PUBLIC SECTOR BUILDINGS:<\/p>\n
VALUING FORGOTTEN
\nINFRASTRUCTURE<\/p>\n
B\u00c2TIMENTS DU SECTEUR PUBLIC : <\/p>\n
\u00c9VALUATION
\nD’INFRASTRUCTURES <\/p>\n
OUBLI\u00c9ES<\/p>\n
VOL 59 | BOOK 2 \/ TOME 2 | 2015<\/p>\n
T H E O F F I C I A L P U B L I C A T I O N O F T H E A P P R A I S A L I N S T I T U T E O F C A N A D A
\nP U B L I C A T I O N O F F I C I E L L E D E L\u2019 I N S T I T U T C A N A D I E N D E S \u00c9 V A L U A T E U R S<\/p>\n
PM
\n #<\/p>\n
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\ner<\/p>\n
ab
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\nan<\/p>\n
ad
\nia<\/p>\n
n
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dr
\nes<\/p>\n
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\ns <\/p>\n
to
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Ap
\npr<\/p>\n
ai
\nsa<\/p>\n
l I
\nns<\/p>\n
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\nut<\/p>\n
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\n03<\/p>\n
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\n@<\/p>\n
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\nca<\/p>\n
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\nda<\/p>\n
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\na<\/p>\n
LANSDOWNE: A SUCCESS
\nSTORY OF REDEVELOPMENT
\nParc Lansdowne : projet de <\/p>\n
r\u00e9am\u00e9nagement r\u00e9ussi<\/p>\n
CMHC\u2019S RENTAL HOUSING MARKET
\nINFORMATION AND PRODUCTS <\/p>\n
Aper\u00e7u des produits
\net donn\u00e9es sur le march\u00e9 locatif <\/p>\n
offerts par la SCHL <\/p>\n
THE VALUATION OF
\nDISTRESSED PROPERTIES <\/p>\n
\u00c9valuation de propri\u00e9t\u00e9s saisies
\net d\u00e9finition de la valeur <\/p>\n
The Workfile PowerView retains all supporting documentation <\/p>\n
used to create your report in an easy-to-find electronic format. <\/p>\n
This saves time and helps you go paperless while complying with <\/p>\n
CUSPAP and USPAP guidelines. <\/p>\n
Drag and drop photos, MLS PDFs, scanned documents, e-mails, <\/p>\n
and more into the Workfile so they\u2019re all securely saved with <\/p>\n
the report file. TOTAL also adds files automatically such as the <\/p>\n
delivered PDF, comps that didn\u2019t make the cut, and TOTAL for <\/p>\n
Mobile inspection data. <\/p>\n
Call 1-800-ALAMODE or visit www.alamode.com\/AIC
\nto see everything included
\nand learn how to switch for free!<\/p>\n
ALL OF ThiS AnD
\nMOre FOr jUST<\/p>\n
$349
\nBetter software. No surprises. Switch for free!
\nWhether you work with one monitor or five, a desktop, laptop, tablet, or combination, your software shouldn\u2019t hold <\/p>\n
you back. TOTAL is faster, more stable, and more powerful because it\u2019s built from the ground up for today\u2019s technology. <\/p>\n
Packed with exclusive tools and features, it\u2019s everything you need to build superior appraisals in less time.<\/p>\n
Plus, when you switch to TOTAL Canadian essentials, you get unlimited location maps, unlimited mobile data collection <\/p>\n
and syncing, live phone support, MLS importing, new forms and updates, and much more for just $349. no hassles, per-<\/p>\n
use \u201ccredits,\u201d or extra fees for multiple PCs.<\/p>\n
ADCODE: DPAIC0515_M1 a la mode and its products are trademarks or registered trademarks of a la mode, inc. Other brand
\nand product names are trademarks or registered trademarks of their respective owners. All prices, terms, policies, and other
\nitems are subject to change without notice. Copyright \u00a92015 a la mode, inc.<\/p>\n
Easily drag screens to any monitor! With <\/p>\n
TOTAL\u2019s multi-monitor technology, you can <\/p>\n
organize screens and forms however you <\/p>\n
want. This boosts your efficiency since you\u2019re <\/p>\n
not toggling between screens.<\/p>\n
Text automatically overflows <\/p>\n
to the addenda in the same <\/p>\n
order the fields appear in the <\/p>\n
report, making it easier for <\/p>\n
you and clients to read.
\nUnlike other formfillers, it\u2019s quick <\/p>\n
and easy to insert images, Word <\/p>\n
docs, charts, and tables into any <\/p>\n
section of your addenda.<\/p>\n
TOTAL includes over <\/p>\n
280 Canadian forms <\/p>\n
including the AiC and <\/p>\n
forms in French.<\/p>\n
in TOTAL, your QuickLists (common <\/p>\n
responses) aren\u2019t limited to saving <\/p>\n
data for just one field at a time. You <\/p>\n
can select multiple fields and save <\/p>\n
them as a single set of data to fill out <\/p>\n
entire sections later.<\/p>\n
TOTAL for Mobile, our free app, is <\/p>\n
your solution for going paperless and <\/p>\n
cutting turn times. it\u2019s the only app <\/p>\n
for appraisers with the full AiC form. <\/p>\n
Collect data, sketch (in meters or feet), <\/p>\n
take and add photos to the report, <\/p>\n
geocode and get directions, all from <\/p>\n
your iOS or Android\u00ae device. it all <\/p>\n
flows into TOTAL on your PC, saving <\/p>\n
you time \u2014 100% free and unlimited. <\/p>\n
Stuck in a contract with your appraisal software vendor?
\nWe\u2019ll buy it out and you could switch for free!<\/p>\n
DPAIC0515.indd 1-2 4\/27\/15 1:54 PM<\/p>\n
http:\/\/www.alamode.com\/AIC<\/p>\n
The Workfile PowerView retains all supporting documentation <\/p>\n
used to create your report in an easy-to-find electronic format. <\/p>\n
This saves time and helps you go paperless while complying with <\/p>\n
CUSPAP and USPAP guidelines. <\/p>\n
Drag and drop photos, MLS PDFs, scanned documents, e-mails, <\/p>\n
and more into the Workfile so they\u2019re all securely saved with <\/p>\n
the report file. TOTAL also adds files automatically such as the <\/p>\n
delivered PDF, comps that didn\u2019t make the cut, and TOTAL for <\/p>\n
Mobile inspection data. <\/p>\n
Call 1-800-ALAMODE or visit www.alamode.com\/AIC
\nto see everything included
\nand learn how to switch for free!<\/p>\n
ALL OF ThiS AnD
\nMOre FOr jUST<\/p>\n
$349
\nBetter software. No surprises. Switch for free!
\nWhether you work with one monitor or five, a desktop, laptop, tablet, or combination, your software shouldn\u2019t hold <\/p>\n
you back. TOTAL is faster, more stable, and more powerful because it\u2019s built from the ground up for today\u2019s technology. <\/p>\n
Packed with exclusive tools and features, it\u2019s everything you need to build superior appraisals in less time.<\/p>\n
Plus, when you switch to TOTAL Canadian essentials, you get unlimited location maps, unlimited mobile data collection <\/p>\n
and syncing, live phone support, MLS importing, new forms and updates, and much more for just $349. no hassles, per-<\/p>\n
use \u201ccredits,\u201d or extra fees for multiple PCs.<\/p>\n
ADCODE: DPAIC0515_M1 a la mode and its products are trademarks or registered trademarks of a la mode, inc. Other brand
\nand product names are trademarks or registered trademarks of their respective owners. All prices, terms, policies, and other
\nitems are subject to change without notice. Copyright \u00a92015 a la mode, inc.<\/p>\n
Easily drag screens to any monitor! With <\/p>\n
TOTAL\u2019s multi-monitor technology, you can <\/p>\n
organize screens and forms however you <\/p>\n
want. This boosts your efficiency since you\u2019re <\/p>\n
not toggling between screens.<\/p>\n
Text automatically overflows <\/p>\n
to the addenda in the same <\/p>\n
order the fields appear in the <\/p>\n
report, making it easier for <\/p>\n
you and clients to read.
\nUnlike other formfillers, it\u2019s quick <\/p>\n
and easy to insert images, Word <\/p>\n
docs, charts, and tables into any <\/p>\n
section of your addenda.<\/p>\n
TOTAL includes over <\/p>\n
280 Canadian forms <\/p>\n
including the AiC and <\/p>\n
forms in French.<\/p>\n
in TOTAL, your QuickLists (common <\/p>\n
responses) aren\u2019t limited to saving <\/p>\n
data for just one field at a time. You <\/p>\n
can select multiple fields and save <\/p>\n
them as a single set of data to fill out <\/p>\n
entire sections later.<\/p>\n
TOTAL for Mobile, our free app, is <\/p>\n
your solution for going paperless and <\/p>\n
cutting turn times. it\u2019s the only app <\/p>\n
for appraisers with the full AiC form. <\/p>\n
Collect data, sketch (in meters or feet), <\/p>\n
take and add photos to the report, <\/p>\n
geocode and get directions, all from <\/p>\n
your iOS or Android\u00ae device. it all <\/p>\n
flows into TOTAL on your PC, saving <\/p>\n
you time \u2014 100% free and unlimited. <\/p>\n
Stuck in a contract with your appraisal software vendor?
\nWe\u2019ll buy it out and you could switch for free!<\/p>\n
DPAIC0515.indd 1-2 4\/27\/15 1:54 PM<\/p>\n
http:\/\/www.alamode.com\/AIC<\/p>\n
Accelerating success.<\/p>\n
Colliers International is committed to paving a quick path to success
\nfor our employees. With access to hundreds of free courses
\nthrough Colliers University and ongoing career mentorship, our
\nstaff is not only encouraged to excel, they are given the tools
\nto do so. See where the road will take you. To accelerate your
\ncareer, view current opportunities online at collierscanada.com\/
\ncareers or send your resume directly to vascanada@colliers.com.<\/p>\n
REACH
\nHIGHER<\/p>\n
collierscanada.com\/careers<\/p>\n
ATTEINDRE LE
\nSOMMET<\/p>\n
collierscanada.com\/careers<\/p>\n
Colliers International est d\u00e9termin\u00e9 \u00e0 ouvrir une voie rapide pour garantir
\nle succ\u00e8s de ses employ\u00e9s. Gr\u00e2ce \u00e0 des centaines de cours gratuits et \u00e0
\ndes programmes de mentorat en continu propos\u00e9s par l\u2019Universit\u00e9 Colliers,
\nnous ne faisons pas qu\u2019encourager nos employ\u00e9s \u00e0 briller dans leur
\ndomaine, nous leur fournissons les outils pour y arriver. Voyez o\u00f9 cette voie
\nvous conduira. Pour acc\u00e9l\u00e9rer votre r\u00e9ussite, consultez les opportunit\u00e9s
\nde carri\u00e8re actuellement en ligne sur collierscanada.com\/careers ou
\nenvoyez votre curriculum vitae directement \u00e0 vascanada@colliers.com.<\/p>\n
Think it\u2019s time to elevate your career and take your
\nearning potential to new heights?<\/p>\n
C\u2019est le moment de prendre votre avenir en main, et de
\nfavoriser votre r\u00e9ussite?<\/p>\n
collierscanada.com\/careers
\nmailto:vascanada@colliers.com
\nmailto:vascanada@colliers.com<\/p>\n
06 Executive Corner
\nCHANGE IS A CONSTANT<\/p>\n
34 Legal Matters
\nAPPRAISER\u2019S REQUIREMENT
\nOF \u2018GOOD FAITH\u2019 PART 1 \u2013
\nCONTRACTUAL GOOD FAITH<\/p>\n
40 Education
\nUNIVERSIT\u00c9 LAVAL
\nPARTNERS WITH AIC ON
\nFRENCH PROGRAM OF
\nPROFESSIONAL STUDIES <\/p>\n
52 A Professional Appraiser\u2019s Perspective
\nCLIMBING THE HILL
\nTO SEE OVER THE TOP <\/p>\n
58 The Future is Bright
\nA PASSION FOR REAL ESTATE <\/p>\n
64 NEWS<\/p>\n
66 DESIGNATIONS, CANDIDATES,
\nSTUDENTS<\/p>\n
08 Le coin de l’ex\u00e9cutif
\nLE CHANGEMENT EST UNE CONSTANTE <\/p>\n
37 Questions jurdiques
\nEXIGENCE DE LA \u2039 BONNE FOI \u203a
\nD\u2019UN \u00c9VALUATEUR
\nPARTIE 1 \u2013 LA BONNE FOI CONTRACTUELLE<\/p>\n
42 \u00c9ducation
\nL\u2019UNIVERSIT\u00c9 LAVAL S\u2019ASSOCIE \u00c0
\nL\u2019ICE DANS LE PROGRAMME D\u2019\u00c9TUDES
\nPROFESSIONNELLES EN \u00c9VALUATION
\nIMMOBILI\u00c8RE EN FRAN\u00c7AIS <\/p>\n
55 Point de vue d\u2019un \u00e9valuateur professionnel
\nGRAVIR LA MONTAGNE
\nPOUR VOIR LE SOMMET <\/p>\n
61 L\u2019avenir s\u2019annonce bien
\nUNE PASSION POUR L\u2019IMMOBILIER<\/p>\n
64 NOUVELLES<\/p>\n
66 D\u00c9SIGNATIONS, STAGIAIRES,
\n\u00c9TUDIANTS<\/p>\n
COLUMNS \/ CHRONIQUES<\/p>\n
FEATURES \/ EN VEDETTE
\nVOL 59 | BOOK 2 \/ TOME 2 | 2015<\/p>\n
Publication Mails Agreement #40008249.
\nReturn undeliverable Canadian addresses to: Appraisal Institute of Canada,
\n403-200 Catherine St., Ottawa, ON K2P 2K9. Email: info@aicanada.ca<\/p>\n
The articles printed in this issue represent authors\u2019 opinions
\nonly and are not necessarily endorsed by the APPRAISAL
\nINSTITUTE OF CANADA. Copyright 2015 by the APPRAISAL
\nINSTITUTE OF CANADA. All rights reserved. Reproduction in
\nwhole or in part without written permission is strictly prohibited.
\nSubscription, $40.00 per year. Printed in Canada. Les articles
\nimprim\u00e9s dans ce num\u00e9ro ne rep\u00e9sentent que l\u2019opinion de leur
\nauteur respectif, mais ne sont pas n\u00e9ces\u2013sairement endoss\u00e9s
\npar L\u2019INSTITUT CANADIEN DES \u00c9VALUATEURS. Tous droits
\nreserv\u00e9s 2015 par L\u2019INSTITUT CANADIEN DES \u00c9VALUATEURS.
\nLa reproduction totale ou partielle sous quelque form que se
\nsoit sans authorisation \u00e9crite est absolument interdite. Abon-
\nnement $40.00 par ann\u00e9e. Imprim\u00e9 au Canada.<\/p>\n
* The Appraisal Institute of Canada reserves the right to reject
\nadvertising that it deems to be inappropriate.
\n** The publisher and the Appraisal Institute of Canada cannot be
\nheld liable for any material used or claims made in advertising
\nincluded in this publication.Indexed in the Canadian Business
\nIndex and available on-line in the Canadian Business & Current
\nAffairs database.
