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THE RETAIL LANDSCAPE
\nIN CANADA<\/p>\n
Le paysage du commerce
\nde d\u00e9tail au Canada<\/p>\n
CMHC HOUSING MARKET
\nASSESSMENT AND OUTLOOK<\/p>\n
\u00c9valuation et perspectives
\nde la SCHL du march\u00e9 de <\/p>\n
l\u2019habitation au Canada<\/p>\n
AIC’S SELF-REGULATION MODEL –
\nHOW AND WHY IT WORKS<\/p>\n
Le mod\u00e8le d\u2019autor\u00e9glementation de l\u2019ICE :
\ncomment il fonctionne et pourquoi <\/p>\n
il prot\u00e8ge le public<\/p>\n
VOL 60 | BOOK 4 \/ TOME 4 | 2016<\/p>\n
TELECOM
\nVALUATION<\/p>\n
\u00c9VALUATION LI\u00c9E AUX
\nT\u00c9L\u00c9COMMUNICATIONS<\/p>\n
T H E O F F I C I A L P U B L I C A T I O N O F T H E A P P R A I S A L I N S T I T U T E O F C A N A D A
\nP U B L I C A T I O N O F F I C I E L L E D E L\u2019 I N S T I T U T C A N A D I E N D E S \u00c9 V A L U A T E U R S<\/p>\n
mailto:info@aicanada.ca
\nmailto:info@aicanada.ca
\nmailto:info@aicanada.ca<\/p>\n
IndustrIal<\/p>\n
Commercial
\nInvestment<\/p>\n
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\nss<\/p>\n
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m
\ne
\nn
\nt <\/p>\n
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\np<\/p>\n
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estate<\/p>\n
Delivering leading edge appraisal strategies<\/p>\n
C
\no
\nn
\nsu<\/p>\n
ltin
\ng<\/p>\n
real property
\nExpropriation<\/p>\n
CDC INC. is a national full service appraisal firm
\nT: 1.866.479.7922 <\/p>\n
F: 1.877.429.7972 <\/p>\n
E: info@cdcinc.ca<\/p>\n
W: www.cdcinc.ca<\/p>\n
REAL PROPERTY APPRAISALS<\/p>\n
@cdcincproperty<\/p>\n
facebook.com\/cdcconsulting<\/p>\n
http:\/\/www.cdcinc.ca
\nhttp:\/\/facebook.com\/cdcconsulting
\nmailto:info@cdcinc.ca<\/p>\n
IndustrIal<\/p>\n
Commercial
\nInvestment<\/p>\n
A
\nss<\/p>\n
e
\nss<\/p>\n
m
\ne
\nn
\nt <\/p>\n
a
\np<\/p>\n
p
\ne
\na
\nl<\/p>\n
Appraisals<\/p>\n
D
\nIv<\/p>\n
o
\nr<\/p>\n
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\ne<\/p>\n
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\nin<\/p>\n
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\nle<\/p>\n
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coMpetItIve<\/p>\n
r
\ne
\nn
\no<\/p>\n
v
\na
\nti<\/p>\n
o
\nn<\/p>\n
Lease
\nArbitration<\/p>\n
r
\ne<\/p>\n
S
\nID<\/p>\n
e
\nn<\/p>\n
t
\nIA<\/p>\n
L<\/p>\n
Q
\nu
\na
\nl
\nIt
\ny<\/p>\n
estate<\/p>\n
Delivering leading edge appraisal strategies<\/p>\n
C
\no
\nn
\nsu<\/p>\n
ltin
\ng<\/p>\n
real property
\nExpropriation<\/p>\n
CDC INC. is a national full service appraisal firm
\nT: 1.866.479.7922 <\/p>\n
F: 1.877.429.7972 <\/p>\n
E: info@cdcinc.ca<\/p>\n
W: www.cdcinc.ca<\/p>\n
REAL PROPERTY APPRAISALS<\/p>\n
@cdcincproperty<\/p>\n
facebook.com\/cdcconsulting<\/p>\n
A day in the life of a<\/p>\n
successful
\ncommercial real estate appraiser<\/p>\n
Brenda Dohring Hicks, MAI
\nJeff Hicks, MAI
\n1-800-475-2785
\nRealWired.com<\/p>\n
real !realwired!<\/p>\n
I look forward to amplifying what we
\ndid manually for years and years with
\nEdge and DataComp!<\/p>\n
J\u2019ai h\u00e2te d\u2019ampl\ufffd er ce que nous avons
\nfait manuellement depuis des ann\u00e9es
\net des ann\u00e9es avec Edge et DataComp!<\/p>\n
– Darrell A. \ufffd orvaldson AACI, P. App., P.Ag.
\nTHORVALDSON Appraisal Ltd.<\/p>\n
http:\/\/RealWired.com<\/p>\n
Accelerating success.<\/p>\n
With over 90 valuation professionals located in 11 cities across
\nCanada, Colliers International Valuation & Advisory Services is
\na leader in global real estate services, defined by our spirit of
\nenterprise. Through a culture of service excellence and a shared
\nsense of initiative, we integrate the resources of real estate
\nspecialists worldwide to accelerate the success of our partners.<\/p>\n
MEASURED TO
\nIMPROVE<\/p>\n
collierscanada.com\/valuation<\/p>\n
\u00c9VALUEZ SES
\nAM\u00c9LIORATIONS <\/p>\n
collierscanada.com\/valuation<\/p>\n
Avec plus de 90 professionnels en \u00e9valuation localis\u00e9s dans 11 villes
\n\u00e0 travers le Canada, Colliers International \u00c9valuation et services
\nconsultatifs est, gr\u00e2ce \u00e0 son esprit d\u2019entreprise, un chef de file
\ndans les services immobiliers mondiaux. De par notre culture
\nd\u2019excellence en terme de service et notre sens partag\u00e9 d\u2019initiative;
\nnous int\u00e9grons les ressources de nos sp\u00e9cialistes en immobilier du
\nmonde entier afin d\u2019acc\u00e9l\u00e9rer le succ\u00e8s de nos professionnels. <\/p>\n
Think it\u2019s time to elevate your career and take your
\nearning potential to new lengths?<\/p>\n
Est-il est temps pour vous, d\u2019\u00e9voluer dans votre carri\u00e8re afin
\nd\u2019augmenter votre potentiel salarial vers un nouveau sommet?<\/p>\n
http:\/\/collierscanada.com\/valuation<\/p>\n
06 Executive Corner
\nON THE CREST OF A WAVE<\/p>\n
38 Mentoring
\nA GREAT WAY TO SUCCESSFULLY
\nBUILD YOUR COMPANY <\/p>\n
42 The Future is Bright
\nBLAKE UPHAM KNOWS
\nWHERE HE IS HEADED AND
\nHOW HE PLANS TO GET THERE<\/p>\n
46 Professional Practice Matters
\nCUSPAP 2016 \u2013
\nGET TO KNOW IT<\/p>\n
54 Legal Matters
\nNEGLIGENT MISREPRESENTATION
\nAND THE \u2018SPECIAL RELATIONSHIP\u2019<\/p>\n
60 NEWS<\/p>\n
62 DESIGNATIONS, CANDIDATES,
\nSTUDENTS<\/p>\n
08 Le coin de l\u2019ex\u00e9cutif
\nSUR LA CR\u00caTE DE LA VAGUE <\/p>\n
40 Le mentorat
\nUNE MERVEILLEUSE FA\u00c7ON DE B\u00c2TIR
\nVOTRE COMPAGNIE AVEC SUCC\u00c8S <\/p>\n
44 L\u2019avenir s\u2019annonce bien
\nBLAKE UPHAM SAIT
\nO\u00d9 IL S\u2019EN VA ET COMMENT
\nY ARRIVER<\/p>\n
50 Parlons pratique professionnelle
\nLES NUPPEC 2016 \u2013
\nAPPRENEZ \u00c0 LES CONNA\u00ceTRE <\/p>\n
57 Questions jurdiques
\nL\u2019ASSERTION N\u00c9GLIGENTE ET INEXACTE
\nET LA \u00ab RELATION SP\u00c9CIALE \u00bb<\/p>\n
60 NOUVELLES<\/p>\n
62 D\u00c9SIGNATIONS, STAGIAIRES,
\n\u00c9TUDIANTS<\/p>\n
COLUMNS \/ CHRONIQUES<\/p>\n
FEATURES \/ EN VEDETTE
\nVOL 60 | BOOK 4 \/ TOME 4 | 2016<\/p>\n
Publication Mails Agreement #40008249.
\nReturn undeliverable Canadian addresses to: Appraisal Institute of Canada,
\n403-200 Catherine St., Ottawa, ON K2P 2K9. Email: info@aicanada.ca<\/p>\n
The articles printed in this issue represent authors\u2019 opinions only
\nand are not necessarily endorsed by the APPRAISAL INSTITUTE
\nOF CANADA. Copyright 2016 by the APPRAISAL INSTITUTE OF
\nCANADA. All rights reserved. Reproduction in whole or in part
\nwithout written permission is strictly prohibited. Subscription, $40.00
\nper year. Printed in Canada. Les articles imprim\u00e9s dans ce num\u00e9ro
\nne rep\u00e9sentent que l\u2019opinion de leur auteur respectif, mais ne sont
\npas n\u00e9ces\u2013sairement endoss\u00e9s par L\u2019INSTITUT CANADIEN DES
\n\u00c9VALUATEURS. Tous droits reserv\u00e9s 2016 par L\u2019INSTITUT CANADIEN
\nDES \u00c9VALUATEURS. La reproduction totale ou partielle sous quelque
\nform que se soit sans authorisation \u00e9crite est absolument interdite.
\nAbonnement $40.00 par ann\u00e9e. Imprim\u00e9 au Canada.<\/p>\n
* The Appraisal Institute of Canada reserves the right to reject
\nadvertising that it deems to be inappropriate.
\n** The publisher and the Appraisal Institute of Canada cannot be
\nheld liable for any material used or claims made in advertising
\nincluded in this publication.Indexed in the Canadian Business
\nIndex and available on-line in the Canadian Business & Current
\nAffairs database.
\nISSN 0827-2697<\/p>\n
Publication management, design and production by:
\nDirection, conception et production par :<\/p>\n
3rd Floor \u2013 2020 Portage Avenue, Winnipeg, MB R3J 0K4
\nPhone: 866-985-9780 \u2022 Fax: 866-985-9799
\nE-mail: info@kelman.ca \u2022 Web: www.kelman.ca<\/p>\n
Managing Editor: Craig Kelman
\nDesign\/Layout: Kristy Unrau
\nMarketing Manager: Kris Fillion
\nAdvertising Co-ordinator: Stefanie Hagidiakow<\/p>\n
Director – Marketing and Communications: Sheila Roy, Ottawa
\nCommunications Officer: Mary-Jane Erickson, Ottawa<\/p>\n
AIC’S SELF-REGULATION
\nMODEL – HOW AND WHY
\nIT WORKS
\nLE MOD\u00c8LE
\nD\u2019AUTOR\u00c9GLEMENTATION
\nDE L\u2019ICE : COMMENT IL
\nFONCTIONNE ET
\nPOURQUOI IL PROT\u00c8GE
\nLE PUBLIC<\/p>\n
CMHC HOUSING MARKET
\nASSESSMENT AND OUTLOOK
\n\u00c9VALUATION ET
\nPERSPECTIVES DE LA
\nSCHL DU MARCH\u00c9 DE
\nL\u2019HABITATION AU CANADA<\/p>\n
THE RETAIL LANDSCAPE
\nIN CANADA
\nLE PAYSAGE DU COMMERCE
\nDE D\u00c9TAIL AU CANADA<\/p>\n
TELECOM VALUATION: METRO
\nVANCOUVER\u2019S EXPERIENCE
\n\u00c9VALUATION LI\u00c9E AUX
\nT\u00c9L\u00c9COMMUNICATIONS :
\nL\u2019EXP\u00c9RIENCE DE
\nMETRO VANCOUVER<\/p>\n
CONTENTS
\nTABLE DES MATI\u00c8RES<\/p>\n
10 322618<\/p>\n
Accelerating success.<\/p>\n
With over 90 valuation professionals located in 11 cities across
\nCanada, Colliers International Valuation & Advisory Services is
\na leader in global real estate services, defined by our spirit of
\nenterprise. Through a culture of service excellence and a shared
\nsense of initiative, we integrate the resources of real estate
\nspecialists worldwide to accelerate the success of our partners.<\/p>\n
MEASURED TO
\nIMPROVE<\/p>\n
collierscanada.com\/valuation<\/p>\n
\u00c9VALUEZ SES
\nAM\u00c9LIORATIONS <\/p>\n
collierscanada.com\/valuation<\/p>\n
Avec plus de 90 professionnels en \u00e9valuation localis\u00e9s dans 11 villes
\n\u00e0 travers le Canada, Colliers International \u00c9valuation et services
\nconsultatifs est, gr\u00e2ce \u00e0 son esprit d\u2019entreprise, un chef de file
\ndans les services immobiliers mondiaux. De par notre culture
\nd\u2019excellence en terme de service et notre sens partag\u00e9 d\u2019initiative;
\nnous int\u00e9grons les ressources de nos sp\u00e9cialistes en immobilier du
\nmonde entier afin d\u2019acc\u00e9l\u00e9rer le succ\u00e8s de nos professionnels. <\/p>\n
Think it\u2019s time to elevate your career and take your
\nearning potential to new lengths?<\/p>\n
Est-il est temps pour vous, d\u2019\u00e9voluer dans votre carri\u00e8re afin
\nd\u2019augmenter votre potentiel salarial vers un nouveau sommet?<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 5<\/p>\n
mailto:info@aicanada.ca
\nmailto:info@kelman.ca
\nhttp:\/\/www.kelman.ca<\/p>\n
EXECUTIVE CORNER<\/p>\n
ON THE CREST OF A WAVE
\nD A N B R E W E R , A A C I , P . A P P , P R E S I D E N T<\/p>\n
K E I T H L A N C A S T L E , M B A , C A E , C H I E F E X E C U T I V E O F F I C E R<\/p>\n
T he Appraisal Institute of Canada (AIC) is now entering into a new cycle of its Strategic Plan in which one of the key goals is
\nto provide our Members with unfettered
\naccess to the opportunities that exist for
\nthem in the marketplace. <\/p>\n
Today, the qualifications that our
\nMembers possess and the standards to
\nwhich they adhere are envied around the
\nworld. In fact, our Canadian Uniform
\nStandards of Professional Appraisal
\nPractice (CUSPAP) are universally
\nadmired, respected and accepted as the
\ngold standard for real estate valuation.
\nAlways seeking to continue the positive
\nevolution of these standards, we have
\nbroadened their scope to cover such
\nspecialties as reserve fund planning
\nand, in CUSPAP 2016, machinery and
\nequipment appraisal, both of which
\nwill open more doors to our Members
\nand generate significant earning
\nopportunities. The tools for Member
\ndiversification are definitely continuing
\nto expand. <\/p>\n
On the education front, we have long
\npartnered with the University of British
\nColumbia (UBC) and, more recently,
\nwith Laval University to establish an <\/p>\n
educational system that sets us apart
\nas an organization and is turning out
\nincredibly high caliber graduates who
\nare ready, willing and able to meet the
\nchallenges ahead and to further grow
\nthe profession. <\/p>\n
As well, we have established working
\nagreements with other professional
\norganizations in Canada and around
\nthe world that increasingly see our
\nMembers as the professionals of choice
\nwhen it comes to the valuation of real
\nestate. Simply put, we are positioning
\nourselves in such a manner that, if
\nthere is a business transaction involving
\nreal estate, there is growing demand
\nto have an AIC designated appraiser
\ninvolved in the process. Examples of the
\nreputation we are building can now be
\nseen in the way organizations such as
\nthe Government of Canada and Canada
\nMortgage and Housing Corporation
\n(CMHC), as well as lenders, mortgage
\ninsurers and Provincial regulators are
\ninviting the AIC and its Members to
\nparticipate in important industry-
\nrelated conversations and decisions.
\nThe respect for the AIC and for our
\nMembers has never been greater within
\nthe business community, the real estate <\/p>\n
\u201cTHE QUALIFICATIONS THAT
\nOUR MEMBERS POSSESS AND
\nTHE STANDARDS TO WHICH
\nTHEY ADHERE ARE ENVIED <\/p>\n
AROUND THE WORLD.\u201d<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 20166 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
EXECUTIVE CORNER<\/p>\n
industry, the government and other
\nprofessional bodies across Canada and
\naround the world.<\/p>\n
There is no doubt that recent
\naccomplishments have continued
\nto move us in our desired direction,
\nhowever, we know that we cannot rest
\non our laurels. The pace of change in the
\nmarketplace is not about to slow down.
\nWe are committed to honoring our
\npast and the accomplishments of those
\nwho have gone before us, but we are
\nalso resolute in our desire to meet the
\nchallenges of the future in this rapidly
\nchanging world in which we live and
\nwork. It is very affirming to know that
\nwe have almost 80 years of history on
\nour side, during which time appraisal
\nprofessionals have repeatedly met the
\nchallenges they faced with foresight,
\nperseverance and dedication that
\nbrought us to the advanced position we
\ncurrently hold. <\/p>\n
To continue establishing a focused
\nand successful path forward, our
\nvolunteers and our staff are committed
\nto being unequivocally open in their
\ndealings with our Members and to
\nreaching out to them for their input
\nwhenever the opportunity presents
\nitself. When we travel across the
\ncountry or around the globe
\nto meet with members or
\nto attend industry-related
\nevents, we are consistently
\nconveying our message
\nand seeking input
\nfrom those we meet.
\nWe are making
\nourselves <\/p>\n
accessible to Members when they contact
\nour National office. And we will soon
\nbe implementing a survey with our
\nMembers to secure their input on where
\nwe should be placing our focus as an
\norganization that can best serve their
\never-changing needs. Simply put, we are
\nlistening and responding accordingly.<\/p>\n
One thing is for certain. Doing
\nnothing and standing still is not an
\noption. We are at the crest of the
\nwave and we have every intention of
\nmaintaining the momentum we have
\ngenerated thus far. But, while the AIC
\ncontinues to evolve, positive change
\nalso has to happen at the grass roots
\nlevel of our profession. We are an
\norganization driven by volunteers who
\nselflessly dedicate their time and effort
\nto make our Institute and
\nour profession better.
\nAt\u00a0the end of the
\nday, it is <\/p>\n
difficult to be all things to all people
\nand our Board of Directors has to make
\ndecisions with which everyone may not
\nagree. To ensure that the best decisions are
\nmade for us to build on our past successes
\nand to achieve more of them going
\nforward, we need more of our Members
\nto connect with their peers, participate in
\nindustry events, communicate with people
\non our AIC Board and staff, respond to
\nour surveys, and volunteer to serve on
\ncommittees at both the provincial and
\nnational levels of our organization. <\/p>\n
With Members who are engaged and
\nwilling to think outside the box, the
\nprofession can become something even
\nbetter than what it is today. Change\u00a0is
\ninevitable, but growth is optional.
\nWith\u00a0your help, we can make sure that
\npositive growth continues to be a definite
\npart of our future. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n
\u201cWE ARE AT THE CREST OF THE
\nWAVE AND WE HAVE EVERY <\/p>\n
INTENTION OF MAINTAINING
\nTHE MOMENTUM WE HAVE <\/p>\n
GENERATED THUS FAR.\u201d<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 7Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
LE COIN DE L\u2019EX\u00c9CUTIFLE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n
SUR LA CR\u00caTE DE LA VAGUE
\nD A N B R E W E R , A A C I , P . A P P , P R \u00c9 S I D E N T<\/p>\n
K E I T H L A N C A S T L E , M B A , C A E , C H E F D E L A D I R E C T I O N<\/p>\n
L \u2019Institut canadien des \u00e9valuateurs (ICE) entre maintenant dans un nouveau cycle de son Plan strat\u00e9gique, dont l\u2019un des objectifs
\ncl\u00e9s est de fournir \u00e0 nos membres un acc\u00e8s
\nsans entraves aux opportunit\u00e9s qui se
\npr\u00e9sentent \u00e0 eux sur le march\u00e9.<\/p>\n
Aujourd\u2019hui, les qualifications que
\nposs\u00e8dent nos membres et les normes
\nauxquelles ils adh\u00e8rent sont envi\u00e9es
\npartout dans le monde. En\u00a0fait,
\nnos Normes uniformes de pratique
\nprofessionnelle en mati\u00e8re d\u2019 \u00e9valuation
\nau Canada (NUPPEC) sont admir\u00e9es,
\nrespect\u00e9es et accept\u00e9es mondialement
\ncomme point de r\u00e9f\u00e9rence en mati\u00e8re
\nd\u2019\u00e9valuation immobili\u00e8re. Cherchant
\ntoujours \u00e0 favoriser l\u2019\u00e9volution
\npositive de ces normes, nous avons
\n\u00e9tendu leur port\u00e9e pour couvrir des
\nsp\u00e9cialit\u00e9s comme la planification du
\nfonds de r\u00e9serve et, dans les NUPPEC
\n2016, l\u2019\u00e9valuation de machinerie
\net \u00e9quipement. Ces deux nouveaux
\ndomaines d\u2019activit\u00e9 ouvriront de
\nnouvelles avenues \u00e0 nos membres
\net leur procureront d\u2019importants
\nrevenus. La\u00a0bo\u00eete d\u2019outils pour la
\ndiversification des membres ne cesse
\nde s\u2019agrandir.<\/p>\n
Sur le front de l\u2019\u00e9ducation, nous
\nsommes partenaires depuis longtemps
\navec l\u2019Universit\u00e9 de la Colombie-
\nBritannique (U.C.-B.) et, plus
\nr\u00e9cemment, avec l\u2019Universit\u00e9 Laval pour
\n\u00e9tablir un syst\u00e8me \u00e9ducatif qui nous
\ndistingue en tant qu\u2019organisation et qui
\nproduit des dipl\u00f4m\u00e9s de tr\u00e8s fort calibre
\nqui sont pr\u00eats, d\u00e9sireux et capables de
\nrelever les d\u00e9fis de l\u2019avenir et de faire
\ngrandir la\u00a0profession.<\/p>\n
En outre, nous avons conclu des
\nententes de travail avec d\u2019autres
\norganisations professionnelles, au
\nCanada et \u00e0 l\u2019\u00e9tranger, qui consid\u00e8rent
\nde plus en plus nos membres comme les
\nprofessionnels de choix quand il s\u2019agit
\nd\u2019\u00e9valuation immobili\u00e8re. En bref,
\nnous sommes positionn\u00e9s de telle sorte
\nque, s\u2019il doit y avoir une transaction
\ncommerciale touchant l\u2019immobilier, la
\ndemande est plus forte que jamais d\u2019avoir
\nun \u00e9valuateur d\u00e9sign\u00e9 de l\u2019ICE impliqu\u00e9
\ndans le processus. On voit des exemples
\nde notre r\u00e9putation grandissante dans
\nla fa\u00e7on dont des organisations comme
\nle gouvernement du Canada et la
\nSoci\u00e9t\u00e9 canadienne d\u2019hypoth\u00e8ques et
\nde logement (SCHL), aussi bien que les
\npr\u00eateurs, les assureurs hypoth\u00e9caires <\/p>\n
\u00ab LES QUALIFICATIONS QUE
\nPOSS\u00c8DENT NOS MEMBRES <\/p>\n
ET LES NORMES AUXQUELLES
\nILS ADH\u00c8RENT SONT ENVI\u00c9ES
\nPARTOUT DANS LE MONDE. \u00bb<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 20168 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n
et les r\u00e9gulateurs provinciaux, invitent
\nmaintenant l\u2019ICE et ses membres \u00e0
\nparticiper aux conversations et aux
\nd\u00e9cisions majeures dans les questions
\nli\u00e9es \u00e0 notre secteur d\u2019activit\u00e9. Le\u00a0respect
\npour l\u2019ICE et pour nos membres
\nn\u2019a jamais \u00e9t\u00e9 aussi grand dans la
\ncommunaut\u00e9 des affaires, le secteur de
\nl\u2019immobilier, le gouvernement et d\u2019autres
\ncorps professionnels \u00e0 travers le Canada
\net partout dans le monde.<\/p>\n
Il ne fait aucun doute que les r\u00e9cents
\naccomplissements continuent de nous
\npousser dans la direction souhait\u00e9e;
\ntoutefois, nous savons qu\u2019il ne faut pas
\nnous reposer sur nos lauriers. Le rythme
\ndes changements survenant sur le
\nmarch\u00e9 n\u2019est pas sur le point de ralentir.
\nEn\u00a0m\u00eame temps que nous voulons
\nhonorer notre pass\u00e9 et les r\u00e9ussites de
\nceux et celles qui nous ont pr\u00e9c\u00e9d\u00e9, nous
\nd\u00e9sirons ardemment relever les d\u00e9fis du
\nfutur dans ce monde o\u00f9 nous vivons et
\ntravaillons et qui change si rapidement.
\nC\u2019est tr\u00e8s encourageant de savoir que
\nnous avons plus de 80 ans d\u2019histoire
\nde notre c\u00f4t\u00e9, temps durant lequel les
\n\u00e9valuateurs professionnels ont relev\u00e9
\ntous les d\u00e9fis qu\u2019ils ont rencontr\u00e9s avec
\nvision, pers\u00e9v\u00e9rance et engagement, nous
\namenant dans la position privil\u00e9gi\u00e9e o\u00f9
\nnous sommes pr\u00e9sentement.<\/p>\n
Pour continuer de paver la voie de
\nl\u2019avenir cibl\u00e9e et destin\u00e9e au succ\u00e8s,
\nnos b\u00e9n\u00e9voles et nos employ\u00e9s sont
\nd\u00e9termin\u00e9s \u00e0 faire preuve d\u2019une ouverture
\nsans \u00e9quivoque en transigeant avec nos
\nmembres et en leur demandant leurs
\nopinions et leurs suggestions chaque fois
\nque l\u2019occasion se pr\u00e9sente. Quand\u00a0nous
\nvoyageons \u00e0 travers le pays ou ailleurs
\ndans le monde pour rencontrer les
\nmembres ou assister \u00e0 des \u00e9v\u00e9nements
\nint\u00e9ressant notre secteur, nous
\ntransmettons toujours notre message et
\ndemandons \u00e0 nos interlocuteurs ce qu\u2019ils
\npensent. Nous nous rendons accessibles
\naux membres lorsqu\u2019ils contactent notre
\nbureau national. Et\u00a0nous lancerons <\/p>\n
bient\u00f4t un sondage aupr\u00e8s de nos
\nmembres pour leur demander leur avis
\nsur ce que notre organisation devrait
\nfaire pour r\u00e9pondre le mieux \u00e0 leurs
\nbesoins toujours changeants. En bref,
\nnous \u00e9coutons et nous r\u00e9pondons
\nen\u00a0cons\u00e9quence.<\/p>\n
Une chose est certaine. Ne rien faire
\net manquer le pas est hors de question.
\nNous sommes sur la cr\u00eate de la vague et
\nnous entendons bien garder la cadence
\nque nous avons cr\u00e9\u00e9e jusqu\u2019ici. Mais,\u00a0alors
\nque l\u2019ICE continue d\u2019\u00e9voluer, des
\nchangements positifs doivent aussi se
\nproduire \u00e0 la base de notre profession.
\nNous sommes une organisation anim\u00e9e
\npar l\u2019enthousiasme de nos b\u00e9n\u00e9voles
\nqui consacrent, sans compter, temps et
\nefforts pour am\u00e9liorer notre Institut et
\nnotre profession. Au bout du compte, il
\nest difficile de plaire \u00e0 tout le monde et <\/p>\n
notre Conseil d\u2019administration doit prendre
\ndes d\u00e9cisions qui ne seront pas toujours
\npopulaires. Afin de nous assurer de prendre
\nles meilleures d\u00e9cisions pour construire
\nsur nos succ\u00e8s pass\u00e9s et pour en remporter
\nd\u2019autres \u00e0 l\u2019avenir, nous avons besoin que
\nplus de membres se connectent avec leurs
\npairs, participent aux \u00e9v\u00e9nements du secteur,
\ncommuniquent avec les gens de notre Conseil
\nde l\u2019ICE et son personnel, r\u00e9pondent \u00e0 nos
\nsondages et se portent volontaires pour servir
\nau sein des comit\u00e9s, tant \u00e0 l\u2019\u00e9chelle provinciale
\nque nationale de notre organisation.<\/p>\n
Avec des membres impliqu\u00e9s et pr\u00eats \u00e0
\nsortir des sentiers battus, la profession peut
\ndevenir encore meilleure qu\u2019elle ne l\u2019est
\naujourd\u2019hui. Le changement est in\u00e9vitable,
\nmais la croissance est optionnelle. Avec
\nvotre aide, nous pouvons nous assurer que la
\ncroissance positive continue de faire partie de
\nnotre\u00a0avenir. \u00a0<\/p>\n
\u00ab NOUS SOMMES SUR LA
\nCR\u00caTE DE LA VAGUE ET NOUS <\/p>\n
ENTENDONS BIEN GARDER
\nLA CADENCE QUE NOUS <\/p>\n
AVONS CR\u00c9\u00c9E JUSQU\u2019ICI. \u00bb<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 9Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
B A C K G R O U N D
\nMetro Vancouver (MV) is a partnership of 21 municipalities, one
\nElectoral Area and one Treaty First Nation that collaboratively
\nplans for and delivers regional-scale services in the Lower
\nMainland region of British Columbia. Its core services are
\ndrinking\u00a0water, wastewater treatment and solid waste management.
