{"id":29998,"date":"2014-03-26T03:03:59","date_gmt":"2014-03-26T07:03:59","guid":{"rendered":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2008-volume-52-book-2\/"},"modified":"2014-03-26T03:04:59","modified_gmt":"2014-03-25T23:04:59","slug":"2008-volume-52-tome-2","status":"publish","type":"issue","link":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2008-volume-52-tome-2\/","title":{"rendered":"2008 &#8211; Volume 52 &#8211; Tome 2"},"content":{"rendered":"<p>REAL VALUE EXPERTS  |  EXPERTS EN \u00c9VALUATION<\/p>\n<p>The impact of IFRS<br \/>\nHarmonization of  standards<\/p>\n<p>Canadian Property<\/p>\n<p>VALUATION \u00c9VALUATION<br \/>\n Immobili\u00e8re au Canada<\/p>\n<p>VOLUME  52  |  BOOK 2  |  2008THE OFFICIAL PUBLICATION OF THE APPRAISAL INSTITUTE OF CANADA<\/p>\n<p>PM<br \/>\n #<\/p>\n<p>40<br \/>\n00<\/p>\n<p>82<br \/>\n49<\/p>\n<p>http:\/\/www.appraiserchoice.com<\/p>\n<p>http:\/\/www.appraiserchoice.com<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada\ufffd<\/p>\n<p>34 Dual examination<br \/>\nprocess raises<br \/>\nour standards<\/p>\n<p>37 Spotlight on <\/p>\n<p>continuing<br \/>\nprofessional<br \/>\ndevelopment<\/p>\n<p>39 From the Counsellor\u2019s Desk: <\/p>\n<p>reasonable appraisal review<\/p>\n<p>40 Harmonization of standards<\/p>\n<p>42 Harmonisation des normes<\/p>\n<p>44 Does your writing have  <\/p>\n<p>reader relevance?<\/p>\n<p>46 Make the <\/p>\n<p>connection<br \/>\nwith high speed<br \/>\ncommunication<\/p>\n<p>47 News<\/p>\n<p>48 On the move<\/p>\n<p>49 Designations\/Candidates\/<\/p>\n<p>Students<\/p>\n<p>50 The \u2018tear-down\u2019 trend<\/p>\n<p>54 Calendar of Events<\/p>\n<p>54 Advertiser Information Centre<\/p>\n<p>6 New name<br \/>\nis another<br \/>\nprogressive<br \/>\nstep for AIC\u2019s<br \/>\nmagazine<\/p>\n<p>7 Come JOIN us <\/p>\n<p>on \u2018the Rock\u2019<br \/>\n\u2013 AIC\u2019s 2008<br \/>\nConference<\/p>\n<p>8 AIC\u2019s continually evolving <\/p>\n<p>member services<\/p>\n<p>10 Services en constante \u00e9volution <\/p>\n<p>pour les membres de l\u2019ICE<\/p>\n<p>12 Revisiting the <\/p>\n<p>three Rs<\/p>\n<p>13 Revoir les <\/p>\n<p>bases du<br \/>\nsucc\u00e8s<\/p>\n<p>16 Enthusiasm and credibility are <\/p>\n<p>two powerful marketing tools<\/p>\n<p>18 AIC \u2013 Then and Now<\/p>\n<p>20 Member Profile: The evolution <\/p>\n<p>of appraising<\/p>\n<p>23 Consistency and fairness <\/p>\n<p>for all members<\/p>\n<p>24 The impact of IFRS on the<br \/>\nvaluation profession <\/p>\n<p>26 Claims for good times and bad<\/p>\n<p>28 Evolving standards support AIC<br \/>\nmembership<\/p>\n<p>29 The inspection process<\/p>\n<p>32 Undue appraiser influence<\/p>\n<p>\ufffd<\/p>\n<p>403-200 Catherine Street,<br \/>\nOttawa, ON  K2P 2K9 <\/p>\n<p>Phone: (613) 234-6533 Fax: (613) 234-7197<br \/>\nWeb site: www.aicanada.ca<\/p>\n<p>Contact us at: info@aicanada.ca&emsp;<\/p>\n<p>Board of Directors<br \/>\nConseil d\u2019administration<\/p>\n<p>President \u2013 Pr\u00e9sident<br \/>\nGordon J. Tomiuk, AACI, P. App., Manitoba<\/p>\n<p>President Elect \u2013 Pr\u00e9sident d\u00e9sign\u00e9<br \/>\nGeorge Maurice, AACI, P. App., Ontario<\/p>\n<p>Immediate Past-president \u2013<br \/>\nPr\u00e9sident sortant<\/p>\n<p>Paul Olscamp, AACI, P. App., Prince Edward Island<\/p>\n<p>Vice-Presidents \u2013 Vice-pr\u00e9sidents<br \/>\nGerry McCoombs, AACI, P. App., New Brunswick<\/p>\n<p>Sheila Young, AACI, P. App., Alberta<\/p>\n<p>Directors \u2013 Directeurs<br \/>\nRobert Tipple, AACI, P. App., Newfoundland &#038; Labrador<\/p>\n<p>Beverley Girvan, AACI, P. App., Nova Scotia<br \/>\nCraig Soderquist, AACI, P. App., Alberta<br \/>\nRobert Robson, AACI, P. App., Ontario<\/p>\n<p>Grant Uba, AACI, P. App., Ontario<br \/>\nJohn Yannacopoulos, AACI, P. App., British Columbia<\/p>\n<p>George Ward, AACI, P. App., British Columbia<br \/>\nMichel Colgan, AACI, P. App., Quebec<\/p>\n<p>Kimberly Maber, AACI, P. App., Saskatchewan<\/p>\n<p>Chief Executive Officer<br \/>\nGeorges Lozano, MPA, Ottawa<\/p>\n<p>Director of Marketing &#038; Communications<br \/>\nJoanne Charlebois, Ottawa<\/p>\n<p>Managing Editor \u2013<br \/>\nR\u00e9dacteur administratif<\/p>\n<p>Craig Kelman, Winnipeg<\/p>\n<p>Assistant Editor \u2013<br \/>\nR\u00e9dacteur en chef adjoint<\/p>\n<p>Cheryl Parisien, Winnipeg<\/p>\n<p>Editorial Board<br \/>\nAIC would like to thank the following  <\/p>\n<p>individuals for their assistance and support:<br \/>\nGrant Uba, AACI, P. App. \u2013 Chair<\/p>\n<p>John Peebles, AACI, P. App<br \/>\nAndr\u00e9 Beaudoin, CRA<\/p>\n<p>David Lopatka, AACI, P. App<br \/>\nJoanne Hayes, Candidate<\/p>\n<p>Jane Londerville, B.Sc., M.B.A.,<br \/>\nAssociate Professor, University of Guelph<\/p>\n<p>Publication management, design and production by:<\/p>\n<p>The articles printed in this issue represent authors\u2019 opinions only and are not neces-<br \/>\nsarily endorsed by the APPRAISAL InSTITUTe Of CAnADA. Copyright 2008 by the<br \/>\nAPPRAISAL InSTITUTe Of CAnADA. All rights reserved. Reproduction in whole or<br \/>\nin part without written permission is strictly prohibited. Subscription, $40.00 per<br \/>\nyear. Printed in Canada. Les articles imprim\u00e9s dans ce num\u00e9ro ne rep\u00e9sentent que<br \/>\nl\u2019opinion de leur auteur respectif, mais ne sont pas n\u00e9ces\u2013sairement endoss\u00e9s par<br \/>\nL\u2019InSTITUT CAnADIen DeS \u00c9vALUATeURS. Tous droits reserv\u00e9s 2008 par L\u2019InSTITUT<br \/>\nCAnADIen DeS \u00c9vALUATeURS. La reproduction totale ou partielle sous quelque form<br \/>\nque se soit sans authorisation \u00e9crite est absolument interdite. Abonnement $40.00<br \/>\npar ann\u00e9e. Imprim\u00e9 au Canada.<\/p>\n<p>Indexed in the Canadian Business Index and available on-line in the Canadian<br \/>\nBusiness &#038; Current Affairs database.<\/p>\n<p>ISSN 0827-2697<\/p>\n<p>3rd Floor \u2013 2020 Portage Avenue<br \/>\nWinnipeg, MB R3J 0K\ufffd<\/p>\n<p>Phone: 866-985-9780 \u2022 Fax: 866-985-9799<br \/>\nE-mail: info@kelman.ca \u2022 Web: www.kelman.ca<\/p>\n<p>Design\/Layout: Tracy Toutant\/Jackie Vitug<br \/>\nAdvertising Manager: Cindy Robin<\/p>\n<p>Publication Mails Agreement #40008249.<br \/>\nReturn undeliverable Canadian addresses to: Appraisal Institute of Canada,<br \/>\n403-200 Catherine St., Ottawa, On  K2P 2K9. email: info@aicanada.ca <\/p>\n<p>Published by the<br \/>\nVolume 52, book 2, 2008<\/p>\n<p>Contents<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"ve1kmfKpkc\"><p><a href=\"https:\/\/www.aicanada.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/embed\/#?secret=Lt1aW1FFnd#?secret=ve1kmfKpkc\" data-secret=\"ve1kmfKpkc\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@kelman.ca<br \/>\nhttp:\/\/www.kelman.ca<\/p>\n<p>http:\/\/www.abound.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada\ufffd<\/p>\n<p>s we mark the 70th anniversary of the Appraisal Institute of<br \/>\nCanada (AIC) and launch our new brand at this summer\u2019s annual<br \/>\nconference in St. John\u2019s, nL, it is my pleasure to announce that <\/p>\n<p>beginning with this issue, the AIC\u2019s magazine has a<br \/>\nnew name \u2013 CANADIAN PROPERTY VALUATION\/<br \/>\n\u00c9VALUATION IMMOBILI\u00c8RE AU CANADA.  <\/p>\n<p>Originally published under the name, APPRAISAL<br \/>\nINSTITUTE MAGAZINE (AIM), the publication under-<br \/>\nwent a name change in 1984, becoming the CANA-<br \/>\nDIAN APPRAISER\/\u00c9VALUATEUR CANADIAN. now turn<br \/>\nthe clock ahead 24 years to 2008. As part of AIC\u2019s<br \/>\nrebranding, marketing and communications initia-<br \/>\ntives, it was time to take a new look at the magazine,<br \/>\nits name, its target audiences, and its objectives.  <\/p>\n<p>During the past months, the Institute\u2019s Publica-<br \/>\ntion Sub-Committee held a series of virtual meetings<br \/>\nto explore these issues. We determined that we<br \/>\nwant a publication and name that will embody the<br \/>\npromotion and marketing goals of the AIC Strategic<br \/>\nPlan \u2013 specifically those outlined in the Marketing<br \/>\nand Communications Plan. The committee discussed the increasing focus on<br \/>\ninternational valuation and financial reporting standards, but decided that,<br \/>\ndespite this move towards globalization, we wished to mark the distinctly<br \/>\nCanadian nature of the magazine by including \u2018Canadian\u2019 in the new name.<br \/>\nOur discussions were also informed by a desire to reflect in the magazine<br \/>\nname the fact that AIC is beginning to brand its members as more than just <\/p>\n<p>By Grant Uba, AACI, P. App., Chair \u2013 Publications Sub-Committee<\/p>\n<p>New name  <\/p>\n<p>A<br \/>\nAnother progressive step for AIC\u2019s magazine<\/p>\n<p>point in time appraisers. Our members are experiencing changing roles in<br \/>\nthe real estate valuation services they provide, and we wanted a new name<br \/>\nfor the magazine that would reflect AIC\u2019s valuation practitioners\u2019 broadening <\/p>\n<p>range of valuation and advisory services in Canada.<br \/>\nWe also wanted the new name to mirror the<br \/>\nintended future direction of the magazine and plans<br \/>\nfor broadening its scope and target audiences.<\/p>\n<p>The committee\u2019s recommendation for a maga-<br \/>\nzine name change was embraced by the Board of<br \/>\nDirectors at its february 2008 meeting and the Board<br \/>\npassed a motion to bring the new name into effect<br \/>\nimmediately.<\/p>\n<p>The result of all our meetings, consultations<br \/>\nand collaboration with our publisher, Craig Kelman<br \/>\n&#038; Associates Ltd., is the new name and masthead<br \/>\nyou see on this issue\u2019s cover. As well as the name<br \/>\nchange, it was important that the new AIC logo be<br \/>\ndisplayed prominently, that we make use of our new<br \/>\nofficial descriptor \u2013 Real Value Experts, and that<br \/>\nit be clear that the magazine is published by the <\/p>\n<p>Appraisal Institute of Canada. We believe we have accomplished all of this<br \/>\nwith our new cover.<\/p>\n<p>On behalf of the committee, I express our great satisfaction in being a<br \/>\npart of this evolutionary step in the development of AIC\u2019s magazine and our<br \/>\nappreciation for the support and collaboration that AIC members continue to<br \/>\ncontribute to this publication. <\/p>\n<p> \u201cOur members are<br \/>\nexperiencing changing<br \/>\nroles in the real estate <\/p>\n<p>valuation services they<br \/>\nprovide, and we wanted <\/p>\n<p>a new name for the<br \/>\nmagazine that would<br \/>\nreflect AIC\u2019s valuation <\/p>\n<p>practitioners\u2019 broadening<br \/>\nrange of valuation and <\/p>\n<p>advisory services.\u201d<\/p>\n<p>The first issue of AIM, the<br \/>\nAppraisal Institute Magazine, was<br \/>\ndistributed at the 1957 Annual<br \/>\nGeneral Meeting in Hamilton,<br \/>\nthe first AGM ever held outside<br \/>\nWestern Canada. The first issue of<br \/>\nthe Canadian Property Valuation<br \/>\nMagazine wll be distributed at<br \/>\nthe 2008 Annual General Meeting<br \/>\nin St. John\u2019s, Newfoundland and<br \/>\nLabrador, the second AIC AGM ever<br \/>\nheld in that province.<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada \ufffd<\/p>\n<p>The Appraisal Institute of Canada<br \/>\n(AIC), in conjunction with the new-<br \/>\nfoundland and Labrador Association<br \/>\nof the Appraisal Institute of Canada,<br \/>\nis looking forward to hosting this<br \/>\nyear\u2019s conference at the eastern edge of north America.<\/p>\n<p>Be there to celebrate AIC\u2019s 70 years of success. Share ideas<br \/>\nand stories with your colleagues to enhance your professional<br \/>\nachievements.<\/p>\n<p>The conference program will provide a wide array of<br \/>\neducational, informative and thought-provoking programs that have been<br \/>\nlined up to make the 2008 conference an incredible learning opportunity.<\/p>\n<p>Our keynote speaker Richard Worzel is asking the question \u201cWho Owns<br \/>\nTomorrow?\u201d His session highlights will provoke questions and answers<br \/>\nregarding future trends in the industry and get you thinking about how to<br \/>\npromote success in your business future.<\/p>\n<p>Our two spotlight speakers are Jeanette Hanna and Christopher<br \/>\n[Kip] Beckman. Ms. Hanna will be teaching effective communications<br \/>\ndesign and brand management. She is considered a leader in the field of<br \/>\ncommunications specializing in branding innovations. Mr. Beckman joins<br \/>\nthe team of speakers to discuss the US housing market meltdown and its<br \/>\nimplications for Canada. This promises to be an \u2018up to the minute session\u2019<br \/>\nas the landscape is constantly changing, prompting him to continuously<br \/>\nmonitor the data and facts to ensure he brings listeners present day and <\/p>\n<p>AIC \u201908 \u2022 St. John\u2019s, Newfoundland<br \/>\nfuture economic trends.<\/p>\n<p>Come and take advantage of this<br \/>\nyear\u2019s top notch speakers. The net-<br \/>\nworking opportunities are unlimited.<\/p>\n<p>The Planning Committee has<br \/>\nfilled this program with interesting, thought provok-<br \/>\ning and educational sessions that will not only satisfy<br \/>\nyour need to learn this year, but will also entice you to<br \/>\nlook toward the 2009 AIC Conference being held in Mt.<br \/>\nTremblant, Qu\u00e9bec.<\/p>\n<p>Mr. Laurent Brosseau, AACI, P. App. is next year\u2019s Chair and is assem-<br \/>\nbling his team to provide members with stellar educational and networking<br \/>\nprograms.<\/p>\n<p>next year\u2019s conference is being held at the fairmont Hotel Mt. Tremblant<br \/>\nbeginning Wednesday, May 27 and ending Saturday, May 30, 2009. Please<br \/>\nvisit the hotel website at: http:\/\/www.fairmont.com\/tremblant\/. This year,<br \/>\nAQICe will be providing you with additional 2009 conference information<br \/>\nduring the June 7 lunch time session. Make sure you visit their booth in the<br \/>\nexhibitor\u2019s hall at this year\u2019s conference. Committee volunteers will be on<br \/>\nhand to answer any questions you may have regarding AIC 2009.<\/p>\n<p>We are looking forward to seeing you this year and are happy that<br \/>\nyou will be joining us \u2018on the rock.\u2019 for further information regarding this<br \/>\nyear\u2019s conference, please visit our website at:<br \/>\nhttp:\/\/www.aicanada.ca\/e\/aic2008\/index.cfm <\/p>\n<p>The official conference website is your source for complete information on the 2008 AIC Conference. Additional<br \/>\ninformation will be continually added as details are finalized. Visit the AIC 2008 website at: aicanada.ca\/e\/aic2008.<br \/>\nPlease be sure to register and take advantage of our convenient online registration option.<\/p>\n<p>Come JOIN us on \u2018the Rock\u2019!<\/p>\n<p>http:\/\/www.fairmont.com\/tremblant<br \/>\nhttp:\/\/www.aicanada.ca\/e\/aic2008\/index.cfm<br \/>\nhttp:\/\/www.aicanada.ca\/e\/aic2008<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada8<\/p>\n<p>he Appraisal Institute of Canada (AIC)<br \/>\nis a professional association with<br \/>\nsome 4,600 active members. Imagine <\/p>\n<p>how easy it would be to service our members<br \/>\nif everyone valued basically the same type of<br \/>\nproperty and for the same reasons. Such is<br \/>\nnot the case with AIC. We have members that<br \/>\nprovide a wide range of services to a wide<br \/>\nrange of clients. Our members are real property<br \/>\nexperts in the residential market, the IC &#038; I<br \/>\nmarket, special use properties, contaminated<br \/>\nproperties\u2026 the list goes on and on. <\/p>\n<p>Individually, members must feel that they are<br \/>\ngetting their fair share of services and that the<br \/>\nscale is not favouring one member over another.<br \/>\nOur members value properties for financing<br \/>\npurposes, dispute purposes (as in marital<br \/>\nseparations), expropriation purposes, purchase,<br \/>\nsale, net worth calculations, risk management,<br \/>\ntaxation\u2026 and again the list goes on and on.  <\/p>\n<p>The manner in which AIC develops and<br \/>\ndelivers member services is critical. It takes into<br \/>\nconsideration fiscal responsibility in providing<br \/>\nmembers with good value for money. Add to this<br \/>\nlist the Institute\u2019s need to explore new opportuni-<br \/>\nties for our members, to design and deliver the<br \/>\neducational requirements, and to incorporate the<br \/>\nnew services within CUSPAP and our insurance<br \/>\ncoverage. now, you are thinking: wow, how do<br \/>\nthey do all of that? The answer is quite simple. It is<br \/>\nlargely because of the dedication of staff and vol-<br \/>\nunteers who are passionate about our profession<br \/>\nand the Institute. But, in addition to the human<br \/>\nresources that make the Institute\u2019s programs and<br \/>\nactivities possible, adequate financial resources are<br \/>\nindispensable and that is why it has been neces-<br \/>\nsary to increase the membership dues.<\/p>\n<p>Let\u2019s summarize some of the improvements<br \/>\nto existing programs as well as to new member<br \/>\nservices.<\/p>\n<p>In the area of professional designation require-<br \/>\nments, we have added a final written professional<br \/>\nexamination and a new \u2018behavioural\u2019 interview<br \/>\nthat focuses on a Candidate\u2019s experience in<br \/>\nhandling professional work. Online CPD courses<br \/>\nhave increased in number, with over 20 mini-<br \/>\ncourses from UBC that address specialty areas<br \/>\nof practice, emerging markets and stakeholder<br \/>\nneeds. further, the Learning Advisory Committee<br \/>\nwill be looking at a Prior Learning Assessment<br \/>\nRecognition Program.<\/p>\n<p>The International Financial Reporting Standards<br \/>\nthat will come into effect in 2011 present a whole<br \/>\nnew challenge for our members and the Institute.<br \/>\nHowever, the potential for increased business is sig-<br \/>\nnificant, since every asset will have to be recorded<br \/>\nat market value for publicly traded companies. This<br \/>\ncould potentially be one of the most promising<br \/>\ndevelopments in real property valuation since the<br \/>\nInstitute began over 70 years ago.<\/p>\n<p>Gordon J. Tomiuk<br \/>\nAACI, P. App., AIC President<\/p>\n<p>T<\/p>\n<p>AIC\u2019s continually evolving<br \/>\nmember services<\/p>\n<p>8<\/p>\n<p>President\u2019s message<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada \ufffd<\/p>\n<p>We will design appropriate courses for our mem-<br \/>\nbers to familiarize them with the new standards and<br \/>\nto prepare them to provide valuations for financial<br \/>\nreporting purposes. This is in process.  <\/p>\n<p>It also opens up a new door on the machinery<br \/>\nand equipment valuation front. These assets will<br \/>\nalso have to be recorded at market value. This<br \/>\nwill present new opportunity for those members<br \/>\nwho want to take on the challenge. We will,<br \/>\nhowever, have to design the course, deliver it,<br \/>\ninclude this area of practice in CUSPAP, and also<br \/>\ninsure it.  <\/p>\n<p>The Candidate Registry allows us and the users<br \/>\nof our services to verify if Candidates are properly<br \/>\nregistered and if they are, in fact, members of AIC.<br \/>\nTo those of us who have been around for awhile,<br \/>\nthis may not seem like a big deal. It is, however, to<br \/>\nusers of our services and it reduces the risk of fraud<br \/>\nby individuals claiming to be our members when<br \/>\nthey are not.  <\/p>\n<p>The find an Appraiser feature on our website<br \/>\nis also valued by many members and stakeholder<br \/>\nusers. It is easy to confirm a member in good stand-<\/p>\n<p>\u201cThe International<br \/>\nFinancial Reporting <\/p>\n<p>Standards that will come<br \/>\ninto effect in 2011 present a <\/p>\n<p>whole new challenge<br \/>\nfor our members<br \/>\nand the Institute.\u201d<\/p>\n<p>ing. One could say that both of these services are<br \/>\nfraud prevention services. Most recently, I received<br \/>\na copy of an appraisal report prepared by someone<br \/>\nwho is not a member of the Institute that was<br \/>\ncompleted on an AIC form report. It included our<br \/>\ncertification that the author was a member in good<br \/>\nstanding of AIC. As it was prepared for a public<br \/>\nconsumer, he or she had no reason to doubt it. This<br \/>\nmatter has now been forwarded to our Counsellor.<\/p>\n<p>Speaking of our Counsellor, he has provided<br \/>\na valuable service separating the nuisance and <\/p>\n<p>petty complaints from the misleading and<br \/>\nfraudulent ones. This will result in cost savings<br \/>\nto our Professional Practice Program and a much<br \/>\nfaster process to conclusion.<\/p>\n<p>What is on the horizon? Well, further<br \/>\nimprovements to the Professional Practice<br \/>\nCommittee process so that it serves the<br \/>\nmembership better and reduces the apprehension<br \/>\nmembers experience when they receive a<br \/>\ncomplaint notification letter, more CPD online<br \/>\ncourses that will be relevant to all members, the<br \/>\nroll out of the Marketing and Communications<br \/>\nPlan, an overview of our insurance program to<br \/>\nidentify ways of further enhancing it, further<br \/>\nmember education articles on real estate fraud,<br \/>\nand the development of strategic alliances and<br \/>\npartnering with related organizations. <\/p>\n<p>This is an exciting time to be part of the AIC<br \/>\nteam. These accomplishments require the right<br \/>\nfinancial resources, as well as a great deal of<br \/>\nvolunteer and staff time. I encourage one and all<br \/>\nto support your association. volunteer at any level<br \/>\nyou can and help achieve our goals. <\/p>\n<p>http:\/\/www.ecologeris.com<br \/>\nmailto:info@ecologeris.com<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada10<\/p>\n<p>parvenons gr\u00e2ce au d\u00e9vouement du personnel<br \/>\net des b\u00e9n\u00e9voles qui ont un int\u00e9r\u00eat marqu\u00e9<br \/>\n\u00e0 l\u2019endroit de la profession et de l\u2019Institut.<br \/>\nToutefois, en plus des ressources humaines<br \/>\nqui rendent possibles les programmes et les<br \/>\nactivit\u00e9s de l\u2019Institut, il est indispensable de<br \/>\ndisposer de ressources financi\u00e8res ad\u00e9quates<br \/>\net c\u2019est pourquoi nous avons d\u00fb augmenter les<br \/>\nfrais d\u2019adh\u00e9sion. <\/p>\n<p>Permettez-moi maintenant de r\u00e9sumer<br \/>\nles am\u00e9liorations apport\u00e9es aux programmes<br \/>\nexistants et les nouveaux services aux membres : <\/p>\n<p>Au niveau des exigences menant aux<br \/>\nd\u00e9signations professionnelles, nous avons<br \/>\najout\u00e9 un examen professionnel \u00e9crit et<br \/>\nune nouvelle entrevue \u00ab fond\u00e9e sur le<br \/>\ncomportement \u00bb qui porte sur l\u2019exp\u00e9rience<br \/>\ndes stagiaires \u00e0 s\u2019acquitter de leurs fonctions<br \/>\nprofessionnelles. Le nombre de cours de PPC en<br \/>\nligne a augment\u00e9 avec plus de 20 mini-cours<br \/>\nqui sont offerts par l\u2019U.C.-B. et qui portent sur<br \/>\ndivers secteurs de sp\u00e9cialit\u00e9 de la pratique, <\/p>\n<p>Gordon J. Tomiuk<br \/>\nAACI, P. App., Pr\u00e9sident de l\u2019ICe<\/p>\n<p>\u00ab Les normes<br \/>\ninternationales <\/p>\n<p>r\u00e9gissant les rapports<br \/>\nfinanciers qui doivent<br \/>\nentrer en vigueur en<br \/>\n2011 posent un tout <\/p>\n<p>nouveau d\u00e9fi pour nos<br \/>\nmembres et l\u2019Institut. \u00bb<\/p>\n<p>message du Pr\u00e9sident<\/p>\n<p>Services en constante \u00e9volution<br \/>\npour les membres de l\u2019ICE<\/p>\n<p>L\u2019Institut canadien des \u00e9valuateurs est une association professionnelle comptant quelque 4600 membres<br \/>\nactifs. Il est facile d\u2019imaginer comment il<br \/>\nserait simple de servir nos membres si chacun<br \/>\noffrait les m\u00eames services d\u2019\u00e9valuation<br \/>\nimmobili\u00e8re et pour les m\u00eames raisons.<br \/>\nMalheureusement, la situation ne s\u2019applique<br \/>\npas \u00e0 l\u2019ICe. nos membres offrent une vaste<br \/>\ngamme de services \u00e0 une vari\u00e9t\u00e9 de clients.<br \/>\nnos membres sont de v\u00e9ritables sp\u00e9cialistes<br \/>\ndu march\u00e9 r\u00e9sidentiel, du march\u00e9 industriel,<br \/>\ncommercial et institutionnel, des propri\u00e9t\u00e9s \u00e0<br \/>\nvocation sp\u00e9ciale, des propri\u00e9t\u00e9s contamin\u00e9es<br \/>\net ainsi de suite. Individuellement, les membres<br \/>\nsont d\u2019avis qu\u2019ils re\u00e7oivent leur juste part de<br \/>\nservices et qu\u2019aucun secteur n\u2019est favoris\u00e9 aux<br \/>\nd\u00e9pens d\u2019un autre. nos membres effectuent<br \/>\ndes \u00e9valuations \u00e0 des fins de financement,<br \/>\nde litiges dans les s\u00e9parations conjugales, \u00e0<br \/>\ndes fins d\u2019expropriation, d\u2019achat, de vente,<br \/>\nd\u2019\u00e9tablissement de la valeur nette, la gestion<br \/>\ndes risques, pour des raisons fiscales et la liste<br \/>\nse poursuit.   <\/p>\n<p>La fa\u00e7on dont l\u2019ICe \u00e9labore et assure la<br \/>\nprestation de services aux membres est critique.<br \/>\nIl est n\u00e9cessaire de tenir compte de notre<br \/>\nresponsabilit\u00e9 fiscale de fournir aux membres<br \/>\nune excellente valeur pour leur argent. De plus,<br \/>\nl\u2019Institut doit explorer de nouvelles occasions<br \/>\npour ses membres, concevoir et offrir des<br \/>\nprogrammes de formation qui r\u00e9pondent aux<br \/>\nexigences et incorporer les nouveaux services<br \/>\ndans les RUPPeC et la couverture d\u2019assurance.<br \/>\nvous vous demandez peut-\u00eatre comment nous<br \/>\narrivons \u00e0 tout faire? C\u2019est bien simple. nous y <\/p>\n<p>les nouveaux march\u00e9s et les besoins des<br \/>\nintervenants. Aussi, le Comit\u00e9 consultatif sur<br \/>\nl\u2019apprentissage s\u2019affaire \u00e0 \u00e9tudier la possibilit\u00e9<br \/>\nd\u2019un programme de reconnaissance de la<br \/>\nformation ant\u00e9rieure. <\/p>\n<p>Les normes internationales r\u00e9gissant les<br \/>\nrapports financiers qui doivent entrer en<br \/>\nvigueur en 2011 posent un tout nouveau d\u00e9fi<br \/>\npour nos membres et l\u2019Institut. Cependant, le<br \/>\npotentiel d\u2019accro\u00eetre les affaires est important<br \/>\npuisque dans le cas des compagnies cot\u00e9es<br \/>\nen bourse, chacun des actifs devra \u00eatre inscrit<br \/>\n\u00e0 la valeur marchande. Cela peut \u00eatre l\u2019un<br \/>\ndes d\u00e9veloppements les plus prometteurs en<br \/>\n\u00e9valuation immobili\u00e8re depuis la cr\u00e9ation de<br \/>\nl\u2019Institut il y a plus de 70 ans. <\/p>\n<p>nous pr\u00e9voyons offrir des cours qui<br \/>\npermettront \u00e0 nos membres de se familiariser<br \/>\navec ces nouvelles normes et de se pr\u00e9parer \u00e0<br \/>\neffectuer des \u00e9valuations \u00e0 des fins d\u2019inclusion<br \/>\ndans les rapports financiers. nous avons d\u00e9j\u00e0<br \/>\nentam\u00e9 le processus.   <\/p>\n<p>Cela donne \u00e9galement lieu \u00e0 des nouvelles<br \/>\npossibilit\u00e9s dans le domaine de l\u2019\u00e9valuation de<br \/>\nla machinerie et de l\u2019\u00e9quipement. Ces actifs<br \/>\ndevront \u00eatre inscrits \u00e0 la valeur marchande,<br \/>\nune autre nouvelle occasion pour les membres<br \/>\naptes \u00e0 relever ce d\u00e9fi. Toutefois, nous devons<br \/>\nconcevoir le cours, l\u2019offrir, inclure la pratique<br \/>\ndans les RUPPeC et assurer le service en<br \/>\nquestion. <\/p>\n<p>Le Registre des stagiaires nous permet, ainsi<br \/>\nqu\u2019aux utilisateurs de nos services, d\u2019assurer<br \/>\nque les stagiaires sont effectivement inscrits<br \/>\ncomme membres de l\u2019ICe. Dans le cas de ceux<br \/>\nqui sont avec nous depuis un certain temps <\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 11<\/p>\n<p>d\u00e9j\u00e0, la chose peut ne pas sembler importante.<br \/>\nPour les utilisateurs de nos services, toutefois,<br \/>\nil s\u2019agit d\u2019une toute autre histoire et cette<br \/>\npratique permet de r\u00e9duire les cas de fraude<br \/>\npar les gens qui se disent membres de l\u2019Institut<br \/>\nlorsqu\u2019ils ne le sont pas. <\/p>\n<p>La rubrique \u00ab Recherche d\u2019\u00e9valuateur \u00bb<br \/>\nsur notre site Web est \u00e9galement un outil de<br \/>\nchoix pour plusieurs membres et intervenants.<br \/>\nIl est facile de confirmer qu\u2019un membre est<br \/>\nen r\u00e8gle et on pourrait m\u00eame avancer que<br \/>\nces deux services permettent de pr\u00e9venir la<br \/>\nfraude. Plus r\u00e9cemment, j\u2019ai re\u00e7u une copie<br \/>\nd\u2019un rapport d\u2019\u00e9valuation pr\u00e9par\u00e9 par une<br \/>\npersonne qui n\u2019\u00e9tait pas membre de l\u2019Institut<br \/>\net qui a \u00e9t\u00e9 compl\u00e9t\u00e9 sur un formulaire de l\u2019ICe.<br \/>\nLe rapport incluait notre certification \u00e0 l\u2019effet<br \/>\nque l\u2019auteur \u00e9tait membre en r\u00e8gle de l\u2019ICe.<br \/>\nComme le rapport avait \u00e9t\u00e9 pr\u00e9par\u00e9 pour un<br \/>\nconsommateur, celui-ci n\u2019avait aucune raison<br \/>\nde douter de son authenticit\u00e9. La question a<br \/>\n\u00e9t\u00e9 port\u00e9e \u00e0 l\u2019attention de notre Conseiller en<br \/>\npratique professionnelle. <\/p>\n<p>en parlant de notre Conseiller, celui-ci a \u00e9tabli<br \/>\nun syst\u00e8me qui permet de s\u00e9parer les plaintes<br \/>\nde moindre importance et celles qui concernent<br \/>\nles rapports potentiellement trompeurs et<br \/>\nfrauduleux. Il en a r\u00e9sult\u00e9 une \u00e9pargne pour le<br \/>\nprogramme de pratique professionnelle et une<br \/>\nacc\u00e9l\u00e9ration du r\u00e8glement des cas. <\/p>\n<p>Alors que nous r\u00e9serve l\u2019avenir? et bien<br \/>\nd\u2019autres am\u00e9liorations sont pr\u00e9vues au processus<br \/>\nde le programme de pratique professionnelle<br \/>\n(PPC) dans le but de mieux servir les membres<br \/>\net r\u00e9duire leur appr\u00e9hension lorsqu\u2019ils re\u00e7oivent<br \/>\nune lettre d\u2019avis de plainte, un nombre accru <\/p>\n<p>de cours de perfectionnement professionnel<br \/>\ncontinu (PPC) en ligne qui seront pertinents pour<br \/>\ntous les membres, la mise en \u0153uvre du plan de<br \/>\nmarketing et de communication, un examen de<br \/>\nnotre programme d\u2019assurance pour identifier<br \/>\nles fa\u00e7ons de l\u2019am\u00e9liorer encore davantage,<br \/>\nd\u2019autres articles sur l\u2019\u00e9ducation des membres et<br \/>\ntouchant les fraudes immobili\u00e8res en particulier,<br \/>\net la cr\u00e9ation d\u2019alliances strat\u00e9giques et de <\/p>\n<p>partenariats avec des organismes connexes.