\nISSN 0827-2697<\/p>\n
Publication management, design and production by:
\nDirection, conception et production par :<\/p>\n
3rd Floor \u2013 2020 Portage Avenue, Winnipeg, MB R3J 0K4
\nPhone: 866-985-9780 \u2022 Fax: 866-985-9799
\nE-mail: info@kelman.ca \u2022 Web: www.kelman.ca<\/p>\n
Managing Editor: Craig Kelman
\nDesign\/Layout: Kristy Unrau
\nMarketing Manager: Kris Fillion
\nAdvertising Co-ordinator: Stefanie Hagidiakow<\/p>\n
Director – Marketing and Communications: Sheila Roy, Ottawa
\nCommunications Officer: Mary-Jane Erickson, Ottawa<\/p>\n
PUBLIC SECTOR BUILDINGS:
\nVALUING FORGOTTEN
\nINFRASTRUCTURE
\nB\u00c2TIMENTS DU SECTEUR
\nPUBLIC : \u00c9VALUATION
\nD’INFRASTRUCTURES
\nOUBLI\u00c9ES <\/p>\n
THE VALUATION OF
\nDISTRESSED PROPERTIES
\n\u00c9VALUATION DE PROPRI\u00c9T\u00c9S
\nSAISIES ET D\u00c9FINITION DE
\nLA VALEUR <\/p>\n
CMHC\u2019S RENTAL HOUSING
\nMARKET INFORMATION
\nAND PRODUCTS
\nAPER\u00c7U DES PRODUITS
\nET DONN\u00c9ES SUR LE
\nMARCH\u00c9 LOCATIF
\nOFFERTS PAR LA SCHL <\/p>\n
LANSDOWNE:
\nA SUCCESS STORY OF
\nREDEVELOPMENT IN THE
\nHEART OF OTTAWA
\nPARC LANSDOWNE :
\nPROJET DE
\nR\u00c9AM\u00c9NAGEMENT
\nR\u00c9USSI AU C\u0152UR D’OTTAWA<\/p>\n
10 24 44<\/p>\n
CONTENTS
\nTABLE DES MATI\u00c8RES<\/p>\n
18<\/p>\n
Volume 59 | Book 2 \/ Tome 2 | 2015 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 5Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
http:\/\/www.kelman.ca<\/p>\n
EXECUTIVE CORNER<\/p>\n
A s I write these words \u2013 in a Kingston hotel room, just before the Ontario AGM, watching the sunrise at 6 am over the water \u2013
\nthe lyrics are speaking a truth to me. While
\nI am close to the end of my term as presi-
\ndent of the Appraisal Institute of Canada
\n(AIC), I know my season is about to pass
\nand I am comfortable with that thought. <\/p>\n
I am extremely confident in the emerg-
\ning leadership within the AIC and their
\nthirst to continue working diligently to
\nexplore new opportunities for member
\ngrowth and learning. Under the leadership
\nof president-elect Daniel Doucet and my
\ncolleagues on the national Board, we are
\nwell prepared to become a truly bilingual
\norganization from a national perspective as
\nwell, potentially, from abroad. <\/p>\n
Change is a constant. Technology, work
\nproducts and competitive pressures will
\nensure that AIC members are continually
\nlooking for innovative new ways of creating
\nproducts and providing value-added services
\nto their clients, both within Canada and,
\nincreasingly, on a world stage.<\/p>\n
Over 30 years ago, our CRA residen-
\ntial designation was created. As an AIC
\nmember, I was extremely proud last year
\nwhen, since its introduction, that designa-
\ntion saw its first increase in scope of work,
\nas it expanded into reserve fund planning.<\/p>\n
Your Board continues to explore new
\nareas to expand the scope of work for all of
\nthe designations and, within the next sev-
\neral months, we hope to launch innovative
\nprograms of training and standards in new
\nareas such as machinery and equipment and
\nappraisal review.<\/p>\n
One of the Board\u2019s biggest successes
\nthis year has been in the area of advocacy
\nand communications. We have taken every
\npossible opportunity to contribute to the
\nbuzz around real estate and valuation and
\ncontinue to hammer home the important
\nrole our members play in the protection of
\nthe Canadian economic system. Typically,
\nwe are the only independent party to a
\ntransaction who is compensated whether
\na deal closes or not. We play an important
\npart in providing third-party independent
\nadvice based upon evidence-based
\nvaluation techniques.<\/p>\n
Yet, there is so much more that we can
\naccomplish when we put our collective
\nminds together as a profession. At every
\nAGM meeting which I attended this year,
\nI told the ancient Greek fable in which an
\nold father gives hits three sons a stick the
\nwidth of a thumb, and tells them to break
\ntheir stick \u2013 which they quite easily do. He
\nthen tells them to bind the sticks together <\/p>\n
CHANGE IS A CONSTANT
\nS C O T T W I L S O N , A A C I , P . A P P , P R E S I D E N T<\/p>\n
To every thing, turn, turn, turn;
\nThere is a season, turn, turn turn\u2026 <\/p>\n
(Turn! Turn! Turn!, The Byrds, 1965)<\/p>\n
\u201cTHERE IS SO MUCH
\nMORE THAT WE CAN <\/p>\n
ACCOMPLISH WHEN WE
\nPUT OUR COLLECTIVE <\/p>\n
MINDS TOGETHER AS A
\nPROFESSION.\u201d<\/p>\n
[Continued on page 8]<\/p>\n
\u201c \u201d<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 2 \/ Tome 2 | 20156 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
EXECUTIVE CORNER<\/p>\n
LE CHANGEMENT
\nEST UNE CONSTANTE<\/p>\n
S C O T T W I L S O N , A A C I , P . A P P , P R E S I D E N T<\/p>\n
LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n
\u00a0Pour chaque chose, tourne, tourne, tourne;
\nIl y a une saison, tourne, tourne, tourne\u2026\u00a0 <\/p>\n
(Turn! Turn! Turn!, The Byrds, 1965)<\/p>\n
\u00ab NOUS POUVONS
\nR\u00c9ALISER TELLEMENT <\/p>\n
PLUS LORSQUE NOUS
\nMETTONS TOUTES <\/p>\n
NOS CR\u00c9ATIVIT\u00c9S EN
\nCOMMUN \u00c0 TITRE DE
\nPROFESSIONNELS. \u00bb<\/p>\n
E n \u00e9crivant ces lignes \u2013 dans une chambre d\u2019h\u00f4tel \u00e0 Kingston, regardant le soleil se lever sur l\u2019eau \u00e0 6 h, peu
\navant l\u2019AGA de l\u2019Ontario \u2013 ces paroles
\nme parlent de v\u00e9rit\u00e9. Alors que mon
\nmandat \u00e0 la pr\u00e9sidence de l\u2019Institut
\ncanadien des \u00e9valuateurs (ICE) tire \u00e0
\nsa fin, je sais que ma saison s\u2019appr\u00eate \u00e0
\npasser et je suis en paix avec cette id\u00e9e.<\/p>\n
J\u2019ai toute confiance dans les
\nnouveaux leaders au sein de l\u2019ICE
\net dans leur soif de continuer \u00e0
\ntravailler diligemment pour explorer
\nde nouvelles possibilit\u00e9s de croissance
\net d\u2019apprentissage pour les membres.
\nSous la gouverne du pr\u00e9sident d\u00e9sign\u00e9
\nDaniel Doucet et de mes coll\u00e8gues
\nau Conseil national, nous sommes
\nfin pr\u00eats \u00e0 devenir une organisation
\nv\u00e9ritablement bilingue sur le plan
\nnational et, potentiellement, sur le
\nplan mondial.<\/p>\n
Le changement est une constante.
\nLa technologie, les produits du travail
\net les pressions concurrentielles
\nassureront que les membres de l\u2019ICE
\ncherchent constamment des moyens
\ninnovants de cr\u00e9er des produits et de
\nfournir des services \u00e0 valeur ajout\u00e9e \u00e0
\nleurs clients, tant au Canada que, de
\nplus en plus, \u00e0 l\u2019\u00e9tranger.<\/p>\n
Il y a plus de 30 ans que notre titre
\nr\u00e9sidentiel CRA a vu le jour. En tant que
\nmembre de l\u2019ICE, j\u2019\u00e9tais tr\u00e8s fier l\u2019an
\ndernier quand, depuis son introduction,
\nce titre a vu son envergure des travaux
\naugmenter pour la premi\u00e8re fois, alors
\nqu\u2019il s\u2019est \u00e9tendu \u00e0 la planification du
\nfonds de r\u00e9serve.<\/p>\n
Votre Conseil cherche toujours
\nde nouvelles avenues pour \u00e9largir
\nl\u2019envergure des travaux pour tous les
\ntitres et, au cours des prochains mois,
\nnous esp\u00e9rons lancer des programmes
\ninnovateurs de formation et de normes
\ndans de nouveaux domaines comme la
\nmachinerie et l\u2019\u00e9quipement ainsi que
\nl\u2019examen d\u2019\u00e9valuation.<\/p>\n
Une des plus belles r\u00e9ussites du
\nConseil cette ann\u00e9e fut le domaine de
\npromotion et de communication. Nous
\navons profit\u00e9 de toutes les occasions
\npossibles pour alimenter les discussions
\nsur l\u2019immobilier et l\u2019\u00e9valuation et pour
\ncontinuer \u00e0 souligner l\u2019importance
\ndu r\u00f4le que jouent nos membres dans
\nla protection du syst\u00e8me \u00e9conomique
\ncanadien. Habituellement, nous sommes
\nla seule partie ind\u00e9pendante \u00e0 une
\ntransaction qui est r\u00e9mun\u00e9r\u00e9e, qu\u2019un
\nmarch\u00e9 soit conclus ou non. Notre
\nintervention importe pour fournir des
\nconseils tiers ind\u00e9pendants r\u00e9sultant de <\/p>\n
\u00ab \u00bb<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
with some simple twine and take turns
\ntrying to break the bundle. The youngest
\nson does as he is told and tries in vain
\nto break it apart. Being a little older, but
\nmuch stronger, the second son thinks that
\nthis will be an easy task, but again he fails.
\nFinally, the eldest son takes the bundle and
\ntries with all his might to break the sticks,
\nbut he too fails. In an effort to teach his
\nsons, the father points out that, \u201cWhile
\neach of the sticks on their own is strong,
\nthey bend and break when force is applied.
\nYet, when united together, even the stron-
\ngest man cannot make the bundle yield.\u201d
\nThe old man smiles and simply states that
\nhis sons have learned the lesson.<\/p>\n
I spend this time speaking of Greek
\nfables, because we must learn from our past.<\/p>\n
In the past, AIC members within the
\nlarger group divided themselves into groups
\nsuch as chapters, provincial affiliates, or
\neven Board committees. As individuals,
\nwe divide into fee or non-fee, students,
\nCandidates, CRAs, AACIs, etc. Every step
\nthat an individual takes to improve his or
\nher aspect of the AIC reflects positively on
\nthe whole profession. When a CRA fee
\nmember does better financially, it helps his
\nor her non-fee counterpart make the case
\nfor higher wages.<\/p>\n
We must each work collectively as
\nindividual members to help raise the
\nprofession. We must be mindful of change
\nand use it to find new opportunities to
\nhelp each other raise our collective worth.
\nFinally, to help guide and protect the <\/p>\n
public, and to do our part to help protect
\nour Canadian financial marketplace, we
\nmust accomplish all of this while remaining
\ndedicated and independent. <\/p>\n
We are making wonderful inroads in
\nour relationships with both provincial and
\nnational stakeholders, as well as in the global
\nmarketplace. We will continue to work and
\nadvocate that AIC members represent the voice
\nof real property valuation within Canada.<\/p>\n
I thank you for the honour of serving you.
\nI hope that my message encourages those of
\nyou who remain at the grass roots level of
\nvolunteering to stand up and be heard and to
\nhelp bring positive change to our industry. <\/p>\n
Finally, in closing, I hope you agree with me
\nwhen I say that there has never been such an
\nexciting time to be an AIC member. <\/p>\n
EXECUTIVE CORNER<\/p>\n
LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n
[Continued from page 6]<\/p>\n
techniques d\u2019\u00e9valuation fond\u00e9es sur des
\n\u00e9l\u00e9ments probants.<\/p>\n
Pourtant, nous pouvons r\u00e9aliser
\ntellement plus lorsque nous mettons
\ntoutes nos cr\u00e9ativit\u00e9s en commun \u00e0 titre
\nde professionnels. \u00c0 toutes les AGA
\nauxquelles j\u2019ai assist\u00e9 cette ann\u00e9e, j\u2019ai
\nracont\u00e9 l\u2019ancienne fable grecque o\u00f9 un
\np\u00e8re \u00e2g\u00e9 donne \u00e0 chacun de ses trois
\nfils un b\u00e2ton large comme le pouce et
\nleur demande de le casser, ce qu\u2019ils font
\ntr\u00e8s facilement. Puis, il leur demande
\nde lier les b\u00e2tons ensemble avec une
\nsimple ficelle et d\u2019essayer tour \u00e0 tour de
\nbriser le fagot. Le cadet fait ce qu\u2019on lui
\ndit et essaie de le briser, mais en vain.
\nUn peu plus vieux, mais beaucoup plus
\nfort, son fr\u00e8re pense que ce sera facile,
\nmais il \u00e9choue \u00e9galement. Enfin, l\u2019a\u00een\u00e9
\ns\u2019empare du fagot et tente de toutes ses
\nforces de casser les b\u00e2tons, sans plus de
\nsucc\u00e8s. Pour enseigner \u00e0 ses fils, le p\u00e8re
\nleur dit\u00a0: \u00ab\u00a0M\u00eame si chaque b\u00e2ton en lui-
\nm\u00eame est solide, il plie et se brise quand
\non lui applique une force. Mais quand
\nles b\u00e2tons sont unis ensemble, m\u00eame <\/p>\n
l\u2019homme le plus fort ne peut venir \u00e0
\nbout du fagot.\u00a0\u00bb Le vieil homme sourit et
\nd\u00e9clare simplement que ses fils ont appris
\nla le\u00e7on.<\/p>\n
Je prends le temps de raconter des
\nfables grecques, parce que nous devons
\napprendre de notre pass\u00e9.<\/p>\n
Dans le pass\u00e9, les membres de l\u2019ICE au
\nsein du plus vaste groupe se sont divis\u00e9s
\nen groupes comme des chapitres, des
\naffili\u00e9s provinciaux ou m\u00eame des comit\u00e9s
\ndu Conseil. \u00c0 titre d\u2019individus, nous
\nnous divisons en membres \u00e0 honoraires,
\nr\u00e9mun\u00e9r\u00e9s, \u00e9tudiants, stagiaires, CRA,
\nAACI, etc. Chaque mesure que prend une
\npersonne pour am\u00e9liorer son statut dans
\nl\u2019ICE se refl\u00e8te positivement sur toute
\nla profession. Lorsqu\u2019un membre CRA \u00e0
\nhonoraires prosp\u00e8re financi\u00e8rement, cela
\naide son vis-\u00e0-vis r\u00e9mun\u00e9r\u00e9 \u00e0 justifier de
\nmeilleurs salaires.<\/p>\n
Chacun de nous comme membre
\nindividuel doit s\u2019efforcer collectivement
\nde favoriser la profession. Nous devons
\ndemeurer conscients du changement
\net l\u2019utiliser pour d\u00e9gager de nouvelles <\/p>\n
opportunit\u00e9s de nous entraider afin
\nd\u2019augmenter notre valeur collective.
\nEnfin, pour aider \u00e0 guider et \u00e0 prot\u00e9ger
\nle public et pour faire notre part dans la
\nprotection du march\u00e9 financier canadien,
\nnous devons accomplir tout cela en
\nrestant engag\u00e9s et ind\u00e9pendants.<\/p>\n
Nous tissons des liens tr\u00e8s pr\u00e9cieux
\ndans nos relations avec les intervenants
\nprovinciaux et nationaux, de m\u00eame
\nqu\u2019avec les march\u00e9s du monde entier.
\nNous continuerons \u00e0 \u0153uvrer et \u00e0 dire
\nbien haut que les membres de l\u2019ICE
\nrepr\u00e9sentent la voix de l\u2019\u00e9valuation
\nimmobili\u00e8re au Canada.<\/p>\n
Je vous remercie pour l\u2019honneur
\nd\u2019avoir pu vous servir. J\u2019esp\u00e8re que mon
\nmessage encourage ceux d\u2019entre vous qui
\ndemeurez la base du b\u00e9n\u00e9volat \u00e0 faire
\nentendre votre voix pour contribuer \u00e0
\namener des changements positifs dans
\nnotre industrie.<\/p>\n
En terminant, j\u2019esp\u00e8re que vous serez
\nd\u2019accord avec moi pour dire qu\u2019il n\u2019y a
\njamais eu de temps aussi excitant pour
\n\u00eatre membre de l\u2019ICE. <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 2 \/ Tome 2 | 20158 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
Servicing Western Canada and the Territories.<\/p>\n
info@cdcinc.ca | P: 780.464.7910 | F: 780.464.7883 | TF: 1.866.479.7922 | TFF: 1.877.429.7972 | www.cdcinc.ca<\/p>\n
CDC is a full service appraisal company that innovatively delivers appraisals; leveraging a virtual
\nstructure to reduce costs, access the best people, and minimize our environmental impact. <\/p>\n
Since its inception, CDC\u2019s commitment and dedication to customer service and efficient business
\npractices has allowed us to build a strong reputation as a team of professionals that is big enough to
\nsucceed and small enough to care. With strong appraisal capabilities, we are focused on people and
\nleading the industry into a technologically efficient way of doing business. <\/p>\n
OUR MISSION
\nTo be the first choice for clients in the appraisal industry. <\/p>\n
OUR VISION
\nTogether as a team, we will continue to exceed customer expectations by providing quality professional
\nvaluations to our clients on a timely basis with integrity, effectiveness and value. <\/p>\n
OUR VALUES
\n\u2022 Pride and passion for the industry.
\n\u2022 Honesty and integrity in words and actions.
\n\u2022 Commitment to our team and our goals.
\n\u2022 CDC is a dynamic enterprise. We actively seek opportunities to enhance our service and team.