\nMV\u00a0also regulates air quality, plans for urban growth, manages a
\nregional parks system and provides affordable housing. In\u00a0carrying
\nout these responsibilities, MV owns significant amounts of
\nproperty throughout the region that was acquired at different
\ntimes, in different ways, and with different pre-existing tenures to
\nother\u00a0parties. <\/p>\n
Throughout the region, MV currently has approximately 24 license and lease agreements with
\nvarious telecom operators in the telephone, television and mobile communication markets. Most of the
\nexisting agreements had initial 5-year terms that included additional extension options. In 2011, many
\nof these agreements were either about to expire or had already expired. Due to the aging agreements
\nand the rapid development of new technologies, MV sought professional advice on how best to move
\nforward with its telecom properties by upgrading the licensing agreements to better reflect current
\nindustry, property and economic conditions.<\/p>\n
This advice was sought from a number of companies with knowledge and experience in this very
\nspecialized industry, with MV ultimately settling upon the services of Planetworks Consulting\u2122
\nCorporation, an independent information technology and networks solution consultant.
\nThe\u00a0company was given instructions to inspect 10 key MV telecom sites, conduct an inventory
\nof each site, report on what equipment or sub-tenancies were allowable under the agreements
\ncompared to what is actually on-site, provide pricing model recommendations, and comment on
\nthe existing license agreements.<\/p>\n
TELECOM
\nVALUATION: <\/p>\n
Metro Vancouver\u2019s experience<\/p>\n
B Y R E N AT O J A D R I J E V, A A C I , P. A P P,
\nM E T R O VA N C O U V E R<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
E V O L U T I O N S I N T H E I N D U S T R Y
\nUpon completing the inspections, Planetworks reported that there had been considerable
\nchange in the industry over the past 30 years, including a shift to wireless technology and a
\nmassive consolidation to a limited number of players. It was also determined that, during the
\ntenure of most license agreements, company ownership frequently changed. For example,
\nseveral small operator-owned cable companies around Vancouver became Rogers Cable TV
\nin the early 1990s and then subsequently became Shaw. <\/p>\n
With such significant change in the telecom industry, it gave rise to \u2018real estate cowboys\u2019
\nwhose motive was to get the best deals possible for the carriers. These license or lease
\nagreements included exclusive control of rooftops, leases with no caps as to the number of
\nantennas (known as \u2018antenna creep\u2019), no restrictions for sub-tenants, 15-year initial terms, and
\nlower lease\/license amounts than what could realistically have been charged. That\u00a0scenario has
\nchanged considerably with the terms stipulated in MV\u2019s newly negotiated licensing agreements
\nbeing very different from those in the past (see Graph 1 \u2013 New Terms vs Old Terms).<\/p>\n
During Planetwork\u2019s review, it was also determined that the market was definitely
\nmoving toward a \u2018cost-per-antenna\u2019 pricing model in order to establish rental amounts.
\nBecause towers have limited capacities and methods to reduce the number of antennas
\nare necessary to ensure structural integrity, the large carriers are operating service across
\nmultiple bands and antenna manufacturers are moving to \u2018dual\u2019 and \u2018tri\u2019 band antennas
\nwhich carry multiple frequency assignments and radiate significantly increased power. <\/p>\n
On the technology front, it was noted that cellular operators are continuously adjusting
\nand realigning antennas, adding antennas, and adding microwave capabilities to each site in
\norder to backhaul more traffic. The bottom line is that the cell sites are always changing. <\/p>\n
T Y P E S O F S I T E S
\nThe sites that are utilized by telecom operators basically fall into four categories.<\/p>\n
Free-standing towers are typically less than 50m in height and require small plots
\nof land usually around 250 square metres. They are the most expensive to build at
\napproximately $13,000 per metre of height. <\/p>\n
Guyed towers sit on a pivot and are held in place by guy wires. They are the tallest
\ntowers and can be 100m or more in height. At approximately $10,000 per square metre,
\nthey are less expensive to build than free-standing towers, however, they require large
\ntracts of land to accommodate the anchor points. The taller the tower, the greater the land
\nrequired for the anchor points. <\/p>\n
Monopoles are effectively giant lamp standards
\nthat are typically 20-30 metres in height. They are
\nthe least expensive of the free-standing towers with
\nconstruction costing approximately $7,800 per metre
\nof height. Similar to the free-standing towers, they
\nusually require only about 250 square metres of land. <\/p>\n
Rooftop sites are the most prevalent type of cell
\nsites in Vancouver and are the most abundant form
\nof radio site being developed each year. They are
\nmounted to the parapet surrounding a rooftop or
\nonto a penthouse on the rooftop. Safety is an issue
\nwith the rooftop sites as workers such as HVAC
\ncontractors, painters, roofers, window washers,
\netc. usually have no training in the hazards of
\nradio\u00a0frequency\u00a0equipment.<\/p>\n
« RE AL ESTATE APPR AISER S DO HAVE A
\nSIGNIFIC ANT ROLE TO PL AY IN VALUING THE <\/p>\n
L AND OR BUILDING COMPONENT OF THE SITES. »<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
O T H E R C O N S I D E R A T I O N S
\nTelecom sites require a large capital expenditure that
\ntypically results in a 30-year amortization. Due to the
\npublic consultation process, towers are exceedingly
\ndifficult to build in metro regions such as Vancouver.
\nHowever, once they are built, they become an integral
\npart of the telecom network and are almost impossible
\nto relocate. The towers and guy anchor points require
\nregular structural audits and they also require
\nreinforcing as antennas are added to the load. <\/p>\n
As for paperwork, most landlords, including
\nMV, clearly stipulate that licensees are required to
\nhave all the necessary permits. However, while most
\ntelecom operators apply for permits when they are first
\ndeveloping a site, they rarely apply for city permits
\nfor any changes or additions. This situation usually
\noccurs because the telecom operators are federally
\nregulated and they tend to feel that they do not fall
\nunder any jurisdictional requirements of local cities or
\nmunicipalities. One extreme example of this discovered
\nby MV was a case where the original licensing
\nagreement for a telecom site allowed for up to 10 sub-
\ntenancies, but, upon inspection, it was determined that
\nthe site actually had 80. <\/p>\n
When it comes to safety, Health Canada has
\ndeveloped and implemented a Code 6 safety regulation
\nstipulating the maximum radiation levels that are
\nacceptable for the general public and for radio
\nfrequency (RF) workers. The general public covers
\neveryone who is not trained in the hazards of RF, while <\/p>\n
RF workers are expected to be trained in the potential hazards and to understand the
\nprecautions that need to be taken when working near telecom antennas. In\u00a0addition
\nto \u2018cordoning off\u2019 certain sites, red signs indicate exposure levels greater than
\nallowable limits for RF workers and orange signs indicate higher than allowable
\nlimits for the general public.<\/p>\n
V A L U A T I O N P R O C E D U R E S \u2013 P A S T A N D P R E S E N T
\nPast \u2013 Typically in the past, rents for telecom sites were a prescribed yearly amount
\n(often simply an amount of what the telecom was prepared to pay) and, upon
\nrenewal\/rent review periods, either had fixed increases, CPI increases or perhaps
\nno provision for increases. Often, upon renewal periods, the licenses\/leases would
\nsimply be renewed based on the provisions of the agreement. If a market estimate
\nwas required, an appraiser could be engaged. The telecom company would generally
\nsupply \u2018comparable sites rentals\u2019 for the appraiser to consider and utilize to estimate
\na fair market rent. Some appraisers would have taken this at face value, likely not
\nhaving any idea or understanding of the amount and type of equipment being
\nutilized at each site. <\/p>\n
Present \u2013 While determining a value for telecom equipment and the subsequent
\nrents that should be charged for this equipment is best left to individuals and
\ncompanies specializing in this very unique industry, real estate appraisers do have a
\nsignificant role to play in valuing the land or building component of the sites.<\/p>\n
« THOSE INVOLVED <\/p>\n
IN APPR AISING ITS <\/p>\n
VALUE MUST K EEP A <\/p>\n
WATCHFUL EYE ON <\/p>\n
DE VELOPMENTS AND <\/p>\n
BE COMMIT TED TO <\/p>\n
STAYING CURRENT WITH <\/p>\n
THE DEMANDS OF THE <\/p>\n
MARK E TPL ACE AND THE <\/p>\n
ENVIRONMENT. »<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 201612 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
In conducting a valuation of telecom
\nproperty, an appraiser should follow several
\nsteps. First, it is necessary to determine the
\ntype and location of the infrastructure.
\nFor\u00a0example, is the structure a free-standing
\ntower on land, a guyed tower on land, a
\nmonopole on land, rooftop equipment, or
\nequipment on utility towers owned by other
\nentities, such as BC Hydro. It is also important
\nto determine if the proper permits are in place
\nto comply with the property\u2019s allowable usage.
\nNext, the land rental for the property must be
\nestimated by determining the use under which
\nyou would value this type of property. Since\u00a0it
\nis unlikely that any land rent comparisons
\ncan be found, the appraiser will likely have
\nto estimate the market value of the land and
\napply an appropriate yield rate. Being sure to
\nadd in access road rent if applicable, the land
\nrent can then be estimated. <\/p>\n
For free-standing towers, guyed towers or
\nmonopoles, it is necessary to determine who
\nowns the tower or monopole and whether
\nor not it is managed by another entity.
\nThe appraiser then factors in the price of
\nequipment, a charge per square meter of land
\nor rooftop being used, a charge per square
\nmeter for any equipment room being utilized
\nwithin the building, a 50% revenue share
\nof sub-tenancies\/equipment, and any fee for
\naccess roads, if any are required. In\u00a0cases
\nwhere it is the telecom company\u2019s own
\nequipment on its own tower, there is a 50%
\nrevenue share charge based on the amount and
\ntype of equipment. It is highly recommended
\nthe appraiser work collaboratively with the
\ntelecom consultant throughout this process in
\norder to verify correctness on the amount and
\ntype of equipment installed.<\/p>\n
T H E F U T U R E
\nWhat lies ahead for the telecom industry is anyone\u2019s guess. One can even question
\nwhether or not telecom towers will exist at some point in the not-too-distant future.
\nThere is talk of things like nano-technology, where an area on a wall or a roof could
\nbe spray painted with a material that actually creates a cellular network. The point
\nis that the telecom industry is ever changing and those involved in regulating the
\nindustry, managing its properties, or appraising its value must keep a watchful eye on
\ndevelopments and be committed to staying current with the demands of the marketplace
\nand the environment. Appraisers have a significant role to play in this process as they
\ncan provide an unbiased third-party valuation of the land and buildings that the telecom
\nsites\u00a0utilize. <\/p>\n
OLD LICENSE TERMS NEW LICENSE TERMS<\/p>\n
5-year terms with 2-3, 5-year
\nrenewals at licensee discretion<\/p>\n
5-year term with 5-year
\nrenewal at MV discretion<\/p>\n
No Safety Code 6 requirement Safety Code 6 required<\/p>\n
No restrictions on new
\nequipment or change
\nof equipment<\/p>\n
Must submit request with
\ndrawings and get MV approval<\/p>\n
Set amount of sub-tenancies May charge additional license
\nfees if new equipment and
\nsub-tenancies are introduced<\/p>\n
Can enter secured
\nsites with no notice<\/p>\n
Must provide 48 hours
\nprior notice when entering
\na secured site<\/p>\n
No accountability for condition
\nof tower or equipment<\/p>\n
MV may require building
\ninspector and professional
\nengineer to inspect at
\nany time if the tower or
\nequipment is determined to
\nbe unsafe or dangerous<\/p>\n
Termination only at expiry or
\nbreach of agreement party<\/p>\n
By written agreement by
\nthe parties or 12 months\u2019
\nnotice by either<\/p>\n
Tenant responsible for their
\nproportionate share of property
\ntaxes if terminated before the
\nend of the year by either party<\/p>\n
Tenant responsible for full
\nyear\u2019s taxes irrespective of
\nwhen they actually vacated<\/p>\n
G R A P H 1 : L I C E N S E T E R M S : O L D V S . N E W<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
C O N T E X T E
\nMetro Vancouver (MV) est un partenariat de 21 municipalit\u00e9s, une
\ncirconscription \u00e9lectorale et une Premi\u00e8re Nation signataire d\u2019un trait\u00e9
\nqui \u00e9laborent ensemble et livrent des services r\u00e9gionaux dans les basses-
\nterres continentales de la Colombie-Britannique. Ses principaux services
\nsont l\u2019eau potable, le traitement des eaux us\u00e9es et la gestion des d\u00e9chets
\nsolides. En outre, MV r\u00e9glemente la qualit\u00e9 de l\u2019air, planifie la croissance
\nurbaine, administre un syst\u00e8me de parcs r\u00e9gionaux et fournit des
\nlogements \u00e0 prix abordable. Dans l\u2019exercice de ces responsabilit\u00e9s, MV
\nd\u00e9tient beaucoup de biens immobiliers dans la r\u00e9gion, acquis \u00e0 diff\u00e9rents
\nmoments, de diff\u00e9rentes mani\u00e8res et selon diff\u00e9rentes tenures pr\u00e9existantes
\navec d\u2019autres parties.<\/p>\n
\u00c0 travers la r\u00e9gion, MV d\u00e9tient pr\u00e9sentement environ 24 contrats
\nde licence et de location avec divers op\u00e9rateurs de t\u00e9l\u00e9communications
\ndans les march\u00e9s de la t\u00e9l\u00e9phonie, la t\u00e9l\u00e9vision et la communication
\nmobile. La majorit\u00e9 des contrats existants avaient un terme initial de
\ncinq ans et pr\u00e9voyaient d\u2019autres options de prolongement. En 2011,
\nbeaucoup de ces contrats \u00e9taient sur le point d\u2019\u00e9choir ou avaient d\u00e9j\u00e0
\nexpir\u00e9. En raison des contrats vieillissants et du d\u00e9veloppement rapide des
\nnouvelles technologies, MV a demand\u00e9 \u00e0 des professionnels comment le
\nmieux proc\u00e9der avec ses biens immobiliers de t\u00e9l\u00e9communications pour
\nmoderniser les contrats de licence afin qu\u2019ils refl\u00e8tent plus fid\u00e8lement l\u2019\u00e9tat actuel de l\u2019industrie, des
\nbiens immobiliers et des conditions \u00e9conomiques.<\/p>\n
Ayant recherch\u00e9 ces avis aupr\u00e8s de plusieurs compagnies ayant des connaissances et de l\u2019exp\u00e9rience
\ndans cette industrie tr\u00e8s sp\u00e9cialis\u00e9e, MV a finalement retenu les services de Planetworks Consulting\u2122
\nCorporation, un consultant ind\u00e9pendant en technologies de l\u2019information et en solutions r\u00e9seau.
\nLa compagnie a re\u00e7u instruction d\u2019inspecter 10 sites de t\u00e9l\u00e9communications cl\u00e9s de MV, faire un
\ninventaire de chaque site, rapporter quel \u00e9quipement ou quelles sous-locations \u00e9taient permis en vertu
\ndes contrats, comparativement \u00e0 ce qui se trouve effectivement sur les sites, recommander un mod\u00e8le
\nde fixation des prix et, enfin, formuler des commentaires sur les contrats de licence existants.<\/p>\n
\u00c9VALUATION LI\u00c9E AUX
\nT\u00c9L\u00c9COMMUNICATIONS : <\/p>\n
L\u2019exp\u00e9rience de Metro Vancouver<\/p>\n
P A R R E N AT O J A D R I J E V, A A C I , P. A P P,
\nM E T R O VA N C O U V E R<\/p>\n
\u2264 LES \u00c9 VALUATEUR S IMMOBILIER S ONT UN GR AND
\nR\u00d4LE \u00c0 JOUER DANS L\u2019 \u00c9 VALUATION DU TERR AIN E T <\/p>\n
DES B\u00c2TIMENTS QUI S\u2019 Y TROUVENT. \u2265<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 201614 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
\u00c9 V O L U T I O N D A N S L\u2019 I N D U S T R I E
\nApr\u00e8s avoir effectu\u00e9 ses inspections, Planetworks a rapport\u00e9 que l\u2019industrie avait consid\u00e9rablement
\nchang\u00e9 depuis 30 ans, incluant une transition vers la technologie sans fil et une consolidation
\nmassive \u00e0 un nombre limit\u00e9 de joueurs. On a aussi constat\u00e9 que, durant la tenure de la plupart des
\ncontrats de licence, les propri\u00e9taires des compagnies avaient fr\u00e9quemment chang\u00e9. Par exemple,
\nplusieurs entreprises de c\u00e2blodistribution d\u00e9tenues par des petits op\u00e9rateurs dans la r\u00e9gion de
\nVancouver sont devenues Rogers Cable TV au d\u00e9but des ann\u00e9es 1990, avant de devenir Shaw.<\/p>\n
La transformation aussi importante de l\u2019industrie des t\u00e9l\u00e9communications a ouvert la voie
\n\u00e0 des \u00ab cow-boys immobiliers\u00a0\u00bb, qui voulaient conclure les meilleurs march\u00e9s possibles pour les
\ntransporteurs. Ces contrats de licence ou de location incluaient le contr\u00f4le exclusif des toits, des
\nbaux sans limites du nombre d\u2019antennes (appel\u00e9s \u00ab invasion d\u2019antennes\u00a0\u00bb), pas de restrictions
\nconcernant les sous-locataires, des premiers termes de 15 ans ainsi que des montants de location\/
\nlicence moins \u00e9lev\u00e9s que ceux que l\u2019on aurait pu charger en r\u00e9alit\u00e9. Ce\u00a0sc\u00e9nario a beaucoup
\nchang\u00e9, avec les nouveaux termes stipul\u00e9s dans les contrats de licence r\u00e9cemment n\u00e9goci\u00e9s par
\nMV, qui diff\u00e8rent grandement des contrats ant\u00e9rieurs (voir le Graphique 1 \u2013 Anciens termes c.
\nNouveaux termes).<\/p>\n
L\u2019examen de Planetwork a permis de constater que le march\u00e9 se dirigeait d\u00e9finitivement vers un
\nmod\u00e8le de fixation des prix bas\u00e9 sur le \u00ab co\u00fbt par antenne\u00a0\u00bb pour \u00e9tablir les montants de location.
\nLes tours ayant des capacit\u00e9s limit\u00e9es et les m\u00e9thodes pour r\u00e9duire le nombre d\u2019antennes \u00e9tant
\nn\u00e9cessaires pour assurer l\u2019int\u00e9grit\u00e9 structurale, les grands transporteurs livrent leurs services sur
\nbandes multiples et les fabricants d\u2019antennes commencent \u00e0 produire des antennes bibandes et
\ntribandes, qui peuvent recevoir plusieurs attributions de fr\u00e9quences et rayonner beaucoup plus
\nde\u00a0puissance.<\/p>\n
Sur le plan de la technologie, on a not\u00e9 que les op\u00e9rateurs cellulaires ajustent et r\u00e9orientent les
\nantennes, ajoutent des antennes et augmentent les capacit\u00e9s de micro-ondes dans chaque site sur
\nune base r\u00e9guli\u00e8re, afin d\u2019assurer la liaison terrestre d\u2019un plus grand trafic. Essentiellement, les
\nsites cellulaires sont en constante \u00e9volution.<\/p>\n
T Y P E S D E S I T E S
\nLes sites qu\u2019utilisent les op\u00e9rateurs de t\u00e9l\u00e9communications se classent en g\u00e9n\u00e9ral dans
\nquatre\u00a0cat\u00e9gories.<\/p>\n
Les pyl\u00f4nes autoportants ont souvent moins de 50 m de hauteur et requi\u00e8rent de petites
\nparcelles de terrain, habituellement environ 250 m\u00b2. Ils sont les plus chers \u00e0 construire, soit
\napproximativement 13 000 $ par m\u00e8tre de hauteur.<\/p>\n
Les pyl\u00f4nes hauban\u00e9s reposent sur un pivot et sont maintenus en place par des fils de
\nretenue. Ce sont les plus hauts pyl\u00f4nes, qui peuvent atteindre ou d\u00e9passer les 100 m. \u00c0 environ
\n10 000 $ par m\u00e8tre carr\u00e9, ils co\u00fbtent moins cher \u00e0 construire que les pyl\u00f4nes autoportants;
\ncependant, ils n\u00e9cessitent de grands terrains pour recevoir les points d\u2019ancrage. Plus la tour est
\n\u00e9lev\u00e9e, plus le terrain est grand \u00e0 cause de ces points d\u2019ancrage.<\/p>\n
Les antennes unipolaires sont des poteaux supports
\nd\u2019appareil d\u2019\u00e9clairage g\u00e9ants ayant g\u00e9n\u00e9ralement 20 \u00e0
\n30 m\u00e8tres de hauteur. Elles sont les moins dispendieuses
\nparmi les pyl\u00f4nes autoportants, leur construction co\u00fbtant
\nenviron 7 800 $ par m\u00e8tre de hauteur. Comme pour les
\npyl\u00f4nes autoportants, elles n\u2019ont habituellement besoin que
\nd\u2019environ 250 m\u00b2 de terrain.<\/p>\n
Les sites sur toit sont le type le plus courant de site
\ncellulaire \u00e0 Vancouver et sont la forme de site de radio la
\nplus souvent d\u00e9velopp\u00e9e chaque ann\u00e9e. Ils sont mont\u00e9s sur
\nle parapet entourant un toit ou sur une construction hors-
\ntoit. La s\u00e9curit\u00e9 des sites sur toit est importante, car les
\ntravailleurs tels entrepreneurs en CVC, peintres, couvreurs,
\nlaveur de vitres, etc., n\u2019ont presque jamais de formation sur
\nles dangers que pose l\u2019\u00e9quipement radiofr\u00e9quence.<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
A U T R E S C O N S I D \u00c9 R A T I O N S
\nLes sites de t\u00e9l\u00e9communications n\u00e9cessitent
\nune importante d\u00e9pense en capital, qui r\u00e9sulte
\nfr\u00e9quemment en un amortissement de 30 ans. \u00c0
\ncause du processus de consultation publique, les tours
\nsont excessivement difficiles \u00e0 construire dans les
\nr\u00e9gions m\u00e9tropolitaines comme celle de Vancouver.
\nCependant, une fois construites, elles deviennent une
\npartie int\u00e9grante du r\u00e9seau de t\u00e9l\u00e9communications
\net sont presque impossibles \u00e0 relocaliser. Les tours et
\nles points d\u2019ancrage \u00e0 fils requi\u00e8rent des v\u00e9rifications
\nstructurales p\u00e9riodiques ainsi que des renforcements \u00e0
\nmesure que des antennes sont ajout\u00e9es \u00e0 leur charge.<\/p>\n
Pour ce qui touche les documents, la plupart des
\npropri\u00e9taires, y compris MV, stipulent clairement
\nque les d\u00e9tenteurs de licences doivent poss\u00e9der tous
\nles permis requis. Toutefois, alors que la majorit\u00e9 des
\nop\u00e9rateurs de t\u00e9l\u00e9communications font une demande
\nde permis quand ils commencent \u00e0 d\u00e9velopper un
\nsite, ils demandent rarement un permis \u00e0 la ville
\npour apporter des changements ou ajouter des
\n\u00e9l\u00e9ments. Cette situation existe g\u00e9n\u00e9ralement parce
\nque les op\u00e9rateurs de t\u00e9l\u00e9communications sont
\nr\u00e9glement\u00e9s par le gouvernement f\u00e9d\u00e9ral et qu\u2019ils ne
\ncroient pas \u00eatre assujettis aux champs de comp\u00e9tence
\nlocaux des villes ou des municipalit\u00e9s. Un exemple
\nextr\u00eame de cette situation, d\u00e9couvert par MV, est
\nun cas o\u00f9 le contrat de licence original pour le site
\nde t\u00e9l\u00e9communications permettait jusqu\u2019\u00e0 10 sous-
\nlocations, mais l\u2019inspection a r\u00e9v\u00e9l\u00e9 qu\u2019il en avait en
\nr\u00e9alit\u00e9 80.<\/p>\n
En mati\u00e8re de s\u00e9curit\u00e9, Sant\u00e9 Canada a \u00e9labor\u00e9 et
\nimplant\u00e9 un Code de s\u00e9curit\u00e9 6, stipulant les niveaux <\/p>\n
de rayonnement maximum qui sont acceptables pour le grand public et pour les
\ntravailleurs sous radiofr\u00e9quence (RF). Grand public signifie toute personne qui n\u2019a pas
\nde formation sur les dangers des RF, alors que les travailleurs sous RF devraient avoir
\n\u00e9t\u00e9 form\u00e9s sur leurs dangers potentiels et comprendre les pr\u00e9cautions \u00e0 prendre en
\ntravaillant pr\u00e8s des antennes de t\u00e9l\u00e9communications. De plus, pour \u00ab isoler\u00a0\u00bb certains
\nsites, des panneaux rouges indiquent les niveaux d\u2019exposition d\u00e9passant les limites
\npermises pour les travailleurs sous RF, alors que des panneaux orang\u00e9s indiquent les
\nlimites permises pour le grand public.<\/p>\n
M \u00c9 T H O D E D \u2019 \u00c9 V A L U A T I O N \u2212 P A S S \u00c9 E E T P R \u00c9 S E N T E
\nHier \u2013 En g\u00e9n\u00e9ral dans le pass\u00e9, le loyer d\u2019un site de t\u00e9l\u00e9communications \u00e9tait un
\nmontant prescrit annuellement (souvent simplement un montant que le transporteur
\n\u00e9tait pr\u00eat \u00e0 payer) et, en p\u00e9riode de renouvellement\/examen du loyer, \u00e9tait soit frapp\u00e9
\nd\u2019une augmentation fixe, soit en fonction de l\u2019IPC, ou ne pr\u00e9voyait peut-\u00eatre pas
\nd\u2019augmentation. Il arrivait souvent qu\u2019au moment du renouvellement, les licences\/
\nlocations \u00e9taient simplement renouvel\u00e9es selon les dispositions du contrat. Si une
\nestimation du march\u00e9 \u00e9tait requise, on pouvait embaucher un \u00e9valuateur. La compagnie
\nde t\u00e9l\u00e9communications fournissait habituellement des \u00ab loyers de sites comparables\u00a0\u00bb, que
\nl\u2019\u00e9valuateur utilisait pour estimer un juste loyer marchand. Certains \u00e9valuateurs auraient
\npris cela comme valeur nominale, ne connaissant ou ne comprenant probablement pas la
\nquantit\u00e9 ni le type d\u2019\u00e9quipement utilis\u00e9 dans chaque site.<\/p>\n
\u2264 LES PER SONNES
\nQUI SONT CHARG\u00c9ES <\/p>\n
D’ESTIMER LEUR VALEUR
\nDOIVENT SUIVRE LE <\/p>\n
RY THME DE CE T TE
\nTR ANSFORMATION E T <\/p>\n
DOIVENT R\u00c9PONDRE
\nIMM\u00c9DIATEMENT AUX <\/p>\n
NOUVELLES DEMANDES
\nDES MARCH\u00c9S E T DE
\nL\u2019 ENVIRONNEMENT. \u2265<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
Aujourd\u2019hui \u2013 Alors que l\u2019\u00e9tablissement
\nd\u2019une valeur pour l\u2019\u00e9quipement de
\nt\u00e9l\u00e9communications et des loyers subs\u00e9quents
\nqui devraient \u00eatre charg\u00e9s pour cet \u00e9quipement
\ndevrait \u00eatre laiss\u00e9 aux personnes et aux
\ncompagnies sp\u00e9cialis\u00e9es dans cette industrie tr\u00e8s
\nunique, les \u00e9valuateurs immobiliers ont un grand
\nr\u00f4le \u00e0 jouer dans l\u2019\u00e9valuation du terrain et des
\nb\u00e2timents qui s\u2019y trouvent.<\/p>\n
En \u00e9valuant un bien immobilier de
\nt\u00e9l\u00e9communications, un \u00e9valuateur devrait suivre
\nplusieurs \u00e9tapes. D\u2019abord, il faut d\u00e9terminer
\nle type et l\u2019emplacement de l\u2019infrastructure.
