repairs.
In a competitive market, differentiation is key. Appraisers who expand into their practice can distinguish themselves by offering a unique and valuable service. By positioning themselves as multi-faceted professionals who offer both property valuations and Reserve Fund Studies, appraisers can build a strong reputation and attract a broader client base.
Moreover, diversifying skill sets provides an opportunity for significant<\/p>\n\n\n\n
professional growth. Conducting these studies requires a deep understanding of building components, construction methods, and
long-term maintenance planning. Expanding their knowledge in these areas enhances appraisers\u2019 credibility and opens new career opportunities with higher earning potential.
Offering Reserve Fund Studies can also help appraisers build long-term client relationships. These studies are typically conducted every few years, providing
recurring business and ongoing engagement with condominium boards and property managers. By consistently delivering
high-quality studies, appraisers can become trusted advisors, ensuring repeat business and referrals \u2013 key elements for sustained success in the real estate industry.
Financially, diversifying into this field is a strategic business decision. These studies often command higher fees than traditional property appraisals due to their complexity and the expertise required. Additionally, as Reserve Fund Studies become a routine
part of property management, appraisers can secure recurring contracts, providing a steady income stream and enhancing long-term financial stability.
For appraisers looking to expand their expertise into Reserve Fund Studies, understanding and adhering to the professional standards is crucial. The Reserve Fund Study Standard (Section 14) of the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) is an essential starting point. This standard outlines the procedures for developing and communicating a formal Reserve Fund Study, ensuring that all reports meet the minimum content requirements to be credible and not misleading.
To effectively perform Reserve Fund Studies, appraisers must also comply with the CUSPAP Competency provision, outlined in section 5.10.1. This provision requires that, before accepting an assignment or entering into an agreement to perform any work, the appraiser must properly identify the problem to be addressed and possess the necessary knowledge and experience
to complete the assignment competently. This competency is not just about understanding the basics, but involves a comprehensive grasp of the complexities involved in Reserve Fund Planning.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025 31<\/p>\n\n\n\n
Education is a critical component in building this competency. Courses offered by the UBC Sauder School of Business, such as Continuing Professional Development (CPD) course 891 \u2013 Fundamentals of Reserve Fund Planning, and CPD 899 \u2013 Reserve Fund Planning Guided Case Study, provide a strong educational foundation.
These courses cover the essential theories and practices necessary for Reserve Fund Planning, offering appraisers a solid starting point in their journey toward proficiency in this field.<\/p>\n\n\n\n
However, education alone is insufficient.
To fully master Reserve Fund Studies, appraisers must engage in mentorship and practical training. Working under the guidance of an experienced Reserve Fund
Planner allows aspiring professionals to gain hands-on experience, apply their knowledge in real-world scenarios, and develop the nuanced skills required to perform these studies at a high level.
Mentorship plays a pivotal role in rounding out an appraiser\u2019s competency. Through practical training, appraisers<\/p>\n\n\n\n
can learn the intricacies of Reserve Fund Studies, from conducting thorough building assessments to understanding the financial implications of long-term maintenance planning. This real-world experience is invaluable, as it equips appraisers with the insights and expertise needed to provide accurate, reliable, and credible Reserve Fund Studies. Upon completing my courses over 13 years ago, my first assignment was the Shangri-La Tower in Vancouver. Comprising two legal strata corporations and a high-end hotel, the task was daunting. To gain my competence, I hired the course instructor to be my onsite teacher. He accompanied myself and my team on the inspection and guided us
in our analysis. This firsthand mentorship was invaluable and set my firm on a pathway for success in this industry.
For those committed to investing the time and effort<\/p>\n\n\n\n
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to build their competency, Reserve Fund Studies offer not only a significant professional opportunity, b t also the chance to make a meaningful impact in the real estate industry.\u201d
While the path to becoming proficient
in Reserve Fund Studies begins with a solid understanding of CUSPAP standards and formal education, it is the combination of mentorship and practical experience that truly sets successful appraisers apart. For those committed to investing the time and effort to build their competency, Reserve Fund Studies offer not only a significant professional
opportunity, but also the chance to make a meaningful impact in the real estate industry.
For those interested in exploring this opportunity, now is the time. Engage with an AIC Member who is already active in this field, learn from their experience, and consider enrolling in the Reserve Fund Planning Program at UBC. The best time to expand your horizons is now, as more provinces enact legislation around Reserve Fund Planning a d
government initiatives drive new constructi n. It is a good time to be an appraiser \u2013 and an even better time to diversify.<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
L\u2019opportunit\u00e9 cruciale
pour les \u00e9valuateurs dans
les \u00e9tudes de fonds de r\u00e9serve
PAR TERRY DOWLE, \u00c9. PRO., AACI, RI, CRP<\/p>\n\n\n\n
le paysage en constante \u00e9volution de l\u2019\u00e9valuation
immobili\u00e8re, la diversification est plus cruciale que jamais. Dans le num\u00e9ro de
2015 de la revue \u00c9valuation immobili\u00e8re au Canada (volume 59, tome 4), trois auteurs \u2013 Kari Benum, \u00c9. Pro., CRA ; Ernie Paustian,
\u00c9. Pro., AACI ; et Dan Wilson, \u00c9. Pro., AACI, Fellow – ont r\u00e9dig\u00e9 un article intitul\u00e9 Comprendre les \u00e9tudes de fonds de r\u00e9serve. Leur objectif \u00e9tait d\u2019encourager les
\u00e9valuateurs professionnels de l\u2019ICE (\u00c9. Pro.)<\/p>\n\n\n\n
\u00e0 envisager d\u2019offrir des \u00e9tudes de fonds de r\u00e9serve parmi leurs services. L\u2019article
soulignait l\u2019importance d\u2019int\u00e9grer les \u00e9tudes de fonds de r\u00e9serve en tant qu\u2019expansion vitale de leur pratique professionnelle,
en reconnaissant les opportunit\u00e9s substantielles que ce domaine pr\u00e9sente. Ils concluaient : \u00ab En qualit\u00e9 de membres de l\u2019ICE, d\u2019excellentes opportunit\u00e9s de d\u00e9velopper nos comp\u00e9tences dans ce domaine sont \u00e0 notre port\u00e9e pour \u00e9largir notre pratique dans le domaine des fonds de r\u00e9serve. \u00bb<\/p>\n\n\n\n
Pr\u00e8s d\u2019une d\u00e9cennie plus tard, le message reste le m\u00eame. Malgr\u00e9 les efforts de l\u2019Institut canadien des
\u00e9valuateurs (ICE) pour ouvrir la voie \u00e0 nos membres dans le domaine de la planification des fonds de r\u00e9serve, la diversification a \u00e9t\u00e9 lente. Pourtant,
la demande pour une telle expertise ne fait qu\u2019augmenter. L\u2019ICE a fait des progr\u00e8s significatifs en r\u00e9visant nos normes de gouvernance afin de cr\u00e9er
une voie plus claire pour les \u00e9valuateurs qui entreprennent ces contrats de<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025 33<\/p>\n\n\n\n
service. Gr\u00e2ce \u00e0 notre partenariat avec la Sauder School of Business de l\u2019Universit\u00e9 de la Colombie-Britannique (UBC) et en collaboration avec l\u2019Institut canadien de l\u2019immeuble (ICI), nous avons d\u00e9velopp\u00e9 le premier programme de formation
en planification de fonds de r\u00e9serve. Cette initiative permet aux membres de l\u2019ICE d\u2019acqu\u00e9rir les comp\u00e9tences et les<\/p>\n\n\n\n
Traditionnellement, les \u00e9valuateurs se concentrent sur l\u2019\u00e9valuation des biens immobiliers, l\u2019analyse du march\u00e9 et le potentiel d\u2019investissement. Cependant, le champ d\u2019expertise d\u2019un \u00e9valuateur peut \u00eatre consid\u00e9rablement \u00e9largi en int\u00e9grant les \u00e9tudes de fonds de r\u00e9serve. \u00bb<\/p>\n\n\n\n
connaissances n\u00e9cessaires pour exceller dans ce domaine, leur offrant ainsi une occasion inestimable de diversifier
leurs pratiques.
L\u2019ICE d\u00e9fend depuis longtemps la diversification des comp\u00e9tences de ses membres. En tant qu\u2019organisation nationale, notre vision est claire :
les \u00e9valuateurs professionnels de l\u2019ICE sont les experts de confiance en mati\u00e8re d\u2019\u00e9valuation immobili\u00e8re, de conseil et de services de consultation au Canada. Les \u00e9tudes de fonds de r\u00e9serve et les rapports d\u2019amortissement devraient \u00eatre
au premier plan des pr\u00e9occupations de nos membres, surtout compte tenu du climat \u00e9conomique actuel.
Le Canada est en proie \u00e0 une crise de l\u2019accessibilit\u00e9 au logement. Le Fonds d\u2019acc\u00e9l\u00e9ration de l\u2019habitation du gouvernement f\u00e9d\u00e9ral vise \u00e0 accro\u00eetre le parc de logements, un objectif qui
devrait se traduire par une augmentation du nombre de copropri\u00e9t\u00e9s en raison
de la densification urbaine et de la hausse des co\u00fbts de construction. Ces nouveaux d\u00e9veloppements n\u00e9cessiteront in\u00e9vitablement un financement pour
l\u2019entretien et les r\u00e9parations, ce qui cr\u00e9era une demande croissante d\u2019\u00e9tudes de fonds de r\u00e9serve. C\u2019est un domaine dans lequel les membres de l\u2019ICE peuvent – et devraient<\/p>\n\n\n\n
des \u00e9l\u00e9ments communs. En int\u00e9grant cette base de connaissances dans leurs portefeuilles, les \u00e9valuateurs peuvent fournir des services plus complets,
d\u00e9bloquer de nouvelles sources de revenus et rehausser la valeur qu\u2019ils offrent \u00e0
leurs clients. Dans mon cabinet, nous avons int\u00e9gr\u00e9 avec succ\u00e8s l\u2019\u00e9valuation des assurances, les \u00e9tudes de fonds de r\u00e9serve et les rapports de d\u00e9pr\u00e9ciation
dans une division de conseil ind\u00e9pendante fonctionnant \u00e0 haut rendement. Avec plus de 1 500 rapports dans notre portefeuille, nous sommes consid\u00e9r\u00e9s comme un leader dans ce domaine. Cette diversification cr\u00e9e une stabilit\u00e9 des revenus et conf\u00e8re \u00e0 notre personnel une position importante dans
le secteur.
Traditionnellement, les \u00e9valuateurs se concentrent sur l\u2019\u00e9valuation des biens immobiliers, l\u2019analyse du march\u00e9 et le potentiel d\u2019investissement. Cependant, le champ d\u2019expertise d\u2019un \u00e9valuateur peut
\u00eatre consid\u00e9rablement \u00e9largi en int\u00e9grant les \u00e9tudes de fonds de r\u00e9serve. Ces \u00e9tudes consistent \u00e0 \u00e9valuer l\u2019\u00e9tat et la dur\u00e9e
de vie estim\u00e9e des principaux \u00e9l\u00e9ments d\u2019un b\u00e2timent, notamment les toits, les ascenseurs, les syst\u00e8mes de chauffage, de ventilation et de climatisation (CVC) et la plomberie. L\u2019acquisition d\u2019une expertise dans ce domaine ouvre \u00e9galement la
voie \u00e0 des contrat de service d\u2019\u00e9valuation connexes, telles que la planification
des immobilisations, les \u00e9valuations d\u2019assurance et les services d\u2019\u00e9valuation de liquidation de copropri\u00e9t\u00e9.
La demande pour cette expertise est en hausse, en raison des exigences
r\u00e9glementaires et d\u2019une prise de conscience accrue de l\u2019importance d\u2019une bonne<\/p>\n\n\n\n
planification du fonds de r\u00e9serve. Dans de nombreuses juridictions, les soci\u00e9t\u00e9s de copropri\u00e9t\u00e9 et les associations de propri\u00e9taires sont l\u00e9galement tenues de r\u00e9aliser r\u00e9guli\u00e8rement des \u00e9tudes de
fonds de r\u00e9serve afin de s\u2019assurer qu\u2019elles disposent de fonds suffisants pour les r\u00e9parations futures.
Dans un march\u00e9 concurrentiel, la diff\u00e9renciation est essentielle. Les \u00e9valuateurs qui \u00e9largissent leur pratique peuvent se distinguer en offrant un service unique et pr\u00e9cieux. En se positionnant comme des professionnels polyvalents qui proposent \u00e0 la fois des \u00e9valuations de biens immobiliers et des \u00e9tudes de fonds de r\u00e9serve, les \u00e9valuateurs peuvent se forger une solide r\u00e9putation et attirer une client\u00e8le plus large.
De plus, la diversification des comp\u00e9tences offre une opportunit\u00e9 de croissance professionnelle significative. La r\u00e9alisation de ces \u00e9tudes n\u00e9cessite une connaissance approfondie des
composants des b\u00e2timents, des m\u00e9thodes de construction et de la planification de l\u2019entretien \u00e0 long terme. En approfondissant leurs connaissances dans ces domaines,
les \u00e9valuateurs renforcent leur cr\u00e9dibilit\u00e9 et s\u2019ouvrent de nouvelles perspectives de carri\u00e8re avec un potentiel de revenus plus \u00e9lev\u00e9.
Proposer des \u00e9tudes de fonds de r\u00e9serve peut \u00e9galement aider les \u00e9valuateurs \u00e0 \u00e9tablir des relations \u00e0 long terme avec leurs clients. Ces \u00e9tudes sont g\u00e9n\u00e9ralement r\u00e9alis\u00e9es tous les deux ou trois ans,
ce qui permet de g\u00e9n\u00e9rer des activit\u00e9s r\u00e9currentes et de maintenir un engagement avec les conseils de copropri\u00e9t\u00e9 et les gestionnaires immobiliers. En fournissant<\/p>\n\n\n\n
34 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
syst\u00e9matiquement des \u00e9tudes de haute qualit\u00e9, les \u00e9valuateurs peuvent devenir des conseillers de confiance, ce qui leur assure des activit\u00e9s r\u00e9currentes et
des recommandations, des \u00e9l\u00e9ments cl\u00e9s pour une r\u00e9ussite durable dans le secteur immobilier.
D\u2019un point de vue financier, la diversification dans ce domaine est une d\u00e9cision commerciale strat\u00e9gique. Ces \u00e9tudes sont souvent plus co\u00fbteuses que les \u00e9valuations traditionnelles de biens immobiliers en raison de leur complexit\u00e9 et de l\u2019expertise requise. En outre, comme les \u00e9tudes de fonds de r\u00e9serve font
d\u00e9sormais partie de la gestion immobili\u00e8re, les \u00e9valuateurs peuvent obtenir des contrats r\u00e9currents, ce qui leur assure un revenu r\u00e9gulier et am\u00e9liore leur stabilit\u00e9 financi\u00e8re \u00e0 long terme.
Pour les \u00e9valuateurs qui cherchent \u00e0 \u00e9tendre leur expertise aux \u00e9tudes de fonds de r\u00e9serve, il est essentiel de comprendre et de respecter les normes professionnelles.
La norme portant sur l\u2019\u00e9tude du fonds de r\u00e9serve (section 14) des Normes uniformes de pratique professionnelle en mati\u00e8re d\u2019\u00e9valuation au Canada (NUPPEC) est un point de d\u00e9part essentiel. Cette norme d\u00e9crit les proc\u00e9dures d\u2019\u00e9laboration et de communication d\u2019une \u00e9tude formelle de fonds de r\u00e9serve, garantissant que tous
les rapports r\u00e9pondent aux exigences minimales de contenu pour \u00eatre cr\u00e9dibles et non trompeurs.
Pour effectuer efficacement des \u00e9tudes de fonds de r\u00e9serve, les \u00e9valuateurs doivent \u00e9galement se conformer \u00e0 la disposition sur les comp\u00e9tences des NUPPEC, d\u00e9crite au paragraphe 5.10.1. Cette disposition exige que, avant d\u2019accepter un contrat de service<\/p>\n\n\n\n
ou de conclure un accord pour effectuer un travail, l\u2019\u00e9valuateur identifie correctement le probl\u00e8me \u00e0 r\u00e9soudre et poss\u00e8de les connaissances et l\u2019exp\u00e9rience n\u00e9cessaires pour mener \u00e0 bien le contrat de service avec comp\u00e9tence. Cette comp\u00e9tence ne consiste pas seulement \u00e0 comprendre les bases, mais implique une compr\u00e9hension globale des complexit\u00e9s de la planification de fonds de r\u00e9serve.
La formation est un \u00e9l\u00e9ment essentiel pour acqu\u00e9rir cette comp\u00e9tence. Les cours propos\u00e9s par la Sauder School of Business de l\u2019Universit\u00e9 de la Colombie-Britannique, tels que le cours de perfectionnement professionnel continu (PPC) 891 \u2013 Fundamentals of Reserve Fund Planning, et PPC 899 \u2013 Reserve Fund Planning Guided Case Study, constituent une base solide. Ces cours couvrent les th\u00e9ories et les pratiques essentielles n\u00e9cessaires \u00e0 la planification des fonds de r\u00e9serve, offrant aux \u00e9valuateurs un point de d\u00e9part solide dans leur parcours vers la ma\u00eetrise de ce domaine.
Cependant, la formation seule est insuffisante. Pour ma\u00eetriser pleinement les \u00e9tudes de fonds de r\u00e9serve, les \u00e9valuateurs doivent s\u2019engager dans un mentorat et
une formation pratique. Travailler sous la direction d\u2019un planificateur de fonds de r\u00e9serve exp\u00e9riment\u00e9 permet aux futurs professionnels d\u2019acqu\u00e9rir une exp\u00e9rience pratique, d\u2019appliquer leurs connaissances dans des sc\u00e9narios r\u00e9els et de d\u00e9velopper les comp\u00e9tences nuanc\u00e9es requises pour effectuer ces \u00e9tudes \u00e0 un niveau \u00e9lev\u00e9.