<br \/>\nIl s\u2019agit d\u2019un moment excitant pour faire <\/p>\n<p>partie de l\u2019\u00e9quipe de l\u2019ICe. Toutes ces r\u00e9alisations<br \/>\nrequi\u00e8rent les bonnes ressources financi\u00e8res et<br \/>\nbeaucoup de temps et d\u2019efforts de la part des<br \/>\nb\u00e9n\u00e9voles et du personnel. J\u2019encourage chacun<br \/>\nd\u2019entre-vous \u00e0 appuyer votre association. Le<br \/>\nb\u00e9n\u00e9volat \u00e0 n\u2019importe quel niveau peut certes<br \/>\nfaciliter l\u2019atteinte de nos objectifs. <\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada12<\/p>\n<p>Georges Lozano, MPA<br \/>\nAIC Chief executive Officer<\/p>\n<p>12<\/p>\n<p>Revisiting the three Rs<\/p>\n<p>CEO RePoRT<\/p>\n<p>In primary school, we were always taught that mastery of the three Rs: \u2018reading, \u2018riting, and \u2018rithmetic\u2019, was essential to achieving<br \/>\nsuccess in the business world. Today, professional<br \/>\nassociations similarly need to achieve three<br \/>\ndifferent Rs if they want to succeed. Unlike other<br \/>\ntimes, when associations were founded primarily<br \/>\non member loyalty, today, although loyalty is<br \/>\nmuch valued by associations, success is measured<br \/>\nby the relevancy, recognition, and resources<br \/>\nassociations achieve.<\/p>\n<p>for the Appraisal Institute of Canada (AIC),<br \/>\nit is no different and the activities that AIC<br \/>\nis undertaking are aimed at these targets.<br \/>\nRelevancy and recognition are objectives that<br \/>\nare important from both an internal or member<br \/>\nperspective, and externally. Associations need<br \/>\nto provide their members with programs and<br \/>\nservices that are relevant and benefit them in<br \/>\ntheir professional lives. externally, successful<br \/>\nassociations need to be relevant to their<br \/>\nstakeholders and be seen by them to play a<br \/>\nvaluable role. Recognition follows relevancy<br \/>\nand organizations that are relevant are usually<br \/>\nrecognized for that by their members and the<br \/>\npublic alike. <\/p>\n<p>The third R \u2013 resources, are essential to any<br \/>\norganization if it is to achieve its objectives.<br \/>\nResources include financial, human, and others<br \/>\nsuch as information and strategic resources.<br \/>\nAssociations, in particular, rely heavily on<br \/>\nhuman resources in the form of the volunteers<br \/>\nthat provide leadership and support for their<br \/>\nprograms and activities.<\/p>\n<p>AIC has addressed these three Rs in recent<br \/>\nyears in a variety of ways. Achieving recognition <\/p>\n<p>for the membership as the leaders in real<br \/>\nproperty appraisal and related advisory services<br \/>\nhas been a top priority. As you are well aware,<br \/>\ncommunications and marketing have been the<br \/>\nfocus of much of our work. This summer will<br \/>\nmark the launch of the new marketing program,<br \/>\nand activities will be undertaken on a regular<br \/>\nbasis to promote the Institute, its members, and<br \/>\nthe AACI and CRA designations across Canada.<\/p>\n<p>While communications and marketing may<br \/>\nhave been the most visible activity, much work<br \/>\nhas gone into making improvements to the<br \/>\nprogram of professional studies and related<br \/>\nprofessional resources. Our quality standards<br \/>\ncontinue to be increased to ensure that the<br \/>\ncaliber of professional associated with the<br \/>\nInstitute compares favorably with other top-<br \/>\ntier professions. In this respect, over the past<br \/>\nmonths, a new professional final examination<br \/>\nhas been put in place consisting of a multipart<br \/>\nintegrative written exam and a professional oral<br \/>\ninterview. Together, they are the final admission<br \/>\nrequirements that Candidates must fulfill to<br \/>\nachieve professional designation. <\/p>\n<p>Designated members now have<br \/>\nmore options than ever to develop<br \/>\ntheir professional careers, with a<br \/>\ngreat variety of continuing education<br \/>\ncourses that include many new<br \/>\nspecialty areas. Career development<br \/>\nhas been emphasized as an important<br \/>\npart of professionalism. The We value<br \/>\nCanada workshop introduced over a year<br \/>\nago has assisted many non-designated<br \/>\nand designated members in planning their<br \/>\ncareers. The Professional Practice (formerly <\/p>\n<p>Standards) seminar has been updated and<br \/>\nenhanced. Professionalism and quality control<br \/>\nwere also addressed through the development<br \/>\nand introduction of the Candidate Registry a<br \/>\ncouple of years ago. It has been well received<br \/>\nand recognized by stakeholders as a mark of<br \/>\nprofessionalism of the Institute and its members.<br \/>\nRecognition is earned. As the saying goes: by<br \/>\ntheir deeds you shall know them. In this respect,<br \/>\nAIC has been working diligently to enhance its<br \/>\nstandards, education, and professional practice<br \/>\nprogram, among others, to ensure that AIC<br \/>\nmembers will command the highest respect and<br \/>\nrecognition by their peers and clients.<\/p>\n<p>AIC wants to be<br \/>\nrelevant to its<br \/>\nmembers first<br \/>\nand foremost<br \/>\nand, as such,<br \/>\nthere are<br \/>\nmany initia-<\/p>\n<p>continued on<br \/>\npage 14<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 13<\/p>\n<p>Georges Lozano, MPA<br \/>\nChef de la direction<\/p>\n<p>Revoir les bases du succ\u00e8s<\/p>\n<p>RePoRT du Chef de la direction<\/p>\n<p>De nos jours, le succ\u00e8s des associations professionnelles repose sur des piliers bien diff\u00e9rents que ceux d\u2019autrefois.<br \/>\nContrairement \u00e0 l\u2019\u00e9poque o\u00f9 les associations<br \/>\nse fiaient principalement sur la loyaut\u00e9 de leurs<br \/>\nmembres et bien que cette loyaut\u00e9 soit toujours<br \/>\nhautement consid\u00e9r\u00e9e, leur succ\u00e8s d\u00e9pend de<br \/>\nleur pertinence et de la reconnaissance et des<br \/>\nressources dont elles disposent.<\/p>\n<p>Rien n\u2019est diff\u00e9rent pour l\u2019Institut et les<br \/>\nactivit\u00e9s de l\u2019ICe visent ces m\u00eames objectifs. La<br \/>\npertinence et la reconnaissance sont des objec-<br \/>\ntifs importants du point de vue interne ou des <\/p>\n<p>membres, ainsi qu\u2019\u00e0 l\u2019externe. Les associations<br \/>\ndoivent offrir \u00e0 leurs membres des pro-<\/p>\n<p>grammes et des services pertinents<br \/>\net utiles pour leurs carri\u00e8res <\/p>\n<p>professionnelles. Pour<br \/>\nr\u00e9ussir \u00e0 l\u2019externe,<br \/>\nles associations<br \/>\ndoivent \u00eatre perti-<\/p>\n<p>nentes pour leurs<br \/>\nintervenants <\/p>\n<p>et \u00eatre <\/p>\n<p>consid\u00e9r\u00e9es comme jouant un r\u00f4le de premier<br \/>\nplan. La reconnaissance suit la pertinence et<br \/>\nles organismes pertinents sont habituellement<br \/>\nreconnus sur ce plan \u00e0 la fois par leurs membres<br \/>\net le grand public.  <\/p>\n<p>en ce qui concerne les ressources, qu\u2019il<br \/>\nsuffise de dire qu\u2019elles sont importantes dans<br \/>\nl\u2019atteinte des objectifs de tout organisme.<br \/>\nLes ressources incluent les ressources<br \/>\nfinanci\u00e8res, humaines et autres comme en<br \/>\nmati\u00e8re d\u2019information et de strat\u00e9gie. Tout<br \/>\nparticuli\u00e8rement, les associations se fient<br \/>\nlargement sur leurs ressources humaines,<br \/>\nsurtout les b\u00e9n\u00e9voles qui offrent \u00e0 la fois<br \/>\nleadership et soutien aux programmes et<br \/>\nactivit\u00e9s. <\/p>\n<p>Au cours des derni\u00e8res ann\u00e9es, l\u2019ICe s\u2019est<br \/>\nattaqu\u00e9 \u00e0 ces piliers d\u2019un certain nombre de<br \/>\nfa\u00e7ons. L\u2019atteinte de la reconnaissance des<br \/>\nmembres comme chefs de file en \u00e9valuation<br \/>\nimmobili\u00e8re et dans les services consultatifs<br \/>\nconnexes s\u2019est r\u00e9v\u00e9l\u00e9e une priorit\u00e9 absolue.<br \/>\nnous verrons cet \u00e9t\u00e9 le lancement de notre<br \/>\nnouveau programme de marketing et de<br \/>\nnombreuses activit\u00e9s seront amorc\u00e9es<br \/>\nr\u00e9guli\u00e8rement pour promouvoir l\u2019Institut, ses<br \/>\nmembres et les d\u00e9signations AACI et CRA \u00e0<br \/>\nl\u2019\u00e9chelle du pays. <\/p>\n<p>Bien que les communications et le<br \/>\nmarketing aient figur\u00e9 parmi nos activit\u00e9s<br \/>\nles plus visibles, beaucoup d\u2019efforts ont<br \/>\n\u00e9galement \u00e9t\u00e9 d\u00e9ploy\u00e9s pour am\u00e9liorer le<br \/>\nprogramme d\u2019\u00e9tudes professionnelles et les<br \/>\nressources connexes. nos normes de qualit\u00e9<br \/>\ncontinuent d\u2019\u00eatre raffermies afin d\u2019assurer<br \/>\nque le statut professionnel associ\u00e9 \u00e0 l\u2019Institut <\/p>\n<p>se compare favorablement \u00e0 celui des autres<br \/>\nsecteurs professionnels de premier plan. \u00c0<br \/>\nce chapitre, nous avons au cours des derniers<br \/>\nmois \u00e9labor\u00e9 un nouvel examen professionnel<br \/>\nqui consiste en une portion \u00e9crite et en une<br \/>\nentrevue professionnelle orale. ensemble, ces<br \/>\ndeux crit\u00e8res constituent l\u2019exigence finale que<br \/>\ndoivent respecter les stagiaires pour obtenir leur<br \/>\ntitre professionnel.  <\/p>\n<p>Plus que jamais, les membres agr\u00e9\u00e9s<br \/>\nont maintenant plus d\u2019options pour parfaire<br \/>\nleurs carri\u00e8res professionnelles gr\u00e2ce \u00e0 une<br \/>\ngamme compl\u00e8te de cours de formation<br \/>\ncontinue dans plusieurs nouveaux secteurs<br \/>\nde sp\u00e9cialisation. Le perfectionnement a \u00e9t\u00e9<br \/>\nreconnu comme une partie importante du<br \/>\nprofessionnalisme. L\u2019atelier \u00ab nous valorisons<br \/>\nle Canada \u00bb, introduit il y a d\u00e9j\u00e0 plus d\u2019un an, a<br \/>\naid\u00e9 plusieurs membres agr\u00e9\u00e9s et non agr\u00e9\u00e9s<br \/>\n\u00e0 planifier leurs carri\u00e8res. Le colloque sur la<br \/>\npratique professionnelle (anciennement le<br \/>\ncolloque sur les normes) a \u00e9t\u00e9 mis \u00e0 jour et<br \/>\nam\u00e9lior\u00e9. Le professionnalisme et le contr\u00f4le de<br \/>\nla qualit\u00e9 sont aussi deux autres points qui ont<br \/>\n\u00e9t\u00e9 couverts par l\u2019\u00e9laboration et l\u2019introduction<br \/>\ndu registre des stagiaires il y a quelques<br \/>\nann\u00e9es. Cette initiative a \u00e9t\u00e9 bien accueillie et<br \/>\nreconnue par les intervenants comme marque<br \/>\nde professionnalisme de l\u2019Institut et de ses<br \/>\nmembres. L\u2019objectif de la reconnaissance a \u00e9t\u00e9<br \/>\natteint et comme on le dit : \u00ab on reconna\u00eet le<br \/>\nsucc\u00e8s des gens \u00e0 leurs exploits \u00bb. \u00c0 ce chapitre,<br \/>\nl\u2019ICe a, entre autres choses, travaill\u00e9 avec<br \/>\ndiligence pour am\u00e9liorer et raffermir ses normes<br \/>\net son programme d\u2019\u00e9ducation et de pratique <\/p>\n<p>suite \u00e0 la page 14<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada1\ufffd<\/p>\n<p>tives underway to provide the members with<br \/>\nthe support and services needed to compete<br \/>\nsuccessfully in the marketplace. In the area<br \/>\nof professional development, more special-<br \/>\nized courses are being prepared, including<br \/>\nspecialties like green valuation, machinery and<br \/>\nequipment valuation and information about<br \/>\nperforming appraisals for financial reporting<br \/>\npurposes under the International Financial<br \/>\nReporting Standards that will come into effect in<br \/>\n2011. Significant improvements are coming in<br \/>\nthe way that we communicate with the mem-<br \/>\nbership, including a completely redesigned web<br \/>\nsite with easier to find information.<\/p>\n<p>Relevancy and recognition are, in great part,<br \/>\nachieved through consultation \u2013 by listening <\/p>\n<p>professionnelle afin d\u2019assurer que ses membres<br \/>\nre\u00e7oivent tout le respect qui leur revient de la<br \/>\npart de leurs pairs et de leurs clients. <\/p>\n<p>D\u2019abord et avant tout, l\u2019ICe veut \u00eatre pertinent<br \/>\npour ses membres et \u00e0 ce titre, a amorc\u00e9 de<br \/>\nnombreuses initiatives pour leur offrir le soutien<br \/>\net les services n\u00e9cessaires pour qu\u2019ils soient<br \/>\nconcurrentiels sur le march\u00e9. Dans le domaine du<br \/>\nperfectionnement professionnel, plus de cours<br \/>\nsont en voie de pr\u00e9paration y compris dans les<br \/>\nsecteurs sp\u00e9cialis\u00e9s de l\u2019\u00e9valuation de b\u00e2timents<br \/>\n\u00e9cologiques, la machinerie et l\u2019\u00e9quipement et<br \/>\nl\u2019information au sujet de l\u2019ex\u00e9cution d\u2019\u00e9valuations<br \/>\n\u00e0 des fins de pr\u00e9paration de rapports financiers \u00e0<br \/>\nla lumi\u00e8re des nouvelles normes internationales<br \/>\nr\u00e9gissant les rapports financiers qui  entreront<br \/>\nen vigueur en 2011. Plusieurs am\u00e9liorations<br \/>\nseront aussi apport\u00e9es \u00e0 nos communications<br \/>\navec les membres, y compris un nouveau site <\/p>\n<p>to the members and adapting programs and<br \/>\nactivities to meet their needs. Recently, two<br \/>\nforums \u2013 the CRA and Candidate forums<br \/>\n\u2013 were established for that purpose. Input is also<br \/>\nreceived from the stakeholder community and<br \/>\nfactored into the programs that are developed<br \/>\nby the Institute. Over the years, valuable input<br \/>\nwas obtained from the stakeholders through our<br \/>\nAdvisory Council meetings. During the last year,<br \/>\nwe have doubled the number of such meetings<br \/>\nand have met separately with public and private<br \/>\nsector representatives to promote the services<br \/>\noffered by AIC members and to hear what new<br \/>\nservice opportunities there might be.<\/p>\n<p>none of the above would have been<br \/>\npossible without the significant commitment <\/p>\n<p>and dedication from the dozens of volunteers<br \/>\nwho serve on AIC\u2019s Board, standing<br \/>\ncommittees, and working groups. Adequate<br \/>\nresources are essential to the success of<br \/>\nany organization and this includes financial<br \/>\nresources. That is why, in recent years,<br \/>\nmembership dues have increased in support<br \/>\nof our expanded communications and<br \/>\nmarketing activities, and professional programs<br \/>\nand member services. This combination of<br \/>\nhuman and financial resources will help to<br \/>\nensure that the Institute can properly serve<br \/>\nthe membership by continuing to provide it<br \/>\nwith relevant and useful programs, and by<br \/>\npromoting the profession and AIC members<br \/>\nnationwide. <\/p>\n<p>Web o\u00f9 il sera plus facile de trouver l\u2019information<br \/>\nrecherch\u00e9e. <\/p>\n<p>La pertinence et la reconnaissance sont des<br \/>\nobjectifs qui, en grande partie, sont atteints via<br \/>\nla consultation \u2013 en \u00e9coutant les membres et<br \/>\nen adaptant les programmes et les activit\u00e9s \u00e0<br \/>\nleurs besoins. R\u00e9cemment, deux forums, soit<br \/>\nun pour les CRA et un autre pour les stagiaires,<br \/>\nont \u00e9t\u00e9 cr\u00e9\u00e9s \u00e0 cette fin. nous tenons aussi<br \/>\ncompte des commentaires des intervenants et<br \/>\nles incluons dans les programmes \u00e9labor\u00e9s par<br \/>\nl\u2019Institut. Au fil des ans, les intervenants ont<br \/>\nformul\u00e9 des commentaires utiles via les r\u00e9unions<br \/>\nde notre Conseil consultatif. L\u2019an dernier, nous<br \/>\navons doubl\u00e9 le nombre de ces r\u00e9unions et<br \/>\navons rencontr\u00e9 s\u00e9par\u00e9ment les repr\u00e9sentants<br \/>\ndes secteurs public et priv\u00e9 pour promouvoir<br \/>\nles services des membres de l\u2019ICe et d\u00e9pister les<br \/>\nnouvelles occasions potentielles en leur nom. <\/p>\n<p>CEO RePoRT continued from page 12<\/p>\n<p>Aucune des mesures mentionn\u00e9es ci-dessus<br \/>\nn\u2019aurait \u00e9t\u00e9 possible sans l\u2019engagement et<br \/>\nle d\u00e9vouement des douzaines de b\u00e9n\u00e9voles<br \/>\nqui si\u00e8gent au Conseil de l\u2019ICe, aux comit\u00e9s<br \/>\npermanents et qui sont membres des divers<br \/>\ngroupes de travail. Les ressources ad\u00e9quates<br \/>\nsont n\u00e9cessaires au succ\u00e8s de tout organisme<br \/>\net cela inclut les ressources financi\u00e8res. C\u2019est<br \/>\npourquoi il fut n\u00e9cessaire au cours des derni\u00e8res<br \/>\nann\u00e9es d\u2019augmenter les cotisations en appui \u00e0<br \/>\nnos activit\u00e9s accrues de communication et de<br \/>\nmarketing, \u00e0 nos programmes professionnels<br \/>\net aux services que nous offrons aux membres.<br \/>\nCette combinaison de ressources humaines et<br \/>\nfinanci\u00e8res aidera \u00e0 assurer que l\u2019Institut est en<br \/>\nmesure de servir ad\u00e9quatement ses membres,<br \/>\nde leur fournir des programmes pertinents et<br \/>\nutiles et de promouvoir la profession et ses<br \/>\nmembres \u00e0 l\u2019\u00e9chelle du pays.  <\/p>\n<p>RePoRT du Chef de la direction suite de la page 13<\/p>\n<p>http:\/\/www.marshallswift.com<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada1\ufffd<\/p>\n<p>ow does that saying go? Ask not<br \/>\nwhat your country can do for you<br \/>\n&#8230;? As a member of a volunteer-<\/p>\n<p>based and volunteer-driven organization, we<br \/>\nare most often faced with more tasks than<br \/>\ntime. Luckily, we have a pool of dedicated<br \/>\nvolunteers to work with our staff on both the<br \/>\nprovincial and national levels.<\/p>\n<p>However, here is our current opportunity.<br \/>\nWe are well into our Marketing and<br \/>\nCommunications Campaign that is<br \/>\nunprecedented in our organization. never<br \/>\nbefore have we been so bold as to take<br \/>\nthe un-Canadian approach and promote<br \/>\nourselves and our profession. As we lay<br \/>\nthe ground work for the external launch of<br \/>\nthe new look for the Appraisal Institute of<br \/>\nCanada (AIC), I see the opportunity for our<br \/>\nvolunteer \u2018pool\u2019 to grow from a puddle to one<br \/>\nof Olympic size. This is a task that is custom<br \/>\ndesigned for all 4,600 of us. <\/p>\n<p>How do we all get in on the action? This<br \/>\nis the easiest bit of volunteering that we will<br \/>\never be approached to undertake. no need to<br \/>\nroll up our sleeves and make fudge or build<br \/>\na float. All we have to do is champion AIC<br \/>\nand be an ambassador. The way to build a<br \/>\nbrand is with public relations. To be effective,<br \/>\nadvertising cannot rely on only creativity,<br \/>\nit needs credibility. We bring credibility. As<br \/>\nmembers, for too long we have neglected to<br \/>\ntoot our own horns. for whatever reason, we<br \/>\nhave not recognized the exciting career that<br \/>\nwe have chosen (or has it chosen us?).<\/p>\n<p>What a delight when we met Cundari<br \/>\nSfP (our Agency of Record). As they were<br \/>\nlearning about AIC and the vast scope of what<br \/>\nour members do, they could not curb their<br \/>\nenthusiasm about our profession. They were <\/p>\n<p>By Beverley Girvan, AACI, P. App., Member, Marketing &#038; Communications Committee<\/p>\n<p>Enthusiasm and credibility<br \/>\nTwo powerful marketing tools<\/p>\n<p>Marketing and Communications<\/p>\n<p>H<\/p>\n<p> \u201cFor those who do not know who we are<br \/>\nand the value of what we bring to the table,  <\/p>\n<p>it is up to each of us to tell them.\u201d<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 1\ufffd<\/p>\n<p>Marketing and<br \/>\nCommunications Committee<br \/>\nPaul Olscamp, AACI, P. App. &#8211; Chair<br \/>\nGlen Power, AACI, P. App<br \/>\nTom fox, AACI, P. App.<br \/>\nBeverley Girvan, AACI, P. App.<br \/>\nGrace Ang-Lim, Candidate<br \/>\nTo contact this committee email:<br \/>\ncommunications@aicanada.ca<\/p>\n<p>in awe of the exciting profession we have<br \/>\nand envious of the very interesting positions<br \/>\nwe have. I would have to say they were<br \/>\nlusting after those in the valuation field. How<br \/>\nis it that those in the \u2018outside\u2019 world see us as<br \/>\nhaving the world by the tail, while too many<br \/>\nof us in the profession go about our business<br \/>\nwith our heads down? By far, we have the<br \/>\nlargest organization of professional valuators<br \/>\nwith a membership of 4,600. I find this<br \/>\nvery interesting in light of the importance<br \/>\nof real estate to the national purse and to<br \/>\nevery individual Canadian\u2019s portfolio. There<br \/>\nare over 30,000,000 people in the country,<br \/>\nwith a large percentage of them owning a<br \/>\nhouse, and many also owning a recreational<br \/>\nor investment property. With every piece of<br \/>\nreal estate in the nation being valued for tax<br \/>\npurposes, it is little wonder that those who<br \/>\nknow who we are wowed by the importance<br \/>\nof our position. <\/p>\n<p>for those who do not know who we are<br \/>\nand the value of what we bring to the table,<br \/>\nit is up to each of us to tell them. Positive talk<br \/>\ngoes a long way. Why do we go to a new<br \/>\nrestaurant? not just because they have a<br \/>\ncatchy ad, but because it was recommended<br \/>\nby a colleague, friend, brother, etc. We listen<br \/>\nto those we trust and, as AIC members, we are<br \/>\nleaders in our field.<\/p>\n<p>As part of the Marketing and<br \/>\nCommunications Campaign, we all will be<br \/>\nprovided with a tool kit that we can use<br \/>\nto promote ourselves as individuals and to<br \/>\npromote our profession. The more times<br \/>\nthe public as well as our clients, employers,<br \/>\nand stakeholders see our new look, the<br \/>\nmore awareness and the more buy-in we<br \/>\nwill have. Canadians need to consult us on<br \/>\nevery decision made on their residences and<br \/>\nincome properties. Our expertise is required<br \/>\non public issues such as maintaining the<br \/>\npublic coffers in taxation and management of<br \/>\nall real estate investments.<\/p>\n<p>With this most exciting career path, why<br \/>\nare we not inspired to grow the profession <\/p>\n<p>and rise to the challenge? Perhaps we just<br \/>\nneed to be reminded of our good fortunes<br \/>\nand join the growing wave of enthusiasm.<br \/>\nWhen we are asked to participate in those<br \/>\npesky surveys sent by our provincial and<br \/>\nnational offices, we need to hop to it<br \/>\nand offer up our service, as these play a<br \/>\nnecessary role in responding to the questions<br \/>\nasked of us as Canada\u2019s most authoritative<br \/>\nvoice in real estate. Our RenOvA study is<br \/>\na wonderful example of how we have put<br \/>\nAIC on the map. As a result of the data<br \/>\ncollected, we have been contacted by media<br \/>\nplayers such as Canada AM, the Globe and<br \/>\nMail, the National Post, and HGTv. This is<br \/>\ndefinitely the exposure we like. However,<br \/>\nwithout current data, it is impossible to view<br \/>\nthis survey as the authority. So, when next<br \/>\nasked to participate, we need to take a few<br \/>\nminutes to help maintain our position as the<br \/>\n\u2018go to\u2019 voice.<\/p>\n<p>We can do so much more with our<br \/>\nmarketing campaign if we take the<br \/>\ncollaborative approach. We are all partners in<br \/>\nthis initiative. Oh yes, now I recall the saying &#8230;<br \/>\nAsk not what AIC can do for you; ask what you<br \/>\ncan do for AIC. I can\u2019t wait to see recognition<br \/>\nreplace the look of a deer-caught-in-the-<br \/>\nheadlights when asked at a cocktail party what<br \/>\nI do for a living. <\/p>\n<p>mailto:communications@aicanada.ca<br \/>\nhttp:\/\/www.fsco.gov.on.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada18<\/p>\n<p>sing extracts from The History of the<br \/>\nAppraisal Institute of Canada produced<br \/>\nby AIC in 1988 (*read this publication <\/p>\n<p>on AIC\u2019s website where you find the Canadian<br \/>\nProperty Valuation magazine), we view a<br \/>\nsnapshot of the vision that AIC leaders held for<br \/>\nthe Institute during that time and contrast their<br \/>\nideas with the vision and priorities driving AIC in<br \/>\n2008, our 70th anniversary year.<\/p>\n<p>Then\u2026.<br \/>\n\u201cThe 50th anniversary is an excellent opportunity<br \/>\nto show what an appraiser is and does \u2013 to make<br \/>\nour Institute and appraising better known to<br \/>\nthe general public by members talking to their<br \/>\nneighbours and to their neighbour\u2019s neighbour.<br \/>\nGo to your schools and sow the seeds among our<br \/>\nyoung people. Young Canadians will then know<br \/>\nof our Institute and some will perhaps take up a<br \/>\ncareer in real estate appraising.\u201d<br \/>\nJack Warren, AACI, P. App.,<br \/>\nAIC President 1987<\/p>\n<p>David Hildebrand, AACI, P. App. in 1981 kept<br \/>\nhis ear to the grass roots, and then went<br \/>\npublic to comment on matters well within the<br \/>\ncompetence of real estate professionals. During a<br \/>\ntwo-day media blitz in Toronto, he appeared on<br \/>\nfour radio interviews and two television shows<br \/>\nand gave six newspaper interviews. <\/p>\n<p>U  Now\u2026.\u201cAIC\u2019s Marketing Program will showcase how AIC members, as first-tier professionals and leaders<br \/>\nin their field, add value to every aspect of the<br \/>\nappraisal cycle.  <\/p>\n<p>\u201cAn appropriate balance will be struck between<br \/>\npromoting core appraisal work and the valuation-<br \/>\nrelated advisory services that members may<br \/>\nprovide. further, the program will emphasize the<br \/>\nvalue for public and private sector corporations<br \/>\nof hiring AIC members as managers and solution<br \/>\nproviders. A media road show, not unlike what<br \/>\nDavid Hildebrand undertook in 1981, is also<br \/>\nplanned across Canada in the next 12 months.\u201d<br \/>\nPaul Olscamp, AACI, P. App., Chair,<br \/>\nMarketing &#038; Communications Committee <\/p>\n<p>Then\u2026.<br \/>\n\u201cCan one be so bold as to predict that, by 2038,<br \/>\nwe shall be fully recognized throughout Canada,<br \/>\nalongside the other established professions? I<br \/>\nbelieve this will happen\u201d.<br \/>\nJack Warren, AACI, P. App.,<br \/>\nAIC President 1987<\/p>\n<p> Now\u2026<br \/>\n\u201cAs we, the Real value experts in Canada,<br \/>\ncontinue to advance our status as a first-tier<br \/>\nprofession, our foundation of education and<br \/>\nexperience is proving fundamental and there is <\/p>\n<p>no doubt in my mind that we are well on our way<br \/>\nto achieving this nationwide recognition 30 years<br \/>\nin advance of Jack Warren\u2019s prediction\u201d<br \/>\nGordon J. Tomiuk, AACI, P. App.,<br \/>\nAIC President <\/p>\n<p>Then\u2026<br \/>\nIn the early 1940s, \u201csix members of the AIC, who<br \/>\nhad earlier been inspired by Doane\u2019s address (an<br \/>\nASfMRA representative), were the first to qualify<br \/>\nas ARAs. They had passed rigorous examinations,<br \/>\nprepared a demonstration appraisal, and had<br \/>\nmet the other prerequisites (five years of practical<br \/>\ncommercial appraisal experience, 250 written<br \/>\nappraisals, a university education or its equivalent<br \/>\nof four years of \u2018additional reputable experience<br \/>\nas an appraiser.\u2019)\u201d<br \/>\nextracted from The History of the Appraisal<br \/>\nInstitute of Canada, Chapter 2, The Taproot<br \/>\n1938-1946  <\/p>\n<p> Now\u2026.<br \/>\n\u201cThe implementation of a two-step qualifica-<br \/>\ntion process is a major advance for AIC and its<br \/>\nmembers. Our designations are held in high regard<br \/>\nand those holding them must be held to a high<br \/>\nstandard. Qualifying members must have both the<br \/>\nexperience and qualities that are expected of us.\u201d<br \/>\nDavid Highfield, AACI, P. App., Chair, AIC<br \/>\nLearning Advisory Committee<\/p>\n<p>Celebrating 70 Years<br \/>\nAIC \u2013 THEN AND NOW<\/p>\n<p>1938 \u2013 2008<br \/>\nCelebrating 70 Years<\/p>\n<p>1938 \u2013 2008<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 1\ufffd<\/p>\n<p>Then\u2026.<br \/>\n\u201cJohn A. MacDonald, Winnipeg assessment<br \/>\ncommissioner, supervised a staff who appraised<br \/>\nproperty for assessments which would establish<br \/>\nthe city\u2019s tax base. He had previously held a similar<br \/>\nposition in edmonton, where he had been active<br \/>\nin the local chapter. Although he never qualified<br \/>\nfor the AACI, he insisted that his staff of over 100<br \/>\nappraisers enroll in the Institute course, and the<br \/>\nAACI eventually became the standard professional<br \/>\nrequirement for the City of edmonton. This rec-<br \/>\nognition was strong endorsement of the Institute<br \/>\nand the quality of its educational program. Similar<br \/>\nendorsement by the public service at the provincial<br \/>\nand federal levels played a major role in establish-<br \/>\ning the Institute\u2019s credentials and ensuring strong<br \/>\nmembership demand for years to come.