{"id":30019,"date":"2014-03-24T15:37:43","date_gmt":"2014-03-24T19:37:43","guid":{"rendered":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2013-volume-57-book-4\/"},"modified":"2014-03-24T15:38:43","modified_gmt":"2014-03-24T11:38:43","slug":"2013-volume-57-tome-4","status":"publish","type":"issue","link":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2013-volume-57-tome-4\/","title":{"rendered":"2013 &#8211; Volume 57 &#8211; Tome 4"},"content":{"rendered":"<p>Valuation of<br \/>\nseniors housing<\/p>\n<p>\u00c9valuation des<br \/>\nlogements pour a\u00een\u00e9s<\/p>\n<p>VOL 57 | BOOK 4 \/ TOME 4 | 2013<\/p>\n<p>WHAT ARE YOUR<br \/>\nMEASUREMENT PRACTICES?<\/p>\n<p>Comment prenez-vous<br \/>\nvos mesures ?<\/p>\n<p>MENTORING IS ABOUT LEARNING,<br \/>\nDIALOGUE AND CHALLENGE<br \/>\nLe mentorat : une question <\/p>\n<p>d\u2019apprentissage, de dialogue et de d\u00e9fi <\/p>\n<p>RISING<br \/>\nFARMLAND PRICES<br \/>\nHausse des prix des <\/p>\n<p>terres agricoles<\/p>\n<p>T H E  O F F I C I A L  P U B L I C A T I O N  O F  T H E  A P P R A I S A L  I N S T I T U T E  O F  C A N A D A<br \/>\nP U B L I C A T I O N  O F F I C I E L L E  D E  L\u2019 I N S T I T U T  C A N A D I E N  D E S  \u00c9 V A L U A T E U R S<\/p>\n<p>PM<br \/>\n #<\/p>\n<p>40<br \/>\n00<\/p>\n<p>82<br \/>\n49<\/p>\n<p> R<br \/>\net<\/p>\n<p>ur<br \/>\nn <\/p>\n<p>un<br \/>\nde<\/p>\n<p>liv<br \/>\ner<\/p>\n<p>ab<br \/>\nle<\/p>\n<p> C<br \/>\nan<\/p>\n<p>ad<br \/>\nia<\/p>\n<p>n<br \/>\nAd<\/p>\n<p>dr<br \/>\nes<\/p>\n<p>se<br \/>\ns <\/p>\n<p>to<br \/>\n: <\/p>\n<p>Ap<br \/>\npr<\/p>\n<p>ai<br \/>\nsa<\/p>\n<p>l I<br \/>\nns<\/p>\n<p>tit<br \/>\nut<\/p>\n<p>e<br \/>\nof<\/p>\n<p> C<br \/>\nan<\/p>\n<p>ad<br \/>\na,<\/p>\n<p> 4<br \/>\n03<\/p>\n<p>-2<br \/>\n00<\/p>\n<p> C<br \/>\nat<\/p>\n<p>he<br \/>\nrin<\/p>\n<p>e<br \/>\nSt<\/p>\n<p>.,<br \/>\nO<\/p>\n<p>tt<br \/>\naw<\/p>\n<p>a,<br \/>\n O<\/p>\n<p>N<br \/>\nK2<\/p>\n<p>P<br \/>\n2K<\/p>\n<p>9.<br \/>\n E<\/p>\n<p>m<br \/>\nai<\/p>\n<p>l:<br \/>\nin<\/p>\n<p>fo<br \/>\n@<\/p>\n<p>ai<br \/>\nca<\/p>\n<p>na<br \/>\nda<\/p>\n<p>.c<br \/>\na<\/p>\n<p>mailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<\/p>\n<p>Report Pro\u2122<br \/>\nThe cutting-edge for compliance<\/p>\n<p>www.aciweb.com<\/p>\n<p>ACI is a division of Verisk Analytics (NASDAQ: VRSK), a leading provider of<br \/>\nrisk assessment solutions to professionals in insurance, health care, mortgage<br \/>\nlending, government, risk management, and human resources. Verisk Analytics<br \/>\nincludes the holdings of Insurance Services Office, Inc. (ISO) and its subsidiaries,<br \/>\nwhich provide essential solutions to the insurance, mortgage lending, and<br \/>\nhealthcare markets. For more information, visit www.verisk.com.<\/p>\n<p>Report Pro\u2122<br \/>\nThe cutting-edge for compliance<\/p>\n<p>www.aciweb.com<br \/>\nmailto:acisales@aciweb.com<br \/>\nhttp:\/\/www.verisk.com<\/p>\n<p>Accelerating success.<\/p>\n<p>With 502 offices in 62 countries, Colliers International<br \/>\nhas the global reach, massive resources, and market<br \/>\nleading technology and research to ensure our appraisers<br \/>\nhave the support they need to achieve their business and<br \/>\ncareer goals. With various positions open across Canada,<br \/>\nthere are several opportunities to join our growing team.<br \/>\nTo find out how you can accelerate your career with<br \/>\nColliers International, visit us online or send your resume<br \/>\ndirectly to vascanada@colliers.com.<\/p>\n<p>ACCELERATE<br \/>\nYOUR SUCCESS<\/p>\n<p>collierscanada.com\/careers<\/p>\n<p>Avec ses 502 bureaux r\u00e9partis dans 62 pays, Colliers<br \/>\nInternational jouit d\u2019une port\u00e9e globale, de ressources<br \/>\nabondantes, d\u2019une technologie de pointe et d\u2019\u00e9tudes<br \/>\nnovatrices sur lesquelles ses experts peuvent compter<br \/>\npour atteindre leurs objectifs professionnels. Des postes<br \/>\nvari\u00e9s \u00e9tant \u00e0 pourvoir \u00e0 travers le Canada, plusieurs<br \/>\nopportunit\u00e9s s\u2019offrent \u00e0 vous pour vous greffer \u00e0 notre<br \/>\n\u00e9quipe en pleine croissance. Pour d\u00e9couvrir comment<br \/>\nColliers International peut propulser votre carri\u00e8re,<br \/>\nvisitez notre site Web ou envoyez votre curriculum vitae<br \/>\ndirectement \u00e0 vascanada@colliers.com.<\/p>\n<p>ACC\u00c9L\u00c9RATEUR<br \/>\nDE R\u00c9USSITE<\/p>\n<p>collierscanada.com\/careers<\/p>\n<p>collierscanada.com\/careers<br \/>\nmailto:vascanada@colliers.com<br \/>\nmailto:vascanada@colliers.com<\/p>\n<p>14 Executive Corner<br \/>\ncOntinuaL cHanGe<br \/>\neLeVates us aLL<\/p>\n<p>48 Professional Practice Matters<br \/>\nBeYOnD tHe scOpe.<br \/>\nKnOWinG YOur LimitatiOns.<\/p>\n<p>54 DesiGnatiOns, canDiDates,<br \/>\nstuDents<\/p>\n<p>16 le coin de l&rsquo;ex\u00e9cutif<br \/>\nLe cHanGement cOntinueL<br \/>\nnOus \u00e9L\u00e8Ve tOus<\/p>\n<p>50 Parlons pratique professionnelle<br \/>\nau-DeL\u00e0 Des cOmp\u00e9tences.<br \/>\ncOnna\u00eetre ses Limites. <\/p>\n<p>54 D\u00e9siGnatiOns, staGiaires,<br \/>\n\u00e9tuDiants<\/p>\n<p>COLUmNS \/ CHRONIqUES<\/p>\n<p>FEATURES \/ EN VEDETTE<\/p>\n<p>75 memOraBLe Years \u2014<br \/>\ntODaY\u2019s aic taKes sHape 1981-2013<br \/>\n75 ANN\u00c9ES M\u00c9MORAblES \u2014<br \/>\nl\u2019ICE D\u2019AUJOURD\u2019HUI PREND FORME<br \/>\n\u2013 1981 \u00c0 2013<\/p>\n<p>VOl 57 |  BOOK 4 \/  tOme 4  |  2013<\/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>The articles printed in this issue represent authors\u2019 opinions only and are not necessarily endorsed by<br \/>\nthe APPRAISAl INSTITUTE OF CANADA. Copyright 2013 by the APPRAISAl INSTITUTE OF CANADA.<br \/>\nAll rights reserved. Reproduction in whole or in part without written permission is strictly prohibited.<br \/>\nSubscription, $40.00 per year. Printed in Canada. les articles imprim\u00e9s dans ce num\u00e9ro ne rep\u00e9sentent<br \/>\nque l\u2019opinion de leur auteur respectif, mais ne sont pas n\u00e9ces\u2013sairement endoss\u00e9s par l\u2019INSTITUT CAN-<br \/>\nADIEN DES \u00c9VAlUATEURS. Tous droits reserv\u00e9s 2013 par l\u2019INSTITUT CANADIEN DES \u00c9VAlUATEURS. la<br \/>\nreproduction totale ou partielle sous quelque form que se soit sans authorisation \u00e9crite est absolument<br \/>\ninterdite. Abonnement $40.00 par ann\u00e9e. Imprim\u00e9 au Canada.<\/p>\n<p>* The Appraisal Institute of Canada reserves the right to reject advertising that it deems to be inappropriate.<br \/>\n** The publisher and the Appraisal Institute of Canada cannot be held liable for any material used or claims<br \/>\nmade in advertising included in this publication.Indexed in the Canadian business Index and available<br \/>\non-line in the Canadian business &#038; Current Affairs database.<br \/>\nISSN 0827-2697<\/p>\n<p>publication management, design and production by:<br \/>\nDirection, conception et production par :<\/p>\n<p>3rd Floor \u2013 2020 Portage avenue<br \/>\nWinnipeg, Mb  r3J 0K4<br \/>\nPhone: 866-985-9780 \u2022 Fax: 866-985-9799<br \/>\ne-mail: info@kelman.ca \u2022 Web: www.kelman.ca<\/p>\n<p>Managing Editor: Craig Kelman<br \/>\nDesign\/layout: Kristy unrau<br \/>\nMarketing Manager: Kris Fillion<br \/>\nAdvertising Co-ordinator: stefanie ingram<\/p>\n<p>Director &#8211; Marketing and Communications: sheila roy, ottawa<br \/>\nCommunications Offi cer: Mary-Jane erickson, ottawa<\/p>\n<p>75 memOraBLe Years \u2014<br \/>\n06<\/p>\n<p>WHat are YOur<br \/>\nmeasurement practices?<br \/>\nCOMMENT PRENEZ-VOUS<br \/>\nVOS MESURES ?<\/p>\n<p>WHat are YOur<br \/>\n19<\/p>\n<p>eXprOpriatiOn reQuires<br \/>\nunDerstanDinG anD<br \/>\nQuantiFYinG VaLue impact<br \/>\nl\u2019EXPROPRIATION REqUIERT DE<br \/>\nCOMPRENDRE ET DE qUANTIFIER<br \/>\nl\u2019IMPACT DE lA VAlEUR<\/p>\n<p>eXprOpriatiOn reQuires<br \/>\n40<\/p>\n<p>mentOrinG is aBOut LearninG,<br \/>\nDiaLOGue anD cHaLLenGe<br \/>\nlE MENTORAT : UNE qUESTION<br \/>\nD\u2019APPRENTISSAgE, DE DIAlOgUE<br \/>\nET DE D\u00c9FI<\/p>\n<p>44<\/p>\n<p>cOntents <\/p>\n<p>risinG FarmLanD prices<br \/>\nreaL estate, reaL assets<br \/>\nanD reaL WeaLtH<br \/>\nHAUSSE DES PRIX DES TERRES AgRICOlES<br \/>\nbIENS R\u00c9ElS, ACTIFS R\u00c9ElS ET<br \/>\nRICHESSES R\u00c9EllES  <\/p>\n<p>VaLuatiOn OF seniOrs HOusinG<br \/>\nanD LOnG-term care prOperties<br \/>\n\u00c9VAlUATION DES lOgEMENTS POUR<br \/>\nA\u00ceN\u00c9S ET DES PROPRI\u00c9T\u00c9S DE SOINS<br \/>\nDE lONgUE DUR\u00c9E<\/p>\n<p>risinG FarmLanD prices<br \/>\n32<\/p>\n<p>25<\/p>\n<p>TAblE DES MATI\u00e8RES<\/p>\n<p>check out the enhanced online canadian property Valuation!<\/p>\n<p>www.kelmanonline.com\/httpdocs\/fi les\/aiC\/cpvwinter2013\/index.html<\/p>\n<p>D\u00e9couvrir la version am\u00e9lior\u00e9e de<br \/>\nl&rsquo;evaluation immobilier au canada <\/p>\n<p>en ligne!<\/p>\n<p>Accelerating success.<\/p>\n<p>With 502 offices in 62 countries, Colliers International<br \/>\nhas the global reach, massive resources, and market<br \/>\nleading technology and research to ensure our appraisers<br \/>\nhave the support they need to achieve their business and<br \/>\ncareer goals. With various positions open across Canada,<br \/>\nthere are several opportunities to join our growing team.<br \/>\nTo find out how you can accelerate your career with<br \/>\nColliers International, visit us online or send your resume<br \/>\ndirectly to vascanada@colliers.com.<\/p>\n<p>ACCELERATE<br \/>\nYOUR SUCCESS<\/p>\n<p>collierscanada.com\/careers<\/p>\n<p>Avec ses 502 bureaux r\u00e9partis dans 62 pays, Colliers<br \/>\nInternational jouit d\u2019une port\u00e9e globale, de ressources<br \/>\nabondantes, d\u2019une technologie de pointe et d\u2019\u00e9tudes<br \/>\nnovatrices sur lesquelles ses experts peuvent compter<br \/>\npour atteindre leurs objectifs professionnels. Des postes<br \/>\nvari\u00e9s \u00e9tant \u00e0 pourvoir \u00e0 travers le Canada, plusieurs<br \/>\nopportunit\u00e9s s\u2019offrent \u00e0 vous pour vous greffer \u00e0 notre<br \/>\n\u00e9quipe en pleine croissance. Pour d\u00e9couvrir comment<br \/>\nColliers International peut propulser votre carri\u00e8re,<br \/>\nvisitez notre site Web ou envoyez votre curriculum vitae<br \/>\ndirectement \u00e0 vascanada@colliers.com.<\/p>\n<p>ACC\u00c9L\u00c9RATEUR<br \/>\nDE R\u00c9USSITE<\/p>\n<p>collierscanada.com\/careers<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 5<\/p>\n<p>mailto:info@aicanada.ca<br \/>\nmailto:info@kelman.ca<br \/>\nhttp:\/\/www.kelman.ca<br \/>\nwww.kelmanonline.com\/httpdocs\/files\/aiC\/cpvwinter2013\/index.html<\/p>\n<p>today\u2019s aic takes shape \u2013 1981 to 2013<br \/>\nIn our previous three issues of Canadian Property Valuation, we recapped the<br \/>\nhighlights of AIC\u2019s evolution from 1930 to 1980. Now, in our fi nal installment of<br \/>\n75 Memorable Years, we proudly present some of the key events and developments<br \/>\nthat have brought us to where we stand today \u2013 a professional organization that is<br \/>\nrespected world-wide for its integrity, professionalism and leadership. As we com-<br \/>\nplete our review of the past 75 memorable years, we look forward to continuing<br \/>\nour journey and the bright future that lies ahead.   <\/p>\n<p>75 MEMORABLE YEARS<\/p>\n<p>1982 1984 1986 1987 1988 1995<br \/>\nCouncil approves a<br \/>\nCandidate articling<br \/>\nprogram.<\/p>\n<p>Voluntar y par t icipat ion in a<br \/>\nrecertifi cation program is approved. <\/p>\n<p>October<br \/>\nC ou nc i l  de c l a re s  t h a t  a l l<br \/>\napplicants be required to submit<br \/>\nproof of university entrance<br \/>\nattainment before being admitted<br \/>\nas Candidates.<\/p>\n<p>The Real Estate Association<br \/>\nof British Columbia and AIC<br \/>\nagree to recognize equivalence in<br \/>\ntheir standards. RI(BC)s will be<br \/>\ngranted the AACI and vice versa.<br \/>\nAs well, an agreement between<br \/>\nAIC and the Real Estate Institute<br \/>\nof Canada (REIC) recognizes<br \/>\nequivalence between the FRI and<br \/>\nCRA designations.<\/p>\n<p>When H.N. Butler assumes the<br \/>\npresidency of AIC he has to<br \/>\naddress the fi nancial fallout of<br \/>\nseven straight years of shrinking<br \/>\nmembership. Hundreds who had<br \/>\nfl ocked to enroll as Candidates in<br \/>\nthe boom years of the 1970s, lost<br \/>\ninterest and withdrew from mem-<br \/>\nbership in the 1980s. Th e freeze<br \/>\non federal government spending,<br \/>\ndownsizing of some departments<br \/>\nand deregulation in some sectors<br \/>\nmeans fewer opportunities for<br \/>\nappraisers in the public service.<br \/>\nTh e Institute loses 1982 mem-<br \/>\nbers from 1980 through 1986.<br \/>\nIn 1986, AIC has a staff  of 13,<br \/>\n27 committees of Council, 3000<br \/>\nCandidates, 2000 AACIs and<br \/>\n1000 CRAs.<\/p>\n<p>Council  begins<br \/>\nto transfer power<br \/>\nand authority to<br \/>\nthe seven provin-<br \/>\ncial associations.<br \/>\nThe  func t ion s<br \/>\no f  admis s ions ,<br \/>\na c c r e d i t a t i o n ,<br \/>\neducation, exams,<br \/>\nreport grading,<br \/>\narticling, profes-<br \/>\nsional practice and<br \/>\ndiscipline are now<br \/>\nunder the author-<br \/>\nity of provincial<br \/>\ncouncils.<\/p>\n<p>AIC celebrates its<br \/>\n50th anniversary<br \/>\nand the annual<br \/>\nnational conference<br \/>\nis held in Winnipeg.<\/p>\n<p>A Mandatory<br \/>\nRecertifi cation Pro-<br \/>\ngram is established.<\/p>\n<p>march<br \/>\nAIC introduces<br \/>\nthe Professional<br \/>\nLiability Insur-<br \/>\nance Program.<\/p>\n<p>AIC implements<br \/>\niMIS technology<br \/>\nfor management of<br \/>\nmembership data.<\/p>\n<p>A IM  ma g a z ine  i s<br \/>\nrenamed The Cana-<br \/>\ndian Appraiser\/L\u2019Eval-<br \/>\nuateur Canadien.<\/p>\n<p>T he  D e s i g n a t ion<br \/>\nRetention Commit-<br \/>\ntee is renamed the<br \/>\nNational Recertif i-<br \/>\ncation Committee.<br \/>\nCouncil recommends<br \/>\n(but does not require)<br \/>\nuniversity entrance or<br \/>\nequivalent educational<br \/>\nat ta inment a s the<br \/>\nminimum for admis-<br \/>\nsion to candidacy.<\/p>\n<p>The Profe s s iona l<br \/>\nAppraiser (P. App)<br \/>\ndesignation is for-<br \/>\nmally recognized in<br \/>\nthe bylaws.<\/p>\n<p>1 9 8 1  1 9 8 2  1 9 8 3  1 9 8 4  1 9 8 5  1 9 8 6  1 9 8 7  1 9 8 8  1 9 8 9  1 9 9 0<\/p>\n<p>T I M E L I N E<br \/>\n1 9 8 1 &#8211; 2 0 1 3<\/p>\n<p>President harold butler takes the rei<br \/>\ngns <\/p>\n<p>in 1986 during some challenging time<br \/>\ns.<\/p>\n<p>a major milestone is celebrated in 1988.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 20136 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>1996 1998 2000 2001 2002 2003<br \/>\nTo en ha nce  a nd<br \/>\ndeliver the educa-<br \/>\ntion program, AIC<br \/>\nsigns its fi rst educa-<br \/>\ntional partnership<br \/>\nagreement with the<br \/>\nUniversity of British<br \/>\nColumbia (UBC)<br \/>\nReal Estate Division<br \/>\nand UBC. <\/p>\n<p>AIC establishes a<br \/>\nuniversity degree<br \/>\nrequirement for the<br \/>\nAACI designation.<\/p>\n<p>AIC signs a Memo-<br \/>\nrandum of Under-<br \/>\ns t a n d i n g  w i t h<br \/>\nPublic Works Gov-<br \/>\nernment Services<br \/>\nCanada (PWGSC).<\/p>\n<p>AIC is an active<br \/>\npartner in Valua-<br \/>\ntion 2000, one of<br \/>\nthe largest gather-<br \/>\nings of valuation<br \/>\nprofessionals ever<br \/>\nheld (Las Vegas,<br \/>\nUS).<\/p>\n<p>The first version<br \/>\nof the Canadian<br \/>\nUniform Standards<br \/>\no f  P r o f e s s i on a l<br \/>\nApprai sa l  Prac-<br \/>\ntice (CUSPAP) is<br \/>\nimplemented.<\/p>\n<p>December<br \/>\nAIC hires a new<br \/>\nChief Executive<br \/>\nOfficer, Georges<br \/>\nLozano.<\/p>\n<p>AIC relocates its<br \/>\nnat iona l  of f ic e<br \/>\nfrom Winnipeg to<br \/>\nOttawa.<\/p>\n<p>AIC and education<br \/>\npartner, the Real<br \/>\nEstate Division,<br \/>\nSauder School of<br \/>\nBusine s s ,  UBC<br \/>\ne s t a b l i s h  t h e<br \/>\nPo s t &#8211; G r a d u a t e<br \/>\nCertifi cate in Real<br \/>\nProperty Valua-<br \/>\ntion (PGCV).<\/p>\n<p>1 9 9 1  1 9 9 2  1 9 9 3  1 9 9 4  1 9 9 5  1 9 9 6  1 9 9 7  1 9 9 8  1 9 9 9  2 0 0 0 <\/p>\n<p>A I C  P R E S I D E N T S  1 9 8 1 &#8211; 2 0 1 3<\/p>\n<p>1981 &#8211; D.F. Hildebrand, AACI, P. App<br \/>\n1982 &#8211; J.W. Oliver, AACI, P. App<br \/>\n1983 &#8211; B.R. Jensen, AACI, P. App<br \/>\n1984 &#8211; J.D.H. MacKenzie, AACI, P. App<br \/>\n1985 &#8211; I. Jorgensen, AACI, P. App<br \/>\n1986 &#8211; H.N. Butler, AACI, P. App<br \/>\n1987 &#8211; J.M. Warren, AACI, P. App<br \/>\n1988 &#8211; J.N. Perry, AACI, P. App<br \/>\n1989 &#8211; R. Mason, AACI, P. App<br \/>\n1990 &#8211; K.F. Stroud, AACI, P. App<br \/>\n1991 &#8211; M.A. Martyn, AACI, P. App<\/p>\n<p>1992 &#8211; B.F. McMullan, AACI, P. App<br \/>\n1993 &#8211; A.M. Barber, AACI, P. App<br \/>\n1994 &#8211; K.J. Stub, AACI, P. App<br \/>\n1995 &#8211; D.H. Moore, AACI, P. App<br \/>\n1996 &#8211; D.A. Beatty, AACI, P. App<br \/>\n1997 &#8211; D.J. Rundell, AACI, P. App<br \/>\n1998 &#8211; P.J. Clark, AACI, P. App<br \/>\n1999 &#8211; R.E. Wade, AACI, P. App<br \/>\n2000 &#8211; J.M. Kirkland, AACI, P. App<br \/>\n2001 &#8211; J.A. Clark, AACI, P. App<br \/>\n2002 &#8211; K. Goodwin, AACI, P. App<\/p>\n<p>2003 &#8211; B. Wagar, AACI, P. App<br \/>\n2004 &#8211; B. Duncan, AACI, P. App<br \/>\n2005 &#8211; D. Highfi eld, AACI. P. App<br \/>\n2006 &#8211; P. Olscamp, AACI, P. App<br \/>\n2007 &#8211; G. Tomiuk, AACI, P. App<br \/>\n2008 &#8211; G. Maurice, AACI, P. App<br \/>\n2009 &#8211; S.Young, AACI, P. App<br \/>\n2010 &#8211; G. Uba, AACI, P. App<br \/>\n2011 &#8211; M. Mendela, AACI, P. App<br \/>\n2012 &#8211; D. Shum, AACI, P. App<br \/>\n2013 &#8211; D. Wilson, AACI, P. App<\/p>\n<p>AACI designation.<\/p>\n<p>2005<br \/>\nseptember<br \/>\nAIC creates the Coun-<br \/>\nsellor, Professional<br \/>\nPractice position. <\/p>\n<p>AIC introduces a new<br \/>\nmembership category:<br \/>\nAssociate member-<br \/>\nship \u2013 for individuals<br \/>\nwhose professiona l<br \/>\ninterests are served by<br \/>\naccess to information<br \/>\nconcerning real prop-<br \/>\nerty va luation and<br \/>\nwho are not eligible for<br \/>\nother active or retired<br \/>\nAIC membership cat-<br \/>\negories.<\/p>\n<p>the voice of our profession continues<br \/>\nto evolve  with our institute.<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 7Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>2 0 0 1  2 0 0 2  2 0 0 3  2 0 0 4  2 0 0 5  2 0 0 6  2 0 0 7  2 0 0 8  2 0 0 9  2 0 1 0  2 0 1 1  2 0 1 2  2 0 1 3<\/p>\n<p>2006 2008 2009 2011 2012 2013<br \/>\nEstablishment of Online<br \/>\nCandidate Registry \u2013<br \/>\nDesignated Members<br \/>\nin good standing may<br \/>\nco-sign the appraisal<br \/>\nreports for up to four<br \/>\nCandidate Members in<br \/>\ngood standing who are<br \/>\nworking under the guid-<br \/>\nance\/supervision of the<br \/>\nDesignated Member.<\/p>\n<p>january 1<br \/>\nThe minimum educa-<br \/>\ntional requirement for<br \/>\nDesignated Members<br \/>\nnow includes an under-<br \/>\ngraduate degree from a<br \/>\nCanadian university. <\/p>\n<p>AIC launches the We<br \/>\nValue Canada work-<br \/>\nshop.<\/p>\n<p>january 1<br \/>\nA l l  new Ca nd idate<br \/>\nMe m b e r s  a r e  n o w<br \/>\nrequired to obtain a des-<br \/>\nignation within 10 years.<\/p>\n<p>AIC introduces its<br \/>\nnew logo. <\/p>\n<p>Canadian Appraiser<br \/>\nmagazine is renamed<br \/>\nCanadian Property<br \/>\nValuation.<\/p>\n<p>Th e Board of Direc-<br \/>\ntors approves the<br \/>\np r e s t i g i o u s  n e w<br \/>\nmembership cate-<br \/>\ngory \u2013 Honorary<br \/>\nAccredited Appraiser<br \/>\nCanadian Institute<br \/>\n(AACI, Hon).<\/p>\n<p>AIC members are<br \/>\noff ered UBC-devel-<br \/>\noped webinars for<br \/>\nContinuing Profes-<br \/>\nsional Development<br \/>\n(CPD) short courses.<\/p>\n<p>AIC appoints CEO<br \/>\nKeith Lancastle. <\/p>\n<p>A IC improves it s<br \/>\ngovernance struc-<br \/>\nture by reducing the<br \/>\nnumber of commit-<br \/>\ntees and increasing<br \/>\nit s  t ranspa rency,<br \/>\naccountability and<br \/>\ncommunication.<\/p>\n<p>AIC renews a five-<br \/>\nyear Memorandum<br \/>\nof Understanding<br \/>\nwith Public Works<br \/>\nGovernment Services<br \/>\nCanada (PWGSC).<\/p>\n<p>AIC celebrates its<br \/>\n75th anniversary.<\/p>\n<p>AIC and the Real<br \/>\nEs ta te  Div i s ion ,<br \/>\nSauder School of<br \/>\nBusiness, UBC estab-<br \/>\nlish the Certifi cate in<br \/>\nResidential Valuation<br \/>\n(CRV).<\/p>\n<p>imprOVinG eDucatiOn Was aLWaYs a priOritY<\/p>\n<p>&laquo;&nbsp;I lectured on a variety of appraisal courses at places like the University of<br \/>\nAlberta, Grand Prairie College and Red Deer College, and also started tutoring <\/p>\n<p>correspondence course students with the AIC national offi  ce from 1984 to 1986, the<br \/>\nUniversity of Manitoba from 1985 to 1992, and St. Francis Xavier University from<br \/>\n1992 to 1998. After retirement, I became involved with national education at the <\/p>\n<p>Institute and started tutoring St. FX correspondence course students by phone and,<br \/>\neventually, by computer, which I had not used previously. Th e students would send<br \/>\ntheir lessons to me, I would correct them and then speak with them on the phone to<br \/>\nget things ironed out. It worked well and was excellent experience for me personally.&nbsp;&raquo;<\/p>\n<p>\u2013 Edward Prehodchenko, AACI, P. App., Retired<br \/>\ned welcomed participants to an<br \/>\naiC instructors workshop held <\/p>\n<p>at the u of alberta in 1987.<\/p>\n<p>rebranding<br \/>\npresents our fresh <\/p>\n<p>new image in 2008.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 20138 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>www.bradfordsoftware.com<br \/>\nwww.bradfordsoftware.com\/canada<\/p>\n<p>L\u2019ice d\u2019aujourd\u2019hui prend forme  \u2013 1981 to 2013<br \/>\nDans nos trois num\u00e9ros pr\u00e9c\u00e9dents d\u2019\u00c9valuation immobili\u00e8re au Canada, nous avons<br \/>\nd\u00e9gag\u00e9 les faits saillants de l\u2019\u00e9volution de l\u2019ICE de 1930 \u00e0 1980. Maintenant, dans<br \/>\nle dernier volet de ces 75 ann\u00e9es m\u00e9morables, nous pr\u00e9sentons avec fi ert\u00e9 certains<br \/>\ndes \u00e9v\u00e9nements et d\u00e9veloppements cl\u00e9s qui nous ont amen\u00e9s \u00e0 notre pr\u00e9sente situ-<br \/>\nation, celle d\u2019une organisation professionnelle respect\u00e9e de par le monde pour son<br \/>\nint\u00e9grit\u00e9, son professionnalisme et son leadership. En terminant cette r\u00e9trospective<br \/>\ndes 75 ann\u00e9es m\u00e9morables qui se sont \u00e9coul\u00e9es, nous nous pr\u00e9parons \u00e0 poursuivre<br \/>\nnotre cheminement et nous jetons un coup d\u2019\u0153il sur le brillant avenir devant nous.   <\/p>\n<p>75 ANN\u00c9ES M\u00c9MORABLES<\/p>\n<p>1982 1984 1986 1987 1988 1995<br \/>\nLe  Conse i l<br \/>\napprouve la<br \/>\ncr\u00e9ation d\u2019un<br \/>\nprogramme<br \/>\nde stagiaires.<\/p>\n<p>La participation volontaire au pro-<br \/>\ngramme de recertifi cation est approuv\u00e9e. <\/p>\n<p>Octobre<br \/>\nLe Conseil d\u00e9clare que tous les aspi-<br \/>\nrants stagiaires devront fournir la<br \/>\npreuve qu\u2019ils ont atteint un niveau<br \/>\nd\u2019\u00e9tudes donnant droit d \u2019acc\u00e8s \u00e0<br \/>\nl\u2019universit\u00e9 avant d\u2019\u00eatre admis comme<br \/>\nstagiaires.<\/p>\n<p>La Real Estate Association of British<br \/>\nColumbia et l\u2019ICE conviennent de<br \/>\nreconna\u00eetre l \u2019\u00e9quivalence de leurs<br \/>\nnormes. Les titulaires du RI(BC) seront<br \/>\nreconnus comme AACI et vice-versa.<br \/>\nDe plus, une entente entre l\u2019ICE et<br \/>\nl\u2019Institut canadien de l\u2019immeuble (ICI)<br \/>\nreconna\u00eet l\u2019\u00e9quivalence entre les titres<br \/>\nFRI et CRA.<\/p>\n<p>Quand H.N. Butler acc\u00e8de \u00e0 la pr\u00e9s-<br \/>\nidence de l\u2019ICE, il doit faire face aux<br \/>\ncons\u00e9quences fi nanci\u00e8res de sept ann\u00e9es<br \/>\ncons\u00e9cutives de contraction des eff ec-<br \/>\ntifs. Les centaines de nouveaux-venus<br \/>\nqui s\u2019\u00e9taient inscrits comme stagiaires<br \/>\nau cours des ann\u00e9es prosp\u00e8res de la<br \/>\nd\u00e9cennie 1970 avaient perdu int\u00e9r\u00eat<br \/>\net annul\u00e9 leur cotisation dans les<br \/>\nann\u00e9es 1980. Le gel des d\u00e9penses du<br \/>\ngouvernement f\u00e9d\u00e9ral, la r\u00e9duction<br \/>\ndes eff ectifs de certains minist\u00e8res et<br \/>\nla d\u00e9r\u00e9glementation dans certains sec-<br \/>\nteurs avaient entra\u00een\u00e9 une r\u00e9duction des<br \/>\noccasions d\u2019emploi d\u2019\u00e9valuateurs dans<br \/>\nla fonction publique. L\u2019Institut a donc<br \/>\nperdu  1 982 membres de 1980 \u00e0 1986.<br \/>\nEn 1986, l\u2019ICE comptait 13 employ\u00e9s,<br \/>\n27 comit\u00e9s du Conseil, 3 000 stagiaires,<br \/>\n2 000 AACI et 1 000 CRA.<\/p>\n<p>Le Conseil entreprend<br \/>\nde transf\u00e9rer les pou-<br \/>\nvoirs et autorit\u00e9s aux<br \/>\nsept associations pro-<br \/>\nvinciales. Les fonctions<br \/>\nd\u2019admission, d\u2019accr\u00e9d-<br \/>\nitation, de formation,<br \/>\nd\u2019examen, de correc-<br \/>\ntion des rapports, de<br \/>\nsupervision des sta-<br \/>\ngiaires, de pratique<br \/>\nprofessionnelle et de<br \/>\ndiscipline rel\u00e8vent<br \/>\nmaintenant de l\u2019au-<br \/>\ntorit\u00e9 des conseils pro-<br \/>\nvinciaux.<\/p>\n<p>L\u2019ICE c\u00e9l\u00e8bre son<br \/>\n50e anniversaire et la<br \/>\nconf\u00e9rence annuelle<br \/>\na lieu \u00e0 Winnipeg.<\/p>\n<p>Un Programme<br \/>\nde recertification<br \/>\nob l i g a to i r e  e s t<br \/>\n\u00e9tabli. <\/p>\n<p>mars<br \/>\nL\u2019ICE introduit le<br \/>\nProgramme d\u2019assur-<br \/>\nance responsabilit\u00e9<br \/>\nprofessionnelle.<\/p>\n<p>L\u2019ICE met en place<br \/>\nla technologie iMIS<br \/>\npour g\u00e9rer les don-<br \/>\nn\u00e9es sur ses eff ectifs<br \/>\nde membres.<\/p>\n<p>Le magazine AIM change<br \/>\nde nom pour Th e Cana-<br \/>\ndian Appraiser\/L\u2019Evalua-<br \/>\nteur Canadien.<\/p>\n<p>Le nom du Comit\u00e9 de<br \/>\nr\u00e9tention des titres pro-<br \/>\nfessionnels est  remplac\u00e9<br \/>\npar Comit\u00e9 de recer-<br \/>\ntification national. Le<br \/>\nConseil recommande<br \/>\n(sans toutefois l\u2019exiger)<br \/>\nun niveau d\u2019\u00e9tudes<br \/>\ndonnant droit d\u2019acc\u00e8s \u00e0<br \/>\nl\u2019universit\u00e9 ou l\u2019\u00e9quiva-<br \/>\nlent comme minimum<br \/>\npour \u00eatre admis comme<br \/>\nstagiaire.<\/p>\n<p>Le titre Professional<br \/>\nAppraiser (P. App) est<br \/>\nreconnu officiellement<br \/>\ndans les r\u00e8glements.<\/p>\n<p>1 9 8 1  1 9 8 2  1 9 8 3  1 9 8 4  1 9 8 5  1 9 8 6  1 9 8 7  1 9 8 8  1 9 8 9  1 9 9 0<\/p>\n<p>H I S T O R I Q U<br \/>\nE  1 9 8 1 &#8211; 2 0<\/p>\n<p>1 3<\/p>\n<p>Le pr\u00e9sident harold butler assume la<\/p>\n<p>direction 1986, durant une p\u00e9riode dif<br \/>\nficile.<\/p>\n<p>L\u2019iCe c\u00e9l\u00e8bre une \u00e9tape importante en 1988.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201310 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>1996 1998 2000 2001 2002 2003<br \/>\nPour rehausser et<br \/>\nlivrer le programme<br \/>\nd\u2019\u00e9tudes, l\u2019ICE signe<br \/>\nson premier accord<br \/>\nde partenariat \u00e9du-<br \/>\ncatif avec la Divi-<br \/>\nsion de l\u2019immobilier<br \/>\nde l\u2019Universit\u00e9 de la<br \/>\nColombie-Britan-<br \/>\nnique (U.C.-B.) et<br \/>\nl\u2019U.C.-B. m\u00eame. <\/p>\n<p>L\u2019ICE \u00e9tablit une<br \/>\nexigence de grade<br \/>\nuniversitaire pour le<br \/>\ntitre d\u2019AACI.<\/p>\n<p>L\u2019ICE signe un<br \/>\nProtocole d\u2019en-<br \/>\ntente avec Travaux<br \/>\npublics et Services<br \/>\ngouvernemen-<br \/>\ntaux   Canada<br \/>\n(TPSGC).<\/p>\n<p>L\u2019ICE est parte-<br \/>\nnaire actif de Val-<br \/>\nuation 2000, l\u2019un<br \/>\ndes plus impor-<br \/>\ntants rassemblem-<br \/>\nents de profession-<br \/>\nnels de l\u2019\u00e9valuation<br \/>\njamais tenu (\u00e0 Las<br \/>\nVegas, aux \u00c9.-U.).<\/p>\n<p>La premi\u00e8re ver-<br \/>\nsion des Normes<br \/>\nuniformes de pra-<br \/>\ntique professionnelle<br \/>\nen mati\u00e8re d\u2019 \u00e9val-<br \/>\nuation au Canada<br \/>\n(NUPPEC) entre<br \/>\nen vigueur.<\/p>\n<p>D\u00e9cembre<br \/>\nL\u2019ICE embauche<br \/>\nun nouveau chef<br \/>\nde la direct ion,<br \/>\nGeorges Lozano.<\/p>\n<p>L\u2019ICE d\u00e9m\u00e9nage son<br \/>\nbureau national de<br \/>\nWinnipeg \u00e0 Ottawa.<\/p>\n<p>L\u2019 I C E  e t  s o n<br \/>\np a r t e n a i r e  e n<br \/>\nmati\u00e8re d\u2019\u00e9duca-<br \/>\ntion, la Division<br \/>\nde l\u2019immobilier de<br \/>\nl \u2019\u00c9cole d \u2019\u00e9tudes<br \/>\nc o m m e r c i a l e s<br \/>\nSauder \u00e0 l\u2019U.C.-B.,<br \/>\n\u00e9tablissent le cer-<br \/>\nt i f icat d \u2019\u00e9tudes<br \/>\nsup\u00e9 r i eu re s  en<br \/>\n\u00e9valuation immo-<br \/>\nbili\u00e8re (CESEI).<\/p>\n<p>1 9 9 1  1 9 9 2  1 9 9 3  1 9 9 4  1 9 9 5  1 9 9 6  1 9 9 7  1 9 9 8  1 9 9 9  2 0 0 0 <\/p>\n<p>PR\u00c9S IDENTS  DE  L\u2019 I CE  198 1 -20 13<\/p>\n<p>1981 &#8211; D.F. Hildebrand, AACI, P. App<br \/>\n1982 &#8211; J.W. Oliver, AACI, P. App<br \/>\n1983 &#8211; B.R. Jensen, AACI, P. App<br \/>\n1984 &#8211; J.D.H. MacKenzie, AACI, P. App<br \/>\n1985 &#8211; I. Jorgensen, AACI, P. App<br \/>\n1986 &#8211; H.N. Butler, AACI, P. App<br \/>\n1987 &#8211; J.M. Warren, AACI, P. App<br \/>\n1988 &#8211; J.N. Perry, AACI, P. App<br \/>\n1989 &#8211; R. Mason, AACI, P. App<br \/>\n1990 &#8211; K.F. Stroud, AACI, P. App<br \/>\n1991 &#8211; M.A. Martyn, AACI, P. App<\/p>\n<p>1992 &#8211; B.F. McMullan, AACI, P. App<br \/>\n1993 &#8211; A.M. Barber, AACI, P. App<br \/>\n1994 &#8211; K.J. Stub, AACI, P. App<br \/>\n1995 &#8211; D.H. Moore, AACI, P. App<br \/>\n1996 &#8211; D.A. Beatty, AACI, P. App<br \/>\n1997 &#8211; D.J. Rundell, AACI, P. App<br \/>\n1998 &#8211; P.J. Clark, AACI, P. App<br \/>\n1999 &#8211; R.E. Wade, AACI, P. App<br \/>\n2000 &#8211; J.M. Kirkland, AACI, P. App<br \/>\n2001 &#8211; J.A. Clark, AACI, P. App<br \/>\n2002 &#8211; K. Goodwin, AACI, P. App<\/p>\n<p>2003 &#8211; B. Wagar, AACI, P. App<br \/>\n2004 &#8211; B. Duncan, AACI, P. App<br \/>\n2005 &#8211; D. Highfi eld, AACI. P. App<br \/>\n2006 &#8211; P. Olscamp, AACI, P. App<br \/>\n2007 &#8211; G. Tomiuk, AACI, P. App<br \/>\n2008 &#8211; G. Maurice, AACI, P. App<br \/>\n2009 &#8211; S.Young, AACI, P. App<br \/>\n2010 &#8211; G. Uba, AACI, P. App<br \/>\n2011 &#8211; M. Mendela, AACI, P. App<br \/>\n2012 &#8211; D. Shum, AACI, P. App<br \/>\n2013 &#8211; D. Wilson, AACI, P. App<\/p>\n<p>universitaire pour le<br \/>\ntitre d\u2019AACI.<\/p>\n<p>2005<br \/>\nseptembre<br \/>\nL\u2019ICE cr\u00e9e le poste de<br \/>\nconseiller en pratique<br \/>\nprofessionnelle.  <\/p>\n<p>L\u2019ICE institue une<br \/>\nnouvelle cat\u00e9gorie<br \/>\nde membres : celle<br \/>\nde membre associ\u00e9<br \/>\n\u2013 pour les personnes<br \/>\ndont les int\u00e9r\u00eats pro-<br \/>\nfessionnels sont des-<br \/>\nservis par l\u2019acc\u00e8s \u00e0 des<br \/>\nrenseignements con-<br \/>\ncernant l\u2019\u00e9valuation<br \/>\nimmobili\u00e8re et qui ne<br \/>\nsont pas admissibles<br \/>\n\u00e0 d\u2019autres cat\u00e9gories<br \/>\nde membres actifs ou<br \/>\nretrait\u00e9s de l\u2019ICE.<\/p>\n<p>La voix de notre profession<br \/>\ncontinue d\u2019\u00e9voluer<br \/>\n\u00e0 notre institut.<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 11Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>2 0 0 1  2 0 0 2  2 0 0 3  2 0 0 4  2 0 0 5  2 0 0 6  2 0 0 7  2 0 0 8  2 0 0 9  2 0 1 0  2 0 1 1  2 0 1 2  2 0 1 3<\/p>\n<p>2006 2008 2009 2011 2012 2013<br \/>\n\u00c9tablissement du reg-<br \/>\nistre des stagiaires en<br \/>\nl igne \u2013 les membres<br \/>\naccr\u00e9dit\u00e9s en r\u00e8gle peu-<br \/>\nvent  cosigner les rap-<br \/>\nports d\u2019\u00e9valuation de<br \/>\njusqu\u2019\u00e0 4 stagiaires en<br \/>\nr\u00e8gle qui travaillent sous<br \/>\nles conseils\/la supervi-<br \/>\nsion du membre d\u00e9sign\u00e9.