VOL 59 | BOOK 1 \/ TOME 1 | 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
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\n@<\/p>\n
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\nca<\/p>\n
na
\nda<\/p>\n
.c
\na<\/p>\n
READING THE WHOLE REPORT
\nLire l’ensemble du rapport<\/p>\n
PROTECTING AGAINST
\nVALUATION FRAUD <\/p>\n
Prot\u00e9gez-vous contre
\nl\u2019\u00e9valuation frauduleuse<\/p>\n
2015 COMMERCIAL
\nREAL ESTATE OUTLOOK <\/p>\n
L’immobilier
\ncommercial en 2015<\/p>\n
LES R\u00c9PERCUSSIONS
\nDE LA TRANSFORMATION <\/p>\n
DE L’INDUSTRIE VINICOLE
\nsur la valeur des terres du Niagara<\/p>\n
WINE INDUSTRY
\nREINVENTION
\naffects Niagara Land Values<\/p>\n
mailto:info@aicanada.ca<\/p>\n
The Workfile PowerView retains all supporting documentation
\nused to create your report in an easy-to-find electronic format.
\nThis saves time and helps you go paperless while complying with
\nCUSPAP and USPAP guidelines. <\/p>\n
Drag and drop photos, MLS PDFs, scanned documents, e-mails,
\nand more into the Workfile so they\u2019re all securely saved with
\nthe report file. TOTAL also adds files automatically such as the
\ndelivered PDF, comps that didn\u2019t make the cut, and TOTAL for
\nMobile 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: DPAIC0415_M1 a\u00a0la\u00a0mode and its products are trademarks or registered trademarks of a\u00a0la\u00a0mode,\u00a0inc. 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\u00a0la\u00a0mode,\u00a0inc.<\/p>\n
Easily drag screens to any monitor! With
\nTOTAL\u2019s multi-monitor technology, you can
\norganize screens and forms however you
\nwant. This boosts your efficiency since you\u2019re
\nnot toggling between screens.<\/p>\n
Text automatically overflows
\nto the addenda in the same
\norder the fields appear in the
\nreport, making it easier for
\nyou and clients to read.<\/p>\n
Unlike other formfillers, it\u2019s quick
\nand easy to insert images, Word
\ndocs, charts, and tables into any
\nsection of your addenda.<\/p>\n
TOTAL includes over
\n280 Canadian forms
\nincluding the AIC and
\nforms in French.<\/p>\n
In TOTAL, your QuickLists (common
\nresponses) aren\u2019t limited to saving
\ndata for just one field at a time. You
\ncan select multiple fields and save
\nthem as a single set of data to fill out
\nentire sections later.<\/p>\n
TOTAL for Mobile, our free app, is
\nyour solution for going paperless and
\ncutting turn times. It\u2019s the only app
\nfor appraisers with the full AIC form.
\nCollect data, sketch (in meters or feet),
\ntake and add photos to the report,
\ngeocode and get directions, all from
\nyour iOS or Android\u00ae device. It all
\nflows into TOTAL on your PC, saving
\nyou time \u2014 100% free and unlimited. <\/p>\n
Easily drag screens to any monitor!
\nTOTAL\u2019s multi-monitor technology, you can
\norganize screens and forms however you
\nwant. This boosts your efficiency since you\u2019re
\nnot toggling between screens.<\/p>\n
Stuck in a contract with your appraisal software vendor?
\nWe\u2019ll buy it out and you could switch for free!<\/p>\n
DPAIC0215.indd 1-2 2\/25\/15 5:44 PM<\/p>\n
The Workfile PowerView retains all supporting documentation
\nused to create your report in an easy-to-find electronic format.
\nThis saves time and helps you go paperless while complying with
\nCUSPAP and USPAP guidelines. <\/p>\n
Drag and drop photos, MLS PDFs, scanned documents, e-mails,
\nand more into the Workfile so they\u2019re all securely saved with
\nthe report file. TOTAL also adds files automatically such as the
\ndelivered PDF, comps that didn\u2019t make the cut, and TOTAL for
\nMobile 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: DPAIC0415_M1 a\u00a0la\u00a0mode and its products are trademarks or registered trademarks of a\u00a0la\u00a0mode,\u00a0inc. 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\u00a0la\u00a0mode,\u00a0inc.<\/p>\n
Easily drag screens to any monitor! With
\nTOTAL\u2019s multi-monitor technology, you can
\norganize screens and forms however you
\nwant. This boosts your efficiency since you\u2019re
\nnot toggling between screens.<\/p>\n
Text automatically overflows
\nto the addenda in the same
\norder the fields appear in the
\nreport, making it easier for
\nyou and clients to read.<\/p>\n
Unlike other formfillers, it\u2019s quick
\nand easy to insert images, Word
\ndocs, charts, and tables into any
\nsection of your addenda.<\/p>\n
TOTAL includes over
\n280 Canadian forms
\nincluding the AIC and
\nforms in French.<\/p>\n
In TOTAL, your QuickLists (common
\nresponses) aren\u2019t limited to saving
\ndata for just one field at a time. You
\ncan select multiple fields and save
\nthem as a single set of data to fill out
\nentire sections later.<\/p>\n
TOTAL for Mobile, our free app, is
\nyour solution for going paperless and
\ncutting turn times. It\u2019s the only app
\nfor appraisers with the full AIC form.
\nCollect data, sketch (in meters or feet),
\ntake and add photos to the report,
\ngeocode and get directions, all from
\nyour iOS or Android\u00ae device. It all
\nflows into TOTAL on your PC, saving
\nyou time \u2014 100% free and unlimited. <\/p>\n
Easily drag screens to any monitor!
\nTOTAL\u2019s multi-monitor technology, you can
\norganize screens and forms however you
\nwant. This boosts your efficiency since you\u2019re
\nnot toggling between screens.<\/p>\n
Stuck in a contract with your appraisal software vendor?
\nWe\u2019ll buy it out and you could switch for free!<\/p>\n
DPAIC0215.indd 1-2 2\/25\/15 5:44 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
ACCELERATE
\nYOUR SUCCESS<\/p>\n
collierscanada.com\/careers<\/p>\n
MAKE YOUR MOVE Professionals Wanted<\/p>\n
FAVORISER
\nVOTRE R\u00c9USSITE<\/p>\n
collierscanada.com\/careers<\/p>\n
PREND TON AVENIR EN MAIN Professionals demand\u00e9s<\/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
collierscanada.com\/careers
\ncollierscanada.com\/careers
\nmailto:vascanada@colliers.com
\nmailto:vascanada@colliers.com<\/p>\n
08 Executive Corner
\nEXCITING TIMES
\nTO BE AN AIC MEMBER<\/p>\n
32 Legal Matters
\nEXPERT WITNESSES:
\nAN UPDATE ON MOORE V GETAHUN<\/p>\n
39 Marketing & Communications
\n2014 MARKETING OUTCOMES \u2013
\nBY THE NUMBERS<\/p>\n
40 Professional Practice Matters
\nPROTECTING YOURSELF
\nAGAINST VALUATION FRAUD <\/p>\n
46 Education
\nWORK PRODUCT REVIEW
\nSTRENGTHENS AIC DESIGNATIONS <\/p>\n
56 Tech Talk
\nTOOLS OF THE TRADE <\/p>\n
60 NEWS<\/p>\n
62 DESIGNATIONS, CANDIDATES,
\nSTUDENTS<\/p>\n
10 Le coin de l’ex\u00e9cutif
\nP\u00c9RIODE PASSIONNANTE
\nPOUR LES MEMBRES DE L\u2019ICE <\/p>\n
34 Questions jurdiques
\nT\u00c9MOINS EXPERTS : MISE \u00c0
\nJOUR AU SUJET DE MOORE V GETAHUN<\/p>\n
39 Marketing et Communications
\nLES R\u00c9SULTATS DU MARKETING EN 2014 \u2013
\nQUELQUES CHIFFRES<\/p>\n
44 Parlons pratique professionnelle
\nPROT\u00c9GEZ-VOUS CONTRE
\nL\u2019\u00c9VALUATION FRAUDULEUSE<\/p>\n
48 \u00c9ducation
\nL\u2019EXAMEN DU PRODUIT DU
\nTRAVAIL RENFORCE LES TITRES DE L\u2019ICE<\/p>\n
58 Coin techno
\nLES OUTILS DU M\u00c9TIER <\/p>\n
60 NOUVELLES<\/p>\n
62 D\u00c9SIGNATIONS, STAGIAIRES,
\n\u00c9TUDIANTS<\/p>\n
COLUMNS \/ CHRONIQUES<\/p>\n
FEATURES \/ EN VEDETTE
\nVOL 59 | BOOK 1 \/ TOME 1 | 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
LEARNING, GROWING
\nAND MEETING
\nCHALLENGES HEAD ON
\nAPPRENDRE, S\u2019\u00c9PANOUIR
\nET S\u2019ATTAQUER AUX D\u00c9FIS<\/p>\n
WINE INDUSTRY
\nREINVENTION AFFECTS
\nNIAGARA LAND VALUES
\nLES R\u00c9PERCUSSIONS DE
\nLA TRANSFORMATION DE
\nL’INDUSTRIE VINICOLE
\nSUR LA VALEUR DES
\nTERRES DU NIAGARA<\/p>\n
COMMERCIAL
\nREAL ESTATE IN 2015
\nL’IMMOBILIER
\nCOMMERCIAL EN 2015<\/p>\n
12 50
\nREADING THE
\nWHOLE REPORT
\nLIRE L’ENSEMBLE
\nDU RAPPORT<\/p>\n
26<\/p>\n
CONTENTS
\nTABLE DES MATI\u00c8RES<\/p>\n
16<\/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
ACCELERATE
\nYOUR SUCCESS<\/p>\n
collierscanada.com\/careers<\/p>\n
MAKE YOUR MOVE Professionals Wanted<\/p>\n
FAVORISER
\nVOTRE R\u00c9USSITE<\/p>\n
collierscanada.com\/careers<\/p>\n
PREND TON AVENIR EN MAIN Professionals demand\u00e9s<\/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
Volume 59 | Book 1 \/ Tome 1 | 2015 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 5Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
http:\/\/www.kelman.ca
\nmailto:info@kelman.ca
\nmailto:info@aicanada.ca<\/p>\n
Join us at 2015 AIC Annual Conference where you will
\nbe able to network with appraisal professionals nation-
\nwide, enjoy engaging education sessions and take in the
\nbreathtaking sights of the Okanagan region. The AIC
\nconference is also a great way to gain your CPD credits
\nfor the year as there are many sessions that cater to
\nresidential appraisal, non-residential appraisal and
\nCandidates!<\/p>\n
As a conference delegate you will gain 15 discretionary CPD
\ncredits. Not available for the entire conference? We also
\nhave daily registration options to best suit your needs. <\/p>\n
REGISTER TODAY!
\nEARLY BIRD RATE AVAILABLE UNTIL APRIL 17, 2015!<\/p>\n
There are educational sessions for all members to enjoy! <\/p>\n
This year features a new plenary session with valuation
\nexperts who will share their insights on national market
\nforecasts and trends. <\/p>\n
Mark your
\nCalendar<\/p>\n
GROWING
\nMARKETS
\nAIC 2015 \u2022 KELOWNA JUNE 3-6<\/p>\n
ICE 2015 \u2022 KELOWNA 3-6 JUIN<\/p>\n
3-6 JUINJUNE 3-6<\/p>\n
ICE 2015 ICE 2015 \u2022 KELOWNA 3-6 JUIN3-6 JUIN3-6KELOWNA 3-6 JUIN3-6 JUIN3-6<\/p>\n
GROWING
\nMARKETS
\nAIC 2015 \u2022 KELOWNA JUNE 3-6<\/p>\n
ICE 2015 \u2022 KELOWNA 3-6 JUIN<\/p>\n
3-6 JUINJUNE 3-6<\/p>\n
GROWING
\nMARKETS
\nAIC 2015 \u2022 KELOWNA JUNE 3-6<\/p>\n
ICE 2015 \u2022 KELOWNA 3-6 JUIN<\/p>\n
3-6 JUINJUNE 3-6<\/p>\n
Various sessions that will appeal to residential appraisers
\nare offered each day of the conference, including topics
\nabout solar energy, unique residential properties, appraisal
\nsoftware, reserve fund studies and much more! <\/p>\n
For delegates interested in commercial appraisal, there
\nwill be sessions on industrial and agricultural valuations,
\nsessions regarding valuing special use properties, linear
\ncorridors, expropriation, land development, eco-gift
\nprograms and many more interesting topics. <\/p>\n
If you\u2019re interested in improving your business skills,
\nworkshops on verbal and written communications, mentoring,
\nand succession planning will deliver results!<\/p>\n
For Candidates, there will be panel discussions with seasoned
\nprofessionals and plenty of opportunity to ask questions on
\nbest practices and tips to help obtain your designation.<\/p>\n
Don\u2019t miss out! Register today! <\/p>\n
http:\/\/www.aicanada.ca\/aic2015\/<\/p>\n
2 0 1 5 A I C A N N U A L C O N F E R E N C E<\/p>\n
Kelowna
\nSee you in<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 1 \/ Tome 1 | 20156 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
http:\/\/www.aicanada.ca\/aic2015\/<\/p>\n
Joignez-vous \u00e0 nous lors de la Conf\u00e9rence annuelle 2015 de
\nl\u2019ICE o\u00f9 vous aurez l\u2019occasion de vous mettre en r\u00e9seau avec des
\nprofessionnels de l\u2019\u00e9valuation de partout au pays, de participer \u00e0
\nd\u2019int\u00e9ressantes s\u00e9ances d\u2019\u00e9ducation et d\u2019admirer les majestueux
\npaysages de la r\u00e9gion de l\u2019Okanagan. La Conf\u00e9rence de l\u2019ICE
\nest \u00e9galement un excellent moyen d\u2019obtenir vos cr\u00e9dits de PPC
\npour l\u2019ann\u00e9e puisque de nombreuses s\u00e9ances s\u2019adressent aux
\n\u00e9valuateurs r\u00e9sidentiels, non r\u00e9sidentiels et Stagiaires!<\/p>\n
En assistant \u00e0 la Conf\u00e9rence, vous obtenez 15 cr\u00e9dits
\ndiscr\u00e9tionnaires de PPC. Vous ne pouvez pas rester pour toute
\nla dur\u00e9e de la Conf\u00e9rence? Nous offrons \u00e9galement des options
\nd\u2019inscription \u00e0 la journ\u00e9e pour mieux r\u00e9pondre \u00e0 vos besoins. <\/p>\n
INSCRIVEZ-VOUS AUJOURD\u2019HUI!