Le mentorat joue un r\u00f4le essentiel dans le perfectionnement des comp\u00e9tences d\u2019un \u00e9valuateur. Gr\u00e2ce \u00e0 une formation pratique, les \u00e9valuateurs peuvent apprendre les subtilit\u00e9s des \u00e9tudes de fonds de r\u00e9serve,<\/p>\n\n\n\n
de la r\u00e9alisation d\u2019\u00e9valuations approfondies des b\u00e2timents \u00e0 la compr\u00e9hension des implications financi\u00e8res de la planification de l\u2019entretien \u00e0 long terme. Cette exp\u00e9rience du monde r\u00e9el est inestimable, car elle permet aux \u00e9valuateurs d\u2019acqu\u00e9rir les connaissances et l\u2019expertise n\u00e9cessaires pour fournir des \u00e9tudes de fonds de r\u00e9serve pr\u00e9cises, fiables et cr\u00e9dibles. Apr\u00e8s avoir termin\u00e9 mes cours il y a plus de 13 ans,
mon premier contrat de service a \u00e9t\u00e9 la tour Shangri-La \u00e0 Vancouver. Comprenant deux soci\u00e9t\u00e9s de copropri\u00e9t\u00e9 et un h\u00f4tel haut de gamme, la t\u00e2che \u00e9tait intimidante.
Pour acqu\u00e9rir mes comp\u00e9tences, j\u2019ai engag\u00e9 l\u2019instructeur du cours pour qu\u2019il soit mon professeur sur place. Il m\u2019a accompagn\u00e9, ainsi que mon \u00e9quipe, lors de l\u2019inspection
et nous a guid\u00e9s dans notre analyse.
Ce mentorat de premi\u00e8re main a \u00e9t\u00e9 inestimable et a mis mon entreprise sur la voie du succ\u00e8s dans ce secteur.
Si la ma\u00eetrise des \u00e9tudes de fonds de r\u00e9serve commence par une solide compr\u00e9hension des NUPPEC et une
formation formelle, c\u2019est la combinaison du mentorat et de l\u2019exp\u00e9rience pratique qui distingue v\u00e9ritablement les \u00e9valuateurs performants. Pour ceux qui s\u2019engagent
\u00e0 investir du temps et des efforts pour d\u00e9velopper leurs comp\u00e9tences, les \u00e9tudes de fonds de r\u00e9serve offrent non seulement une belle opportunit\u00e9 professionnelle, mais aussi la possibilit\u00e9 d\u2019avoir un impact significatif dans le secteur immobilier.
Pour ceux qui souhaitent explorer cette opportunit\u00e9, c\u2019est le moment ou jamais. Entrez en contact avec un membre de l\u2019ICE d\u00e9j\u00e0 actif dans ce domaine,
tirez les le\u00e7ons de son exp\u00e9rience et envisagez de vous inscrire au programme de planification de fonds de r\u00e9serve de<\/p>\n\n\n\n
Pour ceux qui s\u2019engagent \u00e0 investir du temps et des efforts pour d\u00e9velopper leurs comp\u00e9tences, les \u00e9tudes de fonds de r\u00e9serve offrent non seulement une belle opportunit\u00e9 professionnelle, mais aussi la possibilit\u00e9 d\u2019avoir un impact significatif dans le secteur immobilier. \u00bb<\/p>\n\n\n\n
l\u2019UBC. Le meilleur moment pour \u00e9largir vos horizons est maintenant, car de plus en plus de provinces adoptent des lois sur la planification du fonds de r\u00e9serve et les initiatives gouvernementales stimulent la construction. C\u2019est le bon moment pour \u00eatre \u00e9valuateur, et encore plus pour se diversifier.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025 35<\/p>\n\n\n\n
You think it is worth
HOW
much?<\/p>\n\n\n\n
BY ALANA JENNINGS-COUTTS, P. APP, CRA AND
JASON SCHELLENBERG, P. APP., AACI, PGCV, B.COM. (HONS.)<\/p>\n\n\n\n
Tips for preventing and dealing with client concerns
eing an appraiser has become more challenging in recent years. Many people are more anxious about their
financial future due to factors such as an aging population (with corresponding health concerns), rising healthcare
costs, concerns about housing affordability, and increasing social and political division. Adding to these concerns, rapid inflation has intensified financial stress, and uncertainties surrounding
Artificial Intelligence (AI) and its impact on employment have only compounded these worries.
During the COVID-19 pandemic, many people found that their current living situation no longer met their needs, especially with the shift to remote work. As a result, people sought larger or more functional spaces, often at any cost. Bidding wars became
common, with buyers paying significantly over asking prices. Many property owners also leveraged their increased property values for refinancing, leading to heightened expectations of their home\u2019s worth. Unfortunately, appraisers are often viewed as the \u2018bad guys\u2019 when delivering the reality that a property\u2019s worth is based on market data, not personal expectations.<\/p>\n\n\n\n
36 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
When dealing with client concerns and unrealistic value expectations, an
appraiser\u2019s most powerful tool is \u2018relationship capital\u2019 \u2013 the trust and credibility built over time through professional interactions.\u201d<\/p>\n\n\n\n
In many areas, the housing market reached its peak in early to mid-2022, only to decline as rising interest rates were introduced to combat inflation. As property values dropped, appraisers faced mounting pressure to reconcile market realities with owner expectations. So, what can we do in the face of these challenges?<\/p>\n\n\n\n
The importance of relationship capital
When dealing with client concerns and unrealistic value expectations, an appraiser\u2019s most powerful tool is \u2018relationship capital\u2019 \u2013 the trust and credibility built over time through
professional interactions. Building this trust requires prompt communication,
reliability, and empathy. If clients feel they have been treated with professionalism and respect throughout the appraisal process, they are more likely to accept
the final report, even if it does not meet their expectations.<\/p>\n\n\n\n
Initial contact
Gather as much information as possible during the initial interaction with a client or owner. Identify the appraisal\u2019s purpose and authorized use, the authorized user(s), and
key details such as the effective date(s) and required timelines for delivery. Take time to explain the appraisal process, especially to those unfamiliar with it, and allow them to ask questions.
A written quote or email confirmation after a phone inquiry helps clarify the scope of work, fee structure, and other key details. While preparing a letter of engagement is always a good idea to ensure all details are clear, at a minimum, having an email or other written document
can help to confirm the key facts and ensure mutual understanding of the assignment and work to be performed.<\/p>\n\n\n\n
The site visit
Arriving on time and dressing appropriately are essential aspects of professionalism. Upon arrival, introduce yourself, explain the inspection process, and seek
permission for photos. Be sure to have a photo consent form. Explain how photos assist in documenting property details, which can increase client cooperation.
Additional best practices for the site visit include:
\u2022 Confirm the appointment a day in advance \u2013 this can help prevent unnecessary trips if someone forgets or changes their mind.
\u2022 Research the property and neighborhood ahead of time so you know what to expect and where to park.
\u2022 Greet clients with a smile and friendly demeanor \u2013 this can help to build trust.<\/p>\n\n\n\n
\u2022 Take the time to explain the process, especially for those having their property appraised for the first time.
\u2022 Ask open-ended questions to encourage the owner to share relevant information.
\u2022 Document all information thoroughly to ensure the property owner
feels heard.
\u2022 Note and consider any comparable sales mentioned by the owner.
\u2022 Provide a timeline for report completion and ask if there\u2019s anything else they want to share.<\/p>\n\n\n\n
Preparing the report
In the 1970s, Canadian communication theorist Marshall McLuhan coined the phrase \u201cThe medium is the message,\u201d highlighting that how a message is presented affects how it is received. A well-designed, professional- looking report instills confidence in clients. This includes using consistent fonts, appropriate font sizes, and formatting to enhance readability.
Alan Blankenship\u2019s book The Appraisal Writing Handbook emphasizes the
importance of clear, logical, and well- structured reports. It notes that the appraisal report is the primary deliverable from the client\u2019s perspective. If an item or factor is not explicitly mentioned, the client may assume it was not considered in the report.
Knowing the final value conclusion before writing the reconciliation helps structure
the argument effectively. If the value falls at the high or low end of the range, build the argument accordingly. Qualitative analysis is crucial when numerical adjustments are
inappropriate; discussing a factor\u2019s influence may be more effective than assigning an unsupported adjustment.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
Consider the following when drafting reports:
\u2022 Ensure clarity and logical flow to help guide the reader through the analysis.
\u2022 The more significantly an item impacts the value, the more time you should spend explaining how you reconciled it.
\u2022 Justify adjustments clearly, explaining why specific sales or market trends were selected.
\u2022 Strive to maintain brevity without sacrificing necessary details.
\u2022 Proofread reports to eliminate grammatical errors and if possible, have a third party proofread.
\u2022 Tailor reports to the knowledge level of the authorized user \u2013 the report should look different if it is written
to a lender familiar with appraisals than to a layperson seeing an appraisal for the first time.
\u2022 Use visual aids such as charts and graphs including scatterplots, histograms, and bar charts, to convey appraisal findings effectively.
(See example charts: Figures 1 and 2)<\/p>\n\n\n\n
Addressing client concerns
Even the most thorough and well-supported appraisal may face objections. This is when relationship capital becomes invaluable.
If a concern arises, remain calm and listen actively. Consider the following strategies:
\u2022 Verify whether you have permission to discuss the report with the
complainant (especially if they are not your direct client).
\u2022 Try to show empathy and avoid becoming defensive.
\u2022 Summarize the concerns and repeat them to the client to ensure there is mutual understanding.<\/p>\n\n\n\n
Figure 1<\/p>\n\n\n\n
Figure 2<\/p>\n\n\n\n
Strong communication and relationship-building are key to managing client concerns efectively in today\u2019s
high-pressure real estate market.\u201d<\/p>\n\n\n\n
\u2022 Ask, \u201cIs there anything else?\u201d to ensure that all concerns have been presented.
\u2022 Choose the appropriate medium for responding. Sometimes, a phone call is more effective than an email, as you can more easily convey the proper tone and empathy.
\u2022 It is often best to avoid responding too quickly; allowing time to pass can help defuse emotions. This also
gives the impression that the concerns were considered.<\/p>\n\n\n\n
\u2022 If dealing with a property owner who is not your client, keep your client informed of the process to ensure clarity and transparency.<\/p>\n\n\n\n
Summary
Appraisers must recognize that people today are under stress from many sources. Sensitivity to these pressures can help navigate challenging interactions. Building \u2018relationship capital\u2019
from the initial contact through the final report enhances trust and smooths potential conflicts.<\/p>\n\n\n\n
By backing value conclusions with clear, well-organized reports that have a logical flow and supporting visuals, appraisers can improve client understanding and reduce disputes. When concerns arise, listening actively and responding thoughtfully can
help defuse tension and maintain professionalism. Strong communication and relationship-building are key to managing client concerns effectively in today\u2019s
high-pressure real estate market.<\/p>\n\n\n\n
38 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
Vous pensez que cela vaut
COMBIEN ?<\/p>\n\n\n\n
PAR ALANA JENNINGS-COUTTS, \u00c9. PRO., CRA ET
JASON SCHELLENBERG,
\u00c9. PRO., AACI, PGCV, B.COM. (DIST.)<\/p>\n\n\n\n
Astuces pour pr\u00e9venir et g\u00e9rer les pr\u00e9occupations des clients<\/p>\n\n\n\n
tre \u00e9valuateur est devenu plus difficile ces derni\u00e8res ann\u00e9es. De nombreuses personnes sont plus inqui\u00e8tes quant \u00e0 leur avenir financier en raison de facteurs tels que le vieillissement
de la population (avec les probl\u00e8mes de sant\u00e9 qui en d\u00e9coulent), l\u2019augmentation des co\u00fbts des soins de sant\u00e9, les pr\u00e9occupations concernant l\u2019accessibilit\u00e9 au logement et les divisions sociales et politiques croissantes. \u00c0 ces pr\u00e9occupations s\u2019ajoutent l\u2019inflation
rapide qui a intensifi\u00e9 le stress financier, et les incertitudes entourant l\u2019intelligence artificielle (IA) et son impact sur l\u2019emploi qui n\u2019ont fait qu\u2019aggraver ces inqui\u00e9tudes.
Pendant la pand\u00e9mie de COVID-19, de nombreuses personnes ont constat\u00e9 que leur situation actuelle ne r\u00e9pondait plus \u00e0 leurs besoins, en particulier par suite de la transition vers le t\u00e9l\u00e9travail. En cons\u00e9quence, les gens ont cherch\u00e9 des espaces plus grands ou plus fonctionnels, souvent \u00e0 n\u2019importe quel prix. Les surench\u00e8res sont devenues courantes, les acheteurs payant bien plus que le prix demand\u00e9. De nombreux
propri\u00e9taires ont \u00e9galement profit\u00e9 de l\u2019augmentation de la valeur de leurs biens pour se refinancer, ce qui a entra\u00een\u00e9 une hausse des attentes quant \u00e0 la valeur de leur maison. Malheureusement, les \u00e9valuateurs sont souvent consid\u00e9r\u00e9s comme les \u00ab m\u00e9chants \u00bb lorsqu\u2019ils font comprendre<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025 39<\/p>\n\n\n\n
Lorsqu\u2019il s\u2019agit de r\u00e9pondre aux pr\u00e9occupations des clients et \u00e0 leurs attentes irr\u00e9alistes en mati\u00e8re de valeur, l\u2019outil le plus puissant d\u2019un \u00e9valuateur est le
\u00ab capital relationnel \u00bb, c\u2019est-\u00e0-dire la confiance et la cr\u00e9dibilit\u00e9 acquises au fil du temps gr\u00e2ce \u00e0 des interactions professionnelles. \u00bb<\/p>\n\n\n\n
\u2022 Documentez toutes les informations de mani\u00e8re approfondie pour que le propri\u00e9taire se sente \u00e9cout\u00e9.
\u2022 Notez et prenez en compte toute vente comparable mentionn\u00e9e par le propri\u00e9taire.
\u2022 Indiquez un d\u00e9lai pour la r\u00e9alisation du rapport et demandez au client s\u2019il y a autre chose qu\u2019il souhaite partager.<\/p>\n\n\n\n
La pr\u00e9paration du rapport
Dans les ann\u00e9es 1970, le th\u00e9oricien canadien de la communication Marshall<\/p>\n\n\n\n
que la valeur d\u2019un bien immobilier est bas\u00e9e sur les donn\u00e9es du march\u00e9, et non sur des attentes personnelles.
Dans de nombreuses r\u00e9gions, le march\u00e9 immobilier a atteint son apog\u00e9e entre le d\u00e9but et le milieu de l\u2019ann\u00e9e 2022, avant de d\u00e9cliner avec la hausse des taux d\u2019int\u00e9r\u00eat introduite pour lutter contre l\u2019inflation.
Alors que la valeur des propri\u00e9t\u00e9s chutait, les \u00e9valuateurs ont d\u00fb faire face \u00e0 une pression croissante pour concilier les r\u00e9alit\u00e9s du march\u00e9 avec les attentes des propri\u00e9taires. Alors, que pouvons-nous faire face \u00e0 ces d\u00e9fis ?<\/p>\n\n\n\n
L\u2019importance du capital relationnel Lorsqu\u2019il s\u2019agit de r\u00e9pondre aux pr\u00e9occupations des clients et \u00e0 leurs attentes irr\u00e9alistes en mati\u00e8re de valeur, l\u2019outil le
plus puissant d\u2019un \u00e9valuateur est le \u00ab capital relationnel \u00bb, c\u2019est-\u00e0-dire la confiance et la cr\u00e9dibilit\u00e9 acquises au fil du temps gr\u00e2ce
\u00e0 des interactions professionnelles. Pour \u00e9tablir cette confiance, il faut communiquer rapidement, \u00eatre fiable et faire preuve d\u2019empathie. Si les clients ont le sentiment d\u2019avoir \u00e9t\u00e9 trait\u00e9s avec professionnalisme et respect tout au long du processus d\u2019\u00e9valuation, ils sont plus susceptibles d\u2019accepter le rapport final, m\u00eame s\u2019il ne r\u00e9pond pas \u00e0 leurs attentes.<\/p>\n\n\n\n
Le premier contact
Recueillez autant d\u2019informations que possible lors de la premi\u00e8re interaction
avec un client ou un propri\u00e9taire. Identifiez l\u2019objectif de l\u2019\u00e9valuation et l\u2019utilisation autoris\u00e9e, le ou les utilisateurs autoris\u00e9s, ainsi que les d\u00e9tails cl\u00e9s tels que la ou les dates exactes et les d\u00e9lais de livraison requis. Prenez le temps d\u2019expliquer le processus d\u2019\u00e9valuation, en particulier
\u00e0 ceux qui ne le connaissent pas, et permettez-leur de poser des questions.<\/p>\n\n\n\n
Un devis \u00e9crit ou une confirmation par courriel apr\u00e8s une demande de
renseignements par t\u00e9l\u00e9phone permet de clarifier l\u2019envergure des travaux, la structure tarifaire et d\u2019autres d\u00e9tails importants. Bien qu\u2019il soit toujours judicieux de pr\u00e9parer une lettre d\u2019engagement pour s\u2019assurer que tous les d\u00e9tails sont clairs, il est pr\u00e9f\u00e9rable d\u2019avoir au minimum un courriel ou un autre document \u00e9crit pour confirmer les faits essentiels et garantir une compr\u00e9hension mutuelle du contrat de service et des travaux \u00e0 effectuer.<\/p>\n\n\n\n
La visite du site
Arriver \u00e0 l\u2019heure et s\u2019habiller de mani\u00e8re appropri\u00e9e sont des aspects essentiels du professionnalisme. \u00c0 votre arriv\u00e9e, pr\u00e9sentez-vous, expliquez le processus
d\u2019inspection et demandez l\u2019autorisation de prendre des photos. Ayez soin d\u2019apporter un formulaire de consentement \u00e0 la prise de photos. Expliquez en quoi les photos permettent de documenter les d\u00e9tails
de la propri\u00e9t\u00e9, ce qui peut accro\u00eetre la coop\u00e9ration du client.
D\u2019autres bonnes pratiques pour la visite du site comprennent :
\u2022 Confirmez le rendez-vous un jour \u00e0 l\u2019avance – cela peut aider \u00e0 \u00e9viter les d\u00e9placements inutiles si quelqu\u2019un oublie ou change d\u2019avis.
