ARE PROPERTY
\nTAXES REFLECTED
\nIN MARKET PRICE?
\nLa taxe fonci\u00e8re
\nest-elle refl\u00e9t\u00e9e dans
\nle prix du march\u00e9? <\/p>\n
UNIQUE CHALLENGES
\nOF THE CARIBBEAN
\nD\u00e9fis uniques
\ndes Cara\u00efbes<\/p>\n
LEGALIZATION OF
\nMARIJUANA IS
\nCHANGING REAL
\nESTATE LANDSCAPE
\nLa l\u00e9galisation de la
\nmarijuana change le
\npaysage immobilier<\/p>\n
P
\nM<\/p>\n
#
\n40<\/p>\n
0
\n08<\/p>\n
24
\n9 <\/p>\n
R
\ne<\/p>\n
tu
\nrn<\/p>\n
u
\nn<\/p>\n
d
\ne<\/p>\n
liv
\ne<\/p>\n
ra
\nb<\/p>\n
le
\n C<\/p>\n
an
\nad<\/p>\n
ia
\nn <\/p>\n
A
\nd<\/p>\n
d
\nre<\/p>\n
ss
\ne<\/p>\n
s
\nto<\/p>\n
: A
\np<\/p>\n
p
\nra<\/p>\n
is
\nal<\/p>\n
In
\nst<\/p>\n
it
\nu<\/p>\n
te
\n o<\/p>\n
f C
\nan<\/p>\n
ad
\na,<\/p>\n
4
\n03<\/p>\n
-2
\n0<\/p>\n
0
\nC<\/p>\n
at
\nh<\/p>\n
e
\nri<\/p>\n
n
\ne <\/p>\n
St
\n., <\/p>\n
O
\ntt<\/p>\n
aw
\na,<\/p>\n
O
\nN<\/p>\n
K
\n2P<\/p>\n
2
\nK<\/p>\n
9.
\n E<\/p>\n
m
\nai<\/p>\n
l:
\nin<\/p>\n
fo
\n@<\/p>\n
ai
\nca<\/p>\n
na
\nd<\/p>\n
a.
\nca<\/p>\n
The Official Publication of the
\nAppraisal Institute of Canada \/
\nPublication officielle de l\u2019Institut
\nCanadien des \u00c9valuateurs<\/p>\n
Immobili\u00e8re au Canada<\/p>\n
Canadian Property
\nVol 62 | Book 1 \/ Tome 1 2018<\/p>\n
Commercial real estate <\/p>\n
tech upgrade<\/p>\n
L\u2019immobilier commercial
\nniveau technologique<\/p>\n
mailto:info@aicanada.ca
\nmailto:info@aicanada.ca
\nmailto:info@aicanada.ca<\/p>\n
Excellence Teamwork Respect Integrity<\/p>\n
Send Report<\/p>\n
$800,000<\/p>\n
Appraisal report software
\nbuilt for and by industry pros<\/p>\n
With Value Connect\u2019s platform, you can build and
\naccess the unexpected: accurate, beautiful, and comprehensive <\/p>\n
Smart Appraisal Reports\u2122.<\/p>\n
Use your smart phone or tablet in the field<\/p>\n
to add photos directly into the draft<\/p>\n
appraisal report<\/p>\n
Smart Forms\u2122 automatically populate<\/p>\n
maps and identify Subject and<\/p>\n
Comparable properties<\/p>\n
Agreements and attachments are easily <\/p>\n
integrated from the appraisal order page<\/p>\n
Reports are archived in the cloud, so they\u2019re <\/p>\n
secure and accessible from anywhere<\/p>\n
Stay in-the-know with automatically <\/p>\n
generated status updates throughout the <\/p>\n
process and a dedicated account rep<\/p>\n
Ready to transform your
\nappraisal report workflow?
\nVisit valueconnect.ca to register <\/p>\n
for a local training session or
\nsign up for a personalized demo.<\/p>\n
valueconnect.ca
\ntoll free 844-383-2473 <\/p>\n
@valueconnectinc linkedin.com\/company\/valueconnectinc<\/p>\n
AIC_MagazineAd_1017.indd 1 2017-10-25 11:22 AM<\/p>\n
CDC provides quality,
\nprofessional valuations
\nto our clients on a timely
\nbasis with integrity,
\neffectiveness and value.
\nCDC fournit des \u00e9valuations
\nprofessionnelles de qualit\u00e9 \u00e0 ses
\nclients, de fa\u00e7on rapide, avec int\u00e9grit\u00e9,
\nefficacit\u00e9 et valeur. <\/p>\n
LocaL appraisers,
\nNatioNaL coverage,
\nexceLLeNt service.<\/p>\n
\u00c9vaLuateurs Locaux,
\ncouverture NatioNaLe, <\/p>\n
service exceLLeNt.<\/p>\n
CDC INC. is a national full service appraisal firm
\nCDC INC. est une firme nationale d\u2019\u00e9valuation multiservices
\nT \/ T\u00e9l. : 1.800.582.2315 <\/p>\n
F \/ T\u00e9l\u00e9c. : 1.866.348.6826 <\/p>\n
E \/ Courriel : info@cdcinc.ca<\/p>\n
W : www.cdcinc.ca<\/p>\n
@cdcincproperty<\/p>\n
facebook.com\/cdcconsulting<\/p>\n
REAL PROPERTY APPRAISALS
\n\u00c9VALUATIONS IMMOBILI\u00c8RES
\nOur Value. Your Future.