\n\u2022 A reputation for excellence is our ambition.<\/p>\n
http:\/\/www.cdcinc.ca
\nmailto:info@cdcinc.ca<\/p>\n
THROUGH A PUBLIC-PRIVATE PARTNERSHIP WITH
\nOTTAWA SPORTS AND ENTERTAINMENT GROUP
\n(OSEG), THE TRANSFORMATION OF LANSDOWNE, A
\nCOMMUNITY AND CULTURAL LANDMARK IN OTTAWA,
\nIS A SUCCESS STORY OF REDEVELOPMENT AND
\nINNOVATIVE PLACE MAKING.<\/p>\n
L ansdowne has a proud heritage, having capably served Ottawa and the surrounding region as a major sports, exhibition and entertainment facility for the past 150 years. However, in recent years, this historic landmark
\nsite had fallen into disrepair and its aged facilities were no longer
\nable to satisfy community needs and the expectations of residents.<\/p>\n
The site is approximately 40 acres in size, located easterly
\nand southerly along the Queen Elizabeth Driveway (QED), a
\nscenic federal parkway that links major attractions along the
\nRideau Canal, which has been designated a UNESCO World
\nHeritage Site. The western boundary is Bank Street (a main street
\ncommercial corridor leading to Parliament Hill) and the northerly
\nboundary is Holmwood Avenue (a residential street). Lansdowne
\nis positioned as a central focal area connecting the surrounding
\ninner city neighbourhoods of Old Ottawa South, the Glebe and
\nOld Ottawa East that developed around Lansdowne at the turn
\nof the 20th century. <\/p>\n
The important work of restoring this community and cultural
\nlandmark began in April 2009, when the Ottawa City Council
\ndirected staff to negotiate a partnership agreement with OSEG for
\nthe redevelopment and revitalization of Lansdowne. In October
\n2012, City Council approved the Lansdowne Partnership Plan
\n(LPP) Implementation with OSEG to redevelop Lansdowne and
\ntransform it into a unique, urban destination, respecting the site\u2019s
\nimportant cultural and heritage significance as a public place.
\nThis initiative was led by the City Manager, Kent Kirkpatrick,
\nand involved numerous departments across the corporation.<\/p>\n
The new Lansdowne is a jewel at the heart of the city. More
\nthan a sport and entertainment venue, Lansdowne\u2019s residential,
\nshopping, entertainment and park space attracts visitors for
\nmultiple activities. Transportation is a key element to the success
\nof the site and a comprehensive transportation plan has been
\nimplemented to ensure that sustainable and active transportation
\noptions such as cycling, walking and transit are an integral part of
\nthe planning for everyday activities and major events. <\/p>\n
This approximately $450 million, 40-acre transformation is
\ncomprised of three synergistic components:<\/p>\n
\ufffd a revitalized urban park component
\nbeside the Rideau Canal;<\/p>\n
\ufffd a renovated stadium and arena for sports,
\nentertainment and cultural events; and<\/p>\n
\ufffd a mixed-use urban village made up of 360,000 square
\nfeet of net retail space, 100,000 square feet of commercial
\noffice space, and 280 residential units (two condominium
\ntowers and 49 stacked townhouses), including an
\nunderground parking garage (1,370 vehicles). <\/p>\n
A key objective for the redevelopment was to provide for the site
\nin its larger urban fabric to be positioned as a unique and iconic
\nplace for the city and to integrate the site into its immediate urban
\ncontext to become a focal point for the surrounding community
\nthat recaptures the essence of what Lansdowne was in the past, but
\nwithin the framework of an urban place for the 21st century.<\/p>\n
The City\u2019s contribution to the revitalization was approximately
\n$210 million: $167 million for refurbishment of the stadium
\nand arena plus the City\u2019s share of the parking garage, and $44
\nmillion for the park. It was built over an aggressive 24-month
\nperiod. Construction began in October 2012, the stadium and
\nparking garage were completed in spring 2014, the mixed-use
\ndevelopment began opening in fall 2014, and the urban park
\nopened in the summer of 2014. The entire site will begin full
\noperations in the spring of 2015. <\/p>\n
The components of the Lansdowne Partnership Plan are
\nas follows:<\/p>\n
LANSDOWNE:
\nA SUCCESS STORY OF
\nREDEVELOPMENT IN
\nTHE HEART OF OTTAWA<\/p>\n
B Y G O R D O N E . M A C N A I R , A A C I , P. A P P<\/p>\n
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URBAN PARK (which includes the Aberdeen Square,
\nAberdeen Pavilion and Horticulture Building)
\nThe 18-acre, intricately designed urban park includes expanses of
\nlawn, courtyards, a heritage orchard, a farmers\u2019 market square,
\nan outdoor skating rink, a water feature, a children\u2019s play area
\nand two significant public art installations \u2013 the beacon and art
\nscreen. Overall, the new Lansdowne will feature three times more
\ngreen space and four times more trees than the old site and new
\nprogrammable space for community use. City staff will operate and
\nbe responsible for the ongoing programming and management of the
\nurban park. <\/p>\n
The Aberdeen Square, which is the outdoor space adjacent to the
\nAberdeen Pavilion, is the site of the Ottawa Farmers\u2019 Market (OFM).
\nThe Market is operated by the OFM Board, while City staff act as
\nregular contacts with the Board on operational, maintenance and
\nevent coordination issues.<\/p>\n
The Aberdeen Pavilion is the focal point of the urban park and
\nwas designed by architect Moses Edey in 1898. It is recognized
\nas a nationally significant heritage resource, is protected under a
\nheritage easement agreement by the Province, and is a designated
\nheritage building by the City of Ottawa. The Pavilion is particularly
\nimpressive because of its immense column-free interior space and
\nits juxtaposition of a simple structural interior and an elaborate
\nornamental fa\u00e7ade. The building will accommodate a winter farmers\u2019
\nmarket for the OFM and be available for multiple community
\nprogramming activities and events such as concerts, receptions, craft
\nshows, and activities associated with stadium events. City staff will be
\nresponsible for programming and event scheduling.<\/p>\n
The Horticulture Building is a century-old (1914) \u2018prairie-style\u2019
\nexhibition hall with a heritage designation. It was moved 150 metres
\nto its new location on the east side of Aberdeen Square. A large part
\nof the facility is an open hall for public events that is operated by the
\nCity\u2019s programming staff, while three pockets of space comprising
\na rentable area of 2,350 square feet are currently being marketed for
\ncommercial or retail purposes. Office space for the City\u2019s recreation
\nstaff has been provided on the second floor of the building. <\/p>\n
STADIUM AND CIVIC CENTRE (TD Place)
\nA major component of the revitalization program is the
\nenhancement of the stadium and arena. New, fully-accessible and
\niconic south grandstands that rise out of the natural landscape
\ncorridor along the Rideau Canal were constructed, the north
\ngrandstands were refurbished, and existing facilities were
\nupgraded with multi-function program spaces and state-of-the-art
\ntechnology. The Canadian Football League (CFL) REDBLACKS
\nand the North American Soccer League (NASL) Ottawa Fury
\nFC played their first seasons at the refurbished stadium in the
\nsummer of 2014 and the Ontario Hockey League (OHL) Ottawa
\n67\u2019s began playing in the TD Place Arena in the fall of 2014.<\/p>\n
The City continues to own Lansdowne, but OSEG is leasing
\nthe facilities for 30 years at a nominal fee. OSEG is responsible
\nfor operating and maintaining the asset as per a lifecycle plan to
\navoid its degradation over that period.<\/p>\n
MIXED-USE DEVELOPMENT \u2013
\nRETAIL, RESIDENTIAL AND COMMERCIAL
\nThe overall mix of retail tenancies support the goal of realizing
\nthe \u2018Urban Village,\u2019 as developed in the Council-approved retail
\nstrategy. This strategy ensures a dynamic and unique retail
\nexperience that complements and is part of the Bank Street
\ncommercial corridor. The retail development is approximately
\n360,000 square feet, with 360 parking spaces dedicated to short-
\nterm retail parking.<\/p>\n
The City retains ownership, but entered into a long-term lease
\n(50 years, with two 10-year options) with Lansdowne Retail
\nLimited Partnership for the retail lands (approximately 10 acres)
\nand parking within the parking garage. The land lease for the
\ninitial term is for a nominal amount. The market value of the <\/p>\n
THE LOCATION OF L A NSDOW NE,
\nA S W ELL A S THE PRE V IOUS
\nIMPROV EMENT S PRIOR TO
\nREDE V ELOPMENT.<\/p>\n
THE REDE V ELOPED L A NSDOW NE PA RK<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
lease was calculated based on its underlying value as per the
\nzoning for 360,000 square feet of retail with related covenants.
\nThis value was included as part of the City\u2019s contribution to the
\npartnership equity. The City is entitled to share financial returns
\non the income generation of the retail component through a
\n\u2018closed financial system\u2019 beginning in the 30th year and the City is
\nentitled to 50% of the net revenue produced by the retail element.<\/p>\n
Under the business terms of the partnership plan with OSEG,
\nthe City retains the air rights above the retail and parking garage.
\nThe sale of the air rights for the residential development and
\nthe lease of the office were used to partially fund the capital
\ncontribution from the City for the stadium refurbishment. <\/p>\n
The City completed a two-stage process, which included a
\nRequest for Expressions of Interest (REOI) and a Request for
\nOffers (RFO) for the air rights element. This resulted in three
\noffers for the residential air rights, with the winning net bid of
\n$11.37M awarded to Minto Communities Inc. for 280 residential
\nunits based on a per dwelling unit density. As well, the bid also
\nincluded 280 parking stalls and a podium to create the air rights
\nfor $19.14M, totalling $30.5M, and one bid for the lease of office
\nair rights (50 years plus renewal options) to Minto Properties Inc.
\nfor approximately 100,000 square feet.<\/p>\n
PARKING FACILITIES
\nThe single-level, below-grade parking garage provides 1,370
\nparking spaces and is approximately 450,000 square feet. <\/p>\n
The City was responsible for funding 640 spaces as part of
\nthe partnership agreement. In addition to the below-grade
\nparking, there are approximately 40 surface-parking spaces
\nprovided within the mixed-use area. This area has been designed
\nand developed as a pedestrian priority zone where restricted
\nvehicular use of the public realm corridors is permitted. The
\nsurface parking is being operated as short-term parking for
\nconvenience drop-off and pick-up and to accommodate taxis
\nand accessible bus service. <\/p>\n
Implementing the LPP required significant due diligence
\nto obtain the necessary approvals and will require ongoing
\ncompliance monitoring. The following is a summary of some of
\nthe legislative challenges. <\/p>\n
Planning \u2013 zoning, site plan, and heritage approvals
\nThe integrated project team (City and OSEG) achieved the
\nvarious planning approvals that were required for the overall
\nredevelopment following Council direction in June 2010 for
\nstaff to initiate the required planning approvals processes. This
\nincluded a rezoning to allow for the commercial and residential
\ncomponents of the redevelopment, site plan approval through a
\ntwo-stage site plan approval process, and heritage approvals for
\nthe relocation of the Horticulture Building and amendments to
\nthe Ontario Heritage Trust (OHT) Easement. Final approval
\nof the zoning changes by the Ontario Municipal Board was
\ngiven in the spring of 2011; final heritage approvals were
\nobtained from Council for the relocation of the Horticulture
\nBuilding in early summer 2011 and from the OHT under the
\nOHT Heritage Easement provisions in the fall of 2012; and
\nthe first-stage approval of the site plan was given by Council in
\nNovember 2010, with the stage-2 site plan approval being given
\nby staff under delegated approval authority in January 2012. <\/p>\n
The overall revitalization plans, on which the planning
\napprovals were based, were developed through an ongoing
\ndesign review process involving two independent Council-
\nappointed design review panels. Through the formal planning
\napprovals process, numerous design documents were established
\nthat set out the guidelines, principles and directions for
\nthe design and overall development program and included
\na number of detailed technical studies. A number of key
\nstudies were centered on the development of a comprehensive
\ntransportation strategy focused on sustainable transportation.
\nAlso, in the winter of 2011, the City held an international design
\ncompetition for the design of the Urban Park. <\/p>\n
Heritage designations
\nAs part of the process in securing approval from the OHT for
\nthe redevelopment, a new heritage easement was established
\nwhich recognizes the significant improvements made at
\nLansdowne. It continues the protection that was provided under
\nthe initial easement for the Aberdeen Pavilion and added the
\nrelocated Horticulture Building as a protected building under
\nthe easement. The new easement also defined new and enhanced <\/p>\n
RE SIDEN T I A L \/OF F ICE A IR RIGH T S. <\/p>\n
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view corridors that were established for these buildings. City
\nCouncil also re-designated the Horticulture Building in the
\nsummer of 2014 after its relocation to reinstate the municipal
\nheritage designation that was temporarily removed to allow for
\nthe relocation and adaptive re-use. <\/p>\n
In addition to, and as part of, the municipal planning
\napprovals, federal and provincial approvals were also required
\nfor storm water management (federal approvals being required
\ndue to the site draining into the Rideau Canal), and provincial
\napprovals were required for environmental remediation of
\nthe site, which was considered a brownfields property. To
\nachieve this approval, the City worked with the Ministry of
\nEnvironment (MOE) to establish a process for addressing the
\nimpacted soil and environmental considerations at the site.
\nContaminated material was removed from the northern portion
\nof the site where part of the parking garage is located, with much
\nof this soil being used to establish a berm feature to define the
\neastern side of the stadium. This achieved a key design objective
\nfor a stadium in a park. Through this process, the City secured
\nthe required Record of Site Condition (RSC) for the project. <\/p>\n
Environmental sustainability
\nLansdowne\u2019s redevelopment program has completed a
\nsubmission for LEED ND Gold certification through a
\ncombination of energy efficiency measures, the conservation
\nof building materials and resources, improved indoor
\nenvironmental quality, water conservation and quality efforts,
\nthe reduction of heat and light pollution, reliance on alternative
\nnon-fuel dependent transportation methods, the conservation
\nand adaptive re-use of existing buildings, historic structures, and
\nthe use of green rooftops. <\/p>\n
Legal agreements
\nSignificant due diligence was required to complete the project
\nagreement between the City and OSEG. It sets out the financial
\nand other fundamental elements of the relationship between
\nthe parties for the project and provides a framework for the
\ndevelopment-specific agreements, including the stadium and
\nretail leases and multiple reciprocal agreements between the
\ncomponents to achieve synergy as one redeveloped site. <\/p>\n
Litigation
\nThere was a delay with the project as a result of litigation
\nlaunched by two local community groups called Friends of
\nLansdowne Inc. and the Lansdowne Conservancy. There were
\nalso appeals to the zoning change approved by Council and to
\nthe Council approval to de-designate the Horticulture Building
\nto allow for its relocation.<\/p>\n
Financial model
\nThe Lansdowne Partnership Plan (LPP) is based on a \u2018closed
\nfinancial system\u2019 that captures capital costs and contributions,
\nwhich have been agreed upon by both partners, and cash flows <\/p>\n
from operations to provide the basis for future distributions to
\nthe City and to OSEG. The closed financial system includes
\nsome, but not all, of the physical components of the Lansdowne
\nredevelopment such as the Urban Park. The first draw on
\nrevenues in the closed system is a set contribution into a reserve
\nfund that is to be used for lifecycle renewals to ensure that the
\nassets, when returned back to the City following the expiration
\nof the various leases, will be in good condition so as to avoid a
\nrepeat of the deterioration of the assets that had occurred prior
\nto the redevelopment. <\/p>\n
It should also be noted that, to accommodate the
\nredevelopment of Lansdowne, City Council approved a Request
\nfor Proposal process in 2010 to replace the Exposition Facility
\nat Lansdowne Park. This process resulted in an enhanced,
\nnew one-storey exposition hall called the EY Centre that
\nopened in 2012. It is 218,000 square feet (150,000 square
\nfeet of exhibition space and 68,000 square feet of service and
\ncommon areas) and was built by Shenkman Corporation near
\nthe MacDonald-Cartier Airport. This project is outside of the
\nLansdowne Partnership Plan, but was necessary due to the
\nredevelopment of Lansdowne. <\/p>\n
SUMMARY
\nThe revitalized Lansdowne completes the vision of transforming
\nthis historic site through a public\/private partnership into a
\nunique and dynamic public place, with all of the lands, except
\nthe residential air rights, remaining in public ownership. <\/p>\n
It is an example of how Ottawa is applying \u2018smart growth,\u2019
\n\u2018sustainable\u2019 and \u2018place-making\u2019 principles by incorporating
\nactive recreation, mixed uses, and new green space, as well
\nas innovative design and development to create a place
\nthat\u00a0is a showpiece for the City, attracting both visitors and
\nresidents from across the city and region to experience the
\nplace and participate in the activities that are accommodated.