\nINSCRIPTIONS \u00c0 PRIX R\u00c9DUIT JUSQU\u2019AU 17 AVRIL 2015!<\/p>\n
Il y a des s\u00e9ances \u00e9ducatives qui sauront int\u00e9ressant pour tous
\nles membres! <\/p>\n
Cette ann\u00e9e, nous aurons une nouvelle s\u00e9ance pl\u00e9ni\u00e8re avec
\ndes experts en \u00e9valuation qui partageront avec nous leur
\ncompr\u00e9hension des pr\u00e9visions et tendances du march\u00e9 national. <\/p>\n
Inscrivez ces
\ndates \u00e0 votre
\ncalendrier<\/p>\n
GROWING
\nMARKETS
\nAIC 2015 \u2022 KELOWNA JUNE 3-6<\/p>\n
ICE 2015 \u2022 KELOWNA 3-6 JUIN<\/p>\n
3-6 JUINJUNE 3-6<\/p>\n
ICE 2015 ICE 2015 \u2022 KELOWNA 3-6 JUIN3-6 JUIN3-6KELOWNA 3-6 JUIN3-6 JUIN3-6<\/p>\n
GROWING
\nMARKETS
\nAIC 2015 \u2022 KELOWNA JUNE 3-6<\/p>\n
ICE 2015 \u2022 KELOWNA 3-6 JUIN<\/p>\n
3-6 JUINJUNE 3-6<\/p>\n
GROWING
\nMARKETS
\nAIC 2015 \u2022 KELOWNA JUNE 3-6<\/p>\n
ICE 2015 \u2022 KELOWNA 3-6 JUIN<\/p>\n
3-6 JUINJUNE 3-6<\/p>\n
Diverses sessions d\u2019int\u00e9r\u00eat pour les \u00e9valuateurs r\u00e9sidentiels sont
\noffertes chaque jour de la Conf\u00e9rence sur des sujets tels que
\nl\u2019\u00e9nergie solaire, des propri\u00e9t\u00e9s r\u00e9sidentielles uniques, les logiciels
\nd\u2019\u00e9valuation, les \u00e9tudes de fonds de r\u00e9serve et plus encore! <\/p>\n
Pour ce qui est des d\u00e9l\u00e9gu\u00e9s qui s\u2019int\u00e9ressent \u00e0 l\u2019\u00e9valuation
\ncommerciale, nous pr\u00e9senterons des s\u00e9ances sur les \u00e9valuations
\nindustrielles et agricoles, des s\u00e9ances concernant l\u2019\u00e9valuation de
\nbiens \u00e0 vocation sp\u00e9ciale, les corridors lin\u00e9aires, l\u2019expropriation,
\nl\u2019am\u00e9nagement de terrains, les programmes de dons \u00e9cologiques
\net plusieurs autres sujets int\u00e9ressants. <\/p>\n
Si vous d\u00e9sirez am\u00e9liorer vos comp\u00e9tences en affaires, des
\nateliers sur la communication orale et \u00e9crite, sur le mentorat et la
\nplanification successorale vous donneront les r\u00e9sultats attendus!<\/p>\n
Pour les stagiaires, il y aura des panels de discussions avec des
\nprofessionnels chevronn\u00e9s et amplement d\u2019occasions pour poser
\ndes questions sur les pratiques exemplaires et d\u2019apprendre des
\ntrucs qui vous aideront \u00e0 obtenir votre titre professionnel. <\/p>\n
Ne manquez pas cette occasion! Inscrivez-vous d\u00e8s aujourd\u2019hui! <\/p>\n
https:\/\/www.aicanada.ca\/fr\/aic2015\/<\/p>\n
C O N F \u00c9 R E N C E A N N U E L L E 2 0 1 5 D E L\u2019 I C E<\/p>\n
Kelowna
\nVous voir \u00e0<\/p>\n
Volume 59 | Book 1 \/ Tome 1 | 2015 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 7Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
https:\/\/www.aicanada.ca\/fr\/aic2015\/<\/p>\n
EXECUTIVE CORNER<\/p>\n
T he beginning of a new year is the perfect time to reflect on the highlights of the previous 12 months. This reflection allows us
\nto review all that we have accomplished
\nand consider how we can move forward
\nin the most efficient and productive
\nmanner possible. As we begin 2015, our
\nfocus on collaboration with like-minded
\norganizations has resulted in a renewed
\nexcitement for the valuation profession
\nand the Appraisal Institute of Canada
\n(AIC), and it is building momentum for
\nour organization and our members like
\nnever before. <\/p>\n
Collaboration
\nThe most significant highlights of 2014
\ninvolve the productive discussions
\nthat took place during our numerous
\nadvocacy and partnership meetings
\nthroughout the year. Here are a few of
\nthe most notable accomplishments.
\n\u2022 AIC renewed its education <\/p>\n
agreement with the University
\nof British Columbia to continue
\nto deliver the AIC Program of
\nProfessional Studies. We also
\nsecured a new educational partner,
\nthe University of Laval, to deliver
\nFrench-language distance-learning
\nprograms to Candidate Members. <\/p>\n
\u2022 AIC continues to meet with Appraisal
\nManagement Companies (AMCs)
\nto discuss important issues that
\nour members are concerned about.
\nThe result has been increased <\/p>\n
consultations regarding professional
\npractice matters and training and an
\nopenness by AMCs to address the
\nissues raised by our members. <\/p>\n
\u2022 AIC provided comments to the
\nOffice of the Superintendent of
\nFinancial Institutions on Guideline
\nB-21 Residential Mortgage Insurance
\nUnderwriting Practices and Procedures.
\nThis Guideline has established the
\nimportant role of quality appraisals in
\nthe lending process and has opened
\nthe door for further consultations
\nwith mortgage insurers, financial
\ninstitutions and regulators about how
\nto incorporate on-site appraisals into
\ntheir risk-mitigation strategies. <\/p>\n
\u2022 AIC secured an agreement with
\nthe Real Estate Institute of
\nCanada to offer new educational
\nopportunities at discounted rates
\nfor AIC members who are eager to
\ndiversify their practice. <\/p>\n
\u2022 On the world stage, AIC has earned
\nglobal recognition and respect from
\ninternational organizations for
\nour designations and professional
\npractice. In fact, AIC is one of
\nthe first valuation professional
\norganizations to support the
\nInternational Valuation Standards
\nCouncil (IVSC) and its initiative to
\nfurther the global standardization
\nof professional standards and
\nour executive is involved in the
\ngovernance review of the IVSC to
\nensure its future sustainability.<\/p>\n
EXCITING TIMES
\nTO BE AN AIC MEMBER<\/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
K E I T H L A N C A S T L E , M B A , C A E , C H I E F E X E C U T I V E O F F I C E R<\/p>\n
K EI T H L A NC A S T L E<\/p>\n
S C OT T W IL S ON<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 1 \/ Tome 1 | 20158 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
EXECUTIVE CORNER<\/p>\n
All these discussions demonstrate strong
\ncooperation and indicate that our
\ncommitment and investment in building
\nthese relationships is starting to pay off. It
\nalso demonstrates that AIC and the AACI
\nand CRA designations remain highly
\nrespected nationally and internationally. <\/p>\n
Excitement
\nAnother highlight of the year has been
\nour cross-Canada tours where we had a
\nchance to meet our members attending
\ntheir AIC provincial and chapter
\nmeetings. The overall vibe of these
\nmeetings has been positive, hopeful and
\ncooperative. There is excitement in the
\nair and our conversations have focused
\non the common purpose of advancing
\nthe profession and helping our members
\nsucceed. There is a recognition that we
\nall have to work together to overcome
\nour profession\u2019s challenges. There is an
\nopenness to new ideas, new processes and
\nnew ways of doing things. One might even
\nsay we are becoming more innovative! <\/p>\n
Growth
\nThere are hard facts that demonstrate the
\npositive momentum within AIC. <\/p>\n
\u2022 In 2014, there was a 2.2% increase
\nin our active membership \u2013 this
\nrepresents a total increase of 4.7%
\nover the last five years. Growth like
\nthis indicates that there is a demand
\nfor our members\u2019 skills and that, as
\na professional association, we are
\ndelivering value to you \u2013 our members.<\/p>\n
\u2022 We also know that more people
\nand organizations are accessing our
\nmembers and our resources. We have
\nseen a 34% increase in visitors to our
\nwebsite and a 24% increase to our
\nFind an Appraiser search tool. We
\nknow our site is the \u201cgo-to\u201d site for
\nthe profession.<\/p>\n
Commitment to action
\nBuilding on the momentum of 2014, and
\nfueled with our new strategic plan for
\n2015-2018, our goal is to propel the AIC
\nand our members towards the future.
\nIn order to accomplish this goal, we are
\ncommitted to the following actions:
\n\u2022 We will continue to build on our <\/p>\n
national advocacy strategy to ensure
\nthat AIC has a common voice on issues
\nthat are important to our members. <\/p>\n
\u2022 We will work tirelessly to find new <\/p>\n
ways that members might diversify
\ntheir practice \u2013 both within Canada
\nand internationally. <\/p>\n
\u2022 We will review market trends and
\nopportunities for members when
\nconsidering changes to the Canadian
\nUniform Standards of Professional
\nAppraisal Practice (CUSPAP). <\/p>\n
\u2022 We will promote our members as
\nprofessionals of choice through our
\nonline presence, advertising, events and
\npartnerships. <\/p>\n
\u2022 We will begin to offer quality distance
\nlearning in French through the
\nUniversity of Laval.<\/p>\n
\u2022 We will continue to fully implement
\nthe Work Product Review Program to
\nensure that our Candidates have the
\npractical skills needed to help them
\nsucceed in the profession. <\/p>\n
\u2022 We will continue to educate our
\nmembers by hosting interactive
\nwebinars on leading-edge topics. <\/p>\n
\u2022 We will encourage new members to
\njoin our team by participating in AIC
\n101 \u2013 An Introduction to the Appraisal
\nProfession (which replaces the We Value
\nCanada recorded sessions). <\/p>\n
\u2022 We will host over 20 one-day
\nProfessional Practice Seminars via
\nwebinar to ensure members have an
\neffective and convenient way to update
\ntheir knowledge on professional
\npractice issues and trends. <\/p>\n
\u2022 Finally, we will continue to be a leader to
\nsupport the development of global val-
\nuation standards, positioning both AIC
\nand our members as worldwide experts
\nand highly competent professionals. <\/p>\n
It is an exciting time to be an AIC member
\nand we are collectively moving forward
\nwith strategic and focused initiatives
\nthat will enhance your profile and create
\nnew opportunities for you. We call on
\nyou to become involved in promoting
\nour designations with pride and to help
\nto bring the profession into the next
\ngeneration. We value and welcome your
\ncomments and feedback \u2013 please feel free
\nto contact us at scottw@aicanada.ca and
\nkeithl@aicanada.ca. <\/p>\n
« BUILDING ON THE
\nMOMENTUM OF <\/p>\n
2014, AND FUELED
\nWITH OUR NEW <\/p>\n
STRATEGIC PLAN
\nFOR 2015-2018, <\/p>\n
OUR GOAL IS TO
\nPROPEL THE AIC <\/p>\n
AND OUR MEMBERS
\nTOWARDS THE <\/p>\n
FUTURE. »<\/p>\n
Volume 59 | Book 1 \/ Tome 1 | 2015 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 9Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
P\u00c9RIODE PASSIONNANTE
\nPOUR LES MEMBRES DE L\u2019ICE<\/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
K E I T H L A N C A S T L E , M B A , C A E , C H I E F E X E C U T I V E O F F I C E R<\/p>\n
K EI T H L A NC A S T L E<\/p>\n
S C OT T W IL S ON<\/p>\n
LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n
L e d\u00e9but d\u2019une nouvelle ann\u00e9e est le moment id\u00e9al pour r\u00e9fl\u00e9chir sur les faits saillants des 12 mois pr\u00e9c\u00e9dents. Cette r\u00e9flexion nous
\npermet de faire le point sur ce que nous
\navons accompli et d\u2019envisager comment
\naller de l\u2019avant de la mani\u00e8re la plus
\nefficace et productive possible. En ce d\u00e9but
\nde 2015, l\u2019accent que nous avons plac\u00e9 sur
\nla collaboration avec des organismes qui
\npartagent nos int\u00e9r\u00eats a raviv\u00e9 la passion
\npour la profession d\u2019\u00e9valuateur et pour
\nl\u2019Institut canadien des \u00e9valuateurs (ICE),
\nce qui donne \u00e0 notre organisation et \u00e0 nos
\nmembres un \u00e9lan comme nous n\u2019en avons
\njamais vu auparavant. <\/p>\n
Collaboration
\nLes principaux faits saillants de 2014
\nconcernent les fructueuses discussions
\nqui ont eu lieu durant nos nombreuses
\nrencontres de promotion des droits et de
\npartenariat tout au long de l\u2019ann\u00e9e. Voici
\nquelques-unes des r\u00e9alisations les plus
\ndignes de mention\u00a0:
\n\u2022 L\u2019ICE a renouvel\u00e9 son entente en <\/p>\n
mati\u00e8re d\u2019\u00e9ducation avec l\u2019Universit\u00e9
\nde la Colombie- Britannique afin de
\ncontinuer \u00e0 livrer son Programme
\nd\u2019\u00e9tudes professionnelles. Nous avons
\naussi cr\u00e9\u00e9 un nouveau partenariat
\nd\u2019enseignement avec l\u2019Universit\u00e9
\nLaval, afin de livrer les programmes
\nde t\u00e9l\u00e9apprentissage en fran\u00e7ais aux
\nmembres stagiaires. <\/p>\n
\u2022 L\u2019ICE poursuit sa s\u00e9rie de rencontres
\navec les compagnies de gestion de <\/p>\n
l\u2019\u00e9valuation (CGE) afin de discuter des
\nimportantes questions qui pr\u00e9occupent
\nnos membres. Il en a r\u00e9sult\u00e9 des
\nconsultations plus pouss\u00e9es en mati\u00e8re
\nde pratiques professionnelles et de
\nformation et une plus grande ouverture
\nd\u2019esprit de la part des CGE \u00e0 l\u2019\u00e9gard des
\ninqui\u00e9tudes soulev\u00e9es par nos membres. <\/p>\n
\u2022 L\u2019ICE a fourni ses commentaires au
\nBureau du Surintendant des institutions
\nfinanci\u00e8res au sujet de la ligne directrice
\nB-21 Pratiques et proc\u00e9dures de souscription
\nd\u2019assurance hypoth\u00e9caire r\u00e9sidentielle. Cette
\nligne directrice a \u00e9tabli le r\u00f4le important
\nque jouent les \u00e9valuations de qualit\u00e9
\ndans le processus de pr\u00eat et a ouvert la
\nporte \u00e0 des consultations plus pouss\u00e9es
\navec les assureurs d\u2019hypoth\u00e8que, les
\ninstitutions financi\u00e8res et les organismes
\nde r\u00e9glementation sur les fa\u00e7ons
\nd\u2019int\u00e9grer les \u00e9valuations sur place dans
\ndes strat\u00e9gies d\u2019att\u00e9nuation des risques. <\/p>\n
\u2022 L\u2019ICE a conclu une entente avec l\u2019Institut
\ncanadien de l\u2019immeuble afin d\u2019offrir aux
\nmembres de l\u2019ICE qui d\u00e9sirent diversifier
\nleur pratique un rabais sur les cours
\nd\u2019enseignement. <\/p>\n
\u2022 Sur la sc\u00e8ne mondiale, l\u2019ICE s\u2019est
\nm\u00e9rit\u00e9 la reconnaissance et le respect
\ndes organisations internationales pour
\nses titres et sa pratique professionnelle.
\nEn effet, l\u2019ICE est l\u2019une des premi\u00e8res
\norganisations professionnelles en
\n\u00e9valuation \u00e0 appuyer l\u2019International
\nValuation Standards Council (IVSC)
\net son initiative visant \u00e0 normaliser
\n\u00e0 l\u2019\u00e9chelle mondiale les normes <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 1 \/ Tome 1 | 201510 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n
professionnelles. Notre Ex\u00e9cutif participe
\n\u00e0 l\u2019examen de la gouvernance de l\u2019IVSC
\nafin d\u2019en assurer la durabilit\u00e9 future.<\/p>\n
Toutes ces discussions d\u00e9montrent une
\nforte volont\u00e9 de coop\u00e9ration et indiquent
\nque notre engagement et investissement
\ndans ces relations commence \u00e0 porter fruit.
\nElles d\u00e9montrent \u00e9galement que l\u2019ICE et les
\ntitres professionnels d\u2019AACI et de CRA sont
\ntoujours hautement respect\u00e9s aux pays et
\ndans le monde. <\/p>\n
Optimisme
\nUn autre fait marquant de l\u2019ann\u00e9e a \u00e9t\u00e9 notre
\ntourn\u00e9e pancanadienne qui nous a donn\u00e9
\nl\u2019occasion de rencontrer nos membres lors des
\nr\u00e9unions provinciales et de chapitres de l\u2019ICE.