\nPar exemple, la structure est-elle un pyl\u00f4ne
\nautoportant sur terre, un pyl\u00f4ne hauban\u00e9 sur terre,
\nune antenne unipolaire sur terre, un \u00e9quipement
\nsur toit ou encore un \u00e9quipement mont\u00e9 sur une
\ntour de service public appartenant \u00e0 une autre
\nentit\u00e9, comme BC Hydro ? Il est aussi important
\nde d\u00e9terminer si les permis ad\u00e9quats sont en place
\npour se conformer \u00e0 l\u2019utilisation permise du bien
\nimmobilier. Ensuite, le loyer du terrain pour le
\nbien immobilier doit \u00eatre estim\u00e9 en d\u00e9terminant
\nl\u2019utilisation qui vous servirait \u00e0 \u00e9valuer ce bien
\nimmobilier. Comme il est peu probable qu\u2019il
\ntrouve des loyers de terrains comparables,
\nl\u2019\u00e9valuateur devra vraisemblablement estimer
\nla valeur marchande du terrain et appliquer un
\ntaux de rendement appropri\u00e9. Apr\u00e8s s\u2019\u00eatre assur\u00e9
\nd\u2019ajouter le loyer d\u2019une voie d\u2019acc\u00e8s, le cas \u00e9ch\u00e9ant,
\nil peut alors estimer le loyer du terrain.<\/p>\n
Il faut identifier les propri\u00e9taires des
\npyl\u00f4nes autoportants, des pyl\u00f4nes hauban\u00e9s
\nou des antennes unipolaires, et savoir s\u2019ils sont
\nadministr\u00e9s par une autre entit\u00e9. L\u2019\u00e9valuateur
\najoute alors les facteurs suivants : prix de
\nl\u2019\u00e9quipement; frais par m\u00e8tre carr\u00e9 de terrain
\nou de toit utilis\u00e9; frais par m\u00e8tre carr\u00e9 d\u2019une
\nsalle d\u2019\u00e9quipement utilis\u00e9 dans le b\u00e2timent;
\npart de 50 % des revenus de sous-location\/
\n\u00e9quipement; et frais pour voie d\u2019acc\u00e8s, si n\u00e9cessaire. Quand l\u2019\u00e9quipement et la tour appartiennent \u00e0 la compagnie
\nde t\u00e9l\u00e9communications, on charge des frais de partage de revenus de 50 %, calcul\u00e9s selon la quantit\u00e9 et le type
\nd\u2019\u00e9quipement. Il est fortement recommand\u00e9 que l\u2019\u00e9valuateur travaille en collaboration avec le consultant en
\nt\u00e9l\u00e9communications durant ce processus, afin de conna\u00eetre avec pr\u00e9cision la quantit\u00e9 et le type d\u2019\u00e9quipement install\u00e9.<\/p>\n
D E M A I N
\nIl faudrait \u00eatre devin pour savoir ce qui attend l\u2019industrie des t\u00e9l\u00e9communications. On pourrait m\u00eame se questionner \u00e0
\nsavoir si les tours de t\u00e9l\u00e9communications existeront encore dans un avenir pas trop \u00e9loign\u00e9. Certains parlent de choses
\ncomme la nanotechnologie, o\u00f9 l\u2019on pourrait peindre au pistolet une partie d\u2019un mur ou d\u2019un toit avec un mat\u00e9riau qui
\ncr\u00e9e un v\u00e9ritable r\u00e9seau cellulaire. Ce qu\u2019il faut retenir, c\u2019est que l\u2019industrie des t\u00e9l\u00e9communications se transforme sans
\ncesse et que les personnes qui sont charg\u00e9es de r\u00e9glementer l\u2019industrie, administrer ses biens immobiliers ou estimer leur
\nvaleur doivent suivre le rythme de cette transformation et doivent r\u00e9pondre imm\u00e9diatement aux nouvelles demandes des
\nmarch\u00e9s et de l\u2019environnement. Les \u00e9valuateurs ont un r\u00f4le important \u00e0 jouer dans ce processus, car ils peuvent fournir
\nl\u2019\u00e9valuation d\u2019un tiers impartial du terrain et des b\u00e2timents qu\u2019utilisent les sites de t\u00e9l\u00e9communications. <\/p>\n
G R A P H I Q U E 1 : T E R M E S D E S L I C E N C E S : A N C I E N S C . N O U V E A U X<\/p>\n
ANCIENS TERMES
\nDES LICENCES<\/p>\n
NOUVEAUX TERMES
\nDES LICENCES<\/p>\n
Terme de 5 ans, avec
\nrenouvellement de 2-3, 5 ans, \u00e0 la
\ndiscr\u00e9tion du titulaire de licence<\/p>\n
Terme de 5 ans, avec
\nrenouvellement de 5 ans,
\n\u00e0 la discr\u00e9tion de MV<\/p>\n
Pas de Code de s\u00e9curit\u00e9 6 requis Code de s\u00e9curit\u00e9 6 requis<\/p>\n
Pas de restrictions sur le
\nnouvel \u00e9quipement ou les
\nchangements d\u2019\u00e9quipement<\/p>\n
Doit soumettre une demande,
\navec dessins, et obtenir
\nl\u2019approbation de MV<\/p>\n
Montant fixe de sous-locations Peut charger des frais
\nadditionnels de licence pour
\ndu nouvel \u00e9quipement et des
\nsous-locations additionnellesd<\/p>\n
Peut entrer dans les sites
\ns\u00e9curis\u00e9s sans pr\u00e9avis<\/p>\n
Doit donner un pr\u00e9avis de
\n48 heures avant d\u2019entrer
\ndans un site s\u00e9curis\u00e9<\/p>\n
Pas d\u2019imputabilit\u00e9 pour
\nla condition de la tour
\nou de l\u2019\u00e9quipement<\/p>\n
MV peut exiger qu\u2019un inspecteur en
\nb\u00e2timent et un ing\u00e9nieur fassent
\nune inspection en tout temps si la
\ntour et(ou) l\u2019\u00e9quipement sont jug\u00e9s
\nnon s\u00e9curitaires ou dangereux<\/p>\n
R\u00e9siliation seulement \u00e0 la
\ndate d\u2019expiration ou pour
\nviolation de contrat<\/p>\n
Sur une entente \u00e9crite des parties
\nou sur pr\u00e9avis de 12 mois par
\nl\u2019une ou l\u2019autre des parties<\/p>\n
Locataire responsable pour sa part
\ndes taxes fonci\u00e8res si le contrat
\nest r\u00e9sili\u00e9 avant la fin de l\u2019ann\u00e9e
\npar l\u2019une ou l\u2019autre des parties<\/p>\n
Locataire responsable pour les
\ntaxes de toute l\u2019ann\u00e9e, peu importe
\nle moment o\u00f9 il quitte les lieux<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 17Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
The retail landscape in
\nCANADA
\nBY SANDY SHINDLEMAN, PRESIDENT & CEO, SHINDICO REALTY, WINNIPEG<\/p>\n
The global retail environment is in the midst of an industry wide shift, as the online shopping experience continues to improve.
\nConsumers are placing a greater emphasis
\non convenience and today\u2019s successful
\nretailers are combining bricks and mortar
\nstores with e-commerce to drive total sales.
\nAdditionally, some companies are breaking
\nthe mold by first opening online stores and
\nthen expanding via physical storefronts.<\/p>\n
Canadians saw a number of new
\nretailers and restaurants enter the
\nmarket in 2016, while other recent
\nadditions continued their expansion.
\nMuch was made about the rapid
\ndeparture of Target, but most of
\nthe space they left behind has been
\nre-leased. Additionally, the global
\nappetite for products made in Canada
\nhas helped revive Canadian clothing
\nmanufacturers like Canada\u00a0Goose. <\/p>\n
Retail spending amongst consumers
\nincreased nationally in 2016, and 2017 is
\nexpected to be no different. <\/p>\n
From a provincial perspective, Manitoba\u2019s
\nconsistent positive growth has started to
\nattract national headlines. The province\u2019s
\ndiversified economy helps to avoid boom
\nand bust cycles, while low unemployment
\nprovides boots on the ground for retailers.
\nHigh construction costs constrain supply
\nand avoid overdevelopment. <\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
improve the in-store experience to drive
\ntraffic. We are seeing large department
\nstores pivot, with dining being a key
\npart of the recently renovated Hudson\u2019s
\nBay on Queen Street in Toronto, and
\nthe newly opened Nordstroms at the
\nEaton Centre. The Oliver & Bonacini
\ngroup is responsible for the food hall in
\nthe basement of The Bay, while there
\nis a sports bar in the men\u2019s section
\nat\u00a0Nordstroms. <\/p>\n
More retail assets are being tenanted
\nwith businesses that offer consumers
\nsomething to eat or do. Examples include
\nescape rooms, 24\/7 gyms and better
\nburger restaurants. As appraisers, we must
\nbe cognizant of the stable and predictable
\ncash flows that these businesses generate.
\nNot having to rely on keeping up with the
\nlatest fashion trends provides operators
\nwith more continuity and less risk on a
\nyear-to-year basis. <\/p>\n
CANADIAN RETAIL
\nThe Canadian retail market continues
\nto perform well despite headwinds from
\noil prices and closings like Target and
\nFuture Shop. The majority of the boxes
\nthese companies left behind have been
\nabsorbed as new businesses continue to
\nenter the market. <\/p>\n
I am old enough to remember the
\npublicity over the closing of Woodwards.
\nAbandoned locations were home to
\nsquatters and pigeons, but the spaces
\nwere ultimately repositioned, and
\na number of shopping centres that
\nhoused the retailer have since expanded.
\nLater,\u00a0when retailers like Simpsons
\nand Eatons closed, Canadians were
\nonce again worried that we were losing
\n\u201ciconic\u00a0for some\u201d retailers. <\/p>\n
The most notable departure of 2016
\nwas certainly Target\u2019s. The general
\nconsensus is that the closure had much
\nless to do with the Canadian consumer
\nand much more to do with Target\u2019s
\ninability to execute. The company
\nexpanded too quickly and was unable
\nto stock shelves with the products that
\nCanadians craved \u2013 the products they
\nwere used to buying in Target\u2019s American
\nstores. Empty shelves combined with
\nhigher prices resulted in 133 big box
\nstores across Canada suddenly becoming
\navailable. Target\u2019s parent company was
\nresponsible for 29 of these leases, while
\nmost of the others have since been
\nreleased to different retailers.<\/p>\n
Because of the resiliency the Canadian
\nretail market has demonstrated,
\ncompanies continue to view Canada as <\/p>\n
RETAIL IN GENERAL
\nTo see just how much retail has changed
\nover the last 20 years, one need look
\nno further than the market cap of
\ncompanies like Amazon and Alibaba, as
\ncompared to companies like Walmart
\nand Sears. Amazon is valued at $350B,
\nwhile Alibaba is valued at $191B, despite
\nonly both having one physical store.
\nCompare this to Walmart, valued at
\n$285B, with 6,290 stores, and Sears,
\nvalued at $19.7B, with 717 stores. <\/p>\n
Further, retailers like Harry\u2019s and
\nWarby Parker broke the traditional mold
\nby achieving eight digit valuations via
\ntheir online stores. Harry\u2019s manufactures
\nand sells high quality razor blades,
\nwhile Warby Parker designs and sells its
\nown trendy eyeglasses and sunglasses.
\nIn 2015, Harry\u2019s was valued at $750M,
\ndespite only having one location, while
\nWarby Parker was valued at $1.2B, with
\n30 store fronts. <\/p>\n
While the shift to online sales has
\nharmed some formerly heralded retailers,
\nothers like Home Depot and Lowes
\nhave been able to benefit by creating
\nan unrivaled omni channel experience.
\nBoth\u00a0companies have used their bricks
\nand mortar locations as distribution
\ncentres in an effort to drive total
\nsales. At\u00a0Home Depot, 2015 revenue
\nwas up $13B to $83B as compared
\nto 2012 revenues of approximately
\n$70B. By\u00a0allowing customers a wider
\nrange of products online, with in store
\npickup, big\u00a0box stores have the potential
\nto provide the best of both worlds.
\nAdditionally, the stores enjoy the cost
\nsavings associated with being able to
\nhouse a broader range of product in one
\ncentralized location. <\/p>\n
Millennials shop online more than
\nbaby boomers, but they still enjoy
\nvisiting stores. Their in-store demands
\nare much different from those of baby
\nboomers. For example, millennials
\ngenerally prefer avoiding sales people
\nwhen possible \u2013 they are more content
\ndoing their own research and browsing
\non their own. Conversely, baby boomers
\nfavour stores with excellent in-store
\nservice. In order to adjust to the trend,
\nretailers must continue to innovate and <\/p>\n
BY SANDY SHINDLEMAN, PRESIDENT & CEO, SHINDICO REALTY, WINNIPEG<\/p>\n
B.C. Manitoba Ontario P.E.I. Quebec<\/p>\n
5.5%
\n5.1% 5.0%<\/p>\n
4.6%
\n4.1%<\/p>\n
2015\/2016 RETAIL SALES FORECASTED CHANGE<\/p>\n
\u201cRetailers must continue to innovate and
\nimprove the in-store experience to drive traffic.\u201d<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 19Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
a source of new customers. This can be
\nseen with luxury department stores like
\nNordstroms opening six stores and Saks
\nopening four stores across the country.
\nQuick service restaurants like Chipotle
\nand Panera also continue to expand, while
\nthe organic grocer, Whole Foods already
\nhas 11 Canadian locations. <\/p>\n
According to RBC Economics, retail
\nspending amongst consumers in Canada
\nis expected to increase by 3.7% y\/y in
\n2016. In December of 2015, shopping
\nmalls across the country saw a 4.2%
\nincrease in sales per square foot, with
\nAlberta being the only province that
\nexperienced a decline. Strong consumer
\nspending has helped keep vacancy low,
\nwith most super regional malls across
\nthe country enjoying sub 4% vacancy.
\nLandlords like Cadillac Fairview have
\nbeen able to reinvest in their asset base
\nwhile expanding existing malls as a result
\nof the demand for space. <\/p>\n
Canadian clothing labels have enjoyed
\na renaissance with \u2018Made In Canada\u2019
\ncarrying a global cache. No company
\nrepresents this better than Canada Goose, <\/p>\n
perhaps the best-known parka designer
\nof the 21st century. Superior products
\ncombined with the ability to market
\n\u2018Made in Canada\u2019 have allowed the
\ncompany to earn the trust of customers
\nfrom around the globe. <\/p>\n
A steady economy combined with
\nCanada\u2019s close proximity to the United
\nStates means that our country is likely to
\nbe home to more and more best-in-class
\nglobal retailers. The Canadian market is
\nnot overdeveloped, and high replacement
\ncosts mean that existing assets are well
\npositioned to succeed in the future. <\/p>\n
MANITOBA \u2013 A STRONG
\nPERFORMER WITHIN THE
\nCANADIAN RETAIL LANDSCAPE
\nManitoba had the third highest GDP
\ngrowth of any province in 2015, and
\n2016 is projected to be the same. In 2017,
\nRBC Economics thinks that Manitoba
\nand Ontario will be the best performing
\neconomies in Canada, with forecasted
\ngrowth of 2.4%. At a projected 5.9%
\nin 2016, RBC also thinks Manitoba
\nwill have the lowest unemployment <\/p>\n
rate nationwide. Strong GDP growth
\ncombined with low unemployment is
\nexpected to drive a 5.1% increase in retail
\nsales in 2016, the second highest behind
\nonly BC. Manitoba\u2019s outperformance
\ncontinues to gain national attention, with
\nmore retailers and institutional inventors
\ngaining interest in the province\u2019s assets <\/p>\n
A strong manufacturing base,
\ncombined with international trucking
\ncompanies and crown corporations
\nprovides Manitoba with solid
\nemployment. As a Winnipegger, I am
\noften pleasantly surprised to see what is
\nbeing made for export when I drive by
\nnon-descript industrial buildings around
\nthe city. Canada Goose has a local
\nmanufacturing facility. MacDon, one of
\nthe largest manufacturers of agriculture
\nequipment in the world, is headquartered
\nin Winnipeg. International trucking
\ngiants Trans X and Bison Transport are
\nalso locally owned and operated. <\/p>\n
On April 30, 2016, The Globe and
\nMail ran a featured article entitled
\nWinnipeg: Canada\u2019s Unlikely Economic
\nSweet Spot. One of Canada\u2019s most
\nsuccessful tech startups, Skip the Dishes,
\nwas profiled, as the company decided
\nto locate its head office in Winnipeg.
\nFounder Joshua Simair said that he was
\nintrigued by Winnipeg\u2019s low cost of
\nliving, its deep underutilized talent pool,
\nand the city\u2019s strong sense of community.
\nThe Globe also indicates that, as a result
\nof Manitoba\u2019s diversified economy, real
\nGDP shrank by only 0.2% in 2009,
\nwhile Alberta, Saskatchewan and Ontario
\nexperienced declines of 5.5%, 5.3% and
\n3.1% respectively.<\/p>\n
On a per square foot basis, Manitoba
\nis not over retailed. Since 2000, the
\nprovince has seen its total inventory of
\nretail space increase by 3M square feet.
\nThe vacancy rate is 4.6% for community
\nstrips, 4.7% for power centres, and 7.2%
\nfor regional malls. It is important to note
\nthat a few tired, underperforming assets
\nskew the data for regional malls. The high
\ncost of construction is partly responsible
\nfor the tight supply in the market.
\nShopping centres that offer excess land
\nfor expansion are considered especially
\nvaluable in the Manitoba market. <\/p>\n
On
\nta<\/p>\n
rio
\nMa<\/p>\n
nit
\nob<\/p>\n
a<\/p>\n
Al
\nbe<\/p>\n
rta B.C
\n.<\/p>\n
Qu
\neb<\/p>\n
ec
\nSa<\/p>\n
sk
\nat<\/p>\n
ch
\new<\/p>\n
an
\nNo<\/p>\n
va
\n Sc<\/p>\n
ot
\nia<\/p>\n
P.E
\n.I.<\/p>\n
Ne
\nw <\/p>\n
Br
\nun<\/p>\n
sw
\nick<\/p>\n
Ne
\nwf<\/p>\n
ou
\nnd<\/p>\n
lan
\nd<\/p>\n
2.4% 2.4% 2.3%<\/p>\n
1.9%
\n1.6% 1.6%<\/p>\n
1.1%
\n0.8%<\/p>\n
0.5%<\/p>\n
-1.5%<\/p>\n
2016 FORECASTED GDP GROWTH<\/p>\n
\u201cA steady economy combined with Canada\u2019s
\nclose proximity to the United States means that <\/p>\n
our country is likely to be home to more and
\nmore best-in-class global retailers.\u201d<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 201620 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
Manitoba\u2019s slow, steady growth means
\nthat assets do not become economically
\nobsolete as quickly as they do in
\nother Canadian and American cities.
\nAdditionally, the predictability of the
\nManitoba economy means cash flows
\nare more certain, resulting in the kind
\nof low volatility investments that many
\ninvestors demand. Retail assets rarely
\ncome for sale, so, when they do, these
\nfactors make them trade at premium
\nmultiples. Job growth, combined with
\npositive immigration, should continue to
\nincrease the demand for space, while high
\nconstruction costs restrict developers\u2019
\nability to add an abundance of square
\nfootage to the market. <\/p>\n
Indicative of this positive outlook
\nfor the Keystone province, Shindico
\nRealty has a robust pipeline of projects
\nin Manitoba, with 6M+ square feet
\nplanned. The majority of our projects
\nunder development are signature infill
\nproperties. Over 1,000,000 SF of mixed-
\nuse development is planned at Grant <\/p>\n
Park Pavilions in one of Winnipeg\u2019s
\nmost desirable neighborhoods \u2013 River
\nHeights. The Plaza at Polo Park is a joint
\nventure with Cadillac Fairview located
\nat the former Winnipeg Blue Bombers
\nstadium site. Adjacent to Winnipeg\u2019s
\nbest performing mall, Polo Park, this
\n600,000+ SF project will house offices,
\nretail, and a hotel. Westport Festival also <\/p>\n
offers over 1,000,000 SF+ conveniently
\nlocated at the Red River Exhibition
\nGrounds, which houses a number of
\nnational and international trade shows
\nfocused on agriculture. <\/p>\n
Note: Forecasted data is utilized
\nthroughout this article as actual data
\nfor the year is not yet available.<\/p>\n
Ma
\nnit<\/p>\n
ob
\na<\/p>\n
B.C
\n.<\/p>\n
Sa
\nsk<\/p>\n
at
\nch<\/p>\n
ew
\nan<\/p>\n
On
\nta<\/p>\n
rio<\/p>\n
Qu
\neb<\/p>\n
ec<\/p>\n
Al
\nbe<\/p>\n
rta
\nNo<\/p>\n
va
\n Sc<\/p>\n
ot
\nia<\/p>\n
Ne
\nw <\/p>\n
Br
\nun<\/p>\n
sw
\nick P.E
\n.I.<\/p>\n
Ne
\nwf<\/p>\n
ou
\nnd<\/p>\n
lan
\nd<\/p>\n
5.9% 6.1% 6.4% 6.5%
\n7.3% 7.9%<\/p>\n
8.5%
\n10.2%<\/p>\n
10.8%<\/p>\n
13.1%<\/p>\n
2016 FORECASTED UNEMPLOYMENT RATE<\/p>\n
every one deserves
\na decent place to live.<\/p>\n
In almost 40 years of helping families
\nimprove their housing situations, we at
\nHabitat for Humanity have seen firsthand
\nhow critical housing is to families and
\nto communities. We realized from the
\nbeginning that when we build structures,
\nwe are also building…<\/p>\n
strength \/ stability \/ self-reliance<\/p>\n
habitat.mb.ca<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 21Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
http:\/\/habitat.mb.ca<\/p>\n
Le paysage du commerce de d\u00e9tail au
\nCANADA
\nPAR SANDY SHINDLEMAN, PR\u00c9SIDENT ET CHEF DES OP\u00c9R ATIONS,
\nSHINDICO REALTY, WINNIPEG<\/p>\n
L\u2019environnement mondial du commerce de d\u00e9tail est dans une p\u00e9riode de transition \u00e0 l\u2019\u00e9chelle de l\u2019industrie,
\nalors que l\u2019exp\u00e9rience du magasinage
\nen ligne continue de s\u2019am\u00e9liorer.
\nLes consommateurs d\u00e9sirent plus de
\ncommodit\u00e9 et les d\u00e9taillants avis\u00e9s
\nd\u2019aujourd\u2019hui combinent les magasins
\ntraditionnels avec le commerce
\n\u00e9lectronique pour augmenter les ventes
\ntotales. De plus, certaines compagnies
\nbrisent le moule en ouvrant d\u2019abord des
\nmagasins virtuels, prenant ensuite de <\/p>\n
l\u2019expansion en ouvrant des magasins
\nayant pignon sur rue.<\/p>\n
Les Canadiens ont vu plusieurs
\nnouveaux d\u00e9taillants et restaurants
\narriver sur le march\u00e9 en 2016, alors que
\nd\u2019autres r\u00e9centes additions ont poursuivi
\nleur d\u00e9veloppement. On a beaucoup
\nparl\u00e9 du d\u00e9part pr\u00e9cipit\u00e9 de Target, mais
\npresque tout l\u2019espace laiss\u00e9 derri\u00e8re par
\nla banni\u00e8re a \u00e9t\u00e9 lou\u00e9 de nouveau. En
\noutre, l\u2019attrait international pour les
\nproduits fabriqu\u00e9s au Canada a donn\u00e9 un
\nnouvel \u00e9lan aux fabricants de v\u00eatements
\ncanadiens, comme Canada\u00a0Goose. <\/p>\n
Les d\u00e9penses des consommateurs dans
\nle secteur de la vente au d\u00e9tail ont
\naugment\u00e9 \u00e0 l\u2019\u00e9chelle nationale en 2016,
\nce qui devrait se poursuivre en 2017.<\/p>\n
Sur le plan provincial, la croissance
\npositive soutenue au Manitoba a
\ncommenc\u00e9 \u00e0 faire la manchette dans
\ntout le pays. L\u2019\u00e9conomie diversifi\u00e9e
\nde la province aide \u00e0 \u00e9viter les cycles
\nd\u2019expansion et de ralentissement, alors
\nque le faible taux de ch\u00f4mage fournit une
\nmain-d\u2019\u0153uvre aux d\u00e9taillants. Les co\u00fbts
\nde construction \u00e9lev\u00e9s freinent l\u2019offre et
\nemp\u00eachent le d\u00e9veloppement excessif.<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
LE COMMERCE DE
\nD\u00c9TAIL EN G\u00c9N\u00c9RAL
\nPour voir \u00e0 quel point le commerce de
\nd\u00e9tail a chang\u00e9 depuis 20 ans, il suffit
\nde regarder la capitalisation boursi\u00e8re de
\ncompagnies comme Amazon et Alibaba,
\ncomparativement \u00e0 des compagnies
\ncomme Walmart et Sears. Amazon est
\n\u00e9valu\u00e9e \u00e0 350\u00a0G$, alors qu\u2019Alibaba vaut
\n191\u00a0G$, m\u00eame si les deux n\u2019ont qu\u2019un
\nseul magasin physique. Comparez cela
\n\u00e0 Walmart, \u00e9valu\u00e9e \u00e0 285\u00a0G$, avec
\n6290\u00a0magasins, et Sears, valant 19,7\u00a0G$,
\navec 717 magasins.<\/p>\n
Qui plus est, des d\u00e9taillants comme
\nHarry\u2019s et Warby Parker ont bris\u00e9 les
\ntraditions en obtenant des \u00e9valuations
\ndans les huit chiffres avec leurs magasins
\nvirtuels. Harry\u2019s fabrique et vend des
\nlames de rasoir de premi\u00e8re qualit\u00e9,
\nalors que Warby Parker con\u00e7oit et vend
\nses propres lunettes et lunettes de soleil
\nd\u2019avant-garde. En 2015, Harry\u2019s \u00e9tait
\n\u00e9valu\u00e9 \u00e0 750 M$, m\u00eame s\u2019il n\u2019avait qu\u2019un
\nseul emplacement, tandis que Warby
\nParker valait 1,2\u00a0G$, avec 30 magasins.<\/p>\n
Alors que les ventes en ligne ont
\naffect\u00e9 certains d\u00e9taillants auparavant
\nacclam\u00e9s, d\u2019autres, comme Home Depot
\net Lowes, ont pu en profiter en cr\u00e9ant
\nune exp\u00e9rience multicanaux in\u00e9gal\u00e9e.
\nLes deux compagnies ont utilis\u00e9 leurs
\nemplacements physiques comme centres
\nde distribution, afin d\u2019augmenter leurs
\nventes totales. Chez Home Depot, les
\nrecettes en 2015 ont augment\u00e9 de 13 G$
\npour atteindre 83 G$, comparativement
\naux recettes de 2012, qui totalisaient
\nenviron 70 G$. En offrant aux clients
\nune plus grande vari\u00e9t\u00e9 de produits
\nen ligne, qu\u2019ils passent chercher en
\nmagasin, les hypermarch\u00e9s peuvent
\npotentiellement offrir le meilleur des
\ndeux mondes. Au surplus, les magasins
\npeuvent r\u00e9aliser des \u00e9conomies en
\ngardant une plus grande diversit\u00e9
\nde produits dans un emplacement
\ncentralis\u00e9.<\/p>\n
Les enfants du mill\u00e9naire magasinent
\nen ligne plus que les enfants de l\u2019apr\u00e8s-
\nguerre, m\u00eame s\u2019ils aiment se rendre
\ndans les magasins. Leurs demandes en
\nmagasin diff\u00e8rent beaucoup de celles des
\nenfants de l\u2019apr\u00e8s-guerre. Par exemple, <\/p>\n
ils pr\u00e9f\u00e8rent g\u00e9n\u00e9ralement \u00e9viter les
\nvendeurs, si possible \u2013 ils aiment mieux
\ntrouver eux-m\u00eames ce qu\u2019ils cherchent et
\nfaire du l\u00e8che-vitrine seuls. En revanche,
\nles enfants de l\u2019apr\u00e8s-guerre prisent les
\nmagasins o\u00f9 l\u2019on donne un excellent
\nservice. Afin de s\u2019ajuster \u00e0 la tendance, les
\nd\u00e9taillants doivent continuer \u00e0 innover
\net \u00e0 am\u00e9liorer l\u2019exp\u00e9rience en magasin
\npour favoriser le trafic. Nous voyons
\ndes grands magasins \u00e9voluer et donner
\nune place importante \u00e0 la restauration,
\ncomme dans le magasin Hudson\u2019s Bay
\nr\u00e9cemment r\u00e9nov\u00e9, sur la rue Queen,
\n\u00e0 Toronto, et le magasin Nordstroms,
\nouvert depuis peu au Centre Eaton.