\u2022 Faites des recherches sur la propri\u00e9t\u00e9 et le quartier \u00e0 l\u2019avance afin de savoir \u00e0 quoi vous attendre et o\u00f9 vous garer.
\u2022 Abordez les clients avec le sourire et un comportement amical – cela peut aider \u00e0 instaurer la confiance.
\u2022 Prenez le temps d\u2019expliquer le processus, en particulier pour ceux qui font \u00e9valuer leur propri\u00e9t\u00e9 pour la premi\u00e8re fois.
\u2022 Posez des questions ouvertes pour encourager le propri\u00e9taire \u00e0 partager des informations pertinentes.<\/p>\n\n\n\n
McLuhan a cr\u00e9\u00e9 l\u2019expression \u00ab le m\u00e9dium est le message \u00bb, soulignant que la mani\u00e8re dont un message est pr\u00e9sent\u00e9 affecte
la fa\u00e7on dont il est re\u00e7u. Un rapport bien con\u00e7u et d\u2019aspect professionnel inspire confiance aux clients. Cela implique l\u2019utilisation de polices coh\u00e9rentes, de tailles de police appropri\u00e9es et d\u2019un formatage qui am\u00e9liore la lisibilit\u00e9.
Le livre d\u2019Alan Blankenship, The Appraisal Writing Handbook, souligne l\u2019importance de rapports clairs, logiques et bien structur\u00e9s.
Il note que le rapport d\u2019\u00e9valuation est le principal livrable du point de vue du client. Si un \u00e9l\u00e9ment ou un facteur n\u2019est pas explicitement mentionn\u00e9, le client peut supposer qu\u2019il n\u2019a pas \u00e9t\u00e9 pris en compte dans le rapport.
Conna\u00eetre la conclusion finale sur la valeur avant de r\u00e9diger le rapprochement permet de structurer efficacement l\u2019argumentation. Si la valeur se situe
en haut ou enbas de la fourchette de valeurs, construisez l\u2019argumentation en cons\u00e9quence. L\u2019analyse qualitative est cruciale lorsque les ajustements
num\u00e9riques sont inappropri\u00e9s ; discuter de l\u2019influence d\u2019un facteur peut \u00eatre
plus efficace que d\u2019attribuer un ajustement non justifi\u00e9.
Tenez compte des \u00e9l\u00e9ments suivants lors de la r\u00e9daction de vos rapports :
\u2022 Assurez-vous de la clart\u00e9 et de la logique du texte pour aider le lecteur \u00e0 suivre l\u2019analyse.
\u2022 Plus un \u00e9l\u00e9ment a un impact significatif sur la valeur, plus vous devriez lui consacrer du temps pour expliquer comment vous l\u2019avez concili\u00e9.
\u2022 Justifiez clairement les ajustements, en expliquant pourquoi des ventes ou des tendances de march\u00e9 sp\u00e9cifiques ont \u00e9t\u00e9 s\u00e9lectionn\u00e9es.<\/p>\n\n\n\n
40 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
\u2022 Essayez de rester bref sans sacrifier les d\u00e9tails n\u00e9cessaires.
\u2022 Relisez les rapports pour \u00e9liminer les erreurs grammaticales et, si possible, faites-les relire par un tiers.
\u2022 Adaptez vos rapports au niveau de connaissance de l\u2019utilisateur autoris\u00e9 \u2013 le rapport devrait \u00eatre diff\u00e9rent s\u2019il est r\u00e9dig\u00e9 \u00e0 l\u2019intention d\u2019un pr\u00eateur familier avec les \u00e9valuations ou d\u2019un profane qui consulte une \u00e9valuation pour la premi\u00e8re fois.
\u2022 Utilisez des aides visuelles telles que des tableaux et graphiques,
y compris des nuages de points, des histogrammes et des diagrammes \u00e0 barres, pour transmettre efficacement les r\u00e9sultats de l\u2019\u00e9valuation.
(Voir les exemples de graphiques : Figures 1 et 2)<\/p>\n\n\n\n
R\u00e9pondre aux pr\u00e9occupations du client M\u00eame l\u2019\u00e9valuation la plus approfondie et la mieux \u00e9tay\u00e9e peut susciter des objections. C\u2019est l\u00e0 que le capital
relationnel devient inestimable. Si une pr\u00e9occupation se pr\u00e9sente, restez calme et \u00e9coutez attentivement. Envisagez les strat\u00e9gies suivantes :
\u2022 V\u00e9rifiez si vous \u00eates autoris\u00e9 \u00e0 discuter du rapport avec le plaignant (surtout s\u2019il ne s\u2019agit pas de votre client direct).
\u2022 Essayez de faire preuve d\u2019empathie et \u00e9vitez d\u2019adopter une attitude d\u00e9fensive.
\u2022 R\u00e9sumez les pr\u00e9occupations et r\u00e9p\u00e9tez-les au client pour vous assurer qu\u2019il y a une compr\u00e9hension mutuelle.
\u2022 Demandez : \u00ab Y a-t-il autre chose ?
\u00bb pour vous assurer que toutes les pr\u00e9occupations ont \u00e9t\u00e9 pr\u00e9sent\u00e9es.
\u2022 Choisissez le moyen de communication appropri\u00e9 pour r\u00e9pondre. Parfois, un appel t\u00e9l\u00e9phonique est plus efficace qu\u2019un courriel, car vous pouvez<\/p>\n\n\n\n
Figure 1<\/p>\n\n\n\n
Figure 2<\/p>\n\n\n\n
Une bonne communication et l\u2019\u00e9tablissement de relations sont essentiels pour g\u00e9rer efcacement les pr\u00e9occupations des clients sur un march\u00e9 immobilier pr\u00e9sentement sous pression. \u00bb<\/p>\n\n\n\n
plus facilement transmettre le ton appropri\u00e9 et l\u2019empathie.
\u2022 Il est souvent pr\u00e9f\u00e9rable d\u2019\u00e9viter de r\u00e9pondre trop rapidement ; le temps peut aider \u00e0 d\u00e9samorcer les \u00e9motions. Cela donne \u00e9galement l\u2019impression que les pr\u00e9occupations ont \u00e9t\u00e9 prises en compte.
\u2022 Si vous traitez avec un propri\u00e9taire qui n\u2019est pas votre client, tenez votre client inform\u00e9 du processus pour garantir clart\u00e9 et transparence.<\/p>\n\n\n\n
R\u00e9sum\u00e9
Les \u00e9valuateurs doivent reconna\u00eetre que les gens d\u2019aujourd\u2019hui sont soumis \u00e0 des pressions de toutes sortes. \u00catre sensible \u00e0 ces pressions peut aider \u00e0 g\u00e9rer des interactions difficiles. D\u00e9velopper un \u00ab capital relationnel \u00bb depuis le premier contact jusqu\u2019au rapport final renforce la
confiance et att\u00e9nue les conflits potentiels.
En \u00e9tayant leurs conclusions sur la valeur d\u2019un bien par des rapports clairs et bien organis\u00e9s, qui suivent un d\u00e9roulement<\/p>\n\n\n\n
logique et s\u2019appuient sur des \u00e9l\u00e9ments visuels, les \u00e9valuateurs peuvent am\u00e9liorer la compr\u00e9hension du client et r\u00e9duire
les litiges. Lorsque des pr\u00e9occupations surgissent, une \u00e9coute active et des r\u00e9ponses r\u00e9fl\u00e9chies peuvent aider \u00e0 d\u00e9samorcer les tensions et \u00e0 maintenir le professionnalisme. Une bonne communication et l\u2019\u00e9tablissement de relations sont essentiels pour g\u00e9rer efficacement les pr\u00e9occupations des clients sur un march\u00e9 immobilier pr\u00e9sentement sous pression.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025 41<\/p>\n\n\n\n
42 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
The role of buyer
knowledge
in real estate valuation<\/p>\n\n\n\n
BY MICHAEL TACHOVSKY, PHD. AND KRISTOPHER WILLIAMS<\/p>\n\n\n\n
Michael Tachovsky, PhD<\/p>\n\n\n\n
Kristopher Williams<\/p>\n\n\n\n
any, if not most, valuation assignments involve the application of the cost, income, and sales comparison approaches to value. However, complex issues can frequently arise that involve either beneficial or detrimental conditions which can influence the value of real estate.
Beneficial conditions, such as the discovery of minerals or oil on grazing land, can result in an increase in value. Detrimental conditions, such as natural disasters or environmental contamination, could result in a diminution
in value. In summary, the field of \u2018complex valuation\u2019 involves real estate characteristics that are \u2018atypical.\u2019 (Federal Regulations Part 34.42.).
When complex valuation issues arise, developing an opinion of value may present challenges and transactional data may be limited. However, it is not an impossible challenge. Appraisers have a variety of tools that can be used to solve such a problem. Indeed, many of the techniques available to real estate valuation professionals are expansive in practice, as the professional standards do not limit an appraiser\u2019s data to specific geographical bounds or
periods of time.1 However, when potential data is identified, an analysis of buyer awareness may be necessary to determine whether market participants are knowledgeable of the condition being measured.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025 43<\/p>\n\n\n\n
When potential data is identified, an analysis of buyer awareness may be necessary to determine whether market participants are knowledgeable of the condition being measured.\u201d
Making assumptions about buyer or market-wide knowledge can result in an invalid and misleading opinion of value.2 For example, a seller may not know that their property is \u2018contaminated,\u2019 and disclosure of the contamination may not occur. Although the market participants are not aware of the contamination issues, an appraiser may later be provided with scientific evidence and must account for the buyer\u2019s and sellers\u2019 lack of knowledge.<\/p>\n\n\n\n
Knowledge in the valuation process
Knowledge is a critical element in economics, including real estate markets. In both the stock and real estate markets, there are mottos such as \u201cknowledge is power\u201d and \u201cinformation is king.\u201d These and other markets are impacted by the level of knowledge held by the individual buyers and sellers.
A fundamental aspect of appraisal is the definition of Market Value, which is premised on a knowledgeable buyer and seller, and is defined as follows:
\u201cThe most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a
competitive market under all conditions requisite to a fair sale, with the buyer<\/p>\n\n\n\n
and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. (Appraisal Institute:
The Appraisal of Real Estate 15th Edition.
Emphasis added.)\u201d
By definition, Market Value mandates that both buyers and sellers are acting knowledgeably about the risks and uncertainties associated with a property.
If the market or individual buyers are uninformed, partially informed, or misinformed, then that impaired
knowledge can affect market transactions and the appraisal process. There are some well-known illustrations of these
principles. For example, if properties are sold where the buyers and sellers lack knowledge that the site holds significant mineral rights and oil reserves, then the sales price may not reflect its Market Value. The property could be worth significantly more if the buyers and sellers had knowledge of these factors.
Similarly, if a buyer is uninformed, then the sales price of the property at issue may not reflect the Market Value. For example, if the property is sold where the buyer is uninformed, partially informed, or misinformed about a material latent
defect, such as it being within a flood zone, then the sales price may not reconcile with the price paid when a buyer is informed
of potential flood risks. On the other hand, when the buyer is well-informed of the benefits, risks, and uncertainties of owning and occupying the property, then the effects, if any, of either a beneficial or detrimental condition would typically be
reflected in the transactional market data.
As such, if a market lacks awareness of a condition, that does not automatically mean that the condition has no impact
on Market Value. Robinson and Lucas set forth that an \u201cappraiser cannot use the transaction as an impaired sale to measure the condition\u2019s effect on value\u201d<\/p>\n\n\n\n
if a buyer lacks awareness of the detrimental condition.3 However, the
Appraisal Institute later published that
\u201cthose sales actually do reveal the effect of that condition on prices and therefore values in that particular market\u201d4 and
furthermore, that \u201cthe knowledge standard against which that is determined is actual knowledge of typical buyers and sellers
in the marketplace.\u201d5 The anecdote of \u2018actual knowledge\u2019 is dangerous, as it can be a false premise when an appraiser
is provided with conflicting evidence regarding a detrimental condition.
Contrary to the anecdote of \u2018actual knowledge,\u2019 there are thousands of lawsuits filed every year claiming real estate damages for the non-disclosure of detrimental conditions. In these lawsuits, property owners often state, \u201cI would not have paid the same price had I known about the detrimental condition,\u201d or even, \u201cI would not have purchased the property had I known about the detrimental condition.\u201d
Simply stating that \u2018actual knowledge\u2019 reflects the knowledge standards of
a marketplace is merely an appeal to ignorance, as it does not address the contrary evidence of a detrimental condition that exists. Rather than appealing to ignorance, a real estate valuation professional should study buyer awareness<\/p>\n\n\n\n
If the market or individual buyers are uninformed, partially informed, or misinformed, then that impaired knowledge can affect market transactions and the appraisal process.\u201d<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
Rather than appealing to ignorance, a real estate valuation professional should study buyer awareness to determine if a market is well-informed of the nature and extent of the detrimental condition(s) being studied.\u201d
to determine if a market is well-informed of the nature and extent of the detrimental condition(s) being studied, as the 15th
Edition also sets forth that \u201cappraisers verify information with a party to the transaction to ensure its accuracy and to gain insight into the motivation behind each transaction.\u201d6<\/p>\n\n\n\n
Disclosure laws, requirements, and the media
Although there can be legislated disclosure requirements, one must be aware of a condition in order to disclose it. Even if someone is aware, they may not fully understand the risks and uncertainties to properly disclose. An analysis of transfer disclosure statements (TDSs) or verifications with transaction participants are both ways to study buyer awareness.
Some detrimental conditions are self- evident. For example, a recent wildfire will likely have burn zones (for a period of time) that act as visual cues to market participants. Nonetheless, some environmental issues may be less evident for market participants, as general detrimental cues may be absent.
For instance, contaminants themselves may be colorless, odorless, and tasteless.
Even if some detrimental cues exist, market awareness of the detrimental condition may<\/p>\n\n\n\n
still be lacking, as detrimental cues might not be recognized by all market participants.
Real estate valuation professionals should be cautious when generalized terms such as \u201cpublic awareness\u201d and \u201ccommunity awareness\u201d are used to describe property- specific awareness. These generalized terms can be misleading. For example,
one can be aware as a general member of the public or a community that there was a wildfire in Malibu, California; nevertheless, this is not enough information to inform them if a specific property has burnt in a fire.
Furthermore, media coverage of a property condition does not necessarily create an informed market because: a limited percentage of the population may read or watch local news, media coverage on an issue may be time-sensitive and only covered for a short period of time, buyers from outside the area are less likely to have witnessed local news stories on the issue, and media may not disclose the specific property or properties condition.
As such, a real estate valuation professional should be careful not to assume that the mere existence of media attention indicates widespread public knowledge.7 Simply looking at media is not enough because media coverage does not inform whether the actual market participants had that knowledge. Moreover, if detrimental cues are lacking, and market awareness of the detrimental condition is lacking in a study area, real estate valuation professionals may consider techniques such as case studies, surveys, and literature reviews to measure risk effects, if any, on property values.8<\/p>\n\n\n\n
Challenges in identifying knowledgeable buyers
The challenge to identify knowledgeable market participants has been discussed in various complex valuation scenarios, including partial takings for pipelines.
For example, Applications in Litigation Valuation: A Pragmatist\u2019s Guide states:<\/p>\n\n\n\n
\u201cIt is always a challenge to find knowledgeable market participants to give those interviews greater meaning in our evaluations. An equal or greater challenge is finding market sales comparables to use in quantifying our after-taking adjustment for having a pipeline easement on the appraised property.\u201d
In the Appraisal Journal, Winter 2006 Letters to the Editor, a buyer of a condominium that had been in a lawsuit expressed caution about merely assuming buyer knowledge because of the existence of disclosure laws and Realtors\u00a9 Code
of Ethics and Standards of Practice requirements. Prior to purchasing the condo, there were issues in a lawsuit that were remedied by the HOA, such as failure to include firewalls and a failed roofing system; however, the buyer noted that
the issues driving the lawsuit were not observable upon typical inspection. The buyer noted that they conducted as much investigation as possible prior to making an offer, including reading property tax complaints filed in the assessor\u2019s office, interviewing potential future neighbors, and contracting the manager of the HOA with questions. Nobody in the complex had complained for property tax purposes on loss of value attributable to failed<\/p>\n\n\n\n
Real estate valuation professionals should
be cautious when generalized terms such as \u201cpublic awareness\u201d and \u201ccommunity awareness\u201d are used to describe property- specific awareness.\u201d<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
If detrimental cues are lacking, and market awareness of the detrimental condition is lacking in a study area, real estate valuation professionals may consider techniques such as case studies, surveys, and literature reviews to measure risk effects, if any, on property values.\u201d8
construction systems; neither the potential neighbors, real estate agents, nor the HOA manager disclosed the failed construction systems or the lawsuit. Moreover, on
the seller disclosure sheet, which was required by law, the seller had answered all questions \u201cunknown.\u201d The buyer did not learn about the problems until after purchasing the property when a bill from the HOA arrived for attorney\u2019s fees for the
lawsuit and after attending an HOA meeting.
When studying transactional data to measure the impact of a beneficial or detrimental condition, the buyer\u2019s level
of knowledge at the time of sale can be a critical factor. A buyer with knowledge of the condition being measured allows for an informed pricing decision. Alternately, if a buyer is misinformed or ignorant, they
cannot account for it in their pricing decision.<\/p>\n\n\n\n
Transfer disclosure statements Market Value does not establish that a market participant must have \u2018perfect\u2019
knowledge of a detrimental condition, but participants should be well-informed of a<\/p>\n\n\n\n
detrimental condition for a transaction to be consistent with the definition of Market Value, as is requisite of an arms-length transaction.9 When the participants of a real estate market are knowledgeable
of environmental influences (or other conditions), the price of properties in the study area will either react or not react based on the perception of risk and the potential impact of the conditions.10
Robinson and Lucas suggest using a questionnaire to determine market awareness of a detrimental
condition, noting that their proposal of a questionnaire is distinct from a formal survey.11 Additionally, buyer awareness of a detrimental condition can also be
studied by analyzing real estate transaction documents and marketing material, such
as Transfer Disclosure Statements and MLS listings, when available. If transactions
are identified that disclose the nature and extent of the detrimental condition, those transactions can be studied to measure the impacts, if any, of the condition.