\nDans l\u2019ensemble, le climat de ces rencontres
\n\u00e9tait positif, optimiste et coop\u00e9ratif. Les
\ngens sont enthousiastes et nos conversations
\nont port\u00e9 sur l\u2019objectif commun que nous
\navons de faire avancer la profession et d\u2019aider
\nnos membres \u00e0 r\u00e9ussir. Nous reconnaissons
\nque nous devons travailler tous ensemble \u00e0
\nsurmonter les d\u00e9fis de la profession. Il y a une
\nouverture d\u2019esprit aux nouvelles id\u00e9es, aux
\nnouveaux proc\u00e9d\u00e9s et aux nouvelles fa\u00e7ons
\nde faire. On pourrait m\u00eame dire que nous
\ndevenons plus dispos\u00e9s \u00e0 innover! <\/p>\n
Croissance
\nCertains faits incontestables d\u00e9montrent
\nl\u2019\u00e9lan positif au sein de l\u2019ICE.
\n\u2022 En 2014, nous avons connu une <\/p>\n
augmentation de 2,2\u00a0% dans le nombre
\nde nos membres actifs \u2013 ceci repr\u00e9sente
\nune augmentation totale de 4,7\u00a0% au
\ncours des cinq derni\u00e8res ann\u00e9es. Une telle
\ncroissance indique que les comp\u00e9tences
\nde nos membres sont en demande et que,
\nen qualit\u00e9 d\u2019association professionnelle,
\nnous livrons \u00e0 nos membres des services
\nde valeur. <\/p>\n
\u2022 Nous savons aussi que plus de gens et
\nd\u2019organisations ont acc\u00e8s \u00e0 nos membres
\net \u00e0 nos ressources. Nous avons assist\u00e9 \u00e0
\nune augmentation de 34\u00a0% du nombre de
\nvisiteurs \u00e0 notre site Web et de 24\u00a0% du
\nnombre d\u2019utilisateurs de l\u2019outil Trouver un
\n\u00e9valuateur. Nous savons que notre site est
\nle site de premier choix pour la profession.<\/p>\n
Engagement \u00e0 l\u2019action
\nEn nous appuyant sur l\u2019\u00e9lan de 2014
\net en nous inspirant de notre nouveau
\nplan strat\u00e9gique pour 2015-2018, nous
\nnous sommes donn\u00e9s comme objectif de
\nprojeter l\u2019ICE et nos membres vers l\u2019avenir.
\nPour atteindre ce but, nous nous sommes
\nengag\u00e9s \u00e0 prendre les mesures suivantes :
\n\u2022 Nous allons continuer \u00e0 \u00e9laborer notre <\/p>\n
strat\u00e9gie nationale de d\u00e9fense des droits
\nde mani\u00e8re \u00e0 ce que l\u2019ICE soit un
\nporte-parole coh\u00e9rent sur les questions
\nque nos membres jugent importantes. <\/p>\n
\u2022 Nous allons travailler sans rel\u00e2che \u00e0
\ntrouver de nouveaux moyens permettant
\n\u00e0 nos membres de diversifier leur
\npratique \u2013 tant au Canada qu\u2019\u00e0 l\u2019\u00e9tranger. <\/p>\n
\u2022 Nous allons \u00e9tudier les tendances et
\noccasions du march\u00e9 qui s\u2019offrent \u00e0 nos
\nmembres quand nous envisageons des
\nchangements aux Normes uniformes
\nde pratique professionnelle en mati\u00e8re
\nd\u2019\u00e9valuation au Canada (NUPPEC). <\/p>\n
\u2022 Nous allons pr\u00e9senter nos membres
\ncomme les professionnels de choix par
\nnotre pr\u00e9sence en ligne, notre publicit\u00e9,
\nnos \u00e9v\u00e9nements et nos partenariats. <\/p>\n
\u2022 Nous allons commencer \u00e0 livrer en
\nfran\u00e7ais un enseignement \u00e0 distance
\nde qualit\u00e9 par l\u2019interm\u00e9diaire de
\nl\u2019Universit\u00e9 Laval.<\/p>\n
\u2022 Nous allons achever la mise en \u0153uvre
\ndu Programme d\u2019examen du produit
\ndu travail pour faire en sorte que
\nnos stagiaires aient les comp\u00e9tences
\npratiques dont ils ont besoin pour
\nr\u00e9ussir dans la profession. <\/p>\n
\u2022 Nous allons continuer de perfectionner
\nnos membres en organisant des webinaires
\ninteractifs sur des sujets de pointe. <\/p>\n
\u2022 Nous allons encourager les nouveaux
\nmembres \u00e0 se joindre \u00e0 notre \u00e9quipe en
\nparticipant \u00e0 ICE 101 \u2013 Introduction \u00e0
\nla profession d\u2019\u00e9valuateur (qui remplace
\nles expos\u00e9s enregistr\u00e9s Nous \u00e9valuons,
\nau Canada). <\/p>\n
\u2022 Nous allons tenir plus de 20 s\u00e9minaires
\nde pratique professionnelle d\u2019une
\njourn\u00e9e par webinaire pour mettre \u00e0 la
\ndisposition de nos membres un moyen
\npratique et efficace de mettre \u00e0 jour leurs
\nconnaissances des probl\u00e8mes et tendances
\nen pratique professionnelle. <\/p>\n
\u2022 Enfin, nous allons continuer d\u2019\u00eatre
\ndes leaders \u00e0 l\u2019appui de l\u2019\u00e9laboration
\nde normes internationales en mati\u00e8re
\nd\u2019\u00e9valuation, faisant ainsi de l\u2019ICE et
\nde nos membres des experts reconnus
\nmondialement et des professionnels
\nhautement comp\u00e9tents. <\/p>\n
Les membres de l\u2019ICE traversent une
\np\u00e9riode passionnante alors que nous
\nallons tous de l\u2019avant avec des initiatives
\nstrat\u00e9giques et concert\u00e9es qui rehausseront
\nvotre profil de membre et cr\u00e9eront pour
\nvous de nouvelles opportunit\u00e9s. Nous
\nvous invitons \u00e0 vous engager \u00e0 promouvoir
\nfi\u00e8rement nos titres professionnels et \u00e0 nous
\naider \u00e0 pr\u00e9parer la profession \u00e0 faire le saut
\nvers la g\u00e9n\u00e9ration suivante. Nous appr\u00e9cions
\net attendons vos commentaires et votre
\nr\u00e9troaction \u2013 n\u2019h\u00e9sitez pas \u00e0 communiquer
\navec nous \u00e0 scottw@aicanada.ca et
\nkeithl@aicanada.ca. <\/p>\n
\u00ab EN NOUS APPUYANT
\nSUR L\u2019\u00c9LAN DE 2014 ET
\nEN NOUS INSPIRANT
\nDE NOTRE NOUVEAU
\nPLAN STRAT\u00c9GIQUE
\nPOUR 2015-2018, NOUS
\nNOUS SOMMES DONN\u00c9S
\nCOMME OBJECTIF DE
\nPROJETER L\u2019ICE ET
\nNOS MEMBRES VERS
\nL\u2019AVENIR. \u00bb <\/p>\n
Volume 59 | Book 1 \/ Tome 1 | 2015 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 11Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
ECONOMIC OUTLOOK<\/p>\n
I t is said that change is the only con-stant in today\u2019s world, and looking at Canada\u2019s commercial real estate market that adage seems more appro-
\npriate than ever. Changing spending
\nhabits, commuting patterns, the emer-
\ngence of the tech-savvy Millennial cohort,
\nan explosion of downtown condo devel-
\nopment, and interest rates so low that
\nmoney is bordering on free, are changing
\neverything we in the real estate world
\nhave taken for granted with recent events
\nsuggesting this is just the beginning.\u00a0<\/p>\n
Leasing and investment
\nCommercial real estate is primarily about
\ntwo things: leasing and investment.
\nThe two are inextricably linked, with
\none dictating the other and vice-versa.
\nLeasing markets across Canada have
\ngenerally had a good run over the past
\nseveral years, coming out of the global
\nfinancial crisis and continuing into 2014,
\nbut cracks are beginning to appear. We
\nhave an office development wave that
\nis destined to deliver 20 million square
\nfeet of predominantly downtown space
\nat a time when occupiers are shrinking
\ntheir footprint, when and where they can,
\nand a natural-resource-based economy
\nthat no longer has the tailwind provided
\nby the commodity super cycle that
\nsomewhat abruptly ended at the end of
\n2013. The recent drop in oil (and natural
\ngas) prices is just the icing on the cake,
\nso to speak. To an extent, technology
\ntenants have come to the rescue, although <\/p>\n
their preferences for office space can
\nbe described as eclectic, with no clear
\nwinners on the landlord side in terms of
\nlocation or building type \u2013 new, old, high-
\nrise or low-rise. It is all very confusing and
\nmaking a sweeping comment is all but
\nimpossible. As we get further into the year,
\nwith the shakeout occurring in many of
\nthe commodity-based markets, we will get
\na better sense of what impact a slightly less
\nrobust economy and a more tepid labour
\nmarket will have on leasing markets.\u00a0<\/p>\n
Retail
\nLike office, retail is going through consid-
\nerable change, most notably the arrival,
\nand now departure of Target. Target was
\nsupposed to form the basis of a new junior
\ndepartment store that could act as a crit-
\nical anchor for many of Canada\u2019s smaller
\ncentres. Alas, that will not happen and it
\nhas put into question the viability of many
\ncentres, particularly in smaller markets
\noutside Canada\u2019s major metros. <\/p>\n
Other new entries to the Canadian
\nmarket are Nordstrom, soon to be
\nfollowed by Saks Fifth Avenue, all this
\nchange just on the anchor side. New
\nanchors always have the potential to be
\ngame changers, but, on top of this, online
\nretail, or e-commerce, continues to be
\na very disruptive force as all retailers
\nare forced to adopt the \u2018omni-channel\u2019
\napproach to meeting their customers\u2019
\nneeds and wants. This is forming an
\ninteresting interchange between retail
\nand industrial.<\/p>\n
CHANGE, CHANGE AND MORE CHANGE
\nTO HIGHLIGHT COMMERCIAL <\/p>\n
REAL ESTATE IN 2015
\nB Y R O S S J . M O O R E , <\/p>\n
D IRECTOR OF RE SE A RCH, C A N A DA FOR CBRE L IMI T ED, GLOB A L RE SE A RCH A ND CONSULT ING, VA NCOU V ER; <\/p>\n
P A U L M O R A S S U T T I , A A C I , P . A P P ,
\nE X ECU T I V E V ICE-PRE SIDEN T A ND SENIOR M A N AGING DIRECTOR, CBRE , TORON TO<\/p>\n
PAUL MOR A S SU T T I<\/p>\n
RO S S J. MOORE<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 1 \/ Tome 1 | 201512 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
ECONOMIC OUTLOOK<\/p>\n
Retail has long been characterized
\nby low vacancies, and, with the
\ndisappearance of Target, vacancies are
\ndestined to climb higher, but not to the
\nextent that fundamentals will change in
\na material way; the underlying theme in
\nretail is that it is not \u2018business as usual.\u2019
\nRetailers and landlords know this, and
\nare looking for new and innovative
\nways of keeping foot traffic high and
\nsales climbing. It is a very competitive
\nlandscape that will only become more so
\nin the coming years.\u00a0<\/p>\n
Industrial
\nCanada\u2019s industrial market, at 1.7 billion
\nsquare feet, does not move quickly, but
\neven in this usually staid asset class,
\nchange is occurring. Users want more from
\ntheir space, and, as a result, advancements
\nin stacking, cross-dock facilities,
\nand automation, as well as US-style
\n\u2018fulfillment centres\u2019 are beginning to <\/p>\n
make their arrival, even if they are scaled
\ndown relative to what can be found south
\nof the border. Canada\u2019s retailers, and in
\nparticular the large grocers, have been
\ninvesting heavily in new distribution
\ncentres (DCs), in anticipation of what
\nthey thought would be new competition
\nfrom Target, but also WalMart, which
\ncontinues to expand with its large store
\nsupercentre format including groceries.
\nNew generation DCs are not just unique
\nto the grocery chains, but across all retail
\nsegments. Supply chain management
\nhas become the new battleground for
\nretailers. Blame a whole host of factors,
\nbut technology is right up there. Demand
\nfor warehouse space is generally strong,
\nbut for now, most demand is coming
\nfrom the big users. This is supported by
\nnew development, where over 80% of
\nwarehouse space under construction is
\nconsidered \u2018big bay\u2019 of at least 100,000
\nsquare feet.\u00a0<\/p>\n
Investment
\nWhere does all this change leave the
\ninvestment market? Investors still
\nseem unshaken from their diehard
\nbelief that Canadian real estate is a
\ngreat place to be and capital remains
\nreadily available. Investment volumes
\nremain high, at least by historic stan-
\ndards, although the last 12 months or
\nso have been characterized by very few
\nlarge trophy-like trades and instead by
\nmore mid-priced properties sub-$25
\nmillion. Partial interest transactions,
\nparticularly for $50-million+ assets,
\nare now almost more the rule than the
\nexception. Land transactions, often
\nwith residential in mind, look set to
\nremain a key part of the market, and
\nspeak to the merging of the commer-
\ncial and residential markets with the
\naccompanying valuation challenges. <\/p>\n
Pricing
\nThat takes us to pricing. Across the
\nquality spectrum, across all property
\ntypes and in virtually every part of
\nthe country, pricing remains elevated.
\nWith the uncertainty created by the
\nrecent drop in oil prices, there is an
\nelement of uncertainty that was not
\nthere previously. Now, record low
\ninterest rates are providing a nice
\nbuffer, and assuming oil prices find
\na floor near the $50\/60 per barrel
\nlevel, cap rates could even trend
\nlower. The investment market is
\nstill characterized by the usual mix
\nof institutional, public and private
\ncapital, but with the recent drop in
\nthe Canadian dollar, albeit mostly
\nagainst the US dollar, the prospect of
\na surge of American capital is not out
\nof the question.\u00a0<\/p>\n
So much change indeed.
\nCanada\u2019s commercial real estate
\nmarket is still the envy of most
\nglobal markets, but without doubt
\na chapter has finished and a new
\none is about to begin. Think change
\n\u2013 everywhere and for everything,
\nincluding boring old real estate. <\/p>\n
« CANADA\u2019S COMMERCIAL
\nREAL ESTATE MARKET IS
\nSTILL THE ENVY OF MOST
\nGLOBAL MARKETS, BUT A <\/p>\n
CHAPTER HAS FINISHED
\nAND A NEW ONE IS ABOUT <\/p>\n
TO BEGIN. »<\/p>\n
Volume 59 | Book 1 \/ Tome 1 | 2015 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 13Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
PERSPECTIVES \u00c9CONOMIQUES<\/p>\n
O n dit que dans le monde d\u2019aujourd\u2019hui, la seule constante est le changement. Cet adage semble plus appropri\u00e9 que
\njamais au sein du march\u00e9 de l\u2019immobilier
\ncommercial du Canada. Les habitudes de
\nconsommation changeantes, les habitudes
\nde navettage, l\u2019\u00e9mergence de la cohorte
\npost-boomer branch\u00e9e, l\u2019explosion de
\nprojets de construction de copropri\u00e9t\u00e9s
\ndans les centres-villes et les taux d\u2019int\u00e9r\u00eat
\nsi faibles qui ne rapportent presque rien
\nchangent tout ce que nous, intervenants
\ndu milieu immobilier, avons pris pour
\nacquis; les r\u00e9cents \u00e9v\u00e9nements sugg\u00e8rent
\nque ce n\u2019est que le d\u00e9but. <\/p>\n
Location et investissement
\nL\u2019immobilier commercial se r\u00e9sume
\nessentiellement \u00e0 deux \u00e9l\u00e9ments\u00a0: la
\nlocation et l\u2019investissement. Ceux-ci sont
\ninextricablement li\u00e9s; l\u2019un dicte l\u2019autre
\net vice-versa. Au Canada, les march\u00e9s de
\nlocation ont, en r\u00e8gle g\u00e9n\u00e9rale, prosp\u00e9r\u00e9
\nau cours des derni\u00e8res ann\u00e9es apr\u00e8s avoir
\nr\u00e9ussi \u00e0 se sortir de la crise financi\u00e8re
\nmondiale. Les ann\u00e9es favorables se
\nsont poursuivies jusqu\u2019en 2014, mais
\nactuellement, des fissures commencent \u00e0
\nappara\u00eetre. Nous observons une vague de
\nconstruction de locaux commerciaux qui,
\nensemble, offriront 20\u00a0millions de pieds
\ncarr\u00e9s d\u2019espaces \u00e0 bureaux majoritairement
\nau centre-ville \u00e0 une \u00e9poque o\u00f9 les
\noccupants diminuent leur superficie, dans
\nla mesure du possible, et une \u00e9conomie
\nfond\u00e9e sur les ressources naturelles qui <\/p>\n
PAUL MOR A S SU T T I<\/p>\n
RO S S J. MOORE<\/p>\n
LE MOT D’ORDRE DANS LE MILIEU
\nDE L’IMMOBILIER COMMERCIAL <\/p>\n
EN 2015 : CHANGEMENT!
