REAL VALUE EXPERTS | EXPERTS EN \u00c9VALUATION<\/p>\n
Taking ownership \u2013
\nwhy you matter
\nPGCV grads enhance
\ntheir career opportunities<\/p>\n
CUSPAP \u2013
\nwhat\u2019s new for 2010
\nEvolving court rules
\non expert evidence<\/p>\n
Life
\nlease
\nhousing
\nStrategic
\nAsset Management<\/p>\n
Canadian Property<\/p>\n
VALUATION \u00c9VALUATION
\n Immobili\u00e8re au Canada<\/p>\n
VOLUME 54 | BOOK 1 | 2010THE OFFICIAL PUBLICATION OF THE APPRAISAL INSTITUTE OF CANADA<\/p>\n
* Member Image Library
\n see contents page<\/p>\n
ACI is a division of Verisk Analytics (NASDAQ: VRSK), a leading provider of risk assessment solutions to professionals in insurance, healthcare, mortgage
\nlending, government, risk management, and human resources. Verisk Analytics includes the holdings of Insurance Services Office, Inc. (ISO) and its
\nsubsidiaries, which provide essential solutions to the insurance, mortgage lending, and healthcare markets. For more information, visit www.verisk.com.<\/p>\n
JUMP Navigation Feature<\/p>\n
Get Started with CRAL2010\u2122
\nCRAL2010\u2122 offers advanced features and tools <\/p>\n
designed to help make form filling easier and more <\/p>\n
complete. CRAL provides best-of-breed tracking, forms, <\/p>\n
digital photo imaging, comps database management, <\/p>\n
integrated sketching, and mobile software. Save time <\/p>\n
with enhanced views and functionality to help improve <\/p>\n
your report writing capabilities.<\/p>\n
A product simple enough for a new user but powerful <\/p>\n
enough to suit the largest appraisal companies and <\/p>\n
financial institutions, CRAL is used by thousands of <\/p>\n
companies in Canada who continue to help drive its <\/p>\n
unrivaled feature set.<\/p>\n
$599*<\/p>\n
\u25aa Appraisal Forms Library
\n \u25aa Order Tracking
\n \u25aa Photo Management
\n \u25aa Comps Database
\n \u25aa ACI Sketch\u2122
\n \u25aa Digital Signature (One) <\/p>\n
\u25aa MapPoint (One Year)
\n \u25aa Free PDF Creator
\n \u25aa ACI365\u2122 Website (One Year)
\n \u25aa Premier Plus Service (One Year)
\n \u25aa Concierge Service<\/p>\n
CALL 800-234-8727 TodAy<\/p>\n
The Appraiser\u2019s Choice\u2122
\nPayable in US dollars<\/p>\n
800-234-8727 AppraisersChoice.com<\/p>\n
Learn More about CRAL2010\u2122
\nVisit AppraisersChoice.com and learn more
\nabout the new features in CRAL2010\u2122<\/p>\n
\u25aa Online Training Sessions
\n \u25aa inMotion Videos
\n \u25aa Tech Doc Library
\n \u25aa ACI Forum
\n \u25aa Appraisal Talk Blog featuring <\/p>\n
George Opelka, Senior Vice President<\/p>\n
CRAL2010\u2122 Highlights
\n\u25aa\u25aa New!\u25aaJump\u25aaNavigation\u25aaFeature\u25aa<\/p>\n
for quick and easy access to
\nall pages of the report<\/p>\n
\u25aa\u25aa enhanced!\u25aaComps\u25aaArrangement\u25aa
\nto choose the order in which
\ncomps are displayed<\/p>\n
\u25aa\u25aa enhanced!\u25aaSpell\u25aaCheck targets
\nmisspelled words quickly with
\nimproved word highlighting<\/p>\n
Concierge Service
\nA CRAL Implementation Specialist is at your
\nservice and available to walk you through
\nthe set-up process to ensure your system is
\nready when you are.<\/p>\n
\u25aa Consult\u2014Directly from Our Desk to Yours
\n \u25aa Configure\u2014System Configuration
\n \u25aa Coach\u2014We Train Your Staff<\/p>\n
ACI Sketch\u2122
\nSimple to use with a minimal learning curve
\nand intuitive features like:<\/p>\n
\u25aa Online Help
\n \u25aa Tape Measure Tool
\n \u25aa Feet & Inches
\n \u25aa Labels
\n \u25aa Symbols
\n \u25aa Arcs
\n \u25aa Copy & Paste<\/p>\n
CRAL2010\u2122<\/p>\n
Form300 01\/10<\/p>\n