\nLe groupe Oliver & Bonacini est
\nresponsable de la foire alimentaire au
\nsous-sol du Hudson\u2019s Bay, tandis qu\u2019on
\ntrouve un bar sportif dans la section des
\nhommes chez Nordstroms.<\/p>\n
Plus d\u2019actifs de d\u00e9tail sont lou\u00e9s
\npar des entreprises offrant aux
\nconsommateurs quelque chose \u00e0 manger
\nou \u00e0 faire. Les exemples comprennent les
\nsalles d\u2019\u00e9vasion, les gymnases toujours
\nouverts et les restaurants servant
\nde meilleurs hamburgers. En tant <\/p>\n
qu\u2019\u00e9valuateurs, nous devons conna\u00eetre les
\nflux de tr\u00e9sorerie stables et pr\u00e9visibles que
\ng\u00e9n\u00e8rent ces entreprises. Ne pas avoir \u00e0
\ncompter sur les derni\u00e8res tendances mode
\noffre aux exploitants plus de continuit\u00e9
\net pr\u00e9sente moins de risques d\u2019une ann\u00e9e
\n\u00e0 l\u2019autre.<\/p>\n
LE COMMERCE DE
\nD\u00c9TAIL CANADIEN
\nLe march\u00e9 du d\u00e9tail canadien se porte
\ntoujours bien, malgr\u00e9 les vents contraires
\ndes prix du p\u00e9trole et des fermetures,
\ncomme celle de Target et Future Shop.
\nLa plupart des cr\u00e9neaux laiss\u00e9s derri\u00e8re
\npar ces compagnies ont \u00e9t\u00e9 remplis par
\nles nouvelles entreprises qui continuent
\nd\u2019arriver sur le march\u00e9.<\/p>\n
Je suis assez vieux pour me rappeler
\nla publicit\u00e9 entourant la fermeture
\nde Woodwards. Les emplacements
\nabandonn\u00e9s ont \u00e9t\u00e9 occup\u00e9s par des
\nsquatters et des pigeons, mais on a
\n\u00e9ventuellement repositionn\u00e9 les espaces
\net plusieurs centres commerciaux qui
\nh\u00e9bergeaient le d\u00e9taillant ont pris de
\nl\u2019expansion depuis. Plus tard, lorsque des
\nd\u00e9taillants comme Simpson et Eaton\u2019s <\/p>\n
C.-B. Manitoba Ontario \u00ce.-P.\u00c9. Qu\u00e9bec<\/p>\n
5,5%
\n5,1% 5,0%<\/p>\n
4,6%
\n4,1%<\/p>\n
CHANGEMENTS PR\u00c9VUS DANS LA
\nVENTE AU D\u00c9TAIL EN 2015\/2016<\/p>\n
\u00ab Les d\u00e9taillants doivent continuer \u00e0
\ninnover et \u00e0 am\u00e9liorer l\u2019exp\u00e9rience en <\/p>\n
magasin pour favoriser le trafic. \u00bb<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 23Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
ont ferm\u00e9 leurs portes, les Canadiens
\nse sont encore inqui\u00e9t\u00e9s de perdre des
\nd\u00e9taillants qui \u00e9taient des \u00ab\u00a0ic\u00f4nes
\npour\u00a0certains\u00a0\u00bb.<\/p>\n
Le d\u00e9part le plus remarqu\u00e9 en 2016 fut
\ncertainement celui de Target. On s\u2019entend
\ng\u00e9n\u00e9ralement pour dire que sa fermeture
\navait beaucoup moins \u00e0 faire avec les
\nconsommateurs canadiens et beaucoup
\nplus avec son incapacit\u00e9 de s\u2019\u00e9tablir. La
\ncompagnie a pris une expansion trop
\nrapide et s\u2019est montr\u00e9e incapable de
\ngarnir ses \u00e9tag\u00e8res avec des produits que
\nles Canadiens recherchaient, mais plut\u00f4t
\navec des produits qu\u2019ils avaient l\u2019habitude
\nd\u2019acheter dans les magasins Target aux
\n\u00c9tats-Unis. Des \u00e9tag\u00e8res vides, combin\u00e9es
\n\u00e0 des prix plus \u00e9lev\u00e9s, ont soudainement
\ncr\u00e9\u00e9 la disponibilit\u00e9 de 133 hypermarch\u00e9s
\n\u00e0 travers le Canada. La compagnie m\u00e8re
\nTarget \u00e9tait responsable pour 29 de ces
\nbaux, alors que la plupart des autres
\nmagasins ont \u00e9t\u00e9 relou\u00e9s \u00e0 des d\u00e9taillants
\ndiff\u00e9rents depuis.<\/p>\n
\u00c0 cause de la r\u00e9silience d\u00e9montr\u00e9e
\npar le march\u00e9 du d\u00e9tail canadien, les
\ncompagnies continuent de voir le Canada
\ncomme une source de nouveaux clients.
\nOn peut le constater avec les grands
\nmagasins de luxe comme Nordstroms,
\nqui a ouvert six magasins, et Saks, qui
\nen a ouvert quatre \u00e0 travers le pays. Les
\nrestaurants \u00e0 service rapide, comme
\nChipotle et Panera, continuent aussi
\n\u00e0 prendre de l\u2019expansion, tandis que
\nl\u2019\u00e9picier biologique Whole Foods a d\u00e9j\u00e0
\n11\u00a0emplacements au Canada.<\/p>\n
Selon RBC Economics, les d\u00e9penses des
\nconsommateurs dans le secteur de la vente
\nau d\u00e9tail au Canada devraient augmenter
\nde 3,7 % A\/A en 2016. En d\u00e9cembre
\n2015, les centres commerciaux du pays
\nont connu une augmentation de 4,2 %
\ndes ventes par pied carr\u00e9, l\u2019Alberta \u00e9tend
\nla seule province qui a connu une baisse.
\nLes fortes d\u00e9penses des consommateurs <\/p>\n
ont aid\u00e9 \u00e0 garder le taux d\u2019inoccupation
\nbas, avec la majorit\u00e9 des m\u00e9gacentres
\nr\u00e9gionaux jouissant d\u2019un taux
\nd\u2019inoccupation de moins de 4 %. Les
\npropri\u00e9taires comme Cadillac Fairview
\nont pu r\u00e9investir dans leurs actifs, en
\nagrandissant leurs centres commerciaux
\nexistants suite aux demandes d\u2019espace.<\/p>\n
Les \u00e9tiquettes de v\u00eatements canadiens
\nont connu une recrudescence avec la
\nmention \u00ab Fabriqu\u00e9 au Canada \u00bb portant
\nun cachet mondial. Aucune compagnie
\nne le repr\u00e9sente mieux que Canada
\nGoose, peut-\u00eatre le fabricant de parkas
\nle plus connu du 21e si\u00e8cle. Des produits
\nde qualit\u00e9 sup\u00e9rieure, combin\u00e9s \u00e0 la
\ncapacit\u00e9 de mettre en march\u00e9 la mention
\n\u00ab Fabriqu\u00e9 au Canada \u00bb, ont permis \u00e0 la
\ncompagnie de gagner la confiance de sa
\nclient\u00e8le \u00e0 travers le monde.<\/p>\n
Une \u00e9conomie stable, combin\u00e9e \u00e0 la
\nproximit\u00e9 imm\u00e9diate du Canada avec
\nles \u00c9tats-Unis, signifie que notre pays
\naccueillera vraisemblablement de plus
\nen plus de d\u00e9taillants mondiaux de
\npremier rang. Le march\u00e9 canadien n\u2019est
\npas trop d\u00e9velopp\u00e9, et les co\u00fbts \u00e9lev\u00e9s de
\nremplacement signifient que les actifs
\nactuels sont bien positionn\u00e9s pour avoir
\ndu succ\u00e8s dans le futur.<\/p>\n
MANITOBA \u2013 UN JOUEUR
\nIMPORTANT DANS LE
\nPAYSAGE DU COMMERCE DE
\nD\u00c9TAIL CANADIEN
\nLe Manitoba avait la troisi\u00e8me croissance
\ndu PIB la plus \u00e9lev\u00e9e de toutes les
\nprovinces en 2015, et l\u2019on pr\u00e9voit qu\u2019il
\nen sera de m\u00eame pour 2016. En 2017,
\nRBC Economics croit que le Manitoba
\net l\u2019Ontario auront les \u00e9conomies les
\nplus performantes au Canada, avec une
\ncroissance pr\u00e9vue de 2,4 %. \u00c0 un taux
\nprojet\u00e9 de 5,9 % en 2016, RBC croit aussi
\nque le Manitoba aura le taux de ch\u00f4mage
\nle plus bas au pays. Une forte croissance
\ndu PIB, combin\u00e9e au faible ch\u00f4mage,
\ndevrait entra\u00eener une augmentation de
\n5,1 % des ventes au d\u00e9tail en 2016, la
\ndeuxi\u00e8me plus \u00e9lev\u00e9e derri\u00e8re seulement la
\nColombie-Britannique. La performance
\nexceptionnelle du Manitoba continue
\n\u00e0 attirer l\u2019attention nationale, alors
\nque de plus en plus de d\u00e9taillants et
\nd\u2019investisseurs institutionnels s\u2019int\u00e9ressent
\naux actifs de la province.<\/p>\n
Une solide assise manufacturi\u00e8re,
\ncombin\u00e9e \u00e0 la pr\u00e9sence de compagnies
\ninternationales de camionnage et
\nde plusieurs soci\u00e9t\u00e9s d\u2019\u00c9tat, fournit <\/p>\n
On
\nta<\/p>\n
rio
\nMa<\/p>\n
nit
\nob<\/p>\n
a<\/p>\n
Al
\nbe<\/p>\n
rta C.-
\nB. <\/p>\n
Qu
\n\u00e9b<\/p>\n
ec<\/p>\n
Sa
\nsk<\/p>\n
at
\nch<\/p>\n
ew
\nan<\/p>\n
No
\nuv<\/p>\n
ell
\ne-\u00c9<\/p>\n
co
\nsse<\/p>\n
\u00ce.-
\nP.-<\/p>\n
\u00c9.
\nNo<\/p>\n
uv
\nea<\/p>\n
u-B
\nrun<\/p>\n
sw
\nick<\/p>\n
Ne<\/p>\n
wf
\nou<\/p>\n
nd
\nlan<\/p>\n
d<\/p>\n
2,4% 2,4% 2,3%<\/p>\n
1,9%
\n1,6% 1,6%<\/p>\n
1,1%
\n0,8%<\/p>\n
0,5%<\/p>\n
-1,5%<\/p>\n
CROISSANCE DU PIB PR\u00c9VUE EN 2017<\/p>\n
\u00ab Une \u00e9conomie stable, combin\u00e9e \u00e0 la proximit\u00e9 imm\u00e9diate du Canada
\navec les \u00c9tats-Unis, signifie que notre pays accueillera vraisemblablement <\/p>\n
de plus en plus de d\u00e9taillants mondiaux de premier rang. \u00bb<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 201624 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
beaucoup d\u2019emplois au Manitoba.
\nEn tant que Winnipegois, je suis
\nsouvent agr\u00e9ablement surpris de voir
\nce que l\u2019on fabrique pour l\u2019exportation
\nquand je passe en voiture devant des
\nb\u00e2timents industriels quelconques
\nici et l\u00e0 dans la ville. Canada Goose
\nposs\u00e8de une installation de fabrication
\nlocale. MacDon, un des plus grands
\nfabricants d\u2019\u00e9quipements agricoles
\nau monde, a son si\u00e8ge social \u00e0
\nWinnipeg. Les g\u00e9ants internationaux
\ndu camionnage Trans X et Bison
\nTransport sont aussi d\u00e9tenus et
\nexploit\u00e9s par des int\u00e9r\u00eats locaux.<\/p>\n
Le 30 avril 2016, le quotidien
\nThe Globe and Mail publiait un
\narticle de fond, intitul\u00e9 Winnipeg:
\nCanada\u2019s Unlikely Economic Sweet
\nSpot [Winnipeg\u00a0: Lieu improbable de
\nprosp\u00e9rit\u00e9 \u00e9conomique au Canada].
\nL\u2019une des meilleures jeunes entreprises
\ntechnologiques au Canada, Skip the
\nDishes, \u00e9tait mise en vedette, alors
\nqu\u2019elle avait d\u00e9cid\u00e9 d\u2019installer son
\nsi\u00e8ge social \u00e0 Winnipeg. Le\u00a0fondateur,
\nJoshua Simair, expliquait qu\u2019il
\n\u00e9tait intrigu\u00e9 par le co\u00fbt de la
\nvie peu \u00e9lev\u00e9e, le vaste bassin de
\ntalents sous-utilis\u00e9 et le profond
\nsens communautaire de la ville.
\nThe\u00a0Globe indiquait aussi que, gr\u00e2ce \u00e0
\nl\u2019\u00e9conomie diversifi\u00e9e du Manitoba,
\nle PIB r\u00e9el a diminu\u00e9 de seulement
\n0,2 % en 2009, alors que l\u2019Alberta, la
\nSaskatchewan et l\u2019Ontario ont essuy\u00e9
\ndes reculs de 5,5 %, 5,3 % et 3,1 %,
\nrespectivement.<\/p>\n
Au pied carr\u00e9, le commerce
\nde d\u00e9tail n\u2019est pas excessif au
\nManitoba. Depuis 2000, la province
\na vu l\u2019inventaire total de son
\nespace commercial augmenter de
\n3 millions de pieds carr\u00e9s. Le taux
\nd\u2019inoccupation est de 4,6 % pour
\nles mails lin\u00e9aires de quartier, 4,7\u00a0%
\npour les m\u00e9gacentres commerciaux et
\n7,2\u00a0% pour les centres commerciaux
\nr\u00e9gionaux. Il est \u00e0 noter que quelques
\nactifs fatigu\u00e9s et sous-performants
\nfaussent les donn\u00e9es sur les centres
\ncommerciaux r\u00e9gionaux. Les co\u00fbts
\n\u00e9lev\u00e9s de construction sont en partie
\nresponsables de l\u2019offre limit\u00e9e sur <\/p>\n
le march\u00e9. On pense que les centres
\ncommerciaux offrant des exc\u00e9dents de
\nterrains pour le d\u00e9veloppement ont une
\ngrande valeur sur le march\u00e9 manitobain.<\/p>\n
La croissance lente et stable au
\nManitoba signifie que les actifs ne
\ndeviennent pas \u00e9conomiquement
\nd\u00e9suets aussi vite que dans d\u2019autres villes
\ncanadiennes et am\u00e9ricaines. En outre,
\nla pr\u00e9visibilit\u00e9 de son \u00e9conomie signifie
\nque les flux de tr\u00e9sorerie sont plus s\u00fbrs,
\nproduisant le genre d\u2019investissements
\npeu volatiles que recherchent beaucoup
\nd\u2019investisseurs. Les actifs de d\u00e9tail sont
\nrarement mis en vente, alors, quand ils le
\nsont, ces facteurs les font vendre \u00e0 prime.
\nLa croissance de l\u2019emploi, combin\u00e9e \u00e0
\nl\u2019immigration positive, devrait continuer
\n\u00e0 stimuler la demande d\u2019espace, alors que
\nles co\u00fbts \u00e9lev\u00e9s de construction r\u00e9duisent
\nla capacit\u00e9 des promoteurs d\u2019ajouter une
\nabondance de pieds carr\u00e9s au march\u00e9.<\/p>\n
Illustrant cette perspective positive
\npour la province \u00ab cl\u00e9 de vo\u00fbte \u00bb,
\nShindico Realty a dans ses cartons une
\nsolide batterie de projets au Manitoba,
\navec plus de 6 millions de pieds carr\u00e9s
\nplanifi\u00e9s. La majorit\u00e9 de nos projets
\nen d\u00e9veloppement sont des biens
\nimmobiliers intercalaires originaux.
\nPlus d\u2019un million de pieds carr\u00e9s de
\nd\u00e9veloppement \u00e0 usage mixte sont
\npr\u00e9vus aux Grant Park Pavilions, dans
\nl\u2019un des quartiers les plus d\u00e9sirables de
\nWinnipeg, River Heights. Le\u00a0centre
\ncommercial \u00e0 Polo Park est une
\nentreprise commune avec Cadillac
\nFairview, situ\u00e9 sur l\u2019ancien site du <\/p>\n
Ma
\nnit<\/p>\n
ob
\na<\/p>\n
C.-
\nB. <\/p>\n
Sa
\nsk<\/p>\n
at
\nch<\/p>\n
ew
\nan<\/p>\n
On
\nta<\/p>\n
rio<\/p>\n
Qu
\n\u00e9b<\/p>\n
ec<\/p>\n
Al
\nbe<\/p>\n
rta
\nNo<\/p>\n
uv
\nell<\/p>\n
e-\u00c9
\nco<\/p>\n
sse<\/p>\n
No
\nuve<\/p>\n
au-
\nBru<\/p>\n
nsw
\nick<\/p>\n
\u00ce.-
\nP.-<\/p>\n
\u00c9.
\nTe<\/p>\n
rre
\n-N<\/p>\n
eu
\nve<\/p>\n
5,9% 6,1% 6,4% 6,5%
\n7,3% 7,9%<\/p>\n
8,5%
\n10,2%<\/p>\n
10,8%<\/p>\n
13,1%<\/p>\n
TAUX DE CH\u00d4MAGE PR\u00c9VU EN 2016<\/p>\n
stade des Blue Bombers de Winnipeg.
\nAdjacent au centre commercial le plus
\nperformant de la ville, Polo Park, ce
\nprojet de plus de 600\u00a0000 pieds carr\u00e9s,
\naccueillera des bureaux, des magasins
\nainsi qu\u2019un h\u00f4tel. Le festival de Westport
\noffre \u00e9galement plus d\u2019un million de
\npieds carr\u00e9s, bien situ\u00e9s sur les terrains
\nde l\u2019Expo Red River, qui accueille
\nplusieurs salons commerciaux agricoles
\nnationaux et internationaux. <\/p>\n
Note: Des donn\u00e9es pr\u00e9visionnelles sont
\nutilis\u00e9es tout au long de cet article, car les
\ndonn\u00e9es r\u00e9elles pour l’ann\u00e9e ne sont pas
\nencore disponibles.<\/p>\n
Maintenant
\ndisponible<\/p>\n
En savoir plus www.aicanada.ca\/fr\/<\/p>\n
Versions pour
\nles appareils
\nmobiles, iPad <\/p>\n
et iPhone
\nincluses.<\/p>\n
Consultez le dernier num\u00e9ro
\nde la revue \u00c8valuation
\nimmobili\u00e8re au Canada en ligne.<\/p>\n
PUBLIC SECTOR BUILDINGS:<\/p>\n
VALUING FORGOTTEN
\nINFRASTRUCTURE<\/p>\n
B\u00c2TIMENTS DU SECTEUR PUBLIC : <\/p>\n
\u00c9VALUATION
\nD’INFRASTRUCTURES <\/p>\n
OUBLI\u00c9ES<\/p>\n
VOL 59 | BOOK 2 \/ TOME 2 | 2015<\/p>\n
T H E O F F I C I A L P U B L I C A T I O N O F T H E A P P R A I S A L I N S T I T U T E O F C A N A D A
\nP U B L I C A T I O N O F F I C I E L L E D E L\u2019 I N S T I T U T C A N A D I E N D E S \u00c9 V A L U A T E U R S<\/p>\n
PM
\n #<\/p>\n
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ur
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liv
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C
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ad
\nia<\/p>\n
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dr
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to
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LANSDOWNE: A SUCCESS
\nSTORY OF REDEVELOPMENT
\nParc Lansdowne : projet de <\/p>\n
r\u00e9am\u00e9nagement r\u00e9ussi<\/p>\n
CLIMBING THE HILL
\nTO SEE OVER THE TOP<\/p>\n
Gravir la montagne
\npour voir le sommet<\/p>\n
THE VALUATION OF
\nDISTRESSED PROPERTIES<\/p>\n
\u00c9valuation de propri\u00e9t\u00e9s saisies
\net d\u00e9fi nition de la valeur <\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 25Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
https:\/\/www.aicanada.ca\/fr\/
\nmailto:info@aicanada.caLANSDOWNE:
\nmailto:info@aicanada.caLANSDOWNE:<\/p>\n
T
\nhe effectiveness of the self-
\nregulation of an industry or
\nprofession is continually being
\nscrutinized by the public <\/p>\n
and government as they strive to
\nminimize risk and protect consumers.
\nSelf-regulation is critical to the
\nsustainability of a profession as it ensures
\naccountability and garners respect,
\ntrust and credibility for the professional
\ndesignation among its clients, the public
\nand regulators within the marketplace. <\/p>\n
With close to 80 years as the
\nleading property valuation association <\/p>\n
in Canada, the Appraisal Institute
\nof Canada (AIC) is recognized as a
\nsuccessful example of a self-regulating
\norganization. It has built a professional
\nculture of integrity and accountability
\namong its Members and, most
\nimportantly, has effectively protected
\nthe intended user of valuation services
\nby ensuring that the AIC provides the
\nhighest quality of valuation professionals.
\nThe key components to AIC\u2019s self-
\nregulation model are outlined below, as
\nwell as why it successfully protects the
\npublic and its clients.<\/p>\n
HOW IT WORKS AND WHY IT
\nSUCCESSFULLY PROTECTS THE PUBLIC<\/p>\n
AIC\u2019S SELF-REGULATION MODEL: <\/p>\n
Richard Colbourne, AACI, P. App.,
\nPresident Elect, Volunteer,
\nProfessional Practice Committee<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 201626 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
MEMBER ETHICS AND PROFESSIONAL
\nPRACTICE IS GUIDED BY STANDARDS
\nFirst published by the AIC in 2001,
\nCUSPAP sets the ethics and practice
\nrequirements for its Members. Compliance
\nto CUSPAP is a mandatory conduct,
\npractice and professional liability
\ninsurance requirement. <\/p>\n
CUSPAP provides guidelines that
\nensure a consumer receives only the
\nhighest quality report and service from
\nAIC Members. CUSPAP encompasses
\nsix standards: an ethics standard and
\npractice-related standards dedicated
\nto five key professional services,
\nincluding\u00a0the: <\/p>\n
\u2022 Real Property Appraisal Standard;
\n\u2022 Review Standard;
\n\u2022 Consulting Standard;
\n\u2022 Reserve Fund Planning Standard; <\/p>\n
and
\n\u2022 Appraisal of Machinery and <\/p>\n
Equipment Standard.
\nCUSPAP is reviewed and published
\non a biennial basis to ensure that the
\ncompliance requirements respond to:<\/p>\n
\u2022 AIC\u2019s commitment to maintaining
\nthe highest standards of conduct,
\nanalysis and reporting;<\/p>\n
\u2022 The diversity of AIC
\nMembers\u2019\u00a0practices;<\/p>\n
\u2022 The changing industry requirements;
\nand<\/p>\n
\u2022 AIC Members\u2019 business models.
\nCUSPAP continues to be AIC\u2019s
\nfoundational document. It is integrated
\ninto every aspect of the AIC\u2019s operations
\nand strategy and is a key element in our:<\/p>\n
\u2022 marketing, promotion and
\ngovernment relations; <\/p>\n
\u2022 self-regulatory regime;
\n\u2022 designation education; and
\n\u2022 Mandatory Professional Liability <\/p>\n
Insurance Program.
\nCUSPAP is AIC\u2019s and its Members\u2019
\ncontract to the public we serve. <\/p>\n
COMPREHENSIVE ACCREDITATION PROCESS
\nENSURES QUALITY VALUATION PROFESSIONALS
\nThe AIC Professional Designation
\nProgram provides a leading-edge
\ncurriculum that is based on theoretical
\nand practical experience within the
\nindustry. It ensures that Candidate <\/p>\n
Members proceeding to the AACI\u2122 or
\nCRA\u2122 designation have an educational
\nfoundation that prepares them to meet
\nthe ever-changing demands of a multi-
\ndisciplinary profession and complex
\nmarket conditions.<\/p>\n
The accreditation process sets
\nthe bar high every step of the way.
\nIt\u00a0includes an admission requirement,
\neducation requirement, Work Product
\nReviews, Applied Experience Program
\nand Exam, and, finally, a Professional
\nCompetency Interview. A university
\ndegree is required to obtain an
\nAIC\u00a0designation. <\/p>\n
The AIC\u2019s Program of Professional
\nStudy is seen as a \u2018gold standard\u2019
\nnationally and internationally. In fact,
\nAIC is the only organization in the
\nworld to have its accreditation process
\noffered in both official languages,
\nan offering that was recognized in
\nJune 2016 through a Memorandum
\nof Understanding between the
\nAIC and The European Group of <\/p>\n
AIC\u2019S GOVERNANCE MODEL
\nIS STRONG AND EFFECTIVE
\nAIC is committed to good governance
\nthat is supported by a strong foundation
\nof a robust strategic plan, policies
\nand\u00a0regulations. <\/p>\n
The AIC is governed by a national
\nBoard of 14 member-elected Directors.
\nIt works collaboratively with its 10
\nprovincial affiliate associations to
\ngrant the distinguished Accredited
\nAppraiser Canadian Institute (AACITM)
\nand Canadian Residential Appraiser
\n(CRATM)\u00a0designations. <\/p>\n
The designation process provides
\nMembers with the knowledge and
\nskills to provide unbiased professional
\nservices such as real property appraisal,
\nappraisal review, consulting, reserve fund
\nplanning, and the appraisal of machinery
\nand\u00a0equipment. <\/p>\n
AIC is guided by Bylaws, Regulations,
\nCanadian Uniform Standards of
\nProfessional Appraisal Practice (CUSPAP),
\nand a Code of Conduct to ensure that:<\/p>\n
\u2022 the integrity of the
\nprofession is maintained;<\/p>\n
\u2022 Members engage in conduct
\nthat will instill confidence and
\nprotect the public interest;<\/p>\n
\u2022 Members provide quality services
\nwithin their areas of competence; <\/p>\n
\u2022 Members commit themselves
\nto principles that reflect high
\nstandards of professionalism; and<\/p>\n
\u2022 Members are held accountable
\nfor adherence to these standards
\nthrough a rigorous complaints
\nand disciplinary\u00a0process.<\/p>\n
At the core of AIC\u2019s strategy is its mission
\nis \u201cto promote and support our Members
\nin providing high quality property advisory
\nservices for the benefit of clients, employers
\nand the public.\u201d To achieve this mission,
\nthe national body sets national standards,
\nregulations and policies, in consultation with
\nthe industry and membership. The provincial
\naffiliates support the implementation
\nof these guidelines. Furthermore, AIC
\nhas more than 300 Member volunteers
\nand professional staff at the national and
\nprovincial levels who play an active role in
\nthe accreditation, professional practice and
\nregulation of the\u00a0Institute. <\/p>\n
\u201cAT THE CORE OF
\nAIC\u2019S STRATEGY IS
\nITS MISSION IS \u2018TO
\nPROMOTE AND SUPPORT
\nOUR MEMBERS IN
\nPROVIDING HIGH
\nQUALITY PROPERTY
\nADVISORY SERVICES
\nFOR THE BENEFIT OF
\nCLIENTS, EMPLOYERS
\nAND THE PUBLIC.\u2019\u201d<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 27Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
Valuers\u2019 Associations (TEGoVA).
\nOrganizations in the United States,
\nEurope and Australia, to name a
\nfew, have looked to, adopted or
\nadapted their policies to AIC\u2019s
\naccreditation process and\/or
\nvaluation standards.<\/p>\n
The English Program of
\nProfessional Studies is developed
\nand delivered in partnership
\nwith the Real Estate Division of
\nthe Sauder School of Business,
\nUniversity of British Columbia.
\nThe French Program of Professional
\nStudies is delivered in partnership
\nwith the Universit\u00e9 Laval in Quebec.
\nBoth universities offer the program
\nin class and through distance
\nlearning, offering students in
\nCanada and around the world access
\nto curriculums in the language of
\ntheir choice. <\/p>\n
ALL MEMBERS REQUIRE
\nCONTINUOUS PROFESSIONAL DEVELOPMENT
\nTo ensure ongoing competency, AIC
\nMembers are required to obtain 24\u00a0credits
\nin each two-year cycle under its Continuing
\nProfessional Development (CPD) Program.
\nOf the 24 credits, seven must be from AIC\u2019s
\nmandatory Professional Practice Seminar,
\nwith 17\u00a0discretionary credits from industry-
\nrelated educational programs or training.
\nFailure to obtain the required CPD credits
\nwithin the two-year cycle results in a
\nsuspension of membership and a\u00a0fine. <\/p>\n
COMPLAINT RESOLUTION
\nPROCESS PROTECTS THE PUBLIC
\nThe AIC is committed to being responsive,
\ntransparent and accountable to the public.