\nNotre expertise. Votre avenir.<\/p>\n
http:\/\/www.valueconnect.ca
\nhttp:\/\/www.valueconnect.ca
\nhttp:\/\/linkedin.com\/company\/valueconnectinc<\/p>\n
CDC provides quality,
\nprofessional valuations
\nto our clients on a timely
\nbasis with integrity,
\neffectiveness and value.
\nCDC fournit des \u00e9valuations
\nprofessionnelles de qualit\u00e9 \u00e0 ses
\nclients, de fa\u00e7on rapide, avec int\u00e9grit\u00e9,
\nefficacit\u00e9 et valeur. <\/p>\n
LocaL appraisers,
\nNatioNaL coverage,
\nexceLLeNt service.<\/p>\n
\u00c9vaLuateurs Locaux,
\ncouverture NatioNaLe, <\/p>\n
service exceLLeNt.<\/p>\n
CDC INC. is a national full service appraisal firm
\nCDC INC. est une firme nationale d\u2019\u00e9valuation multiservices
\nT \/ T\u00e9l. : 1.800.582.2315 <\/p>\n
F \/ T\u00e9l\u00e9c. : 1.866.348.6826 <\/p>\n
E \/ Courriel : info@cdcinc.ca<\/p>\n
W : www.cdcinc.ca<\/p>\n
@cdcincproperty<\/p>\n
facebook.com\/cdcconsulting<\/p>\n
REAL PROPERTY APPRAISALS
\n\u00c9VALUATIONS IMMOBILI\u00c8RES
\nOur Value. Your Future.
\nNotre expertise. Votre avenir.<\/p>\n
http:\/\/www.cdcinc.ca
\nhttp:\/\/www.facebook.com\/cdcconsulting
\nmailto:info@cdcinc.ca<\/p>\n
We\u2019re Growing!<\/p>\n
WHY JOIN US?
\nGrowth Opportunities
\nAt Colliers, we partner with you to elevate your business, whether you want to lead a
\nteam or become an asset type expert.<\/p>\n
Collaboration
\nWork with a fun and supportive group of professionals across North America, who
\nare ready to lend a hand and share their expertise.<\/p>\n
Technology
\nWe have best in-class proprietary technology, providing you the tools and work
\nprocesses to create better reports more efficiently.<\/p>\n
If you\u2019re interested in growing with the best valuation platform in the Americas, please contact
\nKyle McCrary at Canada.Careers@colliers.com to schedule a confidential chat. <\/p>\n
We are seeking ambitious commercial appraisers
\nready to take their career to the next level.<\/p>\n
Resources
\nBy being a part of a global, full service commercial real estate company, you gain
\naccess to our business lines expertise, market intelligence, and operational service
\nexcellence.<\/p>\n
collierscanada.com\/valuation<\/p>\n
http:\/\/www.collierscanada.com\/valuation
\nhttp:\/\/www.collierscanada.com\/valuation
\nmailto:Canada.Careers@colliers.com<\/p>\n
The articles printed in
\nthis issue represent
\nauthors\u2019 opinions only
\nand are not necessarily
\nendorsed by the
\nAppraisal Institute
\nof Canada. Copyright
\n2017 by the Appraisal
\nInstitute of Canada.
\nAll rights reserved.
\nReproduction in whole
\nor in part without
\nwritten permission
\nis strictly prohibited.
\nSubscription, $40.00 per
\nyear. Printed in Canada. <\/p>\n
Les articles imprim\u00e9s dans
\nce num\u00e9ro ne rep\u00e9sentent
\nque l\u2019opinion de leur auteur
\nrespectif, mais ne sont pas
\nn\u00e9ces\u2013sairement endoss\u00e9s
\npar l\u2019Institut Canadien des
\n\u00c9valuateurs. Tous droits
\nreserv\u00e9s 2017 par l\u2019Institut
\nCanadien des \u00c9valuateurs.
\nLa reproduction totale ou
\npartielle sous quelque
\nform que se soit sans
\nauthorisation \u00e9crite est
\nabsolument interdite.
\nAbonnement $40.00 par
\nann\u00e9e. Imprim\u00e9 au Canada.<\/p>\n
* The Appraisal Institute of
\nCanada reserves the right
\nto reject advertising that it
\ndeems to be inappropriate.<\/p>\n
** The publisher and the
\nAppraisal Institute of Canada
\ncannot be held liable for
\nany material used or claims
\nmade in advertising included
\nin this publication.Indexed
\nin the Canadian Business
\nIndex and available on-line
\nin the Canadian Business &
\nCurrent Affairs database.