<\/p>\n<p>1er janvier<br \/>\nL\u2019exigence p\u00e9dagogique<br \/>\nminimale pour les mem-<br \/>\nbres d\u00e9sign\u00e9s comprend<br \/>\nd\u00e9sormais un grade de<br \/>\npremier cycle d\u2019une uni-<br \/>\nversit\u00e9 canadienne. <\/p>\n<p>L\u2019ICE lance l \u2019atel ier<br \/>\nNou s  \u00e9 va luon s ,  au<br \/>\nCanada.<\/p>\n<p>1er janvier<br \/>\nTous les nouveaux sta-<br \/>\ngiaires sont maintenant<br \/>\ntenus d\u2019obtenir un titre<br \/>\nprofessionnel en 10 ans<br \/>\nou moins.<\/p>\n<p>L\u2019ICE d\u00e9voile son<br \/>\nnouveau logo.  <\/p>\n<p>Le magazine The<br \/>\nCanadian Apprais-<br \/>\ner\/L\u2019Evaluateur Cana-<br \/>\ndien prend le nom de<br \/>\nCanadian Property<br \/>\nValuation\/\u00c9valua-<br \/>\ntion immobili\u00e8re au<br \/>\nCanada.<\/p>\n<p>Le Conseil d\u2019admin-<br \/>\nistration approuve<br \/>\nla nouvelle presti-<br \/>\ngieuse cat\u00e9gorie de<br \/>\nmembre \u2013 Honorary<br \/>\nAccredited Appraiser<br \/>\nCanadian Institute<br \/>\n(AACI, honoraire).<\/p>\n<p>L e s  membre s  de<br \/>\nl\u2019ICE ont acc\u00e8s \u00e0 des<br \/>\nwebinaires \u00e9labor\u00e9s<br \/>\npar l\u2019U.C.-B. pour<br \/>\nles cours de  per-<br \/>\nfectionnement pro-<br \/>\nfessionnel continu<br \/>\n(PPC).<\/p>\n<p>L\u2019ICE nomme un<br \/>\nnouveau chef de la<br \/>\ndirection, Keith Lan-<br \/>\ncastle. <\/p>\n<p>L\u2019ICE am\u00e9liore ses<br \/>\npratiques de gouver-<br \/>\nnance en r\u00e9duisant<br \/>\nle nombre de comi-<br \/>\nt\u00e9s, afi n d\u2019accro\u00eetre<br \/>\nla transparence, la<br \/>\nresponsabilisation et<br \/>\nla communication.<\/p>\n<p>L\u2019ICE renouvel le<br \/>\nun Protocole d\u2019en-<br \/>\ntente de cinq ans<br \/>\navec Travaux publics<br \/>\net Services gouver-<br \/>\nnementaux  Canada<br \/>\n(TPSGC). <\/p>\n<p>L\u2019ICE c\u00e9l\u00e8bre son 75e<br \/>\nanniversaire.<\/p>\n<p>L\u2019ICE et la Division<br \/>\nde l\u2019immobilier de<br \/>\nl\u2019\u00c9cole d\u2019\u00e9tudes com-<br \/>\nmerciales Sauder de<br \/>\nl\u2019U.C.-B. \u00e9tablissent<br \/>\nle certificat d\u2019\u00e9val-<br \/>\nuation r\u00e9sidentielle<br \/>\n(CRV).<\/p>\n<p>nOus aVOns tOujOurs DOnn\u00e9 priOrit\u00e9 \u00e0 L\u2019am\u00e9LiOratiOn De L\u2019\u00e9DucatiOn<\/p>\n<p>\u00ab J\u2019ai donn\u00e9 des cours en \u00e9valuation \u00e0 des \u00e9tablissements comme l\u2019Universit\u00e9 de l\u2019Alberta,<br \/>\nle Coll\u00e8ge de Grand Prairie et le Coll\u00e8ge de  Red Deer, et j\u2019ai aussi commenc\u00e9 \u00e0 agir <\/p>\n<p>comme tuteur d\u2019\u00e9tudiants inscrits \u00e0 des cours par correspondance avec le Bureau<br \/>\nnational de l\u2019ICE de 1984 \u00e0 1986, avec l\u2019Universit\u00e9 du Manitoba de 1985 \u00e0 1992, et avec <\/p>\n<p>l\u2019Universit\u00e9 Saint-Fran\u00e7ois-Xavier de 1992 \u00e0 1998. Apr\u00e8s ma retraite, j\u2019ai pris une part<br \/>\nactive dans l\u2019enseignement national et j\u2019ai commenc\u00e9 \u00e0 agir comme tuteur par t\u00e9l\u00e9phone, <\/p>\n<p>puis par ordinateur, ce qui \u00e9tait nouveau pour moi, aupr\u00e8s des \u00e9tudiants inscrits aux<br \/>\ncours par correspondance de l\u2019USFX. Les \u00e9tudiants m\u2019envoyaient leurs travaux, j\u2019en <\/p>\n<p>faisais la correction et nous en parlions au t\u00e9l\u00e9phone pour clarifi er les d\u00e9tails. \u00c7a<br \/>\nfonctionnait bien et ce fut, pour moi personnellement, une excellente exp\u00e9rience. \u00bb<\/p>\n<p>\u2013 Edward Prehodchenko, AACI, P. App., retrait\u00e9<\/p>\n<p>ed accueille les participants<br \/>\n\u00e0 un atelier de l\u2019iCe pour <\/p>\n<p>instructeurs tenu \u00e0 l\u2019universit\u00e9<br \/>\nde l\u2019alberta en 1987.<\/p>\n<p>Notre nouvelle<br \/>\nimage de marque <\/p>\n<p>en 2008.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201312 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>AVIS<br \/>\nd\u2019assembl\u00e9e<br \/>\ng\u00e9n\u00e9rale annuelle<br \/>\ninstitut canadien des<br \/>\n\u00e9valuateurs, AGA 2014<br \/>\nH\u00f4tel Halifax marriott Harbourfront<br \/>\nHalifax, nouvelle-\u00e9cosse<br \/>\nsamedi, le 7 juin 2014 \u2013 15 :00 h <\/p>\n<p> NOTICE OF<br \/>\nannual General<br \/>\nmeeting<br \/>\nAppraisal institute of<br \/>\nCanada AGm 2014<br \/>\nHalifax marriott Harbourfront Hotel<br \/>\nHalifax, nova scotia<br \/>\nsaturday, june 7, 2014 &#8211; 15:00<\/p>\n<p>aGenDa<br \/>\n1. To confi rm the Minutes of the June 8, 2013 AgM.<\/p>\n<p>2. To receive Reports<br \/>\na) President<br \/>\nb) Management<br \/>\nc) AIC Committee Reports<\/p>\n<p>3. To receive audited fi nancial statements for the<br \/>\npast year and appoint auditors for the forthcoming<br \/>\nyear.<\/p>\n<p>4. To elect the board of Directors of the Appraisal<br \/>\nInstitute of Canada.<\/p>\n<p>5. To consider resolutions submitted in accordance<br \/>\nwith the by-laws.<\/p>\n<p>6. To consider all other business as may properly<br \/>\ncome before the meeting.<\/p>\n<p>OrDre Du jOur<br \/>\n1. Approbation du proc\u00e8s-verbal de l\u2019AgA du 8 juin 2013.<\/p>\n<p>2. Pr\u00e9sentation des rapports<br \/>\na) du Pr\u00e9sident<br \/>\nb) de la direction<br \/>\nc) des comit\u00e9s de l\u2019ICE<\/p>\n<p>3. Pr\u00e9sentation des \u00e9tats fi nanciers v\u00e9rifi \u00e9s du dernier<br \/>\nexercice et nomination des v\u00e9rifi cateurs pour le<br \/>\nprochain exercice.<\/p>\n<p>4. \u00c9lection des membres du Conseil d\u2019administration de<br \/>\nl\u2019Institut canadien des \u00e9valuateurs.<\/p>\n<p>5. Examen des r\u00e9solutions pr\u00e9sent\u00e9es conform\u00e9ment aux<br \/>\nr\u00e8glements.<\/p>\n<p>6. \u00c9tude de tous les autres points d\u00fbment<br \/>\npr\u00e9sent\u00e9s \u00e0 l\u2019Assembl\u00e9e.<\/p>\n<p>Mark your<br \/>\nCalendarInscrivez ces dates \u00e0 votre <\/p>\n<p>calendrier<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 13Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>EXECUTIVE CORNER<\/p>\n<p>cOntinuaL cHanGe<br \/>\neLeVates us aLL<\/p>\n<p>D a n  W i L s O n ,  a a c i ,  p .  a p p ,  p r e s i D e n t<\/p>\n<p>K e i t H  L a n c a s t L e ,  m B a ,  c a e ,  c H i e F  e X e c u t i V e  O F F i c e r<\/p>\n<p>Da N W iL s oN<\/p>\n<p>K ei t h L a NC a s t L e<\/p>\n<p>T he Appraisal Institute of Canada (AIC) is going through a period of unprecedented change, the pace of which<br \/>\ncontinues to accelerate both outside and<br \/>\ninside our organization. Th e way we do<br \/>\nthings today is not the same way we did<br \/>\nthings even fi ve years ago, and it is likely<br \/>\nnot the way we will be doing things in<br \/>\n10 years. <\/p>\n<p>Th is change is positive, as it was<br \/>\nprompted by our members. Let us share<br \/>\na few examples.<\/p>\n<p>On the education front, our Boards<br \/>\nof Examiners across the country have<br \/>\nbeen telling us that we need a way to<br \/>\ngauge the depth of experience of our<br \/>\nCandidate Members for designation. Th e<br \/>\nBoards have been looking to Candidates<br \/>\nto demonstrate the practical application<br \/>\nof their body of knowledge. <\/p>\n<p>In response, a Work Product Review<br \/>\nprogram will be coming back to the<br \/>\ndesignation process as of January 1,<br \/>\n2014.  <\/p>\n<p>We have also recently fi nished a<br \/>\ncomprehensive external review of the<br \/>\ncore competencies of our profession.<br \/>\nTh e core competencies of a professional <\/p>\n<p>appraiser are important to know, as they<br \/>\nhelp our members understand the core<br \/>\neducation, experience and attributes<br \/>\nof a fully functioning and competent<br \/>\nappraiser. With a better understanding<br \/>\nof these competencies, we can fi ne-tune<br \/>\nthe education and applied experience<br \/>\nprocess to ensure we are teaching our<br \/>\nnew members what they really need to<br \/>\nknow. It can also help existing members<br \/>\nidentify any training gaps they need<br \/>\nto fi ll in order to acquire the required<br \/>\ncompetencies. Furthermore, the<br \/>\ninformation can be used by employers<br \/>\nto determine the qualities of the best<br \/>\nvaluation candidates and to assist their<br \/>\nstaff  with professional development.  <\/p>\n<p>On the marketing and<br \/>\ncommunications front, many of<br \/>\nour materials have been refreshed to<br \/>\ncorrespond with the 75-year anniversary<br \/>\nof the AIC. Print and online ads have<br \/>\nbeen fl owing to promote our members<br \/>\nacross the country.<\/p>\n<p>Th e AIC website has been completely<br \/>\nredesigned. Our members told us that<br \/>\nour old site was well past its prime and<br \/>\nthe new site is something of which we<br \/>\nare quite proud. It is easy to navigate <\/p>\n<p>tHe aic is GOinG tHrOuGH a periOD OF<br \/>\nunpreceDenteD cHanGe, tHe pace OF WHicH<br \/>\ncOntinues tO acceLerate BOtH OutsiDe anD <\/p>\n<p>insiDe Our OrGaniZatiOn. <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201314 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>and the members\u2019 section is excellent<br \/>\nand customizable.  <\/p>\n<p>Th e \u2018Find an Appraiser\u2019 tool is<br \/>\nenhanced by our members\u2019 complete<br \/>\nprofi les \u2013 we encourage you to fi ll out<br \/>\nyour profi le as completely as you can.<br \/>\nA number of members have reported<br \/>\nreceiving inquiries based on the google<br \/>\nmap link on their member profi le. It is<br \/>\nlinkable to your website, email address,<br \/>\nLinkedIn, Facebook and Twitter<br \/>\naccounts, etc.  <\/p>\n<p>On the professional practice side,<br \/>\nthe new Canadian Uniform Standards<br \/>\nof Professional Appraisal Practice<br \/>\n(CUSPAP) 2014 is underway and will<br \/>\nbe out in early 2014. Th is is no small<br \/>\ntask and takes the dedication of core<br \/>\nvolunteers and staff . <\/p>\n<p>Members have been telling us for<br \/>\nyears that the two-day Professional<br \/>\nPractice session needed revamping.<br \/>\nTh e AIC has responded with a one-day<br \/>\noption. Designated Members now have<br \/>\nthe choice of taking the one-day or<br \/>\ntwo-day sessions. Th ere are also online<br \/>\nwebinar options with revised content.  <\/p>\n<p>fund studies be developed. Th rough<br \/>\nthis new standard, all members<br \/>\n\u2013 both AACIs and CRAs \u2013 with<br \/>\nthe requisite and demonstratable<br \/>\ncompetence would be able to<br \/>\ncomplete these reports and be<br \/>\ncovered by our insurance program.  <\/p>\n<p>Th ese changes are to come<br \/>\nback to the Board by November<br \/>\nfor inclusion in the 2014 CUSPAP<br \/>\ndocument.  <\/p>\n<p>Under the Professional<br \/>\nPractice banner, the AIC is also<br \/>\nrunning a pilot project in Qu\u00e9bec<br \/>\nwherein members are able to co-sign<br \/>\nfor defi ned, qualifi ed non-members.<br \/>\nTh is is an issue that is specifi c to<br \/>\nthe Qu\u00e9bec marketplace wherein<br \/>\ntechnical staff  or technicians work<br \/>\nalong side professional staff  in the<br \/>\npreparation of appraisals reports.<br \/>\nTh e project is running until April<br \/>\nof 2014.  <\/p>\n<p>Finally, on the governance side,<br \/>\nthe restructure of AIC committees<br \/>\nhas signifi cantly improved the work-<br \/>\nfl ows and operational effi  ciency of<br \/>\nour organization.    <\/p>\n<p>Th e strategic plan is coming<br \/>\nto a close at the end of 2014 and<br \/>\nthe Board will be undertaking to<br \/>\ncomplete a new strategic plan for<br \/>\nthe 2015-2018 period. Members<br \/>\nwill be consulted through surveys<br \/>\nand other opportunities in order<br \/>\nto provide their comments on the<br \/>\nfuture of the profession and their<br \/>\norganization.<\/p>\n<p>Work also continues on the<br \/>\ninsurance renewal for the 2014<br \/>\nyear and we continue to work<br \/>\ntowards a more risk-based premium<br \/>\nallocation, as our members\u2019<br \/>\nrequested.  <\/p>\n<p>Th e point is that things are<br \/>\nconstantly changing. Th is change<br \/>\nis ignited by our members\u2019<br \/>\nsuggestions and feedback, so we<br \/>\nencourage you to keep them coming<br \/>\nto continue to elevate the AIC and<br \/>\nour profession. <\/p>\n<p>EXECUTIVE CORNER<\/p>\n<p>memBers WiLL Be cOnsuLteD<br \/>\ntHrOuGH surVeYs anD OtHer <\/p>\n<p>OppOrtunities in OrDer<br \/>\ntO prOViDe tHeir cOmments <\/p>\n<p>On tHe Future OF tHe<br \/>\nprOFessiOn anD tHeir <\/p>\n<p>OrGaniZatiOn.<\/p>\n<p>With changes<br \/>\nin condominium <\/p>\n<p>legislation in BC,<br \/>\nand the calls by our <\/p>\n<p>members \u2013 both in BC and<br \/>\nin other jurisdictions \u2013 to <\/p>\n<p>re-examine which members<br \/>\nare qualifi ed to prepare reserve<br \/>\nfund studies or depreciation<br \/>\nreports, the Board passed a<br \/>\nmotion in June that a new<br \/>\nstandard governing reserve <\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 15Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>Le cHanGement<br \/>\ncOntinueL nOus \u00e9L\u00e8Ve tOus<\/p>\n<p>D a n  W i L s O n ,  a a c i ,  p .  a p p ,  p r \u00e9 s i D e n t<\/p>\n<p>K e i t H  L a n c a s t L e ,  m B a ,  c a e ,  c H e F  D e  L a  D i r e c t i O n<\/p>\n<p>lE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n<p>L \u2019Institut canadien des \u00e9valuateurs (ICE) traverse une p\u00e9riode de transformation sans pr\u00e9c\u00e9dent dont le rythme va<br \/>\ntoujours croissant, tant \u00e0 l\u2019ext\u00e9rieur<br \/>\nqu\u2019entre les murs de notre organisation.<br \/>\nLa fa\u00e7on dont nous menons nos aff aires<br \/>\nest diff \u00e9rente d\u2019il y a seulement cinq ans<br \/>\net ne sera fort probablement pas la m\u00eame<br \/>\ndans dix ans.<\/p>\n<p>C\u2019est un changement positif, car ce<br \/>\nsont nos membres qui le demandent.<br \/>\nVoyons quelques exemples ensemble.<\/p>\n<p>Dans le domaine de l\u2019\u00e9ducation,<br \/>\nnos Conseils d\u2019examinateurs \u00e0 l\u2019\u00e9chelle<br \/>\ndu pays nous disent qu\u2019il faut trouver<br \/>\nun moyen de mesurer l\u2019\u00e9tendue de<br \/>\nl\u2019exp\u00e9rience des membres stagiaires qui<br \/>\nsouhaitent obtenir un titre. Les Conseils<br \/>\ndemandent aux stagiaires de d\u00e9montrer<br \/>\nl\u2019application pratique de leur ensemble<br \/>\nde connaissances.<\/p>\n<p>En r\u00e9ponse \u00e0 ce besoin, le programme<br \/>\nd\u2019Examen du produit du travail<br \/>\nreviendra pour encadrer le processus<br \/>\nde d\u00e9signation, \u00e0 compter du 1er janvier<br \/>\n2014.<\/p>\n<p>R\u00e9cemment, nous avons aussi<br \/>\nachev\u00e9 un examen externe approfondi<br \/>\ndes comp\u00e9tences essentielles de notre<br \/>\nprofession. Il est important de conna\u00eetre<br \/>\nles comp\u00e9tences essentielles d\u2019un<br \/>\n\u00e9valuateur, car elles aident nos membres<br \/>\n\u00e0 conna\u00eetre l\u2019\u00e9ducation, l\u2019exp\u00e9rience<br \/>\net les attributs fondamentaux d\u2019un<br \/>\n\u00e9valuateur enti\u00e8rement autonome et<br \/>\nparfaitement comp\u00e9tent. En comprenant <\/p>\n<p>mieux ces comp\u00e9tences, nous pouvons<br \/>\naffi  ner le processus d\u2019\u00e9ducation et<br \/>\nd\u2019exp\u00e9rience appliqu\u00e9e pour nous assurer<br \/>\nd\u2019enseigner \u00e0 nos nouveaux membres<br \/>\nce qu\u2019ils ont vraiment besoin de savoir.<br \/>\nCela peut \u00e9galement aider nos membres<br \/>\nactuels \u00e0 relever les lacunes de formation<br \/>\n\u00e0 combler pour acqu\u00e9rir les comp\u00e9tences<br \/>\nrequises. Qui plus est, les employeurs<br \/>\npeuvent utiliser cette information pour<br \/>\nd\u00e9terminer les qualit\u00e9s des meilleurs<br \/>\n\u00e9valuateurs stagiaires et favoriser le<br \/>\nperfectionnement professionnel de leurs<br \/>\nemploy\u00e9s.<\/p>\n<p>Sur le front du marketing et des<br \/>\ncommunications, nous avons rafra\u00eechi<br \/>\nplusieurs de nos documents \u00e0 l\u2019occasion<br \/>\ndu 75e anniversaire de l\u2019ICE. Les<br \/>\nannonces imprim\u00e9es et en ligne ont \u00e9t\u00e9<br \/>\nnombreuses \u00e0 promouvoir nos membres<br \/>\nd\u2019un coin \u00e0 l\u2019autre du pays.<\/p>\n<p>Le site Web de l\u2019ICE a \u00e9t\u00e9<br \/>\ncompl\u00e8tement refondu. Nos membres<br \/>\nnous ont dit que l\u2019ancien site avait fait<br \/>\nplus que son temps et que nous pouvons<br \/>\ntous \u00eatre tr\u00e8s fi ers du nouveau site. Il est<br \/>\nfacile d\u2019y naviguer, alors que la section<br \/>\ndes membres est excellente et peut \u00eatre<br \/>\npersonnalis\u00e9e.<\/p>\n<p>L\u2019outil \u00ab Trouver un \u00e9valuateur \u00bb<br \/>\ns\u2019est enrichi du profi l complet de nos<br \/>\nmembres \u2013 nous vous invitons \u00e0 remplir<br \/>\nvotre profi l le plus compl\u00e8tement<br \/>\npossible. Beaucoup de membres<br \/>\nrapportent qu\u2019on leur a demand\u00e9 des<br \/>\nrenseignements par l\u2019entremise du lien<br \/>\nde carte Google ins\u00e9r\u00e9 dans leur profi l. <\/p>\n<p>Da N W iL s oN<\/p>\n<p>K ei t h L a NC a s t L e<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201316 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>lE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n<p>Ce dernier peut inclure un lien vers<br \/>\nvotre site Web, une adresse courriel, les<br \/>\ncomptes LinkedIn, Facebook et Twitter,<br \/>\netc.<\/p>\n<p>Du c\u00f4t\u00e9 de la pratique<br \/>\nprofessionnelle, les nouvelles Normes<br \/>\nuniformes de pratique professionnelle<br \/>\nen mati\u00e8re d\u2019 \u00e9valuation au Canada<br \/>\n(NUPPEC) 2014 sont en cours de<br \/>\npr\u00e9paration et seront publi\u00e9es au d\u00e9but<br \/>\nde l\u2019ann\u00e9e. C\u2019est une t\u00e2che colossale qui<br \/>\ndemande l\u2019engagement d\u2019un noyau de<br \/>\nb\u00e9n\u00e9voles et d\u2019employ\u00e9s.<\/p>\n<p>Les membres disaient depuis des<br \/>\nann\u00e9es que le S\u00e9minaire de pratique<br \/>\nprofessionnelle de deux jours devait<br \/>\n\u00eatre rajeuni. L\u2019ICE a r\u00e9pondu avec<br \/>\nune option d\u2019un jour. Les membres<br \/>\nd\u00e9sign\u00e9s peuvent maintenant choisir<br \/>\nl\u2019une ou l\u2019autre. Nous mettons<br \/>\naussi \u00e0 leur disposition des options<br \/>\nde webinaire en ligne au contenu<br \/>\nrenouvel\u00e9.<\/p>\n<p>\u00c0 la lumi\u00e8re des modifi cations<br \/>\napport\u00e9es aux lois visant les<br \/>\ncondominiums en Colombie-<br \/>\nBritannique et suite aux appels de<br \/>\nnos membres, dans cette province et<br \/>\nd\u2019autres, \u00e0 revoir quels membres sont<br \/>\nqualifi \u00e9s pour pr\u00e9parer des \u00e9tudes sur<br \/>\nles fonds de r\u00e9serve ou des rapports de<br \/>\nd\u00e9pr\u00e9ciation, le Conseil a adopt\u00e9 une<br \/>\nmotion en juin pour qu\u2019on \u00e9labore une<br \/>\nnouvelle norme r\u00e9gissant les \u00e9tudes<br \/>\nsur les fonds de r\u00e9serve. Gr\u00e2ce \u00e0 cette<br \/>\nnouvelle norme, tous les membres \u2013<br \/>\nAACI aussi bien que CRA \u2013 poss\u00e9dant<br \/>\nles comp\u00e9tences requises et probantes<br \/>\npourraient compl\u00e9ter ces rapports en<br \/>\nb\u00e9n\u00e9fi ciant de la protection de notre<br \/>\nprogramme d\u2019assurance.<\/p>\n<p>Ces changements seront retourn\u00e9s au<br \/>\nConseil d\u2019ici novembre, avant d\u2019\u00eatre inclus<br \/>\ndans le document des NUPPEC 2014.<\/p>\n<p>Concernant la pratique<br \/>\nprofessionnelle, l\u2019ICE teste  un projet-<br \/>\npilote au Qu\u00e9bec, o\u00f9 les membres peuvent<br \/>\ncontresigner les rapports de non-membres<br \/>\nqualifi \u00e9s d\u00e9fi nis. Il s\u2019agit d\u2019un enjeu<br \/>\npropre au march\u00e9 qu\u00e9b\u00e9cois, dans lequel<br \/>\nle personnel technique ou les techniciens<br \/>\nr\u00e9digent des rapports d\u2019\u00e9valuation<br \/>\nen collaboration avec des employ\u00e9s<br \/>\nprofessionnels. Le projet a cours jusqu\u2019en<br \/>\navril 2014.<\/p>\n<p>Enfi n, pour ce qui touche la<br \/>\ngouvernance, la restructuration des divers<br \/>\ncomit\u00e9s de l\u2019ICE a grandement am\u00e9lior\u00e9 le<br \/>\nd\u00e9roulement du travail ainsi que l\u2019effi  cacit\u00e9<br \/>\nop\u00e9rationnelle de notre organisation.<\/p>\n<p>Le plan strat\u00e9gique arrivera \u00e0 sa<br \/>\nconclusion fi n 2014, alors que le Conseil<br \/>\ns\u2019aff airera \u00e0 terminer un nouveau plan<br \/>\nstrat\u00e9gique pour la p\u00e9riode 2015-2018.<br \/>\nNous m\u00e8nerons des enqu\u00eates et autres<br \/>\nactivit\u00e9s pour consulter les membres sur<br \/>\nleur vision de la profession et de leur<br \/>\norganisation pour l\u2019avenir.<\/p>\n<p>Nous poursuivons notre travail visant<br \/>\n\u00e0 renouveler l\u2019assurance pour l\u2019ann\u00e9e 2014<br \/>\net \u00e0 \u00e9tablir une r\u00e9partition des primes<br \/>\ndavantage ax\u00e9e sur les risques, comme<br \/>\nl\u2019ont demand\u00e9 nos membres.<\/p>\n<p>La chose \u00e0 retenir est que le<br \/>\nchangement est constant. Comme il est le<br \/>\nr\u00e9sultat des suggestions et contributions<br \/>\nde nos membres, nous vous prions de<br \/>\ncontinuer \u00e0 nous en faire part afi n de<br \/>\nporter l\u2019ICE ainsi que notre profession<br \/>\n\u00e0 des niveaux d\u2019excellence toujours plus<br \/>\n\u00e9lev\u00e9s. <\/p>\n<p>nOus m\u00e8nerOns Des<br \/>\nenQu\u00eates et autres <\/p>\n<p>actiVit\u00e9s pOur cOnsuLter<br \/>\nLes memBres sur Leur <\/p>\n<p>VisiOn De La prOFessiOn<br \/>\net De Leur OrGanisatiOn <\/p>\n<p>pOur L\u2019aVenir.<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 17Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>WHAT\u2019S YOUR BUSINESS WORTH?<br \/>\nMaximizing the value of your business tomorrow starts with knowing what your<br \/>\nbusiness is worth today. Whether you are involved with strategic planning, a merger<br \/>\nor an acquisition, tax planning, fi nancial reporting or even a dispute, you need a strong<br \/>\nvaluation and appraisal team behind you. MNP has local teams of Chartered Business<br \/>\nValuators, U.S. valuators, AIC real property and ASA machinery and equipment<br \/>\nappraisers who will deliver independent, concise and industry specifi c valuations to<br \/>\nmake critical decisions with confi dence.<\/p>\n<p>Contact Chris Perret, B.Comm, AACI at 1.877.500.0786 or chris.perret@mnp.ca.<\/p>\n<p>MNPvaluations.ca<\/p>\n<p>MNPvaluations.ca<br \/>\nmailto:chris.perret@mnp.ca<\/p>\n<p>I n recent years, there has been an increase in the number of professional practice complaints and professional liability insurance claims against<br \/>\nreal estate practitioners for incorrect or<br \/>\nmisstated square footage.1 We all know<br \/>\nthat the square footage is but one (albeit<br \/>\nimportant) component of the overall<br \/>\nproperty value. Oftentimes, users of<br \/>\nreports2 make their claim by taking the<br \/>\ndifference in square footage from the<br \/>\nappraiser\u2019s report and their source of data,<br \/>\nand multiplying it by the gross sale price<br \/>\nper square foot to assess the impact of<br \/>\nthe differential on the final estimate of<br \/>\nvalue. While not technically accurate, it is<br \/>\nhow one may look at the value difference.<br \/>\nDefendable\u2026.yes, costly to defend\u2026.<br \/>\nyes. The cost of such error is not only the<br \/>\namount that may have to be paid by your<br \/>\nprofessional liability insurance on your<br \/>\nbehalf and your deductible, but also your<br \/>\ntime and the added stress in having to deal<br \/>\nwith the situation.<\/p>\n<p>Quite often, at the complaint level,<br \/>\nmembers are being criticized for stating<br \/>\nthe wrong square footage. This is hard<br \/>\nto defend if the source stated is just<br \/>\nmunicipal records, the multiple listing,<br \/>\nthe builder or the owner, for example. It<br \/>\nis incumbent on the reasonable appraiser<br \/>\nto make some attempt to verify this<br \/>\ninformation. Consider the accuracy in<br \/>\nquoting two sources that agree, one of <\/p>\n<p>them being your personal measuring of the<br \/>\nhome or building.<\/p>\n<p>This article is intended to make you<br \/>\naware of the pitfalls of a lack of due<br \/>\ndiligence and to provide resources on<br \/>\nwhich to rely in your day-to-day practice.<br \/>\nInteresting to note is that, while researching<br \/>\nto write this article, I came across many<br \/>\narticles, not only on the AIC website, but<br \/>\nalso on the website of other organizations<br \/>\nsuch as the Building Owners and Managers<br \/>\nAssociation (BOMA). When you are<br \/>\nunsure, good quality information is<br \/>\navailable on the Internet and from your<br \/>\npeers and colleagues.<\/p>\n<p>One such publication by the Appraisal<br \/>\nInstitute of Canada (AIC) is the Building<br \/>\nMeasurements Guidelines. It states:<\/p>\n<p>The Residential Commercial<br \/>\nMeasurement Guidelines handbook<br \/>\nhas been developed to provide the real<br \/>\nestate appraiser, and those in related<br \/>\nprofessions, with a recommended way<br \/>\nof calculating the liveable area space in<br \/>\na variety of residential and commercial<br \/>\nstructures.  <\/p>\n<p>This not only is a must read, it would be wise<br \/>\nto save the document to your computer for<br \/>\nquick reference. The full document can be<br \/>\nfound at http:\/\/www.aicanada.ca\/professional-<br \/>\npractice\/measurement-practices\/<\/p>\n<p>Dianna LeBreton, CRA, wrote an article<br \/>\non residential measuring and guidelines<br \/>\ntaken from the handbook. (See Canadian <\/p>\n<p>What are your<br \/>\nmeasurement<br \/>\npractices?<br \/>\nGordon J. Tomiuk , A ACI, P. APP (Fellow), Volunteer Member, Appeal Sub-Committee <\/p>\n<p>Volume 57 | Book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 19Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>http:\/\/www.aicanada.ca\/professional-practice\/measurement-practices\/<\/p>\n<p>Property Valuation Volume 53 | book 1 |<br \/>\n2009 Page 30.) In the article, she writes:<\/p>\n<p>When calculating total living area<br \/>\nspace, the livable fl oor area includes<br \/>\nonly livable area above-grade that<br \/>\nis heated year round. Th is does not<br \/>\ninclude three-season sun rooms,<br \/>\nporches, verandas, or heated garages. <\/p>\n<p>In establishing the livable fl oor<br \/>\narea, consideration should be given<br \/>\nto potential use of the space. Where<br \/>\nin question, the methodology used to<br \/>\nestablish livable fl oor area should be<br \/>\ndefi ned and applied consistently.  <\/p>\n<p>Appraisers adhere to detailed<br \/>\ncriteria in calculating total or gross<br \/>\nliving area, typically distinguishing<br \/>\nabove-grade from below-grade.<br \/>\n\u2022  Above grade is space on any level <\/p>\n<p>of a dwelling with living area and,<br \/>\ngenerally, has no earth adjacent<br \/>\nto any exterior wall on that level,<br \/>\ni.e., anything above the sill plate. <\/p>\n<p>\u2022  Below-grade is space on any<br \/>\nlevel which generally has earth<br \/>\nadjacent to any exterior wall. If<br \/>\nearth is adjacent to any portion of<br \/>\na wall, the entire level is generally<br \/>\nconsidered to be below-grade.<\/p>\n<p>Exceptions can apply, especially<br \/>\nwith dwellings built into hills or<br \/>\nslopes. Established square footage<br \/>\nguidelines should be followed for<br \/>\nyour jurisdiction.<\/p>\n<p>To read more of this article, including<br \/>\ndiagrams, go to http:\/\/www.aicanada.ca\/<br \/>\nprofessional-practice\/measurement-practices\/<\/p>\n<p>Another article I came across is<br \/>\nProfessional Excellence Bulletin PP-15-E,<br \/>\nAugust 1995, Revised November 2006<br \/>\n(http:\/\/www.aicanada.ca\/professional-<br \/>\npractice\/measurement-practices\/) In part,<br \/>\nthis article states:<\/p>\n<p>A number of claims against the<br \/>\nProfessional Liability Insurance<br \/>\nProgram have arisen, at least<br \/>\npartially, as a result of measurement-<br \/>\nrelated errors\u2026\u2026\u2026 Th ese could<br \/>\ninclude a lack of care in taking<br \/>\non-site measurements resulting in<br \/>\nincorrect dimensions and areas,<br \/>\nsimply not taking measurements and<br \/>\nrelying on best guess dimensions,<br \/>\nusing outdated building plans, not<br \/>\nverifying the accuracy of plans or<br \/>\nincorrectly employing accepted<br \/>\nindustry measurement standards. <\/p>\n<p>Clearly, incorrect measurements<br \/>\nleading to overstated or understated<br \/>\nfl oor areas will have a signifi cant<br \/>\neff ect on resulting value indications<br \/>\nbased on per square foot units of<br \/>\ncomparison, including construction<br \/>\ncost, direct comparison estimates,<br \/>\nfl oor area adjustments to comparable<br \/>\nsales and retail income or expenses. <\/p>\n<p>Furthermore, when two or more<br \/>\nappraisals of the same property,<br \/>\nbrought together for legal or other<br \/>\nreasons, have variances in the<br \/>\nreported areas and dimensions,<br \/>\nthe reliability and credibility of<br \/>\neach report is called into question<br \/>\nand, in the broader picture, the<br \/>\nperceived professionalism of all<br \/>\nappraisers is tarnished.<\/p>\n<p>Th e last sentence in that preamble shows<br \/>\nhow the eff ect of a mistake by one can<br \/>\naff ect us all. More of this informative<br \/>\nbulletin can be found at (http:\/\/www.<br \/>\naicanada.ca\/professional-practice\/<br \/>\nmeasurement-practices\/)<\/p>\n<p>A fourth article worth mentioning is<br \/>\nBulletin CP-09-E, June 1993 Updated<br \/>\n2012 \u2013 Appraising the Individual <\/p>\n<p>Continued on PAGE 23<\/p>\n<p>when you are unsure,<br \/>\ngood quality information<br \/>\nis available on the<br \/>\nInternet and from your<br \/>\npeers and colleagues.<\/p>\n<p>Canadian<br \/>\nCost Estimating <\/p>\n<p>Guides<br \/>\nThese comprehensive<br \/>\nmanuals are a MUST <\/p>\n<p>for estimating<br \/>\nreplacement costs!<\/p>\n<p>ESTIMATE REPLACEMENT COST<br \/>\nOF SINGLE FAMILY DWELLINGS<br \/>\n\u2022  1 Storey \u2022  1\u00be Storey \u2022  R aised R anch   <\/p>\n<p>       \u2022  2 story \u2022  Tri-Level \u2022  2\u00bd Storey<br \/>\n\u2022  1\u00bd Storey \u2022  Garages<\/p>\n<p>Residential Costing Guide<\/p>\n<p>www.douglascostguide.com<\/p>\n<p>Toll Free: 877-284-0028<br \/>\nFax: 519-238-6214<\/p>\n<p>www.douglascostguide.com<br \/>\nkarldouglas@hay.net<\/p>\n<p>10341 Pinetree Drive, Grand Bend, ON  N0M 1T0<\/p>\n<p>ESTIMATE REPLACEMENT COST OF<br \/>\nAGRICULTURAL USE BUILDINGS<\/p>\n<p>\u2713 Dairy   \u2713 Poultry   \u2713 Swine<br \/>\n\u2713 Produce Storage   \u2713 Horses   \u2713 Beef<br \/>\n\u2713 Feed Storage   \u2713 Machinery Storage<\/p>\n<p>Agricultural Costing Guide<\/p>\n<p>replacement costs!<br \/>\nResidential Costing Guide BROKERSADJUSTERS<\/p>\n<p>UNDERWRITERS!<\/p>\n<p>ONLINE VERSIONS<br \/>\nAVAILABLE<\/p>\n<p>PLEASE CALL, FAX or EMAIL<br \/>\nFOR DETAILS<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201320 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>http:\/\/www.aicanada.ca\/professional-practice\/measurement-practices\/<br \/>\nhttp:\/\/www.aicanada.ca\/professional-practice\/measurement-practices\/<br \/>\nhttp:\/\/www.aicanada.ca\/professional-practice\/measurement-practices\/<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"KHy5Px1ENb\"><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=Ae72pjBVSG#?secret=KHy5Px1ENb\" data-secret=\"KHy5Px1ENb\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nmailto:karldouglas@hay.net<\/p>\n<p>C es derni\u00e8res ann\u00e9es, on a vu augmenter le nombre de plaintes pour pratique professionnelle fautive et de r\u00e9clamations<br \/>\nd\u2019assurance responsabilit\u00e9 professionnelle<br \/>\nport\u00e9es contre des \u00e9valuateurs pour des<br \/>\nmesures en pieds carr\u00e9s inexactes ou<br \/>\nmal rapport\u00e9es.1 Nous savons tous que<br \/>\nla superfi cie en pieds carr\u00e9s n\u2019est qu\u2019un<br \/>\n\u00e9l\u00e9ment (bien qu\u2019important) entrant<br \/>\ndans le calcul de la valeur globale<br \/>\nd\u2019une propri\u00e9t\u00e9. Il arrive souvent que<br \/>\nles utilisateurs des rapports2 font leur<br \/>\nr\u00e9clamation en multipliant la diff \u00e9rence<br \/>\nentre la superfi cie en pieds carr\u00e9s indiqu\u00e9e<br \/>\ndans le rapport de l\u2019\u00e9valuateur et celle de<br \/>\nsa source de donn\u00e9es par le prix de vente<br \/>\nbrut au pied carr\u00e9, pour \u00e9valuer l\u2019impact<br \/>\ndu diff \u00e9rentiel sur l\u2019estimation d\u00e9fi nitive<br \/>\nde la valeur. Bien que ce ne soit pas <\/p>\n<p>suivant les mesures que vous avez vous-<br \/>\nm\u00eame prises de la maison ou du b\u00e2timent.