\nThe redevelopment re-establishes the historic function of
\nLansdowne, but within the framework of a 21st century
\nurban place. <\/p>\n
T HE E Y CEN T RE E X P O SI T ION H A L L<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
GR\u00c2CE \u00c0 UN PARTENARIAT PUBLIC-PRIV\u00c9 AVEC
\nL\u2019OTTAWA SPORTS AND ENTERTAINMENT GROUP
\n(OSEG), LA TRANSFORMATION DU PARC LANSDOWNE,
\nUN IMPORTANT LIEU D\u2019INT\u00c9R\u00caT CULTUREL ET
\nCOMMUNAUTAIRE D\u2019OTTAWA, DANS LE CADRE D\u2019UN
\nPROJET DE R\u00c9AM\u00c9NAGEMENT ET DE CR\u00c9ATION DE
\nLIEUX NOVATEUR, F\u00dbT COURONN\u00c9E DE SUCC\u00c8S. <\/p>\n
L e riche h\u00e9ritage du parc Lansdowne t\u00e9moigne de sa capacit\u00e9 d’accueil d’importants \u00e9v\u00e9nements sportifs et de divertissement et d\u2019expositions destin\u00e9s \u00e0 la population d\u2019Ottawa et de sa r\u00e9gion depuis 150\u00a0ans. Cependant, au
\ncours des derni\u00e8res ann\u00e9es, ce site historique s\u2019est d\u00e9t\u00e9rior\u00e9 et ses
\ninstallations vieillissantes n\u2019arrivaient plus \u00e0 r\u00e9pondre aux besoins
\nde la collectivit\u00e9 et aux attentes des r\u00e9sidents. <\/p>\n
Le site, d\u2019une superficie d\u2019environ 40\u00a0acres, s\u2019\u00e9tend vers le sud
\net vers l\u2019est le long de la promenade de la Reine-Elizabeth (PRE),
\nun chemin panoramique f\u00e9d\u00e9ral qui relie les principaux attraits
\nbordant le canal Rideau, nomm\u00e9 site du patrimoine mondial de
\nl\u2019UNESCO. Il est d\u00e9limit\u00e9 \u00e0 l\u2019ouest par la rue Bank (une art\u00e8re
\ncommerciale menant \u00e0 la Colline du Parlement) et au nord par
\nl\u2019avenue Holmwood (une rue r\u00e9sidentielle). De par sa position
\ncentrale, le parc Lansdowne lie entre eux les quartiers d\u2019Old Ottawa
\nSouth, le Glebe et Old Ottawa East, qui ont vu le jour au tournant
\ndu 20e si\u00e8cle. <\/p>\n
Les travaux majeurs de restauration de ce lieu d\u2019int\u00e9r\u00eat culturel
\net communautaire ont commenc\u00e9 en avril\u00a02009, lorsque le conseil
\nmunicipal d\u2019Ottawa a demand\u00e9 \u00e0 son personnel de n\u00e9gocier une
\nentente de partenariat avec l\u2019OSEG dans le but de r\u00e9am\u00e9nager
\net de revitaliser le parc Lansdowne. En octobre\u00a02012, le conseil
\nmunicipal a approuv\u00e9 la mise en \u0153uvre du plan de partenariat
\ndu parc Lansdowne (PPL) de l\u2019OSEG visant \u00e0 r\u00e9am\u00e9nager le
\nparc et \u00e0 le transformer en une destination urbaine unique, tout
\nen respectant son riche h\u00e9ritage culturel et son importance en
\ntant que lieu public. Cette initiative f\u00fbt dirig\u00e9e par M. Kent
\nKirkpatrick, directeur municipal, et plusieurs services municipaux
\ny ont particip\u00e9. <\/p>\n
Le nouveau parc Lansdowne est un bijou au c\u0153ur de la ville.
\nPlus qu\u2019un complexe sportif et de divertissement, il attire les
\nvisiteurs gr\u00e2ce \u00e0 son quartier r\u00e9sidentiel, ses boutiques, ses lieux
\nde divertissement et ses espaces de stationnement. Le transport
\nrepr\u00e9sente un \u00e9l\u00e9ment cl\u00e9 de l\u2019attrait \u00e0 l\u2019\u00e9gard du site et un plan
\nexhaustif de transport a \u00e9t\u00e9 mis en place afin de veiller \u00e0 ce que
\ndes options viables et dynamiques comme le v\u00e9lo, la marche et les
\ntransports en commun fassent partie int\u00e9grante de la planification
\ndes activit\u00e9s quotidiennes et des \u00e9v\u00e9nements d\u2019envergure. <\/p>\n
La transformation du site de 40\u00a0acres, qui se chiffre \u00e0 pr\u00e8s de
\n450\u00a0millions de dollars, se divise en trois \u00e9l\u00e9ments synergiques\u00a0: <\/p>\n
\ufffd un parc urbain revitalis\u00e9 en bordure du canal Rideau;
\n \ufffd un stade et ar\u00e9na r\u00e9nov\u00e9s pouvant accueillir des <\/p>\n
\u00e9v\u00e9nements sportifs, culturels et de divertissement;
\n \ufffd un village urbain \u00e0 usages multiples abritant des <\/p>\n
locaux commerciaux totalisant 360\u00a0000\u00a0pieds carr\u00e9s,
\ndes locaux \u00e0 bureaux se chiffrant \u00e0 100\u00a0000\u00a0pieds
\ncarr\u00e9s et 280\u00a0logements r\u00e9sidentiels (2 tours de
\nlogements en copropri\u00e9t\u00e9 et 49\u00a0maisons en rang\u00e9e
\nsuperpos\u00e9es), y compris un stationnement souterrain
\n(1\u00a0370 espaces de stationnement). \u00a0 <\/p>\n
Un des principaux objectifs du projet de r\u00e9am\u00e9nagement consistait
\n\u00e0 transformer le site d\u00e9sormais urbain en un endroit unique et
\nembl\u00e9matique au c\u0153ur de la ville et \u00e0 l\u2019int\u00e9grer \u00e0 son environnement
\nurbain imm\u00e9diat afin qu\u2019il devienne le lieu central de la collectivit\u00e9
\nenvironnante, tout en saisissant \u00e0 nouveau l\u2019essence de jadis, mais
\ndans le contexte urbain du 21e\u00a0si\u00e8cle. <\/p>\n
La contribution de la Ville \u00e0 la revitalisation s\u2019est chiffr\u00e9e \u00e0
\nenviron 210\u00a0millions de dollars, r\u00e9partis comme suit\u00a0:\u00a0167\u00a0millions
\npour le stade et l\u2019ar\u00e9na, en plus de la part de la Ville pour le garage
\nde stationnement, et 44\u00a0millions de dollars pour le parc. Les travaux
\nse sont \u00e9chelonn\u00e9s sur une p\u00e9riode de 24\u00a0mois seulement; ils ont
\ncommenc\u00e9 en octobre\u00a02012, et le stade et le garage de stationnement
\n\u00e9taient termin\u00e9s au printemps\u00a02014. L\u2019ensemble \u00e0 usages multiples
\na commenc\u00e9 \u00e0 recevoir ses premiers visiteurs \u00e0 l\u2019automne 2014, et
\nle parc urbain f\u00fbt ouvert \u00e0 la population \u00e0 l\u2019\u00e9t\u00e9\u00a02014. \u00c0 compter du
\nprintemps\u00a02015, le site entier sera pleinement fonctionnel. <\/p>\n
Les composantes du plan de partenariat du parc Lansdowne se
\nd\u00e9finissent comme suit\u00a0:<\/p>\n
PARC LANSDOWNE :
\nPROJET DE R\u00c9AM\u00c9NAGEMENT
\nR\u00c9USSI AU C\u0152UR D\u2019OTTAWA<\/p>\n
P A R G O R D O N E . M A C N A I R , A A C I , P. A P P<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 2 \/ Tome 2 | 201514 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
PARC URBAIN (comprend le square Aberdeen, le
\nPavillon Aberdeen et le b\u00e2timent de l\u2019Horticulture)
\nLe parc urbain de 18\u00a0acres, con\u00e7u avec pr\u00e9cision, comporte des
\n\u00e9tendues de gazon, des cours, un verger patrimonial, un march\u00e9
\nagroalimentaire, une patinoire ext\u00e9rieure, un am\u00e9nagement aquatique,
\nun terrain de jeu pour enfants et deux importantes \u0153uvres d\u2019art
\npubliques : le phare et l\u2019\u00e9cran d\u2019art. Dans l\u2019ensemble, le nouveau
\nparc Lansdowne comprend trois fois plus d\u2019espaces verts et quatre
\nfois plus d\u2019arbres que l\u2019ancien, ainsi que de l\u2019espace destin\u00e9 \u00e0 l\u2019usage
\ncommunautaire. Le personnel de la Ville sera charg\u00e9 de l\u2019exploitation
\ndu parc, ainsi que de la programmation et de la gestion continues du
\nparc urbain. <\/p>\n
Le square Aberdeen, l\u2019espace ext\u00e9rieur contigu au Pavillon
\nAberdeen, accueille le march\u00e9 agroalimentaire d\u2019Ottawa (Ottawa
\nFarmers\u2019 Market) (OFM). Le march\u00e9 est administr\u00e9 par le
\nconseil d\u2019administration de l\u2019OFM, tandis que le personnel de la
\nVille communique r\u00e9guli\u00e8rement avec lui concernant les enjeux
\nop\u00e9rationnels, d\u2019entretien et de coordination d\u2019\u00e9v\u00e9nements. <\/p>\n
Le Pavillon Aberdeen repr\u00e9sente le point central du parc urbain
\net a \u00e9t\u00e9 con\u00e7u par l\u2019architecte Moses Edey en 1898. Son important
\nh\u00e9ritage est reconnu \u00e0 l\u2019\u00e9chelle nationale, et le pavillon est d\u2019ailleurs
\nprot\u00e9g\u00e9 en vertu d\u2019une entente de servitude du patrimoine sign\u00e9e par
\nla province, en plus d\u2019avoir \u00e9t\u00e9 d\u00e9sign\u00e9 \u00ab\u00a0b\u00e2timent patrimonial\u00a0\u00bb par la
\nVille d\u2019Ottawa. Le Pavillon s\u2019av\u00e8re particuli\u00e8rement impressionnant
\nen raison de son immense espace int\u00e9rieur sans colonnes et de la
\njuxtaposition d\u2019une structure int\u00e9rieure simple et d\u2019une fa\u00e7ade tr\u00e8s
\nornement\u00e9e. Le b\u00e2timent abritera le march\u00e9 agroalimentaire de l\u2019OFM
\npendant l\u2019hiver et sera \u00e9galement disponible pour de nombreuses
\nactivit\u00e9s et \u00e9v\u00e9nements communautaires comme des concerts, des
\nr\u00e9ceptions, des expositions artisanales et des activit\u00e9s associ\u00e9es \u00e0 des
\n\u00e9v\u00e9nements ayant lieu au stade. Il incombera au personnel de la Ville
\nde coordonner les \u00e9v\u00e9nements figurant sur la programmation. <\/p>\n
Le b\u00e2timent de l\u2019Horticulture est une salle d\u2019exposition
\npatrimoniale de style Prairie construite il y a un si\u00e8cle (1914). Il a \u00e9t\u00e9
\nd\u00e9plac\u00e9 de 150\u00a0m\u00e8tres par rapport \u00e0 son emplacement original, le long
\ndu c\u00f4t\u00e9 est du square Aberdeen. Une grande partie des installations
\nconsiste en une salle \u00e0 aire ouverte pouvant recevoir des \u00e9v\u00e9nements
\npublics administr\u00e9e par le personnel de la programmation de la Ville,
\ntandis que trois petits espaces totalisant 2\u00a0350 pieds carr\u00e9s d\u2019espace \u00e0 <\/p>\n
louer sont actuellement mis sur le march\u00e9 \u00e0 des fins commerciales ou
\nde vente au d\u00e9tail. Enfin, les locaux \u00e0 bureaux du personnel de loisirs
\nde la Ville occupent le deuxi\u00e8me \u00e9tage du b\u00e2timent. <\/p>\n
STADE ET CENTRE CIVIQUE (Place TD)
\nLes am\u00e9liorations apport\u00e9es au stade et au centre civique constituent
\nun important volet du programme de revitalisation. De nouvelles
\ntribunes sud enti\u00e8rement accessibles et s\u2019\u00e9levant au-dessus du corridor
\nnaturel, le long du canal Rideau, ont \u00e9t\u00e9 \u00e9rig\u00e9es, les tribunes nord ont
\n\u00e9t\u00e9 r\u00e9nov\u00e9es et les installations existantes ont \u00e9t\u00e9 modernis\u00e9es gr\u00e2ce \u00e0
\ndes espace multifonctionnels et \u00e0 la technologie \u00e0 la fine pointe. Les
\nREDBLACKS de la Ligue canadienne de football (LCF) et l\u2019Ottawa
\nFury FC de la Ligue Nord-Am\u00e9ricaine de Soccer (North American
\nSoccer League) (NASL) ont jou\u00e9 leur premi\u00e8re saison dans le stade
\nr\u00e9nov\u00e9 \u00e0 l\u2019\u00e9t\u00e9\u00a02014, tandis que l\u2019\u00e9quipe Ottawa\u00a067 de la Ligue de
\nhockey de l\u2019Ontario (LHO) a commenc\u00e9 \u00e0 disputer ses matchs \u00e0
\nl\u2019ar\u00e9na de la Place\u00a0TD \u00e0 l\u2019automne\u00a02014. <\/p>\n
Le parc Lansdowne appartient toujours \u00e0 la Ville, mais l\u2019OESG
\nloue les installations pendant 30\u00a0ans \u00e0 un prix symbolique.
\nL\u2019organisation est donc responsable de l\u2019op\u00e9ration et de l\u2019entretien des
\nbiens conform\u00e9ment au plan de gestion du cycle de vie afin d\u2019\u00e9viter
\nleur d\u00e9gradation au cours de cette p\u00e9riode. <\/p>\n
IMMEUBLES \u00c0 USAGES MIXTES \u2013 BOUTIQUES,
\nLOGEMENTS ET LOCAUX COMMERCIAUX
\nLe m\u00e9lange global de locataires \u0153uvrant dans la vente au d\u00e9tail
\nappuie l\u2019objectif de cr\u00e9ation d\u2019un \u00ab\u00a0village urbain\u00a0\u00bb, tel qu\u2019\u00e9nonc\u00e9
\ndans la strat\u00e9gie de vente au d\u00e9tail approuv\u00e9e par le conseil municipal.
\nLa strat\u00e9gie veille \u00e0 assurer une exp\u00e9rience de magasinage dynamique
\net unique compl\u00e9mentaire \u00e0 ce qu\u2019offre l\u2019art\u00e8re commerciale de la rue
\nBank, tout en y faisant partie int\u00e9grante. Les locaux consacr\u00e9s \u00e0 la
\nvente au d\u00e9tail \u00e9quivalent \u00e0 pr\u00e8s de 360\u00a0000\u00a0pieds carr\u00e9s, en plus de
\n360\u00a0espaces de stationnement de courte dur\u00e9e. <\/p>\n
L\u2019EMPL ACEMENT DU PA RC L A NSDOW NE,
\nA INSI QUE LE S A M\u00c9LIOR ATIONS QUI Y ONT
\n\u00c9 T\u00c9 A PP ORT\u00c9E S AVA NT LE PROJE T DE
\nR\u00c9 A M\u00c9N AGEMENT. <\/p>\n
LE PA RC L A NSDOW NE R\u00c9 A M\u00c9N AG\u00c9. <\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
La Ville conserve
\nson droit de propri\u00e9t\u00e9,
\nmais elle a conclu un
\ncontrat de location \u00e0
\nlong terme (50\u00a0ans, avec
\ndeux options de 10\u00a0ans)
\navec Lansdowne Retail
\nLimited Partnership
\npour les locaux de
\nvente au d\u00e9tail et
\nle stationnement \u00e0
\nl\u2019int\u00e9rieur du garage de
\nstationnement. Pendant
\nla p\u00e9riode initiale, les
\nlocaux sont lou\u00e9s \u00e0
\nun prix symbolique.
\nLa valeur marchande
\nde la location a \u00e9t\u00e9
\ncalcul\u00e9e selon sa
\nvaleur sous-jacente par
\nrapport au zonage de <\/p>\n
360\u00a0000\u00a0pieds carr\u00e9s consacr\u00e9s \u00e0 la vente au d\u00e9tail d\u2019engagements
\nconnexes. Cette valeur fut incluse dans la contribution de la ville \u00e0
\nl’\u00e9quit\u00e9 du partenariat. La Ville a droit de partager ses \u00e9tats financiers
\nsur la g\u00e9n\u00e9ration de revenus par l\u2019aspect vente au d\u00e9tail au moyen d\u2019un
\nsyst\u00e8me financier ferm\u00e9 \u00e0 compter de la 30e\u00a0ann\u00e9e et elle est tenue de
\nrecevoir 50\u00a0% des revenus nets engendr\u00e9s par la vente au d\u00e9tail. <\/p>\n
En vertu des conditions op\u00e9rationnelles du plan de partenariat
\navec l\u2019OSEG, la Ville d\u00e9tient tous les droits relatifs \u00e0 la propri\u00e9t\u00e9 du
\ndessus des locaux de vente au d\u00e9tail et du garage de stationnement.