\nAIC\u00a0has a Complaint Resolution Process that
\nis focused on protecting the public interest and
\nmaintaining the excellence of the profession
\nand the services its Members provide to
\nthe\u00a0public. <\/p>\n
The Complaint Resolution Process does not
\narbitrate or determine value but rather focuses
\non adherence to the professional services and
\nethics standards set out in CUSPAP. The AIC
\nfocuses its investigation and adjudication on
\nformal complaints, where it is alleged that
\na Member has contravened CUSPAP, the
\nInstitute\u2019s Bylaws, Regulations, Policies and
\nProfessional Liability Insurance Program.
\nSection 5 of the AIC Consolidated Regulations
\nprovides the guidance that governs professional
\npractice and the disciplinary process from the
\ninitial reception of a complaint to the final
\noutcome. It also defines the roles of the parties
\nand the sub-committees that are part of the
\nComplaint Resolution Process.<\/p>\n
AIC has a committed resource at
\nNational\u00a0Office to address consumer and
\nmember concerns and enquiries. The Director,
\nProfessional Practice serves as the first point
\nof contact for consumers and members to
\nrespond to various questions and concerns
\nrelated to the conduct and\/or practice of an
\nAIC Member. The Director is responsible for
\nregistering consumer and member complaints
\nin a confidential and expedient way and directs
\ncomplaints to the Counsellor, Professional
\nPractice for investigation.<\/p>\n
Depending on the nature of the allegations
\nand the extent of the breaches, a complaint
\nmay be resolved by the Counsellor; referred to <\/p>\n
\u201cAIC HAS A COMPLAINT
\nRESOLUTION PROCESS <\/p>\n
THAT IS FOCUSED ON
\nPROTECTING THE <\/p>\n
PUBLIC INTEREST AND
\nMAINTAINING THE <\/p>\n
EXCELLENCE OF THE
\nPROFESSION AND THE <\/p>\n
SERVICES ITS MEMBERS
\nPROVIDE TO THE PUBLIC.\u201d<\/p>\n
and resolved by the Advocate, with the support
\nfrom the Investigating Sub-Committee; or
\nheard before and decided by the Adjudicating
\nor Appeal Hearing Panels. <\/p>\n
The outcome of a complaint may include
\none or more practice and\/or conduct sanctions
\nincluding but not limited to:<\/p>\n
\u2022 Practice Sanctions: direct the Member to
\ntake continuing professional development
\ncourses or courses from a specific program
\nof professional studies; direct to the
\nMember to submit work product for peer
\nreview; reprimand<\/p>\n
\u2022 Conduct Sanctions: suspension
\n(e.g., of designation, of membership, of
\nco-signing privileges); censure (with or
\nwithout publication); expulsion<\/p>\n
\u2022 Fines: up to $10,000
\n\u2022 Investigation Costs: minimum $500<\/p>\n
The complaint resolution process is served by
\nMember volunteers from across the country
\nwho have extensive experience in valuation and
\nin quasi-judicial and\/or judicial settings.<\/p>\n
PROFESSIONAL LIABILITY INSURANCE
\nOFFERS FURTHER PROTECTION TO CLIENTS
\nAIC has a mandatory Professional Liability
\nInsurance Program to protect the public,
\nclients and AIC Members. All Members in
\ngood standing are covered for the professional
\nservices as set out in CUSPAP, and within their
\narea of qualification and competency. Under
\nthe Program, Members receive comprehensive
\nprotection, including liability coverage with a
\nlimit of $2 million (per occurrence\/aggregate
\nper year), as well as legal and defense costs. <\/p>\n
WHY AIC\u2019S SELF-REGULATION WORKS
\nAIC\u2019s self-regulation has been an integral
\ncomponent of its nearly 80-year history.
\nA\u00a0commitment to protect the public and deliver
\nquality valuation services to our clients has
\nestablished AIC as the \u2018valuation professionals
\nof choice.\u2019 AIC Members are recognized within
\nCanada as expert witnesses within judicial
\nand semi-judicial settings, and they advise
\nstakeholders within government, the financial
\nindustry and the real estate sector on issues
\nrelating to the market value of real estate. <\/p>\n
AIC\u2019s self-regulation regime is working
\neffectively and the AIC will remain committed
\nto ensuring the accountability of Members to
\ntheir clients and to delivering quality services to
\nthe public they serve. <\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
L
\n\u2019efficacit\u00e9 de l\u2019autor\u00e9glementation
\nd\u2019une industrie ou profession est
\nconstamment examin\u00e9e \u00e0 la loupe
\npar le public et le gouvernement <\/p>\n
dans un effort pour minimiser les
\nrisques et prot\u00e9ger les consommateurs.
\nL\u2019autor\u00e9glementation est essentielle \u00e0
\nla durabilit\u00e9 d\u2019une profession parce
\nqu\u2019elle l\u2019oblige \u00e0 rendre des comptes et
\nqu\u2019elle assure le respect, la confiance
\net la cr\u00e9dibilit\u00e9 de la d\u00e9signation
\nprofessionnelle aupr\u00e8s de ses clients,
\ndu public et des responsables de la
\nr\u00e9glementation dans une \u00e9conomie
\nde\u00a0march\u00e9. <\/p>\n
Comptant pr\u00e8s de 80 ans comme
\nassociation d\u2019\u00e9valuation immobili\u00e8re
\nde premier plan au Canada, l\u2019Institut
\ncanadien des \u00e9valuateurs (ICE) est reconnu
\ncomme un bon exemple d\u2019organisme <\/p>\n
autor\u00e9glement\u00e9. Il a cr\u00e9\u00e9 autour de ses
\nmembres une culture d\u2019int\u00e9grit\u00e9 et de
\nresponsabilit\u00e9 professionnelles et, ce qui
\nimporte avant tout, il a prot\u00e9g\u00e9 efficacement
\nl\u2019utilisateur pr\u00e9vu des services d\u2019\u00e9valuation
\nen veillant \u00e0 ce que l\u2019ICE fournisse des
\nprofessionnels de l\u2019\u00e9valuation de la plus
\nhaute qualit\u00e9. Nous nous proposons de
\nd\u00e9crire ci-apr\u00e8s les composants cl\u00e9s du
\nmod\u00e8le d\u2019autor\u00e9glementation de l\u2019ICE
\net d\u2019expliquer pourquoi ces composants
\nprot\u00e8gent efficacement le public et les
\nclients de l\u2019ICE.<\/p>\n
LE MOD\u00c8LE DE GOUVERNANCE
\nDE L\u2019ICE EST FORT ET EFFICACE
\nL\u2019ICE s\u2019engage \u00e0 assurer une bonne
\ngouvernance s\u2019appuyant sur les solides
\nassises d\u2019un robuste ensemble de plan
\nstrat\u00e9gique, politiques et r\u00e8glements. <\/p>\n
LE MOD\u00c8LE D\u2019AUTOR\u00c9GLEMENTATION DE L\u2019ICE :
\nCOMMENT IL FONCTIONNE ET <\/p>\n
POURQUOI IL PROT\u00c8GE LE PUBLIC<\/p>\n
Richard Colbourne, AACI, P. App.,
\nPresident Elect, Volunteer,
\nProfessional Practice Committee<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
L\u2019ICE est gouvern\u00e9 par un Conseil
\nd\u2019administration national de 14
\nadministrateurs \u00e9lus par les membres.
\nIl collabore avec ses 10 associations
\nprovinciales affili\u00e9es \u00e0 d\u00e9cerner les
\nd\u00e9signations distingu\u00e9es d\u2019Accredited
\nAppraiser Canadian Institute\/\u00c9valuateur
\naccr\u00e9dit\u00e9 de l\u2019Institut canadien (AACI\u2122)
\net de Canadian Residential Appraiser\/
\n\u00c9valuateur r\u00e9sidentiel canadien (CRA\u2122). <\/p>\n
Le processus de d\u00e9signation permet aux
\nmembres d\u2019acqu\u00e9rir les connaissances et
\nles comp\u00e9tences n\u00e9cessaires \u00e0 la prestation
\nde services professionnels impartiaux dans
\ndes domaines tels l\u2019\u00e9valuation de biens
\nimmobiliers, l\u2019examen d\u2019\u00e9valuations, la
\nconsultation, la planification de fonds de
\nr\u00e9serve et l\u2019\u00e9valuation de machinerie et
\nd\u2019\u00e9quipement. <\/p>\n
L\u2019ICE est guid\u00e9 par des R\u00e8gles,
\nR\u00e8glements, les Normes uniformes de pratique
\nprofessionnelle en mati\u00e8re d\u2019\u00e9valuation au
\nCanada (NUPPEC) et un Code de conduite
\npour assurer que :<\/p>\n
\u2022 L\u2019int\u00e9grit\u00e9 de la profession
\nest maintenue;<\/p>\n
\u2022 Les membres se conduisent de
\nmani\u00e8re \u00e0 inspirer la confiance et
\n\u00e0 prot\u00e9ger les int\u00e9r\u00eats du public;<\/p>\n
\u2022 Les membres fournissent des
\nservices de qualit\u00e9 dans leur
\ndomaine de comp\u00e9tence; <\/p>\n
\u2022 Les membres souscrivent aux
\nprincipes qui refl\u00e8tent des normes
\n\u00e9lev\u00e9es de professionnalisme;<\/p>\n
\u2022 Les membres doivent rendre compte de
\nleur adh\u00e9sion \u00e0 ces normes dans le cadre
\nd\u2019un rigoureux processus de traitement
\ndes plaintes et de mesures\u00a0disciplinaires.<\/p>\n
La mission de l\u2019ICE se trouve au c\u0153ur
\nde sa strat\u00e9gie. Cette mission consiste \u00e0
\n\u00ab\u00a0promouvoir et soutenir ses membres
\ndans la prestation de services en
\nconsultation immobili\u00e8re de qualit\u00e9 \u00e9lev\u00e9e
\n\u00e0 l\u2019avantage des clients, des employeurs et
\ndu grand public \u00bb. Pour accomplir cette
\nmission, l\u2019organisme national \u00e9tablit des
\nnormes, r\u00e8gles et politiques nationales,
\nen consultation avec l\u2019industrie et ses
\nmembres. Les affili\u00e9es provinciales appuient
\nla mise en application de ces lignes
\ndirectrices. De\u00a0plus, l\u2019ICE compte plus
\nde 300 membres b\u00e9n\u00e9voles et employ\u00e9s
\nprofessionnels aux niveaux national et
\nprovincial qui jouent un r\u00f4le actif dans
\nl\u2019accr\u00e9ditation, la pratique professionnelle
\net\u00a0la r\u00e9glementation de l\u2019Institut. <\/p>\n
L\u2019\u00c9THIQUE ET LA PRATIQUE PROFESSIONNELLE
\nDES MEMBRES SONT GUID\u00c9ES PAR DES NORMES
\nPubli\u00e9es pour la premi\u00e8re fois en 2001,
\nles NUPPEC \u00e9noncent les exigences que
\ndoivent respecter les membres en mati\u00e8re
\nd\u2019\u00e9thique et de pratique. La conformit\u00e9 aux
\nNUPPEC est une exigence obligatoire aux
\nplans de la conduite, de la pratique et de
\nl\u2019assurance responsabilit\u00e9 professionnelle. <\/p>\n
Les NUPPEC fournissent des lignes
\ndirectrices qui veillent \u00e0 assurer que
\nle consommateur re\u00e7oit un rapport et
\ndes services de la plus haute qualit\u00e9 des
\nmembres de l\u2019ICE. Les NUPPEC englobent
\nsix normes : une norme relative aux
\nquestions d\u2019\u00e9thique et des normes relatives
\n\u00e0 la pratique portant sur cinq services
\nprofessionnels cl\u00e9s, \u00e0 savoir : <\/p>\n
\u2022 Norme relative aux activit\u00e9s
\nd\u2019\u00e9valuation immobili\u00e8re;<\/p>\n
\u2022 Norme relative aux activit\u00e9s d\u2019examen;
\n\u2022 Norme relative aux activit\u00e9s <\/p>\n
de consultation;
\n\u2022 Norme relative \u00e0 la planification <\/p>\n
de fonds de r\u00e9serve;
\n\u2022 Norme relative aux activit\u00e9s <\/p>\n
d\u2019\u00e9valuation de machinerie
\net d\u2019\u00e9quipement.<\/p>\n
Les NUPPEC sont examin\u00e9es et publi\u00e9es aux
\ndeux ans afin de faire en sorte que les exigences
\nen mati\u00e8re de conformit\u00e9\u00a0correspondent :<\/p>\n
\u2022 \u00c0 l\u2019engagement de l\u2019ICE \u00e0 maintenir
\nles normes les plus \u00e9lev\u00e9es relatives
\n\u00e0 la conduite, \u00e0 l\u2019analyse et \u00e0 la
\nproduction de rapports;<\/p>\n
\u2022 \u00c0 la diversit\u00e9 des pratiques
\ndes membres de l\u2019ICE;<\/p>\n
\u2022 Aux exigences changeantes de l\u2019industrie;
\n\u2022 Aux mod\u00e8les d\u2019affaires des <\/p>\n
membres de l\u2019ICE.
\nLes NUPPEC demeurent le document
\nfondamental de l\u2019ICE. Il s\u2019int\u00e8gre \u00e0 tous les
\naspects des op\u00e9rations et de la strat\u00e9gie de l\u2019ICE
\net il constitue un \u00e9l\u00e9ment cl\u00e9 de :<\/p>\n
\u2022 nos activit\u00e9s de marketing, de promotion et
\nde relations gouvernementales; <\/p>\n
\u2022 notre r\u00e9gime d\u2019autor\u00e9glementation;
\n\u2022 nos exigences de d\u00e9signation en mati\u00e8re <\/p>\n
d\u2019\u00e9ducation;
\n\u2022 notre programme obligatoire d\u2019assurance <\/p>\n
responsabilit\u00e9 professionnelle.
\nLes NUPPEC est le contrat de l\u2019ICE et de ses
\nmembres envers le public que nous\u00a0desservons. <\/p>\n
LE PROCESSUS COMPLET D\u2019ACCR\u00c9DITATION ASSURE
\nLA QUALIT\u00c9 DES PROFESSIONNELS DE L\u2019\u00c9VALUATION
\nLe Programme de d\u00e9signation professionnelle
\nde l\u2019ICE fournit un curriculum d\u2019avant-
\ngarde qui repose sur l\u2019exp\u00e9rience th\u00e9orique et
\npratique au sein de l\u2019industrie. Il veille \u00e0 ce que
\nles stagiaires qui travaillent en vue d\u2019obtenir
\nla d\u00e9signation d\u2019AACI ou de CRA ont suivi
\nles \u00e9tudes qui les pr\u00e9parent \u00e0 r\u00e9pondre aux
\ndemandes sans cesse changeantes d\u2019une
\nprofession multidisciplinaire op\u00e9rant dans des
\nconditions de march\u00e9 complexes.<\/p>\n
Le processus d\u2019accr\u00e9ditation est tr\u00e8s
\nexigeant \u00e0 toutes les \u00e9tapes. Il comprend une
\nexigence \u00e0 l\u2019admission, une exigence en mati\u00e8re
\nd\u2019\u00e9ducation, des examens du produit du
\ntravail, le Programme et examen d\u2019exp\u00e9rience
\npratique et, pour terminer, une entrevue
\nde comp\u00e9tence professionnelle. Un grade
\nuniversitaire est requis pour l\u2019obtention d\u2019une
\nd\u00e9signation de l\u2019ICE. <\/p>\n
Le Programme d\u2019\u00e9tudes professionnelles
\nde l\u2019ICE est consid\u00e9r\u00e9 comme l\u2019\u00e9talon de
\nr\u00e9f\u00e9rence au pays et dans le monde. D\u2019ailleurs,
\nl\u2019ICE est la seule organisation dans le monde
\n\u00e0 offrir son processus d\u2019accr\u00e9ditation dans les
\ndeux langues officielles, caract\u00e9ristique qui a
\n\u00e9t\u00e9 reconnue en juin 2016 dans un Protocole <\/p>\n
\u00ab LA MISSION DE L\u2019ICE
\nSE TROUVE AU C\u0152UR DE SA
\nSTRAT\u00c9GIE. CETTE MISSION
\nCONSISTE \u00c0 \u00ab PROMOUVOIR
\nET SOUTENIR SES
\nMEMBRES DANS LA
\nPRESTATION DE SERVICES
\nEN CONSULTATION
\nIMMOBILI\u00c8RE DE QUALIT\u00c9
\n\u00c9LEV\u00c9E \u00c0 L\u2019AVANTAGE DES
\nCLIENTS, DES EMPLOYEURS
\nET DU GRAND PUBLIC. \u00bb<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
d\u2019entente entre l\u2019ICE et l\u2019European Group of
\nValuers\u2019 Associations (TEGoVA). Des organismes
\naux \u00c9tats-Unis, en Europe et en Australie, pour
\nn\u2019en nommer que quelques-uns, ont \u00e9tudi\u00e9,
\nadopt\u00e9 ou adapt\u00e9 leurs politiques en fonction
\ndu processus d\u2019accr\u00e9ditation et(ou) des normes
\nd\u2019\u00e9valuation de l\u2019ICE.<\/p>\n
Le Programme d\u2019\u00e9tudes professionnelles
\nen anglais est \u00e9labor\u00e9 et livr\u00e9 en partenariat
\navec la Division de l\u2019immobilier de l\u2019\u00c9cole
\nd\u2019\u00e9tudes commerciales Sauder de l\u2019Universit\u00e9
\nde la Colombie-Britannique. Le Programme
\nd\u2019\u00e9tudes professionnelles en fran\u00e7ais est livr\u00e9 en
\npartenariat avec l\u2019Universit\u00e9 Laval \u00e0 Qu\u00e9bec.
\nCes\u00a0deux universit\u00e9s offrent le programme en
\nclasse et par t\u00e9l\u00e9apprentissage, donnant ainsi
\nacc\u00e8s aux \u00e9tudiants au Canada et dans le monde
\nentier \u00e0 des programmes de cours dans la langue
\nde leur choix. <\/p>\n
TOUS LES MEMBRES DOIVENT SUIVRE DES COURS DE
\nPERFECTIONNEMENT PROFESSIONNEL CONTINU
\nPour assurer le maintien de leurs comp\u00e9tences,
\nles membres de l\u2019ICE sont tenus d\u2019obtenir 24
\ncr\u00e9dits \u00e0 chaque cycle de deux ans du Programme
\nde perfectionnement professionnel continu
\n(PPC). Sept de ces 24 cr\u00e9dits doivent venir du
\nS\u00e9minaire de pratique professionnelle obligatoire
\nde l\u2019ICE, les 17 autres cr\u00e9dits facultatifs
\nprovenant de programmes ou formation relatifs
\n\u00e0 l\u2019industrie. La non-obtention des cr\u00e9dits de
\nPPC requis dans un cycle de deux ans entra\u00eene la
\nsuspension du statut de membre et une amende. <\/p>\n
LE PROCESSUS DE R\u00c9SOLUTION
\nDES PLAINTES PROT\u00c8GE LE PUBLIC
\nL\u2019ICE a pris l\u2019engagement d\u2019\u00eatre r\u00e9ceptif,
\ntransparent et responsable envers le public.
\nL\u2019ICE a mis au point un processus de r\u00e9solution
\ndes plaintes ax\u00e9 sur la protection des int\u00e9r\u00eats
\ndu public et sur le maintien de l\u2019excellence de
\nla profession et des services que ses membres
\nfournissent au public. <\/p>\n
Le processus de r\u00e9solution des plaintes
\nde l\u2019ICE n\u2019intervient pas comme arbitre ou
\n\u00e9valuateur. Son examen porte plut\u00f4t sur
\nl\u2019adh\u00e9sion aux services professionnels et aux
\nnormes en mati\u00e8re d\u2019\u00e9thique \u00e9nonc\u00e9s dans
\nles NUPPEC. L\u2019ICE axe son enqu\u00eate et
\nson adjudication sur les plaintes formelles
\ncontenant une all\u00e9gation voulant qu\u2019un
\nmembre ait contrevenu aux NUPPEC ou aux
\nR\u00e8gles, R\u00e8glements, politiques et dispositions
\ndu Programme d\u2019assurance responsabilit\u00e9 <\/p>\n
professionnelle de l\u2019Institut. L\u2019article 5 des
\nR\u00e8glements consolid\u00e9s de l\u2019ICE fournit de
\nplus amples d\u00e9tails sur la gouvernance de
\nla pratique professionnelle et du processus
\ndisciplinaire depuis la r\u00e9ception d\u2019une
\nplainte jusqu\u2019\u00e0 sa r\u00e9solution finale. Il d\u00e9finit
\n\u00e9galement les r\u00f4les des parties et des sous-
\ncomit\u00e9s qui prennent part au processus de
\nr\u00e9solution des plaintes. <\/p>\n
L\u2019ICE a engag\u00e9 des ressources au bureau
\nnational pour r\u00e9pondre aux inqui\u00e9tudes et
\nrequ\u00eates des consommateurs. La directrice
\nde la Pratique professionnelle sert de premier
\npoint de contact des consommateurs et des
\nmembres en r\u00e9ponse aux diverses questions
\net pr\u00e9occupations relatives \u00e0 la conduite
\net\/ou aux services d\u2019un membre de l\u2019ICE.
\nLa directrice est responsable d\u2019enregistrer
\nles plaintes des consommateurs de fa\u00e7on
\nconfidentielle et opportune et de les
\ntransmettre \u00e0 la conseill\u00e8re en mati\u00e8re de
\npratique professionnelle aux fins d\u2019enqu\u00eate. <\/p>\n
D\u00e9pendamment de la nature
\ndes all\u00e9gations et de l\u2019ampleur des
\ncontraventions, une plainte peut \u00eatre : r\u00e9solue
\npar la conseill\u00e8re, r\u00e9f\u00e9r\u00e9e au m\u00e9diateur et
\nr\u00e9solue par ce dernier avec l\u2019appui du sous-
\ncomit\u00e9 d\u2019enqu\u00eate, ou pr\u00e9sent\u00e9e devant les
\npanels d\u2019audience d\u2019adjudication ou d\u2019appel
\naux fins de d\u00e9cision. <\/p>\n
Le d\u00e9nouement d\u2019une plainte peut
\ninclure une ou plusieurs sanctions en mati\u00e8re
\nde pratique et\/ou de conduite, y compris
\nnotamment mais non exclusivement :<\/p>\n
\u2022 Sanctions en mati\u00e8re de pratique :
\nordonner au membre de suivre des cours
\nde perfectionnement professionnel ou
\ndes cours d\u2019un programme sp\u00e9cifique
\nd\u2019\u00e9tudes professionnelles; ordonner au
\nmembre de soumettre le produit de
\nson travail \u00e0 un examen par les pairs;
\nr\u00e9primande<\/p>\n
\u2022 Sanctions en mati\u00e8re de conduite :
\nsuspension (par ex., de la d\u00e9signation,
\ndu statut de membre, des privil\u00e8ges
\nde cosignature); censure (avec ou sans
\npublication); expulsion<\/p>\n
\u2022 Amendes : jusqu\u2019\u00e0 10 000 $
\n\u2022 Frais d\u2019enqu\u00eate : minimum 500 $<\/p>\n
Le processus de r\u00e9solution des plaintes est
\nexerc\u00e9 par des membres b\u00e9n\u00e9voles de tous les
\ncoins du pays poss\u00e9dant une vaste exp\u00e9rience
\nen \u00e9valuation et en travail dans un contexte
\njudiciaire et\/ou quasi-judiciaire.<\/p>\n
L\u2019ASSURANCE RESPONSABILIT\u00c9
\nPROFESSIONNELLE OFFRE UNE PROTECTION
\nSUPPL\u00c9MENTAIRE AUX CLIENTS
\nL\u2019ICE a un Programme d\u2019assurance
\nresponsabilit\u00e9 professionnelle obligatoire
\nvisant \u00e0 prot\u00e9ger le public, les clients et
\nles membres de l\u2019ICE. Tous les membres
\nen r\u00e8gle sont couverts pour les services
\nprofessionnels qu\u2019ils rendent tel qu\u2019\u00e9nonc\u00e9
\ndans les NUPPEC et dans leur domaine de
\nqualification et de comp\u00e9tence. En vertu
\nde ce programme, les membres jouissent
\nd\u2019une protection compl\u00e8te, y compris
\nune couverture de responsabilit\u00e9 ayant
\nune limite de 2 millions de dollars (par
\noccurrence\/agr\u00e9gat par ann\u00e9e), ainsi que les
\nfrais juridiques et de d\u00e9fense. <\/p>\n
POURQUOI L\u2019AUTOR\u00c9GLEMENTATION
\nDE L\u2019ICE FONCTIONNE
\nL\u2019autor\u00e9glementation fait partie int\u00e9grante
\ndes op\u00e9rations de l\u2019ICE depuis pr\u00e8s de
\n80\u00a0ans. L\u2019engagement \u00e0 prot\u00e9ger le public et
\n\u00e0 livrer des services d\u2019\u00e9valuation de qualit\u00e9
\n\u00e0 nos clients a fait des membres de l\u2019ICE les
\n\u00ab professionnels de l\u2019\u00e9valuation de choix\u00a0\u00bb.
\nLes membres de l\u2019ICE sont reconnus au
\nCanada comme t\u00e9moins experts dans des
\ncontextes judiciaires et quasi judiciaires
\net ils sont appel\u00e9s \u00e0 conseiller les parties
\nint\u00e9ress\u00e9es au sein des gouvernements,
\nde l\u2019industrie financi\u00e8re et du secteur
\nimmobilier sur des questions relatives \u00e0 la
\nvaleur marchande de biens\u00a0immobiliers. <\/p>\n
Le r\u00e9gime d\u2019autor\u00e9glementation de l\u2019ICE
\nfonctionne efficacement et l\u2019ICE demeurera
\nengag\u00e9 \u00e0 assurer que ses membres soient
\nresponsables devant leurs clients et
\ncontinuent de fournir des services de qualit\u00e9
\nau public qu\u2019ils\u00a0desservent. <\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
On October 26, Canada Mortgage and Housing Corporation (CMHC) released its quarterly
\nHousing Market Outlook, at a time when
\nmany factors that influence Canada\u2019s
\neconomy and demographics are in flux.
\nThe result is a national picture that reflects
\nthree distinct regional disparities: strong
\nprice growth in British Columbia and
\nOntario; weaknesses in oil-dependent
\nprovinces of Newfoundland and
\nLabrador, Saskatchewan and Alberta;
\nand stabilization of prices around levels
\nsupported by market fundamentals in
\nother provinces, with some evidence
\nof\u00a0imbalances. <\/p>\n
\u201cThis makes for a complex picture in
\nthe housing market,\u201d says CMHC Chief
\nEconomist Bob Dugan. \u201cThat\u00a0is why
\nCMHC has, for the first time, released
\nits Housing Market Assessment (HMA)
\nand Housing Market Outlook (HMO)
\nat the same time. This enables CMHC
\nto provide a more complete story for
\nhousing markets and promote housing and
\nfinancial stability. With\u00a0the assessment,
\nwe alert Canadians to imbalances and
\nvulnerabilities in our housing markets.
\nWith the outlook, we\u00a0provide a range
\nof possible outcomes to help Canadian
\nhomebuyers and industry make
\nbetter\u00a0decisions.\u201d<\/p>\n
According to the HMA, Canada now
\nshows strong evidence of problematic
\nconditions. Meanwhile, the HMO
\nhighlights important regional differences <\/p>\n
in housing activity, which will gradually
\ndissipate through 2017 and 2018.
\nAt\u00a0the national level, housing starts and
\nMultiple Listing Service\u00ae (MLS\u00ae) sales
\nare expected to decline slightly in 2017,
\nbefore stabilizing in 2018 to levels more
\nconsistent with economic fundamentals
\nand demographic changes. The HMO
\nestimates the range of housing starts to
\nbe between 172,700 and 183,100 units
\nin\u00a02018. <\/p>\n
CMHC\u2019s forecast for MLS\u00ae sales is an
\nincrease from 2015 levels, ranging from
\n517,000 to 533,400 units in 2016. In
\n2017 and 2018, resales should decline
\nto levels warranted by factors such as
\ndisposable income, household formation,
\nmortgage rates, and levels of new and
\nactive listings. These are some of the key
\nfactors that help to determine the level
\nand\u00a0growth of market activity. <\/p>\n
A snapshot
\nof the market
\nHMO forecasts are based on CMHC\u2019s
\nextensive body of housing-market
\ninformation and its own analysis.
\nThey also go hand in glove with
\nCMHC\u2019s HMA, which is designed
\nto alert Canadians to imbalances and
\nvulnerabilities in our housing markets.