<\/p>\n<p>Le pr\u00e9sent article a pour but de vous<br \/>\nmontrer les pi\u00e8ges d\u2019une absence de<br \/>\ndiligence raisonnable et de fournir des<br \/>\nressources \u00e0 utiliser dans votre pratique<br \/>\nquotidienne. Fait int\u00e9ressant \u00e0 noter : dans<br \/>\nmes recherches pr\u00e9paratoires \u00e0 la r\u00e9daction,<br \/>\nj\u2019ai trouv\u00e9 beaucoup d\u2019autres articles, non<br \/>\nseulement dans le site Web de l\u2019ICE, mais<br \/>\naussi dans celui d\u2019autres organisations,<br \/>\ncomme la Building Owners and Managers<br \/>\nAssociation (BOMA). En cas de doute, vous<br \/>\npourrez trouver de bonnes informations sur<br \/>\nInternet et aupr\u00e8s de vos pairs et coll\u00e8gues.<\/p>\n<p>Une de ces publications de l\u2019Institut<br \/>\ncanadien des \u00e9valuateurs (ICE) est Building<br \/>\nMeasurements Guidelines, qui stipule :<\/p>\n<p>Le manuel Th e Residential Commercial<br \/>\nMeasurement Guidelines est con\u00e7u pour <\/p>\n<p>techniquement exact, c\u2019est une fa\u00e7on de<br \/>\nvoir la diff \u00e9rence de valeur. D\u00e9fendable\u2026.<br \/>\noui, co\u00fbteux \u00e0 d\u00e9fendre\u2026.oui. Le prix<br \/>\nd\u2019une telle erreur n\u2019est pas seulement le<br \/>\nmontant que votre assurance responsabilit\u00e9<br \/>\nprofessionnelle devra peut-\u00eatre verser en<br \/>\nvotre nom et celui de votre franchise, mais<br \/>\naussi le temps et le stress de faire face \u00e0 la<br \/>\nsituation.<\/p>\n<p>Dans les plaintes, on bl\u00e2me<br \/>\nfr\u00e9quemment les membres pour avoir<br \/>\nrapport\u00e9 la mauvaise superfi cie en pieds<br \/>\ncarr\u00e9s. C\u2019est diffi  cile \u00e0 d\u00e9fendre si la<br \/>\nsource mentionn\u00e9e n\u2019est qu\u2019un document<br \/>\nmunicipal, un service interagences, le<br \/>\nconstructeur ou le propri\u00e9taire, par<br \/>\nexemple. Il appartient \u00e0 l\u2019\u00e9valuateur<br \/>\nraisonnable d\u2019essayer de v\u00e9rifi er<br \/>\nl\u2019information. Pensez \u00e0 citer deux sources<br \/>\nconcordantes pour \u00eatre plus exact, l\u2019une <\/p>\n<p>Gordon J. Tomiuk , A ACI, P. APP (Fellow),Membre b\u00e9n\u00e9vole, Sous-comit\u00e9 d\u2019appel<\/p>\n<p>CoMMeNt<br \/>\npreneZ-VOus<br \/>\nVOs mesures ?<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 21Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>off rir aux \u00e9valuateurs immobiliers<br \/>\net aux personnes des professions<br \/>\nconnexes une fa\u00e7on recommand\u00e9e de<br \/>\ncalculer l\u2019aire de parquet utilisable<br \/>\ndans une vari\u00e9t\u00e9 de structures<br \/>\nr\u00e9sidentielles et commerciales.<\/p>\n<p>C\u2019est un document essentiel \u00e0 lire, qu\u2019il<br \/>\nserait \u00e9galement sage de sauvegarder sur<br \/>\nvotre disque dur pour consultation rapide.<br \/>\nVous trouverez le document complet \u00e0<br \/>\nhttps:\/\/www.aicanada.ca\/fr\/professional-<br \/>\npractice\/measurement-practices\/.<\/p>\n<p>Dianna LeBreton, CRA, a r\u00e9dig\u00e9 un<br \/>\narticle sur le mesurage r\u00e9sidentiel, incluant<br \/>\ndes directives extraites du manuel. (Voir<br \/>\n\u00c9valuation immobili\u00e8re au Canada Volume<br \/>\n53 | livre 1 | 2009 Page 30.) Dans l\u2019article,<br \/>\nelle \u00e9crit :<\/p>\n<p>En calculant l\u2019espace habitable total,<br \/>\nl\u2019aire de parquet utilisable inclut<br \/>\nseulement l\u2019espace habitable au-dessus<br \/>\ndu sol qui est chauff \u00e9 toute l\u2019ann\u00e9e.<br \/>\nCela n\u2019inclut pas les solariums trois<br \/>\nsaisons, les porches, les galeries, ni les<br \/>\ngarages chauff \u00e9s.<\/p>\n<p>En d\u00e9terminant l\u2019aire de parquet<br \/>\nutilisable, on doit consid\u00e9rer<br \/>\nl\u2019utilisation potentielle de l\u2019espace.<br \/>\nQuand la question se pose, il faut<br \/>\nd\u00e9fi nir et appliquer uniform\u00e9ment la<br \/>\nm\u00e9thode servant \u00e0 d\u00e9terminer l\u2019aire de<br \/>\nparquet utilisable.<\/p>\n<p>Les \u00e9valuateurs respectent les<br \/>\ncrit\u00e8res d\u00e9taill\u00e9s dans le calcul de<br \/>\nl\u2019espace habitable total ou brut,<br \/>\ndistinguant habituellement les espaces<br \/>\nsitu\u00e9s au-dessus et au-dessous du sol.<br \/>\n\u2022  Au-dessus du sol est l\u2019espace <\/p>\n<p>de tout \u00e9tage d\u2019une habitation<br \/>\ncomportant un espace habitable<br \/>\nqui n\u2019a g\u00e9n\u00e9ralement pas de terre<br \/>\nadjacente \u00e0 un mur ext\u00e9rieur de<br \/>\ncet \u00e9tage, soit rien au-dessus de la<br \/>\nlisse basse.<\/p>\n<p>\u2022  Au-dessous du sol est l\u2019espace de<br \/>\ntout \u00e9tage ayant g\u00e9n\u00e9ralement<br \/>\nde la terre adjacente \u00e0 un mur<br \/>\next\u00e9rieur. S\u2019il y a de la terre<br \/>\nadjacente \u00e0 toute portion d\u2019un<br \/>\nmur, l\u2019\u00e9tage entier est en g\u00e9n\u00e9ral<br \/>\nconsid\u00e9r\u00e9 comme \u00e9tant au dessous<br \/>\ndu sol.<\/p>\n<p>Il peut y avoir des exceptions,<br \/>\nnotamment pour les habitations<br \/>\nconstruites sur des collines ou des<br \/>\npentes. Suivez les directives \u00e9tablies<br \/>\ndans votre r\u00e9gion pour mesurer la <\/p>\n<p>superfi cie en pieds carr\u00e9s.<br \/>\nPour lire tout l\u2019article et consulter ses<br \/>\ndiagrammes, rendez-vous \u00e0 http:\/\/www.<br \/>\naicanada.ca\/fr\/professional-practice\/<br \/>\nmeasurement-practices\/. <\/p>\n<p>Un autre article rencontr\u00e9 est dans<br \/>\nle Bulletin d\u2019excellence professionnelle<br \/>\nPP-15-E, ao\u00fbt 1995, r\u00e9vis\u00e9 en novembre<br \/>\n2006. (https:\/\/www.aicanada.ca\/fr\/<br \/>\nprofessional-practice\/measurement-practices\/).<br \/>\nEn voici quelques extraits :<\/p>\n<p>Plusieurs plaintes ont \u00e9t\u00e9 port\u00e9es en<br \/>\nvertu du Programme d\u2019assurance<br \/>\nresponsabilit\u00e9 professionnelle,<br \/>\nen partie \u00e0 cause d\u2019erreurs de<br \/>\nmesure\u2026\u2026\u2026 Elles peuvent inclure<br \/>\n: n\u00e9gliger de prendre les mesures sur<br \/>\nplace, ce qui laisse des dimensions et<br \/>\ndes surfaces incorrectes; simplement<br \/>\nestimer les dimensions \u00e0 l\u2019\u0153il<br \/>\nplut\u00f4t que de les mesurer; employer<br \/>\ndes plans d\u00e9suets; ne pas v\u00e9rifi er<br \/>\nl\u2019exactitude des plans; et mal utiliser<br \/>\nles normes de mesurage accept\u00e9es<br \/>\ndans l\u2019industrie.<\/p>\n<p>De toute \u00e9vidence, les mesures<br \/>\nincorrectes menant \u00e0 des surfaces<br \/>\nde plancher sur\u00e9valu\u00e9es ou sous-<br \/>\n\u00e9valu\u00e9es auront des cons\u00e9quences<br \/>\nimportantes sur les indications de<br \/>\nvaleur produites reposant sur les<br \/>\nunit\u00e9s de comparaison au pied carr\u00e9,<br \/>\ny compris les co\u00fbts de construction,<br \/>\nles estimations de comparaison<br \/>\ndirecte, l\u2019ajustement des surfaces de<br \/>\nplancher aux ventes comparables, de<br \/>\nm\u00eame que les recettes et les d\u00e9penses<br \/>\ncommerciales.<\/p>\n<p>En outre, lorsque deux <\/p>\n<p>\u00e9valuations ou plus de la m\u00eame<br \/>\npropri\u00e9t\u00e9, r\u00e9unies pour des raisons<br \/>\nl\u00e9gales ou autres, comportent des<br \/>\ndiff \u00e9rences dans les surfaces et<br \/>\ndimensions rapport\u00e9es, la fi abilit\u00e9<br \/>\net la cr\u00e9dibilit\u00e9 de chaque rapport<br \/>\nest remise en question et, dans<br \/>\nun sens plus large, cela ternit<br \/>\nl\u2019image professionnelle de tous les<br \/>\n\u00e9valuateurs.<\/p>\n<p>La derni\u00e8re phrase de ce pr\u00e9ambule<br \/>\nmontre comment l\u2019erreur d\u2019une seule<br \/>\npersonne peut nous aff ecter tous. Vous<br \/>\ntrouverez le reste de cet article tr\u00e8s<br \/>\ninstructif \u00e0 (http:\/\/www.aicanada.ca\/<br \/>\nfr\/professional-practice\/measurement-<br \/>\npractices\/ ).<\/p>\n<p>Un quatri\u00e8me article digne de mention<br \/>\nest le Bulletin CP-09-E, juin 1993, r\u00e9vis\u00e9<br \/>\nen 2012 \u2013 L\u2019\u00e9valuation de condominiums.<br \/>\n(https:\/\/www.aicanada.ca\/fr\/professional-<br \/>\npractice\/measurement-practices\/ ). Cet<br \/>\narticle explique ce qu\u2019il faut inclure et<br \/>\nignorer en calculant la surface habitable<br \/>\nd\u2019un condominium. Il souligne aussi<br \/>\nl\u2019importance de savoir comment les<br \/>\nautorit\u00e9s de votre localit\u00e9 prescrivent de le<br \/>\nfaire. Voici un extrait de l\u2019article :<\/p>\n<p>La plupart des chambres<br \/>\nimmobili\u00e8res ont adopt\u00e9 des<br \/>\npolitiques sur la fa\u00e7on d\u2019\u00e9tablir les<br \/>\ndimensions d\u2019un condominium. Le<br \/>\nplus souvent, un \u00e9valuateur jugera<br \/>\nbon d\u2019utiliser ces politiques locales.<br \/>\nD\u2019ordinaire, elles stipulent que<br \/>\nl\u2019on peut d\u00e9fi nir le condominium<br \/>\nlui-m\u00eame par unit\u00e9 de mesure au<br \/>\ncarr\u00e9 r\u00e9sultant des mesures prises<br \/>\npour la ligne centrale des murs <\/p>\n<p>En cas de doute,<br \/>\nvous pourrez <\/p>\n<p>trouver de bonnes<br \/>\ninformations sur <\/p>\n<p>Internet et aupr\u00e8s<br \/>\nde vos pairs et <\/p>\n<p>coll\u00e8gues.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201322 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>https:\/\/www.aicanada.ca\/fr\/professional-practice\/measurement-practices\/<br \/>\nhttps:\/\/www.aicanada.ca\/fr\/professional-practice\/measurement-practices\/<br \/>\nhttps:\/\/www.aicanada.ca\/fr\/professional-practice\/measurement-practices\/<br \/>\nhttps:\/\/www.aicanada.ca\/fr\/professional-practice\/measurement-practices\/<br \/>\nhttps:\/\/www.aicanada.ca\/fr\/professional-practice\/measurement-practices\/<\/p>\n<p>Condominium Housing Unit<br \/>\n(http:\/\/www.aicanada.ca\/professional-<br \/>\npractice\/measurement-practices\/). Th is<br \/>\narticle addresses what to include and<br \/>\nwhat not to include when calculating the<br \/>\nliving area of a condominium unit. It also<br \/>\nstresses the importance of knowing how<br \/>\nyour local jurisdiction states it should be<br \/>\ndone. In part, it states:<\/p>\n<p>Most real estate boards have adopted<br \/>\npolicies for how condominium sizes<br \/>\nare to be set out. In most cases, an<br \/>\nappraiser will fi nd it appropriate to<br \/>\nutilize these local policies. Typically,<br \/>\nthese policies might stipulate the<br \/>\ncondominium unit itself be defi ned<br \/>\nby the square area resulting from<br \/>\nmeasurements taken for the centre<br \/>\nline of the demising (separating<br \/>\nor party) walls. In multiple level<br \/>\ncondominiums, the area of each fl oor<br \/>\nwould be added. Th is area should <\/p>\n<p>coincide with the square area of the<br \/>\ncondominium as represented in the<br \/>\nCondominium or Strata Plan. If<br \/>\nconfusion exists, the fi gures may be<br \/>\nobtained from the plans registered at<br \/>\nthe registry or Land Titles Offi  ce.<\/p>\n<p>What if you have made a mistake?<br \/>\nRefer to Professional Excellence Bulletin<br \/>\nPP-25-E, January 2004, titled the<br \/>\nsame for advice and guidance. (http:\/\/<br \/>\nwww.aicanada.ca\/professional-practice\/<br \/>\nmeasurement-practices\/ )<\/p>\n<p>Finally, as with all assignments,<br \/>\nAIC members are reminded that their<br \/>\nwork must be in compliance with the<br \/>\nprovisions of the Canadian Uniform<br \/>\nStandards of Professional Appraisal Practice<br \/>\n(CUSPAP) (http:\/\/www.aicanada.ca\/<br \/>\ncanadian-uniform-standards\/).<\/p>\n<p>I strongly urge you to take the time<br \/>\nto read and understand these resources.<br \/>\nEach of them has a recurring theme of <\/p>\n<p>due diligence and proper methodology.<br \/>\nBe sure to check with the adopted<br \/>\npractices3 of the AIC as well as your local<br \/>\njurisdictions. Th e time you spend now<br \/>\ncould save you countless hours later.<\/p>\n<p>end notes<br \/>\n1 For the purposes of this article, the <\/p>\n<p>reference is square footage, however, it<br \/>\nalso infers square meters when referring<br \/>\nto the measured\/measurable area.<\/p>\n<p>2 Reports refers to appraisal, review and<br \/>\nconsulting reports as defi ned under<br \/>\nAIC\u2019s Canadian Uniform Standards<br \/>\nof Professional Appraisal Practice<br \/>\n(CUSPAP).<\/p>\n<p>3 Th e complete library of AIC\u2019s Claims<br \/>\nPrevention and Professional Excellence<br \/>\nBulletins can be found in the Members<br \/>\nSection of the AIC web site at http:\/\/<br \/>\nwww.aicanada.ca\/professional-liability\/<br \/>\nclaims-prevention-bulletin\/. <\/p>\n<p>Continued from PAGE 20<\/p>\n<p>What are your<br \/>\nmeasurement<br \/>\npractices?<\/p>\n<p>mitoyens (s\u00e9parateurs). Dans les<br \/>\ncondominiums de plusieurs \u00e9tages,<br \/>\non ajouterait la surface de chaque<br \/>\nplancher. Cette surface devrait<br \/>\nco\u00efncider avec l\u2019unit\u00e9 de mesure au<br \/>\ncarr\u00e9 du condominium repr\u00e9sent\u00e9e<br \/>\ndans le plan du condominium ou<br \/>\nplan de l\u2019unit\u00e9. En cas de confusion,<br \/>\non peut obtenir les dimensions dans<br \/>\nles plans conserv\u00e9s au registre ou au<br \/>\nbureau d\u2019enregistrement des titres<br \/>\nfonciers.<\/p>\n<p>Et si vous avez fait une erreur ?<br \/>\nConsultez le Bulletin d\u2019excellence<br \/>\nprofessionnelle PP-25-E, janvier<br \/>\n2004, pour avoir des conseils et des<br \/>\nindications. Titre original : Que faire<br \/>\nsi vous avez commis une erreur ? (http:\/\/<br \/>\nwww.aicanada.ca\/fr\/professional-practice\/<br \/>\nmeasurement-practices\/) <\/p>\n<p>Enfi n, comme pour toutes<br \/>\nles aff ectations, je rappelle aux<br \/>\nmembres de l\u2019ICE que leur travail<br \/>\ndoit \u00eatre conforme aux dispositions<br \/>\ndes Normes uniformes de pratique<br \/>\nprofessionnelle en mati\u00e8re<br \/>\nd\u2019\u00e9valuation au Canada (NUPPEC).<br \/>\n(https:\/\/www.aicanada.ca\/fr\/canadian-<br \/>\nuniform-standards\/ ).<\/p>\n<p>Je vous invite instamment<br \/>\n\u00e0 prendre le temps de lire et<br \/>\ncomprendre ces ressources. Chacune<br \/>\ntraite de la diligence raisonnable et<br \/>\nde la bonne m\u00e9thodologie. Assurez-<br \/>\nvous de faire les v\u00e9rifi cations avec<br \/>\nles politiques adopt\u00e9es3 par l\u2019ICE et<br \/>\naupr\u00e8s de vos autorit\u00e9s locales. Le<br \/>\ntemps que vous passez maintenant<br \/>\npourrait vous sauver un nombre<br \/>\nincalculables d\u2019heures plus tard.<\/p>\n<p>notes de bas de page<br \/>\n1  Aux fi ns du pr\u00e9sent article, on parle <\/p>\n<p>de pieds carr\u00e9s, mais ce pourrait \u00eatre<br \/>\naussi des m\u00e8tres carr\u00e9s quand il est<br \/>\nquestion de surfaces mesur\u00e9es ou<br \/>\nmesurables.<\/p>\n<p>2 Il peut s\u2019agir de rapports d\u2019\u00e9valuation,<br \/>\nd\u2019examen ou de consultation, tels<br \/>\nque d\u00e9fi nis par les Normes uniformes<br \/>\nde pratique professionnelle en mati\u00e8re<br \/>\nd\u2019 \u00e9valuation au Canada (NUPPEC)<br \/>\nde l\u2019ICE.<\/p>\n<p>3 Vous trouverez la collection compl\u00e8te<br \/>\ndes Bulletins sur la pr\u00e9vention<br \/>\ndes r\u00e9clamations et des Bulletins<br \/>\nd\u2019excellence professionnelle dans la<br \/>\nsection des membres du site Web<br \/>\nde l\u2019ICE, \u00e0 http:\/\/www.aicanada.<br \/>\nca\/fr\/professional-liability\/claims-<br \/>\nprevention-bulletin\/ <\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 23Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>http:\/\/www.aicanada.ca\/professional-practice\/measurement-practices\/<br \/>\nhttp:\/\/www.aicanada.ca\/professional-practice\/measurement-practices\/<br \/>\nhttp:\/\/www.aicanada.ca\/canadian-uniform-standards\/<br \/>\nhttp:\/\/www.aicanada.ca\/professional-liability\/claims-prevention-bulletin\/<br \/>\nhttp:\/\/www.aicanada.ca\/professional-liability\/claims-prevention-bulletin\/<br \/>\nhttp:\/\/www.aicanada.ca\/canadian-uniform-standards\/<br \/>\nhttp:\/\/www.aicanada.ca\/professional-practice\/measurement-practices\/<\/p>\n<p>AT NOTARIUS,<br \/>\nWE\u2019VE HEARD YOUR STORIES<br \/>\nABOUT REPORT TAMPERING.<br \/>\nPut a stop to it. Call us!<\/p>\n<p>To schedule a live or webcast<br \/>\npresentation of our Digital Signature Kit,<br \/>\ncontact us at 1-888-588-0011.<\/p>\n<p>www.notarius.com\/AIC<\/p>\n<p>SIGNATURE<br \/>\nThe Evolution of Your <\/p>\n<p>C<\/p>\n<p>M<\/p>\n<p>Y<\/p>\n<p>CM<\/p>\n<p>MY<\/p>\n<p>CY<\/p>\n<p>CMY<\/p>\n<p>K<\/p>\n<p>Pub 8.25&#215;10.25 AIC.pdf   1   2013-10-17   1:29 PM<\/p>\n<p>http:\/\/www.notarius.com\/AIC<\/p>\n<p>C anada\u2019s aging population has grabbed its fair share of headlines in recent years, and will continue to be a relevant topic given the economic and<br \/>\npolitical power that the seniors segment of the<br \/>\npopulation commands. Indeed, over the past<br \/>\n60 years, the Baby Boomer generational cohort<br \/>\nhas received special attention due to the sheer<br \/>\nsize of this population segment, and the cultural<br \/>\nand economic impact resulting from trends<br \/>\nprecipitated by this group born between 1946<br \/>\nand 1965. According to Statistics Canada, the<br \/>\npopulation of seniors age 75 years and older<br \/>\nin Canada, the primary demand group for<br \/>\nseniors housing accommodations, is expected<br \/>\nto grow by 108.8% between 2013 and 2033,<br \/>\nwhile the total population of Canada is only<br \/>\nexpected to increase by 21.2% over the same<br \/>\nperiod . Investors and real estate developers<br \/>\nhave certainly honed in on this demographic<br \/>\nevent, resulting in increased capital fl ows and<br \/>\nconstruction in the seniors housing and long-<br \/>\nterm care sector in Canada.<\/p>\n<p>Valuation nuances<br \/>\nAre seniors housing and long-term care<br \/>\nresidences operating businesses, real estate, or<br \/>\nboth? Th e answer has important implications<br \/>\nfor the approach taken to appraising these<br \/>\nspecialized assets. To properly establish<br \/>\nthe value of seniors housing and long-term<br \/>\ncare properties, one must understand and<br \/>\nappropriately refl ect the distinct risks and<br \/>\ncharacteristics of the real estate and business<br \/>\nvalue components involved in a given residence. <\/p>\n<p>Asset class overview<br \/>\nTh e seniors housing and long-term care industry<br \/>\nprovides both accommodation and an array of<br \/>\nservices and program options to seniors. Th e<br \/>\ndemand for these properties is primarily driven<br \/>\nby the segment of the seniors population over<br \/>\nthe age of 75. Th e level of services and variety<br \/>\nof options available to the seniors housing<br \/>\nmarketplace continues to evolve as the needs,<br \/>\npreferences and demands of seniors and their<br \/>\nfamilies change. <\/p>\n<p>Th e types of properties that facilitate the<br \/>\ndelivery of accommodation and care services<br \/>\nto seniors are typically divided into fi ve<br \/>\ncategories: independent living, independent<br \/>\nsupportive living, assisted living, memory<br \/>\ncare and long-term care. Continuing Care<br \/>\nRetirement Communities (CCRCs) represent a<br \/>\nhybrid model, and typically off er all of the care<br \/>\nlevels noted above on a single campus.<\/p>\n<p>Valuation of<br \/>\nseniors housing <\/p>\n<p>and long-term<br \/>\ncare properties<\/p>\n<p>Steve Hiscox, AACI, P.App | Director, CBRE Limited<\/p>\n<p>Sean McCrorie, AACI, P. App., CFA, CBV, MRICS | Director, CBRE Limited, Toronto, ON<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 25Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>From a rental perspective, IL is most<br \/>\ncommon in the province of Quebec.<br \/>\nIn other provinces, it is typically<br \/>\nencountered in the non-profi t sector as<br \/>\nrentals or life-lease projects. An emerging<br \/>\ntrend for IL in Ontario and BC is<br \/>\nownership in the form of condominium<br \/>\ndwelling units which are often attached<br \/>\nin some fashion to a rental seniors<br \/>\nhousing residence. Amenities and services<br \/>\nof the rental building are made available<br \/>\nto owners of the condos for a fee. <\/p>\n<p>Independent Serviced Living (ISL)<br \/>\nand Assisted Living (AL) are typically<br \/>\nassociated with the term \u2018Retirement<br \/>\nHome\u2019 and play the most signifi cant<br \/>\nrole in the seniors housing industry,<br \/>\nproviding for the lifestyle wants of seniors<br \/>\nwhile also catering to their physical<br \/>\nneeds as they age over time. Th ey off er<br \/>\nservices such as 24-hour supervision and<br \/>\nemergency response, two to three daily<br \/>\nmeals and snacks, planned social and<br \/>\nphysical activities, housekeeping and<br \/>\nlaundry services, and assistance with one<br \/>\nor more activities of daily living. <\/p>\n<p>ISL residences are more lifestyle<br \/>\noriented than AL, typically providing<br \/>\nassistance with \u2018instrumental\u2019 activities<br \/>\nof daily living such as meal preparation,<br \/>\nhousekeeping and laundry, and with<br \/>\nlimited personal care services such<br \/>\nas medication administration and\/<br \/>\nor assistance with weekly bathing. AL<br \/>\nresidences are a combination of housing,<br \/>\npersonalized supportive services and<br \/>\nhealth care designed to meet the needs<br \/>\nof those who require assistance with<br \/>\nactivities of daily living. Although the<br \/>\ntarget market is 75+ years of age, the<br \/>\naverage age is typically about 85 years<br \/>\nold. Typical services include assistance<br \/>\nwith transferring, bathing, grooming, <\/p>\n<p>medications, special diets, etc.<br \/>\nLong-Term Care (LTC) homes are <\/p>\n<p>designed to accommodate residents who<br \/>\nno longer are able to live independently<br \/>\nand who require onsite nursing care,<br \/>\n24-hour supervision or personal support.<br \/>\nLTC residences off er higher levels<br \/>\nof personal care and support than is<br \/>\ntypically provided by the other forms of<br \/>\nseniors housing. Accommodation may<br \/>\ninclude shared, semi-private or private<br \/>\nunits. Most residences are licensed<br \/>\nor require some level of government<br \/>\napproval to operate and are eligible for<br \/>\ngovernment funding subject to regulation<br \/>\nand care standards.<\/p>\n<p>Seniors housing and<br \/>\nlong-term care appraisals<br \/>\nTo estimate the value of any complex<br \/>\nproperty, where the income and expenses<br \/>\nare driven by both real estate and the<br \/>\nrelated business, one must rely on a<br \/>\nrecognized methodology supported with<br \/>\nmarket data to properly account for the<br \/>\ncomponents of tangible real property and<br \/>\nintangible personal property. As with<br \/>\nany appraisal, an in-depth understanding<br \/>\nof the business model and knowledge<br \/>\nof the market environment is critical to<br \/>\ndeveloping a credible estimate of market<br \/>\nvalue. Th e process is often more involved<br \/>\nand time-consuming because both<br \/>\nstandard real estate due diligence and the<br \/>\nbusiness\/management due diligence must<br \/>\nbe completed.<\/p>\n<p>Beyond the simple direct<br \/>\ncapitalization of income approach to<br \/>\nvaluation, for most purposes, appraisers<br \/>\nwill need to explore a cost approach and<br \/>\na hybrid dual capitalization of earnings<br \/>\napproach in order to produce a reliable<br \/>\nand supported allocation between real <\/p>\n<p>Property types<br \/>\nby services provided<br \/>\nExhibit 1 highlights the array of services<br \/>\noff ered across the diff erent property<br \/>\ntypes. Besides accommodation, seniors<br \/>\nhousing and long-term care properties<br \/>\ntypically off er hospitality services (meals,<br \/>\nhousekeeping, activities programming),<br \/>\ncare services (assistance with activities<br \/>\nof daily living (ADLs) such as bathing,<br \/>\ngrooming, dressing, eating and<br \/>\nmedication management), and medical<br \/>\nservices (skilled nursing, rehab therapy).<br \/>\nIndependent living properties service the<br \/>\nmost able residents who require little,<br \/>\nif any, assistance with ADLs. At the<br \/>\nother end of the range, long-term care<br \/>\nproperties provide the most intensive<br \/>\nservices to the most frail and dependent<br \/>\nseniors. Th is spectrum of property<br \/>\ntypes is commonly referred to as the<br \/>\nContinuum of Care.<\/p>\n<p>Independent Living (IL) accommodation<br \/>\nis typically an apartment which has a<br \/>\nfull kitchen and which forms part of a<br \/>\nlarger seniors\u2019 community. Suites may be<br \/>\nowned or rented and cater to seniors who<br \/>\nrequire minimal or no assistance with<br \/>\ndaily living. Sometimes a limited meals<br \/>\npackage and housekeeping are included<br \/>\nin the basic rental fee, but, typically,<br \/>\nservices such as meals, housekeeping and<br \/>\nlaundry are normally provided on request<br \/>\nfor an additional charge. IL residences<br \/>\nare not typically subsidized by the<br \/>\ngovernment and residents are responsible<br \/>\nfor the entire cost of accommodation and<br \/>\nservices. <\/p>\n<p>Exhibit 1: Continuum of Care<\/p>\n<p>independent Living<\/p>\n<p>independent supportive Living<\/p>\n<p>assisted Living<\/p>\n<p>Memory Care<\/p>\n<p>Long-term Care<\/p>\n<p>source: NiC investment guide<\/p>\n<p>shelter activities transport, Laundry Meals basic Care<br \/>\nservices<\/p>\n<p>aDL Care services specialized MC<br \/>\nPrograming<\/p>\n<p>Long term<br \/>\nChonic Care<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201326 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>real property and business personal<br \/>\nproperty value components of a going<br \/>\nconcern seniors housing or long-term<br \/>\ncare property.<\/p>\n<p>Asset components: a mixture<br \/>\nof real and personal property<br \/>\nSeniors housing and long-term care<br \/>\nproperties are businesses that require<br \/>\na speci\ufffd c mix of tangible real property<br \/>\nand intangible business personal<br \/>\nproperty assets in order to operate<br \/>\ne\ufffd ectively. Unlike certain other forms<br \/>\nof income producing commercial real<br \/>\nestate, a meaningful component of the<br \/>\nvalue of going-concern seniors housing<br \/>\nand long-term care properties relates to<br \/>\nintangible assets. <\/p>\n<p>Compared to the typical<br \/>\ncommercial real estate business<br \/>\nmodel, where a landlord conveys<br \/>\nthe use of physical space to a tenant<br \/>\nin exchange for rent, the seniors<br \/>\nhousing and long-term care property<br \/>\nbusiness model is often more involved.<br \/>\nBeyond o\ufffd ering residential space to<br \/>\nthe tenants of a property (the \u2018Real<br \/>\nEstate Component\u2019), the seniors<br \/>\nhousing landlord typically provides its<br \/>\nresidents integrated services o\ufffd ering<br \/>\nto address the varied needs of the<br \/>\nproperty\u2019s population of seniors<br \/>\n(the \u2018Services Component\u2019). Unless<br \/>\notherwise stated, we are referring to<br \/>\nseniors housing and long-term care<br \/>\nproperties in the context of the most<br \/>\ncommon ownership model in Canada,<br \/>\nwhich is the concurrent ownership<br \/>\nof the real estate and management of<br \/>\nthe residence by an integrated owner-<br \/>\noperator. <\/p>\n<p>\ufffd e tangible real property assets,<br \/>\nincluding the land, improvements and<br \/>\n\ufffd xtures, are obvious essential components<br \/>\nof a seniors housing and long-term care<br \/>\nproperty. However, without the signi\ufffd cant<br \/>\npersonal property, including furniture,<br \/>\nequipment and intangible assets noted<br \/>\nin table 1, the physical property would<br \/>\nbe little more than a special-purpose<br \/>\nproperty without an obvious alternative<br \/>\nuse. \ufffd is \u2018active management\u2019 component<br \/>\nis correctly viewed by the market as adding<br \/>\nincremental risk and complexity versus the<br \/>\nconventional commercial real estate asset<br \/>\nclasses, which translates into higher return<br \/>\nexpectations by investors. <\/p>\n<p>\ufffd e higher perceived level of risk<br \/>\nassociated with seniors housing and long-<br \/>\nterm care properties is evident in the<br \/>\npremium yield that investors command<br \/>\nwhen pricing seniors housing and long-<br \/>\nterm care assets relative to ordinary multi-<br \/>\nfamily residential apartments, as illustrated<br \/>\nin Graph 1.<\/p>\n<p>classes, which translates into higher return <\/p>\n<p>\ufffd e higher perceived level of risk<br \/>\nassociated with seniors housing and long-<br \/>\nterm care properties is evident in the<br \/>\npremium yield that investors command<br \/>\nwhen pricing seniors housing and long-<br \/>\nterm care assets relative to ordinary multi-<br \/>\nfamily residential apartments, as illustrated <\/p>\n<p>Conclusion<br \/>\nSeniors housing and long-term<br \/>\ncare properties are comprised<br \/>\nof both tangible real property<br \/>\nand intangible business personal<br \/>\nproperty components. A thorough<br \/>\nunderstanding of the distinct risks<br \/>\nand characteristics of each of these<br \/>\ncomponents is central to preparing a<br \/>\nreliable and supported conclusion of<br \/>\nmarket value.<\/p>\n<p>End note<br \/>\n1CANSIM. Projection scenario M2: medium-<\/p>\n<p>growth, 2006 to 2008 trends. Table 052-0005 <\/p>\n<p>TANGIBLE ASSETS INTANGIBLE ASSETS<\/p>\n<p>Equipment Operating policies &#038; procedures<\/p>\n<p>Furniture Brand<\/p>\n<p>Building envelope Assembled workforce<\/p>\n<p>HVAC &#038; mechanical systems Customer relationships<\/p>\n<p>Elevator License*<\/p>\n<p>Land Government service contracts*<\/p>\n<p>* Issued\/negotiated with the regulator (Ministry of Health) for long-term care homes in most jurisdictions<\/p>\n<p>Graph 1: National Cap Rate Trends<\/p>\n<p>Table 1 : Typical component assets of a seniors housing and long-term care property<\/p>\n<p>Volume 57 | Book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 27Click HERE to return to<br \/>\nTABLE OF CONTENTS<\/p>\n<p>L a population vieillissante du Canada fait souvent la manchette depuis quelques ann\u00e9es et demeurera un sujet pertinent, \u00e9tant donn\u00e9 le pouvoir \u00e9conomique et politique<br \/>\nque commande ce segment de la population,<br \/>\nc\u2019est-\u00e0-dire nos a\u00een\u00e9s. En eff et, depuis soixante<br \/>\nans, la cohorte g\u00e9n\u00e9rationnelle du baby-boom<br \/>\nretient beaucoup l\u2019attention du simple fait de son<br \/>\nimportance et de l\u2019impact culturel et \u00e9conomique<br \/>\nr\u00e9sultant des tendances cr\u00e9\u00e9es par les membres de ce<br \/>\ngroupe n\u00e9s entre 1946 et 1965. Statistique Canada<br \/>\npr\u00e9voit que la population des a\u00een\u00e9s ayant 75 ans<br \/>\net plus au pays \u2013 le principal groupe demandant<br \/>\ndes r\u00e9sidences pour a\u00een\u00e9s \u2013, cro\u00eetra de 108,8 % de<br \/>\n2013 \u00e0 2033, tandis que la population canadienne<br \/>\ntotale n\u2019augmentera que de 21,2 % durant la m\u00eame<br \/>\np\u00e9riode. Les investisseurs et promoteurs immobiliers<br \/>\nont certainement mis\u00e9 sur ce ph\u00e9nom\u00e8ne<br \/>\nd\u00e9mographique, ce qui a acc\u00e9l\u00e9r\u00e9 le mouvement<br \/>\ndes capitaux et la construction dans le secteur du<br \/>\nlogement des a\u00een\u00e9s et des soins de longue dur\u00e9e au<br \/>\nCanada.