\u201d<br \/>\nextracted from The History of the Appraisal<br \/>\nInstitute of Canada, Chapter 3, Going with<br \/>\nGrowth 1947-1958<\/p>\n<p> Now\u2026.<br \/>\n\u201cAs our designated members take advantage<br \/>\nof opportunities available to them, they need<br \/>\neducation and learning packages that match<br \/>\nthe valuation advisory expertise demanded <\/p>\n<p>by clients. The public and our clients need to<br \/>\nknow that members who hold either CRA or<br \/>\nAACI designations bring the skills of a first-tier<br \/>\nprofessional.\u201d<br \/>\nGeorge Maurice, AACI, P. App.,<br \/>\nAIC President Elect<\/p>\n<p>Then\u2026.<br \/>\n\u201cIncreasingly, it was the nucleus of members who<br \/>\nshouldered the burden of committee work, who<br \/>\ndemanded a quality educational program that<br \/>\ninsisted on strict standards of professional ethics<br \/>\nand the discipline of unworthy peers.\u201d  <\/p>\n<p>\u201cDecember 11, 1959, the national ethics<br \/>\nCommittee reported its first infraction of the<br \/>\nCode of ethics to Council, who directed that it be<br \/>\ninvestigated.\u201d<br \/>\nextracted from The History of the Appraisal<br \/>\nInstitute of Canada, Chapter 3, Going with<br \/>\nGrowth 1947-1958<\/p>\n<p> Now\u2026.<br \/>\n\u201cOne of the hallmarks of true self-regulation of<br \/>\na profession is the ability to regulate the affairs<br \/>\nof members for matters relating to professional<br \/>\nconduct, competence and discipline. Today, as <\/p>\n<p>1938 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**W.B. MCCUTCHeOn, AACI, P.App<br \/>\n1939 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**H.M. MORRISOn, MAI<br \/>\n1940 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**f.W. GULLAnD<br \/>\n1941 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; **W.J. SMITH, AACI, P.App<br \/>\n1942 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**W.H. GRAY<br \/>\n1943 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**H.R. GLOveR<br \/>\n1944 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**C.n. ROGeRS, AACI, P.App<br \/>\n1945 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**A.R. PURCHASe<br \/>\n1946 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**G.C. eLLIOTT, AACI,P. App.<br \/>\n1947 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**H.M. MORRISOn, MAI<br \/>\n1948 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**A.R. JUDSOn, AACI, P.App<br \/>\n1949 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;**J.S. MCPHeRSOn, AACI, P.App<br \/>\n1950 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;**T.A. MCfARLen, AACI, P.App<br \/>\n1951 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**e.R. RAnSBY<br \/>\n1952 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**G.M. BOWeS, AACI, P.App<br \/>\n1953-54  &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**v.e. DRIveR, AACI, P.App<br \/>\n1955 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; **I. CRISTALL, AACI, P.App<br \/>\n1956 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;**A. TURPIe, AACI, P.App<br \/>\n1957-58  &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;**J.A. MACDOnALD, AACI, P. App<br \/>\n1959 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. **D.G. eDMOnD, AACI, P.App<br \/>\n1960 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**J.W. eGeRTOn, AACI, P.App<br \/>\n1961 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; **H.P. HAMILTOn, AACI, P.App<br \/>\n1962 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; **J.C. MCGee, AACI, P.App **Deceased\/ D\u00e9c\u00e9d\u00e9s             *Retired\/Retrait\u00e9<\/p>\n<p>then, raising the professional competence of<br \/>\nmembers by their peers stands out as the corner-<br \/>\nstone of the profession and the AIC.\u201d<br \/>\nPeter Lawrek, AACI, P. App. Chair,<br \/>\nAdjudicating Committee <\/p>\n<p>AIC designations<br \/>\nThen\u2026.<br \/>\nIn the early months of 1980, the 2,000th AACI<br \/>\ncertificate was awarded to M. Berthelot and the<br \/>\n1,000th CRA certificate was granted to R.O. Holmes.<br \/>\nThe first CRA certificate was awarded to Mrs. L.e.<br \/>\nGueland, from Ottawa on August 27, 1970.  <\/p>\n<p> Now\u2026<br \/>\nR.O. Holmes went on to achieve his AACI designa-<br \/>\ntion in 1987 and continues to be an AIC member. <\/p>\n<p>To date, 4,132 AACI designations have been<br \/>\ngranted and 4,021 CRA designations have been<br \/>\ngranted. The 4,000th AACI designation was<br \/>\nawarded to Tristan Bock of Ontario in March<br \/>\n2006. Dwayne Chung of British Columbia was<br \/>\nthe recipient of the 4,000th  CRA designation on<br \/>\nfebruary 1, 2008. <\/p>\n<p>Past Presidents of the Appraisal Institute of Canada<\/p>\n<p>1963 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. *L.e. POPe, AACI, P.App<br \/>\n1964 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**G.e. ROUATT, AACI, P.App<br \/>\n1965 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; *A. SPeeD, AACI, P.App<br \/>\n1966 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**e.R.e. HAGGLUnD, AACI, P.App<br \/>\n1967 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**H.A. ROSS, AACI, P.App<br \/>\n1968 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.*H. PAQUeT, AACI, P.App<br \/>\n1969 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. **C.R. SIMOnITe, AACI, P.App<br \/>\n1970 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**J.A. CRAWfORD, AACI, P.App<br \/>\n1971 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. *R.O. LeITCH, AACI, P.App<br \/>\n1972 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**M.H. BAUeR, AACI, P.App<br \/>\n1973 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.*A.D. POAPST, AACI, P.App<br \/>\n1974 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. *L.W. nORTH, AACI, P.App<br \/>\n1975 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. **M. KvATUM, AACI, P.App<br \/>\n1976 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**W.J. DIeTRICH, AACI, P.App<br \/>\n1977 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. **R. TeRHORST, AACI, P.App<br \/>\n1978 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.**v.e. PeTeRSOn, AACI, P.App<br \/>\n1979 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;*D.W. LAMBeRT, AACI, P.App<br \/>\n1980 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;G.D. fRAMPTOn, AACI, P.App<br \/>\n1981 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..*D.f. HILDeBRAnD, AACI, P.App<br \/>\n1982 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. **J.W. OLIveR, AACI, P.App<br \/>\n1983 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**B.R. JenSen, AACI, P.App<br \/>\n1984 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. **J.D.H. MACKenZIe, AACI, P.App<br \/>\n1985 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; I. JORGenSen, AACI, P.App<\/p>\n<p>1986 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;*H.n. BUTLeR, AACI, P.App<br \/>\n1987 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. **J.M. WARRen, AACI, P.App<br \/>\n1988 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..**J.n. PeRRY, AACI, P.App<br \/>\n1989 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;R. MASOn, AACI, P.App<br \/>\n1990 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; K.f. STROUD, AACI, P.App<br \/>\n1991 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. M.A. MARTYn, AACI, P.App<br \/>\n1992 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. B.f. MCMULLAn, AACI, P.App<br \/>\n1993 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.A.M. BARBeR, AACI, P.App<br \/>\n1994 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; **K.J. STUB, AACI, P.App<br \/>\n1995 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;D.H. MOORe, AACI, P.App<br \/>\n1996 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; D.A. BeATTY, AACI, P.App<br \/>\n1997 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.D.J. RUnDeLL, AACI, P.App<br \/>\n1998 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. *P.J. CLARK, AACI, P.App<br \/>\n1999 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.*R.e. WADe, AACI, P.App<br \/>\n2000 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..J.M. KIRKLAnD, AACI, P.App<br \/>\n2001 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. J.A. CLARK, AACI, P.App<br \/>\n2002 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..K. GOODWIn, AACI, P.App<br \/>\n2003 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; B. WAGAR, AACI, P.App<br \/>\n2004 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. B. DUnCAn, AACI, P.App<br \/>\n2005 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. D. HIGHfIeLD, AACI. P.App<br \/>\n2006 &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. P. OLSCAMP, AACI, P.App<br \/>\n2007 &#8230;&#8230;&#8230;&#8230;.G.J. TOMIUK, AACI, P.App (effective June 6\/08)<\/p>\n<p>Celebrating 70 YearsCelebrating 70 Years<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada20<\/p>\n<p>s the Appraisal Institute of Canada<br \/>\ncelebrates its 70th anniversary in<br \/>\n2008, we felt it appropriate for some <\/p>\n<p>of our longest standing members to reflect on<br \/>\nthe last 50+ years as well as on the direction the<br \/>\nprofession is heading in the decades to come.<\/p>\n<p>Ottawa\u2019s Lou<br \/>\nHoward, B.Sc.<br \/>\n(eng), AAIC, P. App.<br \/>\n(fellow), proudly<br \/>\nsports Certificate<br \/>\n108, evidence of<br \/>\nhis position as<br \/>\none of the few AIC <\/p>\n<p>members who were accredited when he received<br \/>\nhis designation in 1957. \u201cI entered the appraisal<br \/>\nbusiness with the most up-to-date piece of<br \/>\nfinancial equipment then available,\u201d he recalls, \u201c<br \/>\n\u2013 a slide rule. Then people started using pocket<br \/>\ncalculators and eventually computers. Since that<br \/>\nearly start, I have seen the profession grow and<br \/>\nbecome stronger, with a high level of recognition<br \/>\nbased on the excellent work of its professionals in<br \/>\nall fields of valuation.\u201d<\/p>\n<p>In fact, Howard was instrumental in<br \/>\nensuring that AIC\u2019s training and management<br \/>\nhas consistently met the changing market in the<br \/>\nappraisal field. from 1957 to 1989, he served as <\/p>\n<p>The evolution of appraising <\/p>\n<p>A education chairman for chapters in edmonton, Calgary, Halifax and Ottawa, as well as at the provincial and national association levels.<br \/>\nDespite concerns about competition from <\/p>\n<p>sources such as Automated valuation Models,<br \/>\nHoward sees a continuing role for professional<br \/>\nappraisers in the valuation of real estate holdings<br \/>\nin mutual funds, shopping centres and other<br \/>\nlarge realty holding companies. To that end,<br \/>\nhe urges practicing members to keep their<br \/>\nknowledge up-to-date and to mentor promising<br \/>\nyoung candidates coming through the ranks.<br \/>\nHe advises the latter to work diligently towards<br \/>\nobtaining an AACI and benefit from the Institute\u2019s<br \/>\nsteadily expanding education process, which<br \/>\nintroduces the latest techniques and practices in<br \/>\nthe valuation of all types of real estate.<\/p>\n<p>Gerry Rouleau,<br \/>\nAACI, P. App. of<br \/>\nSudbury takes this<br \/>\nadvice one step<br \/>\nfurther. He advises<br \/>\nthose joining<br \/>\nthe profession<br \/>\nto become <\/p>\n<p>designated as quickly as possible, even if this<br \/>\nmeans borrowing money to make it happen.<br \/>\n\u201cGrowth will depend on the number of<br \/>\naccreditations that come out of the numerous<br \/>\nCandidates who now form almost 50% of the<br \/>\nInstitute\u2019s membership,\u201d says the founding<br \/>\nmember and former six-time chairman of the<br \/>\nSudbury chapter. He commends the Institute\u2019s<br \/>\ndecision to limit candidacy to 10 years.<\/p>\n<p>Changes such as the 2001 decision to<br \/>\nreplace the articling system with the applied<br \/>\nexperience program make acquiring an AACI a<br \/>\nnatural progression. He adds that, in the first <\/p>\n<p>decades of the profession, appraisal courses<br \/>\nwere taught by member appraisers. Shifting<br \/>\nthe courses to the universities in the late<br \/>\n1970s has also contributed to streamlining the<br \/>\neducation process. <\/p>\n<p>Since becoming accredited in 1968, Rouleau<br \/>\nhas also witnessed the evolution of provincial<br \/>\nassociations. As provincial president in 1978,<br \/>\nhe saw the Ontario Association take on some of<br \/>\nthe roles previously assumed by the chapters.<br \/>\nBy the time he served the national council from<br \/>\n1980 to 1984, several chapters had merged and<br \/>\nfound strength in their increased membership. <\/p>\n<p>Around the<br \/>\nsame time, the<br \/>\nAIC developed<br \/>\nthe Canadian<br \/>\nUniform Standards<br \/>\nof Professional<br \/>\nAppraisal Practice<br \/>\n(CUSPAP) recalls <\/p>\n<p>Halifax\u2019s Arthur Speed, AACI, P. App. (fellow).<br \/>\nHe sees this as a major step in the lead-up to<br \/>\nthe provincial acts and regulations that govern<br \/>\nappraisal practice today.  <\/p>\n<p>\u201cI see the AIC continuing to move forward<br \/>\nwith the times,\u201d adds Speed. \u201cI like this idea of<br \/>\nbranding based on high standards. Members <\/p>\n<p>By Christine Hanlon<\/p>\n<p>Member PRofile<\/p>\n<p>\u201cI have seen the<br \/>\nprofession grow and <\/p>\n<p>become stronger, with a<br \/>\nhigh level of recognition <\/p>\n<p>based on the excellent<br \/>\nwork of its professionals.\u201d<\/p>\n<p>\u201cThose joining the<br \/>\nprofession should  <\/p>\n<p>become designated as<br \/>\nquickly as possible, even<br \/>\nif this means borrowing <\/p>\n<p>money to make it happen.\u201d<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 21<\/p>\n<p>Celebrating 70 Years<\/p>\n<p>are constantly expanding the kind of work they<br \/>\ndo through services such as consulting and<br \/>\nproject valuation.\u201d<\/p>\n<p>In the late 1960s, after a stint as AIC president,<br \/>\nSpeed concentrated on expropriation and court<br \/>\nwork. He promoted the value of this expertise<br \/>\nthrough weekly lectures to other appraisers, the<br \/>\nlocal bar society and banks.  <\/p>\n<p>As national chairman of the education<br \/>\nCommittee, he was a strong advocate of<br \/>\neducation, rejoicing in the eventual tie-in with<br \/>\nUBC. Today, he stresses the importance of ongoing<br \/>\neducation, advising appraisers to get involved in<br \/>\nlocal, provincial and national Institute activities,<br \/>\nwhile consistently attending conferences. \u201cIn this<br \/>\nday and age, with everything moving so fast,<br \/>\ntake sabbatical time to keep up-to-date with<br \/>\ntechnology and practice,\u201d he adds. \u201cAt the same<br \/>\ntime, never forget to walk the lines.\u201d<\/p>\n<p>This advice is taken<br \/>\nstraight from<br \/>\nthe standards of<br \/>\npractice, which<br \/>\nIvan Jorgensen,<br \/>\nAACI, P. App.<br \/>\n(fellow) of Prince<br \/>\nGeorge, BC sees as <\/p>\n<p>one of the biggest changes that have occurred <\/p>\n<p>since he earned his accreditation in 1968. Since<br \/>\nthen, an increasingly sophisticated system of<br \/>\ndealing with complaints against appraisers has<br \/>\nkept pace with the rising complexities of the<br \/>\nprofession.<\/p>\n<p>When he entered the profession, most AIC<br \/>\nmembers were either in mortgage lending or<br \/>\npublic service. \u201cProbably the biggest change has<br \/>\nbeen the growth of the fee sector over the years,\u201d<br \/>\nsays Jorgensen, who has served as a chapter chair<br \/>\nas well as provincial and national president over<br \/>\nthe years. \u201cIt is an area that has become more<br \/>\nsophisticated, varied and specialized.\u201d<\/p>\n<p>He commends the Institute for responding<br \/>\nto these changes with such timely initiatives<br \/>\nas effective and affordable self-insurance for<br \/>\nliability, as well as health, life and disability<br \/>\ninsurance. At the same time, he applauds<br \/>\ndevelopments in education that led to<br \/>\nuniversity-based programs.<\/p>\n<p>\u201cThe key is to keep current with new<br \/>\nvaluation methods, while anticipating and<br \/>\nunderstanding clients\u2019 needs,\u201d says Jorgensen,<br \/>\nadding that this responsibility falls not only to<br \/>\nthe AIC, but to every appraiser. \u201cThe challenge<br \/>\nin today\u2019s increasingly global economy is trying<br \/>\nto anticipate future trends using historical<br \/>\ndata. Appraisers should always keep abreast of<br \/>\ndevelopments in the marketplace.\u201d<\/p>\n<p>In Montreal,<br \/>\nBenoit Egan,<br \/>\nAACI, P. App.<br \/>\npoints to such<br \/>\ngrowing trends<br \/>\nas development<br \/>\nof real estate<br \/>\nprojects under <\/p>\n<p>private\/public partnerships (PPPs). Over the<br \/>\nlast decade, pension funds have become more<br \/>\nactive participants in real estate acquisition,<br \/>\nwhile, in the last three to five years, Real estate<br \/>\nInvestment Trusts (ReITs) have done the same.<\/p>\n<p>\u201cThe players have changed and so has<br \/>\nthe ownership structure,\u201d says egan who<br \/>\nhas been practicing for 30 years. \u201cAppraisers<br \/>\nshould not be afraid to extend their expertise<br \/>\nto encompass consulting work, including<br \/>\nfeasibility studies, market studies and financial<br \/>\nengineering of real estate deals.\u201d<\/p>\n<p>While he foresees a decline in the need<br \/>\nfor the traditional production of appraisal<br \/>\nreports, he forecasts a bright future for any<br \/>\nconsulting that encompasses a comprehensive<br \/>\nunderstanding of real estate dynamics and<br \/>\neconomics. \u201cWe have to adapt our practice<br \/>\nto the needs of the industry and not the<br \/>\nreverse,\u201d says the former member of the<br \/>\nnational Governing Council and of the executive<br \/>\nCommittee. \u201cThe industry is definitely looking<br \/>\nfor competent experts.\u201d <\/p>\n<p>\u201cI like this idea of<br \/>\nbranding based on  <\/p>\n<p>high standards.<br \/>\nMembers are constantly <\/p>\n<p>expanding the kind of<br \/>\nwork they do.\u201d<\/p>\n<p>\u201cThe key is to keep current<br \/>\nwith new valuation  <\/p>\n<p>methods, while anticipating<br \/>\nand understanding  <\/p>\n<p>clients\u2019 needs.\u201d<\/p>\n<p>\u201cAppraisers should not<br \/>\nbe afraid to extend their<br \/>\nexpertise to encompass <\/p>\n<p>consulting work.\u201d<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada22<\/p>\n<p>Member PRofile<\/p>\n<p>According to egan, as long as the new AIC<br \/>\nand its members diligently align themselves with<br \/>\nchanges in the industry, the Institute will continue<br \/>\nto be the professional reference across Canada. <\/p>\n<p>The AIC continues<br \/>\nto present a<br \/>\nnational standard<br \/>\nupon which the<br \/>\nindustry can rely,<br \/>\nconcurs Gordon<br \/>\nFrampton, AACI,<br \/>\nP. App. (fellow) of <\/p>\n<p>Langley, BC. He is optimistic that the publicity<br \/>\nsurrounding the new logo will generate even<br \/>\nfurther attention to the profession.  <\/p>\n<p>At the same time, frampton encourages<br \/>\nnew appraisers to get involved at the chapter<br \/>\nlevel and bring in speakers from other<br \/>\nprofessions such as property managers,<br \/>\ncontractors, notaries, accountants and lawyers.<br \/>\nHe sees this kind of networking as an invaluable<br \/>\nway to capitalize on a designation that provides<br \/>\nopportunities far beyond providing traditional<br \/>\nappraisal reports.  <\/p>\n<p>On the other hand, it is equally important for<br \/>\nnew appraisers to have opportunities to benefit<br \/>\nfrom the experience of long-standing members. <\/p>\n<p>When frampton was the incoming national<br \/>\npresident in 1980, he invited former presidents to<br \/>\na luncheon where he sought their input. <\/p>\n<p>now, after 40 years in the profession, he has<br \/>\nhis own words of advice for new and more recent<br \/>\nmembers. \u201cfind yourself a niche,\u201d says frampton,<br \/>\nnoting that, by specializing in first nations work,<br \/>\nhe has been very successful. \u201cDo not try to be<br \/>\nan expert in all fields. Instead, develop your<br \/>\nexpertise and share it with appraisers, Candidates<br \/>\nand other professionals.\u201d<\/p>\n<p>Calgary\u2019s Norm<br \/>\nMcNally, AACI,<br \/>\nP. App. agrees<br \/>\nthat practicing<br \/>\nmembers should<br \/>\ncontinue to<br \/>\nhone their area<br \/>\nof expertise by <\/p>\n<p>maintaining a high degree of competence and<br \/>\nprofessionalism. \u201cAt this time, there appears<br \/>\nto be lots of work for in-depth appraisals for<br \/>\nvarious real estate valuation requirements,\u201d<br \/>\nsays Mcnally, whose practice, over the years,<br \/>\nhas related substantially to surface rights,<br \/>\nexpropriation, arbitration, and the role of the<br \/>\nexpert witness in court proceedings.<\/p>\n<p>When he joined the AIC in 1963, there<br \/>\nwere few accredited appraisers in Canada,<br \/>\neven fewer in Calgary. With the rapid<br \/>\nexpansion of oil and gas development in the<br \/>\nwestern provinces in the early 1960s, along<br \/>\nwith rising rural land values, expropriations<br \/>\nand arbitrations followed, as did the need<br \/>\nfor appraisers. \u201cThere were also very few<br \/>\nguidelines,\u201d recalls Mcnally. \u201cOur lessons were<br \/>\ntaken from an American appraisal book and<br \/>\na handbook setting out definitions and terms<br \/>\nof reference. The Canadian manual had not<br \/>\nyet been developed. Appraisal candidates had<br \/>\nvery limited contact with other appraisers,<br \/>\nexcept for local chapter activity and the annual<br \/>\nnational conference.\u201d  <\/p>\n<p>Despite these initial challenges, Mcnally<br \/>\nhas been involved in the AIC, assisting the<br \/>\nAppraisal Review Committee, over the years,<br \/>\nwhere required. \u201cI am optimistic about the<br \/>\nnew AIC,\u201d he says. \u201cThe Institute raises the<br \/>\nprofile of members in their various areas<br \/>\nof expertise, demanding higher levels of<br \/>\neducation and ethical standards for Candidate<br \/>\nmembers so that they can identify as<br \/>\nprofessionals, not only with clients, but with all<br \/>\nmembers of the public.\u201d <\/p>\n<p>\u201cDevelop your expertise<br \/>\nand share it with <\/p>\n<p>appraisers, Candidates<br \/>\nand other professionals.\u201d<\/p>\n<p>\u201cDemand higher levels<br \/>\nof education and  <\/p>\n<p>ethical standards for<br \/>\nCandidate members so <\/p>\n<p>that they can identify as<br \/>\nprofessionals, with clients <\/p>\n<p>and the public.\u201d<\/p>\n<p>Valuations    Consultation    Independent Advice<\/p>\n<p>Helping our clients make intelligent real estate decisions.<\/p>\n<p>We are proud to be a gold sponsor of the 2008 AIC Conference.<\/p>\n<p>Learn, network but most of all, enjoy the hospitality!<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"2lnyqa0ywg\"><p><a href=\"http:\/\/www.ara.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; ARA - Atlantic Realty Advisors\" src=\"http:\/\/www.ara.ca\/embed\/#?secret=35hdQGPEPu#?secret=2lnyqa0ywg\" data-secret=\"2lnyqa0ywg\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 23<\/p>\n<p>Consistency and<br \/>\nfairness for all members<\/p>\n<p>he Professional Affairs Coordinating<br \/>\nCommittee continues to work on behalf of<br \/>\nmembers to ensure that the professional <\/p>\n<p>practice process remains consistent and fair for<br \/>\nall members. The committee has observed and<br \/>\nreviewed recent trends and themes and made<br \/>\nrecommendations to the Institute in many areas.<br \/>\nThese include:<br \/>\n\u2022 Business Valuation. The committee will <\/p>\n<p>be recommending that the Institute step up<br \/>\ndevelopment of appropriate training, standards<br \/>\nand errors &#038; omission protection for members<br \/>\nthat wish to expand their area of practice in this<br \/>\nfield<\/p>\n<p>\u2022 Ethics CPD. The committee has recom-<br \/>\nmended to the Learning Advisory Committee<br \/>\nthat, in conjunction with UBC, a specific ethics<br \/>\nCPD course be developed that would be<br \/>\ncomplementary to the Professional Practice<br \/>\nSeminar and the BUSI 112 Real Estate Law and<br \/>\nEthics course<\/p>\n<p>\u2022 Training and Development. The commit-<br \/>\ntee affirmed that members of the professional<br \/>\npractice committees should receive training on<br \/>\ntheir roles and responsibilities as members of<br \/>\nthese committees.<\/p>\n<p>\u2022 Professional Practice Regulations<br \/>\nRevisions. The committee was consulted on<br \/>\nrevisions to the process and has endorsed the<br \/>\nimprovements under consideration.<\/p>\n<p>The committee has reviewed the scope of prac-<br \/>\ntice of members and the errors &#038; omissions cov-<br \/>\nerage to ensure that there continues to be a fair<br \/>\nand consistent interpretation of what CUSPAP<br \/>\nprovides and what valuation services continue<br \/>\nto be insured. The goal is to ensure that mem-<br \/>\nbers have coverage for valuation services and<br \/>\nthat those services are indeed within the scope<br \/>\nof services that the Institute has endorsed from <\/p>\n<p>T<\/p>\n<p>By Gordon J. Tomiuk, AACI, P. App., Chair, Professional Affairs Coordinating Committee<br \/>\nProfessional Affairs<\/p>\n<p>a standards and education viewpoint.<br \/>\nThe committee has asked the Institute to work <\/p>\n<p>with industry stakeholders to investigate the possi-<br \/>\nbilities of reporting incidences of suspected appraisal<br \/>\nfraud to a central agency that can then disseminate<br \/>\nthis information to lenders. Appraisal fraud is a<br \/>\nserious concern and members have indicated that<br \/>\nit is difficult at best to notify their customers when<br \/>\nthey suspect that one of their reports may have been<br \/>\nmodified by a third party.  <\/p>\n<p>The committee continues to refine the scope of<br \/>\nwhat constitutes serious complaints that warrant a<br \/>\nformal investigation and which conduct is deserving<br \/>\nof discipline. for example, a review of those files<br \/>\nreferred to the Investigating Committee points to<br \/>\nthe fact that the CRA scope of practice continues<br \/>\nto be an area in need of improvement. This pattern<br \/>\nis being reviewed by both LAC and the Standards<br \/>\nCommittee, with the intent to improve the educa-<br \/>\ntion and awareness of CRAs so that they will better<br \/>\nunderstand and determine what valuation assign-<br \/>\nments may or may not be within their scope of<br \/>\npractice.<\/p>\n<p>The trends noted in this article result from<br \/>\ncomplaints that the Institute receives, and from <\/p>\n<p>members\u2019 feedback. Based on these observed<br \/>\npatterns, PACC follows the consistency and fairness<br \/>\napproach and takes steps to improve the Institute\u2019s<br \/>\nprograms. In turn, this continues to raise the level of<br \/>\nconfidence in the professional practice process. The<br \/>\ncommittee welcomes feedback and can be con-<br \/>\ntacted via email at pacc@aicanada.ca. <\/p>\n<p>Professional Affairs<br \/>\nCoordinating Committee<br \/>\nGordon Tomiuk, AACI, P. App.,<br \/>\nAIC President \u2013 Chair<br \/>\nPeter Lawrek, AACI, P. App. \u2013<br \/>\nChair of Adjudicating Committee<br \/>\nHal Love, AACI, P. App. \u2013<br \/>\nChair of Insurance Advisory Committee<br \/>\nJohn Hutchinson, AACI, P. App. \u2013<br \/>\nChair of Investigating Committee<br \/>\nCharles Abromaitis, AACI, P. App. \u2013<br \/>\nChair of Appeal Committee<br \/>\nRay Bower, AACI, P. App. \u2013<br \/>\nChair of Standards Committee<br \/>\nTo contact this committee email:<br \/>\nprofessionalaffairs@aicanada.ca<\/p>\n<p>mailto:pacc@aicanada.ca<br \/>\nmailto:professionalaffairs@aicanada.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada24<\/p>\n<p>By Brad Wagar, AACI, P.App (Fellow), AIC\u2019s IVSC Representative<br \/>\nInternational<\/p>\n<p>n January 1, 2011, Canada\u2019s Generally<br \/>\nAccepted Accounting Principles<br \/>\n(Canadian GAAP) will be replaced <\/p>\n<p>with International Financial Reporting Standards<br \/>\n(IFRS). While this change is acknowledged as a<br \/>\nsignificant event for the accounting profession<br \/>\nand financial statement users, it likewise<br \/>\nholds considerable promise and opportunity<br \/>\nfor the valuation profession, not to mention a<br \/>\ncorresponding number of challenges.<\/p>\n<p>What is the big deal?<br \/>\nChanges happen all the time. It seems lately<br \/>\nthere is always some rule or regulation<br \/>\nbeing changed by someone. If it is not the<br \/>\naccountants, it is the government changing<br \/>\ntax rules, the regulators changing their rules<br \/>\nor the Appraisal Institute of Canada (AIC)<br \/>\nchanging its standards. Put simply,<br \/>\nCanada is moving to<br \/>\na global, <\/p>\n<p>The impact of IFRS<br \/>\non the valuation profession<\/p>\n<p>O principle-based standard. To many, IFRS may even look similar to Canadian GAAP, but I am told \u201csimilar is not the same.\u201d In fact, some of<br \/>\nthe differences impact the valuation profession<br \/>\nthe most in terms of the services some of our<br \/>\nclients will want and the information and<br \/>\nreporting that they and others will need.<\/p>\n<p>Why change?<br \/>\nOne reason cited by Paul Cherry, Chair of the<br \/>\nCanadian Accounting Standards Board (AcSB)<br \/>\nis that \u201cCanada cannot stand in isolation from<br \/>\nthe growing acceptance of a common financial<br \/>\nreporting language. Capital markets have gone<br \/>\nglobal and Canada accounts for less than 4%<br \/>\nof the global capital markets.