Transfer disclosure statements provide evidence of the buyer\u2019s level of knowledge regarding various property conditions at the time of sale. For a buyer to consider a certain property condition when making a pricing decision, the buyer must be aware of the condition. If a buyer is unaware or ignorant of a certain property condition, they cannot take it into account. Likewise, if an appraiser wants to measure the impact of a condition on the value of a property, then sales where buyers were knowledgeable of a similar condition should be analyzed.
During the gathering and analysis of disclosures, the data may reveal different levels of knowledge among buyers regarding certain conditions. For example, a disclosure on PFAS contamination may state that \u201cPFAS was tested in well water, household water was hooked up to a municipal source.\u201d However, the seller<\/p>\n\n\n\n
was unaware that the municipal water also contains PFAS. Another disclosure may state that \u201cPFAS was tested in well
water, household water was hooked up to municipal which also contains PFAS at a level above the regulatory MCL.\u201d
Although both disclosures mention PFAS, there is a different level of knowledge being passed on to the buyer. In these instances, a real estate professional can consider using
a ranking analysis to categorize the data. One such example would be to group the disclosures into three categories: Type 1: No Known Significant Disclosure, Type 2:
Positive, Neutral, or Ambiguous Disclosure, and Type 3: Detrimental Disclosure. Ideally, Type 3 transactions will give the best indication regarding the Market Value effects of a given condition.<\/p>\n\n\n\n
Conclusion
Issues around buyer knowledge can be a central theme in complex valuation.
Determining the potential impact of a plume of contaminants on property values may not be achieved by simply comparing sales inside the plume to those outside
of the plume. Further research may be necessary to determine whether buyers were knowledgeable of the condition of the property that they purchased. One way to study buyer knowledge is through an analysis of transfer disclosure statements in the transactions being studied. If a lack of knowledge exists, a real estate valuation
professional can consider utilizing techniques such as literature reviews, surveys, or case studies to measure impacts on Market Value.<\/p>\n\n\n\n
End notes
1 Appraisal Institute, The Appraisal
of Real Estate, 15th Edition (Chicago, IL: 2020), 356.
2 Robinson and Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect Market Value,\u201d The Appraisal Journal (Spring 2007): 139.<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
3 Robinson and Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect Market Value,\u201d The Appraisal Journal (Spring 2007): 136.
4 Richard Roddewig (Editor), Valuing Contaminated Properties: An Appraisal Institute Anthology Volume II (Appraisal Institute, 2014), 196.
5 Richard Roddewig (Editor), Valuing Contaminated Properties: An Appraisal Institute Anthology Volume II (Appraisal Institute, 2014), 196.
6 The Appraisal Institute, The Appraisal of Real Estate, 15th Edition (Appraisal Institute, 2020), 358.
7 Robinson and Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect<\/p>\n\n\n\n
Market Value,\u201d The Appraisal Journal
(Spring 2007): 135.
8 Michael Tachovsky, \u201cEnvironmental Dead Zones: The Evaluation of Contaminated Properties,\u201d The Appraisal Journal
(Spring 2021): 104-117.
9 Robinson and Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect Market Value,\u201d The Appraisal Journal (Spring 2007): 137.
10 Thomas O. Jackson, \u201cSurveys, Market Interviews, and Environmental Stigma,\u201d The Appraisal Journal (Fall 2004): 303.
11 Robinson and Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect Market Value,\u201d The Appraisal Journal (Spring 2007): 135.<\/p>\n\n\n\n
About the authors
Specializing in complex valuation and real estate damage economics, Dr. Tachovsky is a testifying expert who has published numerous articles and developed courses on various complex real estate matters. michaelt@landmarkresearch.com.
Kristopher Williams is a certified general real estate appraiser who has conducted research in various complex valuations and diminution in value assignments. His research includes environmental, geotechnical, construction defects, natural disasters, expropriation, crime scenes, and other conditions involving a wide variety of property types. kris@landmarkresearch.com.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
48 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
Le r\u00f4le de la connaissance de l\u2019acheteur
dans l\u2019\u00e9valuation immobili\u00e8re<\/p>\n\n\n\n
PAR MICHAEL TACHOVSKY, PHD. ET KRISTOPHER WILLIAMS<\/p>\n\n\n\n
Michael Tachovsky, PhD<\/p>\n\n\n\n
Kristopher Williams<\/p>\n\n\n\n
e nombreux contrats de service d\u2019\u00e9valuation, sinon la plupart, invoquent l\u2019application des m\u00e9thodes d\u2019\u00e9valuation de co\u00fbt, de revenu et de comparaison des ventes. Cependant, des questions complexes peuvent fr\u00e9quemment se poser, impliquant des conditions favorables
ou d\u00e9favorables qui peuvent influencer la valeur d\u2019un bien immobilier.
Des conditions favorables, telles que la d\u00e9couverte de min\u00e9raux ou de p\u00e9trole sur des p\u00e2turages, peuvent entra\u00eener une augmentation de la valeur. Des conditions pr\u00e9judiciables, telles que des catastrophes naturelles ou une contamination de l\u2019environnement, pourraient entra\u00eener une diminution de
la valeur. En r\u00e9sum\u00e9, le domaine de \u00ab l\u2019\u00e9valuation complexe \u00bb implique des caract\u00e9ristiques immobili\u00e8res \u00ab atypiques \u00bb (R\u00e8glement f\u00e9d\u00e9ral, partie 34.42).
Lorsque des questions d\u2019\u00e9valuation complexes se posent, l\u2019\u00e9laboration d\u2019une opinion sur la valeur peut pr\u00e9senter des d\u00e9fis et les donn\u00e9es transactionnelles peuvent \u00eatre limit\u00e9es. Cependant, ce n\u2019est pas un d\u00e9fi insurmontable. Les \u00e9valuateurs disposent de divers outils pour r\u00e9soudre ce type de probl\u00e8me. En effet, de nombreuses techniques \u00e0 la disposition des professionnels de l\u2019\u00e9valuation immobili\u00e8re sont accessibles dans la pratique, car les normes professionnelles ne limitent pas les donn\u00e9es d\u2019un \u00e9valuateur \u00e0 des limites g\u00e9ographiques ou<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025 49<\/p>\n\n\n\n
Lorsque des donn\u00e9es potentielles sont identifi\u00e9es, une analyse des connaissances de l\u2019acheteur peut \u00eatre n\u00e9cessaire pour d\u00e9terminer si les acteurs du march\u00e9 connaissent la condition mesur\u00e9e. \u00bb<\/p>\n\n\n\n
\u00e0 des p\u00e9riodes sp\u00e9cifiques.1 Cependant, lorsque des donn\u00e9es potentielles sont identifi\u00e9es, une analyse des connaissances de l\u2019acheteur peut \u00eatre n\u00e9cessaire pour d\u00e9terminer si les acteurs du march\u00e9 connaissent la condition mesur\u00e9e.
Faire des suppositions sur les
connaissances de l\u2019acheteur ou du march\u00e9 peut aboutir \u00e0 une opinion sur la valeur erron\u00e9e et trompeuse.2 Par exemple, un vendeur peut ne pas savoir que sa propri\u00e9t\u00e9 est \u00ab contamin\u00e9e \u00bb et la contamination peut ne pas \u00eatre r\u00e9v\u00e9l\u00e9e. Bien que les acteurs
du march\u00e9 n\u2019aient pas connaissance des probl\u00e8mes de contamination, un \u00e9valuateur peut ult\u00e9rieurement recevoir des preuves scientifiques et doit tenir compte du manque de connaissances de l\u2019acheteur
et du vendeur.<\/p>\n\n\n\n
Les connaissances
dans le processus d\u2019\u00e9valuation
La connaissance est un \u00e9l\u00e9ment essentiel en \u00e9conomie, y compris sur les march\u00e9s immobiliers. Sur les march\u00e9s boursiers et immobiliers, on retrouve des devises telles que \u00ab la connaissance est le pouvoir \u00bb et
\u00ab l\u2019information est reine. \u00bb Ces march\u00e9s, ainsi que d\u2019autres, sont influenc\u00e9s par le niveau de connaissance des acheteurs et des vendeurs.<\/p>\n\n\n\n
Un aspect fondamental de l\u2019\u00e9valuation est la d\u00e9finition de la valeur marchande, qui repose sur un acheteur et un vendeur tous deux bien inform\u00e9s, et qui est d\u00e9finie comme suit :
\u00ab Le prix le plus probable, \u00e0 une date donn\u00e9e, en esp\u00e8ces ou en termes \u00e9quivalents \u00e0 des esp\u00e8ces, ou en d\u2019autres termes r\u00e9v\u00e9l\u00e9s avec pr\u00e9cision, pour lequel les droits de propri\u00e9t\u00e9 sp\u00e9cifi\u00e9s devraient se vendre apr\u00e8s une exposition raisonnable sur un march\u00e9 concurrentiel dans toutes les conditions requises pour une vente \u00e9quitable, l\u2019acheteur et le vendeur agissant chacun avec prudence, en connaissance de cause et dans leur propre int\u00e9r\u00eat, et en supposant qu\u2019aucun des deux ne subit de contrainte excessive. \u00bb (Appraisal Institute : The Appraisal of Real Estate 15e \u00e9dition. Nous soulignons.)
Par d\u00e9finition, la valeur marchande exige que les acheteurs et les vendeurs
agissent en connaissance de cause quant aux risques et aux incertitudes associ\u00e9s
\u00e0 un bien immobilier. Si le march\u00e9 ou les acheteurs individuels sont mal inform\u00e9s, partiellement inform\u00e9s ou mal inform\u00e9s, alors cette connaissance alt\u00e9r\u00e9e peut affecter les transactions du march\u00e9 et le processus d\u2019\u00e9valuation. Il existe quelques illustrations bien connues de ces principes.
Par exemple, si les biens immobiliers sont vendus alors que les acheteurs et les vendeurs ignorent que le site d\u00e9tient d\u2019importants droits miniers et r\u00e9serves de p\u00e9trole, le prix de vente peut ne pas
refl\u00e9ter sa juste valeur marchande. Le bien immobilier pourrait valoir beaucoup plus si les acheteurs et les vendeurs avaient connaissance de ces facteurs.
De m\u00eame, si un acheteur n\u2019est pas inform\u00e9, le prix de vente du bien en question peut ne pas refl\u00e9ter la valeur marchande.
Par exemple, si le bien est vendu alors que l\u2019acheteur n\u2019est pas inform\u00e9, est<\/p>\n\n\n\n
partiellement inform\u00e9 ou est mal inform\u00e9 d\u2019un vice cach\u00e9 important, tel que le fait qu\u2019il se trouve dans une zone inondable, le prix de vente peut ne pas correspondre au prix pay\u00e9 lorsqu\u2019un acheteur est inform\u00e9 des risques potentiels d\u2019inondation. En revanche, lorsque l\u2019acheteur est bien inform\u00e9 des avantages, des risques et des incertitudes li\u00e9s \u00e0 la propri\u00e9t\u00e9 et \u00e0 l\u2019occupation du bien, les effets, le cas \u00e9ch\u00e9ant, d\u2019une condition b\u00e9n\u00e9fique ou pr\u00e9judiciable se refl\u00e9teraient g\u00e9n\u00e9ralement dans les donn\u00e9es du march\u00e9 transactionnel.
Ainsi, si un march\u00e9 n\u2019a pas connaissance d\u2019une condition, cela ne signifie pas automatiquement que cette condition n\u2019a pas d\u2019impact sur la valeur marchande.
Robinson et Lucas ont \u00e9tabli qu\u2019un
\u00ab \u00e9valuateur ne peut pas utiliser la transaction comme une vente d\u00e9pr\u00e9ci\u00e9e pour mesurer l\u2019effet de la condition sur la valeur \u00bb si un acheteur n\u2019a pas connaissance de la condition pr\u00e9judiciable.3 Cependant, l\u2019Appraisal Institute a par la suite publi\u00e9que
\u00ab ces ventes r\u00e9v\u00e8lent effectivement l\u2019effet de cette condition sur les prix et donc sur les valeurs sur ce march\u00e9 particulier \u00bb4 et, en outre, que \u00ab la norme de connaissance par rapport \u00e0 laquelle cela est d\u00e9termin\u00e9 est la connaissance r\u00e9elle des acheteurs et vendeurs typiques sur le march\u00e9. \u00bb5<\/p>\n\n\n\n
Si le march\u00e9 ou les acheteurs individuels sont mal inform\u00e9s, partiellement inform\u00e9s ou mal inform\u00e9s, alors cette connaissance alt\u00e9r\u00e9e peut affecter les transactions du march\u00e9 et le processus d\u2019\u00e9valuation. \u00bb<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
Plut\u00f4t que de faire appel \u00e0 l\u2019ignorance, un professionnel de l\u2019\u00e9valuation immobili\u00e8re devrait \u00e9tudier la connaissance de l\u2019acheteur pour d\u00e9terminer si un march\u00e9 est bien inform\u00e9 de la nature et de l\u2019\u00e9tendue de la ou des conditions pr\u00e9judiciables \u00e9tudi\u00e9es. \u00bb
L\u2019anecdote de la \u00ab connaissance r\u00e9elle \u00bb est dangereuse, car elle peut constituer une fausse pr\u00e9misse lorsqu\u2019un \u00e9valuateur re\u00e7oit des preuves contradictoires concernant une condition pr\u00e9judiciable.
Contrairement \u00e0 l\u2019anecdote de la
\u00ab connaissance r\u00e9elle, \u00bb des milliers de poursuites sont intent\u00e9es chaque ann\u00e9e pour r\u00e9clamer des dommages-int\u00e9r\u00eats immobiliers pour la non-divulgation d\u2019\u00e9tats pr\u00e9judiciables. Dans ces proc\u00e8s, les
propri\u00e9taires d\u00e9clarent souvent : \u00ab Je n\u2019aurais pas pay\u00e9 le m\u00eame prix si j\u2019avais \u00e9t\u00e9 inform\u00e9 de la condition pr\u00e9judiciable, \u00bb ou m\u00eame :
\u00ab Je n\u2019aurais pas achet\u00e9 la propri\u00e9t\u00e9 si j\u2019avais
\u00e9t\u00e9 inform\u00e9 de la condition pr\u00e9judiciable. \u00bb Le simple fait d\u2019affirmer que la
\u00ab connaissance r\u00e9elle \u00bb refl\u00e8te les normes de connaissance d\u2019un march\u00e9 n\u2019est qu\u2019un
appel \u00e0 l\u2019ignorance, car il ne tient pas compte de la preuve contraire de l\u2019existence d\u2019une condition pr\u00e9judiciable. Plut\u00f4t que de faire appel \u00e0 l\u2019ignorance, un professionnel de l\u2019\u00e9valuation immobili\u00e8re devrait \u00e9tudier la connaissance de l\u2019acheteur pour d\u00e9terminer si un march\u00e9 est bien inform\u00e9 de la nature
et de l\u2019\u00e9tendue de la ou des conditions<\/p>\n\n\n\n
pr\u00e9judiciables \u00e9tudi\u00e9es, car la 15e \u00e9dition susmentionn\u00e9e stipule \u00e9galement que
\u00ab les \u00e9valuateurs v\u00e9rifient les informations aupr\u00e8s d\u2019une partie \u00e0 la transaction
pour s\u2019assurer de leur exactitude et pour mieux comprendre la motivation derri\u00e8re chaque transaction. \u00bb6<\/p>\n\n\n\n
Lois, exigences et
m\u00e9dias en mati\u00e8re de divulgation Bien qu\u2019il puisse y avoir des exigences l\u00e9gales en mati\u00e8re de divulgation, il faut \u00eatre conscient d\u2019une condition pour
la divulguer. M\u00eame si quelqu\u2019un est conscient, il se peut qu\u2019il ne comprenne pas pleinement les risques et les incertitudes li\u00e9s \u00e0 une divulgation appropri\u00e9e. Une analyse des divulgations de transfert ou des v\u00e9rifications avec les participants \u00e0 la transaction sont deux moyens d\u2019\u00e9tudier la connaissance de l\u2019acheteur.
Certaines conditions pr\u00e9judiciables sont \u00e9videntes. Par exemple, un incendie de for\u00eat r\u00e9cent aura probablement des zones br\u00fbl\u00e9es (pendant un certain temps) qui serviront d\u2019indicateurs visuels aux acteurs du march\u00e9. N\u00e9anmoins, certaines questions environnementales peuvent \u00eatre moins \u00e9videntes pour les acteurs
du march\u00e9, car les indicateurs g\u00e9n\u00e9raux de pr\u00e9judice peuvent \u00eatre absents. Par exemple, les contaminants eux-m\u00eames peuvent \u00eatre incolores, inodores et insipides. M\u00eame si certains indicateurs de pr\u00e9judice existent, la prise de conscience du march\u00e9 de la condition pr\u00e9judiciable
peut encore faire d\u00e9faut, car les indicateurs de pr\u00e9judice peuvent ne pas \u00eatre reconnus par tous les acteurs du march\u00e9.
Les professionnels de l\u2019\u00e9valuation immobili\u00e8re doivent \u00eatre prudents lorsque des termes g\u00e9n\u00e9raux tels que \u00ab conscience du public \u00bb et \u00ab conscience de la communaut\u00e9 \u00bb sont utilis\u00e9s pour d\u00e9crire la sensibilisation \u00e0 une propri\u00e9t\u00e9 sp\u00e9cifique. Ces termes
g\u00e9n\u00e9raux peuvent \u00eatre trompeurs.<\/p>\n\n\n\n
Par exemple, un membre du grand public ou d\u2019une communaut\u00e9 peut \u00eatre inform\u00e9 qu\u2019un incendie s\u2019est d\u00e9clar\u00e9 \u00e0 Malibu, en Californie ; n\u00e9anmoins, cela ne suffit pas \u00e0 lui permettre de savoir si une propri\u00e9t\u00e9 sp\u00e9cifique a \u00e9t\u00e9 d\u00e9truite par le feu.