<\/p>\n<p>Nuances d\u2019\u00e9valuation<br \/>\nLes logements pour a\u00een\u00e9s et les r\u00e9sidences de<br \/>\nsoins de longue dur\u00e9e sont-ils des entreprises<br \/>\nen exploitation, des biens immobiliers, ou les<br \/>\ndeux? La r\u00e9ponse a une grande infl uence sur<br \/>\nl\u2019approche adopt\u00e9e pour l\u2019\u00e9valuation de ces actifs<br \/>\nsp\u00e9cialis\u00e9s. Pour calculer correctement la valeur des<br \/>\nlogements pour a\u00een\u00e9s et des propri\u00e9t\u00e9s de soins de<br \/>\nlongue dur\u00e9e, on doit comprendre et repr\u00e9senter<br \/>\nad\u00e9quatement les risques et les traits particuliers des<br \/>\ncomposants de valeur immobili\u00e8re et commerciale<br \/>\nd\u2019une r\u00e9sidence donn\u00e9e. <\/p>\n<p>Survol des cat\u00e9gories d\u2019actifs<br \/>\nLe secteur du logement des a\u00een\u00e9s et des soins de<br \/>\nlongue dur\u00e9e fournit aux a\u00een\u00e9s le logement et une<br \/>\npanoplie de services et de programmes facultatifs.<br \/>\nLa demande pour ces propri\u00e9t\u00e9s est principalement<br \/>\ndict\u00e9e par le segment de la population des a\u00een\u00e9s<br \/>\nayant plus de 75 ans. Le niveau de services et la<br \/>\nvari\u00e9t\u00e9 d\u2019options disponibles sur le march\u00e9 des<br \/>\nlogements pour a\u00een\u00e9s continue \u00e0 suivre l\u2019\u00e9volution<br \/>\ndes besoins, pr\u00e9f\u00e9rences et demandes des a\u00een\u00e9s et<br \/>\nde leurs familles.<\/p>\n<p>Les types de propri\u00e9t\u00e9s facilitant la prestation<br \/>\ndes services de logement et de soins aux a\u00een\u00e9s se<br \/>\ndivisent habituellement en cinq cat\u00e9gories : vie<br \/>\nautonome; vie autonome avec soutien; aide \u00e0 la<br \/>\nvie autonome; soins de la m\u00e9moire; et soins de<br \/>\nlongue dur\u00e9e. Les villages-retraites de soins de<br \/>\nlongue dur\u00e9e (VRSLD), un mod\u00e8le hybride, off rent<br \/>\ng\u00e9n\u00e9ralement tous ces niveaux de soins sur un<br \/>\nm\u00eame campus.<\/p>\n<p>\u00c9valuation des<br \/>\nlogements pour a\u00een\u00e9s <\/p>\n<p>et des propri\u00e9t\u00e9s<br \/>\nde soins de <\/p>\n<p>longue dur\u00e9e<br \/>\nSteve Hiscox, AACI, P.App | directeur, CBRE lt\u00e9e<\/p>\n<p>Sean McCrorie, AACI, P. App., CFA, CBV, MRICS | directeur, CBRE lt\u00e9e, Toronto, ON<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201328 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>Types de propri\u00e9t\u00e9s par service fourni<br \/>\nLa pi\u00e8ce 1 suivante montre l\u2019ensemble des<br \/>\nservices off erts dans les diff \u00e9rents types<br \/>\nde propri\u00e9t\u00e9s. En plus de l\u2019habitation,<br \/>\nles logements pour a\u00een\u00e9s et les propri\u00e9t\u00e9s<br \/>\nde soins de longue dur\u00e9e off rent<br \/>\nhabituellement des services d\u2019accueil<br \/>\n(repas, entretien m\u00e9nager, programmes<br \/>\nd\u2019activit\u00e9s), des services de soins (aide aux<br \/>\nactivit\u00e9s de la vie quotidienne [AVQ])<br \/>\ncomme le bain, les soins personnels,<br \/>\nl\u2019habillage, l\u2019alimentation et la gestion<br \/>\ndes m\u00e9dicaments), de m\u00eame que les<br \/>\nservices m\u00e9dicaux (nursing sp\u00e9cialis\u00e9,<br \/>\nphysioth\u00e9rapie). Les propri\u00e9t\u00e9s de vie<br \/>\nautonome desservent les r\u00e9sidents les plus<br \/>\naptes qui requi\u00e8rent peu ou pas d\u2019aide<br \/>\naux AVQ. \u00c0 l\u2019autre bout du spectre,<br \/>\nles propri\u00e9t\u00e9s de soins de longue dur\u00e9e<br \/>\nfournissent les services les plus intensifs<br \/>\naux a\u00een\u00e9s les plus fragiles et d\u00e9pendants.<br \/>\nCe spectre des types de propri\u00e9t\u00e9s est<br \/>\ncommun\u00e9ment appel\u00e9 continuum de<br \/>\nsoins.<\/p>\n<p>Le logement de vie autonome (VA) est<br \/>\nle plus souvent un appartement \u00e9quip\u00e9<br \/>\nd\u2019une cuisine compl\u00e8te et faisant partie<br \/>\nd\u2019une plus vaste collectivit\u00e9 d\u2019a\u00een\u00e9s. Les<br \/>\nsuites peuvent \u00eatre achet\u00e9es ou lou\u00e9es<br \/>\net desservent les a\u00een\u00e9s qui requi\u00e8rent<br \/>\npeu ou pas d\u2019aide aux activit\u00e9s de la<br \/>\nvie quotidienne. Parfois, un forfait de<br \/>\nrepas limit\u00e9 et l\u2019entretien m\u00e9nager sont<br \/>\ncompris dans les frais de location de<br \/>\nbase, mais les services comme les repas,<br \/>\nl\u2019entretien m\u00e9nager et la blanchisserie<br \/>\nsont habituellement fournis sur demande<br \/>\nmoyennant des frais suppl\u00e9mentaires. Les<br \/>\nr\u00e9sidences de VA b\u00e9n\u00e9fi cient rarement<br \/>\nd\u2019une subvention gouvernementale et les<br \/>\nr\u00e9sidents doivent d\u00e9frayer le co\u00fbt entier<br \/>\ndu loyer et des services.<\/p>\n<p>Concernant la location, le logement de<br \/>\nVA est le plus r\u00e9pandu au Qu\u00e9bec. Dans <\/p>\n<p>d\u2019autres provinces, on le rencontre le plus<br \/>\nfr\u00e9quemment dans le secteur sans but<br \/>\nlucratif comme les loyers ou les projets<br \/>\navec bail \u00e0 vie. Une tendance \u00e9mergente<br \/>\npour le logement de VA en Ontario et en<br \/>\nColombie-Britannique est la propri\u00e9t\u00e9<br \/>\nsous forme d\u2019unit\u00e9s d\u2019habitation en<br \/>\ncopropri\u00e9t\u00e9 souvent attach\u00e9es d\u2019une<br \/>\nquelconque fa\u00e7on \u00e0 une r\u00e9sidence locative<br \/>\nde logements pour a\u00een\u00e9s. Les commodit\u00e9s<br \/>\net les services de l\u2019immeuble locatif<br \/>\nsont off erts aux propri\u00e9taires des unit\u00e9s<br \/>\nd\u2019habitation moyennant des frais.<\/p>\n<p>La vie autonome avec soutien (VAS)<br \/>\net l\u2019aide \u00e0 la vie autonome (AVA) sont<br \/>\ndes notions ordinairement associ\u00e9es \u00e0<br \/>\nla \u00ab  maison de retraite \u00bb qui jouent un<br \/>\nr\u00f4le pr\u00e9pond\u00e9rant dans le secteur du<br \/>\nlogement des a\u00een\u00e9s, facilitant le mode<br \/>\nde vie qu\u2019ils souhaitent et subvenant \u00e0<br \/>\nleurs besoins physiques \u00e0 mesure qu\u2019ils<br \/>\nvieillissent. Elles off rent des services tels :<br \/>\nsupervision et intervention d\u2019urgence 24<br \/>\nheures; 2 \u00e0 3 repas et collations par jour;<br \/>\nactivit\u00e9s sociales et physiques planifi \u00e9es;<br \/>\nentretien m\u00e9nager; blanchisserie; et aide<br \/>\ndans une ou plusieurs activit\u00e9s de la vie<br \/>\nquotidienne.<\/p>\n<p>Les r\u00e9sidences VAS sont plus ax\u00e9es sur<br \/>\nle mode de vie que les AVA, apportant<br \/>\ng\u00e9n\u00e9ralement une aide aux activit\u00e9s \u00ab<br \/>\ninstrumentales \u00bb de la vie quotidienne<br \/>\ncomme la pr\u00e9paration des repas,<br \/>\nl\u2019entretien m\u00e9nager et la blanchisserie,<br \/>\nainsi que des services de soins personnels<br \/>\nlimit\u00e9s tels la gestion des m\u00e9dicaments<br \/>\net(ou) l\u2019aide au bain hebdomadaire. Les<br \/>\nr\u00e9sidences AVA sont une combinaison<br \/>\nde logement, de services de soutien<br \/>\nadapt\u00e9s et de soins de sant\u00e9 con\u00e7us pour<br \/>\nr\u00e9pondre aux besoins des personnes ayant<br \/>\nbesoin d\u2019aide dans les activit\u00e9s de la vie<br \/>\nquotidienne. M\u00eame si le march\u00e9-cible<br \/>\nest de 75 ans et plus, l\u2019\u00e2ge moyen est<br \/>\nd\u2019environ 85 ans. Les services habituels <\/p>\n<p>comprennent l\u2019aide au transfert, au bain,<br \/>\naux soins personnels, m\u00e9dicaments,<br \/>\nr\u00e9gimes sp\u00e9ciaux, etc.<\/p>\n<p>Les maisons de soins de longue dur\u00e9e<br \/>\n(SLD) sont con\u00e7ues pour desservir les<br \/>\nr\u00e9sidents qui ne peuvent plus vivre de<br \/>\nmani\u00e8re autonome et n\u00e9cessitent des<br \/>\nsoins infi rmiers sur place, une supervision<br \/>\n24 heures ou un soutien personnel. Les<br \/>\nr\u00e9sidences de SLD fournissent des soins<br \/>\npersonnels et du soutien plus intensifs<br \/>\nque ceux g\u00e9n\u00e9ralement fournis par les<br \/>\nautres types de logements pour a\u00een\u00e9s.<br \/>\nLe logement peut inclure des unit\u00e9s<br \/>\npartag\u00e9es, semi-priv\u00e9es ou priv\u00e9es. La<br \/>\nmajorit\u00e9 des r\u00e9sidences sont autoris\u00e9es<br \/>\nou requi\u00e8rent un certain niveau<br \/>\nd\u2019approbation du gouvernement pour<br \/>\nfonctionner et sont admissibles \u00e0 son<br \/>\nfi nancement, en vertu du r\u00e8glement et des<br \/>\nnormes de soins.<\/p>\n<p>\u00c9valuation des logements pour a\u00een\u00e9s<br \/>\net des soins de longue dur\u00e9e<br \/>\nPour estimer la valeur d\u2019une propri\u00e9t\u00e9<br \/>\ncomplexe o\u00f9 les revenus et d\u00e9penses<br \/>\nsont dict\u00e9s tant par l\u2019immobilier que<br \/>\nl\u2019activit\u00e9 commerciale associ\u00e9e, on doit<br \/>\nrecourir \u00e0 une m\u00e9thodologie reconnue<br \/>\nreposant sur des donn\u00e9es du march\u00e9 pour<br \/>\ntenir compte de tous les composants<br \/>\nimmobiliers tangibles et les composants<br \/>\nde propri\u00e9t\u00e9 personnelle intangibles.<br \/>\nComme pour toute \u00e9valuation, une<br \/>\ncompr\u00e9hension approfondie du mod\u00e8le<br \/>\nde fonctionnement et une bonne<br \/>\nconnaissance du march\u00e9 environnant sont<br \/>\ncritiques pour \u00e9laborer une estimation<br \/>\ncr\u00e9dible de la valeur marchande. Le<br \/>\nprocessus est souvent plus exigeant et<br \/>\nco\u00fbteux en temps, car il faut respecter<br \/>\nla diligence raisonnable standard<br \/>\nde l\u2019immobilier aussi bien que la<br \/>\ndiligence raisonnable d\u2019entreprise et<br \/>\nd\u2019administration.<\/p>\n<p>Pi\u00e8ce 1 &#8211; Graphique du continuum de soins<\/p>\n<p>Vie autonome<\/p>\n<p>Vie autonome avec soutien<\/p>\n<p>a ide \u00e0 la vie autonome<\/p>\n<p>soins de la m\u00e9moire<\/p>\n<p>soins de longue dur\u00e9e<\/p>\n<p>source: NiC investment guide<\/p>\n<p>a bri activit\u00e9s transport,<br \/>\nblanchisserie<\/p>\n<p>repas services de<br \/>\nsoins de base<\/p>\n<p>services de<br \/>\nsoins aVQ<\/p>\n<p>Programmation<br \/>\ndes sM sp\u00e9cialis\u00e9s<\/p>\n<p>soins de longue dur\u00e9e<br \/>\naux malades chronique<\/p>\n<p>Composant immobilier<\/p>\n<p>Composant immobilier<\/p>\n<p>Composant immobilier<\/p>\n<p>Composant immobilier<\/p>\n<p>Composant immobilier<\/p>\n<p>Composant services<\/p>\n<p>Composant services<\/p>\n<p>Composant services<\/p>\n<p>Composant services<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 29Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>Au-del\u00e0 de la simple capitalisation<br \/>\ndirecte de la m\u00e9thode du revenu aux \ufffd ns<br \/>\nd\u2019\u00e9valuation, dans la plupart des cas, les<br \/>\n\u00e9valuateurs devront explorer une m\u00e9thode<br \/>\ndu co\u00fbt et une m\u00e9thode de double<br \/>\ncapitalisation hybride des b\u00e9n\u00e9\ufffd ces<br \/>\npour produire une allocation \ufffd able et<br \/>\njusti\ufffd \u00e9e entre les composantes valeur<br \/>\ndu bien immobilier et valeur du bien<br \/>\npersonnel commercial dans la continuit\u00e9<br \/>\nd\u2019exploitation de logements pour a\u00een\u00e9s ou<br \/>\nd\u2019une propri\u00e9t\u00e9 de soins de longue dur\u00e9e.<\/p>\n<p>Composants des actifs : combinaison<br \/>\nde propri\u00e9t\u00e9 immobili\u00e8re et<br \/>\npersonnelle<br \/>\nPour fonctionner e\ufffd  cacement, les<br \/>\nlogements pour a\u00een\u00e9s et les propri\u00e9t\u00e9s de<br \/>\nsoins de longue dur\u00e9e sont des entreprises<br \/>\nqui n\u00e9cessitent une combinaison<br \/>\ntr\u00e8s sp\u00e9ci\ufffd que d\u2019actifs immobiliers<br \/>\ntangibles et de propri\u00e9t\u00e9s personnelles<br \/>\ncommerciales intangibles. Au contraire<br \/>\nde certains autres types de propri\u00e9t\u00e9s<br \/>\ncommerciales g\u00e9n\u00e9rant des revenus, un<br \/>\ncomposant valeur important dans la<br \/>\ncontinuit\u00e9 d\u2019exploitation des logements<br \/>\npour a\u00een\u00e9s et des propri\u00e9t\u00e9s de soins de<br \/>\nlongue dur\u00e9e a trait aux actifs intangibles.<\/p>\n<p>Comparativement au mod\u00e8le de<br \/>\nfonctionnement immobilier commercial<br \/>\nhabituel o\u00f9 un propri\u00e9taire permet<br \/>\nl\u2019usage de l\u2019espace physique au locataire<br \/>\nen \u00e9change d\u2019un loyer, le mod\u00e8le de<br \/>\nfonctionnement de logements pour<br \/>\na\u00een\u00e9s et d\u2019une propri\u00e9t\u00e9 de soins de<br \/>\nlongue dur\u00e9e demande souvent plus<br \/>\nd\u2019attention. En plus d\u2019o\ufffd rir un espace<br \/>\nr\u00e9sidentiel aux locataires d\u2019une propri\u00e9t\u00e9<br \/>\n(le \u00ab  composant immobilier \u00bb ), le<br \/>\npropri\u00e9taire de logements pour a\u00een\u00e9s<br \/>\nfournit g\u00e9n\u00e9ralement des services int\u00e9gr\u00e9s<br \/>\naux r\u00e9sidants a\ufffd n de r\u00e9pondre aux<br \/>\ndivers besoins de la population d\u2019a\u00een\u00e9s<br \/>\nvivant dans la propri\u00e9t\u00e9 (le \u00ab  composant<br \/>\nservices \u00bb ). Sauf indication contraire,<br \/>\nnous parlons de logements pour a\u00een\u00e9s<br \/>\net de propri\u00e9t\u00e9s de soins de longue<br \/>\ndur\u00e9e dans le contexte du mod\u00e8le de<br \/>\npropri\u00e9t\u00e9 le plus courant au Canada,<br \/>\nsoit la copropri\u00e9t\u00e9 immobili\u00e8re et<br \/>\nl\u2019administration r\u00e9sidentielle assur\u00e9e par<br \/>\nun propri\u00e9taire-exploitant int\u00e9gr\u00e9.<\/p>\n<p>Les actifs immobiliers tangibles, y<br \/>\ncompris le terrain, les am\u00e9liorations et<br \/>\nles accessoires \ufffd xes, sont des composants<br \/>\nessentiels \u00e9vidents des logements<br \/>\npour a\u00een\u00e9s et des propri\u00e9t\u00e9s de soins<br \/>\nde longue dur\u00e9e. Toutefois, sans la<br \/>\npropri\u00e9t\u00e9 personnelle d\u2019importance<br \/>\ncomme le mobilier, l\u2019\u00e9quipement et<br \/>\nles actifs intangibles apparaissant au<br \/>\ntableau ci-dessus, la propri\u00e9t\u00e9 physique<br \/>\nserait \u00e0 peine plus qu\u2019un bien \u00e0 vocation<br \/>\nparticuli\u00e8re sans autre usage \u00e9vident.<br \/>\nCe composant \u00ab  gestion active \u00bb est<br \/>\nad\u00e9quatement consid\u00e9r\u00e9 par le march\u00e9<br \/>\ncomme plus risqu\u00e9 et complexe par<br \/>\nrapport aux cat\u00e9gories traditionnelles<br \/>\nd\u2019actifs immobiliers commerciaux, ce qui<br \/>\nse traduit pour les investisseurs en des<br \/>\nattentes plus \u00e9lev\u00e9es pour le rendement<br \/>\ndu capital investi.<\/p>\n<p>La perception du plus haut niveau de<br \/>\nrisque associ\u00e9 aux logements pour a\u00een\u00e9s <\/p>\n<p>ACTIFS TANGIBLES ACTIFS INTANGIBLES<\/p>\n<p>\u00c9quipement Politiques\/proc\u00e9dures op\u00e9rationnelles<\/p>\n<p>Mobilier Marque<\/p>\n<p>Enveloppe de b\u00e2timent Main-d\u2019\u0153uvre assembl\u00e9e<\/p>\n<p>Syst\u00e8mes CVCA et techniques Relations avec la client\u00e8le<\/p>\n<p>Ascenseur Permis*<\/p>\n<p>Terrain Services contractuels du gouvernement*<br \/>\n* Fournis\/n\u00e9goci\u00e9s avec l\u2019organisme de r\u00e9glementation (minist\u00e8re de la Sant\u00e9) pour les maisons de soins de longue dur\u00e9e dans la plupart des juridictions.<\/p>\n<p>Tableau 1: Actifs habituels des logements<br \/>\npour a\u00een\u00e9s et des propri\u00e9t\u00e9s de soins de longue dur\u00e9e<\/p>\n<p>et aux propri\u00e9t\u00e9s de soins de longue<br \/>\ndur\u00e9e appara\u00eet clairement dans le<br \/>\ntaux de rendement des primes que les<br \/>\ninvestisseurs exigent en \u00e9tablissant<br \/>\nle co\u00fbt des actifs de logements pour<br \/>\na\u00een\u00e9s et de soins de longue dur\u00e9e par<br \/>\nrapport aux appartements r\u00e9sidentiels<br \/>\nmultifamiliaux ordinaires, tel<br \/>\nqu\u2019illustr\u00e9 dans le graphique 1.<\/p>\n<p>Conclusion<br \/>\nLes logements pour a\u00een\u00e9s et les<br \/>\npropri\u00e9t\u00e9s de soins de longue dur\u00e9e<br \/>\ncomportent tant des composants<br \/>\nimmobiliers tangibles que des<br \/>\ncomposants de propri\u00e9t\u00e9 personnelle<br \/>\ncommerciale intangibles. Il est<br \/>\nessentiel de bien comprendre les<br \/>\nrisques et caract\u00e9ristiques propres \u00e0<br \/>\nchacun avant de tirer une conclusion<br \/>\n\ufffd able et justi\ufffd \u00e9e sur la valeur<br \/>\nmarchande. <\/p>\n<p>Graphique 1: Tendances nationales des taux de capitalisation<\/p>\n<p>12,0 %<\/p>\n<p>10,0 %<\/p>\n<p>8,0 %<\/p>\n<p>6,0 %<\/p>\n<p>4,0 %<\/p>\n<p>* Actifs de logements pour a\u00een\u00e9s de cat\u00e9gorie A (VA et AVA)<\/p>\n<p>Source : CBRE lt\u00e9e<\/p>\n<p>Tours d\u2019habitation \u00ab A \u00bb Logements pour a\u00een\u00e9s \u00ab A \u00bb Propri\u00e9t\u00e9s de soins \u00ab A \u00bb<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201330 Click HERE to return to<br \/>\nTABLE OF CONTENTS<\/p>\n<p>Download CMHC\u2019s 2013 Mortgage<br \/>\nConsumer Survey!<\/p>\n<p> \u25a0 Get a unique perspective on attitudes and<br \/>\nbehaviours of recent mortgage consumers.<\/p>\n<p> \u25a0 Find out just how easy it is to leverage<br \/>\nthe survey fi ndings.<\/p>\n<p> \u25a0 Identify opportunities and build stronger<br \/>\nrelationships with your clients.<\/p>\n<p>Download it today at  www.cmhc.ca\/2013survey<\/p>\n<p>T\u00e9l\u00e9chargez l\u2019Enqu\u00eate 2013 de la SCHL<br \/>\naupr\u00e8s des emprunteurs!<\/p>\n<p> \u25a0 Obtenez une perspective unique sur les attitudes et les<br \/>\ncomportements des r\u00e9cents emprunteurs hypoth\u00e9caires.<\/p>\n<p> \u25a0 D\u00e9couvrez \u00e0 quel point il est facile de tirer<br \/>\nparti des constatations de l\u2019Enqu\u00eate.<\/p>\n<p> \u25a0 Relevez les occasions et \u00e9tablissez<br \/>\ndes relations plus solides avec<br \/>\nvos clients.<\/p>\n<p>T\u00e9l\u00e9chargez le document<br \/>\nd\u00e8s aujourd\u2019hui \u00e0 l\u2019adresse :<br \/>\nwww.schl.ca\/enquete2013<\/p>\n<p>FREE REPORTS AVAILABLE ON-LINE:<br \/>\n \u25a0 Canadian Housing Statistics<br \/>\n \u25a0 Housing Information Monthly<br \/>\n \u25a0 Housing Market Outlook, Canada<br \/>\n \u25a0 Housing Market Outlook, Major Centres<br \/>\n \u25a0 Housing Now, Canada<br \/>\n \u25a0 Housing Now, Regional<br \/>\n \u25a0 Monthly Housing Statistics<br \/>\n \u25a0 Preliminary Housing Start Data<br \/>\n \u25a0 Rental Market Reports, Major Centres<br \/>\n \u25a0 Rental Market Statistics<br \/>\n \u25a0 Residential Construction Digest, Prairie Centres<br \/>\n \u25a0 Seniors\u2019 Housing Reports <\/p>\n<p>RAPPORTS GRATUITS EN LIGNE :<br \/>\n \u25a0 Statistiques du logement au Canada<br \/>\n \u25a0 Bulletin mensuel d\u2019information sur le logement<br \/>\n \u25a0 Perspectives du march\u00e9 de l\u2019habitation, Canada<br \/>\n \u25a0 Perspectives du march\u00e9 de l\u2019habitation, <\/p>\n<p>grands centres urbains<br \/>\n \u25a0 Actualit\u00e9s habitation, Canada<br \/>\n \u25a0 Actualit\u00e9s habitation, r\u00e9gions<br \/>\n \u25a0 Statistiques mensuelles sur l\u2019habitation<br \/>\n \u25a0 Tableaux de donn\u00e9es provisoires sur les mises <\/p>\n<p>en chantier<br \/>\n \u25a0 Rapport sur le march\u00e9 locatif, grands centres urbains<br \/>\n \u25a0 Statistiques sur le march\u00e9 locatif<br \/>\n \u25a0 Construction r\u00e9sidentielle en bref, centres urbains <\/p>\n<p>des Prairies<br \/>\n \u25a0 Rapports sur les r\u00e9sidences pour personnes \u00e2g\u00e9es<\/p>\n<p>Get the market intelligence you<br \/>\nneed today!<\/p>\n<p>Click www.cmhc.ca\/housingmarketinformation<br \/>\nto view, download or subscribe.<\/p>\n<p>Obtenez tout de suite l\u2019information dont<br \/>\nvous avez besoin! <\/p>\n<p>Cliquez sur www.schl.ca\/marchedelhabitation<br \/>\npour consulter ou t\u00e9l\u00e9charger des publications<br \/>\nou encore pour vous abonner.<\/p>\n<p>Housing market intelligence<br \/>\nyou can count on<\/p>\n<p>March\u00e9 de l\u2019habitation :<br \/>\nnotre savoir \u00e0 votre service<\/p>\n<p>Get a unique perspective on attitudes and<br \/>\nbehaviours of recent mortgage consumers.<\/p>\n<p>\u25a0 Find out just how easy it is to leverage<br \/>\nthe survey fi ndings.<\/p>\n<p>\u25a0 Identify opportunities and build stronger<br \/>\nrelationships with your clients.<\/p>\n<p>Download it today at  www.cmhc.ca\/2013survey<\/p>\n<p>Obtenez une perspective unique sur les attitudes et les<br \/>\ncomportements des r\u00e9cents emprunteurs hypoth\u00e9caires.<\/p>\n<p>\u25a0 D\u00e9couvrez \u00e0 quel point il est facile de tirer<br \/>\nparti des constatations de l\u2019Enqu\u00eate.<\/p>\n<p>\u25a0 Relevez les occasions et \u00e9tablissez<br \/>\ndes relations plus solides avec<br \/>\nvos clients.<\/p>\n<p>T\u00e9l\u00e9chargez le document<br \/>\nd\u00e8s aujourd\u2019hui \u00e0 l\u2019adresse :<br \/>\nwww.schl.ca\/enquete20133333<\/p>\n<p>http:\/\/www.cmhc.ca\/2013survey<br \/>\nhttp:\/\/www.cmhc.ca\/housingmarketinformation<br \/>\nhttp:\/\/www.schl.ca\/marchedelhabitation<br \/>\nhttp:\/\/www.schl.ca\/enquete2013<\/p>\n<p>Rising farmland<br \/>\nPRICES<\/p>\n<p>REAL ESTATE, REAL ASSETS AND REAL WEALTH<\/p>\n<p>Note: Th is article is a revised and updated version of one fi rst<br \/>\npublished in 1978 by this author in AIM magazine. Th at<br \/>\nparticular version dealt with rapidly rising residential property<br \/>\nvalues rather than farmland values.<\/p>\n<p>Farmland prices<br \/>\nWill Rodgers (an American humorist and showman 1879-1935)<br \/>\nonce wrote, \u201cBuy land, they ain\u2019t making any more of the stuff .\u201d <\/p>\n<p>Chart 1 shows the median price per acre of farmland in 10<br \/>\ncounties in Western Ontario for 2010, 2011 and 2012. When<br \/>\nfi rst examining the chart, it is not hard to see why we often read<br \/>\nthat fi nancial investments in real estate (farmland) will provide a<br \/>\ngood hedge against infl ation. However, it is not as simple as it fi rst<br \/>\nseems.<\/p>\n<p>cHart 1<br \/>\n2010-2012 LanD VaLues \u2013 BY cOuntY<\/p>\n<p>David Enns, AACI, P. App., B. Sc. Agr., M. B. A., is founder (1984) and now a<br \/>\nsenior appraiser at Enns, MacEachern, Pace, Maloney &#038; Associates Inc. in Cornwall, ON<\/p>\n<p>$15,000<\/p>\n<p>$14,000 <\/p>\n<p>$13,000<\/p>\n<p>$12,000<\/p>\n<p>$11,000<\/p>\n<p>$10,000 <\/p>\n<p>$9,000<\/p>\n<p>$8,000<\/p>\n<p>$7,000<\/p>\n<p>$6,000 <\/p>\n<p>$5,000 <\/p>\n<p>$4,000 <\/p>\n<p>$3,000 <\/p>\n<p>$2,000<\/p>\n<p>$1,000<\/p>\n<p>$0<\/p>\n<p>huron Perth Oxford middlesex Elgin Lambton kent Essex bruce grey<\/p>\n<p>2010 Median<\/p>\n<p>2011 Median<\/p>\n<p>2012 Median<\/p>\n<p>m<br \/>\ned<\/p>\n<p>ia<br \/>\nn <\/p>\n<p>pr<br \/>\nic<\/p>\n<p>e<br \/>\npe<\/p>\n<p>r<br \/>\nac<\/p>\n<p>re<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201332 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>Th is chart comes from a recent study of farmland prices in<br \/>\nSouthwestern Ontario completed by Ryan Parker, B. Comm,<br \/>\nAACI, P. App., P. Ag, CAFA of Valco Consultants Inc.  In his<br \/>\nstudy, Mr. Parker calculated that the average percentage increase<br \/>\nfor the 10 counties between 2010 and 2011 was 21.4% and,<br \/>\nbetween 2011 and 2012, was an astounding 29.13%.1 <\/p>\n<p> Briefl y, recent factors driving farmland prices in Ontario<br \/>\nto higher levels include: (1) historically low interest rates, (2)<br \/>\nliberal lending practices by certain lenders,2 (3) better than<br \/>\naverage crop yields, (4) higher commodity prices, (5) Dairy<br \/>\nFarmers of Ontario (DFO) policy regarding the availability of<br \/>\nmilk quota (dairy farmers are now buying farmland instead of<br \/>\nmilk quota),3 and (6) non-farm investment in farmland (both<br \/>\nCanadian and foreign investment).4 While these factors can<br \/>\nchange, our interest in this article is in real and nominal values<br \/>\nand real and fi nancial assets.<\/p>\n<p>real assets and fi nancial assets<br \/>\nIndividuals and businesses use their savings to accumulate assets<br \/>\nsuch as consumer durables, real estate (including farmland),<br \/>\nequipment and inventory. Th ese items are real assets whose<br \/>\nvalues are not tied to a certain number of dollars. Individuals<br \/>\nor companies may also acquire fi nancial assets or claims against<br \/>\ngovernments, businesses or other members of society. Examples<br \/>\nof such claims would be government bonds, stocks, corporate<br \/>\nbonds and mortgages.<\/p>\n<p>Further, these fi nancial assets can be broken into two<br \/>\ncategories. Some such as money, bonds, mortgages, savings<br \/>\naccounts and many others are fi xed in nominal value. Th is<br \/>\nsimply means that they are fi xed in a certain number of dollars.<br \/>\nOn the other hand, other fi nancial assets are not tied to a<br \/>\ncertain number of dollars. Th ese instruments, if representing<br \/>\nequity, indicate indirect ownership of real assets and an example<br \/>\nwould be common stock. <\/p>\n<p>To return to real estate, we can see that real property (such<br \/>\nas farmland) is a real asset, while a mortgage is a fi nancial asset<br \/>\n(to the mortgagor, of course, it is a liability) and is fi xed in<br \/>\nnominal terms. Perhaps surprisingly, we can show that it can be<br \/>\nthe mixture of fi xed-nominal-value assets and liabilities on one\u2019s<br \/>\nbalance sheet that changes real wealth rather than changes in<br \/>\nthe nominal value of real assets.<\/p>\n<p>assets Liabilities and net worth<\/p>\n<p>Current value Farmland $800,000 LiabilitiesNet worth<br \/>\n$0<\/p>\n<p>$800,000<\/p>\n<p>Nominal value (N.V.)<br \/>\nafter 10% infl ation Farmland $880,000<\/p>\n<p>Liabilities<br \/>\nNet worth<\/p>\n<p>$0<br \/>\n$880,000<\/p>\n<p>real value<br \/>\nN. V. x 100\/110 Farmland $800,000<\/p>\n<p>Liabilities<br \/>\nNet worth<\/p>\n<p>$0<br \/>\n$800,000<\/p>\n<p>assets Liabilities and net worth<\/p>\n<p>Current value Farmland $800,000 MortgageNet worth<br \/>\n$600,000<br \/>\n$200,000<\/p>\n<p>Nominal value (N.V.)<br \/>\nafter 10% infl ation Farmland $880,000<\/p>\n<p>Liabilities<br \/>\nNet worth<\/p>\n<p>$600,000<br \/>\n$280,000<\/p>\n<p>real value<br \/>\nN. V. x 100\/110 Farmland $800,000<\/p>\n<p>Liabilities<br \/>\nNet worth<\/p>\n<p>$545,455<br \/>\n$254,545<\/p>\n<p>Now, suppose you had one asset \u2013 $1,000 in cash \u2013 no<br \/>\nliabilities, and your wages and general prices rose by 10%.<br \/>\nYou are now able to purchase less after the infl ation because<br \/>\nthe $1,000 cash, still worth $1,000 in \u2018nominal\u2019 terms, is worth<br \/>\nless in \u2018real\u2019 terms because goods and services are now 10%<br \/>\nmore. Th e $1,000 cash can now buy fewer goods and services.<br \/>\nIn actual fact, to convert the nominal value to a real value,<br \/>\nwe divide the nominal value by the price index (here 110) and<br \/>\nmultiply by 100. Th us, the $1,000 would now have a real value<br \/>\nof: $1,000 x 100\/110 = $909.<\/p>\n<p>Now, suppose you own farmland with a market value<br \/>\nof $800,000. For simplicity, assume it is your only asset and you<br \/>\nhave no liabilities. If all prices rose by 10%, the nominal value<br \/>\nof your farmland rises, but its real value in terms of goods and<br \/>\nservices would remain the same and, hence, there would be no<br \/>\nchange in your net worth as seen in Table 1. <\/p>\n<p>  taBLe 1<\/p>\n<p>Now, suppose we change the mix on the balance sheet<br \/>\nsuch that you have the same $800,000 farmland, but also a<br \/>\nmortgage of  $600,000 (75% of the farmland value) with a net<br \/>\nworth of $200,000. Again, assume it is your only asset and the<br \/>\nmortgage is your only liability. Your balance sheet will change<br \/>\nin Table 2, with a general infl ationary rate of 10%. Notice the<br \/>\nincrease in your real wealth. <\/p>\n<p>taBLe 2<\/p>\n<p>Further, if another individual held the $600,000 mortgage<br \/>\non your property and it is his\/her only asset, then that person\u2019s<br \/>\nbalance sheet before and after the 10% infl ation would appear<br \/>\nas in Table 3. Notice the decrease in real wealth for the creditor.   <\/p>\n<p>taBLe 3<\/p>\n<p>We can see from Table 3 that a transfer, in terms of real<br \/>\nwealth, takes place between the two individuals (this is a zero<br \/>\nsum game). Th e debtor gained $54,545 ($254,545 &#8211; $200,000)<br \/>\nand the creditor lost $54,545 ($600,000 &#8211; $545,455). Th ere are<br \/>\ntwo reasons for this: fi rst, there has been infl ation, and second, <\/p>\n<p>assets Liabilities and net worth<\/p>\n<p>Current value Mortgage $600,000 LiabilitiesNet worth<br \/>\n$0<\/p>\n<p>$600,000<\/p>\n<p>Nominal value (N.V.)<br \/>\nafter 10% infl ation Mortgage $600,000<\/p>\n<p>Liabilities<br \/>\nNet worth<\/p>\n<p>$0<br \/>\n$600,000<\/p>\n<p>real value<br \/>\nN. V. x 100\/110 Mortgage $545,455<\/p>\n<p>Liabilities<br \/>\nNet worth<\/p>\n<p>$0<br \/>\n$545,455<\/p>\n<p> &laquo;&nbsp;It can be the mixture of fixed-<\/p>\n<p>nominal-value assets and liabilities <\/p>\n<p>on one\u2019s balance sheet that changes <\/p>\n<p>real wealth rather than changes in <\/p>\n<p>the nominal value of real assets.&nbsp;&raquo;<\/p>\n<p>infl ation<br \/>\nFor the moment, assume that you have no assets or liabilities<br \/>\nand are able to consume because you earn wages. Th e price of<br \/>\nall goods and services (and wages) rises by, say, 10%. You are no<br \/>\nbetter off  than before because you are able to purchase exactly<br \/>\nthe same amount of items as you did before the infl ation.<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 33Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p> &laquo;&nbsp;Farmland\u2019s attractiveness as a<br \/>\nvehicle for investment then depends <\/p>\n<p>in part on relative inflationary rates,<br \/>\nthe real rate of interest and the ratio <\/p>\n<p>of the mortgage to market value. These<br \/>\nfactors are at work simultaneously <\/p>\n<p>and add to the complexity of the real<br \/>\nestate investment analysis.&nbsp;&raquo;<\/p>\n<p>there has been a financial arrangement between members of<br \/>\nsociety in terms of fixed-nominal-value financial instruments. <\/p>\n<p>We can see this zero sum game by combining Tables 2 and 3<br \/>\ninto Table 4. When the fixed-nominal-value financial assets and<br \/>\nliabilities equal one another on an individual\u2019s balance sheet,<br \/>\nthere will be no change in the individual\u2019s net worth. In Table<br \/>\n4, the individual owns farmland, has a mortgage (a liability)<br \/>\nof $600,000 and also holds a mortgage (an asset) of $600,000.<\/p>\n<p>taBLe 4<\/p>\n<p>Back to Table 2, we have taken the extreme case where the<br \/>\nassets of one member of society took the form of only one real<br \/>\nasset to make our point. However, it was not changing values in<br \/>\nfarmland that caused changes in real net worth, but rather the<br \/>\nratio of fixed-nominal-value financial assets to liabilities. Look<br \/>\nagain carefully at Tables 2 and 3. In Table 2, there is no fixed-<br \/>\nnominal-value asset, while in Table 3 there is no liability.<\/p>\n<p>In these cases, we have assumed that the general rate of<br \/>\ninflation (10%) applied to all assets. In reality, as we see in<br \/>\nChart 1, real property (farmland in this instance) can, but<br \/>\nnot always does increase more rapidly than the general level<br \/>\nof inflation. In that sense, it can be a hedge against inflation.<br \/>\nBy purchasing a real asset that increased faster than the rate<br \/>\nof increase of other real assets, it can later be sold for a gain<br \/>\nin real wealth. In Table 1, the farmland might have increased<br \/>\nfrom $800,000 to $1,000,000 (a 25% increase) in nominal<br \/>\nvalue. Then, if its nominal value is deflated by the general 10%<br \/>\ninflation rate to its real value of $909,091, we see the increase<br \/>\nin real wealth to be $109,091. In actual fact, in this case, the<br \/>\ntransfer of wealth is from the seller of the asset to the purchaser,<br \/>\nand financing of the asset need not be a consideration. <\/p>\n<p>unanticipated inflation and financial assets<br \/>\nIn addition, because one can finance the purchase of real estate<br \/>\nwith fixed-nominal-value instruments such as mortgages, there<br \/>\nis a second situation that can benefit the holder of real estate.<\/p>\n<p>Normally, holders of fixed-nominal-value instruments such<br \/>\nas mortgages, in order to protect themselves against the effects<br \/>\nof inflation, will demand a premium be incorporated into the<br \/>\ninterest rate they earn. This will be over and above both a pure<br \/>\nrate of interest (for the use of money) and a risk premium.