\nP A R R O S S J . M O O R E , <\/p>\n
DIRECT EUR DE L A RECHERCHE , C A N A DA , CBRE L IMI T ED, GLOB A L RE SE A RCH A ND CONSULT ING, VA NCOU V ER;<\/p>\n
P A U L M O R A S S U T T I , A A C I , P . A P P ,
\nV ICE-PR\u00c9 SIDEN T E X \u00c9CU T IF E T DIRECT EUR E X \u00c9CU T IF, CBRE , TORON TO<\/p>\n
n\u2019a plus le vent dans les voiles depuis la fin
\nabrupte du super cycle des mati\u00e8res premi\u00e8res
\n\u00e0 la fin de 2013. La chute r\u00e9cente des prix
\ndu p\u00e9trole (et du gaz naturel) repr\u00e9sente
\nla cerise sur le g\u00e2teau, pour ainsi dire.
\nDans une certaine mesure, les entreprises
\ntechnologiques locataires sont venues \u00e0 la
\nrescousse, bien que leurs pr\u00e9f\u00e9rences en
\nmati\u00e8re de locaux \u00e0 bureaux puissent \u00eatre
\nd\u00e9crites comme \u00e9clectiques; les propri\u00e9taires
\nne peuvent donc pas s\u2019attendre \u00e0 ce qu\u2019elles
\noptent pour un certain type de location ou
\nd\u2019\u00e9difice (nouveau, vieux, haut, peu \u00e9lev\u00e9,
\netc.). Cette situation porte donc facilement
\n\u00e0 la confusion et faire des commentaires
\ng\u00e9n\u00e9raux s\u2019av\u00e8re impossible. \u00c0 mesure que
\nl\u2019ann\u00e9e avance, avec la d\u00e9confiture qui se
\nproduit dans de nombreux march\u00e9s des
\nmati\u00e8res premi\u00e8res, nous pourrons mieux
\n\u00e9valuer les r\u00e9percussions d\u2019une \u00e9conomie un
\npeu moins solide et d\u2019un march\u00e9 du travail
\nplus ti\u00e8de sur les march\u00e9s de la location. <\/p>\n
Commerce de d\u00e9tail
\n\u00c0 l’instar des locaux \u00e0 bureaux, le commerce
\nde d\u00e9tail subit \u00e0 l’heure actuelle des
\nchangements importants, notamment
\nl’arriv\u00e9e et le d\u00e9part de Target. Celui-ci
\ndevait servir de mod\u00e8le pour un nouveau
\ntype de petit magasin \u00e0 grande surface
\nessentiel \u00e0 la survie de nombreux petits
\ncentres commerciaux canadiens. H\u00e9las, ce
\nne sera pas le cas et la fermeture de Target
\na remis en question la viabilit\u00e9 de plusieurs
\ncentres commerciaux, en particulier dans
\nles petits march\u00e9s en dehors des principales
\nagglom\u00e9rations canadiennes. <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 1 \/ Tome 1 | 201514 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
PERSPECTIVES \u00c9CONOMIQUES<\/p>\n
La boutique Nordstrom a fait son
\nentr\u00e9e sur le march\u00e9 canadien, et ce sera
\nbient\u00f4t au tour de Saks\u00a0Fifth Avenue. Les
\nlocataires majeurs ont toujours la possibilit\u00e9
\nde r\u00e9volutionner le commerce de d\u00e9tail,
\nmais le commerce en ligne, ou commerce
\n\u00e9lectronique, continue de perturber le
\nmilieu et force tous les d\u00e9taillants \u00e0 adopter
\nl\u2019approche des plateformes multiples afin
\nde satisfaire les besoins de leurs client\u00e8les.
\nCette situation favorise des \u00e9changes
\nint\u00e9ressants entre le commerce de d\u00e9tail et
\nle march\u00e9 industriel. <\/p>\n
Le commerce de d\u00e9tail a longtemps \u00e9t\u00e9
\ncaract\u00e9ris\u00e9 par de faibles taux d\u2019inoccupation
\net, avec la disparition de Target, ils sont vou\u00e9s
\n\u00e0 l\u2019augmentation. Cependant, les fondements
\nne changeront pas de fa\u00e7on importante, car
\nil est sous-entendu dans le commerce de
\nd\u00e9tail que les affaires ne se m\u00e8nent pas de
\nla m\u00eame mani\u00e8re qu\u2019ailleurs. Les d\u00e9taillants
\net les propri\u00e9taires en sont conscients et
\ncherchent de nouveaux moyens innovateurs
\npour maintenir l\u2019achalandage en magasin et
\naccro\u00eetre les ventes. Cette industrie, d\u00e9j\u00e0 tr\u00e8s
\nconcurrentielle, le sera davantage au cours des
\nprochaines ann\u00e9es. <\/p>\n
March\u00e9 industriel
\nLe march\u00e9 industriel canadien, qui totalise
\n1,7\u00a0milliard de pieds carr\u00e9s, ne bouge pas
\nrapidement, mais m\u00eame des changements
\nsurviennent au sein de cette cat\u00e9gorie d\u2019actifs
\nhabituellement statiques. Les utilisateurs
\nsouhaitent tirer davantage profit de leur
\nespace et, par cons\u00e9quent, des progr\u00e8s en
\nmati\u00e8re d\u2019empilement, d\u2019installations de
\ntransbordement et d\u2019automatisation sont
\nobserv\u00e9s, et des centres d\u2019ex\u00e9cution de
\ncommandes, semblables \u00e0 ceux aux \u00c9tats-
\nUnis, mais \u00e0 taille r\u00e9duite, commencent
\n\u00e0 faire leur apparition. Les d\u00e9taillants
\ncanadiens, en particulier les grands \u00e9piciers,
\ninvestissent \u00e9norm\u00e9ment dans de nouveaux
\ncentres de distribution (CD) en vue de la
\nnouvelle concurrence que Target devait
\nfaire, mais aussi de celle de Wal-Mart, qui
\ncontinue d\u2019augmenter ses activit\u00e9s au moyen
\nde grands magasins de type super centre, qui
\ncomporte d\u2019ailleurs une \u00e9picerie. Les CD de
\nnouvelle g\u00e9n\u00e9ration ne sont pas exclusifs aux <\/p>\n
cha\u00eenes d\u2019\u00e9picerie; ils se retrouvent en effet
\ndans tous les segments de commerce. La
\ngestion de la cha\u00eene d\u2019approvisionnement
\nest devenue le nouveau champ de bataille
\ndes d\u00e9taillants. On peut attribuer cette
\nsituation \u00e0 un large \u00e9ventail de facteurs,
\nmais la technologie en est grandement
\nresponsable. La demande de locaux
\nd\u2019entrep\u00f4t est g\u00e9n\u00e9ralement \u00e9lev\u00e9e mais,
\nde nos jours, elle provient la plupart du
\ntemps de grands utilisateurs en raison des
\nnouveaux projets de construction, dont
\n80\u00a0% d\u2019entre eux poss\u00e8dent une superficie
\nd\u2019au moins 100\u00a0000\u00a0pieds carr\u00e9s. <\/p>\n
Investissement
\nComment \u00e9volue le march\u00e9 des
\ninvestissements parmi ces changements?
\nLes investisseurs semblent toujours
\nin\u00e9branlables, car ils croient fermement que
\nle march\u00e9 immobilier canadien constitue
\nun excellent march\u00e9 o\u00f9 investir et que le
\ncapital demeure facilement accessible. Le
\nvolume des investissements reste \u00e9lev\u00e9,
\ndu moins comparativement aux normes
\nhistoriques, bien que les douze derniers
\nmois ont \u00e9t\u00e9 caract\u00e9ris\u00e9s par de rares grosses
\ntransactions, mais plut\u00f4t par des transactions
\nmoyennes en de\u00e7\u00e0 de 25\u00a0millions de dollars.
\nLes transactions d\u2019int\u00e9r\u00eats minoritaires,
\nen particulier pour les actifs de plus de
\n50\u00a0millions de dollars, constituent d\u00e9sormais
\nla r\u00e8gle plus que l\u2019exception. Les transactions
\nfonci\u00e8res, dans le but d\u2019y construire une <\/p>\n
propri\u00e9t\u00e9 r\u00e9sidentielle, continuent d\u2019occuper
\nune part essentielle du march\u00e9, et t\u00e9moignent
\nde la fusion des march\u00e9s commercial et
\nr\u00e9sidentiel, ainsi que des d\u00e9fis d\u2019\u00e9valuation qui
\ns\u2019y rattachent. <\/p>\n
\u00c9tablissement des prix
\nCela nous am\u00e8ne \u00e0 l’\u00e9tablissement des
\nprix. Compte non tenu de la qualit\u00e9, du
\ntype de propri\u00e9t\u00e9 et de la r\u00e9gion, les prix
\n\u00e9lev\u00e9s subsistent. En raison de l’incertitude
\nengendr\u00e9e par la r\u00e9cente chute des prix du
\np\u00e9trole, on ressent maintenant un certain
\nsentiment d\u2019incertitude qui n\u2019\u00e9tait pas l\u00e0
\navant. Les faibles taux d\u2019int\u00e9r\u00eat, qui ont
\natteint des creux in\u00e9gal\u00e9s, permettent
\nd\u2019amortir les pertes, et si le prix du baril
\nde p\u00e9trole se stabilise entre 50\u00a0$ et 60\u00a0$, le
\ntaux plafond pourrait \u00eatre revu \u00e0 la baisse.
\nLe march\u00e9 des investissements se distingue
\nencore par son m\u00e9lange habituel de capitaux
\ninstitutionnels, publics et priv\u00e9s, mais avec
\nla r\u00e9cente baisse du dollar canadien, surtout
\npar rapport au dollar am\u00e9ricain, la hausse
\n\u00e9ventuelle de capitaux am\u00e9ricains n\u2019est pas
\nhors de question. <\/p>\n
Beaucoup de changements en effet. Le
\nmarch\u00e9 de l\u2019immobilier commercial canadien
\nfait encore l\u2019envie de la plupart des march\u00e9s
\nmondiaux, mais, sans aucun doute, un
\nchapitre s\u2019est clos et un nouveau s\u2019appr\u00eate \u00e0
\ncommencer. Pensez au changement, partout
\net dans tout, y compris le vieux march\u00e9
\nennuyeux de l\u2019immobilier. <\/p>\n
\u00ab LE MARCH\u00c9 DE
\nL\u2019IMMOBILIER COMMERCIAL <\/p>\n
CANADIEN FAIT ENCORE
\nL\u2019ENVIE DE LA PLUPART DES
\nMARCH\u00c9S MONDIAUX, MAIS, <\/p>\n
UN CHAPITRE S\u2019EST CLOS
\nET UN NOUVEAU S\u2019APPR\u00caTE <\/p>\n
\u00c0 COMMENCER. \u00bb<\/p>\n
Volume 59 | Book 1 \/ Tome 1 | 2015 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 15Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
E
\nvery agricultural property is part of an agricultural industry \u2013 e.g., field
\ncrops (wheat, corn, soybean, etc.), dairy, tender fruit or horticulture. Each
\nagricultural industry has a history, which has had a direct effect on the
\nmarket values (past and present) of the properties related to that industry.
\nThis article endeavours to study the reinvention of Canada\u2019s wine industry
\nover the 24\u2010year period of 1989 to 2012, and the effect that this industry\u2019s <\/p>\n
history has had on the affected agricultural land values in the Niagara Region of Ontario
\nover that time period. <\/p>\n
Canada\u2019s wine industry is fairly small in the world theatre, comprising only about
\n30,000 acres of vineyard area in 2006,1 compared, for instance, with France, which had
\nroughly 2 million acres under vine in 2012. While numerous provinces have significant
\namounts of vineyard area, Ontario has the most acreage under vine, with approximately
\n17,000 acres in 2013. Although Canada\u2019s place in the world wine marketplace is quite
\nsmall, grapes comprise Ontario\u2019s highest farm gate value of any of its fruit industries
\non an annual basis, comprising 43% of the provincial farm gate value for commercial
\nfruit production in 2012. In 2013, grape sales exceeded $100 million.2 Of the total
\n2013 production, 97% was reportedly used for the creation of wine products, with the
\nremaining 3% used for juice, jams and other grape products. Ontario has numerous grape\u2010
\ngrowing locales, the largest of which is the Niagara Region, with approximately 13,600
\nacres of vineyards, or somewhat less than half of Canada\u2019s total, according to the Grape
\nGrowers of Ontario. <\/p>\n
The effect of the reinvention of <\/p>\n
CANADA\u2019S WINE INDUSTRY
\non LAND VALUES
\nin Ontario\u2019s Niagara Region<\/p>\n
By Lisa Campbell, AACI, P.App <\/p>\n
« The Study Area <\/p>\n
has historically been <\/p>\n
considered conducive <\/p>\n
to the construction of <\/p>\n
greenhouse space due to <\/p>\n
its moderated climate <\/p>\n
(which lowers energy <\/p>\n
costs), its close proximity <\/p>\n
to Toronto, and its close <\/p>\n
proximity to the US. »<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 1 \/ Tome 1 | 201516 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
Many fruits are native to North
\nAmerica. Among these is the vitis labrusca,
\nor wild labrusca grape. Historically,
\nthese have been used in North America
\nto derive numerous labrusca and hybrid
\ngrape cultivars for commercial purposes.
\nLabrusca cultivars today include, but are
\nnot limited to, Niagara, Concord and
\nCatawba, and they are quite suitable for
\nthe production of juice and jams. However,
\nthese cultivars were also used for wines
\nthroughout portions of North America,
\nincluding Canada, many years ago
\n(Catawba is still used in New York State).
\nThe fermentation of these grapes results
\nin wines generally described as \u2018foxy\u2019 (i.e.,
\nhaving a musty odour and flavour) and
\nconsidered by many wine enthusiasts to
\nbe less desirable than wines without this
\nmusty characteristic. Labrusca grapes are
\nfound in much of Canada as they are quite
\nwinter\u2010hardy and can withstand Canadian
\nwinters and spring frosts with little or
\nno damage to the vine or bud, resulting
\nin more reliable yields on a year\u2010to\u2010year
\nbasis. As far back as the 19th century, the
\nCanadian wine industry relied heavily
\nupon hybrid grape cultivars, i.e., grapes
\nderived from breeding programs that use
\nlabrusca and other species crossed with
\nEuropean vinifera grapes to create cultivars
\nwith better wine characteristics, improved
\nhardiness and less \u2018foxy\u2019 characteristics.
\nThese hybrid cultivars included
\nDeChaunac, Seyval Blanc, Villard Noir
\nand Vidal, to name a few. <\/p>\n
Forty years ago, these labrusca and
\nhybrid vines had low risk for production,
\nresulting in reliable profit margins to the
\nfarmer. When product prices were high
\nenough, the greater reliability in profit
\nmargins from these varieties resulted in
\na lucrative business model for farmers.