\nThe assessment looks at markets across
\nCanada for evidence of four types of
\n\u2018problematic conditions:\u2019 overheating,
\nwhen sales greatly outpace new listings
\nin the market for existing homes; <\/p>\n
sustained acceleration in house prices;
\novervaluation of house prices above what
\ncan be supported by market fundamentals;
\nand overbuilding.<\/p>\n
This quarter\u2019s assessment was
\nsobering: CMHC found strong evidence
\nof problematic conditions for Canada
\noverall, compared with moderate evidence
\nin the previous quarter. Meanwhile,
\novervaluation remains a prevalent
\nconcern in several major housing markets
\nincluding Toronto, Montr\u00e9al and
\nVancouver, and overbuilding is also a
\nconcern in several centres. While this is
\nnot welcome news to the industry, Dugan
\ncautions that evidence of problematic <\/p>\n
CMHC assessment
\nand outlook for
\nCanada\u2019s housing market<\/p>\n
CMHC Chief Economist Bob Dugan<\/p>\n
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conditions does not add up to a housing
\nbubble: \u201cThe\u00a0public has been given an
\nimpression that any market that has
\nprices rising for a long time has to burst.
\nInstead,\u00a0what we are expecting is for a
\ndeceleration of resale price rises in 2017
\nand 2018. Most\u00a0cases of overvaluation in
\nmajor markets are resolved gradually.\u201d<\/p>\n
Regional variation
\nThe nationwide trends are informed
\nby a variety of broad market factors,
\nsuch as a predicted modest increase
\nin Gross Domestic Product (GDP) in
\nCanada over 2015 this year and next,
\non demographic trends that CMHC has
\nmodelled, including a decline in the pace
\nof household formation. But these trends
\nare sometimes exacerbated or countered
\nby regional conditions. <\/p>\n
For example, predicted growth in
\nthe population, employment rate and
\neconomy of British Columbia should
\ntranslate into increased demand for
\nhousing. In Metro Vancouver, in
\nparticular, there is moderate evidence
\nof overheating and price acceleration.
\nPrice\u00a0growth is expected to slow, which
\nshould help to alleviate some of the
\nmarket imbalances. But\u00a0there is also
\na wild card: the introduction of a tax
\non home purchases by foreign entities
\nin August could dampen sales and
\nprice pressures \u2013 but such a measure is
\nrelatively untested in Canada, and the
\nresults should be monitored closely.<\/p>\n
In contrast, Ontario can expect
\nmodest but slowing economic growth,
\nand a boost in housing demand through
\nan influx of immigrants. However,
\nthe province\u2019s picture is clouded by
\neconomic uncertainty, particularly about
\nglobal growth and its effect on non-
\nenergy exports, and rising debt loads.
\nOverall,\u00a0CMHC expects resales and
\nmulti-unit starts to remain high, while
\nsales of single detached homes will be
\ndampened. Ontario home prices are
\nexpected to continue growing strongly for
\nnow, but this should moderate by 2018.<\/p>\n
Factors and forecasts across each of
\nthe provinces are detailed in the HMO,
\nwith estimates for single-detached starts, <\/p>\n
multi-unit starts, resales and prices.
\nMost of the provincial outlooks are less
\nchallenging than in British Columbia
\nand Ontario, which include Canada\u2019s
\ntwo\u00a0most dynamic urban housing
\nmarkets. For further detail, the HMA
\ndetails conditions in 15 of Canada\u2019s
\nCensus Metropolitan Areas (CMAs),
\nfrom Victoria to St. John\u2019s.<\/p>\n
Keeping watch
\nWhile CMHC\u2019s HMA and HMO are
\nbased on comprehensive data and robust
\nmodelling, Dugan cautions that it is also
\nimportant to understand that uncertain
\ntrends in some of the factors cloud the
\noutlook somewhat. Since CMHC\u2019s
\nprevious outlook, risks in these factors
\nhave been growing, which could mean <\/p>\n
canada starts (000s)<\/p>\n
canada MLS\u00ae Sales<\/p>\n
canada MLS\u00ae price<\/p>\n
Source: CMHC, (F) Forecasts by CMHC<\/p>\n
Source: CREA, (F) Forecasts by CMHC<\/p>\n
Source: CREA, (F) Forecasts by CMHC<\/p>\n
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additional pressure in some markets.
\n\u201cA\u00a0large part of Canada\u2019s housing market,
\nnotably in Alberta and Newfoundland
\nand Labrador, depend on the level of
\ninvestment activity in the oil and gas
\nsectors, which in turn depend on oil
\nprices,\u201d says Dugan. \u201cOur view of oil
\nprices is based on the September 2016
\nIndustry Consensus, and it suggests a
\nrange of $40 to $62 US per barrel by the
\nend of 2017. But that could be thrown
\noff by unpredictable factors such as trade
\ndisputes or weather events.\u201d<\/p>\n
Several other important factors lend
\nuncertainty to the estimates: for example,
\nCanadian debt-to-income ratio is at a <\/p>\n
historical high, making households
\nmore vulnerable to a sudden change in
\ninterest rates. Another unknown is the
\nfederal government\u2019s recent changes to
\neligibility rules and criteria for insured
\nmortgages, which involves \u2018stress
\ntesting\u2019 high-ratio mortgages and
\nrequiring borrowers to meet higher
\ndebt-servicing limits. While CMHC
\nestimates that 5-10% of prospective
\nhomebuyers will be affected by these
\nchanges \u2013 requiring them to delay or
\nscale back their purchases \u2013 the actual
\neffects are difficult to determine,
\nparticularly at the provincial and
\nmunicipal levels. <\/p>\n
Nevertheless, Dugan asserts that,
\n\u201cWhile there are vulnerabilities in several
\nof Canada\u2019s housing markets, changes
\nin factors such as oil prices and trade
\nwith the US can either help our market
\nor harm it,\u201d he says. \u201cThe main thing for
\nindustry professionals and companies is
\nto stay informed and to understand the
\nrisks in their regions.\u201d He urges analysts,
\nbuilders, lenders, investors, policymakers
\nand, indeed, all participants in the housing
\nindustry to read the HMO and HMA,
\navailable free of charge from CMHC\u2019s
\nwebsite (www.cmhc.ca). Detailed market-
\nanalysis publications are also available at
\nwww.cmhc.ca\/housingmarketinformation. <\/p>\n
comparisons between the july 2016
\nand october 2016 reports<\/p>\n
\u201cThe main thing for industry professionals and <\/p>\n
companies is to stay informed and to understand <\/p>\n
the risks in their regions.\u201d<\/p>\n
NOTE 1: Colour codes indicate the level of
\nevidence of problematic conditions. The HMA
\nreflects a comprehensive framework that not
\nonly tests for the presence or incidence of signals
\nof potentially problematic conditions, but also
\nconsiders the intensity of signals (that is, how far
\nthe indicator is from its historical average) and
\nthe persistence of signals over time. Generally,
\nlow intensity and persistence are associated
\nwith a lower potential of upcoming problematic
\nconditions. As the number of persistent signals
\nincreases, the evidence of a problematic condition
\ndeveloping increases.<\/p>\n
NOTE 2: Results at the CMA level are not
\nsegmented by housing type or neighbourhood.
\nThey represent an assessment of the entire CMA.
\nHowever, specific CMA reports provide further
\ndetailed analysis of these markets.<\/p>\n
NOTE 3: The colour scale extends to red only
\nfor those factors that have multiple indicators
\nsignaling significant incidence, intensity and
\npersistence of potentially problematic conditions.
\nAs a result, only overvaluation and overbuilding
\ncan receive a red rating, since they are assessed
\nusing more than one indicator.<\/p>\n
NOTE 4: To ensure the framework is as current
\nas possible, on a regular basis, we undertake a
\nmodel selection process whereby our house price
\nmodels for overvaluation are tested for statistical
\nsignificance at the national and CMA level. The
\nresult of this process may change the number
\nof indicators of a problematic condition from the
\nprevious assessment.<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
http:\/\/www.cmhc.ca
\nhttp:\/\/www.cmhc.ca\/housingmarketinformation<\/p>\n
\u00c9valuation et perspectives
\nde la SCHL du march\u00e9 de
\nl\u2019habitation au Canada<\/p>\n
\u00c9conomiste en Chef de la SCHL Bob Dugan<\/p>\n
Le 26 octobre, la Soci\u00e9t\u00e9 canadienne d\u2019hypoth\u00e8ques et de logement (SCHL) a publi\u00e9
\nson rapport trimestriel Perspectives du
\nmarch\u00e9 du logement alors que plusieurs
\ndes facteurs qui influencent l\u2019\u00e9conomie et
\nles donn\u00e9es d\u00e9mographiques du Canada
\nsont en pleine mutation. Il en r\u00e9sulte
\nun portrait national qui refl\u00e8te trois
\ndisparit\u00e9s r\u00e9gionales distinctes : une\u00a0forte
\ncroissance des prix en Colombie-
\nBritannique et en Ontario; des\u00a0faiblesses
\ndans les provinces d\u00e9pendantes du
\np\u00e9trole de Terre-Neuve-et-Labrador,
\nSaskatchewan et Alberta; et stabilisation
\ndes prix autour des niveaux appuy\u00e9s par
\nles fondamentaux du march\u00e9 dans les
\nautres provinces, avec quelques signes
\nde\u00a0d\u00e9s\u00e9quilibres. <\/p>\n
\u00ab Ceci donne un portrait complexe
\ndu march\u00e9 de l\u2019habitation, pr\u00e9cise
\nl\u2019\u00e9conomiste en chef de la SCHL,
\nM.\u00a0Bob Dugan. C\u2019est pour cette raison
\nque la SCHL a publi\u00e9 pour la premi\u00e8re
\nfois simultan\u00e9ment son \u00c9valuation du
\nmarch\u00e9 de l\u2019habitation (EMH) et ses
\nPerspectives du march\u00e9 de l\u2019habitation
\n(PMH). Ceci permet \u00e0 la SCHL de
\ndresser un portrait plus complet des
\nmarch\u00e9s de l\u2019habitation et de promouvoir
\nla stabilit\u00e9 du logement et des finances.
\nPar cette \u00e9valuation, nous alertons les
\nCanadiens au sujet de d\u00e9s\u00e9quilibres et
\ndes vuln\u00e9rabilit\u00e9s dans nos march\u00e9s de
\nl\u2019habitation. Dans nos perspectives, nous
\npr\u00e9sentons un \u00e9ventail de d\u00e9nouements
\npossibles afin d\u2019aider les acqu\u00e9reurs
\nde logement canadiens et l\u2019industrie \u00e0
\nprendre de meilleures d\u00e9cisions. \u00bb<\/p>\n
Selon l\u2019EMH, le Canada pr\u00e9sente
\nmaintenant des signes \u00e9lev\u00e9s de conditions
\nprobl\u00e9matiques. Par ailleurs, le rapport
\nPMH fait ressortir d\u2019importantes disparit\u00e9s
\nr\u00e9gionales sur les march\u00e9s de l\u2019habitation
\nqui se r\u00e9sorberont au cours de 2017 et
\n2018. \u00c0 l\u2019\u00e9chelle nationale, les mises
\nen chantier d\u2019habitations et les ventes
\nMLS\u00ae\u00a0devraient diminuer un peu en 2017,
\navant de se stabiliser en 2018\u00a0pour se situer
\n\u00e0 des niveaux qui cadrent mieux avec les
\nfacteurs \u00e9conomiques fondamentaux et les
\nchangements d\u00e9mographiques. Le PMH
\nestime que le nombre de mises en chantier se
\nsituera, en 2018, entre 172 700 et 183 100
\nunit\u00e9s d\u2019habitation. <\/p>\n
Les pr\u00e9visions de la SCHL en ce qui a trait
\naux ventes MLS\u00ae\u00a0font \u00e9tat d\u2019une augmentation
\npar rapport aux niveaux de 2015, se situant
\nentre 517 000 et 533 400 unit\u00e9s en 2016. En
\n2017 et 2018, les reventes devraient descendre
\naux niveaux justifi\u00e9s par des facteurs tels le
\nrevenu personnel disponible, la composition
\ndes m\u00e9nages, les taux hypoth\u00e9caires et les
\nniveaux d\u2019inscriptions nouvelles et actives.
\nCe sont l\u00e0 quelques-uns des facteurs cl\u00e9s qui
\naident \u00e0 d\u00e9terminer le niveau et la croissance
\nde l\u2019activit\u00e9 du\u00a0march\u00e9. <\/p>\n
Un instantan\u00e9 du march\u00e9
\nLes perspectives du rapport PMH sont
\nfond\u00e9es sur le consid\u00e9rable ensemble de
\ndonn\u00e9es sur le march\u00e9 de l\u2019habitation de la
\nSCHL et sur l\u2019analyse qu\u2019elle en fait. Ces
\nperspectives vont de pair avec le rapport
\nEMH de la SCHL qui est con\u00e7u dans le
\nbut d\u2019alerter les Canadiens de la pr\u00e9sence de
\nd\u00e9s\u00e9quilibres et de vuln\u00e9rabilit\u00e9s dans nos
\nmarch\u00e9s de l\u2019habitation. L\u2019\u00e9valuation examine <\/p>\n
les march\u00e9s \u00e0 l\u2019\u00e9chelle du Canada \u00e0 la recherche
\nde quatre types de \u00ab conditions probl\u00e9matiques\u00a0\u00bb\u00a0:
\nla surchauffe, quand les ventes devancent
\ngrandement les nouvelles inscriptions dans un
\nmarch\u00e9 de maisons existantes; l\u2019acc\u00e9l\u00e9ration
\nsoutenue des prix des maisons; la sur\u00e9valuation
\ndes prix des maisons par rapport \u00e0 ce que peuvent
\nsoutenir les fondamentaux du march\u00e9; et la
\nconstruction excessive.<\/p>\n
Cette \u00e9valuation trimestrielle est sombre\u00a0: la
\nSCHL a relev\u00e9 des signes \u00e9lev\u00e9s de conditions
\nprobl\u00e9matiques au Canada dans son ensemble,
\ncomparativement \u00e0 des signes mod\u00e9r\u00e9s au
\ntrimestre pr\u00e9c\u00e9dent. Entre-temps, la sur\u00e9valuation
\ndemeure un facteur de pr\u00e9occupation dans
\nplusieurs grands march\u00e9s canadiens de
\nl\u2019habitation, y compris Toronto, Montr\u00e9al et
\nVancouver, alors que la construction excessive
\nest \u00e9galement inqui\u00e9tante dans plusieurs centres. <\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
mises en chantier, canada (milliers)<\/p>\n
ventes MLS\u00ae, canada<\/p>\n
prix MLS\u00ae, canada<\/p>\n
Source: SCHL, (P) Pr\u00e9visions<\/p>\n
Source: ACI, (P) Pr\u00e9visions par la SCHL<\/p>\n
Source: ACI, (P) Pr\u00e9visions par la SCHL<\/p>\n
Bien que ce ne soit pas une bonne
\nnouvelle pour l\u2019industrie, M. Dugan tient
\n\u00e0 souligner que les signes de conditions
\nprobl\u00e9matiques ne constituent pas une
\nbulle immobili\u00e8re : \u00ab\u00a0Le public est sous
\nl\u2019impression que tout march\u00e9 qui conna\u00eet
\nune longue p\u00e9riode d\u2019augmentation
\ndes prix doit \u00e9clater. Nous\u00a0nous
\nattendons plut\u00f4t \u00e0 un ralentissement
\nde l\u2019augmentation des prix de revente
\nen 2017 et 2018. La plupart des cas de <\/p>\n
sur\u00e9valuation dans les principaux march\u00e9s
\nse r\u00e9sorbent\u00a0progressivement. \u00bb<\/p>\n
Disparit\u00e9s r\u00e9gionales
\nLes tendances \u00e0 l\u2019\u00e9chelle nationale
\nsont \u00e9clair\u00e9es par un large \u00e9ventail de
\nfacteurs du march\u00e9, y compris la modeste
\naugmentation pr\u00e9vue du Produit int\u00e9rieur
\nbrut (PIB) au Canada par rapport \u00e0
\n2015 cette ann\u00e9e et l\u2019an prochain,
\net par la mod\u00e9lisation des tendances <\/p>\n
d\u00e9mographiques de la SCHL, y compris le
\nralentissement du rythme de la composition
\ndes m\u00e9nages. Mais ces tendances sont
\nparfois exacerb\u00e9es ou att\u00e9nu\u00e9es par les
\nconditions\u00a0r\u00e9gionales. <\/p>\n
Par exemple, la pr\u00e9vision de croissance
\nde la population, du taux d\u2019emploi et de
\nl\u2019\u00e9conomie de la Colombie-Britannique
\ndevrait se traduire par une demande accrue
\nde logement. On\u00a0observe, surtout dans la
\nr\u00e9gion m\u00e9tropolitaine de Vancouver, des
\nsignes mod\u00e9r\u00e9s de surchauffe et d\u2019acc\u00e9l\u00e9ration
\ndes prix. On s\u2019attend \u00e0 un ralentissement
\nde l\u2019augmentation des prix, ce qui
\ndevrait contribuer \u00e0 att\u00e9nuer certains des
\nd\u00e9s\u00e9quilibres du march\u00e9. Mais l\u2019introduction
\nen ao\u00fbt d\u2019une taxe sur les achats de maison
\npar des entit\u00e9s \u00e9trang\u00e8res pourrait venir
\nm\u00ealer les cartes et refroidir les ventes et la
\npression des prix \u2013 mais une telle mesure est
\nrelativement non \u00e9prouv\u00e9e au Canada et ses
\nr\u00e9sultats devraient \u00eatre surveill\u00e9s de pr\u00e8s.<\/p>\n
Par contre, l\u2019Ontario peut s\u2019attendre
\n\u00e0 une modeste croissance \u00e9conomique
\nen ralentissement et \u00e0 une pouss\u00e9e de la
\ndemande de logement r\u00e9sultant d\u2019un afflux
\nd\u2019immigrants. Cependant, la perspective
\nprovinciale est assombrie par l\u2019incertitude
\n\u00e9conomique, surtout au plan de la croissance
\nglobale et de ses effets sur les exportations non
\n\u00e9nerg\u00e9tiques et de l\u2019augmentation du fardeau
\nde la dette. Dans l\u2019ensemble, la SCHL
\ns\u2019attend \u00e0 ce que les reventes et les mises en
\nchantier de logements collectifs demeurent
\n\u00e9lev\u00e9es, alors que les ventes de maisons
\nunifamiliales faibliront. On s\u2019attend \u00e0 ce que
\nles prix des maisons en Ontario continuent
\nd\u2019augmenter fortement pour le moment, mais
\nqu\u2019ils devraient ralentir en 2018.<\/p>\n
Les facteurs et perspectives dans chacune
\ndes provinces sont expos\u00e9s en d\u00e9tail dans
\nle PMH, avec estimations des mises en
\nchantier d\u2019unifamiliales, mises en chantier
\nde logements collectifs, reventes et prix.
\nLa plupart des perspectives provinciales
\nsont moins probl\u00e9matiques que celles de la
\nColombie-Britannique et de l\u2019Ontario, qui
\ncomprennent les deux march\u00e9s d\u2019habitation
\nurbains les plus dynamiques. Pour plus de
\nd\u00e9tails, le rapport EMH pr\u00e9cise les conditions
\ndans 15 R\u00e9gions m\u00e9tropolitaines de
\nrecensement\u00a0(RMR) du Canada, de Victoria\u00a0\u00e0
\nSt. John\u2019s.<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
comparaison entre les rapports
\nde juillet et octobre 2016<\/p>\n
NOTE 1 \u2013 Le code de couleur indique dans quelle mesure
\nles signes de conditions probl\u00e9matiques sont pr\u00e9sents.
\nL\u2019EMH est un cadre analytique exhaustif qui vise \u00e0 d\u00e9tecter
\nnon seulement la pr\u00e9sence d\u2019indicateurs associ\u00e9s \u00e0
\ndes conditions potentiellement probl\u00e9matiques, mais
\ntient compte \u00e9galement de l\u2019intensit\u00e9 de ces indicateurs
\n(autrement dit de leur \u00e9cart par rapport \u00e0 la moyenne
\nhistorique) et de leur persistance. En r\u00e8gle g\u00e9n\u00e9rale, les
\nindicateurs dont l\u2019intensit\u00e9 et la persistance sont faibles
\nmontrent que les conditions sont peu susceptibles de devenir
\nprobl\u00e9matiques. \u00c0 mesure que le nombre d\u2019indicateurs
\npersistants se multiplie, les signes que les conditions
\npourraient devenir probl\u00e9matiques augmentent.<\/p>\n
NOTE 2 \u2013 Les r\u00e9sultats des RMR ne sont pas ventil\u00e9s
\nselon le type de logement ou le quartier. Ils correspondent
\n\u00e0 l\u2019\u00e9valuation qui est faite pour l\u2019ensemble de la
\nRMR. Cependant, les rapports r\u00e9gionaux fournissent
\nune analyse plus d\u00e9taill\u00e9e sur ces march\u00e9s.<\/p>\n
NOTE 3 \u2013 La cote rouge est attribu\u00e9e \u00e0 un facteur
\nseulement si de multiples indicateurs signalent que des
\nconditions potentiellement probl\u00e9matiques sont fortement
\npr\u00e9sentes et que leur intensit\u00e9 et leur persistance sont
\n\u00e9lev\u00e9es. Les seuls facteurs pouvant recevoir cette cote
\nsont la sur\u00e9valuation et la construction excessive, car
\nils sont analys\u00e9s au moyen de plus d\u2019un indicateur.<\/p>\n
NOTE 4 \u2013 Pour faire en sorte que le cadre analytique
\ndemeure aussi actuel que possible, nous entreprenons
\nr\u00e9guli\u00e8rement un processus de s\u00e9lection de mod\u00e8les,
\nc\u2019est-\u00e0-dire que nous \u00e9valuons si les mod\u00e8les des prix des
\nlogements que nous utilisons pour mesurer la sur\u00e9valuation
\ndemeurent significatifs sur le plan statistique \u00e0 l\u2019\u00e9chelle
\ndu Canada et des RMR. Les r\u00e9sultats de ce processus
\npeuvent nous amener \u00e0 changer le nombre d\u2019indicateurs
\nde conditions probl\u00e9matiques d\u2019une \u00e9valuation \u00e0 l\u2019autre.<\/p>\n
\u00catre vigilants
\nBien que les rapports EMH et PMH de la
\nSCHL reposent sur des donn\u00e9es abondantes
\net des mod\u00e8les robustes, M. Dugan pr\u00e9vient le
\nlecteur qu\u2019il importe \u00e9galement de comprendre
\nque les tendances incertaines de certains
\ndes facteurs viennent brouiller quelque peu
\nles perspectives. Depuis le dernier rapport
\nsur les perspectives de la SCHL, les risques
\nconcernant ces facteurs ont augment\u00e9, ce qui
\npourrait intensifier la pression dans certains
\nmarch\u00e9s. \u00ab Une part importante du march\u00e9
\nde l\u2019habitation du Canada, notamment en
\nAlberta et \u00e0 Terre-Neuve-et-Labrador, d\u00e9pend
\ndu niveau des activit\u00e9s d\u2019investissement dans
\nles secteurs du p\u00e9trole et du gaz, qui d\u00e9pendent
\n\u00e0 leur tour des prix du p\u00e9trole, dit M. Dugan.
\nNotre perspective des prix du p\u00e9trole repose
\nsur le consensus de l\u2019industrie de septembre
\n2016 qui pr\u00e9voit une fourchette de prix du
\nbaril de p\u00e9trole de 40 \u00e0 60 dollars US \u00e0 la fin <\/p>\n
de\u00a02017. Mais cette hypoth\u00e8se pourrait \u00eatre
\nchambard\u00e9e par des facteurs impr\u00e9visibles
\ntels des diff\u00e9rends commerciaux ou des
\nph\u00e9nom\u00e8nes\u00a0m\u00e9t\u00e9orologiques. \u00bb<\/p>\n
Plusieurs autres importants facteurs
\ncontribuent \u00e0 l\u2019incertitude des estimations\u00a0:
\npar exemple, le ratio de la dette au revenu
\ndes Canadiens est \u00e0 un niveau record,
\nrendant les m\u00e9nages plus vuln\u00e9rables \u00e0 tout
\nchangement soudain des taux d\u2019int\u00e9r\u00eat.
\nUn\u00a0autre facteur inconnu r\u00e9sulte des r\u00e9cents
\nchangements apport\u00e9s par le gouvernement
\nf\u00e9d\u00e9ral aux r\u00e8gles d\u2019admissibilit\u00e9 et
\naux crit\u00e8res d\u2019assurance hypoth\u00e9caire
\npr\u00e9voyant un \u00ab test de stress \u00bb pour les
\npr\u00eats hypoth\u00e9caires \u00e0 proportion \u00e9lev\u00e9e et
\nexigeant que les emprunteurs satisfassent \u00e0
\ndes limites plus \u00e9lev\u00e9es de service de la dette.
\nBien que la SCHL estime que 5-10\u00a0% des
\nacqu\u00e9reurs de maison seront touch\u00e9s par
\nces changements \u2013 les obligeant \u00e0 retarder <\/p>\n
ou \u00e0 r\u00e9duire leurs achats \u2013 il est difficile d\u2019en
\nmesurer les effets r\u00e9els, surtout \u00e0 l\u2019\u00e9chelle
\nprovinciale et municipale. <\/p>\n
N\u00e9anmoins, M. Dugan affirme que \u00ab\u00a0Bien
\nqu\u2019on observe des vuln\u00e9rabilit\u00e9s dans plusieurs
\nmarch\u00e9s de l\u2019habitation au Canada, des
\nchangements dans les facteurs tels les prix du
\np\u00e9trole et le commerce avec les \u00c9.-U. peuvent
\naider notre march\u00e9 ou lui nuire. Pour les
\nprofessionnels et les soci\u00e9t\u00e9s dans le domaine,
\nl\u2019essentiel est de se tenir au courant et de
\ncomprendre les risques dans leurs r\u00e9gions. \u00bb Il
\ninvite instamment les analystes, entrepreneurs
\nen construction, pr\u00eateurs, investisseurs,
\nd\u00e9cisionnaires et, \u00e0 vrai dire, tous les
\nparticipants \u00e0 l\u2019industrie du logement, \u00e0 lire les
\nrapports PMH et EMH, offerts gratuitement
\nsur le site Web de la SCHL (www.cmhc.ca).
\nDes\u00a0publications d\u2019analyses d\u00e9taill\u00e9es du
\nmarch\u00e9 sont aussi disponibles au www.cmhc.ca\/
\nhousingmarketinformation. <\/p>\n
\u00ab Pour les professionnels et les soci\u00e9t\u00e9s dans le domaine, l\u2019essentiel est
\nde se tenir au courant et de comprendre les risques dans leurs r\u00e9gions. \u00bb<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 37Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
http:\/\/www.cmhc.ca
\nhttp:\/\/www.cmhc.ca\/housingmarketinformation<\/p>\n
A great way to successfully
\nbuild your company <\/p>\n
COMPANY:
\nJackson & Associates Ltd.<\/p>\n
LOCATION:
\nCourtenay, BC<\/p>\n
YEAR ESTABLISHED:
\n1980<\/p>\n
SERVICES:
\nFull range of residential, commercial
\nand industrial appraisal services<\/p>\n
# OF STAFF: 9<\/p>\n
# OF AACIS: 3<\/p>\n
# OF CRAS: 2<\/p>\n
# OF CANDIDATES: 1<\/p>\n
F or Dan Wilson, AACI, P. App., Fellow, former president of the Appraisal Institute of Canada (AIC) and president and owner
\nof Jackson & Associates Ltd., recruiting
\nCandidate Members, helping them
\ndevelop into professional appraisers, and
\nretaining them as key components of
\nhis permanent staff is a business model
\ngeared for success that he readily puts into
\npractice. In the last 10 years, Dan has
\nmentored four Candidate Members, two
\nof whom are part of his current team.<\/p>\n
Gains outweigh the risks
\n\u201cI see mentoring as one of the most
\npositive business strategies that an
\nappraisal firm can undertake,\u201d says Dan.
\n\u201cNot only are you helping someone to
\ndevelop his or her professional skills
\nand to establish a career, you are also
\nenhancing your company with an
\nindividual who could well become a <\/p>\n
committed team member for years
\nto\u00a0come.\u201d<\/p>\n
Depending upon unforeseen
\ncircumstances, Dan knows that there is
\nno guarantee a Candidate Member will
\nstay with an organization for the long-
\nterm. One of his Candidate Members
\nmoved away when her spouse accepted a
\njob opportunity elsewhere and another
\njoined BC Assessment when the economy
\nexperienced a downturn in 2008 and
\nthe fee appraisal business was adversely
\naffected. While those situations can
\nand do arise, Dan steadfastly believes
\nthat the potential rewards in taking on
\na Candidate Member far outweigh any
\nperceived risks of that person not staying
\nwith you.<\/p>\n
The experience makes you better
\n\u201cHiring a Candidate Member and
\nspending time to mentor them is a
\npositive experience for all concerned,\u201d <\/p>\n
Train people well
\nenough so they can leave, <\/p>\n
treat them well enough
\nso they don’t want to. »<\/p>\n
– RICHARD BRANSON<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 201638 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
says Dan. \u201cWhen you hire a
\nseasoned appraiser, you have
\nto adjust to their style and
\napproach. With a Candidate <\/p>\n
Member, you are getting someone with
\nyouthful energy and fresh ideas. You can
\nwork with them to ensure that the various
\nsteps in an appraisal project are being
\ndone the way you like to see them done.