\nLa vente des droits relatifs \u00e0 la propri\u00e9t\u00e9 du dessus des immeubles \u00e0
\nlogements r\u00e9sidentiels et la location du bureau ont servi partiellement
\n\u00e0 financer la contribution en capitaux de la Ville pour les travaux de
\nr\u00e9novation du stade. <\/p>\n
La Ville a termin\u00e9 un processus en deux \u00e9tapes, qui comprenait
\nune demande de manifestations d\u2019int\u00e9r\u00eat (DMI) et une demande
\nde propositions (DP) concernant les \u00e9l\u00e9ments relatifs \u00e0 la propri\u00e9t\u00e9
\ndu dessus. Elle a donc re\u00e7u trois offres \u00e0 cet \u00e9gard et la soumission
\nretenue f\u00fbt celle de Minto Communities Inc., qui se chiffrait \u00e0
\n11,37\u00a0millions de dollars pour 280\u00a0unit\u00e9s r\u00e9sidentielles fond\u00e9es
\nsur une densit\u00e9 d\u2019unit\u00e9 par habitation. Par ailleurs, la soumission
\ncontenait \u00e9galement 280\u00a0espaces de stationnement, permettant
\nainsi d\u2019engendrer des droits relatifs \u00e0 la propri\u00e9t\u00e9 du dessus de
\n19,14\u00a0millions de dollars, totalisant 30,5\u00a0millions de dollars, et
\nune offre de location des droits relatifs \u00e0 la propri\u00e9t\u00e9 du dessus
\ndes locaux d\u2019environ 100\u00a0000\u00a0pieds carr\u00e9s (50\u00a0ans avec options de
\nrenouvellement) \u00e0 Minto Properties Inc. <\/p>\n
STATIONNEMENT
\nLe garage de stationnement souterrain d\u2019un \u00e9tage contient
\n1\u00a0370\u00a0espaces de stationnement et poss\u00e8de une superficie de
\n450\u00a0000\u00a0pieds approximativement. La Ville \u00e9tait charg\u00e9e de
\nfinancer 640\u00a0espaces en vertu de l’entente de partenariat. En plus
\ndu stationnement souterrain, on retrouve environ 40\u00a0espaces de
\nstationnement ext\u00e9rieurs pr\u00e8s de la zone \u00e0 usages mixtes. Elle <\/p>\n
a \u00e9t\u00e9 con\u00e7ue et am\u00e9nag\u00e9e dans l\u2019optique d\u2019une zone pi\u00e9tonne,
\no\u00f9 les v\u00e9hicules seront limit\u00e9s aux rues l\u2019entourant. Les espaces
\nde stationnement ext\u00e9rieurs seront de courte dur\u00e9e et serviront
\nprincipalement de lieux de d\u00e9barquement et d\u2019embarquement des
\ntaxis et des autobus de la Ville. <\/p>\n
La mise en \u0153uvre du PPL a exig\u00e9 une grande diligence raisonnable
\nrelativement \u00e0 l\u2019obtention des autorisations n\u00e9cessaires et fera appel
\n\u00e0 une surveillance continue de la conformit\u00e9. Un r\u00e9sum\u00e9 des d\u00e9fis
\nl\u00e9gislatifs est \u00e9nonc\u00e9 ci-dessous. <\/p>\n
Planification : zonage, plan du site et approbations
\nconcernant la protection du patrimoine
\nL\u2019\u00e9quipe du projet int\u00e9gr\u00e9 (la Ville et l\u2019OSEG) ont obtenu les
\ndiff\u00e9rentes autorisations en mati\u00e8re de planification requises en vue
\ndes travaux de r\u00e9am\u00e9nagement global \u00e0 la suite des directives du
\nConseil en juin\u00a02010 conform\u00e9ment auxquelles le personnel a entam\u00e9
\nles processus li\u00e9s aux approbations de planification, notamment un
\nchangement de zonage pour construire les \u00e9l\u00e9ments commerciaux
\net r\u00e9sidentiels du projet d\u2019am\u00e9nagement, l\u2019approbation du plan
\ndu site dans le cadre d\u2019un proc\u00e9d\u00e9 \u00e0 deux \u00e9tapes et l\u2019obtention
\ndes approbations concernant la protection du patrimoine pour le
\nd\u00e9m\u00e9nagement du b\u00e2timent de l\u2019Horticulture et des modifications
\n\u00e0 la servitude de la Fiducie du patrimoine ontarien (FPO).
\nL\u2019approbation finale de la modification du zonage a \u00e9t\u00e9 donn\u00e9e par la
\nCommission des affaires municipales de l\u2019Ontario au printemps\u00a02011;
\nles approbations finales concernant la protection du patrimoine pour
\nle d\u00e9m\u00e9nagement du b\u00e2timent de l\u2019Horticulture ont \u00e9t\u00e9 obtenues
\naupr\u00e8s du Conseil au d\u00e9but de l\u2019\u00e9t\u00e9\u00a02011 et de la FPO en vertu des
\ndispositions de son entente de servitude \u00e0 l\u2019automne\u00a02012; et le
\nplan du site a \u00e9t\u00e9 approuv\u00e9 par le Conseil lors de la premi\u00e8re \u00e9tape
\ndu processus en novembre\u00a02010, alors que le personnel jouissant
\nd\u2019un pouvoir d\u00e9l\u00e9gu\u00e9 d\u2019approbation a donn\u00e9 son accord durant la
\ndeuxi\u00e8me \u00e9tape du processus en janvier\u00a02012. <\/p>\n
Les plans globaux de revitalisation, sur lesquels les approbations
\nen mati\u00e8re de planification ont \u00e9t\u00e9 fond\u00e9es, ont \u00e9t\u00e9 \u00e9labor\u00e9s au
\nmoyen d\u2019un processus continu d\u2019examen de la conception men\u00e9
\npar deux commissions d\u2019examen ind\u00e9pendantes nomm\u00e9es par le
\nConseil. Durant le processus formel d\u2019obtention des approbations en
\nmati\u00e8re de planification, de nombreux documents sur la conception
\nd\u00e9finissant les lignes directrices, les principes et les orientations
\nrelativement \u00e0 la conception et au projet global de d\u00e9veloppement
\net contenant plusieurs \u00e9tudes techniques d\u00e9taill\u00e9es ont \u00e9t\u00e9 produits.
\nQuelques-unes de ces \u00e9tudes principales portaient sur la cr\u00e9ation
\nd\u2019une strat\u00e9gie exhaustive sur le transport durable. \u00c9galement,
\n\u00e0 l\u2019hiver\u00a02011, la Ville a tenu un concours international pour la
\nconception du parc urbain. <\/p>\n
D\u00e9signations patrimoniales
\nDans le cadre du processus d\u2019obtention des approbations aupr\u00e8s du
\nFPO relativement aux travaux de r\u00e9am\u00e9nagement, une entente de
\nservitude protectrice du patrimoine reconnaissant les importantes
\nam\u00e9liorations apport\u00e9es au parc Lansdowne a \u00e9t\u00e9 conclue. Elle
\nmaintient la protection du Pavillon Aberdeen en vertu de l\u2019entente de
\nservitude initiale, en plus de l\u2019\u00e9tendre au b\u00e2timent de l\u2019Horticulture
\nrelocalis\u00e9. La nouvelle entente de servitude a \u00e9galement pr\u00e9cis\u00e9 les <\/p>\n
L E S DROI T S REL AT IF S \u00c0
\nL A P ROP RI\u00c9 T \u00c9 AU-DE S SUS
\nD’UNI T \u00c9 S R\u00c9 SIDEN T IEL L E S E T
\nDE S LOC AU X \u00c0 BURE AU X . <\/p>\n
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corridors de vue nouveaux et am\u00e9lior\u00e9s d\u00e9finis pour ces b\u00e2timents.
\nLe conseil municipal a aussi r\u00e9it\u00e9r\u00e9 la d\u00e9signation du b\u00e2timent
\nde l\u2019Horticulture \u00e0 l\u2019\u00e9t\u00e9\u00a02014 \u00e0 la suite de son d\u00e9m\u00e9nagement
\nafin de r\u00e9affirmer sa d\u00e9signation patrimoniale municipale retir\u00e9e
\ntemporairement avant son d\u00e9placement et sa conversion adapt\u00e9e. <\/p>\n
En outre, durant le processus d\u2019obtention des approbations
\nmunicipales en mati\u00e8re de planification, des approbations f\u00e9d\u00e9rales
\net provinciales s\u2019av\u00e9raient \u00e9galement n\u00e9cessaires en ce qui a trait
\n\u00e0 la gestion des eaux de ruissellement (le fait qu\u2019elles se d\u00e9versent
\ndans le canal Rideau relevait du f\u00e9d\u00e9ral) et \u00e0 l\u2019assainissement de
\nl\u2019environnement du site, consid\u00e9r\u00e9 comme contamin\u00e9 (approbations
\nau niveau provincial). Pour se faire, la Ville a travaill\u00e9 avec le minist\u00e8re
\nde l\u2019Environnement (ME) pour mettre sur pied un processus
\nvisant \u00e0 r\u00e9gler les enjeux de sol contamin\u00e9 et les consid\u00e9rations
\nenvironnementales li\u00e9s au site. Du mat\u00e9riel contamin\u00e9 a \u00e9t\u00e9 retir\u00e9
\nde la partie nord du site, o\u00f9 se trouvait une portion du garage de
\nstationnement, et une grande quantit\u00e9 de ce sol a servi \u00e0 \u00e9riger une
\nberme d\u00e9limitant le c\u00f4t\u00e9 est du stade, r\u00e9alisant ainsi un objectif
\nprincipal en mati\u00e8re de conception d\u2019un stade \u00e0 l\u2019int\u00e9rieur d\u2019un parc.
\nDurant le processus, la Ville a obtenu le plan d\u2019\u00e9tat du site (PES)
\nrequis en vertu du projet. <\/p>\n
Durabilit\u00e9 de l\u2019environnement
\nLe programme de r\u00e9am\u00e9nagement du parc Lansdowne a pr\u00e9sent\u00e9
\nune demande de certification\u00a0Leed Or ND gr\u00e2ce \u00e0 une combinaison
\nde mesures d\u2019efficacit\u00e9 \u00e9nerg\u00e9tique, la conservation des mat\u00e9riaux
\net des ressources des b\u00e2timents, l\u2019am\u00e9lioration de la qualit\u00e9
\nenvironnementale \u00e0 l\u2019int\u00e9rieur, la conservation de l\u2019eau et les efforts
\nde qualit\u00e9, la r\u00e9duction de la pollution de chaleur et de lumi\u00e8re, le
\nrecours \u00e0 des m\u00e9thodes alternatives de transports qui ne consomment
\npas d\u2019essence, la pr\u00e9servation et la conversion adapt\u00e9e des b\u00e2timents
\nexistants et des structures historiques et l\u2019installation de toits verts. <\/p>\n
Accords juridiques
\nLa Ville et l\u2019OSEG ont fait preuve d\u2019une grande diligence raisonnable
\nlors de la conclusion de l\u2019entente de projet. Elle stipule les \u00e9l\u00e9ments
\nfinanciers et d\u2019autres aspects fondamentaux de la relation entre
\nles parties dans le cadre du projet et fournit un cadre relatif \u00e0
\nl\u2019\u00e9laboration d\u2019ententes propres au d\u00e9veloppement, notamment le
\nstade, les baux commerciaux et les nombreuses ententes r\u00e9ciproques
\nentre les composantes de mani\u00e8re \u00e0 obtenir une synergie en lien avec
\nle r\u00e9am\u00e9nagement du site. <\/p>\n
Litige
\nDes d\u00e9lais ont \u00e9t\u00e9 entra\u00een\u00e9s en raison d\u2019un litige engag\u00e9 par deux
\ngroupes communautaires locaux, soit Friends of Lansdowne
\nInc. et Lansdowne Conservancy. Des appels ont \u00e9galement \u00e9t\u00e9
\nintent\u00e9s en rapport au changement de zonage approuv\u00e9 par le
\nConseil et l\u2019approbation par le Conseil du retrait temporaire de
\nla d\u00e9signation du b\u00e2timent de l\u2019Horticulture pour permettre sa
\nrelocalisation. <\/p>\n
Mod\u00e8le financier
\nLe plan de partenariat du parc Lansdowne (PPL) est fond\u00e9
\nsur un syst\u00e8me financier ferm\u00e9 dans lequel sont consign\u00e9s les
\nd\u00e9penses en immobilisations et les contributions convenues
\nentre les deux parties, ainsi que les flux de tr\u00e9sorerie provenant
\ndes activit\u00e9s d\u2019exploitation qui serviront \u00e0 planifier les futures
\nremises en esp\u00e8ces \u00e0 la Ville et \u00e0 l\u2019OSEG. Le syst\u00e8me financier
\nferm\u00e9 englobe certains \u00e9l\u00e9ments physiques du projet de
\nr\u00e9am\u00e9nagement du parc Lansdowne, comme le parc urbain,
\nmais pas tous. La premi\u00e8re perception dans le syst\u00e8me ferm\u00e9
\nconsiste en une contribution fixe vers\u00e9e dans un fonds de r\u00e9serve
\nqui sera utilis\u00e9 lors des renouvellements du cycle de vie pour
\nveiller \u00e0 ce que les actifs, lorsqu\u2019ils seront remis \u00e0 la Ville \u00e0 la
\nsuite de l\u2019expiration des diff\u00e9rents baux de location, seront en
\nbon \u00e9tat et \u00e0 \u00e9viter qu\u2019ils ne se d\u00e9t\u00e9riorent de nouveau comme ce
\nfut le cas avant le projet de r\u00e9am\u00e9nagement. <\/p>\n
Il faut \u00e9galement noter que, dans le cadre du r\u00e9am\u00e9nagement
\ndu parc Lansdowne, le conseil municipal a approuv\u00e9 un appel de
\npropositions en 2010 visant \u00e0 remplacer le centre d\u2019exposition.
\nLe processus a men\u00e9 \u00e0 la construction d\u2019un nouveau centre
\nd\u2019exposition de plain-pied am\u00e9lior\u00e9 appel\u00e9 le Centre\u00a0EY, qui a
\nouvert ses portes en 2012. D\u2019une superficie de 218\u00a0000\u00a0pieds
\ncarr\u00e9s (150\u00a0000\u00a0pieds carr\u00e9s consacr\u00e9s aux expositions, en plus
\nd\u2019aires communes et de services totalisant 68\u00a0000\u00a0pieds carr\u00e9s),
\nil a \u00e9t\u00e9 construit par la soci\u00e9t\u00e9 Shenkman Corporation et se situe
\npr\u00e8s de l\u2019a\u00e9roport MacDonald-Cartier. Ce projet ne faisait pas
\npartie du plan de partenariat du parc Lansdowne, mais s\u2019av\u00e9rait
\nn\u00e9cessaire en raison du r\u00e9am\u00e9nagement de celui-ci. <\/p>\n
R\u00c9SUM\u00c9
\nLe r\u00e9am\u00e9nagement du parc Lansdowne concr\u00e9tise la vision de
\ntransformer ce site historique par le biais d\u2019un partenariat public-
\npriv\u00e9 en un endroit public unique et dynamique, dont toutes les
\nterres, \u00e0 l\u2019exception des droits relatifs \u00e0 la propri\u00e9t\u00e9 r\u00e9sidentielle
\ndu dessus, qui demeure toujours sous la propri\u00e9t\u00e9 de la Ville. <\/p>\n
Voici un exemple de la fa\u00e7on dont Ottawa met en
\n\u0153uvre des principes li\u00e9s \u00e0 la croissance intelligente, la
\ndurabilit\u00e9 et la cr\u00e9ation de lieux en int\u00e9grant les loisirs
\nactifs, les usages mixtes, de nouveaux espaces verts, et une
\nconception et un d\u00e9veloppement innovateurs pour \u00e9tablir
\nun endroit qui sera le joyau de la ville, attirant ainsi \u00e0 la
\nfois des visiteurs et des r\u00e9sidents de la ville et de la r\u00e9gion
\nqui viendront en faire l\u2019exp\u00e9rience et participer aux
\nactivit\u00e9s organis\u00e9es. Le projet de r\u00e9am\u00e9nagement r\u00e9it\u00e8re
\nla fonction historique du parc Lansdowne, mais dans le
\ncontexte d\u2019un lieu urbain du 21e si\u00e8cle. <\/p>\n
L E CEN T RE E Y, UN CEN T RE D’E X P O SI T ION.<\/p>\n
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A s Canada\u2019s authority on housing, Canada Mortgage and Housing Corporation (CMHC) contributes to the stability of the housing market and financial system,
\nprovides support for Canadians in housing need, and offers
\nobjective housing research and information to Canadian
\ngovernments, consumers and the housing industry. CMHC
\ncontributes to stable housing markets by providing information
\nthat helps businesses, governments and the public make
\ninformed decisions about housing. <\/p>\n
CMHC is committed to expanding both the extent and the
\nusefulness of housing data and analysis that is publicly available.