\u201d Why IFRS? I <\/p>\n<p>would again quote Mr. Cherry,<br \/>\n\u201cWith businesses increasingly<br \/>\nmaking decisions in a global<br \/>\ncontext, the move to IFRS will <\/p>\n<p>place Canada with more than 100<br \/>\nother countries, including the United <\/p>\n<p>Kingdom, other European Union nations <\/p>\n<p>and Australia that have already made the move.<br \/>\nJapan, China, India, Brazil, South Korea and<br \/>\nIsrael, to name a few, are now in the process of<br \/>\nconverging with IFRS. Even the United States is<br \/>\nsignaling acceptance of IFRS.\u201d<\/p>\n<p>How does this impact appraisers?<br \/>\nWell, in a number of ways and from a number of<br \/>\nperspectives. The first is that when IFRS comes<br \/>\ninto effect in Canada, companies will have to<br \/>\nmake the switch. IFRS 1, First-time Adoption<br \/>\nof International Financial Reporting Standards,<br \/>\nconcerns itself with ensuring that the entity\u2019s first<br \/>\nIFRS financial statement is a suitable starting point<br \/>\nand that high quality information is provided<br \/>\nin a transparent and comparable way. Part of<br \/>\nthe process is to present a fully IFRS-compliant<br \/>\nopening balance sheet and this circumstance is<br \/>\nsignificant to the valuation profession in a number<br \/>\nof ways. First time adopters have the opportunity<br \/>\nto report their assets and liabilities based upon<br \/>\nfair value rather than historic cost. In the case of<br \/>\nIAS 40 &#8211; Investment Property, even those who<br \/>\nelect to continue reporting on a cost basis will <\/p>\n<p>be required to determine and<br \/>\ndisclose fair value within <\/p>\n<p>the notes to the financial<br \/>\nstatements. While fair<br \/>\nvalue and its measurement <\/p>\n<p>is a whole other subject, it<br \/>\nis reassuring to know that <\/p>\n<p>the underlying principles of<br \/>\nthe AIC\u2019s definition of market value <\/p>\n<p>match up nicely. This opportunity for<br \/>\nan entity to restate its financial statements<br \/>\nin terms of the market place, a requirement<br \/>\nto disclose in the notes whether valuations<br \/>\nwere carried out by an independent<br \/>\nprofessionally qualified valuer and a further <\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 25<\/p>\n<p>requirement for transparency and disclosure<br \/>\nin the Management Discussion and Analysis<br \/>\n(MD&#038;A) section of the financial statements,<br \/>\nleaves no doubt members of the valuation<br \/>\nprofession are the best equipped to provide<br \/>\nindependent market-based value estimates<br \/>\nand related data and advice. Moreover,<br \/>\nmanagement and boards are going to be<br \/>\nlooking increasingly to the valuation profession<br \/>\nfor provide them with advice and market-based<br \/>\ninputs for their financial reporting.<\/p>\n<p>It would be impossible to cover the subject of<br \/>\nInternational Financial Reporting Standards in one<br \/>\narticle and, for sure, it would not be me writing<br \/>\nit. What I can convey to the AIC membership<br \/>\nabout IFRS is that demand for the services of<br \/>\nappraisers, or valuers as they are more commonly<br \/>\nreferred to outside north America, is going to<br \/>\nincrease exponentially. Granted, much of this<br \/>\nwork will be of a commercial nature. However,<br \/>\nlet\u2019s not forget that the residential market serves<br \/>\nas security for a great many entities which will<br \/>\nalso be reporting under IFRS.<\/p>\n<p>The valuation profession will not have<br \/>\nto wait until 2011 to witness an increase in<br \/>\ndemand for their services. In fact, demand for<br \/>\nIFRS-prompted services has already occurred in<br \/>\nCanada. Consider for example, first Capital Realty<br \/>\nupdating the value of its properties under IFRS<br \/>\nfor the first quarter of 2007. The value estimates<br \/>\nused were prepared by independent appraisers<br \/>\nin compliance with IAS 40 &#8211; Investment Property<br \/>\nand the International Valuation Standard of the<br \/>\nInternational valuation Standards Council (IvSC).<\/p>\n<p>Before everyone\u2019s anxiety levels go through<br \/>\nthe roof, take comfort in the understanding<br \/>\nthat, even if you are reading about IFRS for<br \/>\nthe first time, you are not as far behind as<br \/>\nyou might think. Consider these observations.<br \/>\nAustralian and eU companies adopted IFRS in<br \/>\n2005, with new Zealand adopting them in 2007.<br \/>\nAccountants and appraisers alike can gain from<br \/>\ntheir experience. As expert as some people are<br \/>\nor will be, IFRS continues to evolve. for example,<br \/>\naccording to CA Magazine, between the time<br \/>\nyou read this article and January 1, 2011, six <\/p>\n<p>Canadian GAAP standards will change and five<br \/>\nexisting IFRS will be modified. While some of<br \/>\nus have been tracking these events for years, an<br \/>\nunderstanding of the events and changes of the<br \/>\nlast six months quickly brings one up to speed.<br \/>\nConsider the following events:<br \/>\n\u2022\t In november 2007, the US Securities <\/p>\n<p>exchange Commission decided to accept IFRS<br \/>\nfrom foreign private issuers and these issuers<br \/>\nwill no longer be required to reconcile their<br \/>\nIFRS statements to US GAAP.<\/p>\n<p>\u2022\t In January 2008, the Chartered financial<br \/>\nAnalysts (CfA) announced that, relative to<br \/>\ninvestments in real estate assets, CfA will<br \/>\nrequire that independent valuations be<br \/>\ncompleted every three years and internal<br \/>\nvaluations with disclosure of underlying<br \/>\nassumptions will be reported quarterly.<\/p>\n<p>\u2022\t In february 2008, the AcSB confirmed that<br \/>\nIFRS will be adopted in Canada effective<br \/>\nJanuary 1, 2011.<\/p>\n<p>\u2022\t In february 2008, the Canadian Securities<br \/>\nAdministrators (CSA) issued a concept<br \/>\npaper containing a tentative conclusion that<br \/>\nfinancial statements may be prepared under<br \/>\nIFRS for a financial year beginning on or after<br \/>\nJanuary 1, 2009.<\/p>\n<p>\u2022\t As I write and you read, the International<br \/>\nAccounting Standards Board (IASB), the<br \/>\norganization that issues IFRS, is working on<br \/>\nits fair value Measurement project, which<br \/>\nis not only attempting to define fair value,<br \/>\nbut the basis of its measurement. even more<br \/>\nexciting, the IASB is openly soliciting input<br \/>\nfrom valuers and the International valuation<br \/>\nStandards Council is assisting in this project<br \/>\nas well as providing input.<\/p>\n<p>It is with this backdrop that AIC members<br \/>\nshould start preparing themselves for the day that<br \/>\ntheir client\u2019s management team, chief financial<br \/>\nofficer, accountant, lawyer, or all of the above,<br \/>\nphone and want to talk about IFRS-compliant<br \/>\nmarket-based data inputs and values. no one<br \/>\nis recommending that you go out and try to<br \/>\nmemorize the latest copy of International Financial <\/p>\n<p>Reporting Standards, International Accounting<br \/>\nStandards (IAS) and accompanying Interpretations,<br \/>\nwhich by the way, is a hefty 2,500-page<br \/>\nread. However, you might start with some of<br \/>\nthe summaries prepared by the International<br \/>\nAccounting Standards Committee (IASC)<br \/>\nfoundation staff.<\/p>\n<p>The starter reading list might look like this:<br \/>\nIFRS 1 \u2013 first-time Adoption of International <\/p>\n<p>financial Reporting Standards<br \/>\nIFRS 5 \u2013 non-Current Assets held for Sale or <\/p>\n<p>Discontinued Operations<br \/>\nIAS 16 \u2013 Property, Plant and equipment<\/p>\n<p>\u2022 Initially recognized at Cost<br \/>\n\u2022 After recognition, Revaluation at  <\/p>\n<p>fair value<br \/>\nIAS 17 \u2013 Leases<\/p>\n<p>\u2022 Operating Leases<br \/>\n\u2022 finance Leases<br \/>\n\u2022 Sale\/Lease back<\/p>\n<p>IAS 36 \u2013 Impairment of Assets<br \/>\nIAS 38 \u2013 Intangible Assets<br \/>\nIAS 40 \u2013 Investment Property<br \/>\nIAS 41 \u2013 Agricultural Property<\/p>\n<p>An expanded list might include:<br \/>\nIFRS 3 \u2013 Business Combinations<br \/>\nIAS 29 \u2013 financial Reporting in Hyperinflationary <\/p>\n<p>economies<br \/>\nIAS 32 \u2013 financial Instruments<\/p>\n<p>Let me close by saying, IFRS will undoubtedly<br \/>\npresent a mix of challenges and opportunities. As<br \/>\nyou might have already gathered, there will be no<br \/>\nshortage of acronyms to become familiar with. In<br \/>\nshort, there is much work to be done. That said,<br \/>\nI believe the real opportunity lies in the reality<br \/>\nthat the accounting and valuation professions<br \/>\nare going to be working more collaboratively<br \/>\nthan ever before. Working through the issues<br \/>\nand challenges together, I believe the resultant<br \/>\nexchange of professional acumen and best<br \/>\npractises will yield financial statements that users<br \/>\ncan better understand and use as a basis for<br \/>\ninformed decisions. <\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada2\ufffd<\/p>\n<p>Claims for<br \/>\ngood times and bad<\/p>\n<p>This issue, Mark frederick reviews some issues concerning appraisal practice that we at first Professional Liability Insurance<br \/>\nCompany Limited and the AIC Insurance Advisory Committee are on the lookout for in these uncertain economic times. Mark<br \/>\nis a partner at Miller Thomson LLP, a Canadian national law firm with offices across Canada. He thanks Denis Rivard of SCM<br \/>\nAdjusters Canada for his assistance with this article. <\/p>\n<p>We will also allude to our upcoming presentation at the 2008 Conference in St. John\u2019s, Newfoundland, where we will again pres-<br \/>\nent a sequel to our successful 2006 edition of \u2018You Be The Judge\u2019 and extend an invitation to AIC members to attend this event \u2013 an excellent resource,<br \/>\nwhere we are given an on-site look at the litigation process and the opportunity to judge for ourselves an alleged negligent practice by our defendant appraiser.<\/p>\n<p>FIRST PROFESSIONAl<br \/>\nliabiliTy insuRance comPany<\/p>\n<p>Brian Duncan<br \/>\nAACI, P. App., <\/p>\n<p>President of the Board,<br \/>\nfPLICL<\/p>\n<p>Successful\/unsuccessful<br \/>\nappraisal practice in uncertain times<br \/>\nWhen we watch television or read the papers,<br \/>\nwe are always confronted with the \u2018success\u2019<br \/>\ncome-ons. You will recognize them \u2013 from the<br \/>\nfinancial business to the diet business to the<br \/>\nreal estate business: \u201810 secrets to financial<br \/>\nSuccess,\u2019 \u20185 Steps to Take off 20 Pounds,\u2019 or,<br \/>\nmy favourite, \u2018How to Profit in Real estate in a<br \/>\nfalling Market.\u2019   <\/p>\n<p>We live in societies that like easy, simple<br \/>\nanswers to complex problems, and, indeed,<br \/>\nthe appraisal profession is no different. Right<br \/>\nnow, as real estate markets in most Canadian<br \/>\nprovinces begin to soften, clients are becoming<br \/>\nmore insistent on trying to predict or fashion<br \/>\noutcomes with regard to real estate problems<br \/>\nthat they may have. Some of them will do this<br \/>\nthrough legitimate means \u2013 they will seize the<br \/>\ninitiative over their problems and try to correct<br \/>\nthem. Others will seek to coerce or entrap<br \/>\nappraisers into assisting them in solving their<br \/>\nproblem, almost always at the expense of the<br \/>\nappraiser\u2019s own pocketbook and at the expense<br \/>\nof their insurer, so that the client can profit \u2013 or<br \/>\nat least break even \u2013 in a falling market.  <\/p>\n<p>What should appraisers be<br \/>\nwary of in these uncertain times?<br \/>\nThere are hundreds of scams and scenarios to<br \/>\nwhich unwary appraisers are subjected. Here are<br \/>\nfive that consistently figure in claims scenarios<br \/>\nwhen the economy begins to slow down:<\/p>\n<p>1. Updating opinions<br \/>\nI recently came across a case where an appraiser<br \/>\nwas asked to provide a letter of permission to<br \/>\na lender to rely upon an appraisal he had done<br \/>\n18 months earlier. Without any hesitation, this<br \/>\nappraiser complied without any consideration of<br \/>\npossible changes to the market that may have<br \/>\nevolved since that time.  <\/p>\n<p>If an appraiser fails to take every step to<br \/>\nconfirm his opinion to make sure that it is a<br \/>\nreasoned opinion, no court will consider him<br \/>\nprudent. Relying on an 18-month old report with<br \/>\nno evidence of updating is not reasonable.  <\/p>\n<p>Many appraisers specifically time-limit their<br \/>\nreport for 60 days, requiring new appraisals or<br \/>\nupdates after 60 days no matter who wants to<br \/>\nrely upon them and for what purpose. Prudent<br \/>\nappraisers should not jump for those who want<br \/>\na quick update. Updates must often be prepared <\/p>\n<p>with the same skill and care required to do the<br \/>\ninitial appraisal. Do not forget to charge for your<br \/>\nupdate, so that it reflects that additional time<br \/>\nexpended to review the appraisal and\/or update<br \/>\nany information.<\/p>\n<p>2. The rent is due<br \/>\nWhen interest rates rise, the cost of financing<br \/>\nchanges for all borrowers. Those investor-<br \/>\nborrowers, who typically like duplex, triplex or<br \/>\nsimilar buildings because of their ability to pay<br \/>\nexpenses out of rental income, can find that<br \/>\nthe economics no longer make sense, when<br \/>\nthe rental market looses present renters due to<br \/>\nbetter options for renting and when escalating<br \/>\ninterest rates mean costs of financing rise literally<br \/>\nthrough the roof. It is at times such as these that<br \/>\nyou must protect yourself by ensuring that you<br \/>\nclearly identify what the source of rental income<br \/>\nwas in calculating an income approach in your<br \/>\nappraisal.<\/p>\n<p>There are reasonable sources \u2013 the client\u2019s<br \/>\nreal estate agent, the accountant, even the<br \/>\ntenants themselves \u2013 but it is up to you to<br \/>\nidentify the source in your report and give proper<br \/>\nwarning to the reader of the steps that you have <\/p>\n<p>Insurance news &#038; Views<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 2\ufffd<\/p>\n<p>taken, and the information you have received<br \/>\nand how it figures into your appraisal. There is<br \/>\nnothing unreasonable about using reasonable<br \/>\nsources, but you still should identify the source<br \/>\nof the information relied upon and the steps you<br \/>\ntook to obtain that information.  <\/p>\n<p>Another appraiser I assisted recently<br \/>\nthought he was safe in relying upon the real<br \/>\nestate agent\u2019s listing for the triplex he was<br \/>\nappraising. That would have been fine, if he<br \/>\nhad made notation of the source in his report.<br \/>\nInstead, he simply credited the rates in his<br \/>\nreport without any qualification. He had not<br \/>\ndone any independent review of the figures<br \/>\nhimself. They later proved to have been made<br \/>\nup and the realtor was part of a fraud. He could<br \/>\nnot find solace in the limiting conditions of his<br \/>\nreport, because he did not give the reader any<br \/>\ncaution as to the source of this information. A<br \/>\nsimple warning of the source and that he took<br \/>\nno responsibility for the accuracy of the numbers<br \/>\nwould have been more helpful. even better yet<br \/>\nwould have been a quick word with the tenants<br \/>\nor a review of the leases, if the appraiser\u2019s goal<br \/>\nwas to protect their client\/ lender.<\/p>\n<p>3. Ignoring sales that do not fit<br \/>\nAs someone who defends appraisers on a regular<br \/>\nbasis, I can never understand why appraisers<br \/>\nignore sales that occur on the same street as<br \/>\nproperty they are appraising. I always hear<br \/>\nexcuses such as \u201cBut it was a different type of<br \/>\nhouse\u201d or \u201cI did not see that one in the MLS,\u201d<br \/>\nwhich can never hold up under any scrutiny.<br \/>\nThe whole point of being an appraiser is that<br \/>\nyou have the ability to adjust prices to arrive at<br \/>\na reasoned conclusion of value. If an appraiser<br \/>\nchooses to rely on his judgement and ignore the<br \/>\nobvious, it increases the likelihood that his future<br \/>\njudgements will be considered unreliable by<br \/>\nthose who expect that the obvious should always<br \/>\nbe taken into account.<\/p>\n<p>I am always reminded of the appraiser who<br \/>\nignored the sale two doors down because it did<br \/>\nnot have a garage. Instead of allowing a $20,000 <\/p>\n<p>adjustment to make the properties similar (which<br \/>\nwere otherwise relatively similar), he felt more<br \/>\ncomfortable in assessing a value $100,000 in<br \/>\nexcess of the neighbouring property. no excuses.<\/p>\n<p>\ufffd. Special properties need special<br \/>\nattention<br \/>\nOffice buildings often seem a dime-a-dozen, but<br \/>\ntheir specific uses and the specific markets that<br \/>\nthey attract often mean special consideration<br \/>\nmust be given to value to understand what<br \/>\nmight motivate a willing purchaser or lender. I<br \/>\nrecently saw office building comparables used<br \/>\nin a geographic area when, in fact, the use of<br \/>\nthe buildings was so different that it skewed the<br \/>\nvalues involved. The first building was located<br \/>\nadjacent to a downtown hospital, in other<br \/>\nwords, a perfect location for physician offices<br \/>\nand pharmacies. The second building was a mile<br \/>\naway, but next to a downtown night club. Both<br \/>\nbuildings had similar attributes, but the value of<br \/>\nthe near medical facilities building had a great<br \/>\ndeal more utility and a great deal more value<br \/>\noverall, because of the rent levels being paid. In<br \/>\nthe absence of some indication of the different<br \/>\nuses of these buildings, a client reviewing the<br \/>\nbackground facts would have no information,<br \/>\nand a comparison of one building against the<br \/>\nother would not be accurate. Reports should<br \/>\nprovide some analysis of comparables to allow a<br \/>\nlay person to understand the logic.<\/p>\n<p>5. Condition is important to note<br \/>\nThese days, the most consistent feature in claims<br \/>\nfor deficient recoveries in power of sales is the<br \/>\ncondition of the property at the time of sale, as<br \/>\nopposed to condition at the time of appraisal.<br \/>\nMany appraisers do not take enough photos or<br \/>\nmake enough notations of condition at appraisal.<br \/>\nWhen a loan goes bad, chances are the occupier<br \/>\nor renter will give up and house pride evaporates.<br \/>\nHomes are often left in poor condition, damaged<br \/>\nand uncared for. Power of sale sometimes takes<br \/>\nmonths and neglect becomes the most telling<br \/>\nfeature of the property.<\/p>\n<p>Appraisers must note condition \u2013 bad,<br \/>\ngood or indifferent. Too often, appraisers do<br \/>\nnot protect themselves by simply checking the<br \/>\nbox \u2018average.\u2019 A notation such as \u201cthe property<br \/>\nwas clean and cared for, no damage was noted\u201d<br \/>\nwould be helpful, if supported by photos that let<br \/>\nthe appraiser\u2019s report stand unchallenged when<br \/>\nfaced with a $80,000 drop in value two years<br \/>\nlater, when the property has suffered neglect and<br \/>\ndamage, such as flooding, vandalism and other<br \/>\nproblems.<\/p>\n<p>These are a few of the many particular issues<br \/>\nthat are causing appraisers to spend needless<br \/>\ntime and effort in defending their work, and all<br \/>\ncould have been circumvented. By following the<br \/>\nabove suggestions, you may be able to avoid<br \/>\nbeing the target of lenders who seek to make you<br \/>\ntheir own insurance policy for uncertain times or<br \/>\npoor lending risks. <\/p>\n<p>Newfoundland is calling<br \/>\nJoin us in the Supreme Court of<br \/>\nnewfoundland before the former Chief<br \/>\nJustice of newfoundland, the Hon. Mr.<br \/>\nJustice T. Alex Hickman, QC, as once again<br \/>\nthe appraisal profession goes on trial in<br \/>\nfPLICL\u2019s presentation of \u2018You Be The Judge.\u2019<br \/>\nAbly assisted by our insurance broker and<br \/>\nsponsors, our team of lawyers, adjusters<br \/>\nand appraisers has spared no effort to<br \/>\npresent you with a court experience that<br \/>\nyou will not forget. If you regularly go to<br \/>\ncourt, or if you want to know what you are<br \/>\nmissing, our presentation will outline the<br \/>\nissues and the drama that such court cases<br \/>\nprovide. Many of those who attended our<br \/>\nlast Mock Trial in Charlottetown believed<br \/>\nthis was one of the most entertaining<br \/>\nsessions of the conference. Our hope is<br \/>\nthat you will be entertained and educated<br \/>\nand given the opportunity of determining<br \/>\nthe outcome as you are invited to \u2018Be THe<br \/>\nJUDGe.\u2019<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada28<\/p>\n<p>thics and standards are fundamental to<br \/>\nall professional practices. All AIC member<br \/>\nreports, consultations and professional <\/p>\n<p>services must be prepared, undertaken and<br \/>\ncompleted in accordance with Canadian Uniform<br \/>\nStandards of Professional Appraisal Practice<br \/>\n(CUSPAP).<\/p>\n<p>These standards and ethical requirements<br \/>\nnot only set out the \u2018rules of the road\u2019 to guide<br \/>\nAIC members, but also provide clientele with<br \/>\nconfidence that the services received from an AIC<br \/>\nmember will be consistent, of high quality and<br \/>\ndelivered with integrity.<\/p>\n<p>for these very important reasons, the Stan-<br \/>\ndards Committee has the objective of assuring<br \/>\nthat CUSPAP provides maximum benefit to all. <\/p>\n<p>Accordingly, standards must be:<br \/>\n(1) Comprehensive and applicable to all areas of <\/p>\n<p>appraisal work.<br \/>\n(2) Practical and easy to understand.<br \/>\n(3) easy to utilize and apply.<br \/>\n(4) Current and relevant to prevailing market <\/p>\n<p>requirements.<br \/>\nIn addition, standards must not create obstacles to<br \/>\nregular work.<\/p>\n<p>In order to maintain these objectives, the<br \/>\nStandards Committee is involved in several ways:<br \/>\n\u2022 Specific areas and the scope of standards <\/p>\n<p>are subject to regular review on an ongoing<br \/>\nbasis. This occasionally involves discussion<br \/>\nwith AIC staff, but is often the result of<br \/>\ncommentary from the membership. This<br \/>\nfeedback may originate in a general manner<br \/>\nfrom online chat room discussion or directly<br \/>\nby way of a member\u2019s query to the commit-<br \/>\ntee. All such matters and responses are given<br \/>\ncareful consideration in order to provide the<br \/>\nbest guidance. <\/p>\n<p>\u2022 The committee is sometimes asked to <\/p>\n<p>Evolving standards<br \/>\nsupport AIC membership<\/p>\n<p>e provide assistance to the Counselor, Profes-sional Practice. This is usually in response to a specific question regarding the practical<br \/>\napplication of standards. These various<br \/>\ncommunications and open discussions are<br \/>\noften very beneficial in helping shape the<br \/>\nstandards, which ultimately leads to better<br \/>\nsupport for the membership.  <\/p>\n<p>\u2022 Interaction and sharing of concerns with other<br \/>\ncommittees occasionally provides the com-<br \/>\nmittee with a different perspective. Because<br \/>\nit is important that standards work well for<br \/>\nboth professional liability insurance issues and<br \/>\nprofessional practice concerns, such collabora-<br \/>\ntion is very important.<\/p>\n<p>\u2022 In order to keep pace with our rapidly chang-<br \/>\ning world, the committee reviews the evolving<br \/>\nstandards of other like-minded associations<br \/>\nand professional bodies in order to maintain a<br \/>\nleading edge and to be consistent with devel-<br \/>\nopments in these other jurisdictions. from the<br \/>\nglobal perspective, committee member Brad<br \/>\nWagar has been working as a liaison with<br \/>\nregard to International valuation Standards,<br \/>\nthe direction in which the Appraisal Institute<br \/>\nof Canada and other professional organiza-<br \/>\ntions are quickly heading. Also of international<br \/>\nnote, appraisal practices in the US have again <\/p>\n<p>come under scrutiny by regulators, as a result<br \/>\nof the sub-prime mortgage collapse. Undoubt-<br \/>\nedly, some aspects of appraisal standards will<br \/>\nbe reviewed and changes will occur. In this<br \/>\nrespect, it should be noted that our pres-<br \/>\nent standards are an evolution of the earlier<br \/>\nUSPAP, which were a direct result of the<br \/>\n1980s Savings &#038; Loan collapse in the US. The<br \/>\nimpact of any such changes on our practices<br \/>\nand standards implications will be carefully<br \/>\nstudied by the committee and appropriate<br \/>\nrecommendations will follow. <\/p>\n<p>\u2022 As a direct service to our members, the<br \/>\nStandards Committee provides support for<br \/>\nprofessional practice seminars and instructors.<br \/>\nThe results of each seminar are comprehen-<br \/>\nsively reviewed, with the objective that, on an<br \/>\nongoing basis, all attendees receive maximum<br \/>\nbenefit.<\/p>\n<p>Canadian appraisal standards may well be the<br \/>\nbest in the world. The development of our present<br \/>\nstandards is the result of the best minds, consider-<br \/>\nable thought, a wealth of expertise and extensive<br \/>\nvolunteer work. The present and future commit-<br \/>\ntees have the task of continuing this mission in a<br \/>\nprogressive manner to further the best interests of<br \/>\nour membership. <\/p>\n<p>Standards Committee<br \/>\nRay Bower, AACI, P. App. &#8211; Chair<br \/>\nAnne Clayton, AACI, P. App.<br \/>\nBrad Wagar, AACI, P. App.<br \/>\nIain Hyslop, AACI, P. App.<br \/>\nBrian varner, AACI, P. App.<br \/>\nChris Perret, AACI, P. App.<br \/>\nCraig Soderquist, AACI, P. App.<br \/>\nTo contact this committee email:<br \/>\nstandards@aicanada.ca<\/p>\n<p>By Iain Hyslop, AACI, P. App., Member, Standards Committee<br \/>\nStandards<\/p>\n<p>\u201cThe development of<br \/>\nour present standards is <\/p>\n<p>the result of the best minds,<br \/>\nconsiderable thought,  <\/p>\n<p>a wealth of expertise and<br \/>\nextensive volunteer work.\u201d<\/p>\n<p>mailto:standards@aicanada.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 2\ufffd<\/p>\n<p>ne of the most important aspects<br \/>\nof the real estate appraisal is the<br \/>\ninspection. Whether inspecting new <\/p>\n<p>or existing, one- or two-family dwellings, three-<br \/>\nor four-unit buildings, the appraiser must have a<br \/>\ngood overall knowledge of construction methods,<br \/>\nbuilding materials, plumbing, mechanical,<br \/>\nelectrical systems, and all products and systems<br \/>\nrelating to the structure. Keep yourself up to date.<br \/>\nWhen you see something new or different, ask<br \/>\nquestions, or, when you get back to the office,<br \/>\nlook it up on the internet, it is a great source of<br \/>\ninformation and explanations.<\/p>\n<p>The process of a building inspection involves<br \/>\nthe collection of information and data pertaining<br \/>\nto the subject property. A detailed inspection<br \/>\nenables the appraiser to provide an accurate<br \/>\ndescription of the property and allows you to<br \/>\nconduct a thorough analysis of the subject. This <\/p>\n<p>results in a more accurate appraisal evaluation<br \/>\nand provides the client with the necessary<br \/>\ninformation to make an informed decision.    <\/p>\n<p>When I begin an inspection, I advise the<br \/>\nowner or whoever is present that I will start in<br \/>\nthe basement; work my way through the interior<br \/>\nof the dwelling; then proceed with the exterior,<br \/>\nand that I will most likely have some questions for<br \/>\nthem once I have seen the property. Sometimes,<br \/>\nthe owner may want to accompany me. This<br \/>\ncan be a distraction. Generally speaking, telling<br \/>\nthe person what I will be doing results in he or<br \/>\nshe giving me free reign of the dwelling. It is<br \/>\nimportant to remember that most homeowners<br \/>\nhave never seen or had an appraisal done<br \/>\nand have no idea what the process entails.<br \/>\nAppraisers should view themselves as promoters<br \/>\nof the profession. Take time to ensure that the<br \/>\nhomeowner understands the value of having the <\/p>\n<p>home appraised. They may refer you to a friend,<br \/>\nneighbour or relative once they understand the<br \/>\ndifference between you appraising their property<br \/>\nand a realtor advising them of the value of their<br \/>\nhome.  <\/p>\n<p>It is very important to be consistent, so perform<br \/>\nall inspections in the same manner to ensure that<br \/>\nnothing is missed. I like to start in the basement.<br \/>\nThe foundation is the bones of the structure and<br \/>\nwill tell you a lot about the building. What is the<br \/>\nfoundation type \u2013 poured concrete, block, cinder<br \/>\nblock, stone? Are there support beams? In an older<br \/>\ndwelling, if you can see the actual frame, check<br \/>\nfor wood rot. Is there evidence of dampness and<br \/>\nor mold?  <\/p>\n<p>next is the dwelling\u2019s heating system. What<br \/>\ntype of heating system does the house have? Is<br \/>\nit a forced air furnace, hot water boiler system,<br \/>\nbaseboard heating, or radiant heat? Is it fired by <\/p>\n<p>By Dianna LeBreton, CRA, Member CRA focus Committee<\/p>\n<p>The inspection process <\/p>\n<p>O<\/p>\n<p>CRA Focus<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada30<\/p>\n<p>gas, propane, electrical, water source or oil? If<br \/>\nthere is an oil tank, how old is it and is there<br \/>\nany evidence of leakage? What extra features<br \/>\ndoes the furnace have? Are there humidifiers,<br \/>\nair cleaners, or central air? Is there an HRv<br \/>\n(Heat Recovery ventilator) or HvAC (Heating<br \/>\nventilation Air Conditioning) system? The<br \/>\nappraiser must be familiar with the various<br \/>\ntypes of heating systems and different types of<br \/>\nheat sources.  <\/p>\n<p>What type of hot water tank does the<br \/>\ndwelling have and what is the source? There<br \/>\nare new on-demand water systems and the<br \/>\nappraiser should be aware of these. Is the hot<br \/>\nwater tank owned by the property owner or<br \/>\nleased from the local utility company?<\/p>\n<p>What is the electrical panel that services<br \/>\nthe dwelling? Is it fuses or breakers, and what<br \/>\nis the amperage? Is there aluminum wiring in<br \/>\nthe dwelling, or knob and tube? What other<br \/>\nfeatures does the dwelling have? Is there an<br \/>\nalarm, intercom system, or central vac? Is it a<br \/>\nsmart-wired house or an energy star dwelling?<br \/>\nAre there garage door openers? The appraiser<br \/>\nmust know and see all of these items, as they<br \/>\nare important features of the house.  <\/p>\n<p>Once these items have been inspected<br \/>\nand noted, proceed with the inspection of the<br \/>\nremainder of the dwelling. What I like to do<br \/>\nwhen I enter a room is to work from left to<br \/>\nright. I will visually inspect all walls, ceiling,<br \/>\ntrim, baseboards and flooring, and identify the<br \/>\ntype of finish the dwelling features. I will check<br \/>\nthe windows and, if there are long curtains or<br \/>\nthe windows are blocked, I will move drapes<br \/>\nor blinds to have full inspection access, as I<br \/>\nlook for any signs of mildew, water seepage or<br \/>\ndamage of any type, including condensation<br \/>\nbetween the panes of glass indicating a broken<br \/>\nthermo-seal. I will take pictures of any noted<br \/>\ndamage, as this can be very helpful once back<br \/>\nat the office. As well, good, detailed notes are<br \/>\nvery important.<\/p>\n<p>I proceed through the entire dwelling<br \/>\ndoing each room in the same manner, left to<br \/>\nright  (or which ever way is preferred, but be<br \/>\nconsistent).  Be sure to enter the room, look at<br \/>\nall walls, ceilings, flooring and windows, and <\/p>\n<p>check inside closets \u2013 you would be surprised<br \/>\nwhat you may find inside a closet of an older<br \/>\nhome. Also take note if there are no closets in<br \/>\nthe home. Remember to turn around and look<br \/>\nat the door you just came through. Always<br \/>\nwalk into the room, view all directions and<br \/>\nthen walk out. You must cover all floor area,<br \/>\notherwise you will not know if the floors are<br \/>\nlevel. Be sure to observe the condition of the<br \/>\npaint, wallpaper, other finish treatments,<br \/>\ncarpets, flooring, counter tops, fixtures, etc.<br \/>\nHas the dwelling been maintained? The<br \/>\nkitchen cabinets may be old, but they could<br \/>\nstill be sparkling.  <\/p>\n<p>I know some appraisers who just stand in<br \/>\nthe doorway of a room without ever entering<br \/>\nit. Get into the habit of walking into and<br \/>\nthrough each room. It only takes a few more<br \/>\nminutes and you will be surprised at what you<br \/>\nwill notice.<\/p>\n<p>Bathrooms must be inspected thoroughly.<br \/>\nIn bathrooms, look for chipped sinks and<br \/>\nfixtures. Open the shower curtains or doors<br \/>\nand look at the ceramic or tub\/shower<br \/>\nsurrounds to determine if there are signs of<br \/>\nmildew. If it is an older dwelling or one with<br \/>\nceramic tile around the tub, check to ensure<br \/>\nthe wall behind is not rotten. Usually, tapping<br \/>\non the tile or looking for excessive amounts of<br \/>\ncaulking will provide a clue to this. You need<br \/>\nto see and inspect every inch of the dwelling; <\/p>\n<p>otherwise it will be impossible to determine<br \/>\nthe economic life and depreciation of the<br \/>\nsubject property. Condition is a very important<br \/>\nfactor in the inspection of the dwelling and,<br \/>\nultimately, the appraisal of the property.<\/p>\n<p>In the kitchen, open cupboard doors, look<br \/>\nunder the sink. Are there built-in appliances?<br \/>\nOpen the dishwasher. Is it affixed properly,<br \/>\nis it usable, or is the interior rusted? It could<br \/>\nbe just sitting there and not working. Are<br \/>\nthe kitchen cupboards custom? Are there<br \/>\ngranite countertops? What is the quality of the<br \/>\nfinishings? Are there any cracked tiles or burns<br \/>\nin the countertops?  <\/p>\n<p>Once you have finished inspecting the<br \/>\ninterior of the dwelling, proceed to the<br \/>\nexterior. Again, proceed in a consistent manner<br \/>\neach time. Look at the exterior cladding, check<br \/>\nthe bricks, mortar, vinyl siding, fascia, soffits,<br \/>\nwindows and foundation, and check the<br \/>\nparging for cracks or signs of dampness. When<br \/>\nlooking at the roof coverings, also take note if<br \/>\nthere is a chimney and see what condition it is<br \/>\nin. If there are decks, fencing, sheds, etc., have<br \/>\na look at their condition. Look at all the site<br \/>\nimprovements including driveways, walkways,<br \/>\netc. If there is a pool, note whether it is in-<br \/>\nground or above-ground. Check the condition<br \/>\nof the liner and assess the apron around the<br \/>\npool. You must examine all of these features,<br \/>\notherwise, how will you cost these items and<br \/>\nput a value on the improvements?<\/p>\n<p>When you are standing in the rear and<br \/>\nfront yards, have a look around for any positive<br \/>\nor negative influences. Does the subject back<br \/>\nonto a major highway or are there hydro<br \/>\ntowers in your view? Be observative \u2013 you<br \/>\nare the client\u2019s eyes and ears. Also, remember<br \/>\nto inspect the interior of the garage or other<br \/>\nbuildings that may be on the property.  <\/p>\n<p>If the owner is available, ask questions<br \/>\n\u2013 how old is the house, when was the kitchen,<br \/>\nbath renovated, how old are the roof shingles?<br \/>\nIf it is an older dwelling, has the insulation<br \/>\nbeen upgraded and with what? Does the<br \/>\ndwelling have UffI? These are all important<br \/>\nto your inspection and report. If you do not<br \/>\nask, you will never know, and you will not be <\/p>\n<p>\u201cThe appraiser<br \/>\nmust have a good <\/p>\n<p>overall knowledge of<br \/>\nconstruction methods, <\/p>\n<p>building materials,<br \/>\nplumbing, mechanical, <\/p>\n<p>electrical systems,<br \/>\n and all products and <\/p>\n<p>systems relating to<br \/>\nthe structure.\u201d<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 31<\/p>\n<p>CRA Focus Committee<br \/>\nGrant Uba, AACI, P. App. \u2013 Chair<br \/>\nBrad fast, CRA<br \/>\nDianna LeBreton, CRA<br \/>\nHerbert Jaques, CRA<br \/>\nKerren Shalanski, CRA<br \/>\nPeter Atkinson, CRA<br \/>\nSandro Mavica, CRA<br \/>\nTony Miraglia, CRA<br \/>\nTo contact this committee by email<br \/>\ncrafocus@aicanada.ca<\/p>\n<p>able to complete an accurate appraisal report.<br \/>\nMany times, the owner does not know. In this<br \/>\ncase, there are a few potential sources: a date<br \/>\nstamp inside the lid of the toilet tank, a date<br \/>\nstamp inside window panes, or a sticker on<br \/>\nthe furnace. A hot water tank or the electrical<br \/>\npanel may still have the home warranty<br \/>\nsticker. You can also check with the local<br \/>\nassessment office, or, before you leave the<br \/>\nsubject property, take a walk down the subject<br \/>\nstreet and find a manhole cover \u2013 some have<br \/>\nthe year marked on the cover. The date stamps<br \/>\nmay reflect the initial date of construction,<br \/>\nhowever, be careful, some items may be newer<br \/>\ndue to renovations.  <\/p>\n<p>When inspecting two-, three- or four-unit<br \/>\nproperties, always follow the same protocol.<br \/>\nThe person showing you through a three- or<br \/>\nfour-unit building may want you to start<br \/>\nwith the units first and then proceed to the<br \/>\nbasement. Whatever way you start, remember,<br \/>\nbe consistent. Use the same traffic flow<br \/>\npattern that you are accustomed to; otherwise <\/p>\n<p>you will certainly miss something. Ask for<br \/>\nthe income and expense data, preferably in<br \/>\nwriting \u2013 it will save extra steps later.  <\/p>\n<p>It is a good idea before you leave a dwelling<br \/>\nto review your notes to ensure you have not<br \/>\nmissed anything. You do not want to arrive at<br \/>\nthe office, start typing a report, then realize<br \/>\nyou have missed something. To help avoid this,<br \/>\nwhen taking notes, I like to divide my page into<br \/>\nsections; top right will have all the mechanical<br \/>\ninformation about the property, then the<br \/>\nbasement development, then the exterior<br \/>\nimprovements. The left side of the page will<br \/>\nhave all the information concerning the rooms,<br \/>\nnumber of baths and any comments pertaining<br \/>\nto condition. The sectioning of the page is also<br \/>\nhelpful when typing the report. It is more time<br \/>\nefficient. Remember \u2013 be consistent in your<br \/>\ninspections, become methodical in your actions<br \/>\nso as to avoid missing any details and it will<br \/>\nincrease your thoroughness and efficiency.   <\/p>\n<p>Measuring the dwelling will be addressed<br \/>\nin a future article. <\/p>\n<p>The CRA Focus is a committee of CRA representatives from<br \/>\nacross the country that meets virtually and collaborates<br \/>\nthrough email to advance the interests of CRAs. They<br \/>\nfocus on identifying issues of primary concern to the CRA<br \/>\nmembership, exchanging ideas about career paths, iden-<br \/>\ntifying evolving education and\/or continuing professional<br \/>\ndevelopment training needs, and discussing issues perti-<br \/>\nnent to building successful business practices.  Topics and<br \/>\nissues of interest emerging from their meetings will form<br \/>\nthe basis of surveys and recommendations to the Board of<br \/>\nDirectors and\/or become the foundation for articles in AIC\u2019s<br \/>\nmagazine \u2013 Canadian Property valuation.<\/p>\n<p>mailto:crafocus@aicanada.ca<br \/>\nhttp:\/\/www.thepersonal.com\/aicanada<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada32<\/p>\n<p>here has been much written and published<br \/>\nin the US about mortgage fraud and what,<br \/>\nif anything, appraisal fraud may have <\/p>\n<p>contributed to the overall fraud problem. By now,<br \/>\nmany would have read about the recent agree-<br \/>\nment between the new York Attorney General and<br \/>\nfannie Mae and freddie Mac regarding appraiser<br \/>\nindependence. The focus of this article is to place<br \/>\nthis issue in the Canadian context of what the<br \/>\nInstitute believes may be unreasonable appraiser<br \/>\ninfluence. This is not about a conflict of interest<br \/>\nwhich will be the focus of a future article.<\/p>\n<p>Appraiser influence occurs when you are<br \/>\npressured or coerced into doing something that<br \/>\ncontravenes the Institute\u2019s Code of Ethics, appraisal <\/p>\n<p>standards or your professional values.<br \/>\nAppraisal fraud takes many forms. Any intent <\/p>\n<p>to mislead the reader of a report by an act of<br \/>\nomission (e.g., failing to note a prior sale in the<br \/>\nreport \u2013 CUSPAP Appraisal Rule 6.2.23) or an act<br \/>\nof commission (e.g., creating a false or mislead-<br \/>\ning comparable property to substantiate a value<br \/>\nopinion) can lead to criminal and civil action<br \/>\nagainst an appraiser, as well as potential discipline <\/p>\n<p>before the Institute\u2019s professional practice com-<br \/>\nmittees. Appraisal fraud is more often committed<br \/>\nby third parties. Someone obtains a copy of your<br \/>\nreport, and manipulates the data to change the<br \/>\nconclusions in order to obtain a mortgage on the<br \/>\nproperty. The most egregious form this has taken is<br \/>\nappraiser identify theft; where a third party simply<br \/>\ncreates the report under your name or using your<br \/>\nbusiness name and letterhead. All the examples<br \/>\ncited are real situations that have been brought<br \/>\nto the attention of the Institute by members who<br \/>\nhave been affected by appraisal fraud. Knowing<br \/>\nthat it can and does occur is key to the develop-<br \/>\nment of prevention strategies on the part of the<br \/>\nInstitute and members equally. Preventing this<br \/>\ntype of fraud is a significant element of why the<br \/>\nInstitute partnered with notarius for the provision<br \/>\nof digital security services for reports and signa-<br \/>\ntures. (www.notarius.com\/en\/clientele_ICDe_<br \/>\nen.html) If you have not considered utilizing this<br \/>\nservice in the past,  now is a good time to review<br \/>\nyour fraud prevention practices and to adopt some<br \/>\nprevention tools.<\/p>\n<p>Preventing undue appraiser influence is a<br \/>\nsubject of increasing awareness in the US, where<br \/>\nCalifornia adopted legislation, where US Congress<br \/>\nis considering legislation, and where the new York<br \/>\nAttorney General entered into an agreement as<br \/>\npart of the settlement of his  investigation into this<br \/>\npractice. There is also increased awareness within<br \/>\nthe Canadian lending community and at AIC, in<br \/>\nparticular. The Institute is working with stakehold-<br \/>\ners to develop a strategy that not only condemns<br \/>\nthis type of conduct, but sets industry standards to<br \/>\nprevent it from occurring.<\/p>\n<p>By George Maurice, AACI, P. App., Chair Real estate fraud Task force and AIC President-elect<\/p>\n<p>Undue appraiser influence<\/p>\n<p>Real Estate Fraud<\/p>\n<p>T \u201cThe Institute is working with stakeholders to develop a strategy that not only condemns this type of conduct, but<br \/>\nsets industry standards to prevent it from occurring.\u201d<\/p>\n<p>http:\/\/www.notarius.com\/en\/clientele_ICDE_en.html<br \/>\nhttp:\/\/www.notarius.com\/en\/clientele_ICDE_en.html<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 33<\/p>\n<p>Each of these may be viewed as<br \/>\nexamples of undue appraiser influence:<br \/>\n(1) by improper influence, through coercion, <\/p>\n<p>extortion, collusion, compensation,<br \/>\ninstruction, inducement, intimidation,<br \/>\nor bribery from a party with a<br \/>\ndirect interest in the property or the<br \/>\ntransaction; <\/p>\n<p>(2) by influence of an appraiser or otherwise<br \/>\nencouraging a pre-determined value, a<br \/>\ndirection in value, or a specific result;<\/p>\n<p> (3) by any suggestion that an appraiser\u2019s<br \/>\nlivelihood may be jeopardized including<br \/>\nnon-payment, failure to timely<br \/>\ncompensate an appraiser for work<br \/>\ncompleted or denial of future work; and<\/p>\n<p>(4) by threat or intimidation of the<br \/>\nsubmission of a complaint to the<br \/>\nInstitute, if a pre-determined value, a<br \/>\ndirection in value, or a specific result is<br \/>\nnot obtained.<\/p>\n<p>Real Estate Fraud Task Force<br \/>\nGeorge Maurice, AACI, P. App. \u2013 Chair<br \/>\nPaula Malcolm-Schaller, CRA<br \/>\nKimberly Maber, AACI, P. App<br \/>\ned Saxe, CRA<br \/>\nGeorge Ward, AACI, P. App<br \/>\nTo contact this committee by email<br \/>\nfraudinfo@aicanada.ca<\/p>\n<p>Undue appraiser influence takes many forms.<br \/>\nAt the very low end, when an appraiser receives<br \/>\na request from an appraisal management com-<br \/>\npany or a lender stating what the value of the<br \/>\nproperty is, or should be, this may be considered<br \/>\nas improper influence. See CUSPAP Ethics Standard<br \/>\nComment 5.14 for a discussion on this issue. As<br \/>\na professional, you are expected to ignore these<br \/>\nstatements and to produce your report in an<br \/>\nunbiased manner. It would be inappropriate for you<br \/>\nto contact your client to say that you are unable<br \/>\nto confirm their preconceived notion of value and<br \/>\nseek further instructions.  <\/p>\n<p>In the middle ground, there may be the<br \/>\nperception that a client\u2019s instructions may alter<br \/>\nthe definition of fair market value, or unduly<br \/>\nrestrict you in some fashion. for example, they<br \/>\nmight suggest that you are only permitted to use<br \/>\na comparable within a certain geographic radius<br \/>\nof the subject property or that the adjustments<br \/>\ncannot exceed a predetermined percentage. As a <\/p>\n<p>professional, you should endeavour to satisfy your<br \/>\nclient\u2019s request, however, where it is not possible,<br \/>\nit is important to recognize that it is your profes-<br \/>\nsional opinion of value and that, in your report,<br \/>\nyou should set out the ways in which this criteria<br \/>\naffected market value or how difficult this made<br \/>\nthe assignment. It would be inappropriate for you<br \/>\nto simply comply with these requests without an<br \/>\nindependent analysis of market conditions.<\/p>\n<p>The high end of undue appraiser influence may<br \/>\nbe where your client directs you to use a specific<br \/>\ncomparable or to rely on unsubstantiated facts,<br \/>\nor makes a suggestion that failure to meet the<br \/>\nclient\u2019s value requirements may affect your ability<br \/>\nto earn a livelihood. As a professional, your ethical<br \/>\nobligation is to confront these challenges to your<br \/>\nintegrity and to not succumb to them. It would be<br \/>\ninappropriate to react to these intimidations and<br \/>\nit is reasonable for you to decline any assignment<br \/>\nwhere you are uncomfortable with the pressures<br \/>\nbeing placed on you.<\/p>\n<p>The suggestion that failure to meet a client\u2019s<br \/>\ndemands may result in a complaint to the Institute<br \/>\nmay also be perceived as a form of undue influ-<br \/>\nence. However, you should always welcome a<br \/>\nreview by the Institute and welcome the opportu-<br \/>\nnity to publicly expose those who would attempt<br \/>\nto unduly influence the appraisal process.  <\/p>\n<p>If an appraiser is concerned about undue influ-<br \/>\nence, he or she may contact the Counsellor Profes-<br \/>\nsional Practice via email Counsellor@aicanada.ca or<br \/>\ntoll free 866-726-5996. <\/p>\n<p>mailto:fraudinfo@aicanada.ca<br \/>\nmailto:Counsellor@aicanada.ca<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"820iHi6JeD\"><p><a href=\"https:\/\/crvg.com\/\">CRVG Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;CRVG Home&#8221; &#8212; CRVG - Canadian Resource Valuation Group\" src=\"https:\/\/crvg.com\/embed\/#?secret=CrTu00G7he#?secret=820iHi6JeD\" data-secret=\"820iHi6JeD\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nmailto:jwasmuth@crvg.com<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada3\ufffd<\/p>\n<p>Leacy O\u2019Callaghan-O\u2019Brien<br \/>\nDirector, Professional Development <\/p>\n<p>and Member Services<\/p>\n<p>n his inaugural speech delivered in January<br \/>\n1977, then US President Jimmy Carter assured<br \/>\nthe nation that they could expect from him <\/p>\n<p>this reasoned approach to change management,<br \/>\nquoting a high school teacher\u2026 \u201cWe must<br \/>\nadjust to changing times and still hold to<br \/>\nunchanging principles.\u201d  <\/p>\n<p>While the Appraisal Institute of Canada (AIC)<br \/>\nleadership sought no advice from Mr. Carter on<br \/>\na change management strategy, the AIC has, in<br \/>\nfact, adopted a similar approach in transforming<br \/>\nmany of its programs. ensuring that the firm<br \/>\nfoundations of professional standards and<br \/>\nirreproachable ethical principles upon which the<br \/>\nInstitute was built were preserved has been as<br \/>\ncritical an element of change management as<br \/>\ncreating the new framework of requirements<br \/>\nthat our candidates need to be successful in<br \/>\nthe world they are going to face when they<br \/>\ncomplete their program of professional studies.<br \/>\nTo fulfill the goal of having AIC designated<br \/>\nmembers recognized as first-tier professionals,<br \/>\nthe Board of Directors has approved a series<br \/>\nof measures over the last 10 years to align the <\/p>\n<p>Dual examination process<br \/>\nraises our standards  <\/p>\n<p>I AIC curriculum and experience with those of comparable professions. The finishing touch on the most recent round<br \/>\nof enhancements is the launch of the new dual<br \/>\nexamination process for members applying for<br \/>\neither the CRA or AACI designation. We now<br \/>\nhave in place across Canada a written Applied<br \/>\nexperience exam process and an oral Professional<br \/>\nCompetency Interview process.<\/p>\n<p>The written examinations were developed<br \/>\nby the Learning Advisory Committee and the<br \/>\nApplied experience Sub-Committee to test the<br \/>\ndepth of a Candidate\u2019s experience and his or her<br \/>\nuse of the first Principles of value during the<br \/>\nmentoring period. Candidates who pass this<br \/>\nexamination, demonstrating the required depth<br \/>\nof knowledge and experience, then proceed to<br \/>\nthe professional competency interview.<\/p>\n<p>The professional competency interview<br \/>\nis based on behavioural descriptive interview<br \/>\ntechniques. It provides a formal face-to-face<br \/>\nmeeting between appointed representatives<br \/>\nof AIC and the Candidate. In that meeting,<br \/>\nour newly-trained examiners will assess the <\/p>\n<p>Learning Advisory<\/p>\n<p>Candidate\u2019s qualities and competencies in areas<br \/>\nconsidered critical for success in the profession.<br \/>\nQualities being tested include market analysis,<br \/>\nintegrity, communications, critical thinking, and<br \/>\nself-development. <\/p>\n<p>The implementation of this two-step<br \/>\nqualification process is a major advance for AIC<br \/>\nand its members. AIC designations are held in<br \/>\nhigh regard and those holding them must be<br \/>\nheld to a high standard. Qualifying members<br \/>\nmust have both the experience and qualities<br \/>\nexpected of AIC designated members.<\/p>\n<p>A comprehensive resource centre has been<br \/>\ncreated to assist Candidates for designation<br \/>\nin their preparation for the designation<br \/>\nexaminations in the Candidate Central Section<br \/>\nof the AIC website. The site includes sample<br \/>\nquestions, links to exam preparation tools and<br \/>\nmodel interviews, registration information and<br \/>\nexam regulations. Candidates are encouraged to<br \/>\nreview this material with their mentors early in<br \/>\ntheir Applied experience program, so that they<br \/>\nare effectively preparing for the final assessment<br \/>\nthroughout the working relationship. <\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 35<\/p>\n<p>Frequently asked questions about<br \/>\nthe applied experience written<br \/>\nexamination <\/p>\n<p>Do I need to buy study materials?<br \/>\nno, the exam is based on your understanding of<br \/>\nfirst Principles of value and how these apply to<br \/>\nyour own work experience. You should review<br \/>\nthe first Principles closely and review the sample<br \/>\nexam questions. Think about your work experi-<br \/>\nence specifically in terms of how you have dealt<br \/>\nwith each of the first Principles. You can be<br \/>\nreasonably certain that you will need to discuss<br \/>\nexamples based on each of the first Principles.<\/p>\n<p>How do I register for the examination?<br \/>\nOnce you have completed all curriculum and des-<br \/>\nignation requirements, you can register for the<br \/>\nexamination online with the Real estate Division<br \/>\nof the Sauder School of Business at UBC, at least<br \/>\n30 days prior to the scheduled exam date.<\/p>\n<p>What is the examination fee?<br \/>\nThe examination fee is $195.00.    <\/p>\n<p>How do I know if I have met all the cur-<br \/>\nriculum and designation requirements?<br \/>\nContact your provincial association office. The<br \/>\nstaff will review your file and advise you if you<br \/>\nhave outstanding requirements. They will then<br \/>\nprovide written confirmation that you have met<br \/>\nall curriculum and designation requirements to<br \/>\nthe Real estate Division, at least 30 days prior to<br \/>\nthe scheduled examination. examination regis-<br \/>\ntrations will not be processed until confirmation<br \/>\nof eligibility has been received by the Real estate<br \/>\nDivision.   <\/p>\n<p>I recently wrote the exam.<br \/>\nHow soon can I expect the results?<br \/>\nYou can expect your results by mail in approxi-<br \/>\nmately 4-6 weeks. The Real estate Division has<br \/>\na policy not to provide exam results over the<br \/>\ntelephone. The only exception to this is when a<br \/>\nstudent has failed the examination and needs to<br \/>\nbe informed in time to apply for a rewrite.<\/p>\n<p>What if I fail the exam?<br \/>\nYou may apply to rewrite the examination at<br \/>\nthe next scheduled sitting of your choice, at a<br \/>\nfee of $195 per attempt. If you fail to pass the<br \/>\nexamination after three attempts, you may be<br \/>\nrequired to complete additional education and\/or<br \/>\nexperience before being permitted to sit the<br \/>\nexamination again. <\/p>\n<p>Frequently asked questions<br \/>\nAbout the professional<br \/>\ncompetency interview <\/p>\n<p>What is the difference between tradi-<br \/>\ntional and competency-based interviews?<br \/>\nCompetency-based or behavioural interviews<br \/>\nfocus on past performance as a predictor of<br \/>\nfuture performance. Research has shown that<br \/>\nbehavioural interviews achieve a higher level of<br \/>\naccuracy than traditional interviews. <\/p>\n<p>In a competency-based interview, Candi-<br \/>\ndates are asked to provide detailed accounts of<br \/>\nwhat they have done, said, thought and felt in<br \/>\nsituations similar to what they will experience as<br \/>\na designated member of the Appraisal Institute<br \/>\nof Canada. <\/p>\n<p> A traditional interview focuses on education,<br \/>\nqualifications and credentials. Often, responses<br \/>\ngiven address an individual\u2019s opinions and feel-<br \/>\nings, but do not provide information on actual<br \/>\nperformance on the job or about job experiences<br \/>\nor accomplishments. It is difficult for a panel to<br \/>\ndetermine how a person will perform into the<br \/>\nfuture without an idea of what and how they<br \/>\nhave performed in the past. <\/p>\n<p>Who will conduct the interview?<br \/>\nThe trained interview panel consists of at least<br \/>\ntwo individuals and may include up to four indi-<br \/>\nviduals appointed by your provincial organization<br \/>\nand formally trained to carry out competency-<br \/>\nbased interviews. Over 60 designated members<br \/>\nof the Institute have recently participated in<br \/>\nintensive training workshops conducted by a firm<br \/>\nof human resource consultants who specialize in<br \/>\nBehavioural Descriptive Interview techniques. <\/p>\n<p>What will be included in the professional<br \/>\ncompetency interview?<br \/>\nQuestions will be focused on obtaining informa-<br \/>\ntion relevant to the defined competencies of<br \/>\ndesignated members of AIC. Candidates will be<br \/>\nasked questions that will enable them to provide<br \/>\ndetailed accounts of what they have done, said,<br \/>\nthought and felt in situations which will be similar<br \/>\nto situations they will encounter as a designated<br \/>\nAIC member. Candidates may be asked for more<br \/>\nthan one example. for example, instead of being<br \/>\nasked \u201cHow do you do such and such\u2026?\u201d you<br \/>\nwould be asked \u201cDescribe a situation when you<br \/>\nhave \u2026, what were the circumstances, what were<br \/>\nyour specific actions, what was the result, etc. The<br \/>\ninterviewers will take notes during the interviews<br \/>\nand may probe for further details when required.<br \/>\nTake a look at the Interview Scenario (Link) to see<br \/>\nhow a sample question is answered. <\/p>\n<p>Do I need to bring anything with me?<br \/>\nno, the interview panel will have received and<br \/>\nreviewed your r\u00e9sum\u00e9 and Applied experience<br \/>\nreport in advance of the meeting. <\/p>\n<p>What happens when the interview is over?<br \/>\nWill I get my results immediately?<br \/>\nOnce the interview is over, you will be asked to<br \/>\nleave the room while the panel deliberates. You will<br \/>\nthen be invited back to meet with them. Successful<br \/>\nCandidates will be congratulated by the panel chair,<br \/>\nprovided with information on use of the designa-<br \/>\ntion, and presented with the designation certificate.<br \/>\nOn occasion, the panel may require additional time<br \/>\nto reach a conclusion, in which case you will be<br \/>\nexcused and advised of an approximate date when<br \/>\nyou will be contacted with the panel\u2019s decision.  <\/p>\n<p>What if I am not successful?<br \/>\nIf you were unsuccessful, the panel chair will provide<br \/>\nyou with advice on how to succeed the next time, as<br \/>\nwell as when you may return for a second interview.<\/p>\n<p>To review the complete guide to the new<br \/>\nAIC examinations, visit:  http:\/\/www.aicanada.<br \/>\nca\/e\/careers_candidate_membership-new-<br \/>\nexams-study-resource.cfm . <\/p>\n<p>http:\/\/www.aicanada.ca\/e\/careers_candidate_membership-new-exams-study-resource.cfm<\/p>\n<p>http:\/\/www.realestate.ubc.ca<br \/>\nmailto:info@realestate.sauder.ubc.