\nAnd by taking the time to thoroughly
\nexplain things to the Candidate Member
\nand to answer their questions, you
\nbecome a better appraiser yourself.
\nIn\u00a0actual fact, you learn from them.\u201d<\/p>\n
Dan comes by his commitment to
\nthe mentoring process and the style to
\nmake it work from personal experience.
\nWhen he entered the profession, he was
\nguided through the designation process
\nby Bill Jackson, AACI, P. App., who was
\nthe founder of the appraisal company
\nthat Dan now owns. According to Dan,
\n\u201cBill was very hands-on every step
\nof the way. From selecting properties <\/p>\n
and researching data to interviewing
\npeople and writing reports, he worked
\nclosely with me to make sure I was
\ndoing things correctly. I try to do the
\nsame with the Candidate Members we
\nbring\u00a0on.\u201d<\/p>\n
Payback for time invested
\nIf the mentoring process is seen by
\nsome as being too time consuming,
\nDan is quick to point out that the
\ntime commitment is front-end loaded,
\nwith the payback down the line well
\nworth the investment. He estimates
\nthat it is the first six months where he
\nspends a significant amount of time
\naccompanying Candidate Members on
\ninspections, helping them with their
\nresearch, and reviewing their work.
\nAfter\u00a0that, the Candidate Members
\nbecome much more independent
\nand require diminishing amounts
\nof supervision. While being there to
\nanswer questions and share information
\nand experiences never really stops, the
\npayback on the early investment of time
\nis considerable when the Candidate
\nMember becomes a fully accredited
\nappraiser working as an integral part
\nof\u00a0your company.<\/p>\n
Hiring the right person
\n\u201cA key to making it all work is to
\nconduct the proper due diligence before
\nteaming up with a Candidate Member,\u201d
\nsays Dan. \u201cObviously, since you will be
\nspending a significant amount of time
\nwith the person, there needs to be a
\ngood fit from a personality perspective.
\nYou also do a thorough review of
\na prospective Candidate Member\u2019s
\neducational background, work
\nexperience and writing style. But there
\nis much more to it than that. I look for
\nindividuals with a strong work ethic
\nwho I feel can work both independently <\/p>\n
and as part of a team. I look for people
\nwho are open to new ideas, who ask a
\nlot of questions, and who demonstrate a
\ngenuine desire to learn. Because they will
\nhave to work directly with our clients
\nand our staff, I also want to know that
\nthey get along with people and treat
\nthem with respect. Oh yes, and being a
\nself-starter is a door opener as well.\u201d<\/p>\n
When it comes to the importance
\nof being a self-starter, Dan recalls
\na situation where he had multiple
\napplications to fill a Candidate Member
\nposition he had open. He ended up
\ngiving the job to an individual from
\nBritish Columbia who had travelled all
\nthe way to the AIC Annual Conference
\nin Halifax to learn more about the
\nprofession and to introduce herself to
\nappraisers from across the country\u2026
\nDan included. \u201cI remembered meeting
\nher and being impressed that someone
\nwould show that kind of initiative to
\nmake inroads in her desired career,\u201d
\nsays Dan. \u201cI was quite confident she
\nwould\u00a0succeed.\u201d<\/p>\n
\u201cThere are definitely challenges to
\nmeet and personal commitments to
\nmake,\u201d says Dan. \u201cBut I wholeheartedly
\nrecommend mentoring a Candidate
\nMember to other appraisers and other
\nappraisal companies. I have gained
\nmore personally and professionally than
\nanything I have given, and I now have
\nprofessional peer relationships with these
\nindividuals that I truly value.\u201d\u00a0 \u00a0<\/p>\n
Not only are you
\nhelping someone to
\ndevelop his or her
\nprofessional skills and
\nto establish a career,
\nyou are also enhancing
\nyour company with
\nan individual who
\ncould well become
\na committed team
\nmember for years
\nto come.\u201d<\/p>\n
The time commitment
\nis front-end loaded, with
\nthe payback down the line
\nwell worth the investment.\u201d<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 39Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
Une merveilleuse fa\u00e7on de b\u00e2tir
\nvotre compagnie avec succ\u00e8s<\/p>\n
COMPAGNIE :
\nJackson & Associates Ltd.<\/p>\n
EMPLACEMENT :
\nCourtenay, Colombie-Britannique<\/p>\n
ANN\u00c9E DE CR\u00c9ATION :
\n1980<\/p>\n
SERVICES :
\nTous les services d\u2019\u00e9valuation
\nr\u00e9sidentielle, commerciale et
\nindustrielle<\/p>\n
NOMBRE D\u2019EMPLOY\u00c9S : 9<\/p>\n
NOMBRE D\u2019AACI : 3<\/p>\n
NOMBRE DE CRA : 2<\/p>\n
NOMBRE DE STAGIAIRES : 1<\/p>\n
P our Dan Wilson, AACI, P. App., Fellow, ancien pr\u00e9sident de l\u2019Institut canadien des \u00e9valuateurs (ICE), pr\u00e9sident et propri\u00e9taire
\nde Jackson & Associates Ltd., recruter des
\nmembres stagiaires, les aider \u00e0 devenir des
\n\u00e9valuateurs professionnels et les garder
\ncomme \u00e9l\u00e9ments cl\u00e9s de son personnel
\npermanent est un mod\u00e8le d\u2019affaires vou\u00e9
\n\u00e0 la r\u00e9ussite qu\u2019il met d\u00e9j\u00e0 en pratique.
\nDepuis 10 ans, Dan a mentor\u00e9 quatre
\nmembres stagiaires, dont deux font partie
\nde son \u00e9quipe actuelle.<\/p>\n
Les gains d\u00e9passent les risques
\n\u00ab Je vois le mentorat comme l\u2019une des
\nstrat\u00e9gies d\u2019affaires les plus positives qu\u2019une
\nfirme d\u2019\u00e9valuation puisse entreprendre,
\nexplique Dan. Non seulement aidez-vous
\nquelqu\u2019un \u00e0 d\u00e9velopper ses comp\u00e9tences
\nprofessionnelles et \u00e0 \u00e9tablir sa carri\u00e8re, mais
\nvous am\u00e9liorez aussi votre compagnie avec
\nune personne qui pourrait bien devenir un <\/p>\n
pr\u00e9cieux membre d\u2019\u00e9quipe pour les ann\u00e9es
\n\u00e0\u00a0venir.\u00a0\u00bb<\/p>\n
En cas de circonstances impr\u00e9vues, Dan
\nsait que rien ne garantit qu\u2019un membre
\nstagiaire demeurera avec une organisation
\n\u00e0 long terme. \u00c0 preuve, un de ses membres
\nstagiaires a d\u00e9m\u00e9nag\u00e9 lorsque son \u00e9poux
\na accept\u00e9 un emploi ailleurs, alors qu\u2019un
\nautre s\u2019est joint \u00e0 BC Assessment lorsque
\nl\u2019\u00e9conomie a connu un ralentissement en
\n2008 et que les entreprises d\u2019\u00e9valuation
\nont \u00e9t\u00e9 gravement affect\u00e9es. M\u00eame si ces
\nsituations peuvent survenir et se produisent
\neffectivement, Dan croit fermement que
\nles b\u00e9n\u00e9fices potentiels d\u2019embaucher un
\nmembre stagiaire d\u00e9passent de loin tout
\nrisque per\u00e7u que cet employ\u00e9 ne restera
\npas\u00a0chez vous.<\/p>\n
L\u2019exp\u00e9rience nous rend meilleur
\n\u00ab Embaucher un membre stagiaire et passer
\ndu temps \u00e0 le mentorer est une exp\u00e9rience
\npositive pour toutes les personnes concern\u00e9es, <\/p>\n
Formez bien vos gens
\npour qu’ils puissent partir, <\/p>\n
mais soign\u00e9 les agr\u00e9ablement
\nqu\u2019ils ne veulent pas. \u00bb<\/p>\n
– RICHARD BRANSON<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 201640 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
s\u2019enthousiasme Dan. Quand
\nvous embauchez un \u00e9valuateur
\nexp\u00e9riment\u00e9, vous devez vous
\nadapter \u00e0 son style et \u00e0 son
\napproche. Avec un membre
\nstagiaire, vous avez quelqu\u2019un
\nde jeune, plein d\u2019\u00e9nergie et de
\nnouvelles id\u00e9es. Vous pouvez <\/p>\n
travailler avec lui pour assurer que les
\ndiff\u00e9rentes \u00e9tapes d\u2019un projet d\u2019\u00e9valuation
\nsoient suivies comme vous le souhaitez.
\nEt\u00a0en prenant le temps de bien expliquer
\nles choses au membre stagiaire et de
\nr\u00e9pondre \u00e0 ses questions, vous devenez
\nvous-m\u00eame un meilleur \u00e9valuateur.
\nEn\u00a0fait, vous apprenez de celui-ci.\u00a0\u00bb<\/p>\n
Dan tire de son exp\u00e9rience
\npersonnelle son engagement envers
\nle processus de mentorat et le style
\nn\u00e9cessaire pour le rendre efficace.
\nQuand il est entr\u00e9 dans la profession,
\nil a \u00e9t\u00e9 guid\u00e9 \u00e0 travers le processus de
\nd\u00e9signation par Bill Jackson, AACI,
\nP. App., qui a fond\u00e9 la compagnie
\nd\u2019\u00e9valuation dont Dan est maintenant
\npropri\u00e9taire. De poursuivre Dan : <\/p>\n
\u00ab Bill\u00a0a \u00e9t\u00e9 tr\u00e8s utile tout au long
\ndu processus. Du choix des biens
\nimmobiliers \u00e0 la recherche de donn\u00e9es,
\nen passant par les entrevues de personnes
\net la r\u00e9daction de rapports, il a travaill\u00e9
\nde pr\u00e8s avec moi pour assurer que je fasse
\nles choses correctement. J\u2019essaie de faire
\nde m\u00eame avec les membres stagiaires que
\nnous accueillons.\u00a0\u00bb<\/p>\n
R\u00e9compens\u00e9 pour le temps investi
\nM\u00eame si certains pensent que le processus
\nde mentorat prend trop de temps, Dan
\nsouligne que m\u00eame si on passe beaucoup
\nde temps au d\u00e9but, les r\u00e9compenses qui
\nviennent plus tard en valent vraiment la
\npeine. Selon lui, c\u2019est dans les six premiers
\nmois qu\u2019il consacre beaucoup de temps
\naux membres stagiaires, pour les aider
\ndans les inspections, dans leurs recherches
\net pour examiner leur travail. Apr\u00e8s cela,
\nles membres stagiaires commencent \u00e0
\nvoler de leurs propres ailes et ont de moins
\nen moins besoin de supervision. M\u00eame si
\nl\u2019on est toujours l\u00e0 pour r\u00e9pondre \u00e0 leurs
\nquestions et partager renseignements et
\nexp\u00e9riences avec eux, la r\u00e9compense du
\ntemps investi au d\u00e9but est tr\u00e8s satisfaisante
\nlorsque le membre stagiaire devient enfin
\nun \u00e9valuateur enti\u00e8rement accr\u00e9dit\u00e9 et
\ntravaille comme partie int\u00e9grante de
\nvotre\u00a0compagnie.<\/p>\n
Embaucher la bonne personne
\n\u00ab Une cl\u00e9 pour que tout fonctionne est de
\nbien faire ses devoirs avant de faire \u00e9quipe
\navec un membre stagiaire, pr\u00e9vient Dan.
\nDe toute \u00e9vidence, comme vous passerez
\nbeaucoup de temps avec lui, il faut que
\nvos personnalit\u00e9s soient compatibles.
\nVous devez \u00e9galement bien conna\u00eetre
\nles ant\u00e9c\u00e9dents scolaires, l\u2019exp\u00e9rience de
\ntravail et le style de r\u00e9daction du membre
\nstagiaire potentiel. Mais il y a encore
\nbeaucoup plus que cela. Je cherche des
\nindividus qui ont une solide \u00e9thique
\nde travail et qui, \u00e0 mon avis, peuvent
\ntravailler aussi bien seuls qu\u2019au sein d\u2019une
\n\u00e9quipe. Je cherche des gens qui sont
\nouverts aux nouvelles id\u00e9es, qui posent <\/p>\n
beaucoup de questions et qui d\u00e9montrent
\nun d\u00e9sir sinc\u00e8re d\u2019apprendre. \u00c9tant donn\u00e9
\nqu\u2019ils devront travailler directement avec
\nnos clients et notre personnel, je veux
\n\u00e9galement savoir s\u2019ils s\u2019entendent bien
\navec les gens et s\u2019il les traite avec respect.
\nOh\u00a0oui, s\u2019il est entreprenant, \u00e7a ouvrira
\ndes portes aussi.\u00a0\u00bb<\/p>\n
Parlant de l\u2019importance d\u2019\u00eatre
\nentreprenant, Dan se rappelle une
\nsituation o\u00f9 plusieurs personnes avaient
\nsollicit\u00e9 un poste de membre stagiaire
\nqu\u2019il avait offert. Il a fini par donner
\nl\u2019emploi \u00e0 une femme de la Colombie-
\nBritannique, qui avait fait tout le trajet
\njusqu\u2019\u00e0 Halifax, lors de la Conf\u00e9rence
\nannuelle de l\u2019ICE, pour en savoir
\ndavantage sur la profession et pour
\nse pr\u00e9senter aux \u00e9valuateurs de tout
\nle pays\u2026 incluant Dan. \u00ab Je me suis
\nsouvenu de notre rencontre et d\u2019avoir \u00e9t\u00e9
\nimpressionn\u00e9 par quelqu\u2019un qui avait fait
\npreuve d\u2019une telle initiative pour percer
\ndans la carri\u00e8re de son r\u00eave, remarque
\nDan. J\u2019\u00e9tais persuad\u00e9 qu\u2019elle r\u00e9ussirait.\u00a0\u00bb<\/p>\n
\u00ab Bien s\u00fbr, il y a des d\u00e9fis \u00e0 relever et
\ndes engagements personnels \u00e0 prendre,
\nde conclure Dan, mais je recommande
\ntr\u00e8s chaudement aux \u00e9valuateurs et aux
\ncompagnies \u00e9valuation de mentorer un
\nmembre stagiaire. J\u2019ai re\u00e7u plus, tant
\nsur le plan personnel que professionnel,
\nque tout ce que j\u2019ai donn\u00e9, et je jouis
\nmaintenant de relations professionnelles
\navec des pairs de la profession, ces
\npersonnes qui ont pour moi une tr\u00e8s
\ngrande valeur.\u00a0\u00bb <\/p>\n
Non seulement
\naidez-vous quelqu\u2019un
\n\u00e0 d\u00e9velopper ses
\ncomp\u00e9tences
\nprofessionnelles et \u00e0
\n\u00e9tablir sa carri\u00e8re, mais
\nvous am\u00e9liorez aussi
\nvotre compagnie avec une
\npersonne qui pourrait
\nbien devenir un pr\u00e9cieux
\nmembre d\u2019\u00e9quipe pour
\nles ann\u00e9es \u00e0 venir. \u00bb<\/p>\n
M\u00eame si on passe
\nbeaucoup de temps au
\nd\u00e9but, les r\u00e9compenses
\nqui viennent plus tard en
\nvalent vraiment la peine. \u00bb<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 41Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
THE FUTURE IS BRIGHT<\/p>\n
B orn and raised in Truro, NS, Blake Upham, AACI, P.App knew early on that he wanted to be a professional real estate
\nappraiser. As Blake puts it, \u201cI am the only
\nperson I know of who went to university
\nwith the ambition from the outset of
\nbecoming a real estate appraiser\u2026 it was
\nalways my end goal throughout the entire
\nuniversity experience.\u201d<\/p>\n
Blake\u2019s plans certainly did not
\nstart out that way. Working for HSBC
\nFinance and not knowing that real
\nestate appraisers even existed let alone
\nwhat they did, his original thoughts
\nwere to follow in his family footsteps.
\nThat meant becoming an entrepreneur,
\npurchasing small income real estate,
\nand building from there. Fortunately,
\nhe soon learned about real estate
\nappraisal and the benefits it offered
\nas a career, including the fact that he
\ncould still become an entrepreneur if he
\nchose to do so once he had gained the
\nrequired experience. <\/p>\n
He soon left his finance job, enrolled
\nin Halifax\u2019s Mount Saint Vincent
\nUniversity and graduated with a Bachelor
\nof Business Administration in 2012.
\nHe went to work with Altus Group
\nin Fredericton, NB before his degree
\nwas even handed out and immediately
\nbegan the process of achieving his AACI
\ndesignation from the Appraisal Institute
\nof Canada (AIC).<\/p>\n
\u201cI did not even attend my university
\ngraduation because I felt that I had not <\/p>\n
yet accomplished my goal of becoming an
\nAACI,\u201d says Blake, who soon became a
\nhighly motivated participant in the PGCV
\n(Post-Graduate Certificate in Real Property
\nValuation) program that the AIC offers in
\npartnership with the University of British
\nColumbia (UBC) Real Estate Division. <\/p>\n
\u201cIt helped that I was fresh out
\nof university and still in the school
\nmentality,\u201d he says. \u201cI was young, living
\nin a new city with limited distractions,
\nso I was able to spend my weekends
\ncompleting assignments and studying for
\ntests. It was a long, demanding process,
\nbut well worth it in the end.\u201d<\/p>\n
Blake is quick to point out that, while
\ncourses that make up the designation
\nprogram effectively guide students
\nthrough the learning process, it is the
\nquality mentorship and on-the-job, real
\nworld experience that sets you up for
\nsuccess. His mentor during his first four
\nyears with Altus Group in Fredericton
\nwas Jason White, AACI, P. App., while,
\nin Halifax, he continues to be mentored
\nby Arthur Savary, AACI, P. App., James
\nHardy, AACI, P. App., and Jeff McLean,
\nAACI, P. App.<\/p>\n
\u201cThis is an outstanding benefit of
\nworking for a company like Altus Group,\u201d
\nBlake emphasizes. \u201cI am surrounded by an
\nabundance of professionals with a wealth of
\nexperience, who are more than willing to
\nshare their time, expertise and knowledge.
\nI cannot stress enough the importance of
\nmentorship in this industry and how it
\ncreates opportunities to grow.\u201d <\/p>\n
BLAKE UPHAM KNOWS
\nWHERE HE IS HEADED AND HOW <\/p>\n
HE PLANS TO GET THERE<\/p>\n
\u201cI AM SURROUNDED
\nBY AN ABUNDANCE OF <\/p>\n
PROFESSIONALS WITH A
\nWEALTH OF EXPERIENCE, <\/p>\n
WHO ARE MORE THAN
\nWILLING TO SHARE THEIR <\/p>\n
TIME, EXPERTISE AND
\nKNOWLEDGE. I CANNOT <\/p>\n
STRESS ENOUGH
\nTHE IMPORTANCE OF
\nMENTORSHIP IN THIS <\/p>\n
INDUSTRY AND HOW IT
\nCREATES OPPORTUNITIES <\/p>\n
TO GROW.\u201d<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 201642 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
THE FUTURE IS BRIGHT<\/p>\n
It is that opportunity to learn and
\ngrow that Blake finds such an appealing
\naspect of his chosen career. \u201cEvery day
\nis a new learning experience and no two
\ndays are ever the same,\u201d he says. \u201cThere
\nis so much to learn and stay updated on
\nin this industry that even the most senior
\nappraisers will admit they are learning
\nevery day. It is refreshing to know
\nthat I will continue to learn as I grow
\nolder.\u201d Blake achieved his designation
\nin February of 2016 and, after time
\nas a Senior Analyst in Altus Group\u2019s
\nFredericton office, is now a Consultant <\/p>\n
with the company in Halifax. He has
\ncompleted assignments on many types of
\nproperties and spent a year negotiating
\nland lease deals for one of the firm\u2019s
\nmajor clients. Since moving to Halifax,
\nhis primary focus has been working with
\nindustrial properties and various small
\ncommercial assignments. He is now in
\nthe process of deciding on a secondary
\nspecialization. With experience in
\ninvestment property valuation and course
\nwork from the IRWA (International
\nRight of Way Association) in right-of-
\nway valuation, his plan is to continue
\nworking in each of these areas until he
\ndetermines which one provides the most <\/p>\n
opportunities and which he finds
\nthe most interesting. As his career <\/p>\n
develops, lofty goals continue to
\nmotivate Blake. \u201cI want to be
\none of the top appraisers, not
\njust in the Maritimes, but in all
\nof Canada,\u201d he says. \u201cMy goal
\nis to be relied upon for major
\nprojects across the country and,
\neventually, in other areas of the
\nworld. Ultimately, I would like
\nto establish myself in more of
\nan advisory role, with less report
\nwriting, where I can work
\nfrom anywhere.\u201d<\/p>\n
To make these goals a reality,
\nBlake relishes the <\/p>\n
opportunity to
\ntake on new <\/p>\n
and different
\nassignments and
\nto continue
\nlearning as
\nhe gains
\nvaluable
\nexperience.
\nPart of that
\nprocess is
\nlearning
\nfrom the <\/p>\n
professionals he works with and those he
\nmeets when volunteering, as he did when
\nserving on the Board of Directors of
\nthe New Brunswick Association of Real
\nEstate Appraisers (NBAREA). With his
\nrecent move to Halifax, he was forced to
\nresign from the New Brunswick Board,
\nbut plans to renew his involvement in
\nNova Scotia once he is settled. <\/p>\n
According to Blake, \u201cIt is a great way
\nto stay involved in the profession, to
\nassociate with and learn from my peers,
\nand to have a say in what is going on
\nwith the profession on both a provincial
\nand national level.\u201d<\/p>\n
While it is quite obvious that Blake
\nis highly motivated to succeed, any
\nadded incentive he might have needed
\ncan be found in his family. He and
\nhis wife Luz are expecting a baby boy
\nlater this year and he proudly states
\nthat, \u201cEverything that I now do and
\nstrive for is for them. The profession
\nis aging and opportunities for young
\nprofessionals like me are increasing.
\nFinding the time to be successful
\nin my career while taking on the
\nresponsibilities of being a new father is
\ngoing to be quite demanding and time
\nconsuming, however, it is a challenge I
\nam committed to meet.\u201d <\/p>\n
What advice does such a motivated
\nindividual have for people considering
\nentering the profession? \u201cIt can be
\ndifficult to find an entry level position
\nwith a quality firm, since these positions
\ncan be somewhat limited. But it is up
\nto each individual to make it happen.
\nContact every appraisal firm you can
\nfind until one is at least willing to meet
\nwith you. Start the first course of the
\nPGCV program on your own since
\nmany prospective employers will be
\nmore likely to hire someone who has
\nshown that kind of initiative. And build
\na network with industry professionals
\nas they may be able to help you get your
\nfoot in the door.\u201d<\/p>\n
Sound advice from a young appraisal
\nprofessional who knows where he is
\nheaded and how he plans to get there. <\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 43Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
L\u2019AVENIR S\u2019ANNONCE BIEN<\/p>\n
O riginaire de Truro, en Nouvelle-\u00c9cosse, Blake Upham, AACI, P.App a d\u00e9cid\u00e9 tr\u00e8s t\u00f4t dans sa vie
\nqu\u2019il voulait devenir un \u00e9valuateur <\/p>\n
immobilier professionnel. Comme
\nil se pla\u00eet \u00e0 dire\u00a0: \u00ab Je suis la seule
\npersonne que je connais qui soit
\nall\u00e9e \u00e0 l\u2019universit\u00e9 avec l\u2019ambition
\nde devenir un \u00e9valuateur
\nimmobilier \u2026 ce fut, tout au long
\nde mon exp\u00e9rience universitaire,
\nmon but ultime.\u00a0\u00bb <\/p>\n
Au d\u00e9part, les plans de Blake
\nn\u2019\u00e9taient pas aussi clairs. \u00c0 l\u2019emploi
\ndes services financiers de HSBC et
\nignorant la nature, voire l\u2019existence
\nm\u00eame, de la profession d\u2019\u00e9valuateur, <\/p>\n
il se proposait de suivre
\nles traces de son p\u00e8re. <\/p>\n
Pour ce faire, il devait
\ndevenir un entre-
\npreneur, acheter de
\npetits immeubles
\n\u00e0 revenus et
\ncontinuer dans
\ncette veine.
\nHeureusement,
\nil a rapidement
\nappris l\u2019im-
\nportance de
\nla profession
\nd\u2019\u00e9valua-
\nteur et les
\navantages
\nqu\u2019offre
\ncette <\/p>\n
carri\u00e8re, y compris le fait qu\u2019il pouvait
\ndevenir un entrepreneur s\u2019il d\u00e9cidait
\nde le faire apr\u00e8s avoir acquis l\u2019exp\u00e9rience
\nn\u00e9cessaire. <\/p>\n
Peu apr\u00e8s, il quittait son emploi
\naux services financiers pour s\u2019inscrire
\n\u00e0 l\u2019Universit\u00e9 Mount Saint Vincent \u00e0
\nHalifax o\u00f9 il obtint un baccalaur\u00e9at en
\nAdministration des affaires en 2012.
\nIl entra au service du groupe Altus \u00e0
\nFredericton, au Nouveau-Brunswick,
\navant m\u00eame d\u2019avoir re\u00e7u son dipl\u00f4me et
\na entrepris imm\u00e9diatement le processus
\nd\u2019obtention de la d\u00e9signation AACI de
\nl\u2019Institut canadien des \u00e9valuateurs (ICE). <\/p>\n
\u00ab Je n\u2019ai m\u00eame pas assist\u00e9 \u00e0 la remise
\ndes dipl\u00f4mes parce que je n\u2019avais
\npas atteint mon but de devenir un
\nAACI,\u00a0\u00bb dit Blake, qui devint bient\u00f4t
\nun participant hautement motiv\u00e9 du
\nprogramme PGCV (Post-Graduate
\nCertificate in Real Property Valuation\/
\nCertificat d\u2019\u00e9tudes sup\u00e9rieures en
\n\u00e9valuation immobili\u00e8re) qu\u2019offre l\u2019ICE
\nen collaboration avec la division de
\nl\u2019immobilier de l\u2019Universit\u00e9 de la
\nColombie-Britannique (U.C.-B.). <\/p>\n
\u00ab Frais \u00e9moulu de l\u2019universit\u00e9,
\nj\u2019avais l\u2019avantage d\u2019avoir encore la
\nmentalit\u00e9 d\u2019\u00e9tudiant, dit-il. J\u2019\u00e9tais
\njeune et nouveau venu dans une ville
\naux distractions limit\u00e9es, de sorte que
\nje pouvais passer mes fins de semaine
\n\u00e0 faire mes devoirs et \u00e0 \u00e9tudier en
\npr\u00e9paration des examens. Le processus
\nest long et exigeant, mais il en vaut
\ncertainement la peine.\u00a0\u00bb<\/p>\n
BLAKE UPHAM SAIT
\nO\u00d9 IL S\u2019EN VA ET <\/p>\n
COMMENT Y ARRIVER<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada | Volume 60 | Book 4 \/ Tome 4 | 201644 Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
L\u2019AVENIR S\u2019ANNONCE BIEN<\/p>\n
Blake s\u2019empresse de pr\u00e9ciser que,
\nbien que les cours qui constituent le
\nprogramme menant \u00e0 la d\u00e9signation
\nguident efficacement les \u00e9tudiants
\ndans le processus d\u2019apprentissage, c\u2019est
\nle mentorat de qualit\u00e9 et l\u2019exp\u00e9rience
\nde travail qui vous pr\u00e9pare vraiment
\nau succ\u00e8s. Son mentor au cours de ses
\nquatre premi\u00e8res ann\u00e9es au groupe
\nAltus de Fredericton fut Jason White,
\nAACI, P. App., alors qu\u2019apr\u00e8s son
\ntransfert \u00e0 Halifax, il re\u00e7ut le mentorat
\nd\u2019Arthur Savary, AACI, P. App., James
\nHardy, AACI, P. App., et Jeff McLean,
\nAACI, P. App.<\/p>\n
\u00ab J\u2019ai l\u2019avantage exceptionnel de
\ntravailler pour une entreprise comme
\nle groupe Altus, explique Blake.