\nIt recognizes that there are significant data and information gaps,
\nand is working to identify and, where appropriate, fill them.<\/p>\n
For members of the Appraisal Institute of Canada (AIC)
\nand their clients, the ability to make sound business decisions
\nregarding investment and development of Canada\u2019s rental housing
\nmarket can depend on the availability of market data and analysis
\nthat is geographically relevant, accurate and up to date. <\/p>\n
CMHC conducts several surveys which, together, provide
\na comprehensive, timely and informative picture of Canada\u2019s
\nrental markets. CMHC\u2019s suite of rental market products is
\ncomprised of three main subject areas: the Primary Rental
\nMarket, the Secondary Condominium Rental Market and the
\nSecondary Non-Condominium Rental Market. This article
\nprovides an overview of the information available in all three
\nareas from CMHC and includes the most recent survey results. <\/p>\n
Primary rental market
\nCMHC conducts the Rental Market Survey (RMS) in the spring
\nand fall. This survey gathers information on the primary rental
\nmarket in urban areas with a population of at least 10,000. The
\nprimary rental market, in general, refers to privately-initiated
\nstructures that are intended to supply the rental market. The RMS
\nspecifically targets privately initiated structures with at least three
\nrental units, which have been on the market for at least three
\nmonths. All other structures that supply the rental market are
\nconsidered to be part of the secondary rental market, which is
\ndiscussed in greater detail below. <\/p>\n
The RMS is conducted by a combination of telephone
\ninterviews and site visits, and information is obtained from the
\nowner, manager, or building superintendent for all sampled
\nstructures. The information collected provides a snapshot of
\nvacancy rates and average rent levels for the primary rental
\nmarket. A measure for the change in rent from the previous year <\/p>\n
is also calculated, based on structures that were common to
\nboth the previous and current year\u0300 s survey. <\/p>\n
Rental Market Survey Reports are available at various
\ngeographic levels, including National and Provincial
\nHighlights publications, which provide information for Census
\nMetropolitan Areas (CMAs) and Census Agglomerations (CAs)
\nin spring and fall editions. Rental Market Reports for Major
\nCentres provide finer geographic breakdowns and are published
\nonce a year in the fall. Detailed rental market information is
\nalso available through CMHC\u2019s web-based Portal. <\/p>\n
Rental housing market
\ninformation and products<\/p>\n
BY C A N A DA MOR TGAGE A ND HOUSING CORP OR AT ION<\/p>\n
FIGURE 1: Primary Rental Market Vacancy Rate,
\nOctober 2013 and October 2014<\/p>\n
FIGURE 2: Primary Rental Market Average Rent,
\nOctober 2013 and October 2014<\/p>\n
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Secondary rental market \u2013 condominiums
\nCMHC also conducts a Secondary Rental Market Survey
\n(SRMS) each fall. This survey gathers information on those
\ndwellings not covered by the regular RMS, including rented
\ncondominiums. Rented condominiums can be of any dwelling
\ntype, but are primarily condominium apartments. There are two
\nmain component surveys dedicated to the condominium rental
\nmarket: The Condominium Apartment Rent Survey of a sample
\nof households living in condominium apartments which collects
\ninformation on rents, and; the Condominium Apartment Vacancy
\nSurvey of a sample of condominium apartment owners, managers
\nor building superintendents which collects vacancy information. <\/p>\n
Rented condominium apartments are surveyed in the
\nfollowing 11 CMAs: Vancouver, Victoria, Calgary, Edmonton,
\nRegina, Saskatoon, Winnipeg, Toronto, Ottawa, Montr\u00e9al
\nand Qu\u00e9bec. CMHC publishes information on the number
\nof units rented and vacancy rates for rented condominiums in <\/p>\n
FIGURE 3: Rental Apartment Condominium
\nVacancy Rates compared to Conventional Market
\nApartment Vacancy Rates, October 2014<\/p>\n
FIGURE 4: Share of Rented Condominium Units,
\nOctober 2013 and October 2014<\/p>\n
all 11 CMAs, and average rents for rented condominiums in 9
\nof 111 CMAs. This information is published in the fall Rental
\nMarket Reports, Canada and Provincial Highlights as well as
\nthe fall Rental Market Reports of the respective major centres.
\nHistorical data is available back to the reference year of 2006,
\nwhen the SRMS was introduced, although rented condominium
\ndata is not available over that time frame for all 11 CMAs, as
\nsome jurisdictions were introduced later than 2006. Detailed
\ncondominium rental market information is also available
\nthrough CMHC\u2019s web-based portal. <\/p>\n
FIGURE 5: Foreign Share of Condominium
\nApartment Units in Selected CMAs, October 2014<\/p>\n
The following letter codes are used to
\nindicate the reliability of the estimates:
\na – Excellent, b – Very good, c – Good, d – Fair (Use with Caution)
\n** Data suppressed to protect confidentiality or data not
\nstatistically reliable.
\n++ Change in rent is not statistically significant. This means that
\nthe change in rent is not statistically different than zero (0).
\nn\/u: No units exist in the universe for this category n\/s: No units
\nexist in the sample for this category n\/a: Not applicable<\/p>\n
Vancouver
\nBurrard Peninsula
\nVancouver Westside
\nVancouver Eastside<\/p>\n
Suburban Vancouver
\nSubtotal – Vancouver City<\/p>\n
Total – Vancouver City<\/p>\n
Subtotal – Toronto City<\/p>\n
Total – Toronto GTA
\nTotal – Toronto CMA<\/p>\n
Subtotal – Montr\u00e9al Island<\/p>\n
Total – Montr\u00e9al Island<\/p>\n
Remainder of CMA<\/p>\n
Centre<\/p>\n
West
\nEast<\/p>\n
North<\/p>\n
Remainder of GTA<\/p>\n
Downtown and Nun’s Island<\/p>\n
Outer Centre
\nWest of Island of Montr\u00e9al<\/p>\n
East of Island of Montr\u00e9al<\/p>\n
Remainder of CMA<\/p>\n
Geography Percent Reliability<\/p>\n
Toronto<\/p>\n
Montr\u00e9al<\/p>\n
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In addition, in the fall of 2014, the Condominium
\nApartment Vacancy Survey introduced a new question for
\nproperty managers, which asks for information on the total
\nnumber of condominium apartment units owned by people
\nwhose permanent residence is outside of Canada. This provides
\nan estimate of the foreign investor rate in the 11 CMAs
\nsurveyed. This survey question does not differentiate among
\nrented condominium units and owner-occupied condominium
\nunits, so it provides an estimate of foreign ownership of all
\ncondominium apartments. <\/p>\n
Secondary rental market \u2013
\nother, non-condominium housing types
\nIn addition to information on the rented condominium
\napartment segment of the rental housing market, the SRMS
\nalso collects information on other rental dwellings not covered
\nby the regular RMS. This includes rented single-detached
\nhomes, rented semi-detached (double) homes, rented freehold
\nrow\/town homes, rented duplex apartments (i.e., one-above-
\nother), rented accessory apartments (separate dwelling units
\nthat are located within the structure of another dwelling type),
\nand one or two apartments which are part of a commercial or
\nother type of structure. <\/p>\n
These types of non-condominium, secondary rental
\nmarket dwellings are the subject of CMHC\u2019s Household Rent
\nSurvey of households that dwell in these units, which collects
\ninformation on rents. This survey is conducted in the 16
\ncentres of Abbotsford, Barrie, Calgary, Edmonton, Halifax,
\nMontr\u00e9al, Ottawa, Qu\u00e9bec, St. John\u2019s, Toronto, Winnipeg,
\nRegina, Saskatoon, Kelowna, Vancouver and Victoria.
\nDetailed results are published in the fall Rental Market Report
\nfor the particular major centres, and is also available through
\nCMHC\u2019s web-based portal. <\/p>\n
Further information on CMHC\u2019s
\nweb-based Housing Market Information Portal
\nThe web-based portal lets the housing industry, policy makers,
\nstakeholders and consumers access a wealth of housing market
\ninformation in one easy, free location. The portal significantly
\nimproves the ability of CMHC\u2019s Market Analysis Centre to provide
\ntimely, relevant and transparent information on Canada\u2019s housing
\nmarkets to help CMHC\u2019s clients make more informed decisions.<\/p>\n
The portal is organized around four different views,
\nallowing visitors to get the information they need in the way
\nthat works best for them. Each of the four views features an
\ninteractive map of Canada that users can click on to focus on
\nspecific areas of interest, from a particular neighbourhood to a
\nmunicipality, a province or all of Canada. For more details or
\nto view the new portal, visit www.cmhc.ca\/hmiportal.<\/p>\n
Highlights of the Housing Market Information Portal
\n \ufffd The Housing Market Information Portal contains housing
\nmarket data and analysis from 1990 through to today and
\nis updated regularly with the latest results from various
\nhousing market surveys.<\/p>\n
\ufffd The portal offers detailed data for thousands of geographic
\nlocations across Canada.<\/p>\n
\ufffd As a result, the portal contains hundreds of thousands of
\npotential tables, charts and maps, many of which can be
\ncustomized to the specific needs of almost any client or user.<\/p>\n
End note
\n1 The Condominium Apartment Rent Survey does not collect <\/p>\n
rent data for Regina and Saskatoon because the number of
\nrental condominiums in these two CMAs is not sufficient to
\nderive rent estimates. <\/p>\n
FIGURE 6A: Non-Condominium, Secondary Rented
\nUnit Average Rents ($) by Dwelling Type in Selected
\nCMAs, October 2014<\/p>\n
FIGURE 6B: Non-Condominium, Secondary Rented
\nUnit Average Rents ($) by Dwelling Type in Selected
\nCMAs, October 2014<\/p>\n
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http:\/\/www.cmhc.ca\/hmiportal<\/p>\n
E n tant qu\u2019autorit\u00e9 en mati\u00e8re d\u2019habitation au Canada, la Soci\u00e9t\u00e9 canadienne d\u2019hypoth\u00e8ques et de logement (SCHL) contribue \u00e0 la stabilit\u00e9 du march\u00e9 de l\u2019habitation et du syst\u00e8me financier,
\nelle vient en aide aux Canadiens dans le besoin et elle fournit des
\ndonn\u00e9es et des r\u00e9sultats de recherches objectifs aux gouvernements,
\naux consommateurs et au secteur de l\u2019habitation. Elle contribue \u00e0 la
\nstabilit\u00e9 des march\u00e9s de l\u2019habitation en fournissant de l\u2019information
\nqui permet aux entreprises, aux gouvernements et au public de prendre
\ndes d\u00e9cisions \u00e9clair\u00e9es en mati\u00e8re de logement.<\/p>\n
La SCHL est d\u00e9termin\u00e9e \u00e0 accro\u00eetre l\u2019\u00e9tendue et l\u2019utilit\u00e9 des
\ndonn\u00e9es et des analyses sur le logement qui sont accessibles au
\npublic. Elle reconna\u00eet qu\u2019il existe d\u2019importantes lacunes dans les
\ndonn\u00e9es et l\u2019information et travaille en vue de les cerner et, le cas
\n\u00e9ch\u00e9ant, de les combler.<\/p>\n
Les membres de l\u2019Institut canadien des \u00e9valuateurs et leurs clients
\ndoivent \u00eatre en mesure de prendre des d\u00e9cisions \u00e9clair\u00e9es au moment
\nd\u2019investir sur le march\u00e9 locatif canadien et de le d\u00e9velopper. Pour
\nce faire, ils doivent pouvoir compter sur des analyses et des donn\u00e9es
\njustes, \u00e0 jour et pertinentes pour leur\u00a0localit\u00e9. <\/p>\n
La SCHL r\u00e9alise plusieurs enqu\u00eates qui, prises ensemble, brossent
\nun tableau complet, actuel et informatif des march\u00e9s locatifs au
\npays. Sa collection de produits sur ces march\u00e9s se divise entre trois
\ngrands domaines, \u00e0 savoir le march\u00e9 locatif primaire, le march\u00e9 locatif
\nsecondaire des copropri\u00e9t\u00e9s et le march\u00e9 secondaire constitu\u00e9 de
\nlogements autres que des copropri\u00e9t\u00e9s. Le pr\u00e9sent article renferme un
\naper\u00e7u des renseignements disponibles sur chacun de ces trois march\u00e9s
\net pr\u00e9sente les plus r\u00e9centes donn\u00e9es d\u2019enqu\u00eate recueillies par la\u00a0SCHL. <\/p>\n
March\u00e9 locatif primaire
\nLa SCHL m\u00e8ne l\u2019Enqu\u00eate sur les logements locatifs au printemps et \u00e0
\nl\u2019automne. L\u2019enqu\u00eate r\u00e9unit des renseignements sur le march\u00e9 locatif
\nprimaire des centres urbains de\u00a010 000 habitants ou plus. De
\nfa\u00e7on g\u00e9n\u00e9rale, on entend par march\u00e9 locatif primaire les ensembles de
\nlogements d\u2019initiative priv\u00e9e qui sont donn\u00e9s en location. L\u2019Enqu\u00eate
\nvise plus pr\u00e9cis\u00e9ment les immeubles d\u2019initiative priv\u00e9e qui comptent
\nau moins trois logements locatifs sur le march\u00e9 depuis au moins trois
\nmois. Les autres immeubles locatifs font partie du march\u00e9 locatif
\nsecondaire, dont il sera question plus\u00a0loin. <\/p>\n
L\u2019Enqu\u00eate se fait par t\u00e9l\u00e9phone ou sur place, et l\u2019information est
\nobtenue du propri\u00e9taire, du gestionnaire ou du concierge pour tous
\nles immeubles de l\u2019\u00e9chantillon. Les donn\u00e9es recueillies permettent de
\nconna\u00eetre les taux d\u2019inoccupation et les loyers moyens sur le march\u00e9
\nlocatif primaire. La variation des loyers d\u2019une ann\u00e9e sur l\u2019autre est
\ncalcul\u00e9e \u00e0 partir des loyers pratiqu\u00e9s dans les immeubles qu\u2019ont en
\ncommun l\u2019enqu\u00eate de l\u2019ann\u00e9e en cours et celle de l\u2019ann\u00e9e pr\u00e9c\u00e9dente. <\/p>\n
Des \u00e9ditions du Rapport sur le march\u00e9 locatif sont publi\u00e9es
\npour diff\u00e9rents niveaux g\u00e9ographiques, dont les \u00e9ditions des Faits
\nsaillants pour le Canada et les diff\u00e9rentes provinces. Ces publications
\nfournissent des donn\u00e9es par r\u00e9gion m\u00e9tropolitaine de recensement
\n(RMR) et par agglom\u00e9ration de recensement\u00a0(AR), au printemps
\net \u00e0 l\u2019automne. Les \u00e9ditions du Rapport sur le march\u00e9 locatif pour
\nles grands centres fournissent des ventilations par secteur plus
\nd\u00e9taill\u00e9es; elles sont publi\u00e9es une fois l\u2019an, \u00e0 l\u2019automne. Le Portail
\nde l\u2019information sur le march\u00e9 de l\u2019habitation, sur le site Web de la
\nSCHL, offre \u00e9galement des renseignements d\u00e9taill\u00e9s sur le march\u00e9
\ndes logements\u00a0locatifs. <\/p>\n
Aper\u00e7u des produits et donn\u00e9es
\nsur le march\u00e9 locatif offerts <\/p>\n
P A R L A S O C I \u00c9 T \u00c9 C A N A D I E N N E <\/p>\n
D \u2019 H Y P O T H \u00c8 Q U E S E T D E L O G E M E N T <\/p>\n
FIGURE 1 : Taux d\u2019inoccupation sur le march\u00e9
\nlocatif primaire, octobre 2013 et octobre 2014<\/p>\n
FIGURE 2 : Loyer moyen sur le march\u00e9 locatif
\nprimaire, octobre 2013 et octobre 2014<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
March\u00e9 locatif secondaire \u2013 Copropri\u00e9t\u00e9s
\nLa SCHL r\u00e9alise, \u00e9galement \u00e0 l\u2019automne, l\u2019Enqu\u00eate sur le march\u00e9
\nlocatif secondaire. Cette enqu\u00eate r\u00e9unit des donn\u00e9es sur les
\nlogements qui ne sont pas vis\u00e9s par l\u2019Enqu\u00eate sur les logements
\nlocatifs, notamment sur les copropri\u00e9t\u00e9s offertes en location.
\nLa cat\u00e9gorie des copropri\u00e9t\u00e9s locatives englobe tous les types de
\ncopropri\u00e9t\u00e9s, mais elle est essentiellement form\u00e9e d\u2019appartements.