\nUntil the late 1980s, Canadian tariffs on
\ninternational products protected Canadian
\nwines from direct market competition and
\nkept prices for labrusca and hybrid grapes
\nin Canada artificially high. This enabled
\nlabrusca and hybrid grape farms to remain
\nmore profitable during this period than
\nthey would have otherwise been under a
\npurely market\u2010derived price structure. <\/p>\n
Canada\u2019s grape and wine industry
\nduring this time featured popular wines <\/p>\n
that were derived from labrusca and hybrid
\ngrapes, such as Moody Blue and the iconic
\nBaby Duck. While some of the original
\nwines of the old Canadian wine industry
\nare still on the shelves today, the Free Trade
\nAgreement (FTA) between Canada and the
\nUS in 1988 rang the death knell for the old
\nCanadian wine industry by removing trade
\nbarriers to US product. <\/p>\n
Among other changes that occurred in
\nfederal legislation in the industry shortly
\nafter the FTA, labrusca grapes were banned
\nfrom use in the production of Ontario
\nwine. This was because the market for
\nsweeter high\u2010alcohol wines made from
\nlabrusca grapes had decreased dramatically
\nby this time, while drier low\u2010alcohol wines
\nmade from European\u2010derived vinifera
\ngrapes had become far more popular in
\nOntario. To build a wine industry that
\ncould compete in the post\u2010FTA market,
\nlegislation was necessary to induce growers
\nto change from a business model based
\non labrusca grapes to one based upon
\nthe increasingly popular vinifera grape.
\nMeanwhile, the Canadian and Ontario
\ngovernments sought to aid farmers in
\nthe midst of this government\u2010instituted
\nindustry change and implemented
\nan extensive vine removal program
\nthroughout the 1989\u20101993 period, wherein
\nthe federal and provincial governments
\npaid farmers to remove their labrusca grape
\nplantings. More than 8,500 acres of vines
\nwere removed through this program. As
\na result of these government\u2010instituted
\nchanges, farmers began to experiment
\nin earnest with the cultivation of higher\u2010
\nquality vinifera grapes. <\/p>\n
Vinifera grapes include a number of
\nhigh\u2010quality grape varieties that originated
\nin Europe, including Sauvignon Blanc,
\nChardonnay, Pinot Gris, Merlot, Cabernet
\nSauvignon and Cabernet Franc, among
\nothers. While cultivation of these varieties
\nwas attempted in Canada during the
\n19th century, the presence of a serious
\ngrape pest, cold Canadian winters and
\nlate Canadian spring frosts resulted in
\nsignificant damage\/death to these vines,
\nand the practice was abandoned. The FTA
\nand the expanding Canadian market for
\nhigh\u2010quality wines resulted in an earnest
\nrevisiting of the practice of cultivating <\/p>\n
vinifera grapes in Canada in a search for
\nthe economic viability of Canada\u2019s wine
\nindustry in the post\u2010FTA economy. <\/p>\n
As noted earlier, Canada\u2019s climate is
\nby and large not suited to the cultivation
\nof cold temperature sensitive vinifera
\ngrapes. With few exceptions, Canada\u2019s
\nwinters are far too harsh, resulting in high
\nvine mortality rates in these varieties.
\nOne of the few areas in Canada with a
\nclimate more amenable to the cultivation
\nof vinifera grapes is the Niagara Region
\nof Ontario. <\/p>\n
A small portion of the Niagara Region
\nhas a moderated climate that is highly
\ninfluenced by Lake Ontario along its
\nnorthern border. Meanwhile, the Niagara
\nEscarpment is located along the southern
\nedge of Niagara\u2019s wine producing lands.
\nThese features of the topographical layout
\nprotect this unique area of land in two
\nways: the area receives warming breezes
\nduring winter from Lake Ontario, as it
\ndoes not freeze over; and a northern slope
\nfrom the escarpment to Lake Ontario
\nslows vine development in the spring and
\nreduces the risk of spring frost. Warmer
\nair masses circulate between these
\ngeographic bodies from north to south,
\nresulting in a convection effect in wind
\ncurrents at and above ground level, which
\ncauses a moderating climatic influence
\non the affected area and moderates both
\nsummer and winter temperatures. This
\nland area is quite small and somewhat
\npie shaped, extending some 40 km
\nfrom east to west along the shore of
\nLake Ontario. The escarpment slope
\nis furthest from Lake Ontario at its
\neast end (approximately 10\u201012 km).
\nThe affected area narrows towards the
\nwest end, where it is 1\u20103 km wide. This
\nclimatically moderated area tends to
\nhave fewer incidences of\u00a0\u201020 to \u201025C air
\ntemperatures than the areas above the
\nescarpment to the south and other areas
\nnearby. This temperature range is relevant
\nto the area\u2019s wine industry, due to the fact
\nthat it is generally considered to be the
\ntemperature at which significant damage
\nand potential mortality can be caused to
\nvinifera vines. In this article, the affected
\nrural area will be referred to as the Study
\nArea. Note that, while the above\u2010noted <\/p>\n
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pie\u2010shaped area includes numerous urban
\nand semi\u2010urban communities, the Study
\nArea refers solely to the small amount
\nof rurally\u2010located agricultural acreage
\nwithin the affected area\u2019s limits. <\/p>\n
Of this rather small acreage, the area\u2019s
\nconvection effect moderates certain
\nportions of the Study Area more so than
\nothers. In areas where the convection
\neffect moderates air temperature
\nsignificantly, the climate is considered
\nfairly suitable to the cultivation of vinifera
\nvines, while those areas that receive less
\nmoderation (and lower temperatures,
\nparticularly during winter and early
\nspring months) are considered less
\nsuitable. In the case of the latter, this is
\ndue to the fact that these pose higher risk
\nwhen contemplating a parcel in that area
\nfor the cultivation of these plantings.
\nSince the climatic areas affected by this
\nconvection effect are so small, the various
\nareas are generally referred to as \u2018meso\u2010
\nclimates.\u2019 <\/p>\n
The cost to construct a vinifera
\nvineyard was recently estimated at
\napproximately $29,000 per acre, not
\nincluding the cost of the land (as per 2009
\nfigures from the Ontario Ministry of
\nAgriculture Food and Rural Affairs). This
\nfigure also includes a four\u2010year waiting
\nperiod until vines are generally considered
\nto be near full maturity. Construction <\/p>\n
cost of a vineyard is therefore generally
\nconsidered sizeable, running to over $1
\nmillion to plant 40 acres, for instance.
\nConsidering the differences in risk of
\nwinter damage and frost damage to vines
\nacross various locales within the Study
\nArea, the financial risk to farmers in the
\ncultivation of vinifera grapes can vary
\ngreatly between locations that are merely
\na few kilometres apart. Bud damage
\ncaused by winter cold or spring frost can
\nresult in a waiting period of one year
\nuntil the damaged portion of the vine is
\nagain producing; more significant damage
\ncan result in the vine needing to be cut
\nto its base or removed altogether with
\na new vine being replanted, resulting
\nin a waiting period of 3\u20104 years until
\nthe vine is near full production. Thus,
\nbetween 1989 and 1993, a unique real
\nestate market appeared in Ontario in
\nthe Niagara Region \u2013 one whose market
\nvalues were based predominantly on
\nclimate as opposed to development
\npotential, proximity to urban centres, or
\neven soils. <\/p>\n
Figure 1 is a map of the area affected
\nby Niagara\u2019s convection effect, i.e., the
\nStudy Area. It is based upon the climatic
\nmap entitled Site Selection for Grapes
\nin the Niagara Peninsula, originally
\ngenerated by the Ontario Ministry
\nof Agriculture and Food in 1976, last <\/p>\n
Figure 1: CLIMATIC MAP OF THE STUDY AREA <\/p>\n
revised in 2009, with some additional
\nillustrations introduced for the sake of
\ndiscussion. Zones A to D in the Study
\nArea are located in the Town of Lincoln,
\nwhile Zones 1, 2 and\u00a03 are located in the
\nTown of Niagara\u2010on\u2010the\u2010Lake. In Lincoln,
\ntwo of the zones are well\u2010moderated:
\nZone A, located in close proximity to
\nthe moderating influences of the Lake
\nOntario shore; and Zone D, located along
\nthe \u2018Bench\u2019 of the Escarpment, where cold
\nair travels quickly down the gently sloping
\nland along the Escarpment face, to rest
\nfurther north on more level land. <\/p>\n
In the second part of this article,
\nZone D has been broken down into two
\nareas \u2013 Zone D\u2010West and Zone D\u2010East,
\ndue to the fact that, although these areas
\nare fairly consistent climatically, trends
\nin unit values in the west end of Zone
\nD have differed greatly from those in
\nthe east end of the zone throughout the
\nstudy\u2019s timeframe. Meanwhile, Zones B
\nand C have less moderation, but may still
\nbe suitable in some instances: specifically,
\nZone C, generally having a slight
\ndownward grade to the north, usually
\nis somewhat superior to Zone B, which
\ntends to have more level topography
\nwith cold air tending to rest in this area.
\nOf the zones in Niagara\u2010on\u2010the\u2010Lake,
\nZone\u00a01 is generally considered to be
\nwell\u2010moderated (being located in close <\/p>\n
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proximity to the moderating influences
\nof the Lake Ontario shore), while Zones
\n2 and 3 have less moderation, but may
\nstill be suitable in some instances. The
\nentirety of the Niagara\u2010on\u2010the\u2010Lake
\nportion of the Study Area tends to have
\nfairly level topography. <\/p>\n
This article studies the trends in land
\nvalues in the Study Area during the first
\n24 years of a new, somewhat experimental
\nCanadian industry. The study explores
\ntrends in values for land purchased for the
\ncultivation of wine grapes from the date
\nof the reinvention of the Niagara grape
\nand wine industry in 1989 (shortly after
\nthe passing of the FTA) until the end of
\n2012. All sales of vacant agricultural land
\nwithin the Study Area were considered in
\nthe analysis; however, only those sales of
\nparcels with an estimated highest and best
\nuse of planting to grapes were used. <\/p>\n
To estimate highest and best use of
\nan agricultural parcel within the Study
\nArea, analysis of the applicable parcel
\nsize was completed. Parcels within the
\nStudy Area usually tend to be quite
\nsmall, relatively speaking in the national
\nrealm. Within the Study Area, a one\u2010acre
\nparcel on which a rural residence may
\nbe constructed will tend to have a high
\nunit value per acre. Thereafter, the value
\nper acre of a parcel will usually decrease
\nin inverse relation to its size, assuming
\nconsistent location, soils, topographical
\nattributes and the ability to construct a
\nrural residence. Except for throughout
\nZone 3, at around the 15\u2010acre point,
\nvalues per acre tend to level off (again,
\nassuming consistent soils\/location\/
\ntopographical features); from this point
\nonwards, parcel size has little effect on the
\nunit value of a parcel in the Study Area.
\nThus, only parcels of 15 or more arable
\nacres were included in the study in all
\nareas except Zone 3, if the parcels were
\nconsidered legal for the construction of a
\nsingle family residence. <\/p>\n
Meanwhile, in Zone 3, the low
\nagricultural unit values in this area
\nthroughout the study\u2019s timeframe
\nresulted in values levelling off at around
\nthe 25\u2010acre point; therefore, in Zone\u00a03,
\nonly parcels having approximately 25
\nor more arable acres were included in <\/p>\n
the study. As well, a few sales of parcels
\nwith smaller acreage that were zoned
\nfor agricultural purposes only (i.e.,
\nconstruction of a single-family residence
\nwas not permitted on the lands) were
\nalso included in the sales data due to
\nthe quite consistent unit values found
\nbetween these sales and aforementioned
\nbuildable parcel sales. <\/p>\n
The next step in estimating highest
\nand best use consisted of analyzing the
\nparcel\u2019s soils. Vinifera grapes can grow on
\nthe variety of sandy loam, silty clay loam,
\nclay loam and heavy clay soils within
\nthe Study Area. It should be noted that
\nvinifera vines do not tend to have any
\nissues in attaining the area\u2019s generally
\nagreed\u2010upon productivity on most of the
\nStudy Area\u2019s soil types. Only the area\u2019s
\nheavy clay soils may result in productivity
\nthat is below the local industry\u2019s standard
\n\u2013 these heavy clay soils are found only in
\nportions of Zone 3. Soil stoniness does
\nnot tend to be a factor in the Study Area,
\nnor does parcel topography, as the greater
\nportion of the Study Area has fairly level
\ntopography, while those areas considered
\nsuitable to planting on sloped areas had
\nbeen cleared for agricultural use prior to
\nthe study\u2019s time frame. <\/p>\n
The third step in estimating highest
\nand best use of an agricultural parcel
\nwithin the Study Area consisted of
\ndisqualifying agricultural parcels from
\nthe study that were considered to have
\nhad a different highest and best use than
\nthat of planting to grapes as of the time
\nof sale. The wine industry in Niagara has <\/p>\n
historically competed for agricultural
\nland in the Study Area with the peach
\nindustry; thus, an alternative highest
\nand best use of the land that required
\ncontemplation was planting to peaches.
\nPeach and nectarine plantings tended to
\nbe quite lucrative throughout most of the
\nstudy\u2019s time frame.3 <\/p>\n
Meanwhile, only parcels with very
\nsandy soils were considered suitable
\nfor the cultivation of peaches in the
\nStudy Area. The lucrative nature of this
\nindustry, coupled with the limited supply
\nof land suitable to this use, resulted
\nin parcels considered suitable to the
\ncultivation of peaches and nectarines
\ngenerally selling for unit values greater
\nthan those lacking these sandy soils,
\nduring the greater portion of the study
\nperiod. Therefore, throughout the study
\nperiod, sales of parcels with sandy loam
\nsoils that were purchased for cultivation
\nto peaches and nectarines within the
\nStudy Area were considered to have
\na different highest and best use than
\nplanting to grapes, and were not included
\nin the dataset. If the writer became aware
\nof a parcel having sandy soils that was
\npurchased for the cultivation of grapes, it
\nwas included in the dataset. <\/p>\n
The wine industry in Niagara also
\nshares the market for agricultural land
\nin the Study Area with the greenhouse
\nindustry. The Study Area has historically
\nbeen considered conducive to the
\nconstruction of greenhouse space due
\nto its moderated climate (which lowers
\nenergy costs), its close proximity to
\nToronto, and its close proximity to the
\nUS. Soils are generally not a considerable
\nissue in the decision\u2010making process
\nof buying a greenhouse site, unless
\nground crops are part of the business
\nplan proposed by the prospective
\ngreenhouse operator. However, quasi\u2010
\ncommercial exposure can result in
\nincreased commercial visibility and
\neasier accessibility, and can increase
\nthe unit value paid for a greenhouse
\nparcel. Therefore, parcels with good
\nquasi\u2010commercial exposure that were
\npurchased for the construction of a
\ngreenhouse in the Study Area were not
\nincluded in the dataset. <\/p>\n
« …between 1989 and 1993,
\na unique real estate market
\nappeared in Ontario in the
\nNiagara Region \u2013 one whose <\/p>\n
market values were based
\npredominantly on climate
\nas opposed to development <\/p>\n
potential, proximity to
\nurban centres, or even soils. »<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
The selection of a winery site can also
\nbenefit from quasi\u2010commercial exposure.
\nSuch exposure can increase commercial
\nvisibility, prestige and on\u2010site sales. This
\ncan result in substantially higher unit
\nvalues paid for these sites. Inclusion of
\nparcels with good quasi\u2010commercial
\nexposure in the dataset would have
\nunnecessarily skewed the study\u2019s results.