t 800-234-8727 f 386-246-3811AppraisersChoice.com<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
CRAL2010\u2122<\/p>\n
C
\nR
\nA
\nL
\n2010<\/p>\n
\u2122<\/p>\n
80
\n0
\n-234-8727<\/p>\n
A
\np
\np
\nraisersC<\/p>\n
ho
\nice.co<\/p>\n
m<\/p>\n
Printed on Recycled Paper<\/p>\n
*Single user license<\/p>\n
http:\/\/www.verisk.com
\nwww.appraiserschoice.com<\/p>\n
ACI is a division of Verisk Analytics (NASDAQ: VRSK), a leading provider of risk assessment solutions to professionals in insurance, healthcare, mortgage
\nlending, government, risk management, and human resources. Verisk Analytics includes the holdings of Insurance Services Office, Inc. (ISO) and its
\nsubsidiaries, which provide essential solutions to the insurance, mortgage lending, and healthcare markets. For more information, visit www.verisk.com.<\/p>\n
JUMP Navigation Feature<\/p>\n
Get Started with CRAL2010\u2122
\nCRAL2010\u2122 offers advanced features and tools <\/p>\n
designed to help make form filling easier and more <\/p>\n
complete. CRAL provides best-of-breed tracking, forms, <\/p>\n
digital photo imaging, comps database management, <\/p>\n
integrated sketching, and mobile software. Save time <\/p>\n
with enhanced views and functionality to help improve <\/p>\n
your report writing capabilities.<\/p>\n
A product simple enough for a new user but powerful <\/p>\n
enough to suit the largest appraisal companies and <\/p>\n
financial institutions, CRAL is used by thousands of <\/p>\n
companies in Canada who continue to help drive its <\/p>\n
unrivaled feature set.<\/p>\n
$599*<\/p>\n
\u25aa Appraisal Forms Library
\n \u25aa Order Tracking
\n \u25aa Photo Management
\n \u25aa Comps Database
\n \u25aa ACI Sketch\u2122
\n \u25aa Digital Signature (One) <\/p>\n
\u25aa MapPoint (One Year)
\n \u25aa Free PDF Creator
\n \u25aa ACI365\u2122 Website (One Year)
\n \u25aa Premier Plus Service (One Year)
\n \u25aa Concierge Service<\/p>\n
CALL 800-234-8727 TodAy<\/p>\n
The Appraiser\u2019s Choice\u2122
\nPayable in US dollars<\/p>\n
800-234-8727 AppraisersChoice.com<\/p>\n
Learn More about CRAL2010\u2122
\nVisit AppraisersChoice.com and learn more
\nabout the new features in CRAL2010\u2122<\/p>\n
\u25aa Online Training Sessions
\n \u25aa inMotion Videos
\n \u25aa Tech Doc Library
\n \u25aa ACI Forum
\n \u25aa Appraisal Talk Blog featuring <\/p>\n
George Opelka, Senior Vice President<\/p>\n
CRAL2010\u2122 Highlights
\n\u25aa\u25aa New!\u25aaJump\u25aaNavigation\u25aaFeature\u25aa<\/p>\n
for quick and easy access to
\nall pages of the report<\/p>\n
\u25aa\u25aa enhanced!\u25aaComps\u25aaArrangement\u25aa
\nto choose the order in which
\ncomps are displayed<\/p>\n
\u25aa\u25aa enhanced!\u25aaSpell\u25aaCheck targets
\nmisspelled words quickly with
\nimproved word highlighting<\/p>\n
Concierge Service
\nA CRAL Implementation Specialist is at your
\nservice and available to walk you through
\nthe set-up process to ensure your system is
\nready when you are.<\/p>\n
\u25aa Consult\u2014Directly from Our Desk to Yours
\n \u25aa Configure\u2014System Configuration
\n \u25aa Coach\u2014We Train Your Staff<\/p>\n
ACI Sketch\u2122
\nSimple to use with a minimal learning curve
\nand intuitive features like:<\/p>\n
\u25aa Online Help
\n \u25aa Tape Measure Tool
\n \u25aa Feet & Inches
\n \u25aa Labels
\n \u25aa Symbols
\n \u25aa Arcs
\n \u25aa Copy & Paste<\/p>\n
CRAL2010\u2122<\/p>\n
Form300 01\/10<\/p>\n
t 800-234-8727 f 386-246-3811AppraisersChoice.com<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
CRAL2010\u2122
\nC
\nR
\nA
\nL
\n2010<\/p>\n
\u2122<\/p>\n
80
\n0
\n-234-8727<\/p>\n
A
\np
\np
\nraisersC<\/p>\n
ho