<br \/>\nWe have ignored this up to this point. However, if the 10%<br \/>\ninflation was fully anticipated, then the mortgagee would<br \/>\ndemand an interest-inflation premium of 10%. Then, in Tables<br \/>\n2 and 3, the change in real net worth would not take place.<br \/>\nInterest rates normally incorporate some premium for inflation,<br \/>\nbut because of a variety of complicated factors including (1) a<br \/>\nlack of knowledge about future price increases, (2) forced and<br \/>\ncontractual savings, (3) the relationship between interest levels<br \/>\nand savings rates, and (4) federal monetary policy,5 lenders <\/p>\n<p>(savers) do not often get an adequate rate of return to fully<br \/>\ncompensate them for inflation such that our previous examples<br \/>\nin Tables 2 and 3 become quite realistic.<\/p>\n<p>We can see this effect in Table 5. Farm Credit Corporation<br \/>\n(FCC) publishes a Farmland Values Report on a semi-annual basis<br \/>\nand figures for farmland across Canada are presented in Table 5.<\/p>\n<p>taBLe 5<\/p>\n<p>In 2011, farmland prices rose across Canada by 4.8% (as<br \/>\nindicated previously, they rose by 21.4% in Southwestern<br \/>\nOntario) which was higher than the general inflation rate, leaving<br \/>\na real gain for the owner of the farmland. As well, the interest<br \/>\nrate on mortgages was 3.3%, leaving only a 0.4% real rate after<br \/>\nsubtracting the rate of inflation of 2.9% for that year. This left<br \/>\nthe holder of the mortgage, the creditor, with only 0.4% to cover<br \/>\nthe burden of management, the risk and the reward for giving up<br \/>\nthe use of the money. When viewed against a historical real rate<br \/>\nof interest of about 3%, this is clearly an inadequate amount for<br \/>\nthe creditor, but a benefit to the debtor who enjoyed the use of the<br \/>\nreal estate for a cost of 0.4%.<\/p>\n<p>In 2012, again, both factors were at work. Farmland prices<br \/>\nrose much more rapidly (7.8% across Canada and 29.1% in<br \/>\nSouthwestern Ontario) than the general rate of inflation, and the<br \/>\nreal rate of interest was only about 2%. As a result, there was a<br \/>\nmassive transfer of real wealth from creditors to debtors. In such<br \/>\na situation, heavily mortgaged real estate such as farmland was<br \/>\ncertainly a \u2018good hedge\u2019 against inflation.<\/p>\n<p>Farmland prices have not always increased at a faster pace than<br \/>\ninflation and, in some instances, have either stagnated or fallen. 7<\/p>\n<p>extra leverage<br \/>\nAnother aspect of real estate investment that should be<br \/>\nmentioned is extra leverage. In Table 2, if we had assumed that<br \/>\nthe owner 8 of the farmland had a mortgage for 90% of the <\/p>\n<p>Year<\/p>\n<p>percentage<br \/>\nchange in<br \/>\nfarmland <\/p>\n<p>values<br \/>\ncanada 6 <\/p>\n<p>Lending rate<br \/>\n(1-year fixed<br \/>\nconventional <\/p>\n<p>mortgage<br \/>\nrate)<\/p>\n<p>percentage<br \/>\nchange in the <\/p>\n<p>consumer<br \/>\nprice index<\/p>\n<p>real rate of<br \/>\ninterest<br \/>\n(3) \u2013 (4)<\/p>\n<p>2008 5.8% 6.9% 2.3% 4.6%<\/p>\n<p>2009 4.3% 5.0% 0.3% 4.7%<\/p>\n<p>2010 3.3% 3.6% 1.8% 1.8%<\/p>\n<p>2011 4.8% 3.3% 2.9% 0.4%<\/p>\n<p>2012 7.8% 3.5% 1.5% 2.0%<\/p>\n<p>2013 10.0% 3.0% 0.6% 2.4%<\/p>\n<p>assets Liabilities and net worth<\/p>\n<p>Current value Farmland $800,000 Mortgage $600,000<br \/>\nMortgage<br \/>\nNet worth<\/p>\n<p>$600,000<br \/>\n$800,000<\/p>\n<p>Nominal value (N.V.)<br \/>\nafter 10% inflation<\/p>\n<p>Farmland $880,000<br \/>\nMortgage $600,000<\/p>\n<p>Mortgage<br \/>\nNet worth<\/p>\n<p>$600,000<br \/>\n$880,000<\/p>\n<p>real value<br \/>\nN. V. x 100\/110<\/p>\n<p>Farmland $800,000<br \/>\nMortgage $545,455<\/p>\n<p>Mortgage<br \/>\nNet worth<\/p>\n<p>$545,455<br \/>\n$800,000<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201334 Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>value of the farmland (not the typical 75%, as indicated in<br \/>\nTable 2), and farmland rose by 30%, then the real net worth<br \/>\nwould have increased from $80,000 to $290,909, as shown in<br \/>\nTable 6, for a stunning gain of about 363% on the $80,000<br \/>\ninvestment.9<\/p>\n<p>taBLe 6<\/p>\n<p>conclusion<br \/>\n In addition to those factors mentioned at the outset of the<br \/>\narticle, farmland\u2019s attractiveness as a vehicle for investment<br \/>\nthen depends in part on relative inflationary rates, the real rate<br \/>\nof interest and the ratio of the mortgage to market value. These<br \/>\nfactors are at work simultaneously and add to the complexity of<br \/>\nthe real estate investment analysis.<\/p>\n<p>Two final points that we have ignored for simplicity are<br \/>\ntransaction cost and tax considerations. These can vary<br \/>\ndramatically depending upon one\u2019s circumstances, but they can<br \/>\nbe incorporated into the analysis. Neither of which, however,<br \/>\nchange the underlying concepts about inflation, fixed-nominal-<br \/>\nvalue financial instruments and real estate assets. <\/p>\n<p>some concluding notes of caution for appraisers<br \/>\nIf there are few expanding farm operations in a particular<br \/>\nmarket area, resulting in few buyers, farmland prices can<br \/>\nstagnate.<\/p>\n<p>Farmland markets are local by nature and averages can be<br \/>\nmisleading. For one thing, soils (and resulting productivity)<br \/>\ncan vary dramatically across a township, across a concession<br \/>\nand, indeed, across a farm. <\/p>\n<p>The fact that farmland markets are local can be illustrated<br \/>\nby the following examples. Recently, a farmer sold some tiled<br \/>\nfarmland in Eastern Ontario for $5,764\/acre and then bought<br \/>\nsome tiled farmland for $3,500\/acre, for a difference in sale<br \/>\nprice of about 40%. The two parcels of farmland are only about<br \/>\n24 km apart, but are in two distinctly different markets. 10 <\/p>\n<p>In another instance, five 2013 farmland sales in a single<br \/>\ntownship in Eastern Ontario ranged from a low of $10,000\/acre<br \/>\nto a high of $15,000\/acre. All of the parcels were tile drained<br \/>\nat the date of sale. The parcels were across five concessions, but<br \/>\nhad reasonably similar soils. The range in sale price was 50%<br \/>\nand reflected the imperfect nature of farmland markets. <\/p>\n<p>Such variations in the price of farmland, even if the land has<br \/>\nan identical soil, can come from factors such as the proximity<br \/>\nof the property to the purchaser\u2019s operation, the purchaser\u2019s<br \/>\nknowledge of the land base, field size, and the degree of market<br \/>\nexposure (many farmland sales are private transactions between<br \/>\nneighbours without full market exposure). <\/p>\n<p>These variations create imperfect markets. Imperfect<br \/>\nmarkets are markets where the same item sells at the same time<br \/>\nfor different prices. This is true of farmland and we need to<br \/>\nindicate this fact to our clients in our appraisal reports.<\/p>\n<p>&laquo;&nbsp;Imperfect markets are markets where <\/p>\n<p>the same item sells at the same time for <\/p>\n<p>different prices. This is true of farmland <\/p>\n<p>and we need to indicate this fact to our <\/p>\n<p>clients in our appraisal reports.&nbsp;&raquo;<\/p>\n<p>Farmland markets are also very thin and paired sales (to<br \/>\nsupport adjustments) are difficult to find in thin markets. Paired<br \/>\nsales involve the sale of two properties whose characteristics are<br \/>\nhighly similar, such that the only difference between them is the<br \/>\npassage of time. Paired sales can also be used to support other<br \/>\nadjustments, if there are sales of two properties at the same time<br \/>\nwhose characteristics are highly similar except for one feature.<br \/>\nThe difference in sale price would be attributable to the different<br \/>\nfeature (such as field size or shape). Generally, the market needs<br \/>\nto be active (a large number of sales) and also deep (a high<br \/>\ndegree of similarity of properties) in order to find paired sales.<br \/>\nIn a similar manner, we need to indicate the fact that farmland<br \/>\nmarkets are thin to our clients in our appraisal reports. <\/p>\n<p>Finally, in rapidly rising markets, we need to be on top of the<br \/>\nmarket using the most recent sales possible.  <\/p>\n<p>end notes<br \/>\n1 Ryan Parker is an associate with Valco Consultants Inc., a real <\/p>\n<p>estate appraisal firm in London, ON. Chart 1 is reproduced with<br \/>\nMr. Parker\u2019s permission.<\/p>\n<p>2 In certain circumstances, the Farm Credit Corporation has<br \/>\nloaned some farmers money to buy additional farmland with<br \/>\ninterest only, i.e., no principal payments. FCC is the largest farm<br \/>\nlender, holding about 45% of all farm mortgages in Canada.<\/p>\n<p>3 The Dairy Farmers of Ontario has a new policy that no longer<br \/>\nallows the transfer of milk quota from one farm to another. A<br \/>\nresulting incentive for dairy farmers who might wish to expand<br \/>\ntheir operations is to purchase more farmland.<\/p>\n<p>4 Bonnefield and the Walton Group are two examples of this.<br \/>\nBonnefield does not use borrowed money, as described in this<br \/>\narticle, rather, it relies on farmland values increasing at a greater<br \/>\nrate than inflation.<\/p>\n<p>5 The recent massive quantitative easing by central banks (led by the<br \/>\nUS Federal Reserve) has reduced interest rates to all-time lows.<\/p>\n<p>6 FCC calculates the changes on a semi-annual basis. The figures<br \/>\nin the table (except for 2008 and 2013) have been \u2018averaged\u2019 for<br \/>\neach year for comparison purposes.<\/p>\n<p>7 FCC calculations for PEI, for example, show farmland prices<br \/>\ndeclining slightly in both 2008 and 2009 \u2013 see its spring 2013<br \/>\nFarmland Values Report.<\/p>\n<p>8 The term \u2018owner\u2019 is used rather than farmer for good reason.<br \/>\nIn 2006, about 2\/3 of all farmland in Ontario was owned<br \/>\n(8,889,694 acres) and about 1\/3 was rented (4,420,522 acres).<\/p>\n<p>9 While the typical lending ratio is 75% on vacant farmland by the<br \/>\nmajor banks, as indicated in Table 2, FCC will sometimes lend<br \/>\nup to 100% of the value of farmland.<\/p>\n<p>10 Since farmland (indeed any land) is fixed in location, no<br \/>\narbitrage can take place in farmland markets. <\/p>\n<p>assets Liabilities and net worth<\/p>\n<p>Current value Farmland $800,000 Mortgage Net worth<br \/>\n$720,000 <\/p>\n<p>$80,000<\/p>\n<p>Nominal value (N.V.)<br \/>\nafter 30% inflation Farmland $1,040,000<\/p>\n<p>Liabilities<br \/>\nNet worth<\/p>\n<p>$720,000<br \/>\n$320,000<\/p>\n<p>real value<br \/>\nN. V. x 100\/110 Farmland $945,454<\/p>\n<p>Liabilities<br \/>\nNet worth<\/p>\n<p>$654,545<br \/>\n$290,909<\/p>\n<p>Volume 57 | Book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 35Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>BIENS R\u00c9ELS, ACTIFS R\u00c9ELS ET RICHESSES R\u00c9ELLES  <\/p>\n<p>David Enns, AACI, P. App., B. Sc. Agr., M. B. A., fondateur (1984) et maintenant \u00e9valuateur<br \/>\nprincipal chez Enns, MacEachern, Pace, Maloney et associ\u00e9s \u00e0 Cornwall, en Ontario<\/p>\n<p>BIENS R\u00c9ELS, ACTIFS R\u00c9ELS ET RICHESSES R\u00c9ELLES  <\/p>\n<p>Hausse des PRIX<br \/>\ndes terres agricoles<\/p>\n<p>Nota : Cet article est une version r\u00e9vis\u00e9e et mise \u00e0 jour d\u2019un article<br \/>\nd\u2019abord publi\u00e9 en 1978 par l\u2019auteur dans le magazine AIM. La<br \/>\npr\u00e9sente version traite de l\u2019augmentation rapide de la valeur des<br \/>\npropri\u00e9t\u00e9s r\u00e9sidentielles plut\u00f4t que de la valeur des terres agricoles. <\/p>\n<p>prix des terres agricoles<br \/>\nWill Rodgers (humoriste et artiste de la sc\u00e8ne am\u00e9ricain 1879-1935) a<br \/>\n\u00e9crit \u00ab Achetez du terrain, c\u2019est quelque chose qui ne se fait plus. \u00bb <\/p>\n<p>Le tableau 1 montre le prix m\u00e9dian \u00e0 l\u2019acre des terres agricoles<br \/>\ndans 10 comt\u00e9s de l\u2019ouest de l\u2019Ontario en 2010, 2011 et 2012. De<br \/>\nprime abord, on comprend facilement pourquoi on lit souvent que<br \/>\nles placements fi nanciers en biens fonciers (terres agricoles) est une<br \/>\nbonne valeur refuge contre l\u2019infl ation. Cependant, ce n\u2019est pas aussi<br \/>\nsimple qu\u2019il para\u00eet.<\/p>\n<p>GrapHiQue 1 2010-12 VaLeurs Des terres \u2013 par cOmt\u00e9<\/p>\n<p>dans les 10 comt\u00e9s a \u00e9t\u00e9 de 21,4 % entre 2010 et 2011 et d\u2019un<br \/>\n\u00e9tonnant 29,13 % entre 2011 et 2012.1 <\/p>\n<p> En bref, les r\u00e9cents facteurs qui font augmenter le<br \/>\nprix des terres agricoles en Ontario comprennent : (1)<br \/>\ntaux d\u2019int\u00e9r\u00eat \u00e0 un minimum historique, (2) pratiques<br \/>\nde pr\u00eat lib\u00e9rales par certains pr\u00eateurs,2 (3) rendement des<br \/>\ncultures au-dessus de la moyenne, (4) prix des denr\u00e9es plus<br \/>\n\u00e9lev\u00e9s, (5) politique des Producteurs laitiers de l\u2019Ontario<br \/>\n(DFO) concernant la disponibilit\u00e9 des quotas de lait (les<br \/>\nproducteurs laitiers ach\u00e8tent maintenant des terres agricoles<br \/>\nplut\u00f4t que des quotas de lait)3 et (6) les achats de terres<br \/>\nagricoles par des investisseurs non agricoles (investisseurs<br \/>\ncanadiens et \u00e9trangers).4 Bien que ces facteurs puissent<br \/>\nchanger, notre int\u00e9r\u00eat dans cet article porte sur les valeurs<br \/>\nr\u00e9elles et nominales et sur les actifs fi nanciers.<\/p>\n<p>actifs r\u00e9els et actifs fi nanciers<br \/>\nLes particuliers et les entreprises utilisent leurs \u00e9pargnes<br \/>\npour accumuler des actifs, tels biens durables, biens r\u00e9els<br \/>\n(y compris les terres agricoles), \u00e9quipements et inventaire.<br \/>\nCes biens sont des actifs r\u00e9els dont la valeur n\u2019est pas<br \/>\nrattach\u00e9e \u00e0 un montant de dollars. Les particuliers ou les<br \/>\nsoci\u00e9t\u00e9s peuvent aussi acqu\u00e9rir des actifs fi nanciers ou des<br \/>\nr\u00e9clamations contre les gouvernements, les entreprises ou<br \/>\nles autres membres de la soci\u00e9t\u00e9. Des exemples de telles<br \/>\nr\u00e9clamations sont les obligations du gouvernement, les<br \/>\nactions,  les obligations de soci\u00e9t\u00e9s et les hypoth\u00e8ques.<\/p>\n<p>De plus, on peut classer ces actifs fi nanciers selon deux<br \/>\ncat\u00e9gories. Certains, comme l\u2019argent, les obligations, les<br \/>\nhypoth\u00e8ques, les comptes d\u2019\u00e9pargne et de nombreux autres<br \/>\nsont fi x\u00e9s \u00e0 une valeur nominale. Cela signifi e simplement<br \/>\nqu\u2019ils sont fi x\u00e9s \u00e0 un certain nombre de dollars. D\u2019autre <\/p>\n<p>Ce graphique est extrait d\u2019une r\u00e9cente \u00e9tude des prix des terres agricoles<br \/>\ndans le sud-ouest de l\u2019Ontario eff ectu\u00e9e par Ryan Parker, B. Comm,<br \/>\nAACI, P. App., P. Ag, CAFA chez Valco Consultants Inc.  Dans cette<br \/>\n\u00e9tude, M. Parker a calcul\u00e9 que le pourcentage moyen d\u2019augmentation <\/p>\n<p>15 000 $<\/p>\n<p>14 000 $<\/p>\n<p>13 000 $<\/p>\n<p>12 000 $<\/p>\n<p>11 000 $<\/p>\n<p>10 000 $ <\/p>\n<p>9 000 $<\/p>\n<p>8 000 $<\/p>\n<p>7 000 $<\/p>\n<p>6 000 $ <\/p>\n<p>5 000 $<\/p>\n<p>4 000 $ <\/p>\n<p>3 000 $ <\/p>\n<p>2 000 $<\/p>\n<p>1 000 $<\/p>\n<p>0 $<\/p>\n<p>huron Perth Oxford middlesex Elgin Lambton kent Essex bruce grey<\/p>\n<p>2010 M\u00e9diane<\/p>\n<p>2011 M\u00e9diane<\/p>\n<p>2012 M\u00e9diane<\/p>\n<p>Le<br \/>\n p<\/p>\n<p>ri<br \/>\nx <\/p>\n<p>m<br \/>\n\u00e9d<\/p>\n<p>ia<br \/>\nn <\/p>\n<p>\u00e0<br \/>\nl\u2019a<\/p>\n<p>cr<br \/>\ne<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201336 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>part, les autres actifs fi nanciers ne sont pas rattach\u00e9s \u00e0 un<br \/>\ncertain nombre de dollars. Ces instruments, si repr\u00e9sent\u00e9s<br \/>\ncomme \u00e9quit\u00e9, indiquent la propri\u00e9t\u00e9 indirecte d\u2019actifs r\u00e9els.<br \/>\nUn exemple serait des actions ordinaires. <\/p>\n<p>Pour revenir aux biens r\u00e9els, on peut voir qu\u2019un bien foncier<br \/>\n(comme une terre agricole) est un actif r\u00e9el, alors qu\u2019une<br \/>\nhypoth\u00e8que est un actif fi nancier (sauf \u00e9videmment pour le<br \/>\nd\u00e9biteur hypoth\u00e9caire pour qui c\u2019est un passif ) dont la valeur<br \/>\nnominale est fi xe. Peut-\u00eatre s\u2019\u00e9tonnera-t-on qu\u2019il nous soit<br \/>\npossible de d\u00e9montrer que c\u2019est le m\u00e9lange des actifs et passifs<br \/>\n\u00e0 valeur fi xe-nominale au bilan qui changent la richesse r\u00e9elle<br \/>\net non des changements de la valeur nominale d\u2019actifs r\u00e9els. <\/p>\n<p>infl ation<br \/>\nSupposons, pour le moment, que vous n\u2019avez aucun actif et<br \/>\naucun passif et que vous \u00eates en mesure de consommer parce<br \/>\nque vous touchez un salaire. Le prix de tous les produits et<br \/>\nservices (et votre salaire) augmente de, disons, 10 %. Vous n\u2019\u00eates<br \/>\npas plus avanc\u00e9 qu\u2019auparavant parce que vous pouvez acheter<br \/>\nexactement les m\u00eames quantit\u00e9s d\u2019articles qu\u2019auparavant. <\/p>\n<p>Maintenant, supposons que vous avez un actif \u2013 1 000 $<br \/>\nen esp\u00e8ces \u2013 et aucun passif, et que votre salaire et les prix<br \/>\nen g\u00e9n\u00e9ral augmentent de 10 %. Vous pouvez maintenant<br \/>\nacheter moins de choses apr\u00e8s infl ation parce que votre<br \/>\n1 000 $ en esp\u00e8ces, valant toujours nominalement 1 000 $,<br \/>\nvaut moins en termes r\u00e9els parce que les produits et services<br \/>\nco\u00fbtent maintenant 10 % de plus.  Le 1 000 $ en esp\u00e8ces<br \/>\npeut maintenant acheter moins de produits et de services.<br \/>\nEn r\u00e9alit\u00e9, pour convertir la valeur nominale en valeur<br \/>\nr\u00e9elle, nous divisons la valeur nominale par l\u2019indice des prix<br \/>\n(110 dans cet exemple) et nous multiplions par 100. Par<br \/>\ncons\u00e9quent, votre 1 000 $ aurait maintenant une valeur r\u00e9elle<br \/>\nde : 1 000 $ x 100\/110 = 909 $.<\/p>\n<p>Maintenant, supposons que vous \u00eates propri\u00e9taire d\u2019une<br \/>\nterre agricole dont la valeur marchande est de 800 000 $. Pour<br \/>\nsimplifi er les choses, supposons que c\u2019est votre seul actif et<br \/>\nque vous n\u2019avez aucun passif. Si tous les prix augmentaient de<br \/>\n10 %, la valeur nominale de votre terre agricole augmenterait,<br \/>\nmais sa valeur r\u00e9elle en termes de produits et services resterait<br \/>\nla m\u00eame et, par cons\u00e9quent, votre valeur nette ne changerait<br \/>\npas, comme on peut le voir au Tableau 1. <\/p>\n<p>taBLeau 1<\/p>\n<p>taBLeau 2<\/p>\n<p>Par ailleurs, si une autre personne d\u00e9tient une hypoth\u00e8que de<br \/>\n600 000 $ sur votre propri\u00e9t\u00e9 et que c\u2019est son seul actif, le bilan<br \/>\nde cette personne, avant et apr\u00e8s infl ation de 10 %, serait ce qu\u2019on<br \/>\nvoit au tableau 3. Notez la diminution de la richesse r\u00e9elle du<br \/>\ncr\u00e9ancier.   <\/p>\n<p>taBLeau 3<\/p>\n<p>Comme le montre le tableau 3, un transfert, en termes de richesse<br \/>\nr\u00e9elle, a eu lieu entre deux personnes (c\u2019est un jeu \u00e0 somme nulle).<br \/>\nLe d\u00e9biteur a gagn\u00e9 54 545 $ (254 545 $ &#8211; 200 000 $) et le<br \/>\ncr\u00e9ancier a perdu 54 545 $ (600 000 $ &#8211; 545 455 $). Deux raisons<br \/>\nexpliquent cette situation : premi\u00e8rement, il y a eu infl ation et,<br \/>\ndeuxi\u00e8mement, il y  eu un arrangement fi nancier entre deux<br \/>\nmembres de la soci\u00e9t\u00e9 en termes d\u2019instruments fi nanciers \u00e0 valeur<br \/>\nfi xe-nominale. <\/p>\n<p>On peut voir ce jeu \u00e0 somme nulle quand on combine les<br \/>\ntableaux 2 et 3 dans le tableau 4. Quand les valeurs fi xes-<br \/>\nnominales des actifs et passifs sont \u00e9quivalentes sur le bilan<br \/>\nd\u2019un particulier, la valeur nette de la personne ne change pas.<br \/>\nAu tableau 4, le particulier est propri\u00e9taire d\u2019une terre agricole,<br \/>\na une hypoth\u00e8que (un passif ) de 600 000 $ et d\u00e9tient aussi une<br \/>\nhypoth\u00e8que (un actif ) de 600 000 $.<\/p>\n<p>taBLeau 4<\/p>\n<p>actifs passifs et valeur nette<\/p>\n<p>Valeur courante terre agricole  800 000 $ PassifsValeur nette<br \/>\n0 $<\/p>\n<p>800 000 $<br \/>\nValeur nominale (V.N.)<br \/>\napr\u00e8s infl ation de 10 % terre agricole  880 000 $ <\/p>\n<p>Passifs<br \/>\nValeur nette<\/p>\n<p>0 $<br \/>\n880 000 $<\/p>\n<p>Valeur r\u00e9elle<br \/>\nV.N. x 100\/110 terre agricole  800 000 $ <\/p>\n<p>Passifs<br \/>\nValeur nette<\/p>\n<p>0 $<br \/>\n800 000 $<\/p>\n<p>Supposons maintenant que nous changeons le m\u00e9lange de votre<br \/>\nfeuille de bilan et que vous avez toujours votre terre agricole de<br \/>\n800 000 $, mais aussi une hypoth\u00e8que de 600 000 $ (75 % de la<br \/>\nvaleur de cette terre agricole) et une valeur nette de 200 000 $.<br \/>\nSupposons encore une fois que c\u2019est votre seul actif et votre seul<br \/>\npassif. Votre bilan changera, comme on le voit au tableau 2, par<br \/>\nsuite d\u2019un taux d\u2019infl ation de 10 %. Notez l\u2019augmentation de<br \/>\nvotre richesse r\u00e9elle. <\/p>\n<p>actifs passifs et valeur nette<\/p>\n<p>Valeur courante terre agricole  800 000 $ hypoth\u00e8queValeur nette<br \/>\n600 000 $<br \/>\n200 000 $<\/p>\n<p>Valeur nominale (V.N.)<br \/>\napr\u00e8s infl ation de 10 % terre agricole  880 000 $ <\/p>\n<p>Passifs<br \/>\nValeur nette<\/p>\n<p>600 000 $<br \/>\n280 000 $<\/p>\n<p>Valeur r\u00e9elle<br \/>\nV.N. x 100\/110 terre agricole  800 000 $ <\/p>\n<p>Passifs<br \/>\nValeur nette<\/p>\n<p>545 455 $<br \/>\n254 545 $<\/p>\n<p>actifs passifs et valeur nette<\/p>\n<p>Valeur courante hypoth\u00e8que  600 000 $ PassifsValeur nette<br \/>\n0 $<\/p>\n<p>600 000 $<br \/>\nValeur nominale (V.N.)<br \/>\napr\u00e8s infl ation de 10 % hypoth\u00e8que  600 000 $ <\/p>\n<p>Passifs<br \/>\nValeur nette<\/p>\n<p>0 $<br \/>\n600 000 $<\/p>\n<p>Valeur r\u00e9elle<br \/>\nV.N. x 100\/110 hypoth\u00e8que  545 455 $ <\/p>\n<p>Passifs<br \/>\nValeur nette<\/p>\n<p>0 $<br \/>\n545 455 $<\/p>\n<p>actifs passifs et valeur nette<\/p>\n<p>Valeur courante terre agricole    800 000 $ hypoth\u00e8que       600 000 $<br \/>\nhypoth\u00e8que<br \/>\nValeur nette<\/p>\n<p>600 000 $<br \/>\n800 000 $<\/p>\n<p>Valeur nominale (V.N.)<br \/>\napr\u00e8s infl ation de 10 %<\/p>\n<p>terre agricole    880 000 $<br \/>\nhypoth\u00e8que       600 000 $ <\/p>\n<p>hypoth\u00e8que<br \/>\nValeur nette<\/p>\n<p>600 000 $<br \/>\n880 000 $<\/p>\n<p>Valeur r\u00e9elle<br \/>\nV.N. x 100\/110<\/p>\n<p>terre agricole    800 000 $<br \/>\nhypoth\u00e8que       545 455 $ <\/p>\n<p>hypoth\u00e8que<br \/>\nValeur nette<\/p>\n<p>545 455 $<br \/>\n800 000 $<\/p>\n<p>Au tableau 2, nous avions pris le cas extr\u00eame o\u00f9 les actifs d\u2019un<br \/>\nmembre de la soci\u00e9t\u00e9 se soldaient  \u00e0 un seul bien r\u00e9el pour faire<br \/>\nressortir un point. Cependant, ce ne sont pas les changements \u00e0<br \/>\nla valeur des terres agricoles qui ont entra\u00een\u00e9 des changements<br \/>\ndans la valeur nette r\u00e9elle, mais plut\u00f4t le rapport entre les actifs et<br \/>\npassifs des valeurs fi nanci\u00e8res fi xes-nominales. Examinez atten-<br \/>\ntivement les tableaux 2 et 3. Dans le tableau 2, il n\u2019y a pas d\u2019actif<br \/>\n\u00e0 valeur fi xe-nominale alors que dans le tableau 3 il n\u2019y a pas de<br \/>\npassif.<\/p>\n<p>Dans ces cas, nous avons suppos\u00e9 que le taux d\u2019infl ation<br \/>\n(10 %) s\u2019appliquait uniform\u00e9ment \u00e0 tous les actifs. En r\u00e9alit\u00e9,<br \/>\ncomme nous l\u2019avons vu au graphique 1, les biens r\u00e9els (en<br \/>\nl\u2019occurrence les terres agricoles) peuvent, m\u00eame si ce n\u2019est pas<br \/>\ntoujours le cas, augmenter plus rapidement que le taux g\u00e9n\u00e9ral <\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 37Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>de l\u2019inflation. Elles peuvent donc, sur ce plan, constituer une<br \/>\nprotection contre l\u2019inflation. En achetant un actif r\u00e9el dont<br \/>\nla valeur augmente plus rapidement que les autres actifs r\u00e9els,<br \/>\non peut vendre ce bien plus tard et r\u00e9aliser un gain de richesse<br \/>\nr\u00e9elle. Au tableau 1, la terre agricole peut avoir augment\u00e9 de<br \/>\n800 000 $ \u00e0 1 000 000 $ (une augmentation de 25 %) en valeur<br \/>\nnominale. Si on r\u00e9duit alors sa valeur nominale de 10 % en<br \/>\nraison de l\u2019inflation g\u00e9n\u00e9rale, la valeur r\u00e9elle est de 909 091 $ et<br \/>\nl\u2019augmentation de la richesse r\u00e9elle est de 109 091 $. En r\u00e9alit\u00e9,<br \/>\ndans ce cas, le transfert de richesse se produit entre le vendeur<br \/>\ndu bien au profit de l\u2019acheteur et le financement du bien n\u2019a pas<br \/>\n\u00e0 \u00eatre consid\u00e9r\u00e9. <\/p>\n<p>inflation impr\u00e9vue et actifs financiers<br \/>\nDe plus, parce qu\u2019il est possible de financer l\u2019achat de biens<br \/>\nimmobiliers avec des instruments \u00e0 valeur fixe-nominale comme<br \/>\ndes hypoth\u00e8ques, il existe une autre situation qui peut avantager le<br \/>\npropri\u00e9taire foncier.<\/p>\n<p>Normalement, les titulaires d\u2019instruments \u00e0 valeur fixe-<br \/>\nnominale comme des hypoth\u00e8ques, exigent qu\u2019une prime soit<br \/>\nincluse dans le taux d\u2019int\u00e9r\u00eat qu\u2019ils touchent, afin de se prot\u00e9ger<br \/>\ncontre les effets de l\u2019inflation. Cette prime est en sus tant du<br \/>\ntaux d\u2019int\u00e9r\u00eat proprement dit (pour l\u2019utilisation de l\u2019argent) et<br \/>\nd\u2019une prime de risque. Nous avons ignor\u00e9 cette affaire jusqu\u2019\u00e0<br \/>\nmaintenant. Toutefois, si un taux d\u2019inflation de 10 % avait \u00e9t\u00e9<br \/>\nenti\u00e8rement pr\u00e9vu, le cr\u00e9ancier hypoth\u00e9caire aurait demand\u00e9<br \/>\nune prime d\u2019int\u00e9r\u00eat-inflation de 10 %. Ainsi, dans les tableaux<br \/>\n2 et 3, le changement \u00e0 la valeur nette r\u00e9elle n\u2019aurait pas eu<br \/>\nlieu. Les taux d\u2019int\u00e9r\u00eat incluent normalement une prime risque-<br \/>\ninflation, mais \u00e0 cause de divers facteurs complexes, y compris<br \/>\n(1) l\u2019incertitude au sujet des futures augmentations de prix, (2)<br \/>\nles \u00e9conomies forc\u00e9es et  contractuelles, (3) la relation entre<br \/>\nles niveaux d\u2019int\u00e9r\u00eat et les taux d\u2019\u00e9pargne et (4) la politique<br \/>\nmon\u00e9taire f\u00e9d\u00e9rale,5 les pr\u00eateurs (\u00e9pargnants) obtiennent<br \/>\nrarement un taux de rendement qui les d\u00e9dommage enti\u00e8rement<br \/>\ndes effets de l\u2019inflation, de sorte que les exemples dans les<br \/>\ntableaux 2 et 3 sont assez r\u00e9alistes.<\/p>\n<p>On peut voir cet effet dans le tableau 5. Financement agricole<br \/>\nCanada (FAC) publie \u00e0 chaque semestre le Rapport Valeur des<br \/>\nterres agricoles et ces chiffres sur les terres agricoles au pays sont<br \/>\npr\u00e9sent\u00e9s au tableau.<\/p>\n<p>taBLeau 5<\/p>\n<p>un gain r\u00e9el pour les propri\u00e9taires de terres agricoles. De plus,<br \/>\nle taux d\u2019int\u00e9r\u00eat hypoth\u00e9caire \u00e9tait de 3,3 %, ne laissant qu\u2019un<br \/>\ntaux r\u00e9el de 0,4 % apr\u00e8s soustraction du taux d\u2019inflation de<br \/>\n2,9 % au cours de cette ann\u00e9e. C\u2019est donc dire que le titulaire<br \/>\nd\u2019hypoth\u00e8que, le cr\u00e9ancier, ne disposait que de 0,4 % pour<br \/>\ncouvrir le fardeau de gestion, le risque et la r\u00e9compense de<br \/>\nrenoncer \u00e0 l\u2019utilisation de son argent. \u00c0 la lumi\u00e8re d\u2019un taux<br \/>\nd\u2019int\u00e9r\u00eat r\u00e9el historique d\u2019environ 3 %, c\u2019est nettement un taux<br \/>\ninsuffisant pour le cr\u00e9ancier mais une situation avantageuse pour<br \/>\nle d\u00e9biteur qui jouit de l\u2019utilisation d\u2019un bien foncier \u00e0 un co\u00fbt de<br \/>\n0,4 %.<\/p>\n<p>En 2012, les deux facteurs \u00e9taient encore une fois \u00e0 l\u2019\u0153uvre.<br \/>\nLes prix des terres agricoles ont augment\u00e9 beaucoup plus<br \/>\nrapidement (7,8 % dans l\u2019ensemble du Canada et 29,1 %<br \/>\ndans le sud-ouest de l\u2019Ontario) que le taux d\u2019inflation g\u00e9n\u00e9ral<br \/>\net le taux d\u2019int\u00e9r\u00eat r\u00e9el a \u00e9t\u00e9 de seulement environ 2 %. Par<br \/>\ncons\u00e9quent, il y a eu un \u00e9norme transfert de richesse r\u00e9elle des<br \/>\ncr\u00e9anciers aux d\u00e9biteurs. En pareille situation, les biens fonciers<br \/>\nfortement hypoth\u00e9qu\u00e9s comme les terres agricoles constituaient<br \/>\ncertainement une bonne protection contre l\u2019inflation.<\/p>\n<p>Les prix des terres agricoles n\u2019ont pas toujours augment\u00e9 \u00e0<br \/>\nun rythme plus rapide que l\u2019inflation et, dans certains cas, ont<br \/>\nstagn\u00e9 ou chut\u00e9.7 <\/p>\n<p>Levier financier suppl\u00e9mentaire<br \/>\nL\u2019effet de levier financier est un autre aspect digne de mention<br \/>\ndes placements immobiliers. Au tableau 2, si nous avions suppos\u00e9<br \/>\nque le propri\u00e9taire8 de la terre agricole avait une hypoth\u00e8que<br \/>\nde 90 % de la valeur de la terre agricole (et non la proportion<br \/>\ncaract\u00e9ristique de 75 %, tel qu\u2019indiqu\u00e9 au tableau 2) et que la<br \/>\nvaleur des terres agricoles avait augment\u00e9 de 30 %, la valeur r\u00e9elle<br \/>\nnette aurait augment\u00e9 de 80 000 $ \u00e0 290 909 $, comme on le<br \/>\nvoit au tableau 6, soit un gain \u00e9tonnant d\u2019environ 363 % sur un<br \/>\ninvestissement de 80 000 $.9<\/p>\n<p>taBLeau 6<\/p>\n<p>conclusion<br \/>\nOutre les facteurs mentionn\u00e9s au d\u00e9but de cet article, l\u2019attrait<br \/>\ndes terres agricoles comme v\u00e9hicule de placement d\u00e9pend en<br \/>\npartie des taux inflationnistes relatifs, du taux d\u2019int\u00e9r\u00eat r\u00e9el et du<br \/>\nrapport de l\u2019hypoth\u00e8que sur la valeur marchande. Ces facteurs<br \/>\ninterviennent simultan\u00e9ment et ajoutent \u00e0 la complexit\u00e9 de<br \/>\nl\u2019analyse des investissements immobiliers.<\/p>\n<p>Deux derniers points que nous avons laiss\u00e9s de c\u00f4t\u00e9 par souci<br \/>\nde simplicit\u00e9 : le co\u00fbt des transactions et les consid\u00e9rations<br \/>\nfiscales. Ces points peuvent varier consid\u00e9rablement selon les<br \/>\ncirconstances de chacun, mais ils peuvent certainement faire<br \/>\npartie de l\u2019analyse. Quoi qu\u2019il en soit, ces deux derniers points<br \/>\nne changent aucunement les principes fondamentaux au sujet de<br \/>\nl\u2019inflation, des instruments financiers \u00e0 valeur fixe-nominale et<br \/>\ndes actifs en biens r\u00e9els. <\/p>\n<p>ann\u00e9e<\/p>\n<p>change-<br \/>\nment en <\/p>\n<p>pourcentage<br \/>\nde la valeur<br \/>\ndes terres <\/p>\n<p>agricoles au<br \/>\ncanada  6 <\/p>\n<p>taux<br \/>\nd\u00e9biteur<\/p>\n<p>(hypoth\u00e8que<br \/>\nordinaire fixe <\/p>\n<p>d\u2019un an)<\/p>\n<p>changement<br \/>\nen pourcent-<\/p>\n<p>age de<br \/>\nl\u2019indice des <\/p>\n<p>prix \u00e0 la con-<br \/>\nsommation<\/p>\n<p>taux<br \/>\nd\u2019int\u00e9r\u00eat r\u00e9el<\/p>\n<p>(3) \u2013 (4)<\/p>\n<p>2008 5,8 % 6,9 % 2,3 % 4,6 %<\/p>\n<p>2009 4,3 % 5,0 % 0,3 % 4,7 %<\/p>\n<p>2010 3,3 % 3,6 % 1,8 % 1,8 %<\/p>\n<p>2011 4,8 % 3,3 % 2,9 % 0,4 %<\/p>\n<p>2012 7,8 % 3,5 % 1,5 % 2,0 %<\/p>\n<p>2013 10,0 % 3,0 % 0,6 % 2,4 %<\/p>\n<p>En 2011, les prix des terres agricoles au Canada ont augment\u00e9<br \/>\nde 4,8 % (comme nous l\u2019avons vu auparavant, ils ont augment\u00e9<br \/>\nde 21,4 % dans le sud-ouest de l\u2019Ontario) ce qui est une<br \/>\naugmentation plus forte que le taux d\u2019inflation g\u00e9n\u00e9ral, donnant <\/p>\n<p>actifs passifs et valeur nette<\/p>\n<p>Valeur courante terre agricole     800 000 $ hypoth\u00e8que Valeur nette<br \/>\n720 000 $ <\/p>\n<p>80 000 $<br \/>\nValeur nominale (V.N.)