\nISSN 0827-2697<\/p>\n
Publication Mails Agreement
\n#40008249<\/p>\n
Return undeliverable
\nCanadian addresses to:
\nAppraisal Institute of Canada
\n403-200 Catherine St.,
\nOttawa, ON K2P 2K9.
\nEmail: info@aicanada.ca<\/p>\n
Director – Marketing
\nand Communications:
\nSheila Roy, Ottawa<\/p>\n
Communications Officer:
\nChelsea Connolly, Ottawa<\/p>\n
Publication management,
\ndesign and production by:
\nDirection, conception et
\nproduction par :<\/p>\n
3rd Floor \u2013 2020 Portage
\nAvenue, Winnipeg,
\nMB R3J 0K4
\nPhone: 866-985-9780
\nFax: 866-985-9799
\nE-mail: info@kelman.ca
\nWeb: www.kelman.ca<\/p>\n
Managing Editor:
\nCraig Kelman<\/p>\n
Design\/Layout:
\nKristy Unrau<\/p>\n
Marketing Manager:
\nKris Fillion<\/p>\n
Advertising Co-ordinator:
\nStefanie Hagidiakow<\/p>\n
06 Executive Corner
\nEvolving to meet the
\nchanging demands of
\nour profession<\/p>\n
30 Marketing &
\nCommunications
\nAIC by the Numbers<\/p>\n
32 Professional
\nPractice Matters
\nMarket Rent Reports:
\nWhy requests are
\nincreasing and what AIC
\nMembers must do to
\nmitigate their risk <\/p>\n
36 Legal Matters
\nRevisiting fee
\nsimple interest <\/p>\n
42 Advocacy
\nAdvocacy In Action<\/p>\n
46 A Professional
\nAppraiser\u2019s Perspective
\nAppraising for a
\nmega project<\/p>\n
52 The Future Is Bright
\nNicholas Ruta:
\nFollowing his chosen
\ncareer path in the
\npublic sector <\/p>\n
58 Around the Globe
\nMeeting the unique
\nchallenges of the
\nCaribbean<\/p>\n
66 Designations,
\nCandidates, Students<\/p>\n
69 News
\n\u2022 A day on Parliament Hill
\n\u2022 Be part of the AIC Exchange
\n\u2022 In Memoriam<\/p>\n
08 Le coin de l\u2019ex\u00e9cutif
\nSavoir \u00e9voluer pour mieux
\nr\u00e9pondre aux demandes
\nchangeantes de notre profession <\/p>\n
30 Marketing et
\nCommunications
\nL\u2019ICE en chiffres<\/p>\n
34 Parlons pratique
\nprofessionnelle
\nRapports sur le loyer du
\nmarch\u00e9: Pourquoi les demandes
\naugmentent-elles et que les
\nmembres de l’ICE doivent-ils
\nfaire pour att\u00e9nuer leurs risques <\/p>\n
38 Questions jurdiques
\nRetour sur l\u2019int\u00e9r\u00eat
\ndu fief simple<\/p>\n
44 D\u00e9fense
\nD\u00e9fense des int\u00e9r\u00eats \u00e0 l\u2019\u0153uvre<\/p>\n
49 La perspective d\u2019un
\n\u00e9valuateur professionnel
\nL\u2019\u00e9valuation d\u2019un m\u00e9gaprojet<\/p>\n
55 L\u2019avenir s\u2019annonce bien
\nNicholas Ruta :
\nSuivre son parcours de
\ncarri\u00e8re choisi pour travailler
\ndans le secteur public<\/p>\n
62 Autour du monde
\nFace aux d\u00e9fis
\nuniques des Cara\u00efbes<\/p>\n
66 D\u00e9signations,
\nstagiaires, \u00e9tudiants<\/p>\n
69 Nouvelles
\n\u2022 Une journ\u00e9e sur la
\n Colline du Parlement
\n\u2022 Prenez part au
\n \u00c9change de l’ICE
\n\u2022 En memoire<\/p>\n
Market Outlook: Canadian
\ncommercial real estate is poised
\nfor a tech upgrade in 2018<\/p>\n
Perspectives Du March\u00e9 : L\u2019immobilier
\ncommercial canadien pr\u00e9pare une mise
\n\u00e0 niveau technologique en 2018<\/p>\n
Are property taxes reflected in a
\nresidential building\u2019s market price?<\/p>\n
La taxe fonci\u00e8re est-elle refl\u00e9t\u00e9e
\ndans le prix du march\u00e9 des
\nimmeubles r\u00e9sidentiels ?<\/p>\n
12<\/p>\n
24<\/p>\n
19<\/p>\n
COLUMNS CHRONIQUES<\/p>\n
Growth industry: Acceptance and
\nlegalization of marijuana are changing
\nthe real estate landscape<\/p>\n
La croissance de l\u2019industrie :
\nL\u2019acceptation et la l\u00e9galisation de la
\nmarijuana change le paysage immobilier<\/p>\n
mailto:info@aicanada.ca
\nmailto:info@kelman.ca
\nhttp:\/\/www.kelman.ca<\/p>\n
of the need to evolve, has the desire to do
\nso, and is making sure that its Members
\nhave the knowledge and the tools to adapt
\nand prosper in this evolving environment. <\/p>\n
Members of the AIC should be very
\nproud of the Board of Directors, the staff,
\nand the volunteers who work on our behalf.