En outre, la couverture m\u00e9diatique de l\u2019\u00e9tat d\u2019une propri\u00e9t\u00e9 ne cr\u00e9e pas n\u00e9cessairement un march\u00e9 inform\u00e9 pour les raisons suivantes : un pourcentage
limit\u00e9 de la population peut lire ou regarder les informations locales, la couverture m\u00e9diatique d\u2019un sujet peut \u00eatre limit\u00e9e dans le temps et ne couvrir que pendant une
courte p\u00e9riode, les acheteurs ext\u00e9rieurs \u00e0 la r\u00e9gion sont moins susceptibles d\u2019avoir \u00e9t\u00e9 t\u00e9moins d\u2019informations locales sur le sujet, et les m\u00e9dias peuvent ne pas divulguer l\u2019\u00e9tat sp\u00e9cifique de la ou des propri\u00e9t\u00e9s.
Ainsi, un professionnel de l\u2019\u00e9valuation immobili\u00e8re doit veiller \u00e0 ne pas supposer que la simple existence d\u2019une attention m\u00e9diatique indique une connaissance publique g\u00e9n\u00e9ralis\u00e9e.7 Il ne suffit pas de s\u2019appuyer sur la couverture m\u00e9diatique, car celle-ci n\u2019indique pas si les acteurs r\u00e9els du march\u00e9 avaient cette connaissance.<\/p>\n\n\n\n
Les professionnels de l\u2019\u00e9valuation immobili\u00e8re devraient \u00eatre prudents lorsque des termes g\u00e9n\u00e9raux tels que \u00ab conscience du public \u00bb et \u00ab conscience de la communaut\u00e9 \u00bb sont utilis\u00e9s pour d\u00e9crire la sensibilisation \u00e0 une propri\u00e9t\u00e9 sp\u00e9cifique. \u00bb<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
En l\u2019absence d\u2019indices d\u00e9favorables et de sensibilisation du march\u00e9 \u00e0 la situation pr\u00e9judiciable dans une zone \u00e0 l\u2019\u00e9tude, les professionnels de l\u2019\u00e9valuation immobili\u00e8re peuvent envisager des techniques telles que des \u00e9tudes de cas, des enqu\u00eates et des analyses documentaires pour mesurer les effets du risque, le cas \u00e9ch\u00e9ant, sur la valeur des biens. \u00bb8
De plus, en l\u2019absence d\u2019indices
d\u00e9favorables et de sensibilisation du march\u00e9 \u00e0 la situation pr\u00e9judiciable dans une zone \u00e0 l\u2019\u00e9tude, les professionnels
de l\u2019\u00e9valuation immobili\u00e8re peuvent envisager des techniques telles que
des \u00e9tudes de cas, des enqu\u00eates et des analyses documentaires pour mesurer les effets du risque, le cas \u00e9ch\u00e9ant, sur la valeur des biens.8<\/p>\n\n\n\n
Difficult\u00e9s \u00e0 identifier les acheteurs avertis
La difficult\u00e9 d\u2019identifier des acteurs du march\u00e9 bien inform\u00e9s a \u00e9t\u00e9 abord\u00e9e dans divers sc\u00e9narios d\u2019\u00e9valuation complexes, y compris les expropriations partielles pour les pipelines. Par exemple, Applications in Litigation Valuation:
A Pragmatist\u2019s Guide d\u00e9clare :<\/p>\n\n\n\n
\u00ab Il est toujours difficile de trouver des acteurs du march\u00e9 bien inform\u00e9s pour donner plus de sens \u00e0 ces interviews dans nos \u00e9valuations. Il est tout aussi difficile, voire encore davantage, de trouver des comparables de ventes sur le march\u00e9 \u00e0 utiliser pour quantifier notre ajustement apr\u00e8s expropriation pour avoir une servitude de pipeline
sur la propri\u00e9t\u00e9 \u00e9valu\u00e9e. \u00bb (Traduction) Dans le Appraisal Journal, lettres \u00e0 la r\u00e9daction, hiver 2006, un acheteur d\u2019un appartement en copropri\u00e9t\u00e9 qui avait
fait l\u2019objet d\u2019un proc\u00e8s a exprim\u00e9 sa
prudence quant \u00e0 la simple pr\u00e9somption de connaissance de l\u2019acheteur en raison de l\u2019existence de lois sur la divulgation et des exigences du Code of Ethics and Standards of Practice des agents immobiliers.
Avant l\u2019achat de l\u2019appartement, il y avait des probl\u00e8mes dans un proc\u00e8s qui ont \u00e9t\u00e9 r\u00e9solus par l\u2019association des
propri\u00e9taires, tels que l\u2019absence de
pare-feu et un syst\u00e8me de toiture d\u00e9fectueux ; cependant, l\u2019acheteur a not\u00e9 que les probl\u00e8mes \u00e0 l\u2019origine du proc\u00e8s n\u2019\u00e9taient pas observables lors d\u2019une inspection
typique. L\u2019acheteur a indiqu\u00e9 qu\u2019il avait men\u00e9 autant d\u2019enqu\u00eates que possible avant de faire une offre, notamment en lisant
les plaintes relatives \u00e0 l\u2019imp\u00f4t foncier d\u00e9pos\u00e9es au bureau de l\u2019\u00e9valuateur, en interrogeant ses futurs voisins potentiels et en posant des questions au gestionnaire de l\u2019association des propri\u00e9taires. Personne dans le complexe n\u2019avait d\u00e9pos\u00e9 de plainte pour l\u2019imp\u00f4t foncier en raison d\u2019une perte de valeur attribuable \u00e0 des syst\u00e8mes de construction d\u00e9fectueux ; ni les voisins potentiels, ni les agents immobiliers,
ni le gestionnaire de l\u2019association des propri\u00e9taires n\u2019avaient r\u00e9v\u00e9l\u00e9 les syst\u00e8mes de construction d\u00e9fectueux ou le proc\u00e8s
en instance. De plus, sur la fiche de divulgation du vendeur, qui \u00e9tait exig\u00e9e par la loi, le vendeur avait r\u00e9pondu \u00e0 toutes les<\/p>\n\n\n\n
questions par \u00ab inconnu. \u00bb L\u2019acheteur n\u2019a eu connaissance des probl\u00e8mes qu\u2019apr\u00e8s avoir achet\u00e9 la propri\u00e9t\u00e9, lorsqu\u2019une facture de l\u2019association des propri\u00e9taires est arriv\u00e9e pour les honoraires d\u2019avocat pour le proc\u00e8s et apr\u00e8s avoir assist\u00e9 \u00e0 une r\u00e9union de
l\u2019association des propri\u00e9taires.
Lorsqu\u2019on \u00e9tudie les donn\u00e9es transactionnelles pour mesurer l\u2019impact
d\u2019une condition b\u00e9n\u00e9fique ou pr\u00e9judiciable, le niveau de connaissance de l\u2019acheteur
au moment de la vente peut \u00eatre un facteur critique. Un acheteur connaissant la condition mesur\u00e9e peut prendre une d\u00e9cision \u00e9clair\u00e9e en mati\u00e8re de prix.
\u00c0 l\u2019inverse, si un acheteur est mal inform\u00e9 ou ignorant, il ne peut pas en tenir compte dans sa d\u00e9cision de prix.<\/p>\n\n\n\n
D\u00e9clarations de divulgation de transfert
La valeur marchande ne stipule pas qu\u2019un acteur du march\u00e9 doit avoir une
\u00ab parfaite \u00bb connaissance d\u2019une condition pr\u00e9judiciable, mais les acteurs doivent \u00eatre bien inform\u00e9s d\u2019une condition pr\u00e9judiciable pour qu\u2019une transaction soit conforme
\u00e0 la d\u00e9finition de la valeur marchande, comme l\u2019exige une transaction sans lien de d\u00e9pendance.9 Lorsque les participants sur un march\u00e9 immobilier sont inform\u00e9s des influences environnementales (ou d\u2019autres conditions), le prix des propri\u00e9t\u00e9s dans la zone \u00e0 l\u2019\u00e9tude r\u00e9agira ou non en fonction de la perception du risque et de l\u2019impact potentiel des conditions.10
Robinson et Lucas sugg\u00e8rent d\u2019utiliser un questionnaire pour d\u00e9terminer la connaissance que le march\u00e9 poss\u00e8de
d\u2019une condition pr\u00e9judiciable, en notant que leur proposition de questionnaire est distincte d\u2019une enqu\u00eate formelle.11 De plus, la connaissance par l\u2019acheteur d\u2019un \u00e9tat pr\u00e9judiciable peut \u00e9galement \u00eatre \u00e9tudi\u00e9e en analysant les documents de transaction immobili\u00e8re et le mat\u00e9riel de marketing, tels que les d\u00e9clarations de divulgation de<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
transfert et les inscriptions MLS, lorsqu\u2019ils sont disponibles. Si des transactions
sont identifi\u00e9es qui r\u00e9v\u00e8lent la nature et l\u2019\u00e9tendue de l\u2019\u00e9tat pr\u00e9judiciable, ces
transactions peuvent \u00eatre \u00e9tudi\u00e9es pour mesurer les impacts, le cas \u00e9ch\u00e9ant, de la condition divulgu\u00e9e.
Les d\u00e9clarations de divulgation de transfert fournissent des preuves du niveau de connaissance de l\u2019acheteur concernant les diff\u00e9rents \u00e9tats de la propri\u00e9t\u00e9 au moment de la vente. Pour qu\u2019un acheteur puisse prendre en compte un certain \u00e9tat de la propri\u00e9t\u00e9 au moment de d\u00e9cider du
prix, il doit en avoir connaissance. Si un acheteur n\u2019est pas au courant ou ignore un certain \u00e9tat de la propri\u00e9t\u00e9, il ne peut pas en tenir compte. De m\u00eame, si un \u00e9valuateur veut mesurer l\u2019impact d\u2019un \u00e9tat sur la valeur d\u2019une propri\u00e9t\u00e9, il devrait analyser les ventes o\u00f9 les acheteurs \u00e9taient au courant d\u2019un \u00e9tat similaire.
Lors de la collecte et de l\u2019analyse des divulgations, les donn\u00e9es peuvent r\u00e9v\u00e9ler diff\u00e9rents niveaux de connaissance des acheteurs concernant certaines conditions. Par exemple, une divulgation sur la contamination par les PFAS peut indiquer que \u00ab les PFAS ont \u00e9t\u00e9 test\u00e9s dans l\u2019eau de puits, l\u2019eau domestique a \u00e9t\u00e9 raccord\u00e9e \u00e0 une source municipale. \u00bb Cependant, le vendeur ignorait que l\u2019eau municipale contenait \u00e9galement des PFAS. Une autre divulgation peut indiquer que \u00ab les PFAS ont \u00e9t\u00e9 test\u00e9s dans l\u2019eau de puits, l\u2019eau domestique a
\u00e9t\u00e9 raccord\u00e9e \u00e0 une source municipale qui contient \u00e9galement des PFAS \u00e0 un niveau sup\u00e9rieur \u00e0 la MCL r\u00e9glementaire. \u00bb
Bien que les deux divulgations mentionnent les PFAS, le niveau de connaissance transmis \u00e0 l\u2019acheteur est
diff\u00e9rent. Dans ces cas, un professionnel de l\u2019immobilier peut envisager d\u2019utiliser une analyse de classement pour cat\u00e9goriser les donn\u00e9es. Un exemple serait de regrouper les informations en trois cat\u00e9gories :<\/p>\n\n\n\n
Type 1 : Aucune information significative connue, Type 2 : Information positive, neutre ou ambigu\u00eb, et Type 3 : Information pr\u00e9judiciable. Id\u00e9alement, les transactions de type 3 donneront la meilleure indication des effets d\u2019une condition donn\u00e9e sur la valeur marchande.<\/p>\n\n\n\n
Conclusion
Les questions relatives \u00e0 la connaissance de l\u2019acheteur peuvent \u00eatre un th\u00e8me central dans l\u2019\u00e9valuation complexe. D\u00e9terminer l\u2019impact potentiel d\u2019un panache de contaminants sur
la valeur des propri\u00e9t\u00e9s ne peut se faire en comparant simplement les ventes \u00e0 l\u2019int\u00e9rieur du panache \u00e0 celles \u00e0 l\u2019ext\u00e9rieur du panache. Des recherches suppl\u00e9mentaires peuvent \u00eatre n\u00e9cessaires pour d\u00e9terminer si les acheteurs \u00e9taient au courant de l\u2019\u00e9tat de la propri\u00e9t\u00e9 qu\u2019ils ont achet\u00e9e. Une fa\u00e7on d\u2019\u00e9tudier les connaissances de l\u2019acheteur consiste \u00e0 analyser les d\u00e9clarations de transfert dans
les transactions \u00e9tudi\u00e9es. En cas de manque de connaissances, un professionnel de l\u2019\u00e9valuation immobili\u00e8re peut envisager d\u2019utiliser des techniques telles que des analyses documentaires, des enqu\u00eates ou des \u00e9tudes de cas pour mesurer les impacts sur la valeur marchande.<\/p>\n\n\n\n
Notes de fin
1 Appraisal Institute, The Appraisal of Real Estate, 15e \u00e9dition (Chicago, IL: 2020), 356.
2 Robinson et Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect Market Value,\u201d The Appraisal Journal (printemps 2007): 139.
3 Robinson et Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect Market Value,\u201d The Appraisal Journal (printemps 2007): 136.
4 Richard Roddewig (\u00e9diteur), Valuing Contaminated Properties: An Appraisal Institute Anthology Volume II (Appraisal Institute, 2014), 196.<\/p>\n\n\n\n
5 Richard Roddewig (\u00e9diteur), Valuing Contaminated Properties: An Appraisal Institute Anthology Volume II (Appraisal Institute, 2014), 196.
6 The Appraisal Institute, The Appraisal of Real Estate, 15e \u00e9dition (Appraisal Institute, 2020), 358.
7 Robinson et Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect Market Value,\u201d The Appraisal Journal (printemps 2007): 135.
8 Michael Tachovsky, \u201cEnvironmental Dead Zones: The Evaluation of Contaminated Properties,\u201d The Appraisal Journal
(printemps 2021): 104-117.
9 Robinson et Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect Market Value,\u201d The Appraisal Journal (printemps 2007): 137.
10 Thomas O. Jackson, \u201cSurveys, Market Interviews, and Environmental Stigma,\u201d The Appraisal Journal (automne 2004): 303.
11 Robinson et Lucas, \u201cSeller Disclosure and Buyer Knowledge: How they Affect Market Value,\u201d The Appraisal Journal (printemps 2007): 135.<\/p>\n\n\n\n
\u00c0 propos des auteurs
Sp\u00e9cialis\u00e9 dans l\u2019\u00e9valuation complexe et les aspects \u00e9conomiques des dommages immobiliers, M. Tachovsky est un expert qui a publi\u00e9 de nombreux articles et d\u00e9velopp\u00e9
des cours sur diverses questions immobili\u00e8res complexes. michaelt@landmarkresearch.com
Kristopher Williams est un expert immobilier g\u00e9n\u00e9ral accr\u00e9dit\u00e9 qui a men\u00e9 des recherches sur diverses \u00e9valuations complexes et des contrats de service sur des diminutions de valeur. Ses recherches portent notamment sur l\u2019environnement, la g\u00e9otechnique, les d\u00e9fauts de construction, les catastrophes naturelles, l\u2019expropriation, les sc\u00e8nes de crime et d\u2019autres conditions impliquant une grande vari\u00e9t\u00e9 de types de propri\u00e9t\u00e9s. kris@landmarkresearch.com.<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
Navigating valuation challenges and disclosure requirements for<\/p>\n\n\n\n
QUARRIES
in Ontario under the Trust in Real Estate Services Act
BY TONY SEVELKA, P. APP., AACI<\/p>\n\n\n\n
s real estate appraisers involved in developing estimates of Market Value, reliance on transactional data that fail to
meet the definition of Market Value is typically avoided. Every property occupies a unique location, a defining characteristic of value, which can be
enhanced or depreciated by Externalities. According to the Municipal Property
Assessment Corporation (MPAC),1 the following five factors account for
approximately 85% of the assessed value of a residential property:
\u2022 Location
\u2022 Lot dimensions
\u2022 Living area
\u2022 Age of property (adjusted for any major renovations or additions)
\u2022 Quality of construction<\/p>\n\n\n\n
Market Value is defined as the most probable price, as of a specified date, in cash or in terms equivalent to cash, or in other precisely
revealed terms, for which the specified property rights should sell after reasonable exposure
in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably and
for self-interest, and assuming that neither is under undue duress.2 Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
\u2022 buyer and seller are typically motivated;
\u2022 both parties are well informed or well advised, and acting in what they consider their own best interests; [emphasis added]
\u2022 a reasonable time is allowed for exposure in the open market;<\/p>\n\n\n\n
\u2022 payment is made in terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto; and
\u2022 the price represents the normal consideration for the property sold and unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
Value-influencing information in a real estate transaction can often be asymmetrical,3 with the vendor possessing critical knowledge not readily available to the buyer. When such information is withheld from the buyer, the
purchase price is likely to exceed Market Value, resulting in a \u2018tainted\u2019 transaction. Transactions of this nature fail to meet the criterion of
a \u2018well-informed or well-advised\u2019 buyer. Therefore, reliance on these transactions as indicators of Market Value should be avoided, which may compel the appraiser to<\/p>\n\n\n\n
54 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
is being or has been excavated, and that has not been rehabilitated\u2026
\u2022 Quarry means land or land under water from which consolidated aggregate is being or has been excavated, and that has not been rehabilitated\u2026
As reported by the Auditor General of
Ontario in December 2023,7 there are about 3,400 licensed pits and quarries in Ontario,8 of which 1,524 (or 44.8%) are dormant (\u2018zombie\u2019) pits and quarries, accounting
for 25,000 hectares (61,776 acres), that have been inactive for at least 10 years. Therefore, the reference in the Ontario Provincial Planning Statement (PPS, 2024)9 (Section 4.5.3) to aggregate extraction being an \u2018interim\u2019 use is misleading and patently false. As noted in the Summary of the Auditor General\u2019s report,
The extraction of aggregates can fundamentally transform landscapes, temporarily or permanently altering features such as woodlands, wetlands and farmland. The ongoing operation of a pit or quarry, as well as the accompanying heavy-duty truck traffic, can also have a number of negative impacts \u2013 particularly when close to communities \u2013 including noise, vibration [toxic fumes and fly-rock debris] (from blasting) and air pollution (such as dust and particulate matter).<\/p>\n\n\n\n
rely on sales not similarly impacted or, in the alternative, adjust the sale price of the tainted transaction downward based on relevant proximity studies involving pits and quarries. The impact of pits and quarries on the value of neighboring properties has been thoroughly documented, driven by negative externalities.