\nTherefore, any sales of parcels with
\nsuch exposure that were purchased for
\nthe construction of a winery were not
\nincluded in the dataset. <\/p>\n
Thus, when all of the sales of
\nvacant agricultural parcels that had
\ntaken place during the 1989\u20102012
\ntimeframe within the Study Area were
\nconsidered according to the above\u2010noted
\nparameters, 101 sales were included in
\nthe dataset. The parcels in the dataset
\nrange in size from 2.12 to 98.96 acres,
\nwith most of the sales being in the 15
\nto 98.96 acre range. <\/p>\n
The study takes into consideration
\ntypical vendors and purchasers in the
\nmarketplace. Key players in the Niagara
\nwine industry tend to be the following:
\nfarmers wanting to expand or contract
\ntheir existing farmland holdings;
\nexisting winery owners wanting to do
\nlikewise with their existing farmland
\nholdings; and investors looking to either
\nbuild a winery4 or invest in land. The
\n\u2018investor\u2019 component of this market
\nincludes investors from throughout
\nOntario and those from other parts of
\nthe world, and includes both individuals
\nand investing partnerships. <\/p>\n
From this point in the study\u2019s
\nmethodology, adjustments were made to
\nthe sales included in the dataset for non-
\narable land. This is due to the fact that,
\nin this market throughout the study
\nperiod, non\u2010arable land is generally
\nconsidered to have significantly lower
\nutility than arable land, with vendors
\nand purchasers in the marketplace
\ntaking the lower utility of these lands
\ninto account when negotiating sale
\nprices. In particular, Zone D in Lincoln
\nincludes a substantial amount of non\u2010
\narable, heavily treed ravine land. <\/p>\n
Adjustments were made based upon
\nsales of similar\u2010type non\u2010arable land in <\/p>\n
the Study Area on which no residence
\ncould be constructed (in other words,
\nthe utility of these lands consisted solely
\nof recreational and environmental use).
\nIn a couple of instances, adjustments
\nwere made for small amounts of acreage
\nplanted to vinifera vines, based upon the
\nmarket\u2010derived contributory value of the
\nvines. In one instance, an adjustment
\nwas made for a small residence, based on
\nthe market\u2010derived contributory value of
\nthis residence. <\/p>\n
From this point, the weighted mean
\nsale price per acre for each Zone in each
\nyear of the study period was derived
\nusing the aggregate of the adjusted sale
\nprices paid in the year in each Zone
\ndivided by the aggregate number of
\nacres sold in that Zone during the year.
\nThroughout the remainder of this article,
\nthe weighted mean is referred to as the
\naverage annual sale price per acre. The
\naverage annual sale prices per acre in the
\nStudy Area\u2019s various zones are shown
\nin the charts in Figures 2 and 3, which
\nreference the portions of the Study Area
\nlocated in Niagara\u2010on\u2010the\u2010Lake and
\nLincoln respectively. <\/p>\n
Thus, the study explores the
\nreinvention of the Niagara wine industry
\nand its effect on agricultural vacant land
\nvalues within the Study Area throughout
\nthe 24\u2010year history immediately
\nfollowing the FTA. The results of the
\nstudy follow roughly five stages: 1989 to
\n1993, 1994 to 1997, 1998 to 2002, 2003
\nto 2008, and 2009 to 2012.<\/p>\n
END NOTES
\n1 Statistics Canada, <\/p>\n
Census of Agriculture, 2006
\n2 Industry Facts, Grape Growers of <\/p>\n
Ontario website, August 2014
\n3 Peach plantings have been considered <\/p>\n
lucrative in the Niagara area over
\nthe greater portion of the study\u2019s
\ntime frame. However, in 2008, the
\nsole fruit canning plant in Canada
\neast of British Columbia, located
\nin the Village of St. David\u2019s in the
\nTown of Niagara\u2010on\u2010the\u2010Lake, shut
\ndown. This resulted in a reported
\n\u00b1150 farmers in Niagara losing
\ntheir sole buyer for their processing <\/p>\n
Les r\u00e9percussions de la transformation de <\/p>\n
L’INDUSTRIE VINICOLE
\nDU CANADA sur la <\/p>\n
VALEUR DES TERRES
\nde la R\u00e9gion du Niagara en Ontario <\/p>\n
peaches and pears. This resulted in
\na significant amount of peach and
\npear plantings being pulled out due
\nto the fact that they were no longer
\nconsidered economically viable, after
\nwhich some of the vacant land was
\nreportedly replanted to grapes. If the
\nwriter became aware of a sale of a
\nparcel that was formerly planted to
\nprocessing peaches and purchased
\nfor the cultivation of grapes, it was
\nincluded in the study. However, sales
\nof this type were considered minimal
\nduring the study period.<\/p>\n
4 Winery locations with good quasi\u2010
\ncommercial exposure were not
\nincluded in the dataset. Only sales
\nof winery locations with no quasi\u2010
\ncommercial exposure component
\nwere included. <\/p>\n
NOTE TO READERS:
\nThe balance of Lisa Campbell\u2019s
\narticle on land values in the Niagara
\nRegion is available online and
\ncan be accessed at
\nhttp:\/\/www.aicanada.ca\/industry-
\nresources\/canadian-property-
\nvaluation-magazine\/<\/p>\n
ABOUT THE
\nAUTHOR
\nAs a Senior Consultant
\nat Altus Group, Lisa
\nCampbell, AACI,
\nP.App is responsible for <\/p>\n
providing valuation services for litigation
\nand expropriation purposes with the
\nExpert Services Division. Her appraisal
\nexperience includes development land
\nas well as multi-residential, commercial,
\nindustrial and agricultural\/rural
\nproperties. Ms. Campbell specializes in
\nthe appraisal of agricultural and rural
\nproperty, and provides valuation assistance
\non matters regarding agricultural and rural
\nproperty across Ontario. Prior to joining
\nAltus Group, Ms. Campbell worked for
\nan extended period of time in the Niagara
\nRegion of Ontario, where she appraised
\nnumerous vineyards, wineries, tender
\nfruit orchards and greenhouses. <\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
http:\/\/www.aicanada.ca\/industry-resources\/canadian-property-valuation-magazine\/<\/p>\n
Par Lisa Campbell, AACI, P.App <\/p>\n
C
\nhaque bien agricole fait partie d\u2019une industrie agricole, par exemple les
\ngrandes cultures (bl\u00e9, ma\u00efs, soja, etc.), la production laiti\u00e8re, les fruits tendres
\nou l\u2019horticulture. Chaque industrie agricole poss\u00e8de son histoire, qui a une
\nincidence directe sur la valeur marchande (ant\u00e9rieure et actuelle) de ses biens.
\nLe pr\u00e9sent article vise \u00e0 \u00e9tudier la transformation de l\u2019industrie vinicole
\ndu Canada sur une p\u00e9riode de 24\u00a0ans, soit de 1989 \u00e0 2012, ainsi que les <\/p>\n
r\u00e9percussions de l\u2019histoire de cette industrie sur la valeur des terres agricoles vis\u00e9es dans la
\nR\u00e9gion du Niagara, en Ontario, durant cette p\u00e9riode. <\/p>\n
\u00c0 l’\u00e9chelle mondiale, l’industrie vinicole du Canada est relativement petite avec ses
\n30\u00a0000\u00a0acres de terres vinicoles en 20061 comparativement, par exemple, \u00e0 la France, dont les
\nterres vinicoles atteignaient approximativement deux millions d\u2019acres en 2012. Bien que de
\nnombreuses provinces comptent de grandes r\u00e9gions vinicoles, l\u2019Ontario d\u00e9tient la plus grande
\nsuperficie sous vignobles gr\u00e2ce \u00e0 ses 17\u00a0000\u00a0acres en 2013. Bien que la place qu\u2019occupe le
\nCanada au sein du march\u00e9 mondial soit assez petite, la valeur \u00e0 la ferme des raisins en Ontario
\nest la plus \u00e9lev\u00e9e de ses industries fruiti\u00e8res sur une base annuelle, repr\u00e9sentant ainsi 43\u00a0% de
\nla valeur provinciale \u00e0 la ferme de la production fruiti\u00e8re commerciale en 2012. En 2013, les
\nventes de raisins ont d\u00e9pass\u00e9 les 100\u00a0millions de dollars.2 En 2013, on rapporte que 97\u00a0% de
\nla production totale a servi \u00e0 la cr\u00e9ation de produits vinicoles, alors que le 3\u00a0% restant a \u00e9t\u00e9
\nutilis\u00e9 pour produire du jus, de la confiture et d\u2019autres produits du raisin. L\u2019Ontario compte
\nde nombreuses r\u00e9gions vinicoles, dont la plus importante est la R\u00e9gion du Niagara gr\u00e2ce \u00e0 ses
\n13\u00a0600\u00a0acres sous vignobles, qui \u00e9quivalent \u00e0 un peu moins de la moiti\u00e9 de la superficie totale
\nau Canada, selon l\u2019office de commercialisation Grape Growers of Ontario. <\/p>\n
Les r\u00e9percussions de la transformation de <\/p>\n
L’INDUSTRIE VINICOLE
\nDU CANADA sur la <\/p>\n
VALEUR DES TERRES
\nde la R\u00e9gion du Niagara en Ontario <\/p>\n
\u00ab Historiquement,
\nla zone d\u2019\u00e9tude est
\nconsid\u00e9r\u00e9e favorable
\n\u00e0 la construction de
\nserres en raison de
\nson climat mod\u00e9r\u00e9
\n(qui r\u00e9duit les co\u00fbts
\n\u00e9nerg\u00e9tiques) et de sa
\nproximit\u00e9 de Toronto
\net des \u00c9tats-Unis. \u00bb <\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
De nombreux fruits proviennent
\nd\u2019Am\u00e9rique du Nord, dont la vitis labrusca,
\nou vigne lambruche. Historiquement,
\ncelles-ci \u00e9taient utilis\u00e9es pour mettre
\nau point des cultivars de raisin de type
\nlabrusca et hybride \u00e0 des fins commerciales.
\nAujourd\u2019hui, les cultivars de type Labrusca
\ncomprennent, entre autres, les vignes \u00e0
\nraisins Niagara, Concord et Catawba, et ils
\nconviennent tr\u00e8s bien \u00e0 la production de
\njus et de confitures. Toutefois, ces cultivars
\nservaient \u00e9galement \u00e0 produire des vins
\ndans certaines r\u00e9gions d\u2019Am\u00e9rique du Nord,
\nnotamment le Canada, il y a de nombreuses
\nann\u00e9es (la vigne Catawba est encore utilis\u00e9e
\ndans l\u2019\u00c9tat de New York). La fermentation
\nde ces raisins conf\u00e8re g\u00e9n\u00e9ralement \u00e0 ces
\nvins un go\u00fbt rude et acide (c.-\u00e0-d. une odeur
\net une saveur cors\u00e9e), d\u2019ailleurs consid\u00e9r\u00e9s
\npar de nombreux adeptes de vins moins
\nint\u00e9ressants que les vins ne poss\u00e9dant pas
\ncette caract\u00e9ristique. Les raisins de type
\nlabrusca sont cultiv\u00e9s presque partout au
\nCanada puisqu\u2019ils sont tr\u00e8s rustiques et
\nr\u00e9sistent tr\u00e8s bien aux hivers canadiens et
\naux gel\u00e9es printani\u00e8res; en effet, les vignes et
\nles bourgeons pr\u00e9sentent peu de dommages,
\ndonnant ainsi lieu \u00e0 des rendements
\nagricoles plus fiables d\u2019une ann\u00e9e \u00e0 l\u2019autre.
\nDepuis le 19e si\u00e8cle, l\u2019industrie vinicole
\ncanadienne d\u00e9pend grandement des
\ncultivars de raisins commerciaux, \u00e0 savoir
\ndes raisins issus de programmes de s\u00e9lection
\ndans le cadre desquels la vigne labusca et
\nd\u2019autres esp\u00e8ces ont \u00e9t\u00e9 crois\u00e9es avec des
\nvignes europ\u00e9ennes de l\u2019esp\u00e8ce vinifera
\npour cr\u00e9er des cultivars dot\u00e9s de meilleures
\ncaract\u00e9ristiques li\u00e9es au vin, plus robustes
\net moins rudes et acides. Les vignes De
\nChaunac, Seyval Blanc, Villard Noir et Vidal
\nfont partie de ces cultivars de raisins. <\/p>\n
Il y a quarante ans, la production de
\nces vignes de type labrusca et hybrides
\npr\u00e9sentaient peu de risques, permettant
\nainsi aux viticulteurs de profiter de marges
\nb\u00e9n\u00e9ficiaires fiables. Lorsque les prix des
\nproduits furent suffisamment \u00e9lev\u00e9s, la
\nfiabilit\u00e9 accrue des marges b\u00e9n\u00e9ficiaires
\nassoci\u00e9es \u00e0 ces vari\u00e9t\u00e9s a donn\u00e9 lieu \u00e0
\nun mod\u00e8le d\u2019affaires lucratif pour les
\nviticulteurs. Jusqu\u2019\u00e0 la fin des ann\u00e9es 1980,
\nles tarifs douaniers impos\u00e9s par le Canada
\nsur les produits internationaux prot\u00e9geaient
\nles vins canadiens contre la concurrence
\ndirecte du march\u00e9 et maintenaient les prix
\ndes raisins de type labrusca et hybrides
\nartificiellement \u00e9lev\u00e9s au Canada. Par <\/p>\n
cons\u00e9quent, les vignobles qui cultivaient
\ndes vignes de type labrusca ou hybrides ont
\nr\u00e9colt\u00e9 des profits plus \u00e9lev\u00e9s pendant cette
\np\u00e9riode que s\u2019ils avaient \u00e9t\u00e9 soumis \u00e0 une
\nstructure de prix d\u00e9riv\u00e9e du march\u00e9. <\/p>\n
L\u2019industrie canadienne du raisin et
\ndu vin \u00e0 cette \u00e9poque proposait des vins
\npopulaires produits \u00e0 partir de raisins
\nde type labrusca ou hybrides, tels que
\nle Moody Blue et l\u2019embl\u00e9matique Baby
\nDuck. Bien que certains vins originaux
\nde l\u2019ancienne industrie canadienne du
\nvin se retrouvent encore sur les tablettes
\naujourd\u2019hui, la conclusion de l\u2019Accord de
\nlibre-\u00e9change (ALE) entre le Canada et
\nles \u00c9tats-Unis en 1988 a sonn\u00e9 le glas de
\nl\u2019ancienne industrie canadienne du vin
\n\u00e0 cause de l\u2019\u00e9limination des obstacles au
\ncommerce de produits am\u00e9ricains. <\/p>\n
Parmi les autres changements apport\u00e9s
\naux lois gouvernementales peu apr\u00e8s
\nl\u2019entr\u00e9e en vigueur de l\u2019ALE, notons