\nice.co<\/p>\n
m<\/p>\n
Printed on Recycled Paper<\/p>\n
*Single user license<\/p>\n
www.appraiserschoice.com<\/p>\n
Canadian Property Valuation Volume 54 | book 1 | 2010 \u00c9valuation Immobili\u00e8re au Canada44<\/p>\n
403-200 Catherine Street,
\nOttawa, ON K2P 2K9 <\/p>\n
Phone: (613) 234-6533 Fax: (613) 234-7197
\nWeb site: www.aicanada.ca<\/p>\n
Contact us at: info@aicanada.ca <\/p>\n
Board of Directors
\nconseil d\u2019administration<\/p>\n
President \u2013 Pr\u00e9sident
\nSheila Young, AACI, P.App (AB) <\/p>\n
President Elect \u2013 Pr\u00e9sident d\u00e9sign\u00e9
\nGrant Uba, AACI, P.App (ON)<\/p>\n
Immediate Past-president \u2013
\nPr\u00e9sident sortant<\/p>\n
George Maurice, AACI, P. App., Fellow (ON)<\/p>\n
Vice-Presidents \u2013 Vice-pr\u00e9sidents
\nKimberly Maber, AACI, P.App (SK)<\/p>\n
John Yannacopoulos, AACI, P.App (BC)<\/p>\n
Directors \u2013 Directeurs
\nGreg Bennett, AACI, P.App (NL)
\nGeorge Ward, AACI, P.App (BC)<\/p>\n
Michael Mendela, AACI P.App (ON)
\n Alfred Mullally, AACI, P.App (NS)<\/p>\n
Andre St-Arnaud, CRA (QC)
\n David Shum, AACI, P.App (AB)<\/p>\n
David Babineau, AACI, P. App., Fellow (NB)
\n Lorne Mikulik, AACI, P.App (MB)
\nScott McEwen, AACI, P.App (PE)<\/p>\n
Chief Executive Officer
\nGeorges Lozano, MPA, Ottawa<\/p>\n
Director of Marketing & Communications
\nJoanne Charlebois, Ottawa<\/p>\n
Managing Editor \u2013
\nR\u00e9dacteur administratif<\/p>\n
Craig Kelman, Winnipeg<\/p>\n
Assistant Editor \u2013
\nR\u00e9dacteur en chef adjoint<\/p>\n
Cheryl Parisien, Winnipeg<\/p>\n
Editorial Board
\nAIC would like to thank the following <\/p>\n
individuals for their assistance and support:
\nGrant Uba, AACI, P. App. \u2013 Chair<\/p>\n
John Peebles, AACI, P. App
\nAndr\u00e9 Beaudoin, CRA<\/p>\n
David Lopatka, AACI, P. App
\nJoanne Hayes, AACI, P. App<\/p>\n
Rob Grycko, CRA
\nJane Londerville, B.Sc., M.B.A.,AACI (Hon)
\nAssociate Professor, University of Guelph<\/p>\n
Publication management, design and production by:<\/p>\n
The articles printed in this issue represent authors\u2019 opinions only and are not
\nnecessarily endorsed by the APPRAISAL INSTITUTE OF CANADA. Copyright 2010 by
\nthe APPRAISAL INSTITUTE OF CANADA. All rights reserved. Reproduction in whole
\nor in part without written permission is strictly prohibited. Subscription, $40.00 per
\nyear. Printed in Canada. Les articles imprim\u00e9s dans ce num\u00e9ro ne rep\u00e9sentent que
\nl\u2019opinion de leur auteur respectif, mais ne sont pas n\u00e9ces\u2013sairement endoss\u00e9s par
\nL\u2019INSTITUT CANADIEN DES \u00c9vALUATEURS. Tous droits reserv\u00e9s 2008 par L\u2019INSTITUT
\nCANADIEN DES \u00c9vALUATEURS. La reproduction totale ou partielle sous quelque form
\nque se soit sans authorisation \u00e9crite est absolument interdite. Abonnement $40.00
\npar ann\u00e9e. Imprim\u00e9 au Canada.
\n* The Appraisal Institute of Canada reserves the right to reject advertising
\nthat it deems to be inappropriate.
\n** The publisher and the Appraisal Institute of Canada cannot be held liable for
\nany material used or claims made in advertising included in this publication.
\nIndexed in the Canadian Business Index and available on-line in the Canadian
\nBusiness & Current Af fairs database.<\/p>\n
iSSN 0827-2697<\/p>\n
3rd Floor \u2013 2020 Portage Avenue
\nWinnipeg, MB R3J 0K4<\/p>\n
Phone: 866-985-9780 \u2022 Fax: 866-985-9799
\nE-mail: info@kelman.ca \u2022 Web: www.kelman.ca<\/p>\n
Design\/Layout: Tracy Toutant
\nAdvertising Manager: Kris Fillion<\/p>\n
Advertising Co-ordinator: Lauren Campbell<\/p>\n
Publication Mails Agreement #40008249.