\nJe\u00a0suis donc entour\u00e9 de professionnels
\nexp\u00e9riment\u00e9s qui sont dispos\u00e9s \u00e0
\npartager leur temps, leur expertise et
\nleurs connaissances. Je ne saurais trop
\ninsister sur l\u2019importance du mentorat
\ndans notre industrie et des opportunit\u00e9s
\nde perfectionnement qu\u2019il pr\u00e9sente.\u00a0\u00bb <\/p>\n
C\u2019est cette occasion d\u2019apprendre et
\nde se d\u00e9velopper que Blake consid\u00e8re
\ncomme l\u2019aspect le plus attrayant de
\nla carri\u00e8re qu\u2019il a choisie. \u00ab Chaque
\njour am\u00e8ne une nouvelle exp\u00e9rience
\nd\u2019apprentissage et chaque jour est
\ndiff\u00e9rent, dit-il. Il y a tellement
\nde choses \u00e0 apprendre et \u00e0 suivre
\ndans cette industrie que m\u00eame les
\n\u00e9valuateurs les plus chevronn\u00e9s vous
\ndiront qu\u2019ils en apprennent tous les
\njours. Je suis encourag\u00e9 \u00e0 l\u2019id\u00e9e que
\nje pourrai continuer \u00e0 apprendre
\nen vieillissant.\u00a0\u00bb <\/p>\n
Blake a obtenu sa d\u00e9signation en
\nf\u00e9vrier 2016 et, apr\u00e8s avoir travaill\u00e9
\ncomme analyste principal au bureau du
\ngroupe \u00e0 Fredericton, il est maintenant
\nconsultant aupr\u00e8s de la compagnie \u00e0
\nHalifax. Il a ex\u00e9cut\u00e9 des contrats de
\nservice portant sur plusieurs types de
\npropri\u00e9t\u00e9s et a pass\u00e9 un an \u00e0 n\u00e9gocier
\ndes baux fonciers pour certains des
\nplus importants clients de la firme.
\nDepuis son entr\u00e9e en fonctions \u00e0
\nHalifax, il a surtout travaill\u00e9 sur des <\/p>\n
propri\u00e9t\u00e9s industrielles et divers petits
\ncontrats de service commerciaux.
\nIl\u00a0r\u00e9fl\u00e9chit pr\u00e9sentement au choix
\nd\u2019une sp\u00e9cialisation secondaire. Fort
\nde son exp\u00e9rience en \u00e9valuation de
\npropri\u00e9t\u00e9s \u00e0 revenus et de ses cours
\nen \u00e9valuation d\u2019emprises donn\u00e9s par
\nl\u2019IRWA (International Right of Way
\nAssociation), il a l\u2019intention de continuer
\n\u00e0 travailler dans ces deux domaines
\njusqu\u2019\u00e0 ce qu\u2019il puisse d\u00e9terminer celui
\nqui pr\u00e9sente le plus d\u2019occasions et qui
\ncorrespond le mieux \u00e0 ses int\u00e9r\u00eats. <\/p>\n
son b\u00e9n\u00e9volat, comme ce fut le cas lors de
\nson mandat au Conseil d\u2019administration de
\nl\u2019Association des \u00e9valuateurs immobiliers
\ndu Nouveau-Brunswick (NBAREA). Par
\nsuite de son r\u00e9cent d\u00e9m\u00e9nagement \u00e0 Halifax,
\nil fut oblig\u00e9 de d\u00e9missionner de son poste
\nau Conseil d\u2019administration du Nouveau-
\nBrunswick, mais il se propose, une fois
\ninstall\u00e9, de renouveler son engagement en
\nNouvelle-\u00c9cosse. <\/p>\n
Selon Blake, \u00ab C\u2019est un excellent moyen
\nde demeurer en contact avec la profession,
\nde c\u00f4toyer et d\u2019apprendre de ses pairs et
\nd\u2019avoir un mot \u00e0 dire sur l\u2019orientation de
\nla profession tant au niveau provincial
\nque national.\u00a0\u00bb<\/p>\n
S\u2019il est plut\u00f4t \u00e9vident que Blake est
\nfortement motiv\u00e9 \u00e0 r\u00e9ussir, toute autre
\nmesure d\u2019incitation dont il aurait besoin
\nse trouve dans sa famille. Son \u00e9pouse, Luz,
\nattend un gar\u00e7on plus tard cette ann\u00e9e et
\nil est fier de d\u00e9clarer\u00a0: \u00ab Tout ce que je fais et
\nm\u2019efforce d\u2019accomplir, c\u2019est pour eux.
\nLa profession vieillit et les occasions pour
\nles jeunes professionnels comme moi sont \u00e0
\nla hausse. Trouver le temps de r\u00e9ussir dans
\nma carri\u00e8re tout en prenant mes nouvelles
\nresponsabilit\u00e9s de p\u00e8re de famille pose un
\ngrand d\u00e9fi que je m\u2019engage \u00e0 relever.\u00a0\u00bb <\/p>\n
Quel conseil peut bien donner un
\nindividu aussi motiv\u00e9 aux gens qui
\nenvisagent une carri\u00e8re dans cette
\nprofession? \u00ab Il peut \u00eatre difficile de
\ntrouver un poste dans une firme de qualit\u00e9
\nparce que les ouvertures y sont plut\u00f4t
\nlimit\u00e9es. Mais c\u2019est \u00e0 chacun de faire ce
\nqu\u2019il faut. Contactez toutes les entreprises
\nd\u2019\u00e9valuation que vous pouvez trouver
\njusqu\u2019\u00e0 ce que vous en trouviez une qui
\nsoit au moins dispos\u00e9e \u00e0 vous rencontrer.
\nInscrivez-vous au premier cours du
\nprogramme PGCV \u00e0 vos propres frais
\nparce que la plupart des employeurs seront
\nplus int\u00e9ress\u00e9es \u00e0 embaucher quelqu\u2019un qui
\nfait montre d\u2019initiative. D\u00e9veloppez votre
\nr\u00e9seau de professionnels de l\u2019industrie qui
\npourraient vous recommander pour un
\nposte de d\u00e9butant.\u00a0\u00bb<\/p>\n
Judicieux conseil d\u2019un jeune \u00e9valuateur
\nprofessionnel qui sait ce qu\u2019il veut et
\ncomment y arriver. <\/p>\n
\u00ab JE SUIS ENTOUR\u00c9
\nDE PROFESSIONNELS <\/p>\n
EXP\u00c9RIMENT\u00c9S QUI SONT
\nDISPOS\u00c9S \u00c0 PARTAGER <\/p>\n
LEUR TEMPS, LEUR
\nEXPERTISE ET LEURS <\/p>\n
CONNAISSANCES. JE NE
\nSAURAIS TROP INSISTER <\/p>\n
SUR L\u2019IMPORTANCE
\nDU MENTORAT DANS <\/p>\n
NOTRE INDUSTRIE ET
\nDES OPPORTUNIT\u00c9S DE <\/p>\n
PERFECTIONNEMENT
\nQU\u2019IL PR\u00c9SENTE. \u00bb<\/p>\n
\u00c0 mesure que sa carri\u00e8re se dessine,
\nBlake continue de se fixer des objectifs
\nstimulants. \u00ab Je veux \u00eatre l\u2019un des meilleurs
\n\u00e9valuateurs, non seulement dans les
\nMaritimes, mais dans tout le Canada,
\ndit-il. J\u2019ai pour but d\u2019\u00eatre l\u2019homme de
\nconfiance pour des projets majeurs au pays
\net, \u00e9ventuellement, dans d\u2019autres parties du
\nmonde. Ultimement, j\u2019aimerais m\u2019\u00e9tablir
\ndavantage dans un r\u00f4le consultatif dans
\nlequel j\u2019aurais moins de rapports \u00e0
\n\u00e9crire, ce qui me permettrait de travailler
\nn\u2019importe o\u00f9.\u00a0\u00bb <\/p>\n
Pour atteindre ses objectifs, Blake
\nsaisit l\u2019occasion de prendre de nouveaux
\ncontrats de service qui l\u2019incitent \u00e0
\ncontinuer d\u2019apprendre et \u00e0 acqu\u00e9rir de
\npr\u00e9cieuses exp\u00e9riences. Une partie de
\nce processus consiste \u00e0 apprendre des
\nprofessionnels avec lesquels il travaille et
\nde ceux qu\u2019il rencontre dans le cadre de <\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
PROFESSIONAL PRACTICE MATTERS<\/p>\n
CUSPAP 2016 \u2013 GET TO KNOW IT
\nA COL L A BOR AT ION BY T HE V OLUN T EER MEMBER S OF T HE A PPE A L SUB-COMMI T T EE:<\/p>\n
D. ALLAN BEATTY, AACI, P.APP, FELLOW; DAVID BABINEAU, AACI, P.APP, FELLOW;
\nGORDON TOMIUK, AACI, P.APP, FELLOW; ROBERT ROBSON, AACI, P.APP, FELLOW; <\/p>\n
PETER LAWREK, P.APP; AND JOHN SHEVCHUK, AACI (HON)<\/p>\n
T his article furthers the discussion on the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP)
\n2016 started by Darrell Thorvaldson,
\nAACI, P. App., Chair of the Standards
\nSub-Committee in Book 3 2016 of
\nCanadian Property Valuation magazine. <\/p>\n
Members are reminded that it is
\ntheir responsibility to be up to date
\nwith changes to CUSPAP. While this
\nis not new, there are never enough
\nopportunities to remind Members of this
\nobligation. The Appraisal Institute of
\nCanada (AIC) has developed a number
\nof strategies to keep Members up to
\ndate on CUSPAP and changes from
\nedition to edition. The one-day and
\ntwo-day versions of the Professional
\nPractice Seminar (PPS) are the most
\nvisible of these strategies, and the most
\ncomprehensive overview of changes.
\nHowever, many Members wait until
\nthe last few months of a continuing
\nprofessional development (CPD) cycle
\nbefore attending, and thus run the risk of
\napplying past practices that are no longer
\ncompliant or no longer have professional
\nliability insurance coverage. <\/p>\n
Other opportunities include:
\n\u2022 articles by the Professional <\/p>\n
Practice Sub-Committees and the
\nDirector-Counsellor, Professional
\nPractice that appear regularly in
\nthis magazine;<\/p>\n
\u2022 a robust section of the website1
\nthat includes a number of resources <\/p>\n
dealing with the application of
\nthe\u00a0standards;<\/p>\n
\u2022 a summary of the changes from
\nthe previous version to the current
\nCUSPAP version (Appendix B in
\nCUSPAP 2016 ); and <\/p>\n
\u2022 new for 2016: three online, two-hour
\nsessions highlighting changes \u2013 which
\nwas well received by Members.<\/p>\n
All to say, a Member cannot use the
\n\u201cI\u00a0didn\u2019t know\u201d defense when it comes to
\nthe application of the current standard.<\/p>\n
What follows are additional
\nreminders of the CUSPAP requirements
\n\u2013 some new to CUSPAP 2016, and
\nsome that warrant repeating from prior
\neditions, namely in those areas where
\nMembers continue to struggle with in
\nterms of compliance. <\/p>\n
Over the past number of years, the
\nAIC has actively pursued a strategic
\ndirection to expand the areas of practice
\nfor Members. CUSPAP 2016 saw
\nthe addition of the Machinery and
\nEquipment Appraisal Standard,2 which
\nfollowed the addition of the Reserve
\nFund Study Standard3 in 2014. <\/p>\n
1.0 The Ethics Standard
\nThe introduction of new professional
\nservices (e.g., machinery and equipment,
\nreserve fund planning) amplifies the
\nrelevance of the Competency Rule for
\nMembers that choose to practice in
\nnew or specialized areas. The definition
\nof Competency was modified slightly
\nin CUSPAP 2016. The changes are <\/p>\n
« ULTIMATELY, IT IS UP
\nTO YOU, THE MEMBER, <\/p>\n
TO FAMILIARIZE YOURSELF
\nWITH THE CURRENT <\/p>\n
MANDATORY\/BINDING
\nREQUIREMENTS. »<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
PROFESSIONAL PRACTICE MATTERS<\/p>\n
intended to clarify the description of this
\nimportant requirement, but the core of
\nthe Competency provision remains intact.
\nTo fully understand the requirements,
\nMembers are referred to Sections 2.14,
\n4.3.7, 5.11 and 16.8. CUSPAP creates
\na \u2018fabric\u2019 of requirements to ensure
\nMembers provide these services in a
\nmanner that is consistent with our
\nprofessional obligations to the public. <\/p>\n
This should also serve as a reminder
\nto Members in a more general sense;
\nthe competency provisions of the
\nEthics Standard is one of the most
\nfrequent Rules under which Members
\nare disciplined when in contravention
\nof\u00a0CUSPAP. <\/p>\n
The top five most common Ethics
\nStandard Rules (ESR) breaches are:<\/p>\n
\u2022 ESR 4.3.1 \u2013 To knowingly fail to
\ncomply with the Bylaws, Regulations
\nand Standards and the Professional
\nLiability Insurance Program of
\nthe\u00a0Institute<\/p>\n
\u2022 ESR 4.3.2 \u2013 To knowingly engage in
\nconduct that would prejudice his\/her
\nprofessional status, the reputation
\nof the Institute, the appraisal
\nprofession, or any other Member<\/p>\n
\u2022 ESR 4.3.3 \u2013 To knowingly act in a
\nmanner that is misleading<\/p>\n
\u2022 ESR 4.3.5 \u2013 To knowingly complete
\nan assignment that a reasonable
\nappraiser could not support<\/p>\n
\u2022 ESR 4.3.9 \u2013 To fail to create a
\nwork-file for each assignment<\/p>\n
While the wording changes in CUSPAP
\n2016 of the above requirements are not
\nsignificant (with the exception of ESR
\n4.3.9, further described below), there a
\nnumber of corollary changes that could
\naffect how a Member\u2019s actions might be
\njudged. This is particularly the case for
\nESR 4.3.2 and ESR 4.3.3. <\/p>\n
The obligations for Members to
\nconduct themselves in a professional
\nmanner and to produce assignment
\nresults that are not capable of
\nmisleading a reader sometimes overlap
\nwith the requirements to comply with
\nboth ESR 4.3.1 and the Reasonable <\/p>\n
Appraiser test in Ethics Standard
\nComment (ESC) 5.3.5. <\/p>\n
What follows is an examination of
\nold and new requirements that govern
\nMembers\u2019 \u2018conduct\u2019 and \u2018misleading\u2019
\nreports. However, Members should be
\nmindful that when their performance
\nin these areas falls well outside the
\nexpectations, both breaches to ESR 4.3.1
\nand ESR 4.3.5 might ensue.<\/p>\n
1.1 Conduct
\nWith respect to conduct, Members are
\nsubject to the following passage:<\/p>\n
\u201c\u2026 pledge to conduct themselves
\nin a manner that is not detrimental
\nto the public, the Institute, or the
\nreal property appraisal profession.
\nMembers\u2019 relationships with other
\nMembers and the Institute shall
\nportray courtesy and good faith and
\nshow respect for the Institute and
\nits\u00a0procedures.4\u201d<\/p>\n
A number of CUSPAP 2016 changes
\nshould be noted and are found
\nprimarily in the Definitions section.
\nOf\u00a0importance to this discussion are the
\nfollowing Definitions:<\/p>\n
2.5 \u2013 Appraisal Practice
\n2.10 \u2013 Bias
\n2.42 \u2013 Jurisdictional Exception
\n2.64 \u2013 Scope of Work<\/p>\n
The Definition of Appraisal Practice
\n(see\u00a02.5) is expanded and clarified,
\nreinforcing the long held concept that
\nit does not matter what nomenclature
\na Member might use to describe
\nassignments, they are not exempt from
\nthe application of the Standard when
\nacting in a professional capacity covered
\nby CUSPAP.<\/p>\n
The Definition of Bias (2.10) was
\nexpanded by replacing the word \u2018used\u2019
\nwith \u2018not reasonably supported\u2019 in
\ndiscussing assignment conditions that
\npreclude a Member\u2019s impartiality.
\nIt also further expands the wording
\nfrom referring only to impartiality, to
\nalso include \u2018or favoring or promoting
\nthe cause or interest of the client, the
\nMember or another party.\u2019<\/p>\n
The Definition of Jurisdictional
\nException (2.42) now incorporates
\nwording previously included in the
\n\u2018How\u00a0to Use This Document\u2019 section
\n(and elsewhere) so that the Definition
\nis more complete and compulsory.
\nFor\u00a02016, it also clarifies that the
\nlegal authority that to set aside a
\nStandards Rule, the Member must
\ninvoke an exception.<\/p>\n
The Definition of Scope of Work
\n(2.64) is clarified to include the type of
\ninspection and other limitations. It also
\nidentifies the importance of the client\u2019s
\nterms of reference that should be cited if
\nand when they affect the scope of work
\nemployed in an assignment.<\/p>\n
While these changes are important,
\nthe requirements of the Ethics Standard
\nthat remain in place are also worth
\na mention, since they too are often
\nfound to be a source of complaint.
\nThe\u00a0Conduct section includes guidance
\nfor Members and their advertising
\npractices. This section also reinforces
\nthat Members should show courtesy and
\ngood faith in their dealings with the
\npublic, other Members and the Institute,
\nwhile conducting their assignments
\nethically, objectively and competently. <\/p>\n
1.2 Misleading Report(s)
\nTurning to misleading reports, Members
\nare subject to the following:
\n \u201c\u2026 must develop and communicate <\/p>\n
his\/her analysis, opinions and advice
\nin a manner that is meaningful to
\nthe client, not be misleading in the
\nmarketplace and in compliance with
\nthese Standards.5\u201d<\/p>\n
Two important provisions of the Ethics
\nStandard tied to the interpretation of
\nmisleading reports are \u2018Omission or
\nCommission\u2019 and what can be referred to
\nas \u2018Single or Cumulative Error.\u2019 Omission
\nor commission means that a misleading
\nreport can be judged so by including
\nthings in a report (or making errors) or
\nby leaving important things out. Single or
\ncumulative error means that a misleading
\nreport could occur due to a single large <\/p>\n
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TABLE OF CONTENTS<\/p>\n
PROFESSIONAL PRACTICE MATTERS<\/p>\n
error or by a number of small errors that
\nin aggregate lead to a misleading report. <\/p>\n
What follows is by no means a
\ncomplete list of changes or concepts,
\nsince this is such a wide-reaching topic
\nbut they are worthy of a discussion: <\/p>\n
2.23 \u2013 Effective Date
\n2.26 \u2013 Extraordinary Assumption
\n6.2.11 \u2013 RPASR6 on Land Use
\nControls (Also see 7.11)
\n6.2.12 \u2013 RPASR on Use
\n(Also\u00a0see\u00a07.12)
\n6.2.13 \u2013 RPASR on Highest and
\nBest\u00a0Use (Also see 16.23)<\/p>\n
The Definition of Effective Date
\n(2.23) was expanded to more clearly
\nidentify that the effective date can
\nbe different from both the inspection
\nand report date.<\/p>\n
The Definition of Extraordinary
\nAssumption (2.26) was modified slightly
\nby adding the word \u2018materially\u2019 alter the
\nMember\u2019s opinions or conclusions.<\/p>\n
The Real Property Appraisal Standard
\nRules (RPASR) on Land Use Controls
\n(6.2.11) was expanded to include the
\nrequirement to \u2018analyze\u2019 in addition to
\n\u2018identify\u2019 land use controls. <\/p>\n
The\u00a0Appraisal Standard Comment
\n7.11 was also expanded to require a
\ndiscussion and \u2018reasonable support\u2019
\nfor the imminence or probability of a
\nchange in land use, in cases where the
\nHighest and Best Use is for a change
\nin\u00a0use.<\/p>\n
The RPASR on Use (6.2.12) did not
\nchange but the Comment at 7.12 was
\nexpanded requiring a discussion on and
\nanalysis of the implications of a legal
\nnon-conforming use. <\/p>\n
The RPASR on Highest and Best
\nUse (6.2.13) was expanded by adding
\n\u2018analyze\u2019 to the requirement to \u2018define
\nand resolve\u2019 this concept. This implies
\nthat a more in-depth discussion is
\nrequired, in appropriate assignment
\nconditions, since \u2018define and resolve\u2019
\nled some Member to include only a
\ndefinition and conclusion without
\nany (or sufficient) discussion as to the
\nthought process behind the conclusion. <\/p>\n
The Practice Notes section related to
\nthe Highest and Best Use discussion was
\ngreatly expanded in the 2014 edition,
\nand is worth taking a moment to review.<\/p>\n
2.0 The Practice Standards
\nTurning the attention to the five
\nPractice Standards, the most prominent
\nchange is the addition of the Machinery
\nand Equipment Appraisal Standard.
\nThis\u00a0opens a whole new area of practice
\nto\u00a0Members. <\/p>\n
One change that was a direct result
\nof this addition, to make the distinction
\nbetween real property and personal
\nproperty, was that the former Appraisal
\nStandard Rules have been re-named to
\nReal Property Appraisal Standard Rules. <\/p>\n
As Members begin to expand in
\nmachinery and equipment appraisal,
\nand continue to expand in the reserve
\nfund planning, they are not immune
\nto the competence and performance
\nrequirements, the same as appraisal,
\nreview or consulting services. While
\nthese changes to the traditional areas
\nof practice are minimal, it is worth
\nexamining the historical pattern of
\nmost common CUSPAP breaches that
\nhas\u00a0emerged. <\/p>\n
It should first be noted that all five
\npractice standards include language
\nthat is similar with regard to the
\nthoroughness of the collection of
\nrelevant data and producing work that
\nhas sufficient detail for the reader to
\nunderstand the rationale supporting
\nthe Members opinions and conclusions.
\nIt\u00a0is a cornerstone of good practice and
\na hallmark for the AIC when done in
\naccordance with Standards. However,
\nit is also among the more challenging
\naspects of what we do.<\/p>\n
The top five most common practice
\nbreaches are as follows:<\/p>\n
\u2022 RPASR 6.2.18 detail the
\nreasoning\u00a0supporting the
\nanalyses,\u00a0opinions and conclusions
\nof each valuation\u00a0approach<\/p>\n
\u2022 RPASR 6.2.15 describe and analyze
\nall data relevant to the assignment<\/p>\n
\u2022 RPASR 6.2.6 provide an analysis of
\nreasonable exposure time linked to a
\nmarket value opinion<\/p>\n
\u2022 RPASR 6.2.10 identify all
\nassumptions and limiting conditions<\/p>\n
\u2022 RPASR 6.2.9 identify the location
\nand characteristics of the property
\nand the interest appraised;<\/p>\n
Discussion on the Ethics Standard
\nalready touched on changes related
\nto RPASR 6.2.10 with respect to
\nExtraordinary Assumptions, therefore
\nit is not repeated but it cannot be
\noverlooked as a common breach, closely
\ntied to 6.2.10.<\/p>\n
RPASR 6.2.18 and 6.2.15 are
\nsomewhat inter-related. The reasoning
\nsupporting the analyses opinions
\nand conclusions \u2018for each valuation
\napproach\u2019 is more closely related
\nto the reasoning, sound technical
\napproach and accuracy within the
\nvaluation techniques applied, as well
\nas to the process of reconciling which
\ninformation is the most reliable. This is
\nwhere Members are encouraged to \u2018tell
\nthe story\u2019 of how a logical progression
\nthrough connecting the data with
\nthe final opinions or conclusions that
\nhopefully lead the reader to a similar
\nconclusion as the practitioner. <\/p>\n
The\u00a0requirement to describe
\nand analyze all data relevant to
\nthe assignment demands that the
\nappropriate facts are correctly reported
\nand molded into a rational framework of
\ninformation within which the opinions
\nand conclusions can be\u00a0drawn.<\/p>\n
Where Members often fall short is in
\none of three areas:<\/p>\n
\u2022 Insufficient reasoning in supporting
\nadjustments and\/or convincing
\nrational for moving from the data to
\nthe conclusions;<\/p>\n
\u2022 Incorrect or insufficient description
\nof key information related to the
\nsubject or the comparable data set;<\/p>\n
\u2022 Insufficient descriptions and\/or
\ninappropriate assumptions that
\nunduly affect the analysis, opinions
\nand conclusions.<\/p>\n
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\nTABLE OF CONTENTS<\/p>\n
PROFESSIONAL PRACTICE MATTERS<\/p>\n
Although RPASR 6.2.6 applies to real
\nproperty only, the Standard on the
\nappraisal of machinery and equipment
\nalso requires a discussion on exposure
\ntime. Members continue to struggle with
\ncompliance either by its omission or
\nits content, where they often neglect to
\ndiscuss the basis for the conclusion(s). <\/p>\n
For CUSPAP 2016, Exposure Time
\nwas added to the Definitions section
\n(2.24) and incorporates wording similar
\nto past editions, but now appears in
\na more prominent, and mandatory,
\nsection. Members should take note of
\nthe\u00a0following:<\/p>\n
\u201cThe opinion of the time period for
\nreasonable exposure is not intended
\nto be a prediction of a date of sale
\nor a one-line statement. Instead,
\nit is an integral part of the analyses
\nconducted during the appraisal
\nassignment.7\u201d (emphasis added)<\/p>\n
Clearly, the exposure time estimate is
\nnot intended to state only an estimate
\nwithout providing some context and
\nrationale. Clients pay attention to
\nthe exposure time in order to make
\nbusiness\u00a0decisions.<\/p>\n
Finally, RPASR 6.2.9 relates to
\na description of the location and
\ncharacteristics of the property.
\nThis\u00a0affects a broad range of information
\nrelated to the subject property, including
\nits legal and civic address, legal
\nattributes such as details on title related
\nissues, surrounding properties, tax and
\nassessment data, as some examples.
\nMember performance is often lacking
\nin either reporting this information
\naccurately or overlooking information on
\na property that could be important to a
\ncomplete analysis.<\/p>\n
3.0 Conclusion
\nThis summary is intended to highlight
\nsome of the changes to CUSPAP 2016,
\nbut, ultimately, it is up to you, the
\nMember, to familiarize yourself with the
\ncurrent mandatory\/binding requirements. <\/p>\n
While some of the above content
\nrelates to non-binding requirements of <\/p>\n
CUSPAP, demonstrating that you are
\nup to date in your knowledge of your
\nprofessional obligations is an important
\naspect of professionalism. The new
\none-day PPS has now been launched
\nand Members are encouraged to enroll
\nsooner rather than later in the current
\nCPD cycle. That\u00a0said, Members should
\nnot depend on the seminar to get current
\nwith Standards, particularly those that
\nare mandatory in their application.<\/p>\n
For any questions on CUSPAP, its
\napplication or interpretation, Members
\ncan contact Nathalie Roy-Patenaude,
\nAIC Director-Counsellor, Professional
\nPractice at nathalier@aicanada.ca. <\/p>\n
End notes
\n1 See the Professional Practice <\/p>\n
(www.aicanada.ca\/professional-practice) in
\nthe Member\u2019s section of the AIC website.<\/p>\n
2 Machinery and Equipment Valuation
\nStandard Rules appear in CUSPAP
\n2016 edition at Section 14, with
\nComments in Section 15 and related
\npractice notes in Section 16.<\/p>\n
3 Reserve Fund Planning Standard
\nRules appear in CUSPAP 2016 edition
\nat Section 12 with Comments in
\nSection 13 and related practice notes
\nin\u00a0Section\u00a016.<\/p>\n
4 CUSPAP 2016, ESR 4.1.1 \u2018Preamble\u2019
\n5 CUSPAP 2016 Edition, <\/p>\n
Ethics Standards Rules 4.2.2
\n\u2018Requirements\u00a0of Members\u2019 <\/p>\n
6 CUSPAP 2016 Edition now
\ncontains both Real Property
\nAppraisal Standard Rules (RPASR)
\nand Machinery and Equipment
\nAppraisal Standard Rules (MEASR)<\/p>\n
7 CUSPAP 2016 Edition, Practice Notes
\n16.18.1, \u2018Exposure Time\u2019 <\/p>\n
Suite 101, 24 Inglewood Drive, St. Albert, AB T8N 6K4<\/p>\n
Jeremy Wasmuth, AACI, P. App., B. Comm<\/p>\n
Tel: (780) 424-8856 \u2022 Fax: (587) 290-2267
\nEmail: jwasmuth@crvg.com<\/p>\n
Email: jeremy.wasmuth@crvg.com<\/p>\n
John F. Wasmuth, AACI, P. App., P. Ag.<\/p>\n
Volume 60 | Book 4 \/ Tome 4 | 2016 | \u00c9valuation Immobili\u00e8re au Canada | Canadian Property Valuation 49Click HERE to return to
\nTABLE OF CONTENTS<\/p>\n
mailto:nathalier@aicanada.ca
\nhttp:\/\/www.aicanada.ca\/professional-practice
\nmailto:jwasmuth@crvg.com
\nmailto:jeremy.wasmuth@crvg.com<\/p>\n