\nl\u2019interdiction des raisins de type labrusca
\ndans la production des vins ontariens. Le
\nmarch\u00e9 des vins sucr\u00e9s \u00e0 forte teneur en
\nalcool produits \u00e0 partir de raisins de type
\nlabrusca ayant connu une importante baisse
\n\u00e0 cette \u00e9poque, cette situation justifiait
\ncette modification, sans oublier que les
\nvins plus secs \u00e0 faible teneur en alcool
\nproduits \u00e0 partir de vignes europ\u00e9ennes
\nde type vinifera gagnaient en popularit\u00e9
\nen Ontario. Afin de rendre l\u2019industrie
\nvinicole concurrentielle sur le march\u00e9 apr\u00e8s
\nla conclusion de l\u2019ALE, la loi devait \u00eatre
\nremani\u00e9e de sorte \u00e0 inciter les viticulteurs \u00e0
\npasser d\u2019un mod\u00e8le d\u2019affaires fond\u00e9 sur les
\nraisins de type labrusca \u00e0 un autre fond\u00e9 sur
\nles raisins de type vinifera, de plus en plus
\npopulaires. Entre-temps, les gouvernements
\ncanadien et ontarien cherchaient \u00e0 aider
\nles viticulteurs pendant cette p\u00e9riode de
\nchangements \u00e0 l\u2019industrie qu\u2019ils ont institu\u00e9s
\nen mettant en \u0153uvre un vaste programme
\nde retraits des raisins de 1989 \u00e0 1993, dans
\nle cadre duquel les gouvernements f\u00e9d\u00e9ral
\net provinciaux payaient les viticulteurs
\npour qu\u2019ils se d\u00e9barrassent de leurs vignes
\nde type labrusca. Plus de 8\u00a0500\u00a0acres de
\nvignes ont \u00e9t\u00e9 \u00e9limin\u00e9s en vertu de ce
\nprogramme. \u00c0 la suite des changements
\nexig\u00e9s par les gouvernements, les viticulteurs
\nont commenc\u00e9 \u00e0 cultiver des raisins de type
\nvinifera de meilleure qualit\u00e9 de fa\u00e7on
\nplus s\u00e9rieuse. <\/p>\n
Les raisins de type vinifera englobent
\nplusieurs vari\u00e9t\u00e9s de haute qualit\u00e9 provenant <\/p>\n
d\u2019Europe, notamment les vignes \u00e0 raisins
\nSauvignon Blanc, Chardonnay, Pinot Gris,
\nMerlot, Cabernet Sauvignon et Carbernet
\nFranc. Bien que l\u2019on ait tent\u00e9 de cultiver
\nces vari\u00e9t\u00e9s au Canada au cours du 19e
\nsi\u00e8cle, la pr\u00e9sence d\u2019insectes nuisibles,
\nles hivers froids et les gel\u00e9es printani\u00e8res
\ntardives ont endommag\u00e9 gravement les
\nvignes et en ont m\u00eame tu\u00e9es, entra\u00eenant
\nainsi l\u2019abandon de cette pratique. L\u2019ALE et
\nle march\u00e9 canadien pour des vins de haute
\nqualit\u00e9 en d\u00e9veloppement ont donn\u00e9 lieu
\nau remaniement de la pratique associ\u00e9e
\n\u00e0 la culture de raisins de type vinifera au
\nCanada dans le but d\u2019atteindre la viabilit\u00e9
\n\u00e9conomique de l\u2019industrie vinicole
\ncanadienne \u00e0 la suite de l\u2019adoption de l\u2019ALE. <\/p>\n
Comme il a \u00e9t\u00e9 mentionn\u00e9
\npr\u00e9c\u00e9demment, le climat du Canada ne
\nconvient pas, dans l\u2019ensemble, \u00e0 la culture
\nde vignes de l\u2019esp\u00e8ce vinifera, qui sont
\nsensibles au froid. \u00c0 quelques exceptions
\npr\u00e8s, les hivers canadiens sont trop rudes
\net provoquent de hauts taux de mortalit\u00e9
\nchez ces vari\u00e9t\u00e9s. La R\u00e9gion du Niagara de
\nl’Ontario constitue l’un des rares endroits au
\nCanada o\u00f9 le climat est favorable \u00e0 la culture
\ndes raisins de type vinifera. <\/p>\n
Une petite partie de la R\u00e9gion du
\nNiagara jouit d\u2019une temp\u00e9rature mod\u00e9r\u00e9e
\ngrandement influenc\u00e9e par la fronti\u00e8re nord
\ndu lac Ontario. De plus, l\u2019escarpement
\ndu Niagara longe la fronti\u00e8re sud des
\nterres sous vignobles de la r\u00e9gion. Ces
\ncaract\u00e9ristiques topographiques prot\u00e8gent
\nces terres uniques de deux mani\u00e8res\u00a0: en
\nhiver, cette r\u00e9gion est balay\u00e9e par des vents
\nchauds provenant du lac Ontario, qui ne
\ng\u00e8le pas, et une pente nord r\u00e9sultant de
\nl\u2019escarpement dans le lac Ontario ralentit la
\nproduction vinicole au printemps, r\u00e9duisant
\nainsi le risque de gel\u00e9es printani\u00e8res. Des
\nmasses d\u2019air chaud circulent parmi ces
\ndeux r\u00e9gions g\u00e9ographiques du nord au
\nsud et provoquent un effet de convection
\ndans les vents au niveau et au-dessus du
\nsol, ce qui influence mod\u00e9r\u00e9ment le climat
\ndans la r\u00e9gion touch\u00e9e et temp\u00e8re les
\ntemp\u00e9ratures estivales et hivernales. Cette
\nparcelle de terre est assez petite et en forme
\nde tarte; elle longe de l\u2019est vers l\u2019ouest, sur
\npr\u00e8s de 40\u00a0km, les rives du lac Ontario. La
\npente de l\u2019escarpement se trouve \u00e0 environ
\n10-12\u00a0kilom\u00e8tres de l\u2019extr\u00e9mit\u00e9 est du lac
\nOntario. La zone touch\u00e9e se r\u00e9tr\u00e9cit vers
\nson extr\u00e9mit\u00e9 ouest, o\u00f9 sa largeur varie
\nd\u2019un \u00e0 trois kilom\u00e8tres. La temp\u00e9rature <\/p>\n
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de l\u2019air de cette r\u00e9gion au climat temp\u00e9r\u00e9
\ndescend moins souvent sous la barre des
\n-20 degr\u00e9s Celsius et -25 degr\u00e9s Celsius
\nque celle des r\u00e9gions se trouvant en haut
\nde l\u2019escarpement au sud et des r\u00e9gions \u00e0
\nproximit\u00e9. L\u2019industrie vinicole de cette
\nr\u00e9gion doit tenir compte de cette plage de
\ntemp\u00e9ratures, car il s\u2019agit habituellement
\ndes temp\u00e9ratures auxquelles des dommages
\nimportants peuvent \u00eatre caus\u00e9s aux vignes
\nde l\u2019esp\u00e8ce vinifera et elles peuvent m\u00eame
\n\u00eatre \u00e0 l\u2019origine de leur perte. Dans le
\npr\u00e9sent article, la r\u00e9gion rurale touch\u00e9e
\nsera appel\u00e9e \u00ab\u00a0zone d\u2019\u00e9tude\u00a0\u00bb. Veuillez
\nprendre note que bien que la r\u00e9gion en
\nforme de tarte mentionn\u00e9e ci-dessus abrite
\nde nombreuses communaut\u00e9s urbaines et
\nsemi-urbaines, la zone d\u2019\u00e9tude fait r\u00e9f\u00e9rence
\nseulement aux terres rurales sous vignobles
\nsitu\u00e9es \u00e0 l\u2019int\u00e9rieur des fronti\u00e8res de la
\nr\u00e9gion touch\u00e9e. <\/p>\n
\u00c0 l’int\u00e9rieur de cette zone relativement
\npetite, l’effet de convection observ\u00e9 dans la
\nr\u00e9gion mod\u00e8re la temp\u00e9rature de certaines
\nsections de la zone d’\u00e9tude plus que d’autres.
\nDans les sections o\u00f9 l’effet de convection
\nmod\u00e8re grandement la temp\u00e9rature, le
\nclimat est alors consid\u00e9r\u00e9 comme appropri\u00e9
\n\u00e0 la culture de vignes de l\u2019esp\u00e8ce vinifera,
\nalors que les sections o\u00f9 la temp\u00e9rature est
\nplus basse pendant l\u2019hiver et les premiers
\nmois de printemps se pr\u00eatent moins bien
\n\u00e0 ce type de culture. Dans ce dernier cas,
\nles risques associ\u00e9s \u00e0 la temp\u00e9rature sont
\nplus \u00e9lev\u00e9s dans le cadre de la culture de
\nces plantes. Puisque les zones climatiques
\ntouch\u00e9es par cet effet de convection sont <\/p>\n
tr\u00e8s petites, ces diff\u00e9rentes r\u00e9gions sont
\ng\u00e9n\u00e9ralement appel\u00e9es \u00ab\u00a0m\u00e9soclimats\u00a0\u00bb. <\/p>\n
Les co\u00fbts li\u00e9s \u00e0 la construction d\u2019un
\nvignoble produisant des vignes de type
\nvinifera ont r\u00e9cemment \u00e9t\u00e9 \u00e9valu\u00e9s \u00e0
\n29\u00a0000\u00a0$\/acre et ne comprennent pas
\nl\u2019achat de la terre (selon les chiffres pour
\nl\u2019ann\u00e9e\u00a02009 du minist\u00e8re de l\u2019Agriculture,
\nde l\u2019Alimentation et des Affaires rurales
\nde l\u2019Ontario). Cette estimation tient
\n\u00e9galement compte de la p\u00e9riode d\u2019attente de
\nquatre ans avant que les vignes atteignent
\nleur pleine maturit\u00e9. Par cons\u00e9quent,
\nles co\u00fbts de construction d\u2019un vignoble
\nsont habituellement consid\u00e9r\u00e9s comme
\nimportants et peuvent d\u00e9passer le million
\nde dollars pour un vignoble de 40\u00a0acres,
\npar exemple. En prenant en consid\u00e9ration
\nles diff\u00e9rences au niveau des risques de
\ndommages caus\u00e9s par l\u2019hiver et les gel\u00e9es
\naux vignes de diff\u00e9rents vignobles de la zone
\nd\u2019\u00e9tude, les risques financiers des viticulteurs
\nassoci\u00e9s \u00e0 la culture de raisins de type
\nvinifera peuvent varier grandement, m\u00eame
\nsi les vignobles sont s\u00e9par\u00e9s par quelques
\nkilom\u00e8tres seulement. Les dommages aux
\nbourgeons provoqu\u00e9s par l\u2019hiver ou une
\ngel\u00e9e printani\u00e8re peuvent r\u00e9sulter en une
\np\u00e9riode d\u2019attente d\u2019un an avant que la
\npartie endommag\u00e9e de la vigne se remette
\n\u00e0 produire; des dommages plus importants
\npourraient entra\u00eener la coupe de la vigne
\n\u00e0 sa base ou son remplacement par une
\nnouvelle vigne. Le cas \u00e9ch\u00e9ant, le viticulteur
\ndevra attendre de trois \u00e0 quatre ans avant
\nque la vigne produise pleinement. Ainsi,
\npendant la p\u00e9riode de 1989 \u00e0 1993, un <\/p>\n
Figure 1: CARTE CLIMATIQUE DE LA ZONE D’\u00c9TUDE <\/p>\n
march\u00e9 immobilier unique, dont les valeurs
\n\u00e9taient majoritairement fond\u00e9es sur le climat
\nau lieu du potentiel de d\u00e9veloppement, de la
\nproximit\u00e9 des centres urbains ou m\u00eame du
\nsol, a fait son apparition dans la R\u00e9gion du
\nNiagara en Ontario. <\/p>\n
La Figure 1 d\u00e9montre une carte de la
\nr\u00e9gion touch\u00e9e par l\u2019effet de convection
\ndu Niagara, \u00e0 savoir la zone d\u2019\u00e9tude. Elle
\nest fond\u00e9e sur la carte climatique Choix du
\nterrain pour l\u2019implantation d\u2019un vignoble
\ndans la p\u00e9ninsule de Niagara \u00e9tablie
\npar le minist\u00e8re de l’Agriculture et de
\nl’Alimentation et des Affaires rurales de
\nl\u2019Ontario en 1976 et r\u00e9vis\u00e9e pour la derni\u00e8re
\nfois en 2009. Des illustrations ont \u00e9t\u00e9
\najout\u00e9es aux fins de discussion. Les sections
\nA \u00e0 D de la zone d\u2019\u00e9tude sont situ\u00e9es dans
\nla ville de Lincoln, alors que les sections 1,
\n2 et 3 se trouvent dans la ville de Niagara-
\non-the-Lake. \u00c0 Lincoln, deux sections sont
\nbien temp\u00e9r\u00e9es\u00a0: la section A, situ\u00e9e pr\u00e8s des
\neffets mod\u00e9rateurs le long de la rive du lac
\nOntario, et la section D, qui longe la pointe
\nde l\u2019escarpement, o\u00f9 l\u2019air froid se d\u00e9place
\nrapidement le long de l\u2019escarpement pour se
\ndiriger plus au nord. <\/p>\n
Dans la deuxi\u00e8me partie du pr\u00e9sent
\narticle, la section D a \u00e9t\u00e9 divis\u00e9e en deux
\nparties, \u00e0 savoir la section D ouest et la
\nsection D est, car, m\u00eame si ces deux parties
\nse ressemblent beaucoup sur le plan du
\nclimat, les tendances relatives aux valeurs
\nunitaires observ\u00e9es dans l’extr\u00e9mit\u00e9 ouest de
\nla section D diff\u00e8rent grandement de celles
\nconstat\u00e9es \u00e0 l’extr\u00e9mit\u00e9 est de la section tout
\nau long de l\u2019\u00e9tude. Quant aux sections B et <\/p>\n
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C, elles subissent moins de mod\u00e9ration,
\nmais elles peuvent convenir \u00e0 certains cas\u00a0:
\nsp\u00e9cifiquement, la section C, l\u00e9g\u00e8rement
\nen pente vers le nord, est habituellement
\nsup\u00e9rieure \u00e0 la section B, dont le terrain
\nde niveau favorise le maintien de l\u2019air froid
\ndans cette r\u00e9gion. En ce qui a trait aux
\nsections de Niagara-on-the-Lake, la section
\n1 est g\u00e9n\u00e9ralement consid\u00e9r\u00e9e comme bien
\nmod\u00e9r\u00e9e (de par sa situation pr\u00e8s des effets
\nmod\u00e9rateurs de la rive du lac Ontario),
\nalors que les sections 2 et 3 subissent moins
\nde mod\u00e9ration, mais elles peuvent convenir
\n\u00e0 certains cas. L\u2019ensemble de la r\u00e9gion de
\nNiagara-on-the-Lake faisant partie de la
\nzone d\u2019\u00e9tude poss\u00e8de un terrain de niveau. <\/p>\n
Le pr\u00e9sent article se penche sur les
\ntendances relatives \u00e0 la valeur des terrains
\nde la zone d\u2019\u00e9tude au cours des 24 ann\u00e9es
\nd\u2019existence d\u2019une nouvelle industrie
\ncanadienne quelque peu exp\u00e9rimentale.
\nL\u2019\u00e9tude vise \u00e0 d\u00e9terminer les tendances
\nli\u00e9es \u00e0 la valeur des terrains achet\u00e9s en vue
\nde la culture de raisins pour la vinification
\n\u00e0 compter de la date du remaniement de
\nl\u2019industrie du raisin et du vin du Niagara
\nen 1989 (peu apr\u00e8s l\u2019entr\u00e9e en vigueur de
\nl\u2019ALE) jusqu\u2019\u00e0 la fin de 2012. Toutes les
\nventes de terres agricoles vacantes dans la
\nzone d\u2019\u00e9tude ont \u00e9t\u00e9 prises en consid\u00e9ration
\ndans le cadre de cette analyse; cependant,
\nseules les ventes de terrains dont
\nl\u2019utilisation optimale consistait en la culture
\nde raisins ont \u00e9t\u00e9 utilis\u00e9es. <\/p>\n
Afin d\u2019\u00e9valuer l\u2019utilisation optimale
\nd\u2019une terre agricole de la zone d\u2019\u00e9tude,
\nune analyse de sa superficie a \u00e9t\u00e9
\neffectu\u00e9e. Les terres de la zone d\u2019\u00e9tude
\nsont habituellement tr\u00e8s petites
\ncomparativement au reste du Canada.