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 3\ufffd<\/p>\n<p>By John Bridal, Manager Program Development Real estate Division (ReD)<br \/>\nSauder School of Business , University of British Columbia<\/p>\n<p>ver the past three years, the UBC Real<br \/>\nestate Division has developed short<br \/>\ncourses to meet the continuing profes-<\/p>\n<p>sional development (CPD) needs of AIC members.<br \/>\nThese CPD courses have two goals: (1) to refresh<br \/>\nmembers\u2019 skills and knowledge; and\/or (2) to<br \/>\nteach members new techniques and applications<br \/>\nfor the evolving marketplace. UBC\u2019s CPD courses<br \/>\nare \u2018bite-sized,\u2019 self-paced online courses. There<br \/>\nare more than 20 courses available, with new<br \/>\nadditions coming online regularly.  <\/p>\n<p>This article highlights three recently devel-<br \/>\noped CPD courses, with the goal of providing<br \/>\ninformation on their subject matter \u2013 and<br \/>\nhopefully whetting your appetite to learn more.<\/p>\n<p>CPD 125: Green Value \u2013 Valuing Sustainable<br \/>\nCommercial Buildings<br \/>\nGlobal climate change and the sustainability of our<br \/>\ncurrent consumer lifestyles have become main-<br \/>\nstream topics of conversation. former US vice<br \/>\nPresident Al Gore brought widespread awareness<br \/>\nof climate issues to the public in his documentary<br \/>\nfilm An Inconvenient Truth, while the United<br \/>\nnations Report on Climate Change has reinforced<br \/>\nthe message that the earth is changing.<\/p>\n<p>This two-lesson course examines how<br \/>\ncontemporary environmental issues are impact-<br \/>\ning real estate decision-making. The first lesson<br \/>\nexplores the features of \u2018green buildings\u2019 and<br \/>\nsustainable development. Green buildings aim for<br \/>\nseveral or all of the following features:<br \/>\n\u2022 substantially reduce energy requirements;<br \/>\n\u2022 conserve water;<br \/>\n\u2022 maximize natural light and views;<br \/>\n\u2022 maximize fresh air circulation;<br \/>\n\u2022 minimize high energy heating\/cooling;<br \/>\n\u2022 harvest rainwater for toilet flushing and <\/p>\n<p>irrigation; <\/p>\n<p>Spotlight on continuing<br \/>\nprofessional development <\/p>\n<p>O \u2022 include recycled materials; and \u2022 flexible sustainable designs that can endure for a hundred years and more.<br \/>\nIn Lesson 1, we provide examples of architectural<br \/>\ndesign and building construction practices that<br \/>\ncontribute to a building\u2019s \u2018green-ness.\u2019 We also<br \/>\nintroduce international standards for rating green<br \/>\nbuildings, most notably the Leadership in energy<br \/>\nand environmental Design (LeeD) program and<br \/>\nthe BOMA program.<\/p>\n<p>The second lesson examines the business<br \/>\ncase for green building investments. We explore<br \/>\nthe additional costs of sustainable building and<br \/>\ncompare these against the benefits, both to the<br \/>\nbuilding owner and society at large. We also<br \/>\ninvestigate the issue of \u2018green value,\u2019 whether<br \/>\nor not green features add to real estate\u2019s market<br \/>\nvalue. Questions to be explored include:<br \/>\n\u2022 In the case of feasibility studies, does building <\/p>\n<p>to green standards make economic sense?<br \/>\n\u2022 Is the value of a green \u2018retro-fit,\u2019 such as energy <\/p>\n<p>efficient lighting, captured in market value?<br \/>\n\u2022 How do financial incentives offered by energy <\/p>\n<p>companies, local, provincial, and national<br \/>\ngovernments and agencies impact green<br \/>\nbuilding economics? <\/p>\n<p>\u2022 What additional factors influence the busi-<br \/>\nness decision to adopt green building tech-<br \/>\nnologies? In other words, is green building an<br \/>\nethical choice and a good financial choice? <\/p>\n<p>Since real estate professionals provide advice to<br \/>\nclients on property value, brokerage, and building<br \/>\nmanagement, an understanding of the \u2018green<br \/>\nincrement\u2019 will increasingly become an expecta-<br \/>\ntion of a consultant\u2019s due diligence in the future.<br \/>\nOur overall course goal is to explore the concept<br \/>\nof \u2018green value\u2019 and shed light on the debate<br \/>\nof whether a \u2018green\u2019 premium for commercial<br \/>\nconstruction is fact or fantasy. <\/p>\n<p>note that this course focuses primarily on<br \/>\ncommercial real estate, including office, retail,<br \/>\nindustrial, and multi-family residential. We leave<br \/>\nresidential issues to another related course cur-<br \/>\nrently in development.<\/p>\n<p>CPD 117: Exposure &#038; Marketing Time:<br \/>\nValuation Impacts<br \/>\nConsider the following appraisal assignments:<br \/>\n\u2022 You are commissioned to complete an <\/p>\n<p>appraisal for a house in foreclosure. The<br \/>\nlegislation specifies it must be sold at \u2018market<br \/>\nvalue,\u2019 but the bank has instructed you that<br \/>\nthey need to recover their money as quickly<br \/>\nas possible and that your appraisal reflect<br \/>\n\u2018market value based on a 30-day sale.\u2019 Typical<br \/>\nexposure time in this market is 4-5 months.<\/p>\n<p>\u2022 You have been hired to complete a valuation of<br \/>\na single-family dwelling. The intended use of<br \/>\nthe appraisal is for relocation purposes and the<br \/>\nintended users of the report are the relocation<br \/>\ncompany and the company that is relocat-<br \/>\ning the employee. The property is located in<br \/>\na small community that typically will only<br \/>\nexperience two to three sales per year. The<br \/>\nrelocation company asks for a value estimate<br \/>\n\u2018assuming a marketing period of 90 days.\u2019<br \/>\nnormal exposure is 180 days in this market.<\/p>\n<p>\u2022 What special considerations are necessary in<br \/>\nappraising these properties?<\/p>\n<p>\u2022 Are these market value appraisal assignments<br \/>\nor something different?<\/p>\n<p>\u2022 How can you meet the clients\u2019 needs, but<br \/>\nalso protect yourself from potential liability<br \/>\nand a breach of professional standards?  <\/p>\n<p>Most appraisal assignments involve estimat-<br \/>\ning the market value of real property. Whether<br \/>\nexplicitly recognized or not, the concept of time<br \/>\nis always intertwined within the definition of <\/p>\n<p>Learning Advisory<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada38<\/p>\n<p>market value. Market value estimates must<br \/>\nalways be as of a fixed point in time, whether<br \/>\ncurrent, retrospective, or prospective. The<br \/>\nstandard definition of market value includes the<br \/>\nconcept of a \u2018reasonable\u2019 exposure time. Also, a<br \/>\n\u2018reasonable\u2019 marketing time is required in order<br \/>\nto achieve market value. This one-lesson course<br \/>\nexplores the relationship between market value<br \/>\nand time, focusing specifically on exposure and<br \/>\nmarketing time.<\/p>\n<p>exposure time and marketing time are two<br \/>\nimportant concepts which are often not given the<br \/>\nattention they deserve in the appraisal process.<br \/>\nAppraisal Standard Rule 6 of the Canadian Uniform<br \/>\nStandards of Professional Appraisal Practice<br \/>\n(CUSPAP) requires that the appraiser include an<br \/>\nanalysis of \u2018reasonable exposure time\u2019 in each<br \/>\nreport. In other words, there is a compulsory<br \/>\ncompliance requirement that exposure time be<br \/>\ndealt with in an appraisal assignment and in<br \/>\nevery appraisal report.<\/p>\n<p>The assumption of a \u2018reasonable\u2019 or<br \/>\n\u2018adequate\u2019 exposure period is a cornerstone of<br \/>\nmost definitions of market value. If this period<br \/>\nvaries from normal, there is likely to be an impact<br \/>\n\u2013 either on the market value estimate or the<br \/>\nselling price of a property under review. It could<br \/>\nbe said that exposure time helps to shape the<br \/>\ndefinition of market value. Therefore, it is impera-<br \/>\ntive that the link be made between these two<br \/>\nconcepts in an appraisal report.<\/p>\n<p>Attention should also be drawn to the various<br \/>\nmarket conditions where buyers and\/or sellers<br \/>\nmay be atypically motivated. It is important for<br \/>\nappraisers to be aware of these different condi-<br \/>\ntions, so when researching sales, the measure<br \/>\nof exposure can be a true reflection of \u2018normal<br \/>\nmarketing conditions.\u2019 exposure time and moti-<br \/>\nvation of one or the other parties to a sale are so<br \/>\ninterrelated, that when sales with such features<br \/>\nare used in determining value or average days<br \/>\non market, the accuracy of one or the other must<br \/>\nsuffer \u2013 either the value estimate or the estimate<br \/>\nof exposure time. furthermore, by understand-<br \/>\ning the circumstances surrounding a sale, an<br \/>\nappraiser is in a better position to accurately<br \/>\nlink exposure and marketing times to their final<br \/>\nestimates of value. Therefore, an appraisal that <\/p>\n<p>considers these factors will more accurately<br \/>\nreflect the conditions of the market and become<br \/>\nmore useful to clients. <\/p>\n<p>This course explores the relevance of an<br \/>\nexposure time estimate and the need for clear and<br \/>\nadequate disclosure of the estimate in a report,<br \/>\nsuch that the reader clearly understands the<br \/>\nconcepts of exposure time and marketing time.<br \/>\nThrough an in-depth discussion and a series of<br \/>\ncase studies, the course aims to clarify this often<br \/>\nneglected aspect of appraisal assignments, so that<br \/>\nappraisers across Canada may better serve their cli-<br \/>\nents (as well as protect themselves from potential<br \/>\nliability and meet professional standards).  <\/p>\n<p>CPD 118: Machinery and Equipment Valuation<br \/>\nMachinery and equipment (M&#038;e) are items of<br \/>\npersonal property. This includes everything from<br \/>\nthe beds and televisions in a hotel room, to auto-<br \/>\nmobiles, trucks and other mobile equipment, to<br \/>\nmanufacturing equipment in plants and generators<br \/>\nin power dams. M&#038;e also includes the following:<br \/>\n\u2022 Machine tools<br \/>\n\u2022 Hand tools<br \/>\n\u2022 vehicles, boats<br \/>\n\u2022 Chemical equipment and tanks<br \/>\n\u2022 furniture and supporting equipment<br \/>\n\u2022 Communication equipment and computers<br \/>\n\u2022 farm equipment<br \/>\n\u2022 Oilfield equipment<br \/>\n\u2022 Restaurant equipment<br \/>\nThe valuation of M&#038;e is a specialty branch of the<br \/>\nappraisal field, combining technical machinery<br \/>\nand equipment expertise with techniques from<br \/>\nboth business valuation and real estate appraisal.<br \/>\nM&#038;e appraisal assignments can differ from real<br \/>\nproperty appraisals in many ways:<br \/>\n\u2022 A determination of market value is not always <\/p>\n<p>the aim of the assignment.<br \/>\n\u2022 M&#038;e appraisals are often completed as part <\/p>\n<p>of complete business valuations that typi-<br \/>\ncally combine the need for expertise in real<br \/>\nproperty values and analysis of the financial<br \/>\nwell-being of the business.<\/p>\n<p>\u2022 Analysis of M&#038;e values requires identification<br \/>\nand classification of the items to be valued<br \/>\n(which is not always an easy task), and then<br \/>\ndetermination about the condition and func-<\/p>\n<p>tion of each item. The location of the item will,<br \/>\nin most cases, make a difference in its value.<\/p>\n<p>\u2022 In an M&#038;e assignment involving heavy or<br \/>\nlarge machines, it is often difficult to know<br \/>\nwhere to draw the line between where the<br \/>\nmachine ends and where the real property<br \/>\nbegins. for example, is the air conditioning<br \/>\nthat cools the employees, but is also needed<br \/>\nto operate an engine production line within<br \/>\nacceptable machined tolerances, part of the<br \/>\nbuilding or part of the M&#038;e?<\/p>\n<p>\u2022 M&#038;e values can be very detailed, requiring<br \/>\nconsiderable inspection time and analysis,<br \/>\nor completely summary in nature, where a<br \/>\ncomplex assembly process is valued as only<br \/>\none line on the report.<\/p>\n<p>\u2022 M&#038;e values can also involve the valuation of<br \/>\nchattels, including horses and livestock.<\/p>\n<p>In spite of these complications, the CUSPAP still<br \/>\napply to machinery and equipment appraisal<br \/>\nassignments. CUSPAP discusses personal property<br \/>\nas follows:<\/p>\n<p>Personal property: including tangible or<br \/>\nintangible items that are not real property, but<br \/>\nthat are included in the appraisal. May be omit-<br \/>\nted when not relevant to the assignment, other-<br \/>\nwise competency in personal property appraisal<br \/>\nis required when it is necessary to allocate overall<br \/>\nvalue. (CUSPAP section 7.23, 2008)<\/p>\n<p>This two-lesson course introduces concepts<br \/>\nand techniques for the valuation of machinery<br \/>\nand equipment. The intent of the course is to<br \/>\nbuild awareness of this topic, either as a potential<br \/>\narea of specialization for appraisers or at mini-<br \/>\nmum so appraisers are more familiar with the<br \/>\n\u2018what, why, and how\u2019 of machinery and equip-<br \/>\nment valuation, should they come across M&#038;e<br \/>\nissues as a part of real estate assignments.<\/p>\n<p>Much of the first lesson is devoted to outlin-<br \/>\ning the various types of machinery and equip-<br \/>\nment valuation assignments and the value defini-<br \/>\ntions that apply. After, the resources and methods<br \/>\nthat are available to complete the appraisal are<br \/>\ndiscussed, including simple examples using the<br \/>\nincome, cost, and direct comparison approaches.<br \/>\nThe second lesson provides case studies that<br \/>\nillustrate the practical application of these tech-<br \/>\nniques in a variety of real-world scenarios. <\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 3\ufffd<\/p>\n<p>am sure you have all been asked at one time or<br \/>\nanother by a client or an interested third party<br \/>\nto review your own appraisal report. This issue <\/p>\n<p>continues to challenge appraisers, as they seek<br \/>\nclarity regarding what review and update can be<br \/>\nundertaken and how the results of that review<br \/>\ncould be reported. If you do make any changes to<br \/>\nyour report, it is an \u2018updated report,\u2019 as set out in<br \/>\nCUSPAP Appraisal Standard Comment 7.6.4.<\/p>\n<p>The challenges to any review are to know<br \/>\nand understand what constitutes a reasonable<br \/>\nrequest from your client or other interested party.<br \/>\nTheir reaction typically starts with something like,<br \/>\n\u201cI thought it was worth more\u201d or \u201cthe house next<br \/>\ndoor sold for more.\u201d So, what can you do?<\/p>\n<p>first, it is important to recognize that you are<br \/>\nthe professional and that you will stand behind<br \/>\nyour work; but that there may be an instance<br \/>\nwhere your client has something to contribute. It<br \/>\nis reasonable to be asked to correct any errors in<br \/>\nyour report, even if, in your opinion, it does not<br \/>\naffect value. If you get the property description<br \/>\nwrong, it undermines the entire report\u2019s<br \/>\ncredibility.<\/p>\n<p>It is reasonable to be asked if you had<br \/>\nconsidered a specific property for comparison<br \/>\npurposes and, in such instances, it is reasonable<br \/>\nto indicate that you did consider it, and why you<br \/>\nchose not to use it. It is reasonable to update your<br \/>\nreport, if your client suggests a property that is,<br \/>\nin your opinion, a better comparable, but one of<br \/>\nwhich you were not previously aware.<\/p>\n<p>It is not reasonable to update your report<br \/>\nto provide an opinion of value that the client<br \/>\nexpects, if it does not correspond with the value<br \/>\nyou have already determined. See CUSPAP Ethics<br \/>\nRule Comment 5.14 for a discussion of this.<\/p>\n<p>The second part of this discussion has to <\/p>\n<p>Reasonable appraisal review<\/p>\n<p>I<\/p>\n<p>be about who can request a review and what<br \/>\ninformation you could provide. If it is your<br \/>\nclient, then it is simple, you should have that<br \/>\nconversation and explain your choices and<br \/>\nyour outcome. That is part and parcel of being<br \/>\na professional. Providing an explanation that<br \/>\ncontributes to your client\u2019s understanding of the<br \/>\nappraisal process should always be part of the<br \/>\nservice appraisers provide. Where this is done<br \/>\nwell, chances are you will have a repeat client<br \/>\nand someone who will refer family and friends<br \/>\nto you. However, if not done well, it could lead to<br \/>\nnegative consequences.<\/p>\n<p>When the request for a review comes<br \/>\nfrom someone who is not your client, e.g.,<br \/>\nthe property owner or mortgage broker, it is<br \/>\nimportant to recognize that, as a professional,<br \/>\nyou have a duty of confidentiality to your<br \/>\nclient. However, there will always be a duty<br \/>\nof care owing to the homeowners and others<br \/>\nthat may be interested or to those who will<br \/>\nrely on your competence as a professional to<br \/>\nprepare a professional report without undue<br \/>\ninfluence. There is no question that it should<br \/>\nnot matter who asks for a review of your report; <\/p>\n<p>Robert Patchett<br \/>\nLL.B, CD, AIC Counsellor, <\/p>\n<p>Professional Practice<\/p>\n<p>From the Counsellor\u2019s Desk<\/p>\n<p>your opinion of value should stand the test of<br \/>\nreview. In this situation, it is even reasonable<br \/>\nfor someone else to ask you to correct an error,<br \/>\neven if it does not affect value. It is the ethical<br \/>\nthing to do as a professional. It is reasonable to<br \/>\nadmit that there may be a better comparable<br \/>\nthat can be used in the report and to update<br \/>\nyour report accordingly.  <\/p>\n<p>The challenge is to provide a reasonable<br \/>\nexplanation to the other party regarding errors<br \/>\nand choices of comparable properties. This<br \/>\ncontributes to their understanding appraisal<br \/>\nmethodologies and recognizes that the selection<br \/>\nof an appropriate comparable for use in a<br \/>\nparticular appraisal assignment is dictated<br \/>\nby your professional opinion. It would not be<br \/>\nconsidered reasonable to be so rigid as to refuse<br \/>\nto discuss these issues with a third party on the<br \/>\nbasis that they are not your client, or that the<br \/>\ninformation is confidential, since clearly they<br \/>\nmay have a copy of your report and have some<br \/>\nconcerns that you should be willing to discuss.<br \/>\nHowever, if not done well, it could lead to<br \/>\nnegative consequences.<\/p>\n<p>In some cases, you may experience difficulties<br \/>\nwith clients and others about the content of<br \/>\nan appraisal assignment. If you are unable to<br \/>\nresolve these issues, then you can and should<br \/>\nrefer them to the Counsellor Professional Practice.<br \/>\nYou may also call upon the Counsellor for advice<br \/>\nand coaching to assist you in resolving the<br \/>\ndifficulties on your own. The member service<br \/>\nthat I provide includes assisting members, their<br \/>\nclients and intended users to resolve these kinds<br \/>\nof disagreements and to better understand the<br \/>\nmethodologies involved. I may be contacted via<br \/>\nemail Counsellor@aicanada.ca or toll free<br \/>\n866-726-5996. <\/p>\n<p>A reasonable request for an appraisal<br \/>\nreview can be based on a need to:<\/p>\n<p>(1) Consider additional, appropriate property<br \/>\ninformation, including the consideration<br \/>\nof additional comparable properties to<br \/>\nmake or support an appraisal.<\/p>\n<p>(2) Provide further detail, substantiation,<br \/>\nor explanation for the appraiser\u2019s value<br \/>\nconclusion.<\/p>\n<p>(3) Correct errors in the appraisal report.<\/p>\n<p>mailto:Counsellor@aicanada.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada\ufffd0<\/p>\n<p>n the spring of 2007, a joint committee was<br \/>\nstruck to assume the task of reviewing and<br \/>\nharmonizing the AIC standards with those <\/p>\n<p>of our counterparts at the Ordre des \u00e9valuateurs<br \/>\nagr\u00e9\u00e9s du Qu\u00e9bec (O\u00c9AQ). Once this is<br \/>\naccomplished, we will undertake to ensure that<br \/>\nthe harmonized standards comply fully with<br \/>\nthe International Valuation Standards.<\/p>\n<p>The question that should immediately<br \/>\ncome to mind is why? The AIC standards went<br \/>\nthrough a significant revamping several years<br \/>\nago when we moved from USPAP to CUSPAP<br \/>\nand have evolved since. So why bother? Why<br \/>\ngo through the effort and the expense and<br \/>\nwhat benefits could possibly be gained? This<br \/>\narticle aims to provide a very brief overview of <\/p>\n<p>I<br \/>\nHarmonization of standards<\/p>\n<p>By Louis Poirier, AACI, P. App<br \/>\nMember AIC-OeAQ Professional Practice Standards<\/p>\n<p>Harmonization Work Group<\/p>\n<p>the reason this committee was struck, what<br \/>\naccomplishments are expected, why it is of<br \/>\nsignificant importance, and how it will promote<br \/>\nour industry and profession.  <\/p>\n<p>first of all, we have to acknowledge that<br \/>\nthe world is shrinking. Some of us continue<br \/>\nto say \u201cwho cares\u201d and cling to the comfort<br \/>\nand notion that what happens outside our city<br \/>\nor sphere of work does not matter. Well, it is<br \/>\ntime to wake up and smell the sub-prime melt<br \/>\ndown. each of us will be affected by what goes<br \/>\non to the south and throughout the world,<br \/>\ndirectly or indirectly, like it or not.<\/p>\n<p>The International Financial Reporting<br \/>\nStandards (IFRS) will come into full force in<br \/>\n2011. I will not go into details regarding what <\/p>\n<p>IfRS entails, as we have had articles on this<br \/>\nsubject in earlier issues. But, if you are not sure,<br \/>\nyou should find out. That said, many in our<br \/>\nmidst think we have a couple of years to prepare,<br \/>\nwhich is wrong. In order to be IFRS compliant,<br \/>\ncompanies will require one year\u2019s comparison to<br \/>\nestablish a base line for their accounting records,<br \/>\nwhich means 2010 valuations. In order to get the<br \/>\nwork completed in time, many companies will<br \/>\nstart revaluing their real estate assets at market<br \/>\nvalue very soon, because they know there are<br \/>\nonly so many appraisers out there. This means<br \/>\nthey will have to start in 2009, or now, to get<br \/>\nahead of the wave. So, the object in the rear view<br \/>\nmirror is closer than it appears and is about to<br \/>\npull up along side of us.<\/p>\n<p>Standards<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada \ufffd1<\/p>\n<p>What this means is that the international<br \/>\nbusiness community is pushing more<br \/>\ncohesive financial reporting requirements<br \/>\nthrough the system; and this will impact<br \/>\nmany private and public companies. By<br \/>\nextension, this means consistent valuation<br \/>\nmethodology and standards for real property.<br \/>\nThat is the connecting link to us and to why<br \/>\nwe absolutely need national standards that<br \/>\nare internationally compliant. If we do not<br \/>\ntake care of this and get in front of it, we will<br \/>\nbe led through the process by someone other<br \/>\nthan the real property valuation experts.<br \/>\nno disrespect intended toward lawyers and<br \/>\naccountants, but we do not tell them how to<br \/>\ndo their jobs. We have to make sure we are<br \/>\ndriving this process or one of those groups<br \/>\nalmost certainly will assume the driver\u2019s seat.<\/p>\n<p>Therefore, the logical starting point is to<br \/>\nharmonize our Canadian standards by bringing<br \/>\ntogether those adhered to by the AIC and the<br \/>\nO\u00c9AQ. Once this is completed, we will structure<br \/>\nthe common document so that, by default, our<br \/>\nmembers will be IvS (International valuation<br \/>\nStandards) compliant.<\/p>\n<p>The fact is that both our standards<br \/>\nand the O\u00c9AQ\u2019s are currently similar and<br \/>\nclose to being IVS compliant. Therefore,<br \/>\nharmonization is a very short step,<br \/>\nas opposed to a perceived giant leap.<br \/>\nHowever, the devil is in the details, as we<br \/>\nwork at coordinating the AIC\u2019s and O\u00c9AQ\u2019s<br \/>\ndocuments, while including regional<br \/>\nparticularities relative to licensing in certain<br \/>\nprovinces. nevertheless, the end result will be<br \/>\nquite simple in that, as an AIC member or as<br \/>\na member of the O\u00c9AQ, and by adhering to<br \/>\nthe Canadian standards as they apply to your<br \/>\nprovince; you will be automatically Canada<br \/>\nand IVS compliant.<\/p>\n<p>AIC \u2013 Harmonization<br \/>\nof Standards Work Group<br \/>\nGeorges Lozano, CeO \u2013 Appraisal<br \/>\n    Institute of Canada<br \/>\nChristiane Guimond, \u00c9.A. Professional<br \/>\nAffairs Coordinator O\u00c9AQ<br \/>\nLaurent Brosseau, AACI, P. App<br \/>\nPierre Cyr, \u00c9.A.<br \/>\nG\u00e9rard D\u2019Aoust, \u00c9A<br \/>\nMarc Lachaine, \u00c9.A.<br \/>\nJules Mercier, \u00c9A<br \/>\nLouis Poirier, AACI, P. App<\/p>\n<p>What do you have to do as a member?<br \/>\nThe answer is nothing. This committee has<br \/>\nbeen working diligently at the task and will be<br \/>\npresenting its first draft to the AIC Standards<br \/>\nCommittee and its counterpart at the O\u00c9AQ<br \/>\nin June 2008. The document will then<br \/>\nevolve and, presuming it receives continued<br \/>\nsupport by the AIC Board of Directors and the<br \/>\nO\u00c9AQ, it would eventually replace CUSPAP.<br \/>\nIn actual fact, the term \u2018replace\u2019 is probably<br \/>\nthe wrong word, because the new Canadian<br \/>\nstandards will actually be an evolution of<br \/>\nCUSPAP and the O\u00c9AQ\u2019s standards. This will<br \/>\nbe a fairly seamless transition, but will be a<br \/>\nsignificant accomplishment for the future of<br \/>\nour profession. In addition to establishing truly<br \/>\nCanadian valuation standards, the international<br \/>\ncommunity will recognize these standards as<br \/>\nthe benchmark for quality and professionalism<br \/>\nrelative to real property valuation in Canada. <\/p>\n<p>furthermore, the intention is to expand<br \/>\nand include the business valuators and the<br \/>\nmachinery and equipment valuation industry<br \/>\nwithin the Canadian standards. AIC is currently<br \/>\ndeveloping training for M &#038; e. Talks are ongoing<br \/>\nbetween AIC and the Canadian Institute of<br \/>\nCertified Business valuators (CICBv), with <\/p>\n<p>respect to having this organization participate<br \/>\nin establishing Canadian standards relative<br \/>\nto their specialized profession. Combining<br \/>\nthese elements is not a new concept, as IVS<br \/>\nalready has sections for real property, business<br \/>\nvaluation, machinery and equipment, and<br \/>\nfinancial accounting. Therefore, the AIC is<br \/>\nbuilding on its international reputation and<br \/>\nstepping to the forefront to maintain the<br \/>\nposition of its members within the business<br \/>\ncommunity. This is the AIC and its partner<br \/>\norganization the O\u00c9AQ working for their<br \/>\nmembers on a national and international stage.       <\/p>\n<p>The members of the Harmonization of<br \/>\nStandards Work Group consist of the CeO of<br \/>\nthe AIC, the Professional Affairs Coordinator<br \/>\nof the O\u00c9AQ, and volunteer members of both<br \/>\norganizations, which includes a representative<br \/>\nof Public Works and Government Services<br \/>\nCanada (PWGSC). The federal government<br \/>\nhas taken a keen interest in this endeavour,<br \/>\nas it represents a push towards truly national<br \/>\nstandards for real property valuation in Canada.<br \/>\nThe members are listed below. If you have<br \/>\nany questions, please feel free to email AIC at<br \/>\nstandards-harmonization@aicanada.ca. <\/p>\n<p>\u201cIf we do not take care<br \/>\nof this and get in front  <\/p>\n<p>of it, we will be led<br \/>\nthrough the process by <\/p>\n<p>someone other than<br \/>\nthe real property <\/p>\n<p>valuation experts.\u201d<\/p>\n<p>mailto:standards-harmonization@aicanada.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada\ufffd2<\/p>\n<p>u printemps de 2007, un comit\u00e9 mixte<br \/>\na \u00e9t\u00e9 cr\u00e9\u00e9 pour revoir et harmoniser<br \/>\nles normes de l\u2019ICe en collaboration <\/p>\n<p>avec nos coll\u00e8gues de l\u2019Ordre des \u00e9valuateurs<br \/>\nagr\u00e9\u00e9s du Qu\u00e9bec (O\u00c9AQ). Une fois l\u2019exercice<br \/>\ntermin\u00e9, nous veillerons \u00e0 ce que les normes<br \/>\nharmonis\u00e9es soient conformes aux \u00ab normes<br \/>\ninternationales d\u2019\u00e9valuation \u00bb (nIe).<\/p>\n<p>La question qui vient donc imm\u00e9diatement<br \/>\nen t\u00eate est pourquoi? Les normes de l\u2019ICe ont subi<br \/>\nun remaniement majeur il y a quelques ann\u00e9es<br \/>\nlorsque nous avons pass\u00e9 des R\u00e8gles uniformes<br \/>\nde pratique en mati\u00e8re d\u2019\u00e9valuation aux R\u00e8gles<br \/>\nuniformes de pratique en mati\u00e8re d\u2019\u00e9valuation au<br \/>\nCanada (version 2007). Depuis, elles n\u2019ont cess\u00e9<br \/>\nd\u2019\u00e9voluer. Alors pourquoi s\u2019en faire? Pourquoi<br \/>\nd\u00e9penser tant d\u2019efforts et d\u2019argent et qu\u2019avons-<br \/>\nnous possiblement \u00e0 gagner? Le pr\u00e9sent article<br \/>\nvise \u00e0 expliquer rapidement pourquoi ce comit\u00e9 a<br \/>\n\u00e9t\u00e9 cr\u00e9\u00e9, les r\u00e9alisations attendues, son impor-<br \/>\ntance et comment il sert \u00e0 promouvoir l\u2019industrie<br \/>\net la profession.   <\/p>\n<p>D\u2019abord et avant tout, nous devons recon-<br \/>\nna\u00eetre que le monde est de plus en plus petit.<br \/>\nCertains continuent de dire \u00ab et puis apr\u00e8s ?\u00bb et<br \/>\ns\u2019accrochent au confort et \u00e0 la notion voulant<br \/>\nque ce qui se passe \u00e0 l\u2019ext\u00e9rieur de leur ville ou<br \/>\nleur milieu ne compte pas. et bien il est temps<br \/>\nde faire face \u00e0 la r\u00e9alit\u00e9. Chacun de nous sera<br \/>\naffect\u00e9 par les \u00e9v\u00e9nements de par le monde,<br \/>\nsoit directement ou indirectement et ce, qu\u2019on y<br \/>\nsoit pr\u00eat ou non. <\/p>\n<p>Les normes internationales r\u00e9gissant les<br \/>\nrapports financiers (nIRf) entreront en vigueur<br \/>\nen 2011. Je n\u2019aborderai pas les d\u00e9tails de ce que<br \/>\ncela signifie puisque des articles ont d\u00e9j\u00e0 paru sur<br \/>\nle sujet dans des num\u00e9ros pr\u00e9c\u00e9dents. Toutefois,<br \/>\nsi vous \u00eates incertain, vous devriez faire des<br \/>\nrecherches. Ceci \u00e9tant dit, plusieurs croient que<br \/>\nnous avons encore quelques ann\u00e9es pour nous <\/p>\n<p>A<br \/>\nHarmonisation des normes<\/p>\n<p>par Louis Poirier, AACI, P. App.<br \/>\nmembre du Groupe de travail de l\u2019ICe-OeAQ sur <\/p>\n<p>l\u2019harmonisation des normes de pratique professionnelle<\/p>\n<p>pr\u00e9parer. C\u2019est faux. Pour se conformer aux nIRf,<br \/>\nles compagnies auront besoin d\u2019une ann\u00e9e de<br \/>\ncomparaison afin d\u2019\u00e9tablir un mod\u00e8le de base<br \/>\npour leurs rapports comptables, ce qui veut dire<br \/>\nles \u00e9valuations de 2010. Pour compl\u00e9ter ce travail<br \/>\ndans les d\u00e9lais pr\u00e9vus, plusieurs compagnies<br \/>\ncommenceront \u00e0 r\u00e9\u00e9valuer leurs biens immo-<br \/>\nbiliers \u00e0 la valeur marchande tr\u00e8s bient\u00f4t parce<br \/>\nqu\u2019elles savent qu\u2019il existe un nombre limit\u00e9<br \/>\nd\u2019\u00e9valuateurs. Cela signifie qu\u2019elles devront com-<br \/>\nmencer en 2009, voire maintenant, pour aller aux<br \/>\ndevants des coups. Alors ce que l\u2019on voit dans le<br \/>\nr\u00e9troviseur est plus pr\u00e8s qu\u2019on le croit et s\u2019appr\u00eate<br \/>\n\u00e0 nous rattraper. <\/p>\n<p>Ce que cela signifie est que le milieu des<br \/>\naffaires \u00e0 l\u2019\u00e9chelle internationale vise \u00e0 faire<br \/>\naccepter des exigences plus coh\u00e9rentes pour<br \/>\nles rapports financiers et cela aura des con-<br \/>\ns\u00e9quences sur plusieurs compagnies priv\u00e9es<br \/>\net publiques. Par extension, cela veut dire<br \/>\nune m\u00e9thode et des normes d\u2019\u00e9valuation<br \/>\ncoh\u00e9rentes pour les biens immobiliers. voil\u00e0 <\/p>\n<p>pourquoi nous sommes concern\u00e9s et pourquoi<br \/>\nnous avons besoin de normes nationales<br \/>\nconformes aux exigences internationales. Si<br \/>\nnous ne restons pas \u00e0 l\u2019aff\u00fbt de la situation et<br \/>\nque nous ne prenons pas les mesures n\u00e9ces-<br \/>\nsaires, nous devrons suivre dans la voie d\u2019autres<br \/>\nintervenants qui ne sont pas sp\u00e9cialistes dans<br \/>\nle domaine de l\u2019\u00e9valuation immobili\u00e8re. Sans<br \/>\n\u00eatre irrespectueux \u00e0 l\u2019endroit des avocats et des<br \/>\ncomptables, je m\u2019empresse d\u2019ajouter que nous<br \/>\nne leur disons pas comment faire leur travail.<br \/>\nnous devons donc assumer la direction de ce<br \/>\nprocessus car sinon, l\u2019un de ces groupes le fera<br \/>\ncertes \u00e0 notre place. <\/p>\n<p>Par cons\u00e9quent, le point de d\u00e9part logique<br \/>\nest donc l\u2019harmonisation de nos normes cana-<br \/>\ndiennes en \u00e9tablissant un parall\u00e8le entre celles<br \/>\nque respectent l\u2019ICe et l\u2019O\u00c9AQ. Une fois ce travail<br \/>\ncompl\u00e9t\u00e9, nous devrons structurer un docu-<br \/>\nment commun de tel sorte que nos membres se<br \/>\nconforment \u00e9galement aux nIe (normes interna-<br \/>\ntionales d\u2019\u00e9valuation). <\/p>\n<p>Le fait demeure que nos normes et celles de<br \/>\nl\u2019O\u00c9AQ sont actuellement relativement similaires<br \/>\net suite aux travaux du comit\u00e9, elles devraient<br \/>\n\u00eatre conformes aux nIe. L\u2019harmonisation des<br \/>\nnormes de l\u2019ICe et de l\u2019O\u00c9AQ est donc un exercice<br \/>\nplus simple que pr\u00e9vu au d\u00e9part plut\u00f4t qu\u2019un<br \/>\ntravail tr\u00e8s complexe.  <\/p>\n<p>Cependant, les difficult\u00e9s surgissent des<br \/>\nmenus d\u00e9tails contenus dans les documents<br \/>\nde l\u2019ICe et de l\u2019O\u00c9AQ et l\u2019inclusion des par-<br \/>\nticularit\u00e9s r\u00e9gionales relativement \u00e0 l\u2019octroi<br \/>\nde permis dans certaines provinces.  Il va sans<br \/>\ndire que les nouvelles normes pancanadiennes<br \/>\nqui visent \u00e0 rencontrer celles de l\u2019international<br \/>\n(nIC) n\u2019emp\u00eachera toutefois les organisations<br \/>\nr\u00e9gionales d\u2019ajouter des obligations d\u00e9on-<br \/>\ntologiques plus sp\u00e9cifiques en fonction d\u2019un<br \/>\ncontexte distinct.<\/p>\n<p>Normes<\/p>\n<p>\u00ab Si nous ne restons pas \u00e0<br \/>\nl\u2019aff\u00fbt de la situation  <\/p>\n<p>et que nous ne<br \/>\nprenons pas les <\/p>\n<p>mesures n\u00e9cessaires,<br \/>\nnous devrons suivre<br \/>\ndans la voie d\u2019autres <\/p>\n<p>intervenants qui ne sont<br \/>\npas sp\u00e9cialistes dans le <\/p>\n<p>domaine de l\u2019\u00e9valuation<br \/>\nimmobili\u00e8re. \u00bb<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada \ufffd3<\/p>\n<p>Le r\u00e9sultat final est simple en ce sens qu\u2019un<br \/>\nmembre de l\u2019ICe ou de l\u2019O\u00c9AQ qui respecte les<br \/>\nnormes canadiennes applicables dans sa province<br \/>\nsera automatiquement conforme aux nIe.  <\/p>\n<p>Alors comme membre, que devez-vous faire?<br \/>\net bien c\u2019est simple, vous n\u2019avez rien \u00e0 faire. Le<br \/>\ncomit\u00e9 travaille avec diligence en votre nom et<br \/>\npr\u00e9sentera sa premi\u00e8re \u00e9bauche au Comit\u00e9 des<br \/>\nnormes de l\u2019ICe et \u00e0 celui de l\u2019O\u00c9AQ en juin 2008.<br \/>\nLe document suivra alors les \u00e9tapes n\u00e9cessaires<br \/>\net en supposant qu\u2019il soit approuv\u00e9 par le Conseil<br \/>\nd\u2019administration de l\u2019ICe et de l\u2019O\u00c9AQ, il rem-<br \/>\nplacera \u00e9ventuellement les RUPPeC. en fait, le<br \/>\nmot \u00ab remplacera \u00bb est probablement fautif parce<br \/>\nque les nouvelles normes canadiennes seront en<br \/>\nfait le r\u00e9sultat d\u2019une \u00e9volution des RUPPeC et des<br \/>\nnormes de pratique professionnelle de l\u2019Ordre<br \/>\ndes \u00e9valuateurs agr\u00e9\u00e9s du Qu\u00e9bec. Il s\u2019agira d\u2019une<br \/>\ntransition qui se fera en douceur et qui repr\u00e9sente<br \/>\nun \u00e9norme progr\u00e8s pour l\u2019avenir de notre profes-<br \/>\nsion. en plus d\u2019\u00e9tablir des normes uniformis\u00e9es<br \/>\npancanadiennes, la communaut\u00e9 internationale<br \/>\nles reconna\u00eetra comme une marque de qualit\u00e9 et<br \/>\nde professionnalisme pour l\u2019\u00e9valuation immobil-<br \/>\ni\u00e8re au Canada.  <\/p>\n<p>Aussi, il est pr\u00e9vu d\u2019\u00e9laborer davantage<br \/>\net d\u2019inclure l\u2019\u00e9valuation d\u2019entreprises et de<br \/>\nmachinerie dans les normes canadiennes. L\u2019ICe<br \/>\ns\u2019affaire actuellement \u00e0 pr\u00e9parer un programme<br \/>\nde formation en \u00e9valuation de machinerie et<br \/>\nd\u2019\u00e9quipement. Les discussions se poursuivent<br \/>\nentre l\u2019ICe et l\u2019Institut canadien des experts<br \/>\nen \u00e9valuation d\u2019entreprises (ICeee) concernant<br \/>\nla possibilit\u00e9 que cette organisation parti-<br \/>\ncipe \u00e0 l\u2019\u00e9laboration des normes canadiennes<br \/>\nrelativement \u00e0 leur profession sp\u00e9cialis\u00e9e. La<br \/>\ncombinaison de ces \u00e9l\u00e9ments n\u2019est pas un<br \/>\n\u00e9l\u00e9ment nouveau puisque les nIe comportent<br \/>\nd\u00e9j\u00e0 des sections sur l\u2019immobilier, l\u2019\u00e9valuation<br \/>\nd\u2019entreprises, la machinerie et l\u2019\u00e9quipement et<br \/>\nla comptabilit\u00e9 financi\u00e8re. Ainsi, l\u2019ICe s\u2019appuie<br \/>\nsur sa r\u00e9putation internationale et prend<br \/>\ntoutes les mesures n\u00e9cessaires pour maintenir<br \/>\nle positionnement de ses membres dans le<br \/>\nmilieu des affaires. Il s\u2019agit d\u2019une collaboration<br \/>\nv\u00e9ritable entre l\u2019ICe et l\u2019O\u00c9AQ qui travaillent au<br \/>\nnom de leurs membres aux paliers national et<br \/>\ninternational. <\/p>\n<p>Le Comit\u00e9 sur l\u2019harmonisation des normes<br \/>\nest compos\u00e9 de membres de la permanence et <\/p>\n<p>Le nom des membres du comit\u00e9<br \/>\nfigure ci-dessous. Si vous avez<br \/>\ndes questions, n\u2019h\u00e9sitez pas \u00e0<br \/>\nles adresser par courriel \u00e0 l\u2019ICE \u00e0<br \/>\nl\u2019adresse standards-harmoniza-<br \/>\ntion@aicanada.ca<br \/>\nGeorges Lozano, Chef de la direction \u2013 ICe<br \/>\nChristiane Guimond, \u00c9.A., Coordonnatrice<br \/>\n     aux affaires professionnelles O\u00c9AQ<br \/>\nLaurent Brosseau, AACI, P. App<br \/>\nPierre Cyr, \u00c9.A.<br \/>\nG\u00e9rard D&rsquo;Aoust, \u00c9.A.<br \/>\nMarc Lachaine, \u00c9.A.<br \/>\nJules Mercier, \u00c9.A.<br \/>\nLouis Poirier, AACI, P. App<\/p>\n<p>du Conseil d\u2019administration de l\u2019ICe et de l\u2019O\u00c9AQ<br \/>\net de membres volontaires de chacune des deux<br \/>\norganisations. Le gouvernement f\u00e9d\u00e9ral (Travaux<br \/>\npublics et Services gouvernementaux Canada)<br \/>\ns\u2019est montr\u00e9 vivement int\u00e9ress\u00e9 dans cet effort<br \/>\nd\u2019hamonisation puisqu\u2019il repr\u00e9sente une pouss\u00e9e<br \/>\nvers des normes uniformis\u00e9es pancanadiennes en<br \/>\nmati\u00e8re d\u2019\u00e9valuation immobili\u00e8re au Canada.  <\/p>\n<p>mailto:standards-harmonization@aicanada.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada\ufffd\ufffd<\/p>\n<p>slaved over this article. It is a masterpiece,<br \/>\na symphony of verisimilitude\u2026full of truth<br \/>\nand wisdom. Who would not read The Six<br \/>\nFunctions of One Dollar \u2013 Revisited? Answer: <\/p>\n<p>lots of us.<br \/>\nThere is a universal rule in writing. Capture <\/p>\n<p>the reader\u2019s interest or imagination in the first<br \/>\nfew lines and do not let it slip away. In this<br \/>\narticle, I will explain why this is important and<br \/>\nhow to lock onto your audience.<\/p>\n<p>When you write for a technical or trade<br \/>\njournal, such as Canadian Property Valuation<br \/>\n(formerly Canadian Appraiser), you have<br \/>\na major leg up on most writers, since you<br \/>\nhave captured a subscription readership<br \/>\nalready interested in real estate valuation and<br \/>\nprofession-related topics. You still need to<br \/>\ncompete for reader\u2019s interest.   <\/p>\n<p>People have a great ability to skim and<br \/>\nprocess information. Who reads a magazine<br \/>\ncover to cover, almost no one. Readers tend<br \/>\nto skip to the index, look for interesting titles<br \/>\n(appraisal secrets to retire early) and flip to<br \/>\nthe article. On a sub-conscious level, our<br \/>\nminds apply a spam filter to evaluate the title<br \/>\nand first few lines of an article. Is the article<br \/>\nlikely to be informative, topical, entertaining,<br \/>\nuseful, or the opposite: confusing, boring, and<br \/>\nun-informative?<\/p>\n<p>What makes an article topical, informative<br \/>\nand interesting? How can I write a paper with<br \/>\nhigh relevance to readers? Here are some tips<br \/>\nto persuade readers you have something they<br \/>\nshould definitely read.<br \/>\n1. A topical article is one that deals with <\/p>\n<p>one or more contemporary problems or<br \/>\nissues facing a large number of valuation<br \/>\nprofessionals. for example, the impact of<br \/>\nthe sub-prime crisis on tightening credit<br \/>\nand bank valuation requirements is topical. <\/p>\n<p>Does your writing<br \/>\nhave reader relevance?<\/p>\n<p>I<\/p>\n<p>An article on highest and best use may be<br \/>\ninteresting to some members, but since<br \/>\nthe topic has been covered in multiple AIC<br \/>\narticles, it is not topical.   Tip: check the<br \/>\nAIC website for back issues of the Canadian<br \/>\nAppraiser or the bibliography search index<br \/>\nto see if your subject has been covered in<br \/>\nprevious articles.<\/p>\n<p>2. To lock in your audience\u2019s attention and<br \/>\nprovide a sense that the article will be<br \/>\ninteresting and worthwhile, the first few<br \/>\nsentences need to be very carefully scripted.<br \/>\nTell readers what the article is about, the<br \/>\nkey messages, and your hypothesis, or your<br \/>\npoint of view on an issue. Is your goal to<br \/>\ninform, educate, argue for a new valuation<br \/>\nbest practice, or provide a solution to a<br \/>\nproblem? The rest of the article is your<br \/>\npresentation of the facts, research and other<br \/>\ninformation to support your findings.   <\/p>\n<p>3. Think and write like an investigative<br \/>\njournalist. If you can objectively say that<br \/>\nyour paper gives readers a W5 or who,<br \/>\nwhat, where, when and why, you are a<br \/>\nsuccess. Since appraisers have notorious<br \/>\ninflated egos, it is a good idea to ask<br \/>\nsomeone you trust to give you an honest<br \/>\nreview of the article, perhaps a teenager.<\/p>\n<p>4. To maintain your audience\u2019s interest, use<br \/>\nthe first person when writing, not the third<br \/>\nperson. Rather than saying \u201cthe appraiser\u2019s<br \/>\nopinion, or the appraiser did this or that,\u201d<br \/>\nspeak plainly, and tell the reader&#8230;\u201dI believe<br \/>\nthis\u2026.or we did that\u2026\u201d Writing in the<br \/>\nthird person is a good way to put the<br \/>\naudience to sleep quickly. Writing in the<br \/>\nfirst person is a great way to personalize<br \/>\nsome potentially dry technical material,<br \/>\nby telling us how you overcame diversity<br \/>\nto solve a problem or reach an important <\/p>\n<p>By John Peebles, AACI, P. App., Member Publications Sub-Committee<br \/>\nPublications<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada \ufffd5<\/p>\n<p>Publications Sub-Committee<br \/>\nGrant Uba, AACI, P. App. &#8211; Chair<br \/>\nJohn Peebles, AACI, P. App<br \/>\nAndr\u00e9 Beaudoin, CRA<br \/>\nDavid Lopatka, AACI, P. App<br \/>\nJoanne Hayes, Candidate<br \/>\nJane Londerville, University of Guelph<br \/>\nTo contact this committee, email<br \/>\npublications @aicanada.ca<\/p>\n<p>The Publications Sub-Committee, essentially our<br \/>\nEditorial Board, comprises six individuals from across<br \/>\nthe country, five of them AIC members representing<br \/>\nvarious regions and valuation specialties and one<br \/>\nassociate professor from the University of Guelph.<br \/>\nReporting to the Communications Committee, this<br \/>\nsub-committee works to help ensure AIC\u2019s ongoing<br \/>\nproduction of a professional magazine valued by<br \/>\nmembers, advertisers and stakeholders.<\/p>\n<p>conclusion. \u201cI hiked 10 miles in a driving<br \/>\nsnowstorm, survived an avalanche, pepper<br \/>\nsprayed a bear, swam a raging torrent, and<br \/>\ninspected the property.\u201d   <\/p>\n<p>5. Another tool for maintaining interest is<br \/>\nto challenge your perceived conventional<br \/>\nthinking. Be provocative. If you said \u201c\u2026there<br \/>\nhave been no advances in appraisal theory<br \/>\nand practice since 1950,\u201d you have my<br \/>\nattention. now you have it prove it to me.<\/p>\n<p>6. Use an outline. Writing from an outline<br \/>\nkeeps you organized and helps you build<br \/>\na logical progression for your hypothesis<br \/>\nor key messages. A good outline results<br \/>\nin a consistent, logical paper. Readers<br \/>\nwill appreciate the order, consistency and<br \/>\nprogression of thinking in your article.<br \/>\nYour paper will be a joy to read, provided<br \/>\nit does not carry on for 50 pages. Articles<br \/>\nwritten without an outline are easy to spot,<br \/>\nsince paragraphs are out of order, logic is <\/p>\n<p>lacking, and it is impossible to pick out the<br \/>\nkey messages. These articles are quickly<br \/>\nidentified and eliminated by our personal<br \/>\nspam filters.  <\/p>\n<p>7.  Use short sentences and plain language. It<br \/>\nis okay to break a few literary rules when<br \/>\nwriting for a trade magazine. In my last<br \/>\narticle, I pointed out some useful web<br \/>\nresources to improve your writing skills. <\/p>\n<p>8. Do not tell us what we already know. A sure<br \/>\naudience killer is to begin by reminding us<br \/>\nof the three approaches to value.    <\/p>\n<p>9. Give us a quick summary at the end of<br \/>\nthe paper, purpose of the paper, what we<br \/>\nlearned, and the key findings.   <\/p>\n<p>I have given you nine tips for successful<br \/>\nwriting. My last tip is the most important.<br \/>\nTake advantage of the expertise of AIC<br \/>\ncommunications staff. They can help you<br \/>\novercome writer\u2019s block and move your article<br \/>\nidea from concept to black ink. <\/p>\n<p>mailto:publications@aicanada.ca<br \/>\nhttp:\/\/www.uli.org\/bookstore<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada\ufffd\ufffd<\/p>\n<p>n the real estate appraisal industry, as in every<br \/>\nindustry, communication is without a doubt<br \/>\nthe most important aspect of business. Simply <\/p>\n<p>put, it is what connects individuals to other<br \/>\ncolleagues, to our clients, to our world. In an era<br \/>\nwhere technological innovation has allowed us to<br \/>\ncommunicate in ways many of us never dreamed<br \/>\nof, productivity and profitability have come to rely<br \/>\non connectivity for success. With more innovative<br \/>\npossibilities than ever before, voice-over-Internet<br \/>\nProtocol (voIP) technology is the next generation<br \/>\nof business communication. <\/p>\n<p>When voIP first emerged as an alternative<br \/>\nto traditional phone networks, it was met with<br \/>\nsome skepticism. Admittedly, there were some<br \/>\nquality and reliability issues in its early days.<br \/>\nHowever, like many emerging technologies, voIP<br \/>\nhas evolved and strengthened \u2013 particularly in<br \/>\nthe business sector. <\/p>\n<p>Today, as many businesses look to access<br \/>\nthe latest technology, improve their efficiency<br \/>\nand reduce costs, voIP is the obvious solution.<br \/>\nIn fact, a recent survey by forrester Research<br \/>\nindicated that 90% of Canadian businesses plan<br \/>\nto switch to voIP. now more commonly referred<br \/>\nto as IP communications or IP telephony, it<br \/>\nis not just able to transform the way that we<br \/>\ncommunicate, but also the way we do business.<\/p>\n<p>There are substantial timesaving and cost<br \/>\nbenefits to implementing IP communications.<br \/>\nCentury 21 Leading edge Realty Inc., a Toronto-<br \/>\nbased real estate brokerage, is an example of a<br \/>\nsmall business that has had huge results.<\/p>\n<p>\u201cSince using OneConnect\u2019s IP voice, our<br \/>\nservice costs have decreased by 20%,\u201d said<br \/>\nPaul Baron, owner of Century 21 Leading edge.<br \/>\n\u201cfurthermore, it used to take a month or longer<br \/>\nfor a new office to be operational. now, I can <\/p>\n<p>Make the connection<br \/>\nwith high speed communication<\/p>\n<p>I<\/p>\n<p>have a new office up and running in two days,<br \/>\nwhich makes a huge impact on my business.\u201d  <\/p>\n<p>The speed to open a new office is just<br \/>\none of many reasons why businesses can<br \/>\nbenefit from making the switch. As unified<br \/>\ncommunications (integrating voice mail, email,<br \/>\ninstant messaging, conferencing, etc.), becomes<br \/>\nincreasingly popular, more businesses are<br \/>\nlooking to IP Telephony in order to use these<br \/>\nservices within their organizations.  <\/p>\n<p>With the option to direct calls to the office,<br \/>\nyour cell phone, or even at home, location<br \/>\nbecomes irrelevant. Despite where calls are<br \/>\nmade from, all calls are \u2018local,\u2019 meaning no long<br \/>\ndistance charges \u2013 and significant savings.<\/p>\n<p>Traditional phone networks become<br \/>\nobsolete with the \u2018plug and play\u2019 ability of IP<br \/>\ncommunications. There is no phone equipment<br \/>\nor telephone wires necessary. In fact, you do<br \/>\nnot even need a phone. Simply plug a headset<br \/>\ninto a computer and you are ready to go. <\/p>\n<p>IP technology can make it easier for<br \/>\nbusinesses of any size to afford innovative<br \/>\ncommunications systems. Options such<br \/>\nas hosted and managed solutions and the<br \/>\nability to integrate voice, data, internet, video,<br \/>\ncollaboration and conferencing services all<br \/>\nmake IP the obvious choice. To learn more<br \/>\nabout OneConnect\u2019s IP voice solutions, visit<br \/>\nwww.OneConnect.ca. <\/p>\n<p>By Gianni Creta, vice President, Solutions engineering, OneConnect Services Inc.<br \/>\nTechnology<\/p>\n<p>http:\/\/www.OneConnect.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada \ufffd\ufffd<\/p>\n<p>CRITICAL DATES<br \/>\nThe following dates are provided as a reminder to Appraisal Institute<br \/>\nof Canada (AIC) members of critical dates throughout the year:<\/p>\n<p>July 31, 2008 \u2013 Candidates report annual course completion for<br \/>\nprocessing in advance of September 1, 2008 deadline<\/p>\n<p>September 30, 2008 \u2013 Membership dues payment due date<\/p>\n<p>December 31, 2008 \u2013 CPD reporting deadline (minimum annual<br \/>\nrequirement is 6 credits)<\/p>\n<p>January 1, 200\ufffd \u2013 Professional Liability Insurance levy<br \/>\npayment due date<\/p>\n<p>January 1, 200\ufffd \u2013 Deadline to complete We value Canada<\/p>\n<p>News<\/p>\n<p>About the Trust<br \/>\nThe trust will advance education in the areas of appraisal and valuation in the following ways:<br \/>\n\u2022 By providing financial assistance through scholarships and bursaries to members of the public <\/p>\n<p>who wish to undertake a course of studies in<br \/>\nthe areas of appraisal and valuation.<\/p>\n<p>\u2022 The Appraisal Institute of Canada has academic requirements for accreditation and requires<br \/>\ncandidates to complete a prescribed course of studies.<\/p>\n<p>\u2022 Persons wishing to enter the accreditation program OR those enrolled<br \/>\nin it will be eligible for assistance.<\/p>\n<p>\u2022 Scholarships will be awarded on the basis of academic achievement.<br \/>\n\u2022 Bursaries will be granted on the basis of financial need.<\/p>\n<p>Applications are available by contacting the BC Association of the Appraisal Institute of Canada or<br \/>\nby visiting www.appraisal.bc.ca\/publications and selecting Application Forms.<\/p>\n<p>Deadline for application is August 31, 2008<\/p>\n<p>Jack Warren Education trust<\/p>\n<p>News Flash!<br \/>\nThe Directors of the Jack Warren education<br \/>\nTrust are pleased to announce that they will<br \/>\nbe awarding two AIC conference registrations<br \/>\nto two selected Jack Warren Trust recipients<br \/>\neach year.  <\/p>\n<p>The free registrations will be randomly<br \/>\ndrawn from the names of all past Jack Warren<br \/>\neducation Trust recipients who are current<br \/>\nmembers in good standing of the Appraisal <\/p>\n<p>Institute of Canada. The draw will be made each<br \/>\nApril and individuals will be notified so that travel<br \/>\narrangements may be made in plenty of time.  <\/p>\n<p>These prizes do not include transportation<br \/>\nor accommodation to\/from\/at the conference.<br \/>\nWinning conference registrations are for the<br \/>\nexclusive use of the Jack Warren educational<br \/>\nTrust recipients and only for the current year<br \/>\nconference. They may not be transferred to other <\/p>\n<p>individuals or delayed to a future conference.<br \/>\nThe registration fee will be reimbursed <\/p>\n<p>following the conference upon confirmation of<br \/>\nattendance. <\/p>\n<p>Good luck to past recipients!<\/p>\n<p>One more reason<br \/>\nto apply. Don\u2019t delay!<\/p>\n<p>IN MEMORIAM<\/p>\n<p>Les membres suivant de l\u2019Institut canadien des \u00e9valuateurs sont d\u00e9c\u00e9d\u00e9s. Au<br \/>\nnom de tous ceux qui oeuvrent de pr\u00e8s ou de loin au sein de l\u2019Institut et de la<br \/>\nprofession, nous exprimons nos plus sinc\u00e8res condol\u00e9ances \u00e0 les familles, amis<br \/>\net associ\u00e9s.<\/p>\n<p>The following members of the Appraisal Institute of Canada have<br \/>\npassed away. On behalf of everyone connected with the Institute and<br \/>\nthe profession, we extend our sincerest sympathies to the families,<br \/>\nfriends and associates.<\/p>\n<p>Gordon Glover, CRA<br \/>\nBurnaby, BC<\/p>\n<p>John C. F. Laird, CRA<br \/>\nBridgewater, nS<\/p>\n<p>http:\/\/www.appraisal.bc.ca\/publications<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada\ufffd8<\/p>\n<p>On the move<\/p>\n<p>Doug Dorey \u2013 Altus HealthTrust Canada<br \/>\nAltus Group<br \/>\nis pleased to<br \/>\nannounce the<br \/>\nappointement<br \/>\nof Doug Dorey,<br \/>\nAACI, P. App. as a<br \/>\nSenior Director,<br \/>\nAltus HealthTrust<br \/>\nCanada, effective <\/p>\n<p>March 1, 2008. Doug joins Carole Cowper,<br \/>\nSenior Director of Altus HealthTrust Canada, in<br \/>\nheading Altus\u2019 Canadian Healthcare Appraisal<br \/>\nDivision, which will significantly bolster Altus\u2019<br \/>\ncapacity in the seniors\u2019 housing market. <\/p>\n<p>Doug is a member of the Appraisal Institute<br \/>\nof Canada and an associate member of the<br \/>\nInstitute of Municipal Assessors of Ontario. With<br \/>\nover 25 years experience providing valuation<br \/>\nand consulting services across Canada, Doug is<br \/>\nsought after by a broad range of clients for his <\/p>\n<p>expertise in valuing retirement homes and<br \/>\nlong-term care facilities. <\/p>\n<p>Paul Grosman \u2013 Cushman Wakefield<br \/>\nLePage Property Tax Services<\/p>\n<p>Paul Grosman,<br \/>\nAACI, P. App., BA<br \/>\nhas joined the<br \/>\nnewly-created<br \/>\nCushman<br \/>\nWakefield<br \/>\nLePage Property<br \/>\nTax Services Inc.<br \/>\nAs an Associate <\/p>\n<p>vice-President, Paul will continue to service<br \/>\nclients as well as be part of the strategic<br \/>\nmanagement team in the company\u2019s Canada-<br \/>\nwide property tax practice. <\/p>\n<p>Paul has over 14 years experience in<br \/>\nproperty tax assessment consulting. After<br \/>\nserving as President of Pro Tax Realty Advisors <\/p>\n<p>Inc., he more recently held a senior position at<br \/>\none of the big four accounting firms in Ontario.<br \/>\nHe is a graduate of the University of Toronto, a<br \/>\nmember of the Appraisal Institute of Canada,<br \/>\nand a member of the Canadian Property Tax<br \/>\nAssociation. <\/p>\n<p>NOTE:<br \/>\nIf you or someone you know in the real<br \/>\nestate industry is changing positions, <\/p>\n<p>taking on<br \/>\nnew responsibilities, moving to a new<br \/>\ncompany or location, winning awards, <\/p>\n<p>etc., please send<br \/>\nthe information to  <\/p>\n<p>joannec@aicanada.ca so that we can<br \/>\ninclude it in our ON THE MOVE section <\/p>\n<p>of Canadian Property Valuation.<\/p>\n<p>mailto:joannec@aicanada.ca<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"GP4AkT7784\"><p><a href=\"https:\/\/www.douglascostguide.com\/\">Douglas Cost Guide: Estimate Rebuild &#038; Replacement Costs<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Douglas Cost Guide: Estimate Rebuild &#038; Replacement Costs&#8221; &#8212; Douglas Cost Guide\" src=\"https:\/\/www.douglascostguide.com\/embed\/#?secret=ZWIVrRfmGo#?secret=GP4AkT7784\" data-secret=\"GP4AkT7784\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nmailto:karldouglas@sympatico.ca<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada \ufffd\ufffd<\/p>\n<p>Designations\/Candidates\/Students<\/p>\n<p>The Appraisal Institute of Canada (AIC), together with the provincial associations and the provincial bodies affiliated with the AIC, commend the following<br \/>\nmembers who completed the rigorous requirements for accreditation as a designated member of the AIC during the period January 19, 2008 to April 8, 2008:<\/p>\n<p>L\u2019Institut canadien des \u00e9valuateurs (ICE), en collaboration avec les associations provinciales et les organismes provinciaux affili\u00e9s \u00e0 l\u2019ICE, f\u00e9licitent les membres<br \/>\nsuivants qui ont compl\u00e9t\u00e9 le programme rigoureux d\u2019accr\u00e9ditation \u00e0 titre de membre d\u00e9sign\u00e9 de l\u2019ICE durant la p\u00e9riode du 19 janvier au 8 avril 2008:<\/p>\n<p>AIC designations granted \/ D\u00e9signations obtenues de l\u2019ICE<\/p>\n<p>Accredited Appraiser Canadian Institute<br \/>\nWe welcome and congratulate these individuals as fully accredited members<br \/>\nof the Institute through the granting of their AACI, P. App. designation.<br \/>\nAccueillons et f\u00e9licitons comme membres pleinement accr\u00e9dit\u00e9s de l\u2019Institut et<br \/>\nleur accordons avec fiert\u00e9 la d\u00e9signation AACI, P. App.