\nOur successes are due in no small part to
\ntheir engagement and their tireless work.
\nOn behalf of the Executive, we want to
\nthank them for their time and commitment
\nto our organization and profession.<\/p>\n
We hit the ground running in 2018 <\/p>\n
In January, we launched the 2018-2020
\nStrategic Plan, a much-improved Canadian
\nUniform Standards of Professional
\nAppraisal Practice 2018 (CUSPAP 2018),
\nthe mandatory AIC Residential Appraisal
\nReport form \u2013 0118, assignment-specific
\nforms, and a pilot project for virtual
\nProfessional Competency Interviews.
\nAllow us to share with you the highlights of
\na few of these initiatives. <\/p>\n
BY RICK COLBOURNE, AACI, P.APP, President <\/p>\n
AND KEITH LANCASTLE, MBA, CAE, AACI (HON.) Chief Executive Officer<\/p>\n
Evolving to meet
\nthe changing demands
\nof our profession<\/p>\n
You need the tools, skills
\nand diversification to
\nsatisfy market demand.<\/p>\n
A s we move forward in
\n2018, it is a good
\nopportunity to
\nreflect on our
\naccomplishments
\nover this past <\/p>\n
year and highlight
\nthe course we have
\ncharted for the next
\nthree years. We are <\/p>\n
staying true to our
\nmission of \u201cPromoting
\nand supporting our
\nMembers in providing <\/p>\n
high quality property
\nadvisory services <\/p>\n
for the benefit of our
\nclients, employers and
\nthe public;\u201d working hard
\nto ensure that Members <\/p>\n
of the Appraisal
\nInstitute of Canada
\n(AIC) continue to be <\/p>\n
the professionals of choice in
\nCanada; and making strategic <\/p>\n
decisions to enhance our profile on both
\nthe national and international stage. <\/p>\n
It seems that change is the only
\nconstant in today\u2019s world. AIC is aware <\/p>\n
The 2018-2020 Strategic Plan<\/p>\n
As a testament to the successful
\nexecution of the 2015-2017 Strategic
\nPlan, we are proud to share that
\nour membership continues to grow
\nyear over year, and accounts for an
\nestimated 85% of the market share
\nof Canada\u2019s valuation professionals.
\nOur designations are well respected
\nand our Standards and education
\nprograms continue to evolve to
\nmeet our Members\u2019 needs and
\nthe needs of our stakeholders. <\/p>\n
After consulting with our
\nMembers and key stakeholders,
\nwe confirmed that the four pillars
\nfrom our 2015-2017 Plan are still
\nvalid and need to be pursued with
\neven more vigour in the 2018-2020
\nStrategic Plan. These four pillars
\nand key results areas consist of:<\/p>\n
Outcome #1: advocacy on <\/p>\n
behalf of members and <\/p>\n
the profession <\/p>\n
We will \u201cBe the leading voice
\nfor the appraisal profession
\nin Canada so as to positively
\ninfluence the appraisal industry
\nand the future policies\/legislation
\nof government and other
\nkey regulatory stakeholders.\u201d<\/p>\n
R
\nic<\/p>\n
k
\n C<\/p>\n
o
\nlb<\/p>\n
o
\nu<\/p>\n
rn
\ne<\/p>\n
,
\nA<\/p>\n
A
\nC<\/p>\n
I,
\n P<\/p>\n
.A
\np<\/p>\n
p<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 6 Return to CONTENTS<\/p>\n
EXECUTIVE CORNER<\/p>\n
Outcome #2: diversification of the <\/p>\n
appraisal professional\u2019s value proposition <\/p>\n
We will \u201cFacilitate Members\u2019 ability to
\nspecialize and diversify their practice.\u201d<\/p>\n
Outcome #3: recognition of AIC <\/p>\n
members as professionals of choice <\/p>\n
We will \u201cPromote AIC Members as
\nProfessionals of Choice for the full range
\nof valuation services \u201c<\/p>\n
Outcome #4: a vibrant and <\/p>\n
engaged AIC membership <\/p>\n
We will \u201cStrengthen the AIC through the
\nimplementation of effective recruitment
\nand retention programs. »<\/p>\n
Within these pillars, AIC will be focusing
\non enhancing our professional practice
\nguidance, streamlining our education
\nprograms, and expanding our advocacy
\nefforts. We will also continue to build and
\nstrengthen our strategic alliances with
\nlike-minded organizations. <\/p>\n
This Plan is accountable to you, our
\nMembers. We encourage you to take the time
\nto review it and identify areas where you can
\nplay a part in its success. Our staff is here to
\nanswer any questions you may have. <\/p>\n
CUSPAP 2018<\/p>\n
An improved, streamlined and more
\nuser-friendly CUSPAP 2018 came into
\neffect on January 1, 2018. A new Mass
\nAppraisal Standard was added to provide
\nrecognition, direction and support for our
\nMembers working in property assessment.