<br \/>\napr\u00e8s inflation de 30 % terre agricole  1 040 000 $ <\/p>\n<p>Passifs<br \/>\nValeur nette<\/p>\n<p>720 000 $<br \/>\n320 000 $<\/p>\n<p>Valeur r\u00e9elle<br \/>\nV.N. x 100\/110 terre agricole     945 454 $ <\/p>\n<p>Passifs<br \/>\nValeur nette<\/p>\n<p>654 545 $<br \/>\n290 909 $<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201338 Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>mises en garde aux \u00e9valuateurs<br \/>\nS\u2019il n\u2019y a que tr\u00e8s peu d\u2019exploitations agricoles en expansion<br \/>\ndans un march\u00e9 donn\u00e9, r\u00e9sultant en un petit nombre<br \/>\nd\u2019acheteurs, les prix des terres agricoles peuvent stagner.<\/p>\n<p>Les march\u00e9s des terres agricoles sont de nature locale<br \/>\net les moyennes peuvent \u00eatre trompeuses. Ainsi, la qualit\u00e9<br \/>\ndes sols (par cons\u00e9quent, la productivit\u00e9) peut varier<br \/>\nconsid\u00e9rablement dans un m\u00eame canton,  dans une m\u00eame<br \/>\nconcession, voire sur une m\u00eame ferme. <\/p>\n<p>Les exemples suivants feront ressortir le  fait que<br \/>\nles march\u00e9s des terres agricoles sont de nature locale.<br \/>\nR\u00e9cemment, un agriculteur a vendu une terre agricole<br \/>\ndrain\u00e9e dans l\u2019est de l\u2019Ontario pour 5 764 $\/acre puis a<br \/>\nachet\u00e9 une terre agricole drain\u00e9e pour 3 500 $\/acre, soit une<br \/>\ndiff\u00e9rence entre les prix de vente et d\u2019achat d\u2019environ 40 %.<br \/>\nLes deux terres sont \u00e0 seulement 24 km l\u2019une de l\u2019autre, mais<br \/>\nsont de deux march\u00e9s compl\u00e8tement diff\u00e9rents.10 <\/p>\n<p>Dans un autre cas, cinq terres agricoles dans un m\u00eame<br \/>\ncanton de l\u2019est de l\u2019Ontario se sont vendues en 2013 entre<br \/>\n10 000 $\/acre et 15 000 $\/acre. Toutes ces terres \u00e9taient<br \/>\ndrain\u00e9es au moment de la vente. Ces terres \u00e9taient r\u00e9parties<br \/>\nsur cinq concessions, mais leurs sols \u00e9taient passablement<br \/>\ncomparables. La fourchette des prix de vente \u00e9tait de 50 %,<br \/>\nrefl\u00e9tant ainsi la nature imparfaite des march\u00e9s des terres<br \/>\nagricoles. <\/p>\n<p>De tels \u00e9carts dans les prix des terres agricoles, m\u00eame<br \/>\nquand les sols sont identiques, peuvent d\u00e9pendre de facteurs<br \/>\ncomme la proximit\u00e9 par rapport \u00e0 l\u2019exploitation de l\u2019acheteur,<br \/>\nla connaissance de l\u2019acheteur du r\u00e9pertoire foncier, de la<br \/>\ntaille du champ et du degr\u00e9 d\u2019exposition sur le march\u00e9 (de<br \/>\nnombreuses terres agricoles sont vendues entre voisins sans<br \/>\nexposition sur le march\u00e9). <\/p>\n<p>Ces \u00e9carts cr\u00e9ent des march\u00e9s imparfaits. Un march\u00e9<br \/>\nimparfait est un march\u00e9 sur lequel un m\u00eame article se vend<br \/>\nau m\u00eame moment \u00e0 des prix diff\u00e9rents. Il en est ainsi des<br \/>\nterres agricoles et nous devons en informer nos clients dans<br \/>\nnos rapports d\u2019\u00e9valuation. <\/p>\n<p>Les march\u00e9s des terres agricoles sont \u00e9galement tr\u00e8s<br \/>\nclairsem\u00e9s, de sorte qu\u2019il est difficile de trouver des ventes<br \/>\nappari\u00e9es (pour \u00e9tayer les ajustements) dans de tels march\u00e9s.<br \/>\nLes ventes appari\u00e9es concernent la vente de deux biens dont<br \/>\nles caract\u00e9ristiques sont tr\u00e8s semblables au point que la seule<br \/>\ndiff\u00e9rence entre les deux est le passage du temps. On peut<br \/>\naussi utiliser des ventes appari\u00e9es pour appuyer d\u2019autres<br \/>\najustements, si deux propri\u00e9t\u00e9s qui se sont vendues en m\u00eame<br \/>\ntemps ont des caract\u00e9ristiques tr\u00e8s semblables, sauf un<br \/>\naspect. La diff\u00e9rence dans le prix de vente serait attribuable<br \/>\n\u00e0 cet aspect diff\u00e9rent (par exemple, la taille ou la forme). En<br \/>\ng\u00e9n\u00e9ral, le march\u00e9 doit \u00eatre actif (un grand nombre de ventes)<br \/>\net profond (un haut degr\u00e9 de similarit\u00e9 entre les propri\u00e9t\u00e9s)<br \/>\npour qu\u2019il soit possible de trouver des ventes appari\u00e9es.  En<br \/>\npareille circonstance, nous devons indiquer \u00e0 nos clients dans<br \/>\nnos rapports d\u2019\u00e9valuation que les march\u00e9s des terres agricoles<br \/>\nsont clairsem\u00e9s. <\/p>\n<p>Enfin, dans des march\u00e9s en hausse rapide, nous devons<br \/>\n\u00eatre au courant de la situation du march\u00e9 et utiliser le plus<br \/>\npossible les ventes les plus r\u00e9centes.  <\/p>\n<p>notes en fin de texte<br \/>\n1 Ryan Parker est un associ\u00e9 chez Valco Consultants Inc., un<br \/>\ncabinet d\u2019\u00e9valuation immobili\u00e8re \u00e0 London,  en Ontario. Le<br \/>\ngraphique 1 est reproduit avec la  permission de M. Parker.<\/p>\n<p>2 Dans certaines circonstances, Financement agricole Canada a<br \/>\npr\u00eat\u00e9 de l\u2019argent \u00e0 certains agriculteurs pour acheter d\u2019autres<br \/>\nterres agricoles avec paiement de l\u2019int\u00e9r\u00eat seulement, c.-\u00e0-d. pas<br \/>\nde paiement du principal. FAC est le plus important pr\u00eateur<br \/>\nagricole; d\u00e9tenant environ 45 % de toutes les hypoth\u00e8ques<br \/>\nd\u2019exploitations agricoles au Canada.<\/p>\n<p>3 Les Producteurs laitiers de l\u2019Ontario ont une nouvelle politique<br \/>\nen vertu de laquelle il n\u2019est plus permis de transf\u00e9rer un quota<br \/>\nde lait d\u2019une exploitation laiti\u00e8re \u00e0 une autre. Les producteurs<br \/>\nlaitiers qui d\u00e9sirent agrandir leur exploitation sont donc incit\u00e9s<br \/>\n\u00e0 acheter plus de terres agricoles.<\/p>\n<p>4 Bonnefield et le groupe Walton sont deux exemples de cette<br \/>\npratique. Bonnefield n\u2019a pas recours \u00e0 l\u2019emprunt d\u2019argent,<br \/>\ncomme nous le d\u00e9crivons dans cet article, se fiant plut\u00f4t sur<br \/>\nl\u2019augmentation de la valeur des terres agricoles \u00e0 un rythme<br \/>\nplus rapide que l\u2019inflation.<\/p>\n<p>5 La colossale d\u00e9tente quantitative autoris\u00e9e r\u00e9cemment par les<br \/>\nbanques centrales (lanc\u00e9e par la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine) a<br \/>\nfait baisser les taux d\u2019int\u00e9r\u00eat \u00e0 des niveaux records.<\/p>\n<p>6 FAC calcule les changements sur une base semestrielle.<br \/>\nLes chiffres de ce tableau (sauf pour 2008 et 2013) ont \u00e9t\u00e9<br \/>\nexprim\u00e9s comme \u00ab moyenne \u00bb pour chaque ann\u00e9e aux fins de<br \/>\ncomparaison.<\/p>\n<p>7 Les calculs de FAC pour l\u2019\u00ce.- P.-\u00c9., par exemple, montrent<br \/>\nque les prix des terres agricoles ont l\u00e9g\u00e8rement fl\u00e9chi en 2008<br \/>\net 2009 \u2013 voir le num\u00e9ro du printemps 2013 de son Rapport<br \/>\nValeur des terres agricoles.<\/p>\n<p>8 Le terme \u2018propri\u00e9taire\u2019 est utilis\u00e9 plut\u00f4t que le terme<br \/>\n\u2018exploitant\u2019 \u00e0 juste titre. En 2006, environ 2\/3 de toutes<br \/>\nles terres agricoles en Ontario \u00e9taient exploit\u00e9es par leur<br \/>\npropri\u00e9taire (8 889 694 acres) et environ 1\/3 \u00e9taient exploit\u00e9es<br \/>\npar un locataire (4 420 522 acres).<\/p>\n<p>9 Si le pourcentage d\u2019emprunt normalement consenti par les<br \/>\ngrandes banques est de 75 % de la valeur des terres agricoles<br \/>\nvacantes, tel que l\u2019indique le tableau 2, FAC pr\u00eate parfois<br \/>\njusqu\u2019\u00e0 100 % de la valeur d\u2019une terre agricole.<\/p>\n<p>10 \u00c9tant donn\u00e9 que les terres agricoles (comme tout bien foncier)<br \/>\nsont de nature fixe quant \u00e0 leur emplacement, les march\u00e9s des<br \/>\nterres agricoles sont \u00e0 l\u2019abri des op\u00e9rations d\u2019arbitrage. <\/p>\n<p>&laquo;&nbsp;Un march\u00e9 imparfait est un <\/p>\n<p>march\u00e9 sur lequel un m\u00eame article <\/p>\n<p>se vend au m\u00eame moment \u00e0 des prix <\/p>\n<p>diff\u00e9rents. Il en est ainsi des terres <\/p>\n<p>agricoles et nous devons en informer <\/p>\n<p>nos clients dans nos rapports <\/p>\n<p>d\u2019 \u00e9valuation.&nbsp;&raquo;<\/p>\n<p>Volume 57 | Book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 39Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>A PROFESSIONAL APPRAISER\u2019S PERSPECTIVE<\/p>\n<p>eXprOpriatiOn reQuires<br \/>\nunDerstanDinG anD <\/p>\n<p>QuantiFYinG VaLue impact<br \/>\nW i t H  c a r L  n i L s e n ,  a a c i ,  p . a p p<\/p>\n<p>C arl Nilsen, AACI, P. App. is a Senior Director with the Research, Valuation and Advisory division<br \/>\nof Altus Group in Vancouver. He is also<br \/>\na member of two of the Altus Practice<br \/>\nGroups: Expropriation and Expert Services. <\/p>\n<p>eacH assiGnment<br \/>\nHas tHe pOtentiaL tO <\/p>\n<p>prOceeD tO a HearinG<br \/>\nOr triaL, WHere <\/p>\n<p>tHere is a HeiGHteneD<br \/>\nrespOnsiBiLitY tO <\/p>\n<p>prOViDe OBjectiVe anD<br \/>\nunBiaseD OpiniOns.<\/p>\n<p>What is your current involvement<br \/>\nwith expropriation work?<br \/>\ncn: Our office has a number of areas of<br \/>\npractice, including acquisitions by public<br \/>\nbodies. In BC and probably other prov-<br \/>\ninces, many acquisitions for public projects<br \/>\nresult from negotiated agreements rather<br \/>\nthan actual expropriations. However, the<br \/>\ncontext is one where the acquiring author-<br \/>\nity does have powers of expropriation. As a<br \/>\nresult, the work undertaken by appraisers<br \/>\nretained by either the authority or the<br \/>\nclaimant is required to reflect the provi-<br \/>\nsions of the relevant Expropriation Act or<br \/>\nother legislation giving statutory powers.  <\/p>\n<p>As appraisers, we must be aware of<br \/>\ncurrent legislation and case law relating to<br \/>\nexpropriation. It is also important to be<br \/>\naware that each assignment has the poten-<br \/>\ntial to proceed to a hearing or trial, where<br \/>\nthere is a heightened responsibility to<br \/>\nprovide objective and unbiased opinions.<\/p>\n<p>What property types or real estate<br \/>\ntransactions can be involved in<br \/>\nexpropriation?<br \/>\ncn: All real estate classes have the poten-<br \/>\ntial to be affected. We have been involved<br \/>\nin everything from a partial taking from a<br \/>\nretail\/office project for a transit station to<br \/>\nfarmland acquired for a new freeway. The<br \/>\ndistinguishing feature of many compulsory<br \/>\ntakings is that the rights acquired are less<br \/>\nthan the entire fee simple. This may be<br \/>\nbecause only part of the property is required<br \/>\nor because limited rights (such as a statutory<br \/>\nright of way) are needed for the project.<\/p>\n<p>can you give us examples of<br \/>\nexpropriation cases on which<br \/>\nyou have worked?<br \/>\ncn: I was involved with the acquisition of<br \/>\nland slated for a new mixed-use project on<br \/>\nthe North Vancouver waterfront. The pro-<br \/>\nvincial government acquired this for the<br \/>\ndevelopment of a terminal for the SeaBus<br \/>\nlinking the North Shore of Burrard Inlet<br \/>\nto downtown Vancouver. There were a<br \/>\nnumber of valuation issues the arbitrators<br \/>\n(and eventually the courts) were required<br \/>\nto resolve, including the impact of rezon-<br \/>\ning on value and whether \u2018special value\u2019<br \/>\nexisted (which, if it did, may have affected<br \/>\nthe amount of compensation awarded). <\/p>\n<p>I was also involved in conducting<br \/>\nappraisals of acquisitions for the dou-<br \/>\nble-tracking of a railway line through<br \/>\nan agricultural valley near Salmon Arm.<br \/>\nThis involved working with agricultural<br \/>\nexperts to help distinguish between real<br \/>\nestate value impacts and those related to<br \/>\noperational and business losses. Although<br \/>\na number of farms were affected, only<br \/>\none led to arbitration and that was settled<br \/>\nduring the hearing.<\/p>\n<p>As well, I have been involved in major<br \/>\ninfrastructure projects throughout BC<br \/>\nincluding the Island Highway on Vancou-<br \/>\nver Island, the Trans-Canada Highway in<br \/>\nKamloops, the Thornton Railway yards in<br \/>\nSurrey, the East-West Connector Freeway<br \/>\nthrough Richmond, and the Gateway<br \/>\nProgram, which involved different projects<br \/>\nrequiring extensive road building, bridge<br \/>\nconstruction and interchange upgrades <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201340 Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>A PROFESSIONAL APPRAISER\u2019S PERSPECTIVE<\/p>\n<p>throughout the region. Th e program<br \/>\ncommenced in 2003 and has required<br \/>\nthe involvement of appraisers in the land<br \/>\nacquisition and compensation process. In<br \/>\nan urban setting, there has been a broad<br \/>\nspectrum of properties involved, ranging<br \/>\nfrom industrial land, shopping centres<br \/>\nand mixed-use development sites to rural<br \/>\nacreage and single-family homes.<\/p>\n<p>Th e development of new rapid tran-<br \/>\nsit facilities in Vancouver has created a<br \/>\nneed for understanding some of the more<br \/>\nchallenging areas of valuation. Most of<br \/>\nthe acquisitions have involved partial<br \/>\ntakings and require valuation of rights<br \/>\nof way rather than fee simple. We have<br \/>\nhad to consider the valuation of surface,<br \/>\nunderground and overhead rights, taking<br \/>\ninto account the value of the rights taken<br \/>\nand the impact on the remainder of the<br \/>\nproperty. Because the transit routes are<br \/>\nlocated in highly developed areas of Metro<br \/>\nVancouver, impacts on existing buildings<br \/>\nrequire analysis of greater complexity.<\/p>\n<p>What role does an appraiser<br \/>\ntypically play when expropriation<br \/>\nis involved?<br \/>\ncn: Th e appraiser has a key role in any<br \/>\ninfrastructure projects requiring property<br \/>\nacquisition. Th is can start early on when<br \/>\nbudgets or the cost of route alternatives<br \/>\nneed to be addressed. Front-line negotia-<br \/>\ntors, many of whom are qualifi ed apprais-<br \/>\ners, will also seek appraisal assistance prior<br \/>\nto and during the acquisition process.<br \/>\nWhere a compulsory taking is required,<br \/>\nthere are statutory appraisal requirements<br \/>\nin BC and other jurisdictions. If a set-<br \/>\ntlement is not reached, the question of<br \/>\nvalue will need to be resolved by a formal<br \/>\nhearing or in a trial. Under those circum-<br \/>\nstances, the appraiser will need to antici-<br \/>\npate cross-examination.<\/p>\n<p>Although acquiring authorities initiate<br \/>\nthe need for appraisal services, those whose<br \/>\nproperty is aff ected also require profes-<br \/>\nsional advice. Appraisers acting for claim-<br \/>\nants can act as consultants on valuation<br \/>\nissues, prepare reviews of reports by others,<br \/>\nor provide complete appraisal reports. Th e <\/p>\n<p>potential for an appearance at a hearing or<br \/>\ntrial should not be ignored.<\/p>\n<p>What unique challenges does<br \/>\nexpropriation present to an<br \/>\nappraiser?<br \/>\ncn: Th e most challenging aspect is under-<br \/>\nstanding and quantifying the impact of<br \/>\nthe taking on the remainder of the prop-<br \/>\nerty. Th is often requires the assistance of<br \/>\nengineers, planners and architects. Th e<br \/>\nappraiser will likely be required to identify<br \/>\nthe need for other experts and to assist<br \/>\nin providing the instructions required to<br \/>\naddress potential impacts. Armed with that<br \/>\nadvice, it is up to the appraiser to express<br \/>\nan opinion as to highest and best use and<br \/>\nto quantify the impact on market value.  <\/p>\n<p>In many instances, the diffi  culty of<br \/>\nfi nding clear market evidence to assist in<br \/>\nquantifying value impacts presents chal-<br \/>\nlenges not typically found in more conven-<br \/>\ntional appraisal assignments. Value impacts<br \/>\ncan often be addressed by undertaking a<br \/>\n\u2018before and after\u2019 valuation. Th e challenge<br \/>\nis to exclude the impacts of the scheme<br \/>\n\u2018before\u2019 the taking and include them in<br \/>\nthe \u2018after\u2019 valuation. Th ere are also specifi c<br \/>\nrules, depending on the jurisdiction, relat-<br \/>\ning to the circumstances in which positive<br \/>\neff ects or benefi ts can be off set against<br \/>\nnegative impacts (injurious aff ection).<\/p>\n<p>What are the rewards and\/or<br \/>\ndrawbacks to expropriation work?<br \/>\ncn: Th e biggest distinguishing feature,<br \/>\nparticularly where there is a partial taking,<br \/>\nis that each situation provides a new set of<br \/>\nissues to resolve. Th is does not appeal to<br \/>\neveryone, but it is very rewarding to be able<br \/>\nto identify, analyze and, hopefully, provide<br \/>\nsolutions to the valuation problems pre-<br \/>\nsented. It is also a stimulating environment<br \/>\nin which to work as a result of the greater<br \/>\ndegree of personal interaction between the<br \/>\nappraiser, aff ected property owners, the<br \/>\ntaking authority and other professionals.  <\/p>\n<p>What skill set does an appraiser<br \/>\nrequire in situations involving<br \/>\nexpropriation?<\/p>\n<p>cn: Each situation has its own challenges<br \/>\nthat an appraiser must be willing to take<br \/>\non. An inquisitive nature is a useful asset,<br \/>\nas is an ability to maintain an open mind<br \/>\nin situations where obvious answers do<br \/>\nnot always present themselves. Tackling<br \/>\nthe more complex issues takes persistence;<br \/>\nexpect to take more time than you might<br \/>\nhave thought you would need. An ability<br \/>\nto listen to those aff ected by potential tak-<br \/>\nings is also important. Possible impacts are<br \/>\nnot always obvious and full information is<br \/>\nneeded for them to be properly addressed.<\/p>\n<p>is there signifi cant demand<br \/>\nfor appraisal services where<br \/>\nexpropriation is involved?<br \/>\ncn: Th ere is a strong and growing demand<br \/>\nfor appraisal services. No infrastructure<br \/>\nproject can commence until the required<br \/>\nproperty interests have been identifi ed and<br \/>\ncompensation quantifi ed. Th e appraiser\u2019s<br \/>\ninvolvement starts at the budget stage, con-<br \/>\ntinues through the negotiation and acqui-<br \/>\nsition phases, and, in a limited number<br \/>\nof cases, proceeds through to a hearing<br \/>\nor trial. With the expansion of the energy<br \/>\nsector in the Canadian economy, the need<br \/>\nfor training appraisers and developing<br \/>\nnew skills and experience has never been<br \/>\ngreater.<\/p>\n<p>What can an appraiser do to<br \/>\npromote and grow his or her<br \/>\nexpropriation business?<br \/>\ncn: At an individual level, there are<br \/>\na number of organizations where<br \/>\nexpropriation issues are discussed at<br \/>\nconferences or seminars. Attending these<br \/>\nfunctions will not only provide insight<br \/>\ninto diff erent aspects of the fi eld, but<br \/>\nalso introductions to a broad spectrum<br \/>\nof practitioners in a variety of diff erent<br \/>\nprofessions.  <\/p>\n<p>What advice would you give<br \/>\nan appraiser considering<br \/>\nexpropriation work?<br \/>\ncn: Develop your experience and<br \/>\nknowledge with a well-rounded fi rm and<br \/>\ndo not be afraid to ask questions. <\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 41Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>POINT DE VUE D\u2019UN \u00c9VALUATEUR PROFESSIONNEL<\/p>\n<p>C arl Nilsen, AACI, P. App. est un directeur principal \u00e0 la division de Recherche, \u00e9valuation et<br \/>\nconsultation du Groupe Altus \u00e0 Vancouver.<br \/>\nIl appartient \u00e9galement \u00e0 deux groupes<br \/>\nde pratique Altus, soit Expropriation et<br \/>\nServices sp\u00e9cialis\u00e9s. <\/p>\n<p>un cOntrat De serVice<br \/>\npeut \u00e9VentueLLement <\/p>\n<p>Faire L\u2019OBjet D\u2019une<br \/>\nauDience Ou D\u2019un<br \/>\nprOc\u00e8s, O\u00f9 \u00e0 nOs<br \/>\nrespOnsaBiLit\u00e9s <\/p>\n<p>s\u2019ajOute ceLLe De<br \/>\nFOurnir Des OpiniOns <\/p>\n<p>OBjectiVes et<br \/>\nimpartiaLes.<\/p>\n<p>L\u2019eXprOpriatiOn reQuiert De<br \/>\ncOmprenDre et De QuantiFier <\/p>\n<p>L\u2019impact De La VaLeur<br \/>\nr \u00e9 D i G \u00e9  p a r  c a r L  n i L s e n ,  a a c i ,  p . a p p<\/p>\n<p>Que faites-vous pr\u00e9sentement dans<br \/>\nle domaine de l\u2019expropriation?<br \/>\ncn : Notre bureau \u00e9volue dans plusieurs<br \/>\nchamps de pratique, y compris les acquisi-<br \/>\ntions par des organismes publics. En Colom-<br \/>\nbie-Britannique \u2013 et probablement d\u2019autres<br \/>\nprovinces, beaucoup d\u2019acquisitions pour des<br \/>\nprojets de l\u2019\u00c9tat r\u00e9sultent d\u2019accords n\u00e9goci\u00e9s<br \/>\nplut\u00f4t que d\u2019expropriations en tant que telles.<br \/>\nCependant, le contexte est celui o\u00f9 l\u2019autorit\u00e9<br \/>\nd\u2019acquisition poss\u00e8de les pouvoirs d\u2019expro-<br \/>\npriation. Par cons\u00e9quent, le travail effectu\u00e9<br \/>\npar les \u00e9valuateurs retenus par l\u2019autorit\u00e9 ou le<br \/>\nrequ\u00e9rant doit respecter les dispositions de la<br \/>\nLoi sur l\u2019expropriation pertinente ou d\u2019autres<br \/>\nlois accordant des pouvoirs statutaires.<\/p>\n<p>\u00c0 titre d\u2019\u00e9valuateurs, nous devons con-<br \/>\nna\u00eetre la l\u00e9gislation actuelle et la jurispru-<br \/>\ndence en mati\u00e8re d\u2019expropriation. Nous<br \/>\ndevons aussi garder \u00e0 l\u2019esprit qu\u2019un contrat de<br \/>\nservice peut \u00e9ventuellement faire l\u2019objet d\u2019une<br \/>\naudience ou d\u2019un proc\u00e8s, o\u00f9 s&rsquo;ajoute \u00e0 nos<br \/>\nresponsabilit\u00e9s celle de fournir des opinions<br \/>\nobjectives et impartiales.<\/p>\n<p>Quels types de propri\u00e9t\u00e9s ou<br \/>\nde transactions immobili\u00e8res<br \/>\nl\u2019expropriation peut-elle impliquer?<br \/>\ncn : Toutes les cat\u00e9gories immobili\u00e8res sont<br \/>\nsusceptibles d\u2019\u00eatre touch\u00e9es. Nous avons<br \/>\ntravaill\u00e9 dans tous les domaines, de la prise<br \/>\npartielle d\u2019un projet de commerces ou de<br \/>\nbureaux pour l\u2019am\u00e9nagement d\u2019une gare de<br \/>\ntransit \u00e0 l\u2019acquisition de terres agricoles pour<br \/>\nla construction d\u2019une nouvelle autoroute. Un<br \/>\nattribut distinctif de plusieurs prises obliga-<br \/>\ntoires est que les droits acquis sont inf\u00e9rieurs <\/p>\n<p>\u00e0 tout le fief simple. Cela peut \u00eatre d\u00fb au fait<br \/>\nque l\u2019on requiert seulement une partie de la<br \/>\npropri\u00e9t\u00e9 ou des droits limit\u00e9s pour le projet,<br \/>\ncomme un droit de passage obligatoire.<\/p>\n<p>pouvez-vous donner des exemples<br \/>\nde cas d\u2019expropriation o\u00f9 vous avez<br \/>\ntravaill\u00e9?<br \/>\ncn : J\u2019ai particip\u00e9 \u00e0 l\u2019acquisition de terres<br \/>\nriveraines \u00e0 North Vancouver destin\u00e9es \u00e0 un<br \/>\nnouveau projet \u00e0 usage mixte. Le gouver-<br \/>\nnement provincial les a acquises en vue du<br \/>\nd\u00e9veloppement d\u2019un terminal SeaBus reliant<br \/>\nla rive nord de l\u2019inlet Burrard au centre-ville<br \/>\nde Vancouver. Les arbitres (et \u00e9ventuellement<br \/>\nles tribunaux) ont d\u00fb trancher certaines<br \/>\nquestions d\u2019\u00e9valuation, dont l\u2019incidence du<br \/>\nnouveau zonage sur la valeur, et pour d\u00e9ter-<br \/>\nminer s\u2019il existait une \u00ab valeur sp\u00e9ciale \u00bb, dans<br \/>\nquel cas le montant de l\u2019indemnit\u00e9 accord\u00e9e<br \/>\npouvait \u00eatre touch\u00e9e.<\/p>\n<p>J\u2019ai en outre \u00e9valu\u00e9 des acquisitions pour le<br \/>\ndoublement d\u2019une ligne ferroviaire traversant<br \/>\nune vall\u00e9e agricole pr\u00e8s de Salmon Arm.<br \/>\nJ\u2019aidais des experts agricoles \u00e0 distinguer les<br \/>\nimpacts de la valeur immobili\u00e8re de ceux li\u00e9s<br \/>\naux pertes op\u00e9rationnelles et commerciales.<br \/>\nM\u00eame si plusieurs fermes \u00e9taient affect\u00e9es,<br \/>\nune seule a n\u00e9cessit\u00e9 l\u2019arbitrage, alors que le<br \/>\ndiff\u00e9rend a \u00e9t\u00e9 r\u00e9solu lors de l\u2019audience.<\/p>\n<p>Je me suis \u00e9galement occup\u00e9 de projets<br \/>\nd\u2019infrastructure majeurs \u00e0 travers la Colom-<br \/>\nbie-Britannique, incluant la route 19 (Island<br \/>\nHighway) sur l\u2019\u00eele de Vancouver, la route<br \/>\nTranscanadienne \u00e0 Kamloops, les gares de<br \/>\ntriage Thornton \u00e0 Surrey, la route connectrice<br \/>\nest-ouest traversant Richmond, de m\u00eame <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201342 Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>POINT DE VUE D\u2019UN \u00c9VALUATEUR PROFESSIONNEL<\/p>\n<p>que le programme Gateway, cr\u00e9ant diff \u00e9rents<br \/>\nprojets \u00e0 grande \u00e9chelle pour la construction<br \/>\nde routes et de ponts, et pour la mise \u00e0 niveau<br \/>\nd\u2019\u00e9changeurs routiers \u00e0 travers la r\u00e9gion. Lanc\u00e9<br \/>\nen 2003, le programme a requis la participation<br \/>\nd\u2019\u00e9valuateurs \u00e0 l\u2019acquisition de terrains et au<br \/>\nprocessus d\u2019indemnisation. En zone urbaine,<br \/>\nun large \u00e9ventail de propri\u00e9t\u00e9s a \u00e9t\u00e9 touch\u00e9,<br \/>\nallant des terrains industriels aux centres com-<br \/>\nmerciaux, en passant par le d\u00e9veloppement de<br \/>\nsites \u00e0 usage mixte, les superfi cies rurales et les<br \/>\nmaisons unifamiliales.<\/p>\n<p>L\u2019am\u00e9nagement de nouvelles installations de<br \/>\ntransport en commun rapide \u00e0 Vancouver a fait<br \/>\nen sorte qu\u2019il fallait comprendre certains des<br \/>\nenjeux les plus compliqu\u00e9s en ce qui concerne<br \/>\nl\u2019\u00e9valuation. La plus grande partie des acqui-<br \/>\nsitions ont \u00e9t\u00e9 des prises partielles o\u00f9 il fallait<br \/>\n\u00e9valuer des droits de passage plut\u00f4t que des fi efs<br \/>\nsimples. Nous avons d\u00fb consid\u00e9rer l\u2019\u00e9valuation<br \/>\ndes droits superfi ciaires, souterrains et a\u00e9riens,<br \/>\nen tenant compte de la valeur des droits obte-<br \/>\nnus et de l\u2019impact sur le reste de la propri\u00e9t\u00e9.<br \/>\nComme les lignes de transport sont situ\u00e9es<br \/>\ndans des secteurs tr\u00e8s d\u00e9velopp\u00e9s du Grand<br \/>\nVancouver, les impacts des b\u00e2timents existants<br \/>\ndemandent une analyse plus approfondie.<\/p>\n<p>Quel r\u00f4le un \u00e9valuateur joue-t-<br \/>\nil habituellement dans un cas<br \/>\nd\u2019expropriation?<br \/>\ncn : L\u2019\u00e9valuateur joue un r\u00f4le cl\u00e9 dans les pro-<br \/>\njets d\u2019infrastructure o\u00f9 l\u2019on doit acqu\u00e9rir des<br \/>\npropri\u00e9t\u00e9s. Il peut entrer en sc\u00e8ne t\u00f4t lorsque<br \/>\nles budgets ou les co\u00fbts d\u2019autres lignes de trans-<br \/>\nport doivent \u00eatre calcul\u00e9s. Les n\u00e9gociateurs de<br \/>\npremi\u00e8re ligne, plusieurs \u00e9tant des \u00e9valuateurs<br \/>\nqualifi \u00e9s, chercheront \u00e9galement une assistance<br \/>\nd\u2019\u00e9valuation avant et pendant le processus<br \/>\nd\u2019acquisition. Lorsqu\u2019une prise obligatoire est<br \/>\nrequise, il existe des exigences d\u2019\u00e9valuation<br \/>\nstatutaires en Colombie-Britannique et d\u2019autres<br \/>\ncomp\u00e9tences. Si l\u2019on ne peut arriver \u00e0 un r\u00e8gle-<br \/>\nment, il faudra r\u00e9soudre la question de la valeur<br \/>\nlors d\u2019une audience formelle ou d\u2019un proc\u00e8s.<br \/>\nDans ces circonstances, l\u2019\u00e9valuateur devra se<br \/>\npr\u00e9parer \u00e0 un contre-interrogatoire.<\/p>\n<p>M\u00eame si les autorit\u00e9s d\u2019acquisition cr\u00e9ent<br \/>\nle besoin de services d\u2019\u00e9valuation, les gens dont<br \/>\nles propri\u00e9t\u00e9s sont touch\u00e9es ont aussi besoin de<br \/>\nservices professionnels. Les \u00e9valuateurs agissant <\/p>\n<p>pour le compte des requ\u00e9rants peuvent aussi<br \/>\nservir de consultants pour diverses questions<br \/>\nd\u2019\u00e9valuation, pr\u00e9parer des examens de rap-<br \/>\nports eff ectu\u00e9s par d\u2019autres \u00e9valuateurs ou<br \/>\nr\u00e9diger eux-m\u00eames des rapports d\u2019\u00e9valuation<br \/>\ncomplets. Il ne faut pas n\u00e9gliger la possibilit\u00e9<br \/>\nde compara\u00eetre \u00e0 une audience ou un proc\u00e8s.<\/p>\n<p>Quels d\u00e9fi s particuliers un<br \/>\n\u00e9valuateur doit-il relever dans un<br \/>\ncas d\u2019expropriation?<br \/>\ncn : L\u2019aspect le plus exigeant est de compren-<br \/>\ndre et quantifi er l\u2019impact de la prise sur le<br \/>\nreste de la propri\u00e9t\u00e9. On doit souvent recourir<br \/>\n\u00e0 l\u2019assistance d\u2019ing\u00e9nieurs, de planifi cateurs<br \/>\net d\u2019architectes. L\u2019\u00e9valuateur devra vraisem-<br \/>\nblablement d\u00e9gager le besoin d\u2019autres experts<br \/>\net aider \u00e0 fournir les instructions requises pour<br \/>\npr\u00e9voir les impacts potentiels. Fort de ces avis,<br \/>\nl\u2019\u00e9valuateur doit alors donner une opinion sur<br \/>\nl\u2019utilisation optimale et quantifi er l\u2019impact sur<br \/>\nla valeur marchande.<\/p>\n<p>Il est souvent diffi  cile de trouver des don-<br \/>\nn\u00e9es claires sur le march\u00e9 pour aider \u00e0 quan-<br \/>\ntifi er les impacts sur la valeur, ce qui pose des<br \/>\nprobl\u00e8mes qu\u2019on ne trouve pas habituellement<br \/>\ndans d\u2019autres contrats de services. On peut<br \/>\nfr\u00e9quemment r\u00e9duire les impacts sur la valeur<br \/>\nen faisant une \u00e9valuation \u00ab avant-apr\u00e8s \u00bb.<br \/>\nLe d\u00e9fi  consiste \u00e0 exclure les impacts du<br \/>\nm\u00e9canisme \u00ab avant \u00bb la prise et de les inclure<br \/>\ndans l\u2019\u00e9valuation \u00ab apr\u00e8s \u00bb. Il y a aussi des<br \/>\nr\u00e8gles sp\u00e9cifi ques \u00e0 la juridiction concern\u00e9e<br \/>\nayant trait aux circonstances o\u00f9 les eff ets posi-<br \/>\ntifs ou b\u00e9n\u00e9fi ces peuvent \u00eatre contrebalanc\u00e9s<br \/>\npar les impacts n\u00e9gatifs (eff ets pr\u00e9judiciables).<\/p>\n<p>Quels sont les r\u00e9compenses<br \/>\net(ou) les inconv\u00e9nients du travail<br \/>\nd\u2019expropriation?<br \/>\ncn : Ce qui ressort le plus, notamment en cas<br \/>\nde prise partielle, c\u2019est que chaque situation<br \/>\npr\u00e9sente une nouvelle s\u00e9rie de probl\u00e8mes \u00e0<br \/>\nr\u00e9soudre. Cela ne sourit pas \u00e0 tout le monde,<br \/>\nmais c\u2019est tr\u00e8s enrichissant de pouvoir d\u00e9gager,<br \/>\nanalyser et, l\u2019esp\u00e8re-t-on, apporter des solu-<br \/>\ntions aux probl\u00e8mes d\u2019\u00e9valuation en pr\u00e9sence.<br \/>\nC\u2019est aussi un milieu stimulant pour travailler,<br \/>\ncar il y a plus d\u2019interactions personnelles entre<br \/>\nl\u2019\u00e9valuateur, les propri\u00e9taires aff ect\u00e9s, l\u2019autorit\u00e9<br \/>\nd\u2019acquisition et d\u2019autres professionnels.<\/p>\n<p>Quelles comp\u00e9tences l\u2019\u00e9valuateur<br \/>\ndoit-il poss\u00e9der dans le travail<br \/>\nd\u2019expropriation?<br \/>\ncn : Chaque situation comporte des d\u00e9fi s par-<br \/>\nticuliers que l\u2019\u00e9valuateur doit \u00eatre dispos\u00e9 \u00e0 rele-<br \/>\nver. La curiosit\u00e9 est un atout utile, tout comme<br \/>\nla capacit\u00e9 de garder un esprit ouvert dans les<br \/>\ncas o\u00f9 les r\u00e9ponses \u00e9videntes n\u2019apparaissent pas<br \/>\ntoujours. Attaquer des questions plus complexes<br \/>\ndemande de la pers\u00e9v\u00e9rance; attendez-vous \u00e0 y<br \/>\npasser plus de temps que vous ne l\u2019auriez cru.<br \/>\nIl est \u00e9galement important de bien \u00e9couter les<br \/>\npersonnes aff ect\u00e9es par des prises potentielles.<br \/>\nLes impacts possibles ne sautent pas toujours aux<br \/>\nyeux et toute l\u2019information est essentielle pour<br \/>\nles aborder correctement.<\/p>\n<p>La demande est-elle forte pour des<br \/>\nservices d\u2019\u00e9valuation dans les cas<br \/>\nd\u2019expropriation?