<\/p>\n<p>ALBERTA<br \/>\nfraser Aird Dyer<br \/>\nDavid William Weber<br \/>\nRyan Zacharuk <\/p>\n<p>BRITISH COLUMBIA<br \/>\nCharlotte A. Ciok<br \/>\nCharlotte M. Coates <\/p>\n<p>AACI, P. App<\/p>\n<p>MANITOBA<br \/>\nGordon J. Daman<\/p>\n<p>ONTARIO<br \/>\nT. Brent<br \/>\nMike Domjancic<br \/>\nCarey Poon <\/p>\n<p>CRA<\/p>\n<p>ALBERTA<br \/>\nRolanda Bernard-Docker<br \/>\nDana Carroll <\/p>\n<p>BRITISH COLUMBIA<br \/>\nDaymon T. Chung<br \/>\nDavid W. Dauphinee<br \/>\nAndrew Partington<\/p>\n<p>MANITOBA<br \/>\nTerry P. Ruta <\/p>\n<p>Canadian Residential Appraiser<br \/>\nThese members are congratulated on the successful completion of the<br \/>\nCRA designation requirements.<br \/>\nNous f\u00e9licitons ces membres pour avoir compl\u00e9t\u00e9 avec succ\u00e8s le programme<br \/>\nmenant \u00e0 la d\u00e9signation CRA.<\/p>\n<p>NEWFOUNDLAND<br \/>\nAnthony D. Adams<br \/>\nTravis Hoffe <\/p>\n<p>ONTARIO<br \/>\nStephen J. Churchill<br \/>\nTodd M. Lapierre<br \/>\nKarl McAdorey<br \/>\nShane M. McConnell<br \/>\nSean G. McDonnell<br \/>\nDan A. McGlinchey<\/p>\n<p>Candidates \/ Stagiaires<br \/>\nAIC welcomed the following new Candidate members during the period January 19, 2008 to April 8, 2008:<\/p>\n<p>L\u2019ICE souhaite la bienvenue aux personnes suivantes qui ont joint les rangs des membres stagiaires durant la p\u00e9riode du  19 janvier au 8 avril 2008:<\/p>\n<p>ALBERTA<br \/>\nAmandeep S. Dhanju<br \/>\nPaul Douglas Dungale<br \/>\nKelly M. evans<br \/>\nMarie-Danielle french<br \/>\nDavid Mark Thomas Lemm<br \/>\nRyan Richard Morken<br \/>\nCherlyn Morrill<br \/>\nRyan James Murphy<br \/>\nnam T. nguyen<br \/>\nerika Popovics<br \/>\nJeffrey R. Salmon<br \/>\nManpreet S. Sidhu<br \/>\nBrent M. Young<\/p>\n<p>BRITISH COLUMBIA<br \/>\nTroy Kenneth Karl Abromaitis<br \/>\nZoheb Ahmed<br \/>\nGoran Arevski<br \/>\nJohn K. Hopson<br \/>\nDavid Keough<br \/>\nSerena Hor Ka Lai<br \/>\nJames W. e. Lang<br \/>\nBo JC Lott<br \/>\nJennifer Y. Musey<br \/>\nnathan nottingham<br \/>\nflora Wong<\/p>\n<p>MANITOBA<br \/>\nMark Gregory Kunyckyj<\/p>\n<p>NOVA SCOTIA<br \/>\nClinton W. e.  Boswell<br \/>\nRobert M. Gordon<br \/>\nJames J. L Hardy<br \/>\nJonathan Quinn McCarthy <\/p>\n<p>NORTHWEST TERRITORIES<br \/>\nGardiner McCarthy<\/p>\n<p>ONTARIO<br \/>\nJason M. Baldwin<br \/>\nAllen B. Baxter<br \/>\nChristopher John Bol<br \/>\nJay K. Boville<br \/>\nSheri e. Cox<br \/>\nJin Kwan Jung<br \/>\nMaia Young IM McClintock<br \/>\nShanna L. Muise<br \/>\nMichael J. Parsons<br \/>\nWeitao vito Qu<br \/>\nMorgan R. Rueter<br \/>\nJeremiah L. Shields<br \/>\nOksana vialykh-Patti<\/p>\n<p>Students \/ \u00c9tudiants<br \/>\nThis new category of membership was implemented January 1, 2007 and now serves as the first step on the path to designation for those completing their requirements for<br \/>\nCandidate membership. Students considering the appraisal profession as a career option are also welcomed to this new category of membership.<br \/>\nCette nouvelle cat\u00e9gorie de membre entrait en vigueur le 1er janvier 2007 et constitue la premi\u00e8re \u00e9tape sur la voie de la d\u00e9signation pour ceux qui s\u2019affairent \u00e0 compl\u00e9ter les exigences<br \/>\nde la cat\u00e9gorie de membre stagiaire. Les \u00e9tudiants qui contemplent une carri\u00e8re comme \u00e9valuateur professionnel sont bienvenus \u00e0 joindre cette nouvelle cat\u00e9gorie de membre.<\/p>\n<p>MANITOBA<br \/>\nJennifer e. Benedictson<\/p>\n<p>ONTARIO<br \/>\nDamien S. Chong<br \/>\nGregory A. Seto<\/p>\n<p>SASkATCHEWAN<br \/>\nSusan J. Kasper<\/p>\n<p>PRINCE EDWARD ISLAND<br \/>\nSimon Moore<\/p>\n<p>QUEBEC<br \/>\nerica M. Giesbrecht<br \/>\nStanislava Peker<br \/>\nMario Santini<\/p>\n<p>Andrea Stewart-Callegari<br \/>\nAntonio Zingaro<\/p>\n<p>QUEBEC<br \/>\nfarah-Martine Da\u00ef<\/p>\n<p>SASkATCHEWAN<br \/>\nKurt R Pelzer <\/p>\n<p>SIMON  MOk<br \/>\nKathryn M. Sheehan<br \/>\nPeter J. Tiller<br \/>\nCraig B. Weatherby<\/p>\n<p>QUEBEC<br \/>\nRoberto D\u2019Avanzo<br \/>\nAlain Lefebvre<\/p>\n<p>SASkATCHEWAN<br \/>\nRosanne WoodMISSED IN LAST ISSUE:  <\/p>\n<p>Julie Clarke, AACI, P.App \u2013 nB &#8211; 12\/13\/2007 <\/p>\n<p>SPELLING ERROR IN PREVIOUS ISSUE:<br \/>\nedwina nearhood, AACI, P.App &#8211; BC<\/p>\n<p>MISSED IN LAST ISSUE:<br \/>\nMichael e. MacInnis, CRA \u2013 nS &#8211; 10\/03\/2007<br \/>\nMaryAnn Kilravey, CRA \u2013 nB \u2013 12\/13\/2007<\/p>\n<p>Paul Babineau, CRA \u2013 nB &#8211; 12\/13\/2007<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada50<\/p>\n<p>major factor in the Greater Vancouver<br \/>\nand Lower Mainland real estate mar-<br \/>\nketplace of British Columbia in the last <\/p>\n<p>five years is the \u2018tear-down.\u2019 With ever-increasing<br \/>\nland acquisition and lot creation costs (construc-<br \/>\ntion servicing, municipal fees and consultant<br \/>\ncosts), the tear-down builder has emerged from a<br \/>\nminor influence in the dynamics of real estate to<br \/>\na major force shaping the nature of competition.<\/p>\n<p>A tear-down is an existing single-family<br \/>\ndwelling on an existing lot (known as a \u2018lot-of-<br \/>\nrecord\u2019) that is acquired for the specific purpose<br \/>\nof tearing down the existing dwelling and then<br \/>\nconstructing a new single-family dwelling<br \/>\nwithin the existing zoning by-law provisions and<br \/>\nallowable building footprint. Under this scenario,<br \/>\nno rezoning or subdivision (with associated<br \/>\ncosts) is applicable, and no development cost<br \/>\ncharges (DCCs) are payable. No GST is payable<br \/>\non the purchase, as the acquisition is of a \u2018used\u2019<br \/>\nexisting single-family dwelling. Also, since the<br \/>\nlot-of-record exists, no design guidelines are<br \/>\nregistered against the title and, thus, there is no <\/p>\n<p>A<\/p>\n<p>The \u2018tear-down\u2019 trend<br \/>\nBy Nicholas N. Rawcliffe, AACI, P. App<\/p>\n<p>requirement to build to a certain neighbourhood<br \/>\nstandard, or no requirement to obtain approval<br \/>\nfrom a developer\u2019s design consultant as to house<br \/>\nstyle, house materials or landscaping treatment. <\/p>\n<p>A significant amount of residential building<br \/>\nconstruction costs can be saved by this method<br \/>\nof acquisition, assuming the builder opts for<br \/>\na standard other than what would typically<br \/>\nbe prescribed by design guidelines for the<br \/>\nneighbourhood. For these reasons, and in these<br \/>\nparticular situations, the existing building does<br \/>\nnot contribute utility to the land. The sale price<br \/>\nof a tear-down property tends to set the upper<br \/>\nlimit of value of competing similarly-located and<br \/>\nsimilarly-sized newly-subdivided vacant lots.<br \/>\nThis is because, as far as new dwelling size and<br \/>\ndesign are concerned, the tear-down builder only<br \/>\nhas to conform to the setbacks of the existing<br \/>\nzoning and, therefore, can build to the maximum<br \/>\nfloor area ratio and lot coverage permitted by the<br \/>\nexisting zone.  <\/p>\n<p>In most cases, the highest and best use con-<br \/>\ntinues to be a single-family residential building <\/p>\n<p>lot. Tear-down situations tend to occur in neigh-<br \/>\nbourhoods where existing single-family residen-<br \/>\ntial land uses are dominant. It is most noticeable<br \/>\nin areas that are older and well established<br \/>\nwith existing infrastructure, and is foremost for<br \/>\nproperties fronting arterial roads. This is because<br \/>\nolder dwellings are situated fronting arterial<br \/>\nroads, simply because arterial roads were the first<br \/>\nroads constructed in early emerging communi-<br \/>\nties. This trend is not found in emerging areas or<br \/>\nnewly-established neighbourhoods.<\/p>\n<p>Besides the City of Surrey, the author has<br \/>\nobserved this trend occurring in many other<br \/>\nsub-markets within the Fraser Valley\/Greater<br \/>\nVancouver areas of British Columbia, including<br \/>\nRichmond, Vancouver, Burnaby, White Rock, Port<br \/>\nMoody, New Westminster, Coquitlam and Delta.<br \/>\nThis trend is not prevalent or applicable to major<br \/>\nhousing builders in the residential development<br \/>\nindustry, but rather occurs and applies to smaller<br \/>\nbuilders and \u2018end-user builders.\u2019 <\/p>\n<p>End-user builders are those participants that<br \/>\nacquire the tear-down, not for the purpose of <\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 51<\/p>\n<p>constructing a new dwelling and reselling for<br \/>\nprofit, but for the purpose of constructing a new<br \/>\ndwelling for their own use and occupation. Major<br \/>\nhousing builders tend to develop large tracts of<br \/>\nland for new communities or neighbourhoods<br \/>\nand, thus, the tear-down issue is not a business<br \/>\nplan consideration for these builders. <\/p>\n<p>The reason why this nuance of the residential<br \/>\nconstruction and development business is impor-<br \/>\ntant to appraisers and other marketplace observ-<br \/>\ners is that an accurate picture of the single-family<br \/>\nlots created vs. single-family building permits<br \/>\nissued (\u2018lot absorption\u2019) cannot be determined<br \/>\nwithout specifically blending in or accounting for<br \/>\ndemolition permits issued, where the tear-down <\/p>\n<p>trend is common. Generally, local governments<br \/>\nonly report lots created and building permits<br \/>\nissued without reporting the relationship of<br \/>\ndemolition permits issued. If local governments<br \/>\ndo provide this information, it is generally not<br \/>\nreadily accessible. <\/p>\n<p>For example, let us assume that, within a<br \/>\nparticular local government, during a particu-<br \/>\nlar month of the year, this local government<br \/>\nreported that there were 177 single-family build-<br \/>\ning lots created by way of final approval being<br \/>\ngranted via subdivision registration, and, during<br \/>\nthis same monthly time period, this local govern-<br \/>\nment reported 138 building permits issued for<br \/>\nsingle-family dwelling construction. On this <\/p>\n<p>basis, these published statistics would lead an<br \/>\nobserver to conclude that the lot absorption ratio<br \/>\nfor this particular month is at 77.97% (138\/177). <\/p>\n<p>For the purpose of this example, let us also<br \/>\nassume that 29 of the 58 demolition permits<br \/>\nissued during this same month for single-family<br \/>\ndwelling demolition specifically applied to<br \/>\ntear-downs for the purpose of constructing new<br \/>\nsingle-family dwellings on the existing lots, and<br \/>\nthat the remaining 29 demolition permits applied<br \/>\nto demolitions occurring for highest and best use<br \/>\nchanges due to land-use or zoning changes, or<br \/>\nthey are dwellings being demolished on acreages<br \/>\nas part of larger subdivision projects. Because no<br \/>\nnew lot is created on an existing lot that under-<\/p>\n<p>Lot Absorption \u2013 Surrey 2007<\/p>\n<p>2,362<br \/>\n-142<\/p>\n<p>47<br \/>\n318<\/p>\n<p>2,585December 31, 2007 updated as of<\/p>\n<p>  Jan\/07 Feb\/07 Mar\/7 Apr\/07 May\/07 June\/07 July\/07 Aug\/07 Sept\/07 Oct\/07 Nov\/07 Dec\/07 sub-total<br \/>\nNorth-West Surrey, Whalley<br \/>\n lots created 18 2 13 2 4 31 18 4 0 0 0 0 92<br \/>\n building permits issued 9 9 5 9 12 19 10 18 14 8 9 4 126<br \/>\n net supply\/depletion 9 -7 8 -7 -8 12 8 -14 -14 -8 -9 -4 -34<br \/>\nGuildford, Fraser Heights<br \/>\n lots created 59 8 0 12 18 6 17 6 0 0 0 0 126<br \/>\n building permits issued 3 8 5 3 7 8 8 13 16 30 10 5 116<br \/>\n net supply\/depletion 56 0 -5 9 11 -2 9 -7 -16 -30 -10 -5 10<br \/>\nFleetwood<br \/>\n lots created 8 2 0 9 3 19 38 25 2 0 0 6 112<br \/>\n building permits issued 5 10 7 1 6 12 10 4 9 4 1 4 73<br \/>\n net supply\/depletion 3 -8 -7 8 -3 7 28 21 -7 -4 -1 2 39<br \/>\nNewton<br \/>\n lots created 4 4 0 155 11 84 219 543 41 76 1 2 1,140<br \/>\n building permits issued 30 25 29 21 34 36 24 28 33 40 37 12 349<br \/>\n net supply\/depletion -26 -21 -29 134 -23 48 195 515 8 36 -36 -10 791<br \/>\nCloverdale<br \/>\n lots created 8 0 0 10 12 18 632 297 1 0 0 0 978<br \/>\n building permits issued 35 16 20 21 30 39 51 35 45 57 20 21 390<br \/>\n net supply\/depletion -27 -16 -20 -11 -18 -21 581 262 -44 -57 -20 -21 588<br \/>\nSouth Surrey<br \/>\n lots created 5 17 8 0 80 27 387 86 0 322 2 0 934<br \/>\n building permits issued 19 15 23 31 34 35 14 33 32 29 21 15 301<br \/>\n net supply\/depletion -14 2 -15 -31 46 -8 373 53 -32 293 -19 -15 633<br \/>\nTotals:<br \/>\n total lots created 102 33 21 188 128 185 1,311 961 44 398 3 8 3,382<br \/>\n* net de facto lot creation via demolition 28 28 25 33 37 29 31 27 38 23 14 22 335<br \/>\n total building permits issued 101 83 89 86 123 149 117 131 149 168 98 61 1,355<br \/>\n overall net supply\/depletion (2007): 29 -22 -43 135 42 65 1,225 857 -67 253 -81 -31 2,362<br \/>\n Year: 2004 2005 2006<br \/>\n residential lots created 2,036 1,738 1,699      at PLA 508        calculated from Jan.1\/07 to Dec.31\/07<br \/>\n * net demolition permits issued 288 297 274      in Process 1,105         calculated from Jan.1\/07 to Dec.31\/07<br \/>\n building permits issued 2,006 1,988 2,115      total: 1,613<br \/>\n net supply\/depletion 318 47 -142      as of: Dec-07<br \/>\n                           * net de facto lot creation via demolition permits is based on 50% of the actual number of 673 single-family demolition permits<br \/>\n                             Note:  A spike in lots created for July, 2007 and August, 2007 was due to the Development Cost Charge (\u201cDCC\u201d) Deadline                        net supply\/depletion for 2007<br \/>\n                                                                                    net supply\/depletion for 2006<br \/>\n                              carry forward net supply\/depletion for 2005<br \/>\n                                 PLA means preliminary layout approval                          carry forward net supply\/depletion for 2004<br \/>\n                     in Process means pre-preliminary layout approval<br \/>\n             current overall net supply\/depletion\t \t \t<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada52<\/p>\n<p>goes the cycle of \u2018demolition-permit-issued, old<br \/>\nsingle-family-dwelling-demolished, new single-<br \/>\nfamily-dwelling constructed,\u2019 then the observer,<br \/>\nin order to arrive at an accurate estimate of the<br \/>\nlot absorption ratio, would need to account for<br \/>\nthe \u2018de-facto\u2019 lots created by the issuance of<br \/>\ndemolition permits to arrive at the correct ratio of<br \/>\n66.99% (138\/177+29). <\/p>\n<p>By not accounting for de-facto lots, a pro-<br \/>\nnounced margin of error occurs. The reason that<br \/>\na de-facto lot would need to be accounted for in<br \/>\nthe analysis is because a \u2018building permit issued\u2019<br \/>\nis recorded in the statistics, but, because the new<br \/>\nsingle-family dwelling is to be constructed on<br \/>\nan existing lot-of-record, no corresponding \u2018lot<br \/>\ncreated\u2019 record is accounted for in the relation-<br \/>\nship. Without the inclusion of de-facto lots for<br \/>\nthese particular circumstances, the lot absorption<br \/>\nratio for this particular statistical month analyzed<br \/>\nwould be overstated, resulting in an incorrect<br \/>\nconclusion, in this case by 10.98%. Using the<br \/>\nincluded lot absorption study sheet for the City<br \/>\nof Surrey indicates that, by not accounting for<br \/>\nde-facto lots created during 2007, an inaccurate<br \/>\nnumber of 335 lots would result, or nearly 10%<br \/>\nof the total of new lots created (3,382 lots).<\/p>\n<p>The lot absorption study sheet provides<br \/>\nthe actual numbers of single-family building<br \/>\nlots created and single-family building permits<br \/>\nissued for the City of Surrey during 2007. This<br \/>\ninformation is based upon the six major sub-<br \/>\nmarkets comprising the entire City of Surrey,<br \/>\nwith a 2007 population in excess of 410,000<br \/>\npeople. This data does not address other forms<br \/>\nof housing such as multi-family, which, as a<br \/>\nmatter of interest, was 1,797 townhousing<br \/>\npermits and 2,450 apartment permits issued for<br \/>\n2007, for a total of 4,247 multi-family units. For<br \/>\n2007, there was an actual total of 673 single-<br \/>\nfamily demolition permits issued within the<br \/>\nCity of Surrey. The author has estimated that<br \/>\napproximately 20% of these permits are attrib-<br \/>\nutable to lands where the highest and best use<br \/>\nwas not single-family residential, but rather<br \/>\nundergoing redevelopment to other forms of<br \/>\nland-use via rezoning. The author further esti-<br \/>\nmates that approximately 30% of these permits<br \/>\nare attributable to acreages as part of a larger <\/p>\n<p>http:\/\/www.notarius.com<\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada 53<\/p>\n<p>single-family residential subdivision project.<br \/>\nIn these particular cases, a de-facto account is<br \/>\nnot necessary, since, for example, if the existing<br \/>\nsingle-family dwelling is being demolished on<br \/>\na 2.0-acre residential subdivision development<br \/>\nsite slated for 10 single-family lots, over the<br \/>\ncourse of development and building construc-<br \/>\ntion, the City records 10 new lots created and<br \/>\n10 building permits issued. In this particular<br \/>\ncase, a de-facto account would only be neces-<br \/>\nsary if the local government only recorded<br \/>\nnine new additional lots created (assuming the<br \/>\nexisting parcel to be one lot already), with a<br \/>\ncorresponding 10 building permits issued.<\/p>\n<p>A further consequence is that, of the actual<br \/>\ntotal of 673 single-family demolition permits<br \/>\nissued within the City of Surrey for 2007, 50%<br \/>\nof this actual number results in an estimated<br \/>\n335 single-family demolition permits being<br \/>\nattributable to an impact on the true absorp-<br \/>\ntion rate of lots. The observed visual evidence of<br \/>\nthis tear-down trend, along with the sheer total<br \/>\nnumber of actual (673) single-family demoli-<br \/>\ntion permits issued within the City of Surrey for<br \/>\n2007, provides direct support of the premise<br \/>\nthat tear-downs impact the true absorption rate<br \/>\nof lots. In this case, a negative actually proves<br \/>\nthe positive by posing the question: how could <\/p>\n<p>335 demolition permits of existing single-<br \/>\nfamily lots in one year (2007) not impact the<br \/>\nabsorption rate of lots?<\/p>\n<p>The following is a typical case study of<br \/>\nthe economics involved in comparing the net<br \/>\nproperty acquisition costs of acquiring an existing<br \/>\nsingle-family dwelling lot for re-development<br \/>\npurposes (tear-down existing older dwelling and<br \/>\nrebuild new dwelling) vs. acquiring a newly-cre-<br \/>\nated (newly-subdivided) single-family zoned<br \/>\nvacant lot. Both example parcels sold during<br \/>\nthe same period of time in the same general<br \/>\nlocation. Even if we were to assume that the<br \/>\nbuilders of these two example parcels were to<br \/>\nconstruct an exact same dwelling plan on each<br \/>\nof the two parcels, during the same construction<br \/>\nperiod, resulting in the same or nearly the same<br \/>\nresidential building construction costs for each<br \/>\nof the newly-constructed dwellings, the land<br \/>\ncomponent costs are essentially equal on a land<br \/>\nper-square foot basis:<\/p>\n<p>This cost comparison analysis demonstrates<br \/>\nthat costs incurred (both direct and indirect)<br \/>\nto acquire a tear-down lot is a feasible exercise<br \/>\nfor the tear-down builder. On an initial base<br \/>\nrate basis, the difference between the two is<br \/>\nonly $0.87\/ft.\u00b2 ($50.45\/ft.\u00b2 &#8211; $49.58\/ft.\u00b2). This<br \/>\nprice gap actually narrows when the property <\/p>\n<p>Nicholas N. Rawcliffe, AACI, P. App., RI, FRI(E),<br \/>\nis president of Urban-Genesis Lands Ltd.,<br \/>\nwhich provides due diligence, expropriation,<br \/>\nacquisition and disposition realty services<br \/>\nexclusively to government organizations.<\/p>\n<p>purchase tax, GST and demolition cost factors are<br \/>\nconsidered, resulting in a $0.05\/ft.\u00b2 ($53.21\/ft.\u00b2<br \/>\n&#8211; $53.26\/ft.\u00b2) difference. Depending upon the<br \/>\nspecific status of the owner or the intent of the<br \/>\nbuyer, in some cases, the GST cost component<br \/>\nfor the newly-subdivided vacant lot will be a<br \/>\nflow-through cost, which will be passed onto the<br \/>\nultimate buyer of the final lot\/dwelling combina-<br \/>\ntion. In these cases, no GST rebate is available to<br \/>\nthe end-user, because there is no rebate available<br \/>\nfor a home that sells for $450,000 or more and<br \/>\nthis would be the case when the lot value alone<br \/>\nis $350,000 or more.<\/p>\n<p>This information demonstrates that apprais-<br \/>\ners and other marketplace observers, when<br \/>\nproviding advice or reaching conclusions on the<br \/>\nrelationship between lots created and building<br \/>\npermits issued, should be careful to account for<br \/>\nnet demolition permits where the tear-down<br \/>\ntrend is common, in order to accurately deter-<br \/>\nmine lot absorption. <\/p>\n<p>Tear-down (lot-of-record) Newly-subdivided lot<br \/>\nLocation Index 1: Fronts arterial road, Surrey.  Near Index 2 Index 2: Fronts arterial road, Surrey.  Near Index 1<br \/>\nSale price $375,000 $350,000<br \/>\nProperty purchase tax $5,500 $5,000<br \/>\nTotal transfer cost<br \/>\n(excluding minor legal and registration costs) $380,500 $355,000<\/p>\n<p>Price per ft.\u00b2 (base rate) $50.45\/ft.\u00b2 $49.58\/ft.\u00b2<br \/>\nGST n\/a $21,000<br \/>\nDemolition costs (typical),<br \/>\n includes lot grading * $15,000 n\/a<\/p>\n<p>Gross purchase costs $395,500 $376,000<br \/>\nParcel size 7,433 ft.\u00b2 7,060 ft.\u00b2<br \/>\nPrice per ft.\u00b2 (gross rate) $53.21\/ft.\u00b2 $53.26 ft.\u00b2<\/p>\n<p>*  a demolition permit application will trigger a hazardous materials inspection report requirement to determine the extent, if any, of asbestos and other<br \/>\npossible contaminants, which will have to be safely removed before a final demolition permit will be issued.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"ve1kmfKpkc\"><p><a href=\"https:\/\/www.aicanada.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/embed\/#?secret=Lt1aW1FFnd#?secret=ve1kmfKpkc\" data-secret=\"ve1kmfKpkc\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Canadian Property Valuation Volume 52 | book 2 | 2008 \u00c9valuation Immobili\u00e8re au Canada5\ufffd<\/p>\n<p>Calendar of Events<\/p>\n<p>*If you are viewing an electronic version of this issue on the AIC web site, please click on these listings for active links to the advertisers\u2019 web sites.<\/p>\n<p>Advertising Information Centre<\/p>\n<p>A Bound Corporation Page 5 www.abound.ca 888-622-6863<br \/>\nACI  2, 3, 56 www.appraiserchoice.com 800-234-8727<br \/>\nAltus Group Ltd. 55 www.thealtusgroup.com 416-204-1100<br \/>\nAtlantic Realty Advisors 22 www.ara.ca<br \/>\nBusiness Information Group 9 www.ecologeris.com 887-512-5204<br \/>\nCanadian Resource valuation Group        33 www.crvg.com 780-424-8856<br \/>\nDouglas Cost Guides 48 www.douglascostguide.com 877-284-0028<br \/>\nfinancial Services Commission of Ontario  17 www.fsco.gov.on.ca 416-250-7250<br \/>\nMarshall &#038; Swift 15 www.marshallswift.com 800-544-2678<br \/>\nnotarius  52 www.notarius.com 800-567-6703<br \/>\nPersonal Home &#038; Auto Group Insurance 31 www.thepersonal.com\/aicanada 888-476-8737<br \/>\nSauder School of Business  36 www.realestate.ubc.ca 877-775-7733<br \/>\nUrban Land Institute 45 www.uli.org\/bookstore 800-321-5011<\/p>\n<p>AIC VALUATION: JUST THE TIP OF THE ICEBERG<br \/>\n2008 Appraisal Institute of Canada Annual Conference<br \/>\nDelta St. John\u2019s, St. John\u2019s, newfoundland &#038; Labrador<br \/>\nJune 4-7, 2008<br \/>\nhttp:\/\/www.aicanada.ca\/e\/aic2008\/<\/p>\n<p>2008 ANNUAL GENERAL MEETING<br \/>\nJune 6, 2008<br \/>\n St. John\u2019s, newfoundland &#038; Labrador<\/p>\n<p>for further information contact: info@aicanada.ca<\/p>\n<p>BC 2008 Provincial Conference At Sea<br \/>\nvancouver, B.C. to San Diego, California<br \/>\nSeptember 30-October 4, 2008<\/p>\n<p>Professional Practice Seminar<br \/>\n(formerly the Standards Seminar)<br \/>\nOctober 24-25 &#8211; Kamloops \u2013 Instructor: Larry Dybvig<br \/>\nnovember 28-29 Coquitlam \u2013 Instructor: Allan Beatty<\/p>\n<p>for information contact: Kathy Porter info@appraisal.bc.ca or<br \/>\n(604) 266-8287 or check our website www.appraisal.bc.ca\/<\/p>\n<p>AB for information contact: AB AIC at info@appraisal.ab.ca or<br \/>\n(403) 207-7892 or check our website www.appraisal.ab.ca<\/p>\n<p>Sk for information contact: Marilyn Steranka skaic@sasktel.net or<br \/>\n(306) 352-4195 or check our website www.skaic.org\/<\/p>\n<p>MB for information contact: Lynne Smith Dark mbaic@mts.net or<br \/>\n(204) 943-1177 or check our website www.aimanitoba.ca<\/p>\n<p>NB for information contact: Kelly Tole nbarea@nb.aibn.com or<br \/>\n(506) 450-2016 or check our website www.nbarea.org\/main.asp<\/p>\n<p>NS Professional Practice Seminar<br \/>\n(formerly the Standards Seminar)<br \/>\nJune 20-21, 2008 \u2013 Holiday Inn Harbourview, Dartmouth<\/p>\n<p>for information contact: Davida Mackay nsreaa@nsappraisal.ns.ca<br \/>\nor (902) 422-4077 or check our website  www.nsappraisal.ns.ca\/<\/p>\n<p>ON Seminars:<br \/>\nMay 9, 2008 \u2013 Toronto<br \/>\nPro-Active Practice Protection &#038; Real Property Law:<br \/>\n Beyond Basic Principles   <\/p>\n<p>May 23 , 2008 \u2013 niagara falls<br \/>\nReal estate fraud &#038; Lending and Appraising<\/p>\n<p>May 30, 2008 \u2013 Ottawa<br \/>\nexpropriation Law &#038; Bill 14 and the Appraiser as Advocate<\/p>\n<p>June 20, 2008 \u2013 Toronto<br \/>\nLending and Appraising &#038; An Overview of Current Planning Issues<br \/>\nfor Appraisers<\/p>\n<p>Professional Practice  Seminars:<br \/>\nJune 20-21, 2008 \u2013 Thunder Bay<br \/>\nJune 27-28, 2008 \u2013 Peterborough<br \/>\nSeptember 26-27, 2008 \u2013 Toronto<br \/>\nnovember 21-22, 2008 \u2013 London<\/p>\n<p>BUSI 112: Canadian Real Property Law and Real estate ethics<br \/>\nBUSI 344: Statistical and Computer Applications in valuation<br \/>\nBUSI 400: Residential Property Analysis<br \/>\nBUSI 443: Real Property Assessment Admin<\/p>\n<p>June 23-27, 2008 \u2013 Toronto<br \/>\nIntensive format 8:30-4:30 p.m.<\/p>\n<p>Registration Deadline: May 15, 2008<\/p>\n<p>for further information contact: Lorraine Rigas  lrigas@oaaic.on.ca<br \/>\nor (416) 695-9333 or check our website  www.oaaic.on.ca<\/p>\n<p>QC  for information contact: Ginette St-Jean aqice@qc.aira.com or<br \/>\n(450) 454-0377 or check our website www.aqice.ca <\/p>\n<p>PEI Professional Practice Seminar<br \/>\nnovember 14-15, 2008 \u2013 Rodd Charlottetown Hotel, Charlottetown<\/p>\n<p>for information contact: Suzanne Pater peiaic@xplornet.com or<br \/>\n(902) 368-3355                            <\/p>\n<p>NL for information contact: Sherry House  naaic@nf.aibn.com or<br \/>\n(709) 753-7644     <\/p>\n<p>http:\/\/www.aicanada.ca\/e\/aic2008<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@appraisal.bc.ca<br \/>\nhttp:\/\/www.appraisal.bc.ca<br \/>\nmailto:info@appraisal.ab.ca<br \/>\nhttp:\/\/www.appraisal.ab.ca<br \/>\nmailto:skaic@sasktel.net<br \/>\nhttp:\/\/www.skaic.org<br \/>\nmailto:mbaic@mts.net<br \/>\nhttp:\/\/www.aimanitoba.ca<br \/>\nmailto:nbarea@nb.aibn.com<br \/>\nhttp:\/\/www.nbarea.org\/main.asp<br \/>\nmailto:nsreaa@nsappraisal.ns.ca<br \/>\nhttp:\/\/www.nsappraisal.ns.ca<br \/>\nmailto:lrigas@oaaic.on.ca<br \/>\nhttp:\/\/www.oaaic.on.ca<br \/>\nmailto:aqice@qc.aira.com<br \/>\nhttp:\/\/www.aqice.ca<br \/>\nmailto:peiaic@xplornet.com<br \/>\nmailto:naaic@nf.aibn.com<br \/>\nhttp:\/\/www.abound.ca<br \/>\nhttp:\/\/www.appraiserchoice.com<br \/>\nhttp:\/\/www.thealtusgroup.com<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"2lnyqa0ywg\"><p><a href=\"http:\/\/www.ara.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; ARA - Atlantic Realty Advisors\" src=\"http:\/\/www.ara.ca\/embed\/#?secret=35hdQGPEPu#?secret=2lnyqa0ywg\" data-secret=\"2lnyqa0ywg\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nhttp:\/\/www.ecologeris.com<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"820iHi6JeD\"><p><a href=\"https:\/\/crvg.com\/\">CRVG Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;CRVG Home&#8221; &#8212; CRVG - Canadian Resource Valuation Group\" src=\"https:\/\/crvg.com\/embed\/#?secret=CrTu00G7he#?secret=820iHi6JeD\" data-secret=\"820iHi6JeD\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"GP4AkT7784\"><p><a href=\"https:\/\/www.douglascostguide.com\/\">Douglas Cost Guide: Estimate Rebuild &#038; Replacement Costs<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Douglas Cost Guide: Estimate Rebuild &#038; Replacement Costs&#8221; &#8212; Douglas Cost Guide\" src=\"https:\/\/www.douglascostguide.com\/embed\/#?secret=ZWIVrRfmGo#?secret=GP4AkT7784\" data-secret=\"GP4AkT7784\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nhttp:\/\/www.fsco.gov.on.ca<br \/>\nhttp:\/\/www.marshallswift.com<br \/>\nhttp:\/\/www.notarius.com<br \/>\nhttp:\/\/www.thepersonal.com\/aicanada<br \/>\nhttp:\/\/www.realestate.ubc.ca<br \/>\nhttp:\/\/www.uli.org\/bookstore<\/p>\n<p>http:\/\/www.thealtusgroup.com<\/p>\n<p>http:\/\/www.appraiserchoice.com<\/p>\n","protected":false},"featured_media":14344,"menu_order":2,"template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":""},"class_list":["post-29998","issue","type-issue","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue\/29998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/types\/issue"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media\/14344"}],"wp:attachment":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media?parent=29998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}