\nDans la zone d\u2019\u00e9tude, une terre d\u2019un
\nacre sur laquelle une r\u00e9sidence rurale
\npourrait \u00eatre construite aura une valeur
\nunitaire par acre \u00e9lev\u00e9e. Par cons\u00e9quent,
\nla valeur par acre d\u2019une terre diminuera
\nplus la superficie de celle-ci est grande,
\nen supposant que l\u2019emplacement, le sol,
\nles caract\u00e9ristiques topographiques et
\nla possibilit\u00e9 de construire une maison
\nrurale sont uniformes. \u00c0 l\u2019exception
\nde la section\u00a03, la valeur par acre des
\nterrains de plus de 15 acres a tendance
\n\u00e0 se stabiliser (en supposant encore
\nune fois que l\u2019emplacement, le sol, les
\ncaract\u00e9ristiques topographiques et la
\npossibilit\u00e9 de construire une maison
\nrurale sont uniformes); \u00e0 partir de 15 <\/p>\n
acres, la superficie du terrain a peu de
\nr\u00e9percussions sur la valeur unitaire des
\nterrains de la zone d\u2019\u00e9tude. Ainsi, les
\nterres arables de 15 acres ou plus de toutes
\nles sections ont \u00e9t\u00e9 prises en consid\u00e9ration
\npendant l\u2019\u00e9tude, \u00e0 l\u2019exception de la
\nsection 3, o\u00f9 les terres consid\u00e9r\u00e9es l\u00e9gales
\npour la construction d\u2019une r\u00e9sidence
\nunifamiliale ont \u00e9t\u00e9 examin\u00e9es. <\/p>\n
Tout au long de l\u2019\u00e9tude, il a \u00e9t\u00e9
\nconstat\u00e9 que les faibles valeurs unitaires
\ndes terres agricoles se stabilisaient
\nlorsque la superficie de la terre \u00e9tait
\nsup\u00e9rieure \u00e0 25 acres; par cons\u00e9quent,
\ndans la section 3, seules les terres arables
\nde 25 acres ou plus ont \u00e9t\u00e9 prises en
\nconsid\u00e9ration pendant l\u2019\u00e9tude. De plus,
\nquelques ventes de terres plus petites
\nzon\u00e9es pour l\u2019utilisation agricole (c.-\u00e0-
\nd. que la construction d\u2019une r\u00e9sidence
\nunifamiliale n\u2019\u00e9tait pas permise) ont \u00e9t\u00e9
\nincluses dans les donn\u00e9es de vente en
\nraison de l\u2019uniformit\u00e9 des valeurs unitaires
\nde ces ventes et des ventes de terrains
\nconstructibles mentionn\u00e9s ci-dessus. <\/p>\n
La prochaine \u00e9tape de l\u2019estimation de
\nl\u2019utilisation optimale consiste \u00e0 analyser
\nle sol de la terre. Les vignes de l\u2019esp\u00e8ce
\nvinifera peuvent pousser dans une vari\u00e9t\u00e9
\nde sols, notamment les sols limoneux-
\nsableux, le limon argilo-siliceux, le loam
\nargileux et les lourds sols argileux, de
\nla zone d\u2019\u00e9tude. Il faut noter que les
\nviticulteurs qui cultivent des vignes de
\nl\u2019esp\u00e8ce vinifera dans la majorit\u00e9 des types
\nde sol de la zone d\u2019\u00e9tude ne semblent pas
\navoir de difficult\u00e9s \u00e0 atteindre le taux de
\nproductivit\u00e9 g\u00e9n\u00e9ralement admis. Seuls
\nles lourds sols argileux, qui se retrouvent
\nexclusivement dans la section 3, peuvent
\nr\u00e9duire le taux de productivit\u00e9 en dessous <\/p>\n
\u00ab …pendant la p\u00e9riode de 1989
\n\u00e0 1993, un march\u00e9 immobilier
\nunique, dont les valeurs \u00e9taient
\nmajoritairement fond\u00e9es sur
\nle climat au lieu du potentiel
\nde d\u00e9veloppement, de la
\nproximit\u00e9 des centres urbains
\nou m\u00eame du sol, a fait son
\napparition dans la R\u00e9gion
\ndu Niagara en Ontario. \u00bb<\/p>\n
de la norme de l\u2019industrie locale. La pierrosit\u00e9
\ndes sols ne constitue pas un facteur dans la zone
\nd\u2019\u00e9tude, tout comme la topographie des terres,
\npuisque la grande majorit\u00e9 de la topographie de
\nla zone d\u2019\u00e9tude est \u00e0 niveau et que les terres en
\npente consid\u00e9r\u00e9es appropri\u00e9es \u00e0 la culture ont \u00e9t\u00e9
\n\u00e9limin\u00e9es aux fins de l\u2019utilisation agricole avant
\nla tenue de l\u2019\u00e9tude. <\/p>\n
La troisi\u00e8me \u00e9tape de l\u2019estimation de
\nl\u2019utilisation optimale d\u2019une terre agricole de
\nla zone d\u2019\u00e9tude consiste \u00e0 exclure celles dont
\nl\u2019utilisation optimale n\u2019est pas la culture de
\nvignes au moment de la vente. Historiquement,
\nl\u2019industrie vinicole et l\u2019industrie de la p\u00eache
\nde la R\u00e9gion du Niagara se disputent les terres
\nagricoles de la zone d\u2019\u00e9tude; ainsi, il \u00e9tait
\nn\u00e9cessaire de se pencher sur une utilisation
\noptimale de rechange, soit la culture des p\u00eaches.
\nLa culture de la p\u00eache et de la nectarine s\u2019est
\nav\u00e9r\u00e9e tr\u00e8s lucrative pendant la dur\u00e9e de l\u2019\u00e9tude.3 <\/p>\n
Pendant ce temps, seules les terres tr\u00e8s
\nsablonneuses \u00e9taient consid\u00e9r\u00e9es appropri\u00e9es
\npour la culture de la p\u00eache dans la zone
\nd\u2019\u00e9tude. La nature lucrative de cette industrie,
\ncombin\u00e9e au nombre limit\u00e9 de terres
\npropices \u00e0 cette utilisation, ont r\u00e9sult\u00e9 en la
\nvente de terres convenant \u00e0 la culture de la
\np\u00eache et de la nectarine \u00e0 des prix unitaires
\ng\u00e9n\u00e9ralement plus \u00e9lev\u00e9s que celles n\u2019\u00e9tant
\npas sablonneuses pendant une grande partie
\nde la p\u00e9riode d\u2019\u00e9tude. Par cons\u00e9quent, tout
\nau long de l\u2019\u00e9tude, les ventes de terres au sol
\nlimoneux-sableux achet\u00e9es pour la culture
\nde la p\u00eache et de la nectarine dans la zone
\nd\u2019\u00e9tude \u00e9taient consid\u00e9r\u00e9es comme poss\u00e9dant
\nune utilisation optimale autre que la culture
\nde vignes; elles ne sont donc pas comprises
\ndans l\u2019ensemble de donn\u00e9es. Au contraire, si
\nl\u2019auteure \u00e9tait mise au courant qu\u2019une terre
\nsablonneuse avait \u00e9t\u00e9 achet\u00e9e aux fins de la
\nculture du raisin, celle-ci \u00e9tait alors incluse
\ndans l\u2019ensemble de donn\u00e9es. <\/p>\n
Par ailleurs, l\u2019industrie vinicole de la R\u00e9gion
\ndu Niagara partage le march\u00e9 des terres agricoles
\nde la zone d\u2019\u00e9tude avec l\u2019industrie des cultures
\nde serre. Historiquement, la zone d\u2019\u00e9tude est
\nconsid\u00e9r\u00e9e favorable \u00e0 la construction de serres
\nen raison de son climat mod\u00e9r\u00e9 (qui r\u00e9duit
\nles co\u00fbts \u00e9nerg\u00e9tiques) et de sa proximit\u00e9 de
\nToronto et des \u00c9tats-Unis. Le sol ne repr\u00e9sente
\npas un enjeu important dans le processus
\nd\u00e9cisionnel li\u00e9 \u00e0 l\u2019achat de serre, \u00e0 moins que les
\ncultures basses fassent partie du plan d\u2019affaires
\npropos\u00e9 par l\u2019\u00e9ventuel exploitant de serre.
\nCependant, l\u2019exposition quasi-commerciale
\npeut donner lieu \u00e0 une visibilit\u00e9 commerciale
\naccrue et \u00e0 une meilleure accessibilit\u00e9, et hausser <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 59 | Book 1 \/ Tome 1 | 201524 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
la valeur unitaire pay\u00e9e pour une serre.
\nAinsi, les terres jouissant d\u2019une bonne
\nexposition quasi-commerciale achet\u00e9es aux
\nfins de la construction d\u2019une serre dans la
\nzone d\u2019\u00e9tude ne sont pas comprises dans
\nl\u2019ensemble de donn\u00e9es. <\/p>\n
La s\u00e9lection d\u2019un site pour y \u00e9tablir
\nun vignoble peut aussi tirer profit de
\nl\u2019exposition quasi-commerciale. Une telle
\nexposition accro\u00eet la visibilit\u00e9 commerciale,
\nle prestige et les ventes sur place, r\u00e9sultant
\nainsi en une hausse importante du prix
\nde ces sites. L\u2019inclusion de terres jouissant
\nd\u2019une bonne exposition quasi-commerciale
\ndans l\u2019ensemble de donn\u00e9es aurait fauss\u00e9
\ninutilement les r\u00e9sultats de l\u2019\u00e9tude. Par
\ncons\u00e9quent, toutes les ventes de terres
\njouissant d\u2019une telle exposition achet\u00e9es aux
\nfins de l\u2019\u00e9tablissement d\u2019un vignoble n\u2019ont
\npas \u00e9t\u00e9 incluses dans l\u2019ensemble de donn\u00e9es. <\/p>\n
Ainsi, lors de l\u2019examen de toutes les
\nventes de terres agricoles vacantes dans la
\nzone d\u2019\u00e9tude de 1989 \u00e0 2012 conform\u00e9ment
\naux param\u00e8tres ci-dessous, 101\u00a0ventes ont
\n\u00e9t\u00e9 incluses dans l\u2019ensemble de donn\u00e9es. La
\nsuperficie des terres sur lesquelles les donn\u00e9es
\nsont bas\u00e9es varie de 2,12 \u00e0 98,96 acres, la
\nmajorit\u00e9 se situant entre 15 et 98,96 acres. <\/p>\n
L\u2019\u00e9tude tient compte des vendeurs
\net acheteurs typiques du march\u00e9. Les
\nprincipaux intervenants de l\u2019industrie
\nvinicole de la R\u00e9gion du Niagara sont les
\nsuivants\u00a0: les producteurs ou viticulteurs
\nsouhaitant agrandir ou r\u00e9duire leurs
\npropri\u00e9t\u00e9s agricoles existantes, et les
\ninvestisseurs souhaitant \u00e9tablir un
\nvignoble4 ou investir dans une terre. Le
\nterme \u00ab\u00a0investisseurs\u00a0\u00bb fait r\u00e9f\u00e9rence aux
\ninvestisseurs particuliers et aux partenariats
\nd\u2019investissement de l\u2019Ontario et d\u2019autres
\nr\u00e9gions du monde. <\/p>\n
\u00c0 partir de ce point de la m\u00e9thodologie
\nde l’\u00e9tude, des ajustements ont \u00e9t\u00e9 apport\u00e9s
\naux ventes de terres non arables incluses
\ndans l’ensemble de donn\u00e9es, puisque dans ce
\nmarch\u00e9, pendant la p\u00e9riode d’\u00e9tude, les terres
\nnon arables \u00e9tant g\u00e9n\u00e9ralement consid\u00e9r\u00e9es
\ncomme beaucoup moins polyvalentes que
\nles terres arables, les vendeurs et acheteurs se
\nservaient de cet argument au moment de la
\nn\u00e9gociation du prix de vente. En particulier,
\nla section D dans Lincoln comporte de
\nnombreuses terres non arables escarp\u00e9es et
\ndens\u00e9ment bois\u00e9es. <\/p>\n
En outre, des ajustements ont \u00e9t\u00e9
\nfaits en fonction des ventes de terres non
\narables semblables dans la zone d\u2019\u00e9tude sur <\/p>\n
lesquelles aucune r\u00e9sidence ne pouvait \u00eatre
\nconstruite (en d\u2019autres mots, ces terres
\nservaient seulement \u00e0 des fins r\u00e9cr\u00e9atives
\nou environnementales). Dans quelques
\ncas, des ajustements ont \u00e9t\u00e9 faits en raison
\nde la culture de vignes de l\u2019esp\u00e8ce vinifera
\nsur de petites superficies, conform\u00e9ment \u00e0
\nla valeur contributive des vignes r\u00e9sultant
\ndu march\u00e9. Dans un cas particulier, un
\najustement a \u00e9t\u00e9 apport\u00e9 \u00e0 une petite
\nr\u00e9sidence en fonction de sa valeur
\ncontributive d\u00e9coulant du march\u00e9. <\/p>\n
\u00c0 partir de ce point, le prix de vente
\nmoyen pond\u00e9r\u00e9 par acre pour chaque
\nzone pendant chaque ann\u00e9e de la p\u00e9riode
\nd’\u00e9tude a \u00e9t\u00e9 d\u00e9termin\u00e9 \u00e0 partir de la
\nsomme totale des prix de vente ajust\u00e9s
\npay\u00e9s pendant l’ann\u00e9e dans chaque
\nsection divis\u00e9e par le nombre total
\nd’acres vendus dans cette section pendant
\nl’ann\u00e9e. Jusqu\u2019\u00e0 la fin du pr\u00e9sent article,
\nle prix de vente annuel moyen par acre
\nconstitue la moyenne pond\u00e9r\u00e9e. Les
\nprix de vente annuels moyens par acre
\nobserv\u00e9s dans les diff\u00e9rentes sections
\nde la zone d\u2019\u00e9tude sont \u00e9nonc\u00e9s dans
\nles tableaux des Figures 2 et 3, qui font
\nr\u00e9f\u00e9rence aux parties de la zone d\u2019\u00e9tude
\nsitu\u00e9es \u00e0 Niagara-on-the-Lake et \u00e0
\nLincoln respectivement. <\/p>\n
Ainsi, l\u2019\u00e9tude se penche sur le
\nremaniement de l\u2019industrie vinicole de la
\nR\u00e9gion du Niagara et de ses r\u00e9percussions
\nsur la valeur des terres agricoles vacantes
\nse trouvant dans la zone d\u2019\u00e9tude
\npendant la p\u00e9riode de 24\u00a0ans suivant
\nimm\u00e9diatement la conclusion de l\u2019ALE.
\nLes r\u00e9sultats de l\u2019\u00e9tude portent en gros
\nsur cinq p\u00e9riodes\u00a0: de 1989 \u00e0 1993, de
\n1994 \u00e0 1997, de 1998 \u00e0 2002, de 2003 \u00e0
\n2008 et de 2009 \u00e0 2012.<\/p>\n
NOTES
\n1 Statistique Canada, Recensement de <\/p>\n
l’agriculture, 2006
\n2 Industry Facts, site Web de l’office de <\/p>\n
commercialisation
\nGrape Growers of Ontario, ao\u00fbt 2014 <\/p>\n
3 La culture de la p\u00eache a \u00e9t\u00e9 consid\u00e9r\u00e9e
\nlucrative dans la R\u00e9gion du Niagara
\npendant une grande partie de la
\np\u00e9riode d’\u00e9tude. Cependant, en 2008,
\nla seule conserverie de fruits situ\u00e9e
\n\u00e0 l’est de la Colombie-Britannique,
\nplus pr\u00e9cis\u00e9ment dans le village de
\nSt. David, dans la ville de Niagara-
\non-the-Lake, a ferm\u00e9 ses portes. \u00c0 la <\/p>\n
suite de cette fermeture, on a rapport\u00e9
\nque plus ou moins 150 producteurs de
\nla R\u00e9gion du Niagara avaient perdu leur
\nseul acheteur pour la transformation
\ndes p\u00eaches et des poires. Un grand
\nnombre de producteurs de p\u00eaches et de
\npoires ont alors d\u00fb cesser leurs activit\u00e9s,
\ncar leur culture n’\u00e9tait plus jug\u00e9e
\n\u00e9conomiquement viable. Des vignes ont
\ndonc \u00e9t\u00e9 plant\u00e9es sur certaines terres
\nvacantes. Si l’auteure a \u00e9t\u00e9 inform\u00e9e de
\nla vente d’une terre servant \u00e0 la culture
\ndes p\u00eaches et qui sera dor\u00e9navant
\nconsacr\u00e9e \u00e0 la culture de raisins, ce
\nfait a \u00e9t\u00e9 not\u00e9 dans l’\u00e9tude. Toutefois,
\npeu de ventes de ce genre se sont
\nproduites pendant la p\u00e9riode d’\u00e9tude.<\/p>\n
4 Les vignobles jouissant d’une bonne
\nexposition quasi-commerciale n’ont
\npas \u00e9t\u00e9 inclus dans l’ensemble de
\ndonn\u00e9es. Seules les ventes de vignobles
\nne poss\u00e9dant pas d’exposition quasi-
\ncommerciale ont \u00e9t\u00e9 incluses. <\/p>\n
NOTE AUX LECTEURS :
\nLe reste de l\u2019article de Lisa Campbell
\nsur la valeur des terres dans la r\u00e9gion du
\nNiagara est accessible en ligne \u00e0 l\u2019adresse <\/p>\n