<br \/>\ncn : En eff et, la demande de services d\u2019\u00e9valua-<br \/>\ntion est forte et m\u00eame \u00e0 la hausse. Aucun projet<br \/>\nd\u2019infrastructure ne peut d\u00e9marrer avant que<br \/>\nl\u2019on ait d\u00e9termin\u00e9 les int\u00e9r\u00eats immobiliers et<br \/>\nquantifi \u00e9 les indemnit\u00e9s. Le r\u00f4le de l\u2019\u00e9valuateur<br \/>\nd\u00e9bute au stade du budget, puis continue dans<br \/>\nles phases de n\u00e9gociation et d\u2019acquisition, allant<br \/>\nparfois jusqu\u2019\u00e0 une audience ou un proc\u00e8s. Avec<br \/>\nl\u2019expansion du secteur \u00e9nerg\u00e9tique que conna\u00eet<br \/>\nl\u2019\u00e9conomie canadienne, le besoin de former<br \/>\ndes \u00e9valuateurs, d\u00e9velopper de nouvelles com-<br \/>\np\u00e9tences et acqu\u00e9rir davantage d\u2019exp\u00e9rience est<br \/>\nplus grand que jamais.<\/p>\n<p>Que peut faire un \u00e9valuateur pour<br \/>\npromouvoir et favoriser ses activit\u00e9s<br \/>\nd\u2019expropriation?<br \/>\ncn : Au niveau individuel, il peut assister \u00e0<br \/>\ndes s\u00e9minaires et conf\u00e9rences donn\u00e9s par beau-<br \/>\ncoup d\u2019organisations sur les enjeux concernant<br \/>\nl\u2019expropriation. Il pourra non seulement explorer<br \/>\nles diff \u00e9rents aspects du domaine, mais aussi<br \/>\nrencontrer une grande diversit\u00e9 de professionnels<br \/>\n\u0153uvrant dans de nombreux domaines connexes.<\/p>\n<p>Que conseilleriez-vous \u00e0 un<br \/>\n\u00e9valuateur qui songe \u00e0 faire du travail<br \/>\nd\u2019expropriation?<br \/>\ncn : D\u00e9veloppez votre exp\u00e9rience et vos con-<br \/>\nnaissances au sein d\u2019une fi rme chevronn\u00e9e et<br \/>\nn\u2019ayez pas peur de poser des questions. <\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 43Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>mentOrinG is aBOut LearninG,<br \/>\nDiaLOGue anD cHaLLenGe<\/p>\n<p>B Y  m a r i O  m u s s O ,  a a c i ,  p . a p p<br \/>\na n D  p e t e r  m a c L e L L a n ,  a a c i ,  p . a p p<\/p>\n<p>V OlUN T EER MEMbER S, A DMIS SIONS &#038; ACCREDI TAT ION COMMI T T EE<\/p>\n<p>A commonly quoted definition for a mentor is \u201cSomeone whose hindsight can become your foresight.\u201d The word<br \/>\n\u2018mentor\u2019 is defined as both a noun (\u201ca<br \/>\ntrusted counselor or guide\u201d) and a verb<br \/>\n(\u201cto serve as a mentor for\u201d). At points<br \/>\nin our lives, we identify and seek to<br \/>\nlearn from, and often emulate, our<br \/>\nmentors. Mentors become models for<br \/>\nthe development of problem-solving<br \/>\nand decision-making techniques,<br \/>\ntechnical skills, and interpersonal<br \/>\nabilities, and they also provide personal<br \/>\nguidance. <\/p>\n<p>When we have looked for<br \/>\nindividuals or family members to assist<br \/>\nus in taking over or learning a certain<br \/>\nbusiness or trade, you may recall them<br \/>\nsaying, \u201cSo you want to learn how<br \/>\nto be a\u2026\u201d and then, \u201cThere are some<br \/>\nthings that books can\u2019t teach you,<br \/>\nbut come on the job, work with me<br \/>\nto learn the business, and when I feel<br \/>\nyou\u2019re ready, you can go out on your<br \/>\nown. Remember, I am always here if<br \/>\nyou need me.\u201d We did not call that<br \/>\nmentoring; we labeled it \u2018training on<br \/>\nthe job.\u2019<\/p>\n<p>It is not much different today. In<br \/>\nour current professional appraisal<br \/>\nenvironment, this training method<br \/>\nknown as \u2018mentorship\u201d is a personal<br \/>\ndevelopment relationship in<br \/>\nwhich a more experienced or more<br \/>\nknowledgeable person helps to<br \/>\nguide a less experienced person. The <\/p>\n<p>relationship is more than answering<br \/>\noccasional questions or providing<br \/>\nad hoc help. It is about an ongoing<br \/>\nrelationship of learning, dialogue<br \/>\nand challenge. Mentoring entails<br \/>\ninformal communication, over a<br \/>\nsustained period of time, between an<br \/>\nexperienced appraiser who is perceived<br \/>\nto have greater relevance, knowledge<br \/>\nand experience than the mentee.<br \/>\nIn the appraisal profession, the<br \/>\nstructured format includes academic<br \/>\ncourse accomplishments within<br \/>\na timeline, types of sample jobs<br \/>\nundertaken, evaluation of some of the<br \/>\nchallenges and issues encountered,<br \/>\nand, most importantly, preferably<br \/>\nface-to-face meetings and discussions.<\/p>\n<p>In our appraisal profession and<br \/>\ncareers, we encounter many different<br \/>\nappraisal challenges. Inexperienced<br \/>\nand newer members to the profession<br \/>\nwill need assistance in meeting those<br \/>\nchallenges. They need help to learn<br \/>\nthe business and, when we step up<br \/>\nto provide that support, we take<br \/>\non the role of mentors. If you can<br \/>\nshare experience, provide guidance<br \/>\nand give advice to juniors in the<br \/>\nbusiness, then you can become a<br \/>\nmentor. In our profession, this person<br \/>\nis usually a Designated Member in<br \/>\ngood standing who has more than<br \/>\nfive years\u2019 experience and may have<br \/>\nother appraisers\/Candidate Members\/<br \/>\nStudent Members working under<br \/>\nthem.<\/p>\n<p>EDUCATION<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201344 Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>Th ere are many reasons why<br \/>\nwe might aspire to be a mentor,<br \/>\nincluding attracting and retaining new<br \/>\nmembers to the profession, increasing<br \/>\nproductivity of new members in<br \/>\nthe offi  ce, helping to assess and<br \/>\nimprove the technical standards of<br \/>\nthe profession and the professional<br \/>\norganization, and keeping ourselves<br \/>\nchallenged to be up-to-date with<br \/>\nprofessional standards of work and<br \/>\ntrends in the market. Remember,<br \/>\nhowever, a mentor is not expected to<br \/>\nprovide the mentee with employment<br \/>\nor to provide course tutoring.<\/p>\n<p>But, do not make a promise<br \/>\nto guide someone if you are not<br \/>\ninterested in getting involved. Th is<br \/>\nis an undertaking requiring time<br \/>\nand patience. You should be readily<br \/>\navailable, provide consistent appraisal<br \/>\nreview, and be willing to discuss<br \/>\nwork product. You must provide<br \/>\nguidance and advice, help to keep your<br \/>\nCandidate Member focused and up-to-<br \/>\ndate with the required education,<br \/>\nand keep him or her challenged with<br \/>\nassignments that will promote growth<br \/>\nand thinking outside the box. Th e role<br \/>\nof a mentor also includes helping the<br \/>\nmentee develop good work habits, a<br \/>\nthorough understanding of professional<br \/>\nethics, and above-standard report<br \/>\nwriting and analysis. In order to fully<br \/>\nmentor your mentee, you must have<br \/>\na full understanding of the Canadian<br \/>\nUniform Standards of Professional<br \/>\nAppraisal Practice (CUSPAP).<\/p>\n<p>Th ere are several diff erent types of<br \/>\nmentoring relationships:<\/p>\n<p>\u2022  Informal mentoring: no structure,<br \/>\nno contracts, total chance, on an<br \/>\nas-needed basis.<\/p>\n<p>\u2022  Non-facilitated mentoring:<br \/>\nsupporting materials such as written<br \/>\nguidelines or seminars, very little<br \/>\npersonal interaction.<\/p>\n<p>\u2022  Facilitated mentoring: structured<br \/>\nprogram, involves a coordinator<br \/>\nwho assigns or pairs mentors and<br \/>\nunderstudies.<\/p>\n<p>\u2022  Group mentoring: involves a group<br \/>\nof mentors, where each has diff erent<br \/>\nskills and experiences.<\/p>\n<p>\u2022  Multiple mentoring: a mentee may<br \/>\nwish to have a number of mentors<br \/>\nfor various reasons.<\/p>\n<p>\u2022  e-mentoring: this is becoming<br \/>\nmore popular as it overcomes some<br \/>\nproblems caused by scheduling and<br \/>\ntravel.<\/p>\n<p>Before you make a commitment to<br \/>\na Candidate Member, you should<br \/>\nassess the needs and direction of the<br \/>\nmentoring relationship by taking a<br \/>\nfew important steps:<\/p>\n<p>\u2022  Have an initial interview with the<br \/>\npotential mentee to determine his<br \/>\nor her goals and needs.<\/p>\n<p>\u2022  Assess the mentee\u2019s level of<br \/>\ndedication to the process; does it<br \/>\nmatch your own?<\/p>\n<p>\u2022  Set a plan for and determine the<br \/>\ntype of mentoring relationship<br \/>\nwith which both parties will be<br \/>\ncomfortable.<\/p>\n<p>\u2022  Set up regular and scheduled<br \/>\nmeetings to go over initiatives.<\/p>\n<p>It should be noted that, where a new<br \/>\nCandidate Member does not have<br \/>\na mentor, his or her co-signer must<br \/>\nalso act as the mentor. When serving<br \/>\nas both mentor and co-signer, the<br \/>\nresponsibilities and expectations for<br \/>\nboth roles are the same. <\/p>\n<p>Few mentors are able to provide all<br \/>\naspects of what is required to ensure<br \/>\nthe success of the learner. In order<br \/>\nto expand their contact network, the<br \/>\nmentor should also assist the mentee<br \/>\nin meeting other professionals in the<br \/>\nbusiness and related fi elds. One way<br \/>\nthis can be accomplished is attending <\/p>\n<p>local chapter meetings with them<br \/>\nand introducing them to other<br \/>\nmembers. Support tools to assist both<br \/>\nthe mentor and mentee include the<br \/>\nLum Library, volunteering with the<br \/>\nAppraisal Institute of Canada (AIC)<br \/>\nat the local chapter level, as well as in<br \/>\nthe provincial associations or at the<br \/>\nnational level<\/p>\n<p>Th rough the mentoring process,<br \/>\nthe Candidate Member will benefi t<br \/>\nto a great extent by receiving an<br \/>\nexcellent opportunity to grow both<br \/>\nprofessionally and personally, to<br \/>\nreceive support in a new fi eld, to help<br \/>\nexplore the new career, and to develop<br \/>\na realistic expectation and perspective<br \/>\nof the appraisal profession. <\/p>\n<p>Mentorship creates a win, win,<br \/>\nwin result. Th e Candidate Member<br \/>\ngains the benefi t of the experience<br \/>\nand professional network of a<br \/>\nknowledgeable and experienced<br \/>\nappraiser. Th e mentor receives the<br \/>\npersonal satisfaction of assisting a<br \/>\nnew member to build a long and<br \/>\nrewarding career, while keeping<br \/>\nthemselves fresh and interested in<br \/>\ntheir profession. Finally, the appraisal<br \/>\nprofession has the benefi t of increased<br \/>\nnumbers of well-trained members<br \/>\nwho are able to maintain or increase<br \/>\nthe level of professionalism within the<br \/>\nindustry. <\/p>\n<p>For more information, go to<br \/>\nwww.AIcanada.ca\/member\/<br \/>\naccreditation\/applied-experience-<br \/>\nand-mentoring-program\/. If you<br \/>\nare interested in becoming a<br \/>\nmentor, please contact your<br \/>\nprovincial association for mentoring<br \/>\nopportunities. <\/p>\n<p>EDUCATION<\/p>\n<p>mentOrinG entaiLs inFOrmaL cOmmunicatiOn,<br \/>\nOVer a sustaineD periOD OF time, BetWeen <\/p>\n<p>an eXperienceD appraiser WHO is perceiVeD<br \/>\ntO HaVe Greater reLeVance, KnOWLeDGe <\/p>\n<p>anD eXperience tHan tHe mentee. <\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 45Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>http:\/\/www.AIcanada.ca\/member\/accreditation\/applied-experience-and-mentoring-program\/<\/p>\n<p>\u00c9DUCATION<\/p>\n<p>Le mentOrat :<br \/>\nune QuestiOn D\u2019apprentissaGe, <\/p>\n<p>De DiaLOGue et De D\u00e9Fi<br \/>\np a r  m a r i O  m u s s O ,  a a c i ,  p . a p p <\/p>\n<p>e t  p e t e r  m a c L e L L a n ,  a a c i ,  p . a p p<br \/>\nMEMbRE S b\u00c9N\u00c9 V Ol E S, COMI T \u00c9 DE S A DMIS SIONS E T DE l&rsquo;ACCR\u00c9DI TAT ION<\/p>\n<p>On a souvent recours \u00e0 la citation suivante pour d\u00e9finir ce qu\u2019est un mentor : \u00ab quelqu\u2019un dont la r\u00e9trospective peut devenir<br \/>\nvotre prospective. \u00bb Le mot mentor<br \/>\nsignifie un confident servant de<br \/>\nconseiller ou de guide. \u00c0 certains stades<br \/>\nde notre existence, nous ressentons<br \/>\nle besoin d\u2019apprendre de nos mentors<br \/>\net souvent de les \u00e9muler. En plus de<br \/>\nprodiguer des conseils personnels, les<br \/>\nmentors deviennent des mod\u00e8les dans<br \/>\nl\u2019\u00e9laboration de techniques de r\u00e9solution<br \/>\nde probl\u00e8me et de prise de d\u00e9cision, de<br \/>\ncomp\u00e9tences techniques et de capacit\u00e9s<br \/>\ninterpersonnelles. <\/p>\n<p>Quand vous avons demand\u00e9 \u00e0 des<br \/>\ngens ou des membres de notre famille<br \/>\nde nous aider \u00e0 prendre en main une<br \/>\nentreprise ou \u00e0 apprendre un m\u00e9tier,<br \/>\npeut-\u00eatre vous ont-ils dit \u2026. \u00ab Alors, tu<br \/>\nveux apprendre comment devenir un<br \/>\n\u2026 \u00bb puis \u00ab Il y a des choses qu\u2019on ne<br \/>\npeut pas apprendre dans un livre, mais<br \/>\nviens travailler avec moi et apprendre ce<br \/>\nqu\u2019il faut faire et, quand je serai d\u2019avis<br \/>\nque tu es pr\u00eat, tu pourras te lancer \u00e0 ton<br \/>\ncompte. N\u2019oublie pas que je serai toujo-<br \/>\nurs l\u00e0 si tu as besoin de moi. \u00bb Ce qu\u2019on<br \/>\nappelle maintenant \u2018mentorat\u2019 s\u2019appelait<br \/>\n\u00e0 l\u2019\u00e9poque \u2018apprendre au travail\u2019.<\/p>\n<p>Ce n\u2019est pas tr\u00e8s diff\u00e9rent de nos<br \/>\njours. Dans notre pr\u00e9sent environnement<br \/>\nd\u2019\u00e9valuation immobili\u00e8re, cette m\u00e9thode<br \/>\nde formation qu\u2019on appelle \u2018mentorat\u2019<br \/>\nest une relation de perfectionnement<br \/>\npersonnel dans laquelle une personne <\/p>\n<p>plus exp\u00e9riment\u00e9e ou mieux inform\u00e9e<br \/>\naide \u00e0 guider une personne avec moins<br \/>\nd\u2019exp\u00e9rience. La relation va plus loin<br \/>\nque la simple r\u00e9ponse occasionnelle<br \/>\n\u00e0 une question ou une intervention<br \/>\nd\u2019aide ponctuelle. Il s\u2019agit plut\u00f4t<br \/>\nd\u2019une relation suivie d\u2019apprentissage,<br \/>\nde dialogue et de d\u00e9fi. Le mentorat<br \/>\ncomporte une communication infor-<br \/>\nmelle et soutenue dans le temps entre<br \/>\nun \u00e9valuateur exp\u00e9riment\u00e9 et reconnu<br \/>\ncomme jouissant de plus grandes<br \/>\nconnaissances et exp\u00e9riences que son<br \/>\nprot\u00e9g\u00e9. Au sein de la profession d\u2019\u00e9val-<br \/>\nuateur, le format structur\u00e9 comprend la<br \/>\nr\u00e9ussite de cours dans un d\u00e9lai donn\u00e9,<br \/>\nles types de t\u00e2ches entreprises, l\u2019\u00e9valu-<br \/>\nation de certains des d\u00e9fis et difficult\u00e9s<br \/>\nrencontr\u00e9s et, ce qui importe avant<br \/>\ntout, pr\u00e9f\u00e9rablement des rencontres et<br \/>\ndiscussions en personne.<\/p>\n<p>Dans notre profession et carri\u00e8re<br \/>\nd\u2019\u00e9valuateur, nous devons faire face \u00e0<br \/>\nde nombreux d\u00e9fis d\u2019\u00e9valuation. Les<br \/>\nmembres inexp\u00e9riment\u00e9s et novices<br \/>\nauront besoin d\u2019aide pour relever ces<br \/>\nd\u00e9fis. Ils ont besoin d\u2019aide pour appren-<br \/>\ndre le m\u00e9tier et, quand nous inter-<br \/>\nvenons en offrant cet appui, nous assu-<br \/>\nmons le r\u00f4le de mentor. Si vous pouvez<br \/>\npartager votre exp\u00e9rience, fournir une<br \/>\norientation et des conseils aux plus<br \/>\njeunes dans le m\u00e9tier, vous pouvez<br \/>\ndevenir un mentor. Dans notre profes-<br \/>\nsion, une telle personne est normale-<br \/>\nment un membre d\u00e9sign\u00e9 en r\u00e8gle qui<br \/>\ncompte plus de cinq ans d\u2019exp\u00e9rience <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201346 Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>\u00c9DUCATION<\/p>\n<p>et qui peut avoir  d\u2019autres \u00e9valuateurs,<br \/>\nstagiaires ou \u00e9tudiants \u00e0 sa charge.  <\/p>\n<p>Nous pouvons vouloir devenir mentor<br \/>\npour plusieurs raisons, notamment pour<br \/>\nattirer et retenir de nouveaux membres<br \/>\ndans la profession, pour rehausser la<br \/>\nproductivit\u00e9 des nouveaux membres<br \/>\nau bureau, pour aider \u00e0 \u00e9valuer et \u00e0<br \/>\nam\u00e9liorer les normes techniques de la<br \/>\nprofession et de l\u2019organisation profes-<br \/>\nsionnelle et pour se mettre au d\u00e9fi  de<br \/>\ndemeurer \u00e0 l\u2019aff \u00fbt des normes profession-<br \/>\nnelles et des tendances du march\u00e9. Rap-<br \/>\npelons-nous toutefois que le mentor n\u2019est<br \/>\npas responsable de fournir un emploi ou<br \/>\nd\u2019agir comme tuteur.<\/p>\n<p>Ne promettez pas de guider quelqu\u2019un<br \/>\nsi vous n\u2019\u00eates pas int\u00e9ress\u00e9 \u00e0 vous engager.<br \/>\nC\u2019est une entreprise qui exige du temps<br \/>\net de la patience. Vous devriez \u00eatre<br \/>\ndisponible, fournir des examens d\u2019\u00e9val-<br \/>\nuation coh\u00e9rents et \u00eatre pr\u00eat \u00e0 discuter<br \/>\ndes travaux produits. Vous devez donner<br \/>\nune orientation et prodiguer des conseils,<br \/>\naider \u00e0 garder votre stagiaire concentr\u00e9<br \/>\net \u00e0 jour dans ses \u00e9tudes et lui confi er<br \/>\ndes t\u00e2ches qui les aideront \u00e0 d\u00e9velopper<br \/>\nleurs comp\u00e9tences et \u00e0 poursuivre leurs<br \/>\npropres r\u00e9fl exions. Le mentor a aussi la<br \/>\nt\u00e2che d\u2019aider son prot\u00e9g\u00e9 \u00e0 acqu\u00e9rir de<br \/>\nbonnes habitudes de travail, une solide<br \/>\ncompr\u00e9hension des normes d\u2019\u00e9thique et<br \/>\ndes comp\u00e9tences sup\u00e9rieures en r\u00e9daction<br \/>\nde rapport et en analyse. Pour vraiment<br \/>\njouer votre r\u00f4le de mentor, vous devez<br \/>\nvous-m\u00eame avoir une connaissance<br \/>\napprofondie des Normes uniformes de<br \/>\npratique professionnelle en mati\u00e8re d\u2019 \u00e9val-<br \/>\nuation au Canada (NUPPEC).  <\/p>\n<p>On peut d\u00e9gager diff \u00e9rents types de<br \/>\nrelations de mentorat :<\/p>\n<p>\u2022  Mentorat informel : pas de structure,<br \/>\npas de contrats, enti\u00e8rement au hasard,<br \/>\nlorsque n\u00e9cessaire.<\/p>\n<p>\u2022  Mentorat impersonnel : documen-<br \/>\ntation d\u2019appui comme lignes direc-<br \/>\ntrices \u00e9crites ou s\u00e9minaires, tr\u00e8s peu<br \/>\nd\u2019 interaction personnelle.<\/p>\n<p>\u2022  Mentorat personnalis\u00e9 : pro-<br \/>\ngramme structur\u00e9, intervention<br \/>\nd\u2019un coordonnateur qui assigne ou<br \/>\napparie les mentors et les prot\u00e9g\u00e9s.<\/p>\n<p>\u2022  Mentorat de groupe : repose sur<br \/>\nun groupe de mentors, dans lequel<br \/>\nchacun poss\u00e8de diverses comp\u00e9tences<br \/>\net exp\u00e9riences.<\/p>\n<p>\u2022  Mentorat multiple : un membre<br \/>\npeut, pour diverses raisons, avoir<br \/>\nplus d\u2019un mentor.<\/p>\n<p>\u2022  e-mentorat : cette formule devient<br \/>\nplus populaire parce qu\u2019elle permet<br \/>\nde surmonter certains des probl\u00e8mes<br \/>\ncaus\u00e9s par les horaires de travail et<br \/>\nles d\u00e9placements.<\/p>\n<p>Avant de vous engager \u00e0 devenir le<br \/>\nmentor d\u2019un stagiaire, vous devriez<br \/>\n\u00e9valuer les besoins et l\u2019orientation<br \/>\nde la relation de mentorat en suivant<br \/>\nquelques \u00e9tapes importantes :<\/p>\n<p> \u2022  Tenir une entrevue initiale avec<br \/>\nl\u2019int\u00e9ress\u00e9 pour \u00e9tablir ses buts et<br \/>\nses besoins. <\/p>\n<p>\u2022  \u00c9valuer le degr\u00e9 d\u2019engagement<br \/>\ndans le processus; est-il compatible<br \/>\navec le v\u00f4tre?<\/p>\n<p>\u2022  Dresser un plan et \u00e9tablir le type<br \/>\nde mentorat dans lequel les deux<br \/>\nparties se sentiront \u00e0 l\u2019aise.<\/p>\n<p>\u2022  Dresser un calendrier de rencon-<br \/>\ntres r\u00e9guli\u00e8res de revue des initia-<br \/>\ntives.<\/p>\n<p>Il convient de noter que lorsqu\u2019un<br \/>\nstagiaire n\u2019a pas de mentor, c\u2019est son<br \/>\ncosignataire qui doit aussi agir en<br \/>\nqualit\u00e9 de mentor. Les responsabilit\u00e9s<br \/>\net attentes du mentor et du cosigna-<br \/>\ntaire sont les m\u00eames quand les deux<br \/>\nr\u00f4les sont cumul\u00e9s. <\/p>\n<p>Rares sont les mentors qui sont en<br \/>\nmesure de couvrir tous les aspects de<br \/>\nce qui est requis pour assurer le succ\u00e8s<br \/>\nde l\u2019apprenant. Le mentor devrait donc<br \/>\naider l\u2019apprenant \u00e0 \u00e9largir son r\u00e9seau<br \/>\nde contacts en l\u2019orientant vers d\u2019autres<br \/>\nprofessionnels du m\u00e9tier et dans les<br \/>\ndomaines connexes. Une fa\u00e7on de faire<br \/>\nconsiste \u00e0 assister avec lui \u00e0 des r\u00e9unions<br \/>\ndu chapitre local et \u00e0 le pr\u00e9senter aux<br \/>\nautres membres.  Les ressources visant \u00e0<br \/>\naider tant les mentors que les stagiaires<br \/>\ncomprennent la biblioth\u00e8que Lum, les<br \/>\noccasions de b\u00e9n\u00e9volat au niveau du<br \/>\nchapitre local de l\u2019Institut canadien des<br \/>\n\u00e9valuateurs (ICE), ainsi que dans les<br \/>\nassociations provinciales et au niveau<br \/>\nnational.<\/p>\n<p>Par le processus de mentorat, le<br \/>\nstagiaire peut b\u00e9n\u00e9fi cier grandement de<br \/>\nl\u2019excellente occasion de se perfectionner,<br \/>\ntant professionnellement que<br \/>\npersonnellement, de recevoir l\u2019appui dont<br \/>\nil a besoin dans un nouveau domaine, de<br \/>\nconsid\u00e9rer tous les aspects d\u2019une nouvelle<br \/>\ncarri\u00e8re et de constituer des attentes<br \/>\nr\u00e9alistes et une juste perspective de la<br \/>\nprofession d\u2019\u00e9valuateur. <\/p>\n<p>Le mentorat est une solution gagnante<br \/>\npour tous. Le stagiaire gagne, parce<br \/>\nqu\u2019il b\u00e9n\u00e9fi cie de l\u2019exp\u00e9rience et du<br \/>\nr\u00e9seau professionnel d\u2019un \u00e9valuateur<br \/>\ncomp\u00e9tent et exp\u00e9riment\u00e9. Le mentor<br \/>\ngagne, parce qu\u2019il retire la satisfaction<br \/>\npersonnelle d\u2019aider un nouveau membre<br \/>\n\u00e0 se lancer dans une carri\u00e8re longue et<br \/>\nfructueuse, tout en ayant l\u2019occasion de<br \/>\nse renouveler et de raviver son int\u00e9r\u00eat<br \/>\npour la profession. Enfi n, la profession<br \/>\nd\u2019\u00e9valuateur gagne, parce qu\u2019elle<br \/>\naugmente ses eff ectifs de membres<br \/>\nbien form\u00e9s qui sont capables de<br \/>\nmaintenir ou de rehausser le niveau de<br \/>\nprofessionnalisme au sein de l\u2019industrie. <\/p>\n<p>Pour de plus amples renseignements,<br \/>\nvisitez www.AIcanada.ca\/fr\/member\/<br \/>\naccreditation\/applied-experience-and-<br \/>\nmentoring-program\/. Si vous \u00eates int\u00e9ress\u00e9<br \/>\n\u00e0 devenir un mentor, veuillez vous<br \/>\ninformer des occasions de mentorat<br \/>\naupr\u00e8s de votre association provinciale. <\/p>\n<p>Le mentOrat cOmpOrte une cOmmunicatiOn<br \/>\ninFOrmeLLe et sOutenue Dans Le temps entre <\/p>\n<p>un \u00e9VaLuateur eXp\u00e9riment\u00e9 et recOnnu cOmme<br \/>\njOuissant De pLus GranDes cOnnaissances <\/p>\n<p>et eXp\u00e9riences Que sOn prOt\u00e9G\u00e9. <\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 47Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>http:\/\/www.AIcanada.ca\/fr\/member\/accreditation\/applied-experience-and-mentoring-program\/<\/p>\n<p>O ne of the most common issues brought before an Adjudicating Hearing Panel are complaints against CRA Members who<br \/>\ncompleted appraisal, review or consulting<br \/>\nassignments that were beyond the scope<br \/>\nof their CRA designation. The Standard<br \/>\nis clear that the CRA designation (unless<br \/>\nappropriately co-signed) limits CRA<br \/>\nMembers to professional services on<br \/>\nundeveloped residential sites and residential<br \/>\nproperties containing no more than four<br \/>\nself-contained family housing units.  <\/p>\n<p>Being out of scope IS an ethical<br \/>\nviolation. Under the Canadian Uniform<br \/>\nStandards of Professional Appraisal Practice<br \/>\n(CUSPAP) 2012 Ethics Standard Rule<br \/>\n4.2.6, it is unethical for a member to claim<br \/>\nqualifications improperly. In determining<br \/>\nthe scope of practice for a CRA Member<br \/>\nundertaking an assignment, the test lies<br \/>\nin the highest and best use (HBU) \u2013<br \/>\nactual or assumed \u2013 of the property<br \/>\nbeing appraised. [Ethics Standard<br \/>\nComment 5.5]<\/p>\n<p>In the context of a professional<br \/>\npractice complaint, ethical violations are<br \/>\nsubject to investigation and sanctions<br \/>\nunder the AIC disciplinary process<br \/>\n(Consolidated Regulations, http:\/\/www.<br \/>\naicanada.ca\/wp-content\/uploads\/aic-<br \/>\nconsolidated-regulations.pdf ).<\/p>\n<p>In the event of a professional<br \/>\nliability insurance claim, there would<br \/>\nbe no coverage for professional services<br \/>\n(appraisal, review or consulting)<br \/>\nprovided out of scope.  <\/p>\n<p>Holding a designation from another<br \/>\nprofessional organization DOES<br \/>\nNOT allow AIC members to complete<br \/>\nassignments that are not permitted under<br \/>\nCUSPAP, nor does it allow members to<br \/>\ndrop their AIC designation to complete<br \/>\nsuch assignments. [Ethics Standard<br \/>\nComment 5.5.3]<\/p>\n<p>Beyond the scope (examples)<\/p>\n<p>\u2022  Purpose-built, income-producing<br \/>\nresidence for persons with<br \/>\ndisabilities. Features a kitchen, 10<br \/>\nbedrooms, four full bathrooms, two<br \/>\nliving rooms, full finished basement,<br \/>\ndouble garage. HBU as large family<br \/>\ndwelling cannot be assumed. <\/p>\n<p>\u2022  Former faith-based property for<br \/>\nwhich the HBU is for conversion<br \/>\nto an income-producing bed and<br \/>\nbreakfast. HBU as large family<br \/>\ndwelling cannot be assumed.<\/p>\n<p> \u2022  Commercially-zoned property<br \/>\nimproved with a single-family<br \/>\ndwelling and a commercial garage.<br \/>\nClient wants an appraisal on the<br \/>\nhouse only. According to the zoning,<br \/>\nresidential use can only be auxiliary,<br \/>\nonly commercial use can be primary.<br \/>\nResidential HBU cannot be assumed. <\/p>\n<p>\u2022  Commercially-zoned property<br \/>\nimproved with main floor<br \/>\ncommercial use and separate second<br \/>\nfloor residential use. Client wants an<br \/>\nappraisal assuming residential use<br \/>\nonly. Residential HBU cannot be<br \/>\nassumed. <\/p>\n<p>BeYOnD tHe scOpe.<br \/>\nKnOWinG YOur LimitatiOns.<\/p>\n<p>B Y  n a t H a L i e  r O Y &#8211; p a t e n a u D e ,  a a c i ,  p . a p p<br \/>\nA IC DIRECTOR-COUNSEl lOR, PROF E S SION A l PR ACT ICE <\/p>\n<p>d irec tor profes s ionalpr ac t ice @ aic anada .c a<\/p>\n<p>PROFESSIONAL PRACTICE MATTERS<\/p>\n<p>tHe stanDarD is<br \/>\ncLear tHat tHe cra <\/p>\n<p>DesiGnatiOn (unLess<br \/>\napprOpriateLY <\/p>\n<p>cO-siGneD) Limits<br \/>\ncra memBers tO <\/p>\n<p>prOFessiOnaL serVices<br \/>\nOn unDeVeLOpeD <\/p>\n<p>resiDentiaL sites<br \/>\nanD resiDentiaL <\/p>\n<p>prOperties cOntaininG<br \/>\nnO mOre tHan FOur <\/p>\n<p>seLF-cOntaineD FamiLY<br \/>\nHOusinG units.  <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201348 Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>mailto:directorprofessionalpractice@aicanada.ca<br \/>\nhttp:\/\/www.aicanada.ca\/wp-content\/uploads\/aic-consolidated-regulations.pdf<\/p>\n<p>understanding the scope<br \/>\nScope of work refers to the due diligence<br \/>\nundertaken by the practitioner and is<br \/>\ndriven by the client\u2019s terms of reference.<br \/>\nFor mortgage fi nancing purposes, lending<br \/>\ninstitutions may not require a value on the<br \/>\nproperty as a whole. For risk mitigating<br \/>\npurposes, they may require a value<br \/>\nestimate on parts of the property. Th e most<br \/>\ncommon requests are for agriculturally-<br \/>\nzoned acreage properties improved with<br \/>\na residential dwelling, garage and some<br \/>\noutbuildings. For example, the lender is<br \/>\nlooking for a value of the property on the<br \/>\nassumption that it has fi ve acres (not the<br \/>\nactual 50 acres), the residential dwelling<br \/>\nand the double attached garage only (no<br \/>\noutbuildings). Is this beyond the scope of<br \/>\na CRA? While most expect a simple yes <\/p>\n<p>or no answer, the truth is, the answer lies<br \/>\nin the HBU \u2013 actual or assumed \u2013 of<br \/>\nthe property being appraised [Ethics<br \/>\nStandard Comment 5.5.4]. Since no<br \/>\ntwo properties are the same, there is no<br \/>\nsimple answer, this is always on a case-<br \/>\nby-case basis.  <\/p>\n<p>Th e purpose of this article is to<br \/>\nguide practitioners, clients and intended<br \/>\nusers in understanding the scope of<br \/>\nan assignment to determine whether<br \/>\nthe report can be signed by a CRA or<br \/>\nrequires the co-signature of an AACI.  <\/p>\n<p>Defi ning and analyzing the HBu<br \/>\nWhat follows are key questions for<br \/>\nthe practitioner to refl ect on as part of<br \/>\nassessing the HBU \u2013 actual or assumed \u2013<br \/>\nof the property being appraised.<\/p>\n<p>Know the limitations<br \/>\nOrdinary assumptions and limiting<br \/>\nconditions are typically grouped together<br \/>\nin a specifi c section of the report. While<br \/>\nthey may apply to most assignments,<br \/>\nthe practitioner is cautioned against the<br \/>\npractice of copying and pasting and using<br \/>\nboilerplate statements without any cus-<br \/>\ntomization to the assignment at hand. <\/p>\n<p>Hypothetical conditions can apply<br \/>\nwhether the assignment is for the purpose<br \/>\nof developing a retrospective, current,<br \/>\nprospective, or update value opinion.<br \/>\nWhen invoking hypothetical conditions,<br \/>\nit must be clear to the reader that the<br \/>\nproperty condition does not in fact exist<br \/>\nas at the date of appraisal, and the analysis <\/p>\n<p>PROFESSIONAL PRACTICE MATTERS<\/p>\n<p>Working your way through cuspap in layman\u2019s terms<\/p>\n<p>What is the purpose of the appraisal? Defi ning the value. What value is being estimated?<br \/>\nWhat are the terms of reference and the<br \/>\nrequired scope of work?<\/p>\n<p>What is your client asking you to do?<\/p>\n<p>What is the site\u2019s zoning?<br \/>\nWhat are the permitted uses and land use<br \/>\ncontrols? <\/p>\n<p>Analyzing the immediate and surrounding areas.<br \/>\n\u2022  What is happening in the area? What are the trends?<br \/>\n\u2022  What are the surrounding land uses? Are they similar to the subject actual or <\/p>\n<p>assumed HBU?<br \/>\n\u2022  Who are the buyers?<br \/>\n\u2022  What are the supply and the demand for properties with similar actual or <\/p>\n<p>assumed HBUs?<br \/>\nBased on the above, what is the actual or<br \/>\nassumed HBU?<\/p>\n<p>\u2022  Is the actual or assumed HBU legally permissible, fi nancially possible? Will it<br \/>\ngenerate the highest net return?<\/p>\n<p>\u2022  Is it reasonable to assume the HBU based on the market conditions, zoning<br \/>\nand permitted uses?<\/p>\n<p>\u2022  Is it possible for the HBU to be something other than the actual or assumed HBU?<br \/>\n\u2022  Is it possible that what your client is asking you to provide may not be a <\/p>\n<p>permissible or possible assumed HBU?<br \/>\nDoes the appraiser have the qualifi cations to<br \/>\ncomplete the assignment?<\/p>\n<p>Does the report have to be co-signed by a competent AACI? <\/p>\n<p>What ordinary assumptions, limiting<br \/>\nconditions, hypothetical conditions,<br \/>\nextraordinary assumptions and\/or extraordinary<br \/>\nlimiting conditions need to be invoked?<\/p>\n<p>In the report, the appraiser must identify the value being provided, whether<br \/>\ncurrent, retrospective, prospective, or an update [Appraisal Standard Rule 6.2.5].<br \/>\nDepending on the value, the appraiser may need to make certain assumptions.  <\/p>\n<p>What are the data and appraisal procedures<br \/>\nrelevant to the assignment?<\/p>\n<p>Th e data used in the analysis must be comparable to the property being appraised.<br \/>\n\u2022  Actual HBU (\u2018as is\u2019 value) will require sales with similar improvements, zoning <\/p>\n<p>and permitted uses, etc. (e.g., property as a whole with 50 acres, income-<br \/>\nproducing farm, dwelling, garage and outbuildings).<\/p>\n<p>\u2022  Assumed HBU (\u2018as if \u2019 value) will require data with comparable acreage,<br \/>\nimprovements, assumed zoning and permitted uses, etc. (e.g., fi ve acres,<br \/>\ndwelling and garage).