\nIt will also be of assistance to Members
\nwho practice in the area of property tax
\nconsulting. Our CUSPAP team streamlined
\nthe Definition section by eliminating
\nduplications, referring users to definitions
\nthat more appropriately belong in the
\nRegulations and AIC or UBC textbooks.
\nIn response to increased pressure on our
\nMembers to accept more liability and risk,
\nCUSPAP 2018 includes complementary
\nTemplates and Samples documents,
\nincluding a mandatory list of Assumptions
\nand Limiting Conditions. A complete list <\/p>\n
of the changes from CUSPAP 2016 to
\nCUSPAP 2018 is easily accessible on the
\nAIC website.<\/p>\n
Mandatory Forms<\/p>\n
Along with CUSPAP 2018, we launched
\na new AIC Residential Appraisal Report
\nForm \u2013 0118 that is now mandatory for
\nMembers who prepare work on an AIC-
\npublished form. Members can no longer
\nprepare appraisals using the 0912, 0404
\nor any previous versions of the AIC forms.
\nWe also launched assignment-specific
\nforms to assist our Members in meeting
\ntheir clients\u2019 needs, while also ensuring
\nthey are CUSPAP-compliant. We have
\nsought Member feedback and continue
\nto consult with appraisal software
\nproviders, AMCs and major lenders on the
\nimplementation process and schedule.
\nWe appreciate your feedback and your
\npatience as we rolled out these forms.<\/p>\n
Webinars are available to Members
\nto learn more about the changes to
\nCUSPAP 2018 and the new Residential
\nAppraisal forms. <\/p>\n
Virtual Professional <\/p>\n
Competency Interviews<\/p>\n
In October 2017, the Board of Directors
\napproved a two-year pilot project
\nbeginning in April of 2018 that will test
\na new approach to the Professional
\nCompetency Interview process.
\nThe project will use virtual technology
\nto improve consistency and fairness for <\/p>\n
Candidates across the country, while also
\nincreasing flexibility and improving access
\nto interviews for the Candidates. <\/p>\n
Candidates will be given the
\nopportunity to participate in an interview
\nonline or by a face-to-face interview to
\nbe scheduled at the time of each
\nannual conference. <\/p>\n
Building on the momentum <\/p>\n
that we have created<\/p>\n
The AIC recognizes that our
\nMembers are working in a
\nchanging environment
\ndriven by new technology,
\nchanges in supply and
\ndemand, and increasing
\nrisk. We acknowledge
\nthat, in order for you
\nto be the best that you
\ncan be and truly be a
\nprofessional of choice,
\nyou need the tools, skills
\nand diversification to
\nsatisfy market demand.
\nWe are working hard to
\nensure your success and we
\nare proud to represent your
\ninterests. <\/p>\n
Plans are well underway
\nfor our first bilingual AIC
\nConference to be held in Quebec
\nCity in June. Please put it
\non your \u2018bucket list\u2019
\nfor 2018. It will be a
\nspectacular event! <\/p>\n
K
\ne<\/p>\n
ith
\n L<\/p>\n
a
\nn<\/p>\n
c
\na<\/p>\n
stle
\n, A<\/p>\n
A
\nC<\/p>\n
I (H
\no<\/p>\n
n
\n.)<\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 7Return to CONTENTS<\/p>\n
SENIOR APPRAISER\/COMMERCIAL REAL ESTATE APPRAISER \u2022 KELOWNA, BC
\nKent-Macpherson is seeking a full-time Senior Commercial Appraiser in Kelowna, BC. We have immediate openings for
\nappraisers servicing the Greater Okanagan area and extending across Western Canada. The ideal candidate will be an AACI with
\na minimum of five years direct related experience. <\/p>\n
Kent-Macpherson offers a wide range of services covering all disciplines of real estate appraisal and consultation. With a
\nreputation for professionalism and excellence in our industry, Kent-Macpherson has grown into one of Western Canada\u2019s leading
\nauthorities in real estate valuation and consultation. We offer stability, the opportunity to work with a diverse client base and
\nhigh-volume portfolio, training and career development. Remuneration comprises a base salary plus incentive.<\/p>\n
We are seeking a motivated and entrepreneurial AACI, P. App. to join
\nour dynamic and growing team. Experienced Candidates are also welcome.<\/p>\n
