REAL VALUE EXPERTS | EXPERTS EN \u00c9VALUATION<\/p>\n
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Canadian Property<\/p>\n
VALUATION \u00c9VALUATION
\n Immobili\u00e8re au Canada<\/p>\n
VOLUME 54 | BOOK 2 | 2010THE OFFICIAL PUBLICATION OF THE APPRAISAL INSTITUTE OF CANADA<\/p>\n
A career in the making
\nYou win and the profession wins<\/p>\n
Mentoring<\/p>\n
The membership
\n pledge and <\/p>\n
commitment<\/p>\n
mailto:info@aicanada.ca
\nmailto:info@aicanada.ca
\nmailto:info@aicanada.ca<\/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
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
Create aerial maps to use in <\/p>\n
your reports for better visual <\/p>\n
representation of properties.<\/p>\n
New!\u25aaBing\u2122\u25aaAerial\u25aamaps
\nOnline\u25aaAerial\u25aaLocation\u25aamaps<\/p>\n
http:\/\/www.verisk.com
\nhttp:\/\/www.appraiserchoice.com
\nhttp:\/\/www.verisk.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
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
Create aerial maps to use in <\/p>\n
your reports for better visual <\/p>\n
representation of properties.<\/p>\n
New!\u25aaBing\u2122\u25aaAerial\u25aamaps
\nOnline\u25aaAerial\u25aaLocation\u25aamaps<\/p>\n
http:\/\/www.appraiserchoice.com<\/p>\n
Make an Incredibly Smart Decision
\nwww.solidifi.com<\/p>\n
You\u2019re
\nthe best
\nThanks for verifying it every day<\/p>\n
Day after day our 3,000 strong appraisal network proves why they are the best
\nin the business, with: <\/p>\n
\u2022 consistent delivery of compliant, high-quality reports
\n\u2022 uncompromising commitment to meeting deadlines
\n\u2022 local area expertise
\n\u2022 dedication to professionalism and service<\/p>\n
Thank you for enabling Solidifi to provide lenders across Canada with the
\nnext generation in appraisal management.<\/p>\n
CAN_CPVMagSolidifiMay2010.indd 1 4\/21\/10 4:12:06 PM<\/p>\n
http:\/\/www.solidifi.com<\/p>\n
Canadian Property Valuation Volume 54 | book 2 | 2010 \u00c9valuation Immobili\u00e8re au Canada 5click here to return to table 0f contents<\/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\u00e9sidente
\nSheila Young, AACI (AB) <\/p>\n
President Elect \u2013 Pr\u00e9sident d\u00e9sign\u00e9
\nGrant Uba, AACI (ON)<\/p>\n
Immediate Past-president \u2013
\nPr\u00e9sident sortant<\/p>\n
George Maurice, AACI, Fellow (ON)<\/p>\n
Vice-Presidents \u2013 Vice-pr\u00e9sidents
\nKimberly Maber, AACI (SK)<\/p>\n
John Yannacopoulos, AACI (BC)<\/p>\n
Directors \u2013 Directeurs
\nGreg Bennett, AACI (NL)
\nGeorge Ward, AACI (BC)<\/p>\n
Michael Mendela, AACI (ON)
\n Alfred Mullally, AACI (NS)<\/p>\n
Andre St-Arnaud, CRA (QC)
\n David Shum, AACI (AB)<\/p>\n
David Babineau, AACI, Fellow (NB)
\n Lorne Mikulik, AACI (MB)
\nScott McEwen, AACI (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 \u2013 Chair<\/p>\n
John Peebles, AACI
\nAndr\u00e9 Beaudoin, CRA
\nDavid Lopatka, AACI
\nJoanne Hayes, AACI<\/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: Theresa Kurjewicz
\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 2, 2010<\/p>\n
Contents
\n6 Clear as glass
\n7 Claire comme de <\/p>\n
l\u2019eau de roche<\/p>\n
8 The machinery
\nof an
\nassociation<\/p>\n
10 La machinerie
\nd\u2019une
\nassociation<\/p>\n
12 John Morash:
\na career in the making<\/p>\n
14 Troy Davidson:
\nmy turn to step up<\/p>\n
16 Becoming involved
\n Participer activement<\/p>\n
18 Measure
\nfor
\nmeasure<\/p>\n
20 Promotion
\nof our
\nmembers
\nfrom coast
\nto coast<\/p>\n
21 Professional Excellence Program
\n22 Hypothetical conditions <\/p>\n
and extraordinary limiting
\nconditions<\/p>\n
24 International Valuation
\nStandards news<\/p>\n
25 Expert witness \u2013 scope of work
\n26 The membership pledge and <\/p>\n
commitment<\/p>\n
27 How to avoid
\na misleading report<\/p>\n
28 What is peer review?<\/p>\n
29 Many shades of grey
\nin ethical behaviour<\/p>\n
30 Walking
\nthe line \u2013
\nadvocate or
\nexpert<\/p>\n
32 Volunteer as
\na mentor
\n\u2013 you win
\nand the
\nprofession
\nwins<\/p>\n
34
\nTwo thumbs
\nup for
\nstatistics
\neducation<\/p>\n
37 Spotlight on Continuing
\nProfessional Development<\/p>\n
38 Designations\/
\nCandidates\/Students<\/p>\n
39 In Memoriam\/Critical Dates
\n40 International <\/p>\n
challenges
\nand
\nopportunities
\nin developing
\ncountries<\/p>\n
46 Calendar
\nof events<\/p>\n
Do your part for the environment \u2013 reuse and recycle.<\/p>\n