Negative externalities are costs or adverse effects experienced by third parties who are not directly involved in a particular economic transaction or activity. These external costs are not reflected in the market price of the goods or services involved. Negative externalities
can arise from various activities, such as production, consumption or development, and typically include public health, the
environment, or overall quality of life. Because real property is immobile, real estate is affected by externalities more than other economic goods, services or commodities.4<\/p>\n\n\n\n
In the context of real estate, the negative externalities associated with pits and quarries, such as noise, dust, toxic fumes, vibrations, fly-rock debris, and traffic, affect the use and enjoyment of neighboring properties, diminish their value, and can stigmatize the community. Additionally, these negative externalities can compromise the community\u2019s health, safety and well-being.<\/p>\n\n\n\n
Aggregate extraction operations Aggregate extraction operations in the form of pits and quarries cause environmental degradation and are a major source of greenhouse gases and other pollutants, which contribute to climate change.5
The Aggregate Resources Act (ARA)6
defines a pit and quarry as follows:
\u2022 Pit means land or land under water from which unconsolidated aggregate<\/p>\n\n\n\n
Examples of negative externalities involving aggregate
extraction operations Aggregate extraction operations, such as quarries and pits, can have significant external impacts on surrounding communities.
Neighboring property owners often raise complaints and concerns about noise, vibrations, dust, toxic fumes, fly-rock debris and other environmental concerns. Below are a couple of examples typical of the complaints from impacted communities in Ontario:
\u2022 \u2018LaFarge Dundas Quarry,\u2019 Blasting Quarry, Flamborough, Ontario (>600 ha or 1,483 ac): Blasting at the quarry sparked 58 noise and vibration complaints in the first five months of 2024, up from 10 in 2023, felt as far
away as 1.5 kilometres from the quarry, despite blasting within regulatory limits: shaking houses; rattling windows; and pictures left askew. Some residents have mistaken the vibrations for earthquakes, and others have expressed worry about potential house damage or impacts to the aquifer they rely on for well water.10<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
\u2022 \u2018Miller Paving Braeside Quarry,\u2019 Blasting Quarry, McNab\/Braeside, Ontario (132.7 ha or 328 ac): Norma Moore, a longtime resident of Braeside Ridge, adjacent to the quarry, is acutely aware of blasting accidents, four of which she recalls. A mega blast in September 2005 did considerable structural damage to properties in the neighborhood; and a fly-rock incident in August 2007 did major damage to a home, more than 400 metres from the site,11 where the owner was almost killed. In another incident, fly-rock fell on a neighboring business\u2019s roof. Finally,
one incident occurred on September 10, 2021, when something crashed into trees in an offsite forested area, like the sound of shrapnel, following a blast at the quarry.12<\/p>\n\n\n\n
Trust in Real Estate Services Act
In Ontario, both sellers and realtors are legally bound by the Trust in Real Estate Services Act (TRESA), Bill 145, enacted on March 4, 2020. This statute
mandates the disclosure to prospective purchasers of any known applications for a nearby pit or quarry and the existence of a nearby pit or quarry, which can remain operational indefinitely. This requirement ensures that all material facts that could influence a property\u2019s value or desirability are communicated in writing and acknowledged by prospective buyers.<\/p>\n\n\n\n
Material facts
Material facts are defined as those that would affect a reasonable person\u2019s decision to acquire an interest in real estate (real property). According to the Real Estate
Council of Ontario (RECO), which administers TRESA, Material Facts (RECO Bulletin No. 7.3, effective December 1, 2023)13 include, but are not limited to:
\u2022 Intended use of the property: Information about how the property can be legally used or developed.
\u2022 Zoning by-laws: Established by the municipality, region or other
governmental agencies, these impact the legal use of the property.
\u2022 Rights-of-way, allowances, or restrictions: Any easements or
restrictions on the use of the property<\/p>\n\n\n\n
established by the municipality, region, or other governmental agencies, or otherwise on the title.
\u2022 Existence of nearby businesses or facilities: Facilities that may impact quality of life (e.g., quarries, industrial facilities, airports, rail lines, etc.).<\/p>\n\n\n\n
Specific material facts
related to pits and quarries
\u2022 Application for a pit or quarry:
The existence of an application for
a pit or quarry nearby is a material fact that could affect the property\u2019s value and desirability. Prospective buyers need to be aware of any potential future developments that may impact their decision.
\u2022 Existing pit or quarry: The presence of an existing pit or quarry is a material fact that could affect the property\u2019s value and desirability due to factors such as noise, dust, toxic fumes, vibrations, fly-rock debris, traffic, and visual impact.<\/p>\n\n\n\n
Seller and agent disclosure Ensuring such information is disclosed in writing protects all parties involved and guarantees transparency in the transaction process. Agents must provide this information to potential buyers to facilitate informed decision-making.<\/p>\n\n\n\n
Acknowledgement
and informed consent Written confirmation of the material facts from the prospective purchaser, obtained
on a \u2018best efforts\u2019 basis, is required. This means sellers and realtors must make a genuine effort to ensure that buyers are fully informed about all relevant facts before completing the transaction. This process includes:
\u2022 Providing detailed documentation: Comprehensive information about material facts should be compiled and shared with potential buyers.
\u2022 Clear communication: Ensuring that the information is conveyed in a manner that is easily understood.
\u2022 Confirmation of understanding: Obtaining written acknowledgement from the buyer that they have received, reviewed and understood the material facts.<\/p>\n\n\n\n
An impacted third-party property owner (seller), in an effort to preserve the value of their property, may choose not to disclose the material facts and retain an outside realtor with no geographic understanding of the local market, making both the vendor and realtor potentially liable for damages sustained by an uninformed purchaser.
The following warning clause in a Residential Subdivision Agreement dated November 20, 1998, registered against the title of the single-family dwellings in a plan of subdivision in Burlington, Ontario, next to a blasting quarry, does not conform to the requirements of \u2018informed consent,\u2019 as required by RECO under the Trust in Real Estate Services Act (TRESA) enacted in March 2020.
Warning clause
The following warning clause shall be registered on title and included in all development agreements and offers of sale and purchase or lease of all lots:
\u201cThe purchaser\/tenants acknowledge the presence of a future extractive industrial land use to the west and that
extraction may take place during the daytime only.\u201d14
Informed consent requires that the buyer fully understands the implications of the nearby extractive industrial land use, including potential impacts on their quality of life, property value, and any other relevant factors. To meet the legal requirement of informed consent, the disclosure should be more comprehensive and clearly explain
the potential effects of quarry operations, not just limit the information to extraction times. It should also ensure that the buyer acknowledges and understands this information in writing before proceeding with the transaction. Post-COVID-19, more people are working from home or have established home businesses or occupations, which means that impacts from aggregate extraction operations are experienced persistently and more broadly.15<\/p>\n\n\n\n
The role of appraisers
An appraiser involved in the valuation of a property in proximity to an application seeking approval of a pit or quarry, or to an existing pit or quarry, must be aware of the negative externalities associated with aggregate extraction operations and<\/p>\n\n\n\n
Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n
take them into account in the valuation process. In doing so, before relying on a particular transaction in the neighborhood, the appraiser must investigate the circumstances involving the transaction to ensure that the buyer was knowledgeable and fully aware of the potential impacts.
Additionally, it is important to note that a license to permit aggregate extraction in Ontario has no expiry date, and in the case of a blasting quarry, a blaster is not
required to possess a license or certificate demonstrating competency in the detonation of explosives.
The severity of the negative externalities associated with pits and quarries depends on the size, scale, intensity, and duration of the proposed or existing aggregate extraction operation. The appraiser must identify these factors and reflect them in the estimate
of market value. Failure to recognize the negative externalities in the valuation process could result in an unsupported estimate
of market value and expose the appraiser to a potential claim of negligence from an authorized user of the appraisal.
Appraisers, as members of the Appraisal Institute of Canada (AACI), must comply with Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), in undertaking an appraisal assignment.
Like realtors, appraisers must possess geographic competency, address negative externalities (i.e., an external detrimental condition), and have sufficient knowledge, skill and expertise to complete the
assignment credibly. Conducting a physical inspection of the subject property and the surrounding area, and enquiring about municipal development applications,
are essential components of the due diligence process. Additionally, visiting the Environmental Registry of Ontario (ERO) website16 can be prudent, as it allows the public to view and comment on proposals, decisions, and actions that may affect the environment, including those involving pits and quarries, and notices about licenses, permits and changes to existing approvals for pits and quarries.<\/p>\n\n\n\n
Buyers seeking to
locate in non-urban areas
Homeowners seeking non-urban locations
typically have specific preferences that align with their desire for a different lifestyle.17<\/p>\n\n\n\n
Here are some of the key features and amenities they look for:<\/p>\n\n\n\n
make it easier and more enjoyable to have pets, which research has shown to offer many health benefits
(e.g., physical health, mental health, stress reduction, heart health, social interaction, sense of purpose, emotional support).18<\/p>\n\n\n\n
Sources for understanding pits and quarries, their negative externalities, and potential value impacts The following sources have been provided to assist appraisers, particularly those active in peri-urban, semi-rural and rural areas where aggregate extraction is most
likely to occur. These resources help in comprehensively understanding the
negative externalities and potential value impacts of pits and quarries on nearby third-party properties. They offer valuable insights and data on the environmental, legal, and social implications of aggregate extraction operations, including other forms of surface mining, as well as specific case studies and analyses:
\u2022 An Assessment of the Economic Impact of the Proposed Stoneco Gravel Mine Operation on Richland Township (Erickcek, 2006). https:\/\/ www.stopthequarry.ca\/documents\/ US%20Study%20on%20the%20 impact%20of%20pits%20quarries%20 on%20home%20prices.pdf<\/p>\n\n\n\n
Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n
\u2022 The Impact of Surface Coal Mining on Residential Property Values:
A Hedonic Price Analysis (Williams, 2011). https:\/\/trace.tennessee.edu\/ pursuit\/vol3\/iss1\/6\/#:~:text=The%20 results%20of%20this%20statistical%20 analysis%20show%20that,of%20 housing%20units%20in%20a%20 county%20significantly%20decreases.
\u2022 (Under)Mining local residential property values: A semiparametric spatial quantile autoregression (Malikov, et al., 2018). https:\/\/onlinelibrary.wiley.com\/doi\/ abs\/10.1002\/jae.2655
\u2022 Detrimental Effects of Gravel Mines on Property Values (Friends of the Platte River Watershed, 2019). file:\/\/\/C:\/ Users\/IFLAS\/Downloads\/FOPRW- Detrimental-Effects-of-Gravel-Mines- on-Property-Values-12-06-19.pdf
\u2022 Impacts of mining on property values in Kalgoorlie-Boulder, Western Australia (Kolala, et al., 2020). https:\/\/www.sciencedirect. com\/science\/article\/abs\/pii\/ S0301420719308803?via%3Dihub
\u2022 Blasting Quarry Operations: Land Use Compatibility Issues and Potential Property Value Impacts (Sevelka, 2022).https:\/\/grassrootsjournals.org\/ jelp\/jelp02-03-01-sevelka-m00310.pdf
\u2022 Property value impacts occasioned by aggregate extraction operations
(Sevelka, 2023). https:\/\/www.aicanada. ca\/article\/property-value-impacts- occasioned-by-aggregate-extraction- operations\/
\u2022 Blasting Quarry Operations: Adverse and Cumulative Effects, Lawsuits and Complaints, and Suggested Remedies (Sevelka, 2023). https:\/\/
grassrootsjournals.org\/jelp\/jelp03-01- 01-sevelka-m00339.pdf
\u2022 Adverse Effects: Thirteen Homeowners Near a Blasting Quarry Bought Out by Quarry Owner (Sevelka, 2023). https:\/\/ grassrootsjournals.org\/gjnr\/nr-06-01- 10-sevelka-m00333y.pdf
\u2022 Sterilization of Homeowners\u2019 Land: A De Facto Taking Without Compensation (Sevelka, 2024). web_marapr_2024_ defactosterilization (1).pdf
\u2022 Ontario Aggregate Industry and Ministry of Natural Resources Continue to Ignore or Trivialize the Notoriously Dangerous and
Potentially Deadly Consequences of<\/p>\n\n\n\n
Flyrock from Blasting (Detonation of Explosives) (Sevelka, 2024). https:\/\/grassrootsjournals.org\/jpg\/ jpg040201-sevelka.pdf
\u2022 Environmental, Legal and Social Implications of Aggregate Extraction (Mining) Operations (Sevelka, 2024). https:\/\/grassrootsinstitute.ca\/books\/ enrl04.php<\/p>\n\n\n\n
End Notes pressreader.com\/canada\/the-hamilton- spectator\/20240615\/281487871513652 Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n Comment relever les d\u00e9fis de l\u2019\u00e9valuation et des exigences en mati\u00e8re de divulgation pour en Ontario en vertu de la E<\/p>\n\n\n\n n tant qu\u2019\u00e9valuateurs immobiliers impliqu\u00e9s dans l\u2019\u00e9laboration d\u2019estimations de la valeur marchande, nous \u00e9vitons g\u00e9n\u00e9ralement de nous \u2022 \u00c2ge de la propri\u00e9t\u00e9 (ajust\u00e9 en fonction des r\u00e9novations ou des ajouts importants) et le transfert de propri\u00e9t\u00e9 du vendeur \u00e0 l\u2019acheteur dans des conditions o\u00f9 : Volume 69 | Book 1 \/ Tome 1 | 2025 59<\/p>\n\n\n\n Les informations qui influencent la valeur dans une transaction immobili\u00e8re peuvent souvent \u00eatre asym\u00e9triques,3 le vendeur poss\u00e9dant des connaissances essentielles qui ne sont pas facilement accessibles \u00e0 l\u2019acheteur. Lorsque ces informations sont dissimul\u00e9es \u00e0 l\u2019acheteur, le prix d\u2019achat Op\u00e9rations d\u2019extraction d\u2019agr\u00e9gats polluants, qui contribuent au changement climatique.5 La loi sur les ressources en agr\u00e9gats (LRA)6 d\u00e9finit une carri\u00e8re et une gravi\u00e8re comme suit : Exemples d\u2019externalit\u00e9s n\u00e9gatives li\u00e9es aux op\u00e9rations d\u2019extraction d\u2019agr\u00e9gats Les op\u00e9rations d\u2019extraction d\u2019agr\u00e9gats, telles que les carri\u00e8res et les gravi\u00e8res, \u2022 \u00ab Carri\u00e8re LaFarge Dundas \u00bb, carri\u00e8re de dynamitage, Flamborough, Ontario (>600 ha ou 1 483 acres) : Loi sur la confiance Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n importants qui pourraient influencer la valeur ou l\u2019attrait d\u2019une propri\u00e9t\u00e9 sont communiqu\u00e9s par \u00e9crit et reconnus par les acheteurs potentiels.<\/p>\n\n\n\n Faits importants Les faits importants sont d\u00e9finis comme ceux qui pourraient influencer la d\u00e9cision Faits importants sp\u00e9cifiques Divulgation par le vendeur et l\u2019agent La divulgation de ces informations par \u00e9crit prot\u00e8ge toutes les parties concern\u00e9es et garantit la transparence du processus de transaction. Les agents doivent fournir ces informations aux acheteurs potentiels afin de faciliter une prise de d\u00e9cision \u00e9clair\u00e9e. \u00ab L\u2019acheteur\/les locataires reconnaissent la pr\u00e9sence d\u2019une future exploitation industrielle extractive \u00e0 l\u2019ouest et que Le r\u00f4le des \u00e9valuateurs Un \u00e9valuateur qui participe \u00e0 l\u2019\u00e9valuation d\u2019une propri\u00e9t\u00e9 \u00e0 proximit\u00e9 d\u2019une demande d\u2019autorisation d\u2019exploitation d\u2019une carri\u00e8re Volume 69 | Book 1 \/ Tome 1 | 2025<\/p>\n\n\n\n reconna\u00eetre les externalit\u00e9s n\u00e9gatives dans le processus d\u2019\u00e9valuation pourrait entra\u00eener une estimation non \u00e9tay\u00e9e de la valeur marchande et exposer l\u2019\u00e9valuateur \u00e0 une \u00e9ventuelle r\u00e9clamation pour n\u00e9gligence de la part d\u2019un utilisateur autoris\u00e9 de l\u2019\u00e9valuation. Acheteurs cherchant \u00e0 Sources permettant de comprendre les carri\u00e8res et gravi\u00e8res, leurs externalit\u00e9s n\u00e9gatives et leurs impacts Canadian Property Valuation | \u00c9valuation immobili\u00e8re au Canada<\/p>\n\n\n\n \u2022 The Impact of Surface Coal Mining on Residential Property Values: A Hedonic Price Analysis (Williams, 2011). https:\/\/trace.tennessee.edu\/ pursuit\/vol3\/iss1\/6\/#:~:text=The%20 (Detonation of Explosives) (Sevelka, 2024). https:\/\/grassrootsjournals.org\/ jpg\/jpg040201-sevelka.pdf Notes de fin pressreader.com\/canada\/the-hamilton-sp ectator\/20240615\/281487871513652
1 MPAC Fact Sheet, June 1, 2024. https:\/\/www.mpac.ca\/en\/News\/ FactSheet\/MPACFactSheet
2 The Appraisal of Real Estate, Fourth Canadian Edition, ed. Dybvig, (University of British Columbia, Real Estate Division, 2023), p. 6.1-.4
3 Kurlat, P., & Stroebel, J. (2014). Testing for Information Asymmetries in Real Estate Markets. National Bureau of Economic Research. Retrieved from NBER Working Paper No. 19875. https:\/\/www. nber.org\/system\/files\/working_papers\/ w19875\/w19875.pdf?form=MG0AV3
4 The Appraisal of Real Estate, Fourth Canadian Edition, ed. Dybvig, (University of British Columbia, Real Estate Division, 2023), p. 3.16.