Please submit your resume to Shannan Schimmelmann at
\nsschimmelmann@kent-macpherson for immediate consideration
\nor call 250.763.2236 if you have any questions.<\/p>\n
mailto:http:\/\/www.kent-macpherson.com
\nmailto:sschimmelmann@kent-macpherson.com<\/p>\n
R
\nic<\/p>\n
k
\n C<\/p>\n
o
\nlb<\/p>\n
o
\nu<\/p>\n
rn
\ne<\/p>\n
,
\nA<\/p>\n
A
\nC<\/p>\n
I,
\n P<\/p>\n
.A
\np<\/p>\n
p<\/p>\n
changement soit la seule constante dans
\nle monde d\u2019aujourd\u2019hui. Conscient de la
\nn\u00e9cessit\u00e9 d\u2019\u00e9voluer, l\u2019ICE a le d\u00e9sir de le
\nfaire et de veiller \u00e0 ce que ses membres
\naient les connaissances et les outils
\nn\u00e9cessaires pour s\u2019adapter et prosp\u00e9rer
\ndans cet environnement en pleine
\n\u00e9volution. <\/p>\n
Les membres de l\u2019ICE devraient \u00eatre
\ntr\u00e8s fiers du Conseil d\u2019administration,
\ndu personnel et des b\u00e9n\u00e9voles qui
\ntravaillent en leur nom. Nos succ\u00e8s sont
\ndus en grande partie \u00e0 leur engagement
\net \u00e0 leur travail inlassable. Au nom de
\nl\u2019Ex\u00e9cutif, nous tiens \u00e0 les remercier
\npour le temps et le d\u00e9vouement qu\u2019ils
\naccordent \u00e0 notre organisation et
\nnotre profession. <\/p>\n
Nous avons entrepris <\/p>\n
2018 \u00e0 pleine vitesse <\/p>\n
En janvier, nous avons lanc\u00e9 le Plan
\nstrat\u00e9gique 2018-2020, une version tr\u00e8s
\nam\u00e9lior\u00e9e des Normes uniformes de
\npratiques professionnelles en mati\u00e8re
\nd\u2019\u00e9valuation au Canada (NUPPEC 2018),
\nle Formulaire d\u2019\u00e9valuation r\u00e9sidentielle \u2013
\n0118 obligatoire de l\u2019ICE, des formulaires
\nsp\u00e9cifiques aux contrats de service et
\nun projet pilote de tenue virtuelle des
\nEntrevues relatives aux comp\u00e9tences
\nprofessionnelles. Permettez-nous de
\npartager avec vous les faits saillants de
\nquelques-unes de ces initiatives. <\/p>\n
PAR RICK COLBOURNE, AACI, P.APP, Pr\u00e9sident <\/p>\n
ET KEITH LANCASTLE, MBA, CAE, AACI (HON.) Chef de la direction<\/p>\n
Savoir \u00e9voluer pour
\nmieux r\u00e9pondre aux
\ndemandes changeantes
\nde notre profession<\/p>\n
A u cours de 2018, nous aurons l\u2019occasion de r\u00e9fl\u00e9chir sur nos r\u00e9alisations de la derni\u00e8re
\nann\u00e9e et de faire le point sur <\/p>\n
le parcours que nous nous
\nsommes trac\u00e9 pour les trois
\nprochaines ann\u00e9es. Nous <\/p>\n
restons fid\u00e8les \u00e0 notre
\nmission de \u00ab promouvoir <\/p>\n
et de soutenir nos
\nmembres dans <\/p>\n
la prestation
\nde services en
\nconsultation
\nimmobili\u00e8re de
\nqualit\u00e9 \u00e9lev\u00e9e \u00e0 <\/p>\n
l\u2019avantage des clients,
\ndes employeurs et
\ndu grand public \u00bb.
\nNous travaillons <\/p>\n
fort \u00e0 faire en sorte
\nque les membres de
\nl\u2019Institut canadien
\ndes \u00e9valuateurs (ICE) <\/p>\n
puissent continuer d\u2019\u00eatre
\nles professionnels de <\/p>\n
choix au Canada et \u00e0
\nprendre des d\u00e9cisions <\/p>\n
strat\u00e9giques pour am\u00e9liorer
\nnotre visibilit\u00e9 sur la <\/p>\n
sc\u00e8ne nationale et
\ninternationale. <\/p>\n
Il semble que le <\/p>\n
Le Plan strat\u00e9gique 2018-2020<\/p>\n
En t\u00e9moignage de la mise en \u0153uvre r\u00e9ussie
\ndu Plan strat\u00e9gique 2015-2017, nous
\nsommes fiers de partager le fait que nos
\neffectifs continuent de cro\u00eetre d\u2019ann\u00e9e en
\nann\u00e9e et repr\u00e9sentent environ 85 % de la part
\nde march\u00e9 des professionnels en \u00e9valuation
\nau Canada. Nos d\u00e9signations sont bien
\nrespect\u00e9es et nos Normes et programmes
\nd\u2019\u00e9ducation continuent d\u2019\u00e9voluer pour
\nr\u00e9pondre aux besoins de nos membres
\net aux besoins de nos intervenants. <\/p>\n
Apr\u00e8s avoir consult\u00e9 nos membres et les
\nprincipaux intervenants, nous avons confirm\u00e9
\nque les quatre piliers de notre Plan 2015-
\n2017 sont toujours valables et doivent \u00eatre
\npoursuivis avec encore plus de vigueur dans le
\nPlan strat\u00e9gique 2018-2020. Ces quatre piliers
\net domaines de r\u00e9sultats cl\u00e9s comprennent :<\/p>\n
R\u00e9sultat 1 : d\u00e9fense et promotion au <\/p>\n