<\/p>\n<p>[Continued on page 52]<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 49Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>au-DeL\u00e0 Des cOmp\u00e9tences.<br \/>\ncOnna\u00eetre ses Limites.<\/p>\n<p>t e X t e  D e  n a t H a L i e  r O Y &#8211; p a t e n a u D e ,  a a c i ,  p . a p p<br \/>\nDIRECT RICE-CONSEIl l \u00e8RE EN PR AT IqUE PROF E S SIONNEl l E , ICE<\/p>\n<p>direc tor profes s ionalpr ac t ice @ aic anada .c a<\/p>\n<p>PARLONS PRATIqUE PROFESSIONNEllE<\/p>\n<p>La nOrme stipuLe<br \/>\ncLairement Que Le<br \/>\ntitre cra (\u00e0 mOins <\/p>\n<p>D\u2019\u00eatre aD\u00e9Quatement<br \/>\ncOntresiGn\u00e9) <\/p>\n<p>Limite Les memBres<br \/>\ncra auX serVices<br \/>\nprOFessiOnneLs <\/p>\n<p>Li\u00e9s \u00e0 Des sites<br \/>\nnOn am\u00e9naG\u00e9s et <\/p>\n<p>\u00e0 Des HaBitatiOns<br \/>\nr\u00e9siDentieLLes ne <\/p>\n<p>cOntenant pas pLus<br \/>\nDe Quatre unit\u00e9s De <\/p>\n<p>LOGement FamiLiaL<br \/>\nautOnOmes.<\/p>\n<p>L \u2019une des affaires soumises le plus fr\u00e9quemment lors d\u2019une audience devant le Comit\u00e9 d\u2019adjudication est une plainte port\u00e9e contre<br \/>\nun membre qui a rempli une affectation<br \/>\nd\u2019\u00e9valuation, d\u2019examen ou de consultation<br \/>\nqui d\u00e9passait les comp\u00e9tences de son titre<br \/>\nCRA. La norme stipule clairement que le<br \/>\ntitre CRA (\u00e0 moins d\u2019\u00eatre ad\u00e9quatement<br \/>\ncontresign\u00e9) limite les membres CRA aux<br \/>\nservices professionnels li\u00e9s \u00e0 des sites non<br \/>\nam\u00e9nag\u00e9s et \u00e0 des habitations r\u00e9sidentielles<br \/>\nne contenant pas plus de quatre unit\u00e9s de<br \/>\nlogement familial autonomes.<\/p>\n<p>Outrepasser ses comp\u00e9tences EST une<br \/>\ninfraction \u00e0 la norme relative \u00e0 l\u2019\u00e9thique. En<br \/>\nvertu de la r\u00e8gle 4.2.6 de la norme relative<br \/>\naux questions d\u2019\u00e9thique dans les Normes<br \/>\nuniformes de pratique professionnelle en mati\u00e8re<br \/>\nd\u2019\u00e9valuation au Canada (NUPPEC) 2012,<br \/>\nil est contraire \u00e0 l\u2019\u00e9thique professionnelle<br \/>\npour un membre de pr\u00e9tendre poss\u00e9der les<br \/>\nqualifications requises. La d\u00e9termination de<br \/>\nl\u2019\u00e9tendue de la pratique d\u2019un membre CRA<br \/>\ndurant l\u2019affectation r\u00e9side au niveau de la<br \/>\nd\u00e9termination de l\u2019utilisation optimale<br \/>\n(UO) r\u00e9elle ou suppos\u00e9e de la propri\u00e9t\u00e9<br \/>\n\u00e0 \u00e9valuer. [Commentaire 5.5 de la norme<br \/>\nrelative aux questions d\u2019\u00e9thique]<\/p>\n<p>Dans le contexte d\u2019une plainte visant la<br \/>\npratique professionnelle, les infractions \u00e0<br \/>\nla norme relative \u00e0 l\u2019\u00e9thique sont sujettes \u00e0<br \/>\nenqu\u00eate et passibles de sanctions en vertu du<br \/>\nprocessus disciplinaire de l\u2019ICE (R\u00e8glements<br \/>\nconsolid\u00e9s de l\u2019Institut canadien des<br \/>\n\u00e9valuateurs, www.aicanada.ca\/fr\/professional-<br \/>\nstandards\/).<\/p>\n<p>Dans le cas d\u2019une r\u00e9clamation d\u2019assurance<br \/>\nresponsabilit\u00e9 professionnelle, il n\u2019y aurait aucune<br \/>\ncouverture pour des services professionnels<br \/>\n(\u00e9valuation, examen ou consultation) rendus au-del\u00e0<br \/>\ndes comp\u00e9tences.<\/p>\n<p>D\u00e9tenir le titre d\u2019une autre organisation profes-<br \/>\nsionnelle NE PERMET PAS aux membres de l\u2019ICE<br \/>\nde remplir des affectations non permises par les<br \/>\nNUPPEC, ni de mettre de c\u00f4t\u00e9 leur titre de l\u2019ICE<br \/>\npour remplir de telles affectations. [Commentaire<br \/>\n5.5.3 de la norme relative aux questions d\u2019\u00e9thique]<\/p>\n<p>au-del\u00e0 des comp\u00e9tences (exemples)<br \/>\n\u2022  R\u00e9sidence productive de revenu construite <\/p>\n<p>sp\u00e9cialement pour des personnes handicap\u00e9es.<br \/>\nComprend une cuisine, 10 chambres \u00e0 coucher,<br \/>\nquatre salles de bains compl\u00e8tes, deux salons, le<br \/>\nsous-sol enti\u00e8rement fini et un garage double.<br \/>\nOn ne peut supposer que l\u2019UO est pour une<br \/>\ngrande maison familiale. <\/p>\n<p>\u2022  Ancienne \u00e9glise pour laquelle l\u2019UO vise la<br \/>\nconversion \u00e0 un g\u00eete touristique productif de<br \/>\nrevenu. On ne peut supposer que l\u2019UO est pour<br \/>\nune grande maison familiale.<\/p>\n<p>\u2022  Propri\u00e9t\u00e9 zon\u00e9e commerciale am\u00e9lior\u00e9e avec une<br \/>\nmaison unifamiliale et un garage commercial.<br \/>\nLe client veut faire \u00e9valuer seulement la maison.<br \/>\nSelon le zonage, l\u2019utilisation r\u00e9sidentielle ne peut<br \/>\n\u00eatre qu\u2019auxiliaire, seul l\u2019utilisation commerciale<br \/>\npeut \u00eatre primaire. On ne peut supposer que<br \/>\nl\u2019UO est r\u00e9sidentielle.<\/p>\n<p>\u2022  Propri\u00e9t\u00e9 zon\u00e9e commerciale am\u00e9lior\u00e9e avec<br \/>\nl\u2019utilisation commerciale du rez-de-chauss\u00e9e et<br \/>\nl\u2019utilisation r\u00e9sidentielle s\u00e9par\u00e9e du deuxi\u00e8me<br \/>\n\u00e9tage. Le client d\u00e9sire une \u00e9valuation en sup-<br \/>\nposant uniquement l\u2019utilisation r\u00e9sidentielle. On<br \/>\nne peut supposer que l\u2019UO est r\u00e9sidentielle.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201350 Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>mailto:directorprofessionalpractice@aicanada.ca<br \/>\nwww.aicanada.ca\/fr\/professionalstandards\/<\/p>\n<p>PARLONS PRATIqUE PROFESSIONNEllE<\/p>\n<p>comprendre les comp\u00e9tences<br \/>\nL\u2019envergure du travail est la diligence raison-<br \/>\nnable dont fait preuve l\u2019\u00e9valuateur et elle est<br \/>\ndict\u00e9e par le mandat du client. Pour les fi ns<br \/>\nde fi nancement hypoth\u00e9caire, les \u00e9tablisse-<br \/>\nments de cr\u00e9dit n\u2019exigent pas n\u00e9cessaire-<br \/>\nment une valeur de toute la propri\u00e9t\u00e9. Pour<br \/>\nr\u00e9duire le risque, elles peuvent exiger une<br \/>\nestimation de la valeur pour certaines parties.<br \/>\nLes demandes les plus courantes visent des<br \/>\npropri\u00e9t\u00e9s de plusieurs acres zon\u00e9es agricoles<br \/>\nam\u00e9lior\u00e9es avec une habitation r\u00e9sidentielle,<br \/>\nun garage et quelques d\u00e9pendances. Par<br \/>\nexemple, le pr\u00eateur veut calculer la valeur de<br \/>\nla propri\u00e9t\u00e9 sur l\u2019hypoth\u00e8se qu\u2019elle s\u2019\u00e9tend sur<br \/>\ncinq acres (pas les 50 acres r\u00e9elles) et com-<br \/>\nprend l\u2019habitation r\u00e9sidentielle et le garage<br \/>\ndouble accol\u00e9 seulement (aucune d\u00e9pen-<br \/>\ndance). Cela d\u00e9passe-t-il les comp\u00e9tences <\/p>\n<p>d\u2019un CRA ? Alors qu\u2019on s\u2019attend g\u00e9n\u00e9rale-<br \/>\nment \u00e0 un simple oui ou non comme<br \/>\nr\u00e9ponse, l\u2019aff ectation r\u00e9side au niveau de<br \/>\nla d\u00e9termination de l\u2019utilisation optimale<br \/>\nr\u00e9elle ou suppos\u00e9e de la propri\u00e9t\u00e9 \u00e0 \u00e9valuer<br \/>\n[commentaire 5.5.3 de la norme relative<br \/>\naux questions d\u2019\u00e9thique]. \u00c9tant donn\u00e9<br \/>\nqu\u2019il n\u2019y a pas deux propri\u00e9t\u00e9s identiques,<br \/>\nil n\u2019y pas de r\u00e9ponse simple; il faut toujours<br \/>\nproc\u00e9der en fonction de chaque cas.<\/p>\n<p>Cet article vise \u00e0 aider les \u00e9valuateurs, les<br \/>\nclients et les utilisateurs pr\u00e9vus \u00e0 comprendre<br \/>\nl\u2019envergure d\u2019une aff ectation pour d\u00e9terminer<br \/>\nsi un rapport peut \u00eatre sign\u00e9 par un CRA ou<br \/>\ns\u2019il doit \u00eatre contresign\u00e9 par un AACI.<\/p>\n<p>D\u00e9fi nir et analyser l\u2019utilisation optimale<br \/>\nVoici des questions-cl\u00e9s auxquelles voudra<br \/>\nr\u00e9fl \u00e9chir l\u2019\u00e9valuateur relativement \u00e0 la <\/p>\n<p>d\u00e9termination de l\u2019UO r\u00e9elle ou suppos\u00e9e<br \/>\nde la propri\u00e9t\u00e9 \u00e0 \u00e9valuer.<\/p>\n<p>conna\u00eetre les limites<br \/>\nLes hypoth\u00e8ses et conditions limita-<br \/>\ntives ordinaires sont habituellement<br \/>\nregroup\u00e9es dans la m\u00eame section du rap-<br \/>\nport. M\u00eame si elles peuvent s\u2019appliquer \u00e0<br \/>\nla plupart des aff ectations, l\u2019\u00e9valuateur ne<br \/>\ndoit pas les copier-coller en incluant des<br \/>\nphrases passe-partout sans rien adapter \u00e0<br \/>\nl\u2019aff ectation en cours.<\/p>\n<p>Les conditions hypoth\u00e9tiques<br \/>\npeuvent s\u2019appliquer, que l\u2019aff ectation<br \/>\nserve \u00e0 former une opinion sur la valeur<br \/>\nactuelle, r\u00e9trospective, prospective<br \/>\nou mise \u00e0 jour. Si une condition<br \/>\nhypoth\u00e9tique est invoqu\u00e9e, le lecteur doit<br \/>\ncomprendre clairement que la condition <\/p>\n<p>en passant par les nuppec en termes simples<\/p>\n<p>Quel est le but de l\u2019\u00e9valuation ? D\u00e9fi nir la valeur. Quelle valeur est estim\u00e9e ?<br \/>\nQuel est le mandat et l\u2019envergure du travail<br \/>\nrequis ?<\/p>\n<p>Qu\u2019est-ce que le client vous demande de faire ? <\/p>\n<p>Quel est le zonage du site ?<br \/>\nQuelles sont les utilisations permises et les<br \/>\ncontr\u00f4les de l\u2019utilisation des terres ?<\/p>\n<p>Analyser les secteurs imm\u00e9diats et environnants.<br \/>\n\u2022  Qu\u2019est-ce qui se passe dans le secteur ? Quelles sont les tendances ?<br \/>\n\u2022  Quelles sont les utilisations des terres environnantes ? Ressemblent-elles \u00e0 l\u2019UO <\/p>\n<p>r\u00e9elle ou suppos\u00e9e de la propri\u00e9t\u00e9 \u00e0 \u00e9valuer ?<br \/>\n\u2022  Qui sont les acheteurs ?<br \/>\n\u2022  Quelles sont l\u2019off re et la demande de propri\u00e9t\u00e9s aux UO r\u00e9elles ou suppos\u00e9es <\/p>\n<p>similaires ?<br \/>\nSelon l\u2019information ci-dessus, quelle est l\u2019UO<br \/>\nr\u00e9elle ou suppos\u00e9e ?<\/p>\n<p>\u2022  L\u2019UO r\u00e9elle ou suppos\u00e9e est-elle l\u00e9galement permissible et fi nanci\u00e8rement<br \/>\npossible ? Est-ce qu\u2019elle produira le meilleur rendement net ?<\/p>\n<p>\u2022  Est-il raisonnable de supposer l\u2019UO d\u2019apr\u00e8s les conditions du march\u00e9, le zonage<br \/>\net les utilisations permises ?<\/p>\n<p>\u2022  Est-il possible que l\u2019UO soit autre chose que l\u2019UO r\u00e9elle ou suppos\u00e9e ?<br \/>\n\u2022  Est-il possible que ce que votre client vous demande de fournir ne soit pas une <\/p>\n<p>UO suppos\u00e9e permissible ou possible ?<br \/>\nL\u2019\u00e9valuateur poss\u00e8de-t-il les qualifi cations<br \/>\nrequises pour remplir l\u2019aff ectation ?<\/p>\n<p>Un AACI qualifi \u00e9 doit-il contresigner le rapport ? <\/p>\n<p>Quelles hypoth\u00e8ses et conditions limitatives<br \/>\nordinaires, conditions hypoth\u00e9tiques,<br \/>\nhypoth\u00e8ses extraordinaires et(ou) conditions<br \/>\nlimitatives exceptionnelles faut-il invoquer ?<\/p>\n<p>Dans son rapport, l\u2019\u00e9valuateur doit pr\u00e9ciser s\u2019il s\u2019agit d\u2019une \u00e9valuation actuelle,<br \/>\nr\u00e9trospective, prospective, ou s\u2019il s\u2019agit d\u2019une mise \u00e0 jour [r\u00e8gle 6.2.5 de la norme<br \/>\nrelative aux activit\u00e9s d\u2019\u00e9valuation]. Selon la valeur, l\u2019\u00e9valuateur devra peut-\u00eatre<br \/>\ninvoquer certaines hypoth\u00e8ses.  <\/p>\n<p>Quelles sont les donn\u00e9es et les proc\u00e9dures<br \/>\nd\u2019\u00e9valuation pertinentes \u00e0 l\u2019aff ectation ?<\/p>\n<p>Les donn\u00e9es d\u2019analyse doivent \u00eatre comparables \u00e0 celles de la propri\u00e9t\u00e9 \u00e0 \u00e9valuer.<br \/>\n\u2022  L\u2019UO r\u00e9elle (valeur \u00ab telle quelle \u00bb) n\u00e9cessitera des ventes avec des am\u00e9liorations, <\/p>\n<p>un zonage, des utilisations permises similaires, etc. (p. ex. ensemble de la propri\u00e9t\u00e9<br \/>\navec 50 acres, ferme productive de revenu, habitation, garage et d\u00e9pendances).<\/p>\n<p>\u2022  L\u2019UO suppos\u00e9e (valeur \u00ab telle quelle \u00bb) n\u00e9cessitera des donn\u00e9es de superfi cie,<br \/>\nam\u00e9liorations, zonage suppos\u00e9 et utilisations permises comparables, etc. (p.ex.<br \/>\ncinq acres, habitation et garage).<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 51Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>[Continued from page 49]<\/p>\n<p>performed to develop the opinion of value<br \/>\nis based on a hypothesis (e.g., the fi ve acre<br \/>\nquestion whereby the property is assumed<br \/>\nto be a dwelling on fi ve acres when, in fact,<br \/>\nit is not). For every hypothetical condi-<br \/>\ntion, an extraordinary assumption is<br \/>\nrequired in the report.<\/p>\n<p>Extraordinary assumptions refer to<br \/>\na hypothesis \u2013 either supposed or uncon-<br \/>\nfi rmed \u2013 which, if not true, could alter the<br \/>\nappraiser\u2019s opinions and conclusions. <\/p>\n<p>\u2022  Assumed zoning where the zoning is<br \/>\nunknown or uncertain (e.g., value \u2018as if<br \/>\nzoning has been changed from A to B\u2019)<\/p>\n<p>\u2022  Assumed condition where an interior<br \/>\ninspection is not possible (e.g., drive-by<br \/>\nappraisals or any assignment where<br \/>\ninterior and\/or exterior access to the<br \/>\nproperty is denied or limited)  <\/p>\n<p>Extraordinary assumptions with <\/p>\n<p>hypothetical conditions (examples)<br \/>\n\u2022  Repairs or renovations have been <\/p>\n<p>completed (e.g., value \u2018as if complete\u2019)<br \/>\n\u2022  New construction (e.g., value \u2018as <\/p>\n<p>if complete\u2019 with \u2018as is\u2019 percentage<br \/>\ncomplete)<\/p>\n<p>\u2022  Prospective appraisal \u2013 is a forecast<br \/>\nand may require assumptions that<br \/>\ncertain events will occur  (e.g., value<br \/>\n\u2018as if events have occurred\u2019)<\/p>\n<p>\u2022  Retrospective appraisal \u2013 is a value in<br \/>\nthe past, therefore some assumptions<br \/>\n(i.e., regarding the condition of the<br \/>\nproperty) may be required (e.g., value<br \/>\nas at eff ective date assumes condition<br \/>\nis the same as observed as at date of<br \/>\ninspection)  <\/p>\n<p>Extraordinary limiting conditions refer<br \/>\nto a necessary modifi cation or exclusion of<br \/>\na Standard Rule (examples)  <\/p>\n<p>\u2022  Exclusion of a relevant valuation approach<br \/>\n(e.g., cost approach is not being used,<br \/>\nexplain why)  <\/p>\n<p>\u2022  No interior inspection of the subject<br \/>\nimprovements (e.g, drive-by)  <\/p>\n<p>Assignment limitations aff ect the level of risk<br \/>\naccepted by each party to an assignment. In<br \/>\nsome assignments, it might be reasonable to<br \/>\napply an extraordinary limiting condition to<br \/>\nrecognize assignment restrictions; however,<br \/>\nin other assignments, the use of the same<br \/>\nlimiting condition may not be acceptable.<br \/>\nUnderstanding the scope of the work in<br \/>\nthe context of the intended use of the<br \/>\nconclusions is critical for the practitioner.<br \/>\nEducating the client on the inherent risks of<br \/>\na limited assignment is equally critical. Do<br \/>\nnot be out of scope. When in doubt, consult<br \/>\nwith a colleague, an AACI or the Director-<br \/>\nCounsellor, Professional Practice. <\/p>\n<p>PROFESSIONAL PRACTICE MATTERS<\/p>\n<p>n\u2019existait pas \u00e0 la date de l\u2019\u00e9valuation<br \/>\net que l\u2019analyse r\u00e9alis\u00e9e pour \u00e9tablir<br \/>\nune estimation de la valeur est fond\u00e9e<br \/>\nsur une hypoth\u00e8se (p. ex. la question<br \/>\ndes cinq acres o\u00f9 l\u2019on suppose que la<br \/>\npropri\u00e9t\u00e9 est une habitation sur un terrain<br \/>\nde cinq acres, alors que ce n\u2019est pas le<br \/>\ncas). Chaque condition hypoth\u00e9tique<br \/>\ndoit s\u2019accompagner d\u2019une hypoth\u00e8se<br \/>\nextraordinaire dans le rapport.<\/p>\n<p>Les hypoth\u00e8ses extraordinaires sont<br \/>\ndes hypoth\u00e8ses \u2013 suppos\u00e9es ou non con-<br \/>\nfi rm\u00e9es \u2013 qui, si elles sont fausses, pour-<br \/>\nraient alt\u00e9rer les opinions et conclusions<br \/>\nde l\u2019\u00e9valuateur.<\/p>\n<p>\u2022  Zonage suppos\u00e9, si le zonage est<br \/>\ninconnu ou incertain (p. ex. valeur \u00ab<br \/>\ncomme si le zonage avait \u00e9t\u00e9 chang\u00e9<br \/>\nde A \u00e0 B \u00bb)<\/p>\n<p>\u2022  Condition suppos\u00e9e, si une<br \/>\ninspection int\u00e9rieure est impossible<br \/>\n(p. ex. \u00e9valuation sommaire ou toute<br \/>\naff ectation o\u00f9 l\u2019acc\u00e8s \u00e0 l\u2019int\u00e9rieur<br \/>\net (ou) l\u2019ext\u00e9rieur de la propri\u00e9t\u00e9 est<br \/>\ninterdit ou limit\u00e9).<\/p>\n<p>Hypoth\u00e8ses extraordinaires avec condi-<br \/>\ntions hypoth\u00e9tiques (exemples)<\/p>\n<p>\u2022  R\u00e9parations ou r\u00e9novations sont<br \/>\ntermin\u00e9es (valeur \u00ab comme si elles<br \/>\n\u00e9taient compl\u00e9t\u00e9es \u00bb).<\/p>\n<p>\u2022  Nouvelle construction (p. ex. valeur<br \/>\n\u00ab\u00a0comme si elle \u00e9tait compl\u00e9t\u00e9e \u00bb, plus<br \/>\npourcentage compl\u00e9t\u00e9e \u00ab telle quelle\u00a0\u00bb).<\/p>\n<p>\u2022  \u00c9valuation prospective \u2013 une<br \/>\npr\u00e9vision qui peut n\u00e9cessiter des<br \/>\nhypoth\u00e8ses sur des \u00e9v\u00e9nements<br \/>\npouvant survenir (p. ex. valeur \u00ab<br \/>\ncomme si les \u00e9v\u00e9nements s\u2019\u00e9taient<br \/>\nproduits \u00bb).<\/p>\n<p>\u2022  \u00c9valuation r\u00e9trospective \u2013 une valeur<br \/>\ndu pass\u00e9 o\u00f9 certaines hypoth\u00e8ses<br \/>\n(c.\u00a0\u00e0-d. condition de la propri\u00e9t\u00e9)<br \/>\npeuvent \u00eatre requises (p. ex. valeur<br \/>\ncomme \u00e0 la date r\u00e9elle, supposant que<br \/>\nla condition est la m\u00eame que celle<br \/>\nobserv\u00e9e \u00e0 la date d\u2019inspection).<\/p>\n<p>Les conditions limitatives exception-<br \/>\nnelles sont des modifi cations ou exclu-<br \/>\nsions n\u00e9cessaires \u00e0 une r\u00e8gle de la norme<br \/>\n(exemples).<\/p>\n<p>\u2022  Exclusion d\u2019une m\u00e9thode<br \/>\nd\u2019\u00e9valuation pertinente (p. ex.<br \/>\nm\u00e9thode du co\u00fbt non utilis\u00e9e,<br \/>\nexpliquer pourquoi). <\/p>\n<p>\u2022  Pas d\u2019inspection int\u00e9rieure des<br \/>\nam\u00e9liorations de la propri\u00e9t\u00e9 \u00e0<br \/>\n\u00e9valuer (p. ex. inspection sommaire).<\/p>\n<p>Les limites d\u2019une aff ection infl uent sur<br \/>\nle risque accept\u00e9 par chaque partie \u00e0<br \/>\nl\u2019aff ectation. Dans certaines aff ectations,<br \/>\nil peut \u00eatre raisonnable d\u2019appliquer une<br \/>\ncondition limitative extraordinaire pour<br \/>\nreconna\u00eetre les restrictions de l\u2019aff ecta-<br \/>\ntion; toutefois, dans d\u2019autres aff ectations,<br \/>\nl\u2019emploi de la m\u00eame condition limita-<br \/>\ntive ne sera peut-\u00eatre pas acceptable.<br \/>\nComprendre l\u2019envergure du travail dans<br \/>\nle contexte de l\u2019utilisation pr\u00e9vue des<br \/>\nconclusions est critique pour l\u2019\u00e9valuateur.<br \/>\n\u00c9duquer le client sur les risques inh\u00e9rents<br \/>\nd\u2019une aff ectation limit\u00e9e est tout aussi cri-<br \/>\ntique. N\u2019outrepassez pas vos comp\u00e9tences.<br \/>\nDans le doute, consultez un coll\u00e8gue,<br \/>\nun AACI ou la directrice-conseill\u00e8re en<br \/>\npratique professionnelle. <\/p>\n<p>PARLONS PRATIqUE PROFESSIONNEllE<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | book 4 \/ Tome 4 | 201352 Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>NEwS\/NOUVEllES<\/p>\n<p>Th e following members of the Appraisal<br \/>\nInstitute of Canada have passed away.<br \/>\nOn behalf of everyone connected with<br \/>\nthe Institute and the profession, we<br \/>\nextend our sincerest sympathies to their<br \/>\nfamilies, friends and associates. <\/p>\n<p>Les membres suivant de l\u2019Institut canadien<br \/>\ndes \u00e9valuateurs sont d\u00e9c\u00e9d\u00e9s. Au nom de<br \/>\ntous ceux qui oeuvrent de pr\u00e8s ou de loin<br \/>\nau sein de l\u2019Institut et de la profession, nous<br \/>\nexprimons nos plus sinc\u00e8res condol\u00e9ances \u00e0<br \/>\nleurs familles, amis et associ\u00e9s.<\/p>\n<p>Walter Baron, AACI, P. App.,<br \/>\nDoolan, Australia <\/p>\n<p>Lareine Brock, CRA,<br \/>\nEstevan, SK <\/p>\n<p>Ald\u00e9o Daigle, AACI, P. App. (Retired),<br \/>\nEdmundston, NB<\/p>\n<p>Jocelyne Saucer, Candidate<br \/>\nRed Deer, AB<br \/>\nJohn K. Walker, AACI, P. App.,<br \/>\nTrenton, NS<\/p>\n<p>in memOrY OF BiLL O\u2019Brien \/ \u00c0 La M\u00e9Moire De biLL o\u2019brieN<\/p>\n<p>in memOriam<\/p>\n<p>WiLLiam (BiLL) O&rsquo;Brien, former executive director of the Appraisal Institute of Canada (AIC), passed<br \/>\naway peacefully in Winnipeg on August 22, 2013. Bill was born in Dublin, Ireland on May 17, 1937. He<br \/>\nwas educated in Ireland and came to Canada in 1957. He was very proud of his Canadian citizenship,<br \/>\nwhich he applied for and was granted as soon as he was eligible. After stints in banking and accounting, Bill<br \/>\ncommenced his association management career in 1964 with the Real Estate Institute of Canada in Toronto.<br \/>\nIn 1968, he was persuaded to join the AIC in Winnipeg, where he served six years as executive assistant to<br \/>\nBill Mulock. In 1974, he became the AIC\u2019s executive director and served in that capacity for the next 14<br \/>\nyears, before becoming executive director of the Insurance Brokers Association of Manitoba (IBAM). Bill was<br \/>\nparticularly proud and pleased when he was voted an Honorary Life Member by the Boards of Directors of<br \/>\nboth the AIC and IBAM. On behalf of everyone involved with the Appraisal Institute of Canada, we extend<br \/>\nour sympathies to Bill\u2019s wife Ros and family.<\/p>\n<p>WiLLiam (BiLL) O&rsquo;Brien, ancien directeur ex\u00e9cutif de l\u2019Institut canadien des \u00e9valuateurs (ICE), s\u2019est<br \/>\n\u00e9teint paisiblement \u00e0 Winnipeg le 22 ao\u00fbt 2013. Bill est n\u00e9 \u00e0 Dublin, en Irlande, le 17 mai 1937. Il a fait<br \/>\nses \u00e9tudes en Irlande et est venu au Canada en 1957. Il \u00e9tait tr\u00e8s fi er de sa citoyennet\u00e9 canadienne qu\u2019il a<br \/>\ndemand\u00e9e et obtenue d\u00e8s qu\u2019il y \u00e9tait admissible. Apr\u00e8s quelques stages dans le domaine bancaire et en<br \/>\ncomptabilit\u00e9, Bill a commenc\u00e9 sa carri\u00e8re de gestionnaire en 1964 avec l\u2019Institut canadien de l\u2019immeuble \u00e0<br \/>\nToronto. En 1968, il fut invit\u00e9 \u00e0 se joindre \u00e0 l\u2019ICE \u00e0 Winnipeg, o\u00f9 il exer\u00e7a les fonctions d\u2019adjoint ex\u00e9cutif<br \/>\naupr\u00e8s de Bill Mulock pendant six ans. En 1974, il devenait directeur ex\u00e9cutif de l\u2019ICE, poste qu\u2019il a<br \/>\noccup\u00e9 pendant 14 ans, avant de devenir directeur ex\u00e9cutif de l\u2019Insurance Brokers Association of Manitoba<br \/>\n(IBAM). Bill a \u00e9t\u00e9 particuli\u00e8rement fi er et heureux d\u2019\u00eatre vot\u00e9 membre honoraire \u00e0 vie par les Conseils<br \/>\nd\u2019administration de l\u2019ICE et de l\u2019IBAM. Au nom de toutes les personnes associ\u00e9es \u00e0 l\u2019Institut canadien des<br \/>\n\u00e9valuateurs, nous tenons \u00e0 exprimer nos condol\u00e9ances \u00e0 Ros, son \u00e9pouse, et aux membres de sa famille.<\/p>\n<p>1937-2013<\/p>\n<p>Suite 101, 24 Inglewood Drive, St. Albert, AB T8N 6K4<\/p>\n<p>(587) 290-2267<\/p>\n<p>Volume 57 | book 4 \/ Tome 4 | 2013  |  \u00c9valuation Immobili\u00e8re au Canada  |  Canadian Property Valuation 53Click HERE to return to<br \/>\ntaBLe OF cOntents<\/p>\n<p>www.crvg.com<br \/>\nmailto:jwasmuth@crvg.com<\/p>\n<p>dESIgNATIONS CANdIdATES STUdENTS \/ D\u00c9SIgNATIONS STAgIAIRES \u00c9TUDIANTS<\/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 July 19 to October 16, 2013:<\/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 suivants<br \/>\nqui 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 juillet au 16 octobre, 2013 :<\/p>\n<p>aic DesiGnatiOns GranteD \/ D\u00e9sigNatioNs obteNues De L\u2019iCe<\/p>\n<p>stuDents \/ \u00e9tuDiaNts<br \/>\nThis category of membership serves as the first step on the path to designation for those completing their requirements for Candidate membership.<br \/>\nStudents considering the appraisal profession as a career option are also welcomed to this category of membership.<\/p>\n<p>Cette cat\u00e9gorie de membre constitue la premi\u00e8re \u00e9tape sur la voie de la d\u00e9signation pour ceux qui s\u2019affairent \u00e0 compl\u00e9ter les exigences de la cat\u00e9gorie de membre<br \/>\nstagiaire. Les \u00e9tudiants qui contemplent une carri\u00e8re comme \u00e9valuateur professionnel sont bienvenus \u00e0 joindre cette cat\u00e9gorie de membre.<\/p>\n<p>These members are congratulated on the successful<br \/>\ncompletion of the AACI, P.App designation requirements.<\/p>\n<p>Nous f\u00e9licitons ces membres pour avoir compl\u00e9t\u00e9 avec succ\u00e8s le<br \/>\nprogramme menant \u00e0 la d\u00e9signation AACI, P. App.<\/p>\n<p>ALbERTA<br \/>\nSteven N. Hill<\/p>\n<p>bRITISh COLUmbIA\/<br \/>\nCOLUmbIE-bRITANNIqUE<br \/>\nJordan Leore<br \/>\nDefeng Zhang<\/p>\n<p>mANITObA<br \/>\nKassy J. Phillips-Hnatyshyn<br \/>\nRod Slaughter<\/p>\n<p>aaci, p.app Accredited ApprAiser cAnAdiAn institute<\/p>\n<p>NEw bRUNSwICk\/<br \/>\nNOUVEAU-<br \/>\nbRUNSwICk<br \/>\nGuy Chiasson<\/p>\n<p>NOVA SCOTIA\/<br \/>\nNOUVELLE \u00c9COSSE<br \/>\nJeff McLean<\/p>\n<p>ONTARIO<br \/>\nTimothy W. Loch<\/p>\n<p>cra cAnAdiAn residentiAl ApprAiser<\/p>\n<p>ALbERTA<br \/>\nManpreet S. Sidhu<\/p>\n<p>bRITISh COLUmbIA\/<br \/>\nCOLUmbIE-bRITANNIqUE<br \/>\nMargaret Kotarska<br \/>\nCalvin C. K. Lai<br \/>\nWarren N. Severn<br \/>\nYouliana Stoyanov<\/p>\n<p>These members are congratulated on the successful<br \/>\ncompletion of the CRA designation requirements.<\/p>\n<p>Nous f\u00e9licitons ces membres pour avoir compl\u00e9t\u00e9 avec succ\u00e8s le<br \/>\nprogramme menant \u00e0 la d\u00e9signation CRA.<\/p>\n<p>canDiDates \/ stagiaires<\/p>\n<p>AIC welcomed the following new Candidate members during the period July 19 to October 16, 2013<br \/>\nL\u2019ICE souhaite la bienvenue aux personnes suivantes qui ont joint les rangs des membres stagiaires durant la p\u00e9riode du 19 juillet au 16 octobre, 2013<\/p>\n<p>ALbERTA<br \/>\nNathan Benoit<br \/>\nGordon Chan<br \/>\nKevin Cornish<br \/>\nKaren Danforth<br \/>\nKelly D. Gehlen-Tobler<br \/>\nDaryn Hobal<br \/>\nPeter Jerrard<br \/>\nMark N. Sandul<br \/>\nTrevor J. Sheehan<\/p>\n<p>bRITISh COLUmbIA\/<br \/>\nCOLUmbIE-bRITANNIqUE<br \/>\nAngela E. Chekaluk<br \/>\nRia Cooke<br \/>\nLiam Fast<br \/>\nEric Freudenreich<\/p>\n<p>John W. Horchik<br \/>\nRaul Jaime<br \/>\nJarret Krantz<br \/>\nMitchell Kuramoto<br \/>\nRebecca Morris<br \/>\nJoey Smith<br \/>\nJanelle Somerville<br \/>\nAaron Wittstock<\/p>\n<p>mANITObA<br \/>\nMark Chubey<br \/>\nAlana Hinton<br \/>\nMike Marchant<br \/>\nJennifer Queen<br \/>\nMahipaul Sidhu<br \/>\nLindsay Wareham<\/p>\n<p>NEw bRUNSwICk\/<br \/>\nNOUVEAU-bRUNSwICk<br \/>\nRob Newman<\/p>\n<p>NEwFOUNdLANd<br \/>\n&#038; LAbRAdOR\/<br \/>\nTERRE NEUVE ET<br \/>\nLAbRAdOR<br \/>\nKeri L. Greenland<\/p>\n<p>NOVA SCOTIA\/<br \/>\nNOUVELLE \u00c9COSSE<br \/>\nDaniel L. Belliveau<\/p>\n<p>ONTARIO<br \/>\nQais-Akhter Baloch<br \/>\nNathan Barratt<\/p>\n<p>Cameron Bazilli<br \/>\nChris C. Bell<br \/>\nRichard D. Billany<br \/>\nZheng Liang Chan<br \/>\nGordon Chan<br \/>\nChristopher A. Contino<br \/>\nJason Dubecki<br \/>\nOtabor Ehigie<br \/>\nAllen Yonggang Fu<br \/>\nTracey Griesbach<br \/>\nVladimir Gubarev<br \/>\nMichael P. Harrison<br \/>\nNeil Kapoor<br \/>\nFarzad Khomamizadeh<br \/>\nBennett Kim<br \/>\nAlona Kulikov<br \/>\nWai Thong M. Lai<\/p>\n<p>Byung Jae Lee<br \/>\nRobert Macfarlane<br \/>\nAli Mahfoud<br \/>\nJenika Mclean<br \/>\nJohn M. Mekitiak<br \/>\nGraham Morrison<br \/>\nEslam Nady<br \/>\nRainer Neufeld<br \/>\nMary Omorogbe<br \/>\nDylan A. Osborne<br \/>\nBhaumikkumar Pandya<br \/>\nCynthia Payne<br \/>\nMilan Radovic<br \/>\nStephen Roberts<br \/>\nKatrina Sluzynski<br \/>\nVid Stambolovic<br \/>\nAlexander H. Von Buttlar<\/p>\n<p>ALbERTA<br \/>\nEdward W. Foy<\/p>\n<p>bRITISh COLUmbIA\/COLUmbIE-<br \/>\nbRITANNIqUE<br \/>\nMackenzie R. Wells<\/p>\n<p>mANITObA<br \/>\nPaul J. McMullan<\/p>\n<p>NEwFOUNdLANd &#038; LAbRAdOR<br \/>\n\/ TERRE NEUVE ET LAbRAdOR<br \/>\nChristopher Snow<\/p>\n<p>ONTARIO<br \/>\nLindsey M. Lippert<br \/>\nJacob MacDonald<br \/>\nGiovanni Melchiorre<br \/>\nKaren C. Nunnenmacher<br \/>\nStephen Vanderkolff<\/p>\n<p>P.E.I. \/ \u00ceLE dE<br \/>\nPRINCE \u00c9dOUARd<br \/>\nDean MacKinnon<\/p>\n<p>qUEbEC\/qU\u00c9bEC<br \/>\nChad Ruel<br \/>\nMario Santini<\/p>\n<p>SASkATChEwAN<br \/>\nCaden S. Chalack<br \/>\nLaura Pugh<\/p>\n<p>NOVA SCOTIA\/<br \/>\nNOUVELLE \u00c9COSSE<br \/>\nGerard Gillis <\/p>\n<p>SASkATChEwAN<br \/>\nKelly Machart<\/p>\n<p>qUEbEC\/qU\u00c9bEC<br \/>\nDardy Jean-Jacques<\/p>\n<p>SASkATChEwAN<br \/>\nKaylyne Detillieux<br \/>\nJonathan Dolinsky<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada  |  Volume 57 | Book 4 \/ Tome 4 | 201354 Click here to return to<br \/>\nTable of ConTenTs<\/p>\n<p>altusgroup.com     groupealtus.com<\/p>\n<p>info@altusgroup.com <\/p>\n<p>416.641.9500<\/p>\n<p>As Canada\u2019s most diverse consultants in the industry,<br \/>\nAltus has unparalleled expertise in:<\/p>\n<p>n Real estate market forecasting and analysis<\/p>\n<p>n Market information and perspective<\/p>\n<p>n Annual property and portfolio valuation<\/p>\n<p>n Financial due diligence<\/p>\n<p>n Legal support (including expert witness)<\/p>\n<p>\u00c0 titre de soci\u00e9t\u00e9-conseil canadienne la plus diversifi\u00e9e<br \/>\nde l\u2019industrie, Altus  poss\u00e8de une expertise in\u00e9gal\u00e9e dans<br \/>\nles domaines suivants :<\/p>\n<p>n Analyse et pr\u00e9visions relatives au march\u00e9 immobilier<\/p>\n<p>n Renseignements et perspectives sur le march\u00e9<\/p>\n<p>n \u00c9valuation annuelle de propri\u00e9t\u00e9s et de portefeuilles<\/p>\n<p>n  V\u00e9rification fonci\u00e8re pr\u00e9alable<\/p>\n<p>n Soutien juridique (notamment t\u00e9moin expert)<\/p>\n<p>Recherche, \u00e9valuation et services-conseils<br \/>\nServices-conseils en imp\u00f4t foncier<br \/>\nConsultation en analyse des co\u00fbts et gestion de projets<br \/>\nG\u00e9omatique<br \/>\nARGUS Software<\/p>\n<p>Research, Valuation and Advisory<br \/>\nRealty Tax Consulting<br \/>\nCost Consulting and Project Management<br \/>\nGeomatics<br \/>\nARGUS Software<\/p>\n<p>Market intelligence.<\/p>\n<p>Industry leadership.<\/p>\n<p>National Coverage. <\/p>\n<p>Connaissance approfondie<br \/>\ndu march\u00e9.<\/p>\n<p>Leader de l\u2019industrie. <\/p>\n<p>Port\u00e9e nationale.<\/p>\n<p>www.altusgroup.com<br \/>\nwww.groupealtus.com<br \/>\nmailto:nationale.info@altusgroup.com<\/p>\n<p>www.cbre.caCBRE Limited, Real Estate Brokerage<\/p>\n<p>Over the past year, CBRE Valuation and Advisory Services <\/p>\n<p>has made numerous senior staff additions, attracting some of <\/p>\n<p>the best valuation talent in the country. We remain committed <\/p>\n<p>to providing the Canadian real estate industry with a unique <\/p>\n<p>national offering: independent valuation services <\/p>\n<p>informed by CBRE\u2019s best in class research and market <\/p>\n<p>data coupled with industry leading expertise and a <\/p>\n<p>commitment to the highest level of client service. <\/p>\n<p>CBRE Valuation and Advisory Services is continuing to grow  <\/p>\n<p>and is looking for strong professionals across Canada. For <\/p>\n<p>more information regarding career opportunities at CBRE, <\/p>\n<p>please contact Paul Morassutti.<\/p>\n<p>Paul Morassutti<br \/>\nExecutive Vice President<br \/>\npaul.morassutti@cbre.com<\/p>\n<p>JOIN OUR TOP TALENT<br \/>\nCBRE Valuation and Advisory Services<\/p>\n<p>http:\/\/www.cbre.ca<br \/>\nmailto:paul.morassutti@cbre.com<\/p>\n","protected":false},"featured_media":14073,"menu_order":24,"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-30019","issue","type-issue","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue\/30019","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\/14073"}],"wp:attachment":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media?parent=30019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}