5 Sandberg, L. A. and Wallace, L. \u2018Leave the Sand in the Land, Let the Stone Alone: Pits, Quarries and Climate Change,\u2019 Faculty of Environmental Studies, York University, Toronto, Ontario. https:\/\/ scispace.com\/pdf\/leave-the-sand-in-the- land-let-the-stone-alone-pits-quarries- 3s3b63uk77.pdf?form=MG0AV3
6 Aggregate Resources Act, RSO 1990, c A.8,
https:\/\/canlii.ca\/t\/5537h<\/a> retrieved on 2024-12-27
7 Value-for-money Audit: Management of Aggregate Resources, December 2023, https:\/\/www.auditor.on.ca\/en\/
content\/annualreports\/arreports\/en23\/ AR_mgmtaggregates_en23.pdf
8 Aggregate Site Authorized, data includes, site location and size, licensee name, operation (pit or quarry) and MNRF district responsible for the
site. https:\/\/data.ontario.ca\/dataset\/ aggregate-site-authorized
9 Provincial Planning Statement, 2024, https:\/\/www.ontario.ca\/page\/provincial- planning-statement-2024
10 Van Dongen, Matthew. \u2018LaFarge quarry blasts trigger complaints,\u2019 Hamilton Spectator, Jun 15, 2024. https:\/\/www.<\/p>\n\n\n\n
11 Miller Paving Ltd. v McNab \/ Braeside (Township), 2015 CanLII 70369 (ON LPAT),
https:\/\/canlii.ca\/t\/glwwn<\/a>, retrieved on 2025-01-01
12 Moore, Norma. \u2018Aggregate danger: Quarries do not make good neighbors,\u2019
Ottawa Citizen, Mar 11, 2024. https:\/\/www. pressreader.com\/canada\/ottawa-citiz en\/20240311\/281621015304909
13 Material Facts, RECO Bulletin No. 7.3, effective December 1, 2023. https:\/\/reco. on.ca\/getmedia\/d0f700bd-5848-4edb- a9f5-a35040ec2b20\/RECO-Bulletin-7-3- Material-facts.pdf
14 Tyandaga Environmental Coalition Inc. (TEC). (2016, December). https:\/\/
burlingtonpublishing.escribemeetings. com\/filestream.ashx?DocumentId=10709
15 Research to insights: Working from home in Canada, January 18, 2024. https:\/\/www150. statcan.gc.ca\/n1\/pub\/11-631-x\/11-631- x2024001-eng.htm?form=MG0AV3
16 Environmental Registry of Ontario. https:\/\/ ero.ontario.ca\/
17 Urban vs. rural living, houseful, Nov 2, 2023. https:\/\/blog.houseful.ca\/urban-vs- rural-living\/?form=MG0AV3
18 Bowman, Alisa. \u201cBoost your health: The benefits of having a pet,\u201d Mayo
Clinic, March 18, 2024. https:\/\/mcpress. mayoclinic.org\/healthy-aging\/boost- your-health-the-benefits-of-having-a- pet\/?form=MG0AV3
19 Philip D. St. John, et al. \u201cLife satisfaction in adults in rural and urban regions of Canda \u2013 the Canadian Longitudinal Study on Aging,\u201d Rural and Remote Health, August 28, 2021, Volume 21
Issue 3. https:\/\/www.rrh.org.au\/journal\/ article\/6631#:~:text=Results%3A%20 Individuals%20living%20in%20 rural,CI%3A%201.19%E2%80%931.45).
20 In McMullin v. Nova Scotia (Director of
Assessment), 1999 NSUARB 38 (CanLII),
https:\/\/canlii.ca\/t\/5g04<\/a>, the Board ruled that \u201cthe operation of the quarry is an
external obsolescence, resulting in a loss in value to the subject property\u201d and that \u201cthe operation of a quarry in the vicinity of
the subject property is, indeed, a negative factor which should be accounted for in the present assessment\u2026.The presence of such adjacent uses would clearly have an impact on the fair market value of a
particular property.\u201d<\/p>\n\n\n\n
LES CARRI\u00c8RES
ET LES GRAVI\u00c8RES<\/p>\n\n\n\n
Loi sur les services immobiliers en fiducie
PAR TONY SEVELKA, \u00c9. PRO., AACI<\/p>\n\n\n\n
fier \u00e0 des donn\u00e9es transactionnelles qui ne r\u00e9pondent pas \u00e0 la d\u00e9finition de la
valeur marchande. Chaque bien immobilier occupe un emplacement unique, une caract\u00e9ristique d\u00e9terminante de sa valeur, qui peut \u00eatre augment\u00e9e ou diminu\u00e9e par des facteurs externes. Selon la Soci\u00e9t\u00e9
d\u2019\u00e9valuation fonci\u00e8re des municipalit\u00e9s (SEFM),1 les cinq facteurs suivants repr\u00e9sentent environ 85 % de la valeur imposable d\u2019une propri\u00e9t\u00e9 r\u00e9sidentielle :
\u2022 Emplacement
\u2022 Dimensions du terrain
\u2022 Surface habitable<\/p>\n\n\n\n
\u2022 Qualit\u00e9 de la construction
La valeur marchande est d\u00e9finie comme le prix le plus probable, \u00e0 une date donn\u00e9e, en esp\u00e8ces ou en termes \u00e9quivalents \u00e0 des esp\u00e8ces, ou en d\u2019autres termes r\u00e9v\u00e9l\u00e9s avec pr\u00e9cision, pour lequel les droits de
propri\u00e9t\u00e9 sp\u00e9cifi\u00e9s devraient se vendre apr\u00e8s une exposition raisonnable sur un march\u00e9 concurrentiel dans toutes les conditions requises pour une vente \u00e9quitable, l\u2019acheteur et le vendeur agissant chacun avec prudence, en connaissance de cause et dans son
propre int\u00e9r\u00eat, et en supposant qu\u2019aucun des deux ne subit de contrainte excessive.2 Cette d\u00e9finition suppose implicitement la
r\u00e9alisation d\u2019une vente \u00e0 une date d\u00e9termin\u00e9e<\/p>\n\n\n\n
\u2022 l\u2019acheteur et le vendeur sont g\u00e9n\u00e9ralement motiv\u00e9s ;
\u2022 les deux parties sont bien inform\u00e9es ou bien conseill\u00e9es, et agissent dans ce qu\u2019elles consid\u00e8rent \u00eatre leur meilleur int\u00e9r\u00eat ; [nous soulignons]
\u2022 un d\u00e9lai raisonnable est accord\u00e9 pour la mise en vente sur le march\u00e9 libre ;
\u2022 le paiement est effectu\u00e9 en esp\u00e8ces en dollars canadiens ou selon des modalit\u00e9s financi\u00e8res comparables ; et
\u2022 le prix repr\u00e9sente la contrepartie normale du bien vendu et n\u2019est pas affect\u00e9 par un financement sp\u00e9cial ou cr\u00e9atif ou des concessions de vente accord\u00e9es par toute personne associ\u00e9e \u00e0 la vente.<\/p>\n\n\n\n
est susceptible de d\u00e9passer la valeur marchande, ce qui entra\u00eene une transaction
\u00ab vici\u00e9e. \u00bb Les transactions de cette nature ne r\u00e9pondent pas au crit\u00e8re d\u2019un acheteur \u00ab bien inform\u00e9 ou bien conseill\u00e9.
\u00bb Par cons\u00e9quent, il convient d\u2019\u00e9viter de se fier \u00e0 ces transactions comme indicateurs de la valeur marchande, ce qui peut obliger l\u2019\u00e9valuateur \u00e0 se fier \u00e0 des ventes qui n\u2019ont pas subi le m\u00eame impact ou, \u00e0 d\u00e9faut,
\u00e0 ajuster \u00e0 la baisse le prix de vente de la transaction entach\u00e9e sur la base d\u2019\u00e9tudes de proximit\u00e9 pertinentes portant sur les
carri\u00e8res. L\u2019impact des carri\u00e8res sur la valeur des propri\u00e9t\u00e9s voisines a \u00e9t\u00e9 largement document\u00e9, en raison d\u2019externalit\u00e9s n\u00e9gatives.
Les externalit\u00e9s n\u00e9gatives sont des co\u00fbts ou des effets n\u00e9gatifs subis par des tiers
qui ne sont pas directement impliqu\u00e9s dans une transaction ou une activit\u00e9 \u00e9conomique particuli\u00e8re. Ces co\u00fbts externes ne sont pas refl\u00e9t\u00e9s dans le prix du march\u00e9 des biens ou des services concern\u00e9s. Les
externalit\u00e9s n\u00e9gatives peuvent provenir de diverses activit\u00e9s, telles que la production, la consommation ou le d\u00e9veloppement,
et concernent g\u00e9n\u00e9ralement la sant\u00e9 publique, l\u2019environnement ou la qualit\u00e9 de vie en g\u00e9n\u00e9ral. Les biens immobiliers \u00e9tant immobiles, ils sont plus affect\u00e9s par les
externalit\u00e9s que les autres biens, services ou marchandises \u00e9conomiques.4
Dans le contexte de l\u2019immobilier, les externalit\u00e9s n\u00e9gatives associ\u00e9es aux carri\u00e8res et aux gravi\u00e8res, telles que le
bruit, la poussi\u00e8re, les \u00e9manations toxiques, les vibrations, les projections de d\u00e9bris
et la circulation, affectent l\u2019utilisation et la jouissance des propri\u00e9t\u00e9s voisines,
diminuent leur valeur et peuvent stigmatiser la communaut\u00e9. De plus, ces externalit\u00e9s n\u00e9gatives peuvent compromettre la sant\u00e9, la s\u00e9curit\u00e9 et le bien-\u00eatre de la communaut\u00e9.<\/p>\n\n\n\n
Les op\u00e9rations d\u2019extraction d\u2019agr\u00e9gats sous forme de carri\u00e8res et de gravi\u00e8res provoquent une d\u00e9gradation de l\u2019environnement et sont une source
importante de gaz \u00e0 effet de serre et d\u2019autres<\/p>\n\n\n\n
\u2022 Une gravi\u00e8re d\u00e9signe un terrain ou un terrain immerg\u00e9 d\u2019o\u00f9 est extrait ou a \u00e9t\u00e9 extrait un agr\u00e9gat non consolid\u00e9 et qui n\u2019a pas \u00e9t\u00e9 remis en \u00e9tat\u2026
\u2022 Une carri\u00e8re d\u00e9signe un terrain ou un terrain immerg\u00e9 d\u2019o\u00f9 est extrait ou a \u00e9t\u00e9 extrait un agr\u00e9gat consolid\u00e9 et qui n\u2019a pas \u00e9t\u00e9 remis en \u00e9tat\u2026
Comme l\u2019a indiqu\u00e9 le v\u00e9rificateur g\u00e9n\u00e9ral de l\u2019Ontario en d\u00e9cembre 2023,7 il existe environ 3 400 carri\u00e8res et sabli\u00e8res autoris\u00e9es en Ontario,8 dont 1 524 (soit 44,8 %) sont des carri\u00e8res et sabli\u00e8res dormantes (\u00ab zombies \u00bb), repr\u00e9sentant 25 000 hectares (61 776 acres), qui sont inactives depuis au moins 10 ans.
Par cons\u00e9quent, la r\u00e9f\u00e9rence dans la D\u00e9claration de planification provinciale de l\u2019Ontario (DPP, 2024)9 (paragraphe 4.5.3) \u00e0 l\u2019extraction de granulats comme \u00e9tant une utilisation \u00ab provisoire \u00bb est trompeuse et manifestement fausse. Comme indiqu\u00e9 dans le r\u00e9sum\u00e9 du rapport du v\u00e9rificateur g\u00e9n\u00e9ral,
L\u2019extraction d\u2019agr\u00e9gats peut transformer fondamentalement les paysages,
en modifiant temporairement ou d\u00e9finitivement des \u00e9l\u00e9ments tels que les zones bois\u00e9es, les zones humides et les terres agricoles. L\u2019exploitation continue d\u2019une carri\u00e8re ou d\u2019une sabli\u00e8re, ainsi que la circulation des poids lourds qui l\u2019accompagne, peuvent \u00e9galement
avoir un certain nombre d\u2019impacts n\u00e9gatifs – en particulier \u00e0 proximit\u00e9 des communaut\u00e9s – notamment le bruit, les vibrations [fum\u00e9es toxiques et projections de d\u00e9bris] (provenant des explosions) et la pollution de l\u2019air
(telle que la poussi\u00e8re et les particules).<\/p>\n\n\n\n
peuvent avoir des impacts externes importants sur les communaut\u00e9s environnantes. Les propri\u00e9taires fonciers voisins se plaignent souvent du bruit,
des vibrations, de la poussi\u00e8re, des fum\u00e9es toxiques, des d\u00e9bris de roches projet\u00e9s et d\u2019autres pr\u00e9occupations environnementales. Voici quelques
exemples typiques de plaintes \u00e9manant des communaut\u00e9s touch\u00e9es en Ontario :<\/p>\n\n\n\n
Le dynamitage \u00e0 la carri\u00e8re a suscit\u00e9 58 plaintes pour bruit et vibrations au cours des cinq premiers mois de 2024, contre 10 en 2023, ressenties jusqu\u2019\u00e0 1,5 kilom\u00e8tre de la carri\u00e8re,
malgr\u00e9 des explosions dans les limites r\u00e9glementaires : maisons secou\u00e9es, fen\u00eatres qui vibrent et tableaux laiss\u00e9s de travers. Certains r\u00e9sidents ont confondu les vibrations avec des tremblements de terre, et d\u2019autres
ont exprim\u00e9 leur inqui\u00e9tude quant aux dommages potentiels caus\u00e9s aux maisons ou aux impacts sur l\u2019aquif\u00e8re
dont ils d\u00e9pendent pour l\u2019eau de puits.10
\u2022 \u00ab Carri\u00e8re Miller Paving Braeside \u00bb, carri\u00e8re de dynamitage, McNab\/ Braeside, Ontario (132,7 ha ou
328 acres) : Norma Moore, r\u00e9sidente de longue date de Braeside Ridge, \u00e0 c\u00f4t\u00e9 de la carri\u00e8re, est tr\u00e8s consciente des accidents d\u2019explosion, notamment quatre dont elle se souvient de quatre.
Une m\u00e9ga explosion en septembre 2005 a caus\u00e9 des dommages structurels consid\u00e9rables aux propri\u00e9t\u00e9s du
quartier ; et un incident de projection de roches en ao\u00fbt 2007 a caus\u00e9 des dommages importants \u00e0 une maison, \u00e0 plus de 400 m\u00e8tres du site,11 o\u00f9 le propri\u00e9taire a failli \u00eatre tu\u00e9. Lors d\u2019un autre incident, des projections de roches sont tomb\u00e9es sur le toit d\u2019une entreprise voisine. Enfin, un incident s\u2019est produit le 10 septembre 2021, lorsque quelque chose s\u2019est \u00e9cras\u00e9 sur des arbres dans une zone bois\u00e9e hors
site, comme le bruit d\u2019un \u00e9clat d\u2019obus, \u00e0 la suite d\u2019une explosion \u00e0 la carri\u00e8re.12<\/p>\n\n\n\n
envers les services immobiliers En Ontario, les vendeurs et les agents immobiliers sont tous deux l\u00e9galement
li\u00e9s par la Loi sur la confiance envers les services immobiliers (LCSI), projet de loi 145, promulgu\u00e9e le 4 mars 2020. Cette loi impose la divulgation aux acheteurs potentiels de toute demande connue pour une carri\u00e8re ou une gravi\u00e8re \u00e0 proximit\u00e9 et de l\u2019existence d\u2019une carri\u00e8re ou d\u2019une gravi\u00e8re \u00e0 proximit\u00e9, qui peut rester op\u00e9rationnelle ind\u00e9finiment.
Cette exigence garantit que tous les faits<\/p>\n\n\n\n
d\u2019une personne raisonnable d\u2019acqu\u00e9rir un int\u00e9r\u00eat dans un bien immobilier. Selon le Conseil immobilier de l\u2019Ontario (RECO), qui administre la LCSI, les faits importants (Bulletin RECO n\u00b0 7.3, en vigueur le 1er d\u00e9cembre13 comprennent, sans s\u2019y limiter :
\u2022 Utilisation pr\u00e9vue de la propri\u00e9t\u00e9 : Informations sur la mani\u00e8re dont la propri\u00e9t\u00e9 peut \u00eatre l\u00e9galement utilis\u00e9e ou d\u00e9velopp\u00e9e.
\u2022 R\u00e8glements de zonage : \u00e9tablis par la municipalit\u00e9, la r\u00e9gion ou d\u2019autres
organismes gouvernementaux, ils ont une incidence sur l\u2019utilisation l\u00e9gale de la propri\u00e9t\u00e9.
\u2022 Droits de passage, allocations ou restrictions : toute servitude ou restriction sur l\u2019utilisation de la propri\u00e9t\u00e9 \u00e9tablie par la municipalit\u00e9, la r\u00e9gion ou d\u2019autres organismes gouvernementaux, ou autrement sur le titre.
\u2022 Pr\u00e9sence d\u2019entreprises ou d\u2019installations \u00e0 proximit\u00e9 : Installations susceptibles d\u2019avoir un impact sur la qualit\u00e9 de vie (par exemple, carri\u00e8res, installations industrielles, a\u00e9roports, voies ferr\u00e9es, etc.<\/p>\n\n\n\n
li\u00e9s aux carri\u00e8res et aux gravi\u00e8res
\u2022 Demande d\u2019exploitation pour une carri\u00e8re ou une gravi\u00e8re : L\u2019existence d\u2019une demande d\u2019exploitation pour une carri\u00e8re ou une gravi\u00e8re \u00e0 proximit\u00e9 est un fait important qui pourrait affecter la valeur et l\u2019attrait de la propri\u00e9t\u00e9. Les acheteurs potentiels doivent \u00eatre inform\u00e9s de tout d\u00e9veloppement futur potentiel susceptible d\u2019avoir une incidence sur leur d\u00e9cision.