nom des membres et de la profession <\/p>\n
Nous allons continuer d\u2019\u00ab \u00eatre le principal
\nporte-parole de la profession d\u2019\u00e9valuateur au
\nCanada de mani\u00e8re \u00e0 influencer positivement
\nl\u2019industrie de l\u2019\u00e9valuation et les politiques\/
\nlois futures du gouvernement et autres
\nintervenants cl\u00e9s du secteur r\u00e9glementaire. \u00bb<\/p>\n
R\u00e9sultat 2 : diversification de <\/p>\n
la proposition de valeur des <\/p>\n
\u00e9valuateurs professionnels<\/p>\n
Nous allons continuer d\u2019\u00ab aider les membres
\n\u00e0 renforcer et diversifier leur pratique. \u00bb <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 8 Return to CONTENTS<\/p>\n
LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n
R\u00e9sultat 3 : reconna\u00eetre les <\/p>\n
membres de l\u2019ICE comme <\/p>\n
professionnels de premier choix <\/p>\n
Nous allons continuer de \u00ab Promouvoir les
\nmembres de l\u2019ICE comme professionnels
\nde premier choix et l\u2019\u00e9ventail des services
\nqu\u2019ils offrent. \u00bb<\/p>\n
R\u00e9sultat 4 : des membres de <\/p>\n
l\u2019ICE dynamiques et impliqu\u00e9s <\/p>\n
Nous allons continuer de \u00ab renforcer l\u2019ICE
\nen appliquant des strat\u00e9gies efficaces de
\nrecrutement et de maintien en fonction \u00bb. <\/p>\n
Pour chacun de ces piliers, l\u2019ICE
\nmettra l\u2019accent sur l\u2019am\u00e9lioration de son
\norientation de la pratique professionnelle,
\nla rationalisation de ses programmes
\nd\u2019\u00e9ducation et l\u2019expansion de ses efforts de
\nd\u00e9fense des int\u00e9r\u00eats. Nous continuerons
\n\u00e9galement de b\u00e2tir et de renforcer nos
\nalliances strat\u00e9giques avec des organisations
\naux vues similaires. <\/p>\n
Ce Plan est responsable envers vous,
\nnos membres. Nous vous encouragons \u00e0
\nprendre le temps de l\u2019examiner et d\u2019identifier
\nles domaines dans lesquels vous pouvez
\ncontribuer \u00e0 son succ\u00e8s. Notre personnel est
\nl\u00e0 pour r\u00e9pondre \u00e0 toutes vos questions. <\/p>\n
NUPPEC 2018<\/p>\n
Une version am\u00e9lior\u00e9e, simplifi\u00e9e et plus
\nconviviale des NUPPEC 2018 est entr\u00e9 en
\nvigueur le 1er janvier 2018. Une nouvelle
\nNorme d\u2019\u00e9valuation de masse a \u00e9t\u00e9 ajout\u00e9e
\npour reconna\u00eetre, orienter et soutenir nos
\nmembres qui travaillent en \u00e9valuation
\nfonci\u00e8re. Cette norme sera \u00e9galement utile
\naux membres qui exercent dans le domaine
\nde la consultation en mati\u00e8re de taxes
\nfonci\u00e8res. Notre \u00e9quipe de r\u00e9daction des
\nNUPPEC a all\u00e9g\u00e9 la section des D\u00e9finitions
\nen \u00e9liminant les doublons, en orientant
\nles utilisateurs vers des d\u00e9finitions qui
\nappartiennent plus ad\u00e9quatement aux
\nR\u00e8glements de l\u2019ICE et aux manuels de l\u2019ICE <\/p>\n
ou de l\u2019U.C.-B. En r\u00e9ponse aux pressions
\naccrues exerc\u00e9es sur nos membres pour
\nqu\u2019ils acceptent plus de responsabilit\u00e9s et
\nde risques, les NUPPEC 2018 comprennent
\ndes documents mod\u00e8les et exemples
\ncompl\u00e9mentaires, y compris une liste
\nobligatoire des hypoth\u00e8ses et des conditions
\nlimitatives. Une liste compl\u00e8te des
\nchangements entre les NUPPEC 2016 et les
\nNUPPEC 2018 est facilement accessible sur
\nle site Web de l\u2019ICE. <\/p>\n
Formulaires obligatoires<\/p>\n
De concert avec les NUPPEC 2018, nous
\navons lanc\u00e9 un nouveau Formulaire de
\nrapport d\u2019\u00e9valuation r\u00e9sidentielle – 0118
\ndont l\u2019utilisation est maintenant obligatoire
\npour les membres qui pr\u00e9parent le travail
\nsur un formulaire publi\u00e9 par l\u2019ICE. Les
\nmembres ne peuvent plus pr\u00e9parer les
\n\u00e9valuations en utilisant les versions 0912,
\n0404 ou pr\u00e9c\u00e9dentes des formulaires de
\nl\u2019ICE. Nous avons \u00e9galement pr\u00e9par\u00e9 des
\nformulaires sp\u00e9cifiques aux contrats de
\nservice pour aider nos membres \u00e0 r\u00e9pondre
\naux besoins de leurs clients, tout en veillant
\n\u00e0 ce qu\u2019ils soient conformes aux NUPPEC.