\nLes deux volets les plus importants des enqu\u00eates sur cette cat\u00e9gorie
\nde logements locatifs sont l\u2019Enqu\u00eate sur les loyers des appartements
\nen copropri\u00e9t\u00e9, qui est men\u00e9e aupr\u00e8s d\u2019un \u00e9chantillon de m\u00e9nages
\nvivant dans de tels appartements, et l\u2019Enqu\u00eate sur les taux
\nd\u2019inoccupation des appartements en copropri\u00e9t\u00e9, qui est r\u00e9alis\u00e9e
\naupr\u00e8s d\u2019un \u00e9chantillon de propri\u00e9taires, de gestionnaires ou de
\nconcierges d\u2019ensembles d\u2019appartements en copropri\u00e9t\u00e9.<\/p>\n
Les enqu\u00eates sur les appartements en copropri\u00e9t\u00e9 donn\u00e9s en
\nlocation sont r\u00e9alis\u00e9es dans les onze RMR suivantes\u00a0: Vancouver,
\nVictoria, Calgary, Edmonton, Regina, Saskatoon, Winnipeg,
\nToronto, Ottawa, Montr\u00e9al et\u00a0Qu\u00e9bec. La SCHL publie des <\/p>\n
FIGURE 3 : Taux d\u2019inoccupation des appartements
\nen copropri\u00e9t\u00e9 offerts en location et des
\nappartements locatifs traditionnels, octobre 2014<\/p>\n
FIGURE 4 : Appartements en copropri\u00e9t\u00e9 offerts
\nen location en pourcentage de l\u2019ensemble des
\ncopropri\u00e9t\u00e9s, octobre 2013 et octobre 2014<\/p>\n
FIGURE 5 : Pourcentage d\u2019appartements en
\ncopropri\u00e9t\u00e9 appartenant \u00e0 des investisseurs
\n\u00e9trangers dans certaines RMR, octobre 2014<\/p>\n
Les lettres suivantes indiquent le
\ndegr\u00e9 de fiabilit\u00e9 des donn\u00e9es estimatives :
\na – Excellent, b – Tr\u00e8s bon, c – Bon, d – Passable (utiliser avec prudence)
\n** Donn\u00e9e non fournie pour des raisons de confidentialit\u00e9 ou de
\nfiabilit\u00e9 statistique.
\n++ La variation du loyer n\u2019est pas statistiquement significative, autrement
\ndit, elle n\u2019est pas diff\u00e9rente de z\u00e9ro (0) sur le plan statistique.
\na.l.u. : Aucun logement de cette cat\u00e9gorie dans l\u2019univers; a.l.e. :
\nAucun logement de cette cat\u00e9gorie dans l\u2019\u00e9chantillon; s.o. : sans objet<\/p>\n
Vancouver
\nP\u00e9ninsule Burrard
\nVancouver Ouest
\nVancouver Est<\/p>\n
Banlieue de Vancouver<\/p>\n
Sous-total – Ville de Vancouver<\/p>\n
Total – RMR de Vancouver<\/p>\n
Sous-total – Ville de Toronto<\/p>\n
Total – Grand Toronto<\/p>\n
Total – RMR de Toronto<\/p>\n
Sous-total – \u00cele de Montr\u00e9al<\/p>\n
Total – RMR de Montr\u00e9al<\/p>\n
Reste de la RMR<\/p>\n
Centre<\/p>\n
Ouest
\nEst<\/p>\n
Nord<\/p>\n
Reste du Grand Toronto<\/p>\n
Centre-ville et \u00cele-des-Soeurs<\/p>\n
P\u00e9ricentre<\/p>\n
Ouest de l’\u00eele de Montr\u00e9al<\/p>\n
Est de l’\u00eele de Montr\u00e9al<\/p>\n
Reste de la RMR<\/p>\n
R\u00e9gion Pourcentage Indicateur
\nde qualit\u00e9<\/p>\n
Toronto<\/p>\n
Montr\u00e9al<\/p>\n
renseignements sur le nombre de copropri\u00e9t\u00e9s offertes en location et
\nsur leur taux d\u2019inoccupation dans les onze RMR susmentionn\u00e9es; elle
\ncalcule \u00e9galement le loyer moyen pour les copropri\u00e9t\u00e9s locatives de
\nneuf de ces onze\u00a0RMR.1 Cette information est diffus\u00e9e \u00e0 l\u2019automne
\ndans le Rapport sur le march\u00e9 locatif : faits saillants pour le Canada et
\npour les diff\u00e9rentes provinces et dans le Rapport sur le march\u00e9 locatif
\ndes grands centres urbains. Les s\u00e9ries chronologiques remontent
\n\u00e0\u00a02006, ann\u00e9e de r\u00e9f\u00e9rence\u00a0marquant la r\u00e9alisation de la premi\u00e8re
\nEnqu\u00eate sur le march\u00e9 locatif secondaire. Dans certains cas, on <\/p>\n
1,5 %<\/p>\n
2,3 %<\/p>\n
2,4 %
\n2,3 %<\/p>\n
2,7 %<\/p>\n
2,3 %<\/p>\n
3,4 %<\/p>\n
5,8 %<\/p>\n
1,5 %
\n0,8 %<\/p>\n
2,3 %
\n0,6 %<\/p>\n
4,3 %<\/p>\n
1,1 %<\/p>\n
1,2 %<\/p>\n
1,5 %<\/p>\n
1,1 %<\/p>\n
6,9 %<\/p>\n
1,2 %<\/p>\n
1,3 %<\/p>\n
0,8 %<\/p>\n
0,4 %<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
ne dispose pas donn\u00e9es sur les copropri\u00e9t\u00e9s offertes en location
\npour l\u2019ensemble de la p\u00e9riode et la totalit\u00e9 des RMR, car certaines
\nd\u2019entre elles sont entr\u00e9es dans le champ d\u2019observation de l\u2019Enqu\u00eate
\napr\u00e8s\u00a02006. Le Portail de l\u2019information sur le march\u00e9 de l\u2019habitation,
\nsur le site Web de la SCHL, offre \u00e9galement des renseignements
\nd\u00e9taill\u00e9s sur le march\u00e9 des copropri\u00e9t\u00e9s offertes en\u00a0location. <\/p>\n
\u00c0 l\u2019automne\u00a02014, l\u2019Enqu\u00eate sur les taux d\u2019inoccupation des
\nappartements en copropri\u00e9t\u00e9 comportait une nouvelle question,
\n\u00e0 l\u2019intention des gestionnaires d\u2019immeubles, sur le nombre total
\nd\u2019appartements en copropri\u00e9t\u00e9 appartenant \u00e0 des personnes dont la
\nr\u00e9sidence permanente est \u00e0 l\u2019\u00e9tranger. La r\u00e9ponse \u00e0 cette question a
\npermis d\u2019estimer le taux d\u2019investisseurs \u00e9trangers dans les onze\u00a0RMR
\nvis\u00e9es par l\u2019Enqu\u00eate. Elle ne permet toutefois pas d\u2019\u00e9tablir une
\ndistinction entre les unit\u00e9s donn\u00e9es en location et celles occup\u00e9es
\npar leur propri\u00e9taire\u00a0: elle refl\u00e8te donc le taux global estimatif
\nd\u2019investisseurs\u00a0\u00e9trangers sur le march\u00e9 des copropri\u00e9t\u00e9s\u00a0locatives. <\/p>\n
March\u00e9 locatif secondaire \u2013
\nLogements autres que les copropri\u00e9t\u00e9s
\nEn plus de recueillir des donn\u00e9es sur les appartements en
\ncopropri\u00e9t\u00e9, l\u2019Enqu\u00eate sur le march\u00e9 locatif secondaire r\u00e9unit
\nde l\u2019information sur les autres types de logements donn\u00e9s en
\nlocation et non vis\u00e9s par l\u2019Enqu\u00eate sur les logements locatifs.
\nParmi ces autres types de logements locatifs, il y a les maisons
\nindividuelles, les jumel\u00e9s, les maisons en rang\u00e9e en propri\u00e9t\u00e9
\nabsolue, les appartements en duplex (immeubles comptant deux
\nlogements superpos\u00e9s), les appartements accessoires (logements
\ndistincts situ\u00e9s \u00e0 l\u2019int\u00e9rieur d\u2019une habitation) et les appartements
\nsitu\u00e9s dans un b\u00e2timent commercial ou un autre type d\u2019immeuble
\nrenfermant un ou deux logements. <\/p>\n
Les logements offerts sur le march\u00e9 locatif secondaire \u2013 autres
\nque les copropri\u00e9t\u00e9s \u2013 sont vis\u00e9s par l\u2019Enqu\u00eate aupr\u00e8s des m\u00e9nages
\nsur les loyers men\u00e9e par la SCHL dans les seize centres suivants\u00a0:
\nAbbotsford, Barrie, Calgary, Edmonton, Halifax, Montr\u00e9al,
\nOttawa, Qu\u00e9bec, St.\u00a0John\u2019s, Toronto, Winnipeg, Regina,
\nSaskatoon, Kelowna, Vancouver et Victoria. Les \u00e9ditions du
\nRapport sur le march\u00e9 locatif publi\u00e9es \u00e0 l\u2019automne pour ces grands
\ncentres referment des renseignements d\u00e9taill\u00e9s, qui sont \u00e9galement
\ndiffus\u00e9s au moyen du Portail de l\u2019information sur le march\u00e9 de
\nl\u2019habitation, sur le site Web de la SCHL. <\/p>\n
Renseignements suppl\u00e9mentaires offerts dans le
\nPortail de l\u2019information sur le march\u00e9 de l\u2019habitation,
\noutil disponible sur le site Web de la SCHL
\nGr\u00e2ce \u00e0 ce Portail Web, les membres du secteur de l\u2019habitation,
\nles d\u00e9cideurs, les consommateurs et les autres parties prenantes
\npeuvent acc\u00e9der \u00e0 une mine de renseignements sur le march\u00e9
\nde l\u2019habitation en un seul emplacement gratuit et facile d\u2019acc\u00e8s.
\nLe Portail am\u00e9liore consid\u00e9rablement la capacit\u00e9 du Centre
\nd\u2019analyse de march\u00e9 de la SCHL \u00e0 fournir des renseignements
\nopportuns, pertinents et transparents sur les march\u00e9s de
\nl\u2019habitation du Canada, permettant ainsi \u00e0 tous les clients de la
\nSCHL de prendre des d\u00e9cisions \u00e9clair\u00e9es.<\/p>\n
Le Portail s\u2019articule autour de quatre vues qui permettent
\naux utilisateurs d\u2019obtenir l\u2019information qu\u2019ils recherchent de la
\nmani\u00e8re qui leur convient le mieux. Chacune des quatre vues
\ncontient une carte interactive du Canada sur laquelle on peut
\ncliquer pour se concentrer sur la zone voulue, qu\u2019il s\u2019agisse d\u2019un
\nquartier, d\u2019une municipalit\u00e9, d\u2019une province ou de l\u2019ensemble du
\nCanada. Pour en savoir davantage ou pour jeter un coup d\u2019\u0153il
\nau nouveau Portail, visitez le www.schl.ca\/pimh.<\/p>\n
Points saillants du Portail de
\nl\u2019information sur le march\u00e9 de l\u2019habitation<\/p>\n
\ufffd Contenant des donn\u00e9es et des analyses qui vont des
\nann\u00e9es\u00a01990 \u00e0 aujourd\u2019hui, le Portail de l\u2019information sur le
\nmarch\u00e9 de l\u2019habitation est r\u00e9guli\u00e8rement mis \u00e0 jour avec les
\nr\u00e9sultats les plus r\u00e9cents des diverses enqu\u00eates sur le march\u00e9
\ndu logement.<\/p>\n
\ufffd Le Portail offre des donn\u00e9es d\u00e9taill\u00e9es sur des milliers de
\nsecteurs g\u00e9ographiques de toutes les r\u00e9gions du\u00a0Canada.<\/p>\n
\ufffd Le Portail renferme ainsi des centaines de milliers de cartes,
\ntableaux et graphiques virtuels, dont un grand nombre
\npeuvent \u00eatre adapt\u00e9s aux besoins particuliers de presque
\nn\u2019importe quel client ou utilisateur.<\/p>\n
Note
\n1 L\u2019Enqu\u00eate sur les loyers des appartements en copropri\u00e9t\u00e9 ne <\/p>\n
recueille pas de donn\u00e9es pour Regina et Saskatoon, car il n\u2019y
\na pas suffisamment d\u2019unit\u00e9s locatives de ce type pour estimer
\nles\u00a0loyers dans ces RMR. <\/p>\n
FIGURE 6A : Loyer moyen ($) des logements,
\nautres que les copropri\u00e9t\u00e9s, offerts sur le march\u00e9
\nlocatif secondaire de certaines RMR, selon le type
\nde logements, octobre 2014<\/p>\n
FIGURE 6B : Loyer moyen ($) des logements, autres
\nque les copropri\u00e9t\u00e9s, offerts sur le march\u00e9 locatif
\nsecondaire de certaines RMR, selon le type de
\nlogements, octobre 2014<\/p>\n
Volume 59 | Book 2 \/ Tome 2 | 2015 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 23Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
http:\/\/www.schl.ca\/pimh<\/p>\n
INTRODUCTION
\nProblem and opportunity
\nOnce proud symbols in local
\ncommunities, many public sector
\nbuildings throughout the Western
\nWorld are in a state of disrepair. Some
\nof the reasons for this are summarized as
\nfollows by the Business Council of British
\nColumbia (BCBC):<\/p>\n
Many observers argue that
\ngovernments in advanced countries often
\nare not well placed to meet growing
\nand increasingly complex infrastructure
\nneeds. A major impediment is
\nconstrained public budgets, which have
\nbeen the traditional source of most
\ninfrastructure finance. Population
\ngrowth, an aging population, increased
\nurbanization and congestion, escalating
\ndemands for healthcare and other <\/p>\n
services, slow economic growth, and
\nenvironmental issues are all straining
\ngovernment resources. In the wake of
\nthe 2008-09 financial crisis and great
\nrecession, fiscal prudence has become a
\ndominant focus for most governments
\nacross Canada. <\/p>\n
Adding to the complexity of financing
\nprojects is the fact that voters seem
\nincreasingly reluctant to pay higher taxes
\nor fees. If the value of an investment is
\nevident, citizens may be willing to pay
\nmore, but the value proposition must
\nbe clearly articulated to secure public
\nsupport. \u2013 From BCBC\u2019s white paper
\non Infrastructure Policy & Financing \u2013
\nOctober 2014.<\/p>\n
The problem with public sector buildings
\nis widespread, as the inset comments
\nbelow demonstrate:<\/p>\n
Recent research shows that many
\nreal estate investment managers would
\nbe reluctant to even consider purchase
\nof a property that had been allowed to
\ndeteriorate to an extraordinary degree.
\nThe reinvestment required and the greater
\nuncertainty introduced by extraordinary
\ndepreciation increases portfolio risk such
\nthat qualified purchasers dismiss the
\nproperty in favour of candidates in
\nbetter condition. Developers also
\nlook at such deteriorated property for
\nre-development potential and severely
\ndiscount current improvements.<\/p>\n
Dealing with extraordinary
\ndepreciation is not a new problem
\nfor appraisers. But it is one where
\ninformation to aid analysis hides
\nin plain sight, lacking consistently
\napplied methodology for appraisers
\nto enhance their client\u2019s or employer\u2019s
\ndecision making.<\/p>\n
So, how might appraisers use
\ninformation like condition reports and
\nrelated metrics that are now commonly
\navailable to value extraordinarily
\ndeteriorated buildings? Is extraordinary
\ndeferred maintenance best recognized
\nin Ouija board adjustments, or might
\nappraisal judgment and bootstrapping be
\nmore evidence-based?<\/p>\n
This article explores the opportunity
\nfor more supportable, evidence-based
\nappraisal judgment versus the temptation
\nof resorting to \u2018Ouija board\u2019 value
\nconclusions. That is, helping to ensure <\/p>\n
An anecdotal description
\nof extraordinary deferred maintenance
\nA ceiling collapses in a fine arts studio, forcing its closure just two weeks before
\nexam time. Water leaks in a chemistry lab, ruining both the experiment and the
\nequipment. Classes are cancelled for hundreds of students because of excessive heat.<\/p>\n
\u2022 Deferred maintenance: \u201ca ticking time bomb\u201d in the public sector \u2013
\n\u2022 \u201cA problem that is easy to ignore until something breaks\u2026\u201d<\/p>\n
Time and again, maintenance and repairs are deferred to yet another budget cycle,
\nand the backlog of deferred maintenance builds. http:\/\/www.cou.on.ca\/publications\/
\nreports\/pdfs\/campus-in-decline-november-2004<\/p>\n
\u201cIn Europe, universities have become near slums as administrators have skimped on facilities.\u201d
\n\u2013 The Global Race to Reinvent the State. J. Micklethwait & A. Wooldridge.2014.<\/p>\n
PUBLIC SECTOR BUILDINGS:<\/p>\n
VALUING FORGOTTEN
\nINFRASTRUCTURE
\nOuija board or evidence-based appraisal judgment?