\nReturn undeliverable Canadian addresses to: Appraisal Institute of Canada,
\n403-200 Catherine St., Ottawa, ON K2P 2K9. Email: info@aicanada.ca <\/p>\n
Published by the
\nVolume 54, book 1, 2010<\/p>\n
contents<\/p>\n
Do your part for the environment \u2013 reuse and recycle.<\/p>\n
6 time \u2013 your most valuable asset
\n7 Le temps \u2013 Un atout <\/p>\n
des plus importants!<\/p>\n
8 the year ahead
\n10 Regard sur l\u2019ann\u00e9e qui vient
\n13 2010 aic annual <\/p>\n
conference<\/p>\n
14 responding to a
\nrapidly changing
\nmarketplace<\/p>\n
17 evolving court rules
\non expert evidence<\/p>\n
18 Bringing your marketing online<\/p>\n
20 CUSPAP \u2013 What\u2019s new for 2010?
\n21 NUPPec \u2013 quoi de neuf en 2010?
\n22 taking <\/p>\n
ownership \u2013 why
\nyou matter<\/p>\n
23 Peer reviewers
\nidentify common errors<\/p>\n
24 appraisal standards \u2013
\nthe rules of art or science?<\/p>\n
26 candidates and use of the term
\n\u2018appraiser\u2019<\/p>\n
27 Working in
\ncollaboration
\nfor change<\/p>\n
28 WaVO
\ninvites your
\nparticipation<\/p>\n
29 candidates\u2019
\nFaQs for cPY<\/p>\n
30 Spotlight on continuing
\nProfessional Development<\/p>\n
32 PgcV grads enhance career
\nopportunities<\/p>\n
34 Designations\/candidates\/
\nStudents<\/p>\n
35 Member satisfaction \u2013 home
\nand auto insurance<\/p>\n
36 News
\n39 Possible valuation issues with <\/p>\n
life lease housing<\/p>\n
42 Strategic asset management
\n(real property)<\/p>\n
46 calendar of events<\/p>\n
About our cover \u2022 Sur le cover
\nAIC\u2019s Marketing and Communications Committee is assembling a corporate image library to reduce our reliance on stock photography
\nand to provide a consistent bank of AIC-tailored digital images as part of our brand identity. These will be used in various media applica-
\ntions to enhance the AIC brand and services.\u00a0The initial stage of this project has been completed in the Winnipeg area under the guidance
\nof AIC member, Laura Kemp.\u00a0Below is a list of all AIC members who are either featured on this cover or will be in other AIC resources.\u00a0We
\nthank them for their collaboration on this project.
\nLe Comit\u00e9 sur le marketing et les communications de l\u2019ICE s\u2019affaire \u00e0 monter une phototh\u00e8que afin de r\u00e9duire le recours aux entreprises
\nd\u2019archives photographiques et b\u00e2tir une banque d\u2019images num\u00e9riques convenant sp\u00e9cifiquement \u00e0 la notori\u00e9t\u00e9 de la marque de l\u2019ICE. Ces
\nphotographies seront utilis\u00e9es dans diverses applications m\u00e9diatiques pour rehausser la marque et les services de l\u2019ICE. L\u2019\u00e9tape pr\u00e9liminaire
\nde ce projet a \u00e9t\u00e9 compl\u00e9t\u00e9e dans la r\u00e9gion de Winnipeg sous la direction de Laura Kemp, membre de l\u2019ICE. Dans les lignes qui suivent, vous
\ntrouverez une liste de tous les membres de l\u2019ICE qui ont \u00e9t\u00e9 mis en vedette dans ce cover ou qui le seront dans d\u2019autres ressources de l\u2019ICE. Nous
\nles remercions pour leur collaboration \u00e0 ce projet.
\nAlexander R. Warga, AACI Darryl R. Pratt, AACI Deana Halladay, CRA Erin J. MacKenzie, CRA
\nGary Page, Student Gordon J. Tomiuk, AACI (Fellow) Gordon J. Daman, AACI Gregory W. Fehr, Candidate
\nIan R. Toogood, CRA Kelly L. Clement, Candidate Kenneth F. Smith, AACI Laura J. Kemp, Candidate
\nLinda D. Sherrett, CRA Rebecca L. Dowswell, CRA Robert J. Grycko, CRA Ron M. Neufeld, CRA
\nRon E. Suchy, Candidate Surinder M. Pal, AACI Wendy J. MacKenzie, CRA<\/p>\n