\u2022 Exploitation existante : La pr\u00e9sence d\u2019une exploitation existante est un fait important qui pourrait affecter la valeur et l\u2019attrait de la propri\u00e9t\u00e9 en raison de facteurs tels que le bruit, la poussi\u00e8re, les \u00e9manations toxiques, les vibrations, les projections de
d\u00e9bris, la circulation et l\u2019impact visuel.<\/p>\n\n\n\n
Reconnaissance et
consentement \u00e9clair\u00e9 Une confirmation \u00e9crite des faits mat\u00e9riels de la part de l\u2019acheteur potentiel, obtenue sur la base des \u00ab meilleurs efforts \u00bb, est requise. Cela signifie que les vendeurs et les agents immobiliers doivent fournir un r\u00e9el effort pour s\u2019assurer que les acheteurs sont pleinement inform\u00e9s de tous les faits pertinents avant de conclure la transaction. Ce processus comprend :
\u2022 La fourniture d\u2019une documentation d\u00e9taill\u00e9e : des informations compl\u00e8tes sur les faits importants devraient
\u00eatre compil\u00e9es et partag\u00e9es avec les acheteurs potentiels.
\u2022 Une communication claire : s\u2019assurer que les informations sont transmises de mani\u00e8re facilement compr\u00e9hensible.
\u2022 Confirmation de compr\u00e9hension : Obtenir de l\u2019acheteur une confirmation \u00e9crite qu\u2019il a re\u00e7u, examin\u00e9 et compris les faits importants.
Un propri\u00e9taire tiers (vendeur) concern\u00e9, dans le but de pr\u00e9server la valeur de son bien, peut choisir de ne pas divulguer les faits importants et de faire appel \u00e0 un agent immobilier ext\u00e9rieur n\u2019ayant aucune
connaissance g\u00e9ographique du march\u00e9 local, rendant ainsi le vendeur et l\u2019agent immobilier potentiellement responsables des dommages subis par un acheteur non inform\u00e9.
La clause d\u2019avertissement suivante, figurant dans un accord de lotissement r\u00e9sidentiel dat\u00e9 du 20 novembre 1998, enregistr\u00e9 sur le titre des habitations unifamiliales dans un plan de lotissement \u00e0 Burlington, en Ontario, \u00e0 c\u00f4t\u00e9 d\u2019une
carri\u00e8re \u00e0 dynamitage, n\u2019est pas conforme aux exigences de \u00ab consentement \u00e9clair\u00e9 \u00bb, comme l\u2019exige le RECO en vertu de la Loi sur la confiance envers les services immobiliers (LCSI) promulgu\u00e9e en mars 2020.
Clause d\u2019avertissement
La clause d\u2019avertissement suivante devrait \u00eatre inscrite sur le titre de propri\u00e9t\u00e9 et incluse dans tous les accords de d\u00e9veloppement et les offres de vente et d\u2019achat ou de location de tous les lots :<\/p>\n\n\n\n
l\u2019extraction ne peut avoir lieu que pendant la journ\u00e9e. \u00bb14
Le consentement \u00e9clair\u00e9 exige que l\u2019acheteur comprenne parfaitement les implications de l\u2019utilisation industrielle extractive des terres \u00e0 proximit\u00e9, y compris les impacts potentiels sur sa qualit\u00e9 de vie, la valeur de sa propri\u00e9t\u00e9 et tout autre facteur pertinent. Pour r\u00e9pondre \u00e0 l\u2019exigence l\u00e9gale de consentement \u00e9clair\u00e9, la divulgation doit \u00eatre plus compl\u00e8te et expliquer clairement les effets potentiels
des op\u00e9rations de la carri\u00e8re, et ne pas se limiter aux heures d\u2019extraction. Elle doit \u00e9galement garantir que l\u2019acheteur reconna\u00eet et comprend ces informations par \u00e9crit avant de proc\u00e9der \u00e0 la transaction. Apr\u00e8s
la COVID-19, de plus en plus de personnes travaillent \u00e0 domicile ou ont cr\u00e9\u00e9 une entreprise ou une activit\u00e9 \u00e0 domicile, ce qui signifie que les impacts des op\u00e9rations d\u2019extraction d\u2019agr\u00e9gats sont ressentis de mani\u00e8re persistante et plus large.15<\/p>\n\n\n\n
ou d\u2019une gravi\u00e8re, ou d\u2019une carri\u00e8re ou d\u2019une gravi\u00e8re existante, doit \u00eatre conscient des externalit\u00e9s n\u00e9gatives associ\u00e9es aux
op\u00e9rations d\u2019extraction d\u2019agr\u00e9gats et en tenir compte dans le processus d\u2019\u00e9valuation. Ce faisant, avant de se fier \u00e0 une transaction particuli\u00e8re dans le voisinage, l\u2019\u00e9valuateur
doit enqu\u00eater sur les circonstances entourant la transaction pour s\u2019assurer que l\u2019acheteur \u00e9tait bien inform\u00e9 et pleinement conscient des impacts potentiels. De plus, il est
important de noter qu\u2019un permis d\u2019extraction d\u2019agr\u00e9gats en Ontario n\u2019a pas de date d\u2019expiration et que, dans le cas d\u2019une carri\u00e8re de dynamitage, un dynamiteur n\u2019est pas
tenu de poss\u00e9der un permis ou un certificat attestant de sa comp\u00e9tence en mati\u00e8re de d\u00e9tonation d\u2019explosifs.
La gravit\u00e9 des externalit\u00e9s n\u00e9gatives associ\u00e9es aux carri\u00e8res et aux gravi\u00e8res d\u00e9pend de la taille, de l\u2019\u00e9chelle, de l\u2019intensit\u00e9 et de la dur\u00e9e de l\u2019op\u00e9ration d\u2019extraction d\u2019agr\u00e9gats propos\u00e9e ou existante. L\u2019\u00e9valuateur doit identifier ces facteurs et les refl\u00e9ter dans l\u2019estimation de la valeur marchande. Le fait de ne pas<\/p>\n\n\n\n
Les \u00e9valuateurs, en tant que membres de l\u2019Institut canadien des \u00e9valuateurs (ICE), doivent se conformer aux Normes uniformes de pratique professionnelle en mati\u00e8re d\u2019\u00e9valuation au Canada (NUPPEC) lorsqu\u2019ils entreprennent un contrat de
service d\u2019\u00e9valuation. Tout comme les agents immobiliers, les \u00e9valuateurs doivent poss\u00e9der des comp\u00e9tences g\u00e9ographiques, tenir compte des externalit\u00e9s n\u00e9gatives (c\u2019est-\u00e0- dire d\u2019une condition externe pr\u00e9judiciable) et avoir des connaissances, des comp\u00e9tences
et une expertise suffisante pour mener \u00e0 bien leur contrat de service de mani\u00e8re cr\u00e9dible. L\u2019inspection physique de la propri\u00e9t\u00e9 en question et de ses environs, ainsi que la v\u00e9rification des demandes d\u2019am\u00e9nagement municipal, sont des \u00e9l\u00e9ments essentiels
du processus de diligence raisonnable. En outre, il peut \u00eatre prudent de consulter le site Web du Registre environnemental de l\u2019Ontario (ERO)16 qui permet au public de consulter et de commenter les propositions, les d\u00e9cisions et les mesures susceptibles d\u2019avoir une incidence sur l\u2019environnement, y
compris celles concernant les carri\u00e8res et les gravi\u00e8res, ainsi que les avis concernant les licences, les permis et les modifications des autorisations existantes pour les carri\u00e8res et les gravi\u00e8res.<\/p>\n\n\n\n
s\u2019installer en milieu non urbain
Les propri\u00e9taires qui cherchent \u00e0 s\u2019installer dans des zones non urbaines ont g\u00e9n\u00e9ralement des pr\u00e9f\u00e9rences sp\u00e9cifiques qui correspondent \u00e0 leur d\u00e9sir d\u2019un mode de vie diff\u00e9rent.17 Voici quelques-unes des caract\u00e9ristiques et des commodit\u00e9s cl\u00e9s qu\u2019ils recherchent :<\/p>\n\n\n\n\n
la vie de famille. L\u2019acc\u00e8s \u00e0 l\u2019air frais et aux activit\u00e9s de plein air contribue \u00e0 la sant\u00e9 et au bonheur en g\u00e9n\u00e9ral.<\/li>\n\n\n\n
\u00e0 domicile et les activit\u00e9s n\u00e9cessitant davantage d\u2019espace pour les op\u00e9rations, le stockage ou l\u2019\u00e9quipement.<\/li>\n\n\n\n
de sant\u00e9 et les divertissements, leur permettant de profiter des avantages de la vie \u00e0 la campagne et en ville.<\/li>\n\n\n\n
la promenade des chiens, la chasse, la p\u00eache, le canotage et le camping, am\u00e9liore leur qualit\u00e9 de vie.<\/li>\n\n\n\n
Ces pr\u00e9f\u00e9rences refl\u00e8tent le d\u00e9sir d\u2019un mode de vie qui concilie la tranquillit\u00e9 et la beaut\u00e9 de la campagne avec la commodit\u00e9 et les services des zones urbaines. Les recherches indiquent que les personnes vivant dans les zones rurales sont plus satisfaites de leur
vie que leurs homologues urbains. Ceux qui r\u00e9sident dans les r\u00e9gions p\u00e9riurbaines et mixtes se d\u00e9clarent \u00e9galement plus satisfaits que ceux qui vivent dans les zones urbaines.19 Les carri\u00e8res \u00e0 ciel ouvert et les carri\u00e8res
\u00e0 dynamitage peuvent avoir un fort impact n\u00e9gatif et nuire \u00e0 la qualit\u00e9 de vie dans les zones non urbaines. Ces activit\u00e9s peuvent nuire \u00e0 l\u2019utilisation et \u00e0 la jouissance des propri\u00e9t\u00e9s, entra\u00eener une d\u00e9gradation de l\u2019environnement et faire baisser la valeur des propri\u00e9t\u00e9s.20 Les carri\u00e8res sont consid\u00e9r\u00e9es comme l\u2019antith\u00e8se d\u2019un cadre rural paisible, et ces activit\u00e9s perturbent la beaut\u00e9 naturelle qui attire les gens dans les zones non urbaines.<\/li>\n<\/ol>\n\n\n\n
potentiels sur la valeur
Les sources suivantes ont \u00e9t\u00e9 fournies [en anglais] pour aider les \u00e9valuateurs, en particulier ceux qui travaillent dans les zones p\u00e9riurbaines, semi-rurales et
rurales o\u00f9 l\u2019extraction d\u2019agr\u00e9gats est la plus susceptible de se produire. Ces ressources aident \u00e0 comprendre de mani\u00e8re exhaustive les externalit\u00e9s n\u00e9gatives et les impacts potentiels des carri\u00e8res et des gravi\u00e8res sur les propri\u00e9t\u00e9s de tiers situ\u00e9es \u00e0 proximit\u00e9. Elles offrent des informations et des donn\u00e9es pr\u00e9cieuses sur les implications environnementales, juridiques et sociales des op\u00e9rations d\u2019extraction d\u2019agr\u00e9gats,
y compris d\u2019autres formes d\u2019exploitation mini\u00e8re \u00e0 ciel ouvert, ainsi que des \u00e9tudes de cas et des analyses sp\u00e9cifiques :
\u2022 An Assessment of the Economic Impact of the Proposed Stoneco Gravel Mine Operation on Richland Township (Erickcek, 2006). https:\/\/www. stopthequarry.ca\/documents\/US%20 Study%20on%20the%20impact%20 of%20pits%20quarries%20on%20 home%20prices.pdf<\/p>\n\n\n\n
results%20of%20this%20statistical%20 analysis%20show%20that,of%20 housing%20units%20in%20a%20 county%20significantly%20decreases.
\u2022 (Under)Mining local residential property values: A semiparametric spatial quantile autoregression (Malikov, et al., 2018). https:\/\/onlinelibrary.wiley.com\/doi\/ abs\/10.1002\/jae.2655
\u2022 Detrimental Effects of Gravel Mines on Property Values (Friends of the Platte River Watershed, 2019). file:\/\/\/C:\/ Users\/IFLAS\/Downloads\/FOPRW- Detrimental-Effects-of-Gravel-Mines- on-Property-Values-12-06-19.pdf
\u2022 Impacts of mining on property values in Kalgoorlie-Boulder, Western Australia (Kolala, et al., 2020). https:\/\/www. sciencedirect.com\/science\/article\/abs\/ pii\/S0301420719308803?via%3Dihub
\u2022 Blasting Quarry Operations: Land Use Compatibility Issues and Potential Property Value Impacts (Sevelka, 2022).https:\/\/grassrootsjournals.org\/ jelp\/jelp02-03-01-sevelka-m00310.pdf
\u2022 Property value impacts occasioned by aggregate extraction operations (Sevelka, 2023). https:\/\/www. aicanada.ca\/article\/property-value- impacts-occasioned-by-aggregate- extraction-operations\/
\u2022 Blasting Quarry Operations: Adverse and Cumulative Effects, Lawsuits and Complaints, and Suggested Remedies (Sevelka, 2023). https:\/\/
grassrootsjournals.org\/jelp\/jelp03-01- 01-sevelka-m00339.pdf
\u2022 Adverse Effects: Thirteen Homeowners Near a Blasting Quarry Bought Out by Quarry Owner (Sevelka, 2023). https:\/\/ grassrootsjournals.org\/gjnr\/nr-06-01- 10-sevelka-m00333y.pdf
\u2022 Sterilization of Homeowners\u2019 Land: A De Facto Taking Without Compensation (Sevelka, 2024). web_marapr_2024_ defactosterilization (1).pdf
\u2022 Ontario Aggregate Industry and Ministry of Natural Resources Continue to Ignore or Trivialize the Notoriously Dangerous and Potentially Deadly Consequences of Flyrock from Blasting<\/p>\n\n\n\n
\u2022 Environmental, Legal and Social Implications of Aggregate Extraction (Mining) Operations (Sevelka, 2024). https:\/\/grassrootsinstitute.ca\/books\/ enrl04.php<\/p>\n\n\n\n
1 Document d\u2019information sur la SEFM, 1er juin 2024. https:\/\/www.mpac.ca\/fr\/News\/ FactSheet\/MPACFactSheet
2 The Appraisal of Real Estate, Fourth Canadian Edition, ed. Dybvig, (University of British Columbia, Real Estate Division, 2023), p. 6.1-.4
3 Kurlat, P., et Stroebel, J. (2014). Testing for Information Asymmetries in Real Estate Markets. National Bureau of Economic Research. Extrait du NBER Working Paper No. 19875. https:\/\/www. nber.org\/system\/files\/working_papers\/ w19875\/w19875.pdf?form=MG0AV3
4 The Appraisal of Real Estate, Fourth Canadian Edition, ed. Dybvig, (University of British Columbia, Real Estate Division, 2023), p. 3.16.
5 Sandberg, L. A. et Wallace, L. \u2018Leave the Sand in the Land, Let the Stone Alone: Pits, Quarries and Climate Change,\u2019 Faculty of Environmental Studies, York University, Toronto, Ontario. https:\/\/ scispace.com\/pdf\/leave-the-sand-in-the- land-let-the-stone-alone-pits-quarries- 3s3b63uk77.pdf?form=MG0AV3
6 Loi sur les ressources en agr\u00e9gats, LRO 1990, c A.8, https:\/\/canlii.ca\/t\/5537h<\/a> consult\u00e9 le 2024-12-27
7 Value-for-money Audit: Management of Aggregate Resources, D\u00e9cembre 2023, https:\/\/www.auditor.on.ca\/fr\/content\/ annualreports\/arreports\/en23\/AR_ mgmtaggregates_en23.pdf
8 Site d\u2019agr\u00e9gats autoris\u00e9, les donn\u00e9es comprennent l\u2019emplacement et la taille du site, le nom du titulaire de permis, d\u2019exploitation (fosse ou carri\u00e8re) et
le district du MRNF responsable du site https:\/\/data.ontario.ca\/dataset\/ aggregate-site-authorized
9 D\u00e9claration de planification provinciale, 2024, https:\/\/www.ontario.ca\/page\/ provincial-planning-statement-2024
10 Van Dongen, Matthew. \u2018LaFarge quarry blasts trigger complaints,\u2019 Hamilton Spectator, 15 juin 2024. https:\/\/www.<\/p>\n\n\n\n
11 Miller Paving Ltd. c McNab \/ Braeside (Township), 2015 CanLII 70369 (ON LPAT),
https:\/\/canlii.ca\/t\/glwwn<\/a>, consult\u00e9 le 2025-01-01
12 Moore, Norma. \u2018Aggregate danger: Quarries do not make good neighbors,\u2019 Ottawa Citizen, 11 mars 2024. https:\/\/www. pressreader.com\/canada\/ottawa-citiz en\/20240311\/281621015304909
13 Faits importants, RECO Bulletin No. 7.3, en vigueur le 1er d\u00e9cembre 2023. https:\/\/reco. on.ca\/getmedia\/d0f700bd-5848-4edb- a9f5-a35040ec2b20\/RECO-Bulletin-7-3- Material-facts.pdf
14 Tyandaga Environmental Coalition Inc. (TEC). (2016, D\u00e9cembre). https:\/\/
burlingtonpublishing.escribemeetings. com\/filestream.ashx?DocumentId=10709
15 Research to insights: Working from home in Canada, 18 janvier 2024. https:\/\/www150. statcan.gc.ca\/n1\/pub\/11-631-x\/11-631- x2024001-eng.htm?form=MG0AV3
16 Registre environnemental de l\u2019Ontario.
https:\/\/ero.ontario.ca\/
17 Urban vs. rural living, houseful, 2 nov. 2023. https:\/\/blog.houseful.ca\/urban-vs- rural-living\/?form=MG0AV3
18 Bowman, Alisa. \u201cBoost your health: The benefits of having a pet,\u201d Mayo Clinic, 18 mars 2024. https:\/\/mcpress.mayoclinic. org\/healthy-aging\/boost-your-health-the- benefits-of-having-a-pet\/?form=MG0AV3
19 Philip D. St. John, et al. \u201cLife satisfaction in adults in rural and urban regions of Canada \u2013 the Canadian Longitudinal Study on Aging,\u201d Rural and Remote Health, 28 ao\u00fbt 2021, Volume 21, num\u00e9ro<\/p>\n\n\n\n