\nMethodology to recognize extraordinary deferred maintenance in asset valuation1<\/p>\n
By Bruce Turner, MBA, AACI, P. App., president of Heuristic Consulting Associates (HCA) in
\nCourtenay, BC; and Robert Metcalf, a professional appraiser and senior consultant with HCA<\/p>\n
Bruce Turner<\/p>\n
Robert Metcalf<\/p>\n
Reprinted with permission of International Association of Assessing Officers from Fair & Equitable, March 2015, Volume 13, Number 3. Copyright 2015<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 2 \/ Tome 2 | 201524 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
http:\/\/www.cou.on.ca\/publications\/reports\/pdfs\/campus-in-decline-november-2004<\/p>\n
that appraisal judgment is rooted in
\nsound market analysis, while building
\nupon proven valuation methodologies. <\/p>\n
The idea for the article arose from
\na consulting assignment to review the
\nassessments of government owned
\nbuildings, where reactive maintenance
\nstrategies over many years had left
\nhigh-profile buildings in a deteriorated
\nstate with diminished service life and
\nthus reduced asset values. This situation,
\ncombined with the assessor\u2019s constant
\nchallenge to allocate thin resources
\nto address increasing performance
\nrequirements, often means that reduced
\nasset values are not necessarily recognized
\nin periodic property assessments for
\npublic sector buildings. It also means
\nthat extraordinary deferred maintenance
\nand reduced building stewardship can
\nactually be more costly to taxpayers over
\nthe longer term.<\/p>\n
RESEARCH APPROACH,
\nMETHODOLOGY AND
\nCONCLUSION
\nResearch for the consulting assignment first
\nrequired clarifying the problem, i.e., first
\nunderstanding the context described above.
\nThen defining extraordinary deferred
\nmaintenance (EDM) to describe and
\ndevelop a methodology based on appraisal
\nprinciples that facilitated the appraiser\u2019s
\ninterpretation of market behaviour in
\nconsistently recognizing any loss in value. <\/p>\n
Carefully considering guiding
\nappraisal principles and concepts,2
\nresearch needed to validate the
\nmethodology against market behaviour,
\nand allow comparison to current practice.<\/p>\n
Research included three concurrent
\nphases:<\/p>\n
1. Validating the proposed
\nmethodology with the experience
\nand practices of real estate investors
\nand senior decision makers.<\/p>\n
2. Exploring the current practice of
\nleading assessment agencies.<\/p>\n
3. Completing an extensive
\nliterature review.<\/p>\n
The research questions to answer included:
\n1. Does the proposed methodology <\/p>\n
to recognize EDM reflect the
\nbehaviour of real estate market
\ndecision makers? <\/p>\n
2. Can the appraiser rely on facilities
\ncondition assessment (FCA)
\nreports and facilities condition
\nindices (FCI) to aid appraisal
\njudgment and achieve more
\naccurate, equitable and evidence-
\nbased valuation conclusions?<\/p>\n
Based on the authors\u2019 research findings, both
\nquestions may be answered in the affirmative.<\/p>\n
WHAT IS EXTRAORDINARY
\nDEFERRED MAINTENANCE?<\/p>\n
\u201cIt is unwise to pay too much, but
\nit is worse to pay too little. When
\nyou pay too little, you sometimes lose
\neverything because the thing you
\nbought was incapable of doing the
\nthing you bought it to do.\u201d
\n\u2013 John Ruskin (1819-1900)<\/p>\n
Based on the comprehensive research for
\nthis project, the authors developed the
\nfollowing definition for extraordinary
\ndeferred maintenance (EDM).<\/p>\n
EDM exists where a building \u2013 in its
\nhighest and best use (HBU) \u2013 shows
\ngreater than normal maintenance
\ndeficiency, requiring corrective action
\nto satisfy the generally expected
\nlevel of building functionality,
\nutility or performance. EDM is
\nmore likely found where owners
\nelect \u2018reactive maintenance\u2019 or \u2018crisis
\nresponse\u2019 maintenance strategies.
\nThat is, choosing failure replacement
\nover preventive maintenance <\/p>\n
strategies. EDM reduces the asset\u2019s (or
\ncomponent\u2019s) service life and, thus, its
\nvalue (see Figure 1). <\/p>\n
Diminished service life \u2013 or increased
\neffective age \u2013 is evident in the condition,
\nquality and utility of a structure. The
\nimpact on asset value is based on an
\nappraiser\u2019s judgment and evidence-based
\ninterpretation of market perceptions. The
\nvarying maintenance strategy and standards
\nof owners and occupants can influence the
\npace of building depreciation. The effective
\nage estimate considers not only physical
\nwear and tear, but also any loss in value for
\nfunctional and external considerations.3<\/p>\n
MEASURING THE IMPACT
\nOF EDM ON ASSET VALUE
\nThe premise for measuring EDM is
\nstraightforward. The asset, i.e., the entire
\nbuilding or some component, is deteriorated
\nbeyond its normally expected condition\/
\nutility \u2013 in comparison with typical market
\nor expected asset performance level \u2013 to
\nsuch an extent that a potential purchaser\/
\ninvestor would reduce their offer price,
\nbased on the principle of substitution. <\/p>\n
The test for EDM involves comparing
\n\u2018observed condition\u20194 of the subject
\nproperty against the normally expected
\ncondition (level of depreciation) that
\nrepresents the \u2018standard of care\u2019 for a
\nsimilar asset in its comparable market set.<\/p>\n
Before discussing \u2018standard of care\u2019,
\nit is useful to review Facilities Condition
\nAssessment (FCA) and introduce the
\nFacilities Condition Index (FCI). <\/p>\n
Figure 1: EDM Reduces Service Life<\/p>\n
Reprinted with permission of International Association of Assessing Officers from Fair & Equitable, March 2015, Volume 13, Number 3. Copyright 2015<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
WHAT IS FCI5?
\nFacilities Condition Assessment
\nFCAs provide important information
\nand have become commonplace in CRE
\ntransactions and portfolio investment
\ndecisions. As part of disclosure during
\ntransactions or to expedite the sale of
\nassets, vendors often provide qualified
\npurchasers with comprehensive condition
\nassessments.<\/p>\n
Professionally prepared FCA reports
\nprovide a benchmark for the building\u2019s
\nrelative performance and prioritize
\nprojects for maintenance, repair or
\nrenewal. They provide defensible cost
\nestimates that the decision-maker can
\nrely upon to make real estate acquisition,
\nreinvestment or disposition decisions.<\/p>\n
The FCA report provides
\ninformation about the current
\ncondition of building components
\n(such as roofs or boilers) expressed as
\nstatements about deferred maintenance,
\nor \u2018catch-up\u2019 costs. They may include
\ninformation on \u2018keep up\u2019 costs, which
\nare forecasts of future lifecycle renewal
\nrequirements, or optionally \u2018get ahead\u2019
\ncosts \u2013 identifying opportunities for
\nfacility adaptation and improvement.<\/p>\n
The methodology in this article
\nfocuses on \u2018catch-up\u2019 costs.<\/p>\n
Facilities Condition Index
\nThe FCI (an optional provision in an FCA
\nreport) is a key building performance
\nindicator used to objectively quantify
\nand evaluate the current condition of a
\nfacility to make benchmark\u00a0comparisons
\nof relative condition for that building with
\nits comparable set (inclusive of private and
\npublic sector buildings). <\/p>\n
The FCI is an industry standard
\nmethod for comparison of relative asset
\nconditions, expressed as a formula (US
\nFederal Real Property Council, 2008):<\/p>\n
FCI Condition Scale
\nThe lower the FCI, the better condition
\nthe building is in. Current industry
\nbenchmarks indicate the following
\nsubjective ratings6:<\/p>\n
FCI Condition
\n0 \u2013 5% Good<\/p>\n
5 \u2013 10% Fair<\/p>\n
10 \u2013 30% Poor<\/p>\n
> 30% Critical<\/p>\n
\u2018Catch-up\u2019 costs7 reflect deficient
\nconditions that are typically derived
\nfrom an FCA8 report carried out by
\nan experienced and qualified team of
\nprofessionals (e.g., architects, engineers).
\nThe FCI provides a relative measure for
\ncomparing the condition assessments of
\nmany buildings, and for determining the
\nmost important priorities to address in
\ncapital expenditures. <\/p>\n
The identified \u2018catch-up\u2019 costs provide
\nthe information base for determining any
\nvalue adjustment for EDM. <\/p>\n
The appraiser may also interpret the
\nprioritized \u2018catch-up\u2019 costs in the FCA
\nreport, reflecting on how these may
\nbe typically considered by investors in
\nmarket transactions. <\/p>\n
Industry standard priority classification
\nfor deficient asset conditions
\nCatch-up costs in an FCA report are ranked
\nin a five-tier priority classification scheme,
\nas indicated in Figure 2. <\/p>\n
A word of caution: In interpreting
\nFCI information from an FCA report,
\nthe appraiser needs to ensure a clear
\nunderstanding of the FCA report\u2019s terms
\nof reference and underlying assumptions.
\nFor example, FCI benchmarks may be for
\ndifferent periods \u2013 the cost requirements
\nmay reflect one-year cost requirements,
\nfive-year cost requirements, or whole-life
\ncost requirements. <\/p>\n
OBSERVED VS. NORMALLY
\nEXPECTED CONDITION
\nTo identify the existence of EDM, an
\nappraiser needs sufficient knowledge of
\nthe market to first determine the normally
\nexpected condition for the subject property\u2019s
\ncomparable market set. This determination is
\nfacilitated through review of a professionally
\nprepared condition assessment report. <\/p>\n
The subject building\u2019s \u2018observed condi-
\ntion\u2019 can then be determined \u2013 applying
\nappraisal judgment that is supplemented
\nby information from the FCA report and
\nconfirmed through the appraiser\u2019s physi-
\ncal inspection of the property.<\/p>\n
Figure 2: Industry Standard Priority Classification for Deficient Asset Conditions<\/p>\n
FCI =<\/p>\n
total cost of
\nexisting requirements<\/p>\n
current replacement
\nvalue<\/p>\n
1. Currently Critical \u2013 Immediate action to correct a safety hazard or stop
\naccelerated deterioration of an asset<\/p>\n
2. Potentially Critical \u2013 Conditions, if not corrected expeditiously, will become
\ncritical. Such as the rapid deterioration of assets<\/p>\n
3. Necessary \u2013 This includes actions to preclude predictable deterioration
\nor downtime of one or more assets. These concerns should be addressed
\nwithin the next 1 \u2013 3 years<\/p>\n
4. Recommended \u2013 Sensible improvements to current conditions. These are
\nnot required for the most basic function of the facility but improve overall
\nusability and can lower maintenance costs. Within the next 3 \u2013 5 years<\/p>\n
5. Grandfathered \u2013 Live with these deficient conditions, dependent on risk
\ntolerance level (e.g., asbestos contamination deferred, to be addressed with
\nnormal tenant turnover)<\/p>\n
5-Tier Priority Classification Scheme for Deficient
\nConditions Associated with an Asset<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
Comparative FCIs assist in
\ndistinguishing the subject\u2019s observed
\ncondition from that normally expected
\ncondition in the comparative market set.
\nTo do so, it helps to identify the owner\u2019s
\nmaintenance strategy with the \u2018standard
\nof care\u2019 that is typical to the property
\ntype and its market. <\/p>\n
STANDARD OF CARE AND
\nEVIDENCE OF OWNER\u2019S
\nMAINTENANCE STRATEGY
\nFor various reasons, building owners may
\nelect a maintenance strategy to reflect
\na \u2018standard of care\u2019 that ranges from
\n\u2018showpiece facility\u2019 to \u2018crisis response.\u20199 <\/p>\n
Where that maintenance strategy is
\nreactive and where funding levels are
\nreduced, the normally expected standard
\nof care for the comparable property
\nset (or market) is not met. In such
\ncircumstances, it is more likely to find
\nthat EDM affects the building\u2019s service
\nlife and thus its value. <\/p>\n
Figure 3 illustrates the relationship
\nbetween maintenance funding levels
\nand FCI.<\/p>\n
\u2018Cost-to-cure\u2019 or catch-up costs are
\nintended to shift \u2018standard-of-care\u2019 to the
\nleft in Figure 4. For example, the cost
\nrequirements in an FCA report might
\nbe targeted to shift an indicated Level 4
\n(Reactive Management) FCI of 15-30% to
\na Level 3 (Managed Care) FCI of 10-15%.
\nPresuming the Managed Care target level
\nis the normally expected condition in
\nthat asset category, the appraiser would
\nadjust for EDM cost requirements and
\nthen apply the appropriate, validated
\nage-life depreciation table in concluding a
\nvalue estimate \u2013 taking care not to double
\ncount on depreciation allowances.<\/p>\n
Figure 3: Funding Levels and Maintenance Strategy<\/p>\n
Figure 4: Descriptions of Five Operating Standards<\/p>\n
« For various reasons, building owners may
\nelect a maintenance strategy to reflect <\/p>\n
a \u2018standard of care\u2019 that ranges from
\n\u2018showpiece facility\u2019 to \u2018crisis response.\u2019 »<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
METHODOLOGY TO GAIN
\nCONSISTENCY IN PROCESS;
\nUNIFORMITY IN RESULTS
\nDepreciation is the loss in value due
\nto any cause \u2013 the difference between
\nan improvement\u2019s market value and its
\nreplacement cost new. <\/p>\n
Review of current practice shows
\na number of issues that need to be
\naddressed to achieve accurate, equitable
\nvalue estimates.<\/p>\n
Mass appraisal techniques in
\napplying the cost approach may not
\nrecognize EDM for various reasons. For
\nexample, modeling based on typical age-
\nlife depreciation tables that may \u2018arrest\u2019
\ndepreciation at some pre-determined
\nlevel are unlikely to capture the severe
\nloss in value evident in many special
\npurpose public sector buildings today. <\/p>\n
Also, whether for single property
\nor mass appraisal, it is not uncommon
\nto find that age-life depreciation tables
\nhave not been validated in local markets.<\/p>\n
In applying the income approach,
\nmodeling that reflects the provision
\nfor typical structural reserves and
\ncapitalization in perpetuity is unlikely
\nto sufficiently recognize the \u2018critical\u2019 (or
\neven \u2018necessary\u2019) cost requirements for
\nreplacements and renewal of building
\ncomponents identified in an FCA report.<\/p>\n
The following sections describe
\nmethodologies for both the cost and
\nincome approaches to provide evidence-
\nbased loss in value due to EDM using
\nFCA and FCI information.<\/p>\n
Quantifying the Impact
\non Value of EDM
\nExample processes for identifying and
\nquantifying EDM adjustments (using
\neither the cost approach or income
\napproach) are presented as decision trees
\nin Appendix A and B. (See NOTE TO
\nREADERS)<\/p>\n
These decision trees are presented as
\nscenarios, where the appraiser is asked to
\nreview a valuation (either during pre-roll
\nconsultation, upon appeal or as part of
\na consulting assignment) where EDM is
\nbelieved to require recognition.<\/p>\n
After considering highest and
\nbest use (HBU), an adjustment <\/p>\n
for EDM reflects a loss in building
\nvalue \u2013 measured as the present
\nvalue (PV) of the difference between
\nvalue under normally expected
\nmaintenance (or \u2018standard of
\ncare\u2019) for the asset, and value in its
\ncurrent \u2018observed condition.\u2019 It is a
\nmeasurement of the loss in value due
\nto reduced service life of the entire
\nasset or of its components. <\/p>\n
End notes
\n1 ACKNOWLEDGEMENT: This <\/p>\n
report reflects contribution of many
\nprofessionals (appendices). We wish
\nto particularly acknowledge David
\nAlbrice of RDH Building Engineering
\nand Asset Insights for their material:
\nwww.assetinsights.net
\nAsset Insights is an online laboratory
\nfor the development and testing
\nof optimization strategies for
\nmaintenance and responsible
\nstewardship of buildings.<\/p>\n
2 The methodology described later in
\nthis paper builds on the foundation
\nprinciples and concepts articulated
\nin The Appraisal of Real Estate, 3rd
\nCanadian Edition.<\/p>\n
3 Appraisal Institute of Canada.
\nAppraisal of Real Estate, 3rd Canadian
\nEdition. Sauder School, UBC, Real
\nEstate Division. Page 19.3.<\/p>\n
4 Observed condition: The observed
\ncondition of an asset reflects both
\nits chronological age and the degree
\nof replacement of its depreciable
\ncomponents.<\/p>\n
5 Comments on FCA and FCI draw
\nfrom material on Asset Insights:
\nwww.assetinsights.net <\/p>\n
6 Asset Insights.net: <\/p>\n