\nNous avons sollicit\u00e9 les commentaires des
\nmembres et nous continuons de consulter
\nles fournisseurs de logiciels d\u2019\u00e9valuation,
\nles SGE et les principaux pr\u00eateurs
\nquant \u00e0 la mise en \u0153uvre du processus
\net du calendrier. Nous appr\u00e9cions vos
\ncommentaires et votre patience lors du
\nlancement de ces formulaires. <\/p>\n
Des webinaires sont \u00e0 la disposition
\ndes membres qui veulent en apprendre
\ndavantage sur les changements aux
\nNUPPEC 2018 et sur les nouveaux
\nformulaires d\u2019\u00e9valuation r\u00e9sidentielle. <\/p>\n
Entrevues relatives aux comp\u00e9tences <\/p>\n
professionnelles en mode virtuel<\/p>\n
En octobre 2017, le Conseil d\u2019administration
\na approuv\u00e9 un projet pilote de deux ans <\/p>\n
d\u00e9butant en avril 2018 qui
\ntestera une nouvelle approche
\nau processus d\u2019entrevue
\nrelative aux comp\u00e9tences
\nprofessionnelles. Le projet
\nutilisera la technologie
\nvirtuelle pour am\u00e9liorer
\nla coh\u00e9rence et l\u2019\u00e9quit\u00e9
\npour les stagiaires \u00e0
\ntravers le pays, tout en
\naugmentant la flexibilit\u00e9
\net en am\u00e9liorant l\u2019acc\u00e8s
\naux entrevues pour
\nles stagiaires. <\/p>\n
Les stagiaires auront
\nainsi la possibilit\u00e9 de
\nparticiper \u00e0 une entrevue
\nen ligne ou \u00e0 une entrevue
\nen personne lors de chaque
\ncongr\u00e8s annuel. <\/p>\n
Poursuivre sur l\u2019\u00e9lan <\/p>\n
que nous avons cr\u00e9\u00e9<\/p>\n
L\u2019ICE reconna\u00eet que nos
\nmembres travaillent dans un
\nenvironnement en pleine
\n\u00e9volution, influenc\u00e9
\npar les nouvelles
\ntechnologies, par les
\nchangements dans l\u2019offre
\net la demande et par l\u2019augmentation des
\nrisques. Nous reconnaissons que, pour
\nexceller et \u00eatre vraiment un professionnel
\nde choix, vous avez besoin des outils, des
\ncomp\u00e9tences et de la diversification de
\npratiques n\u00e9cessaires pour satisfaire \u00e0 la
\ndemande du march\u00e9. Nous travaillons fort
\n\u00e0 assurer votre succ\u00e8s et nous sommes
\nfiers de repr\u00e9senter vos int\u00e9r\u00eats. <\/p>\n
Tout va bon train dans la planification
\ndu premier Congr\u00e8s bilingue de l\u2019ICE
\nqui aura lieu \u00e0 Qu\u00e9bec en juin. S\u2019il vous
\npla\u00eet mettez-le sur votre liste de choses
\n\u00e0 faire pour 2018. Ce sera un \u00e9v\u00e9nement
\nspectaculaire! <\/p>\n
Vous avez besoin des outils, des comp\u00e9tences et de la diversification
\nde pratiques n\u00e9cessaires pour satisfaire \u00e0 la demande du march\u00e9. <\/p>\n
K
\ne<\/p>\n
ith
\n L<\/p>\n
a
\nn<\/p>\n
c
\na<\/p>\n
stle
\n, A<\/p>\n
A
\nC<\/p>\n
I (H
\no<\/p>\n
n
\n.)<\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 9Return to CONTENTS<\/p>\n
2018 Annual General Meeting Agenda<\/p>\n
1. Call to Order<\/p>\n
2. Chair\u2019s Opening Remarks<\/p>\n
3. Introduction of Past Presidents and Guests<\/p>\n
4. Introduction of 2017-2018 Board of Directors<\/p>\n
5. Introduction of Parliamentarian,
\nSergeant-At-Arms and Scrutineers<\/p>\n
6. Moment of Silence in Honour of Deceased Members<\/p>\n
7. Confirmation of Quorum and Proxy\/Electronic Voting<\/p>\n
8. Approval of Agenda<\/p>\n
9. Approval of the Minutes of the 2017 Annual General Meeting<\/p>\n
10. Business Arising from the Minutes<\/p>\n
11. President\u2019s Report<\/p>\n
12. CEO\u2019s Report<\/p>\n
13. Report on Insurance Subsidiaries (FPLIC and Verity)<\/p>\n
14. Presentation and Receipt of Audited Statements
\nfor the Year Ending December 31, 2017<\/p>\n
15. Election of the Board of Directors of the
\nAppraisal Institute of Canada<\/p>\n
16. New Business<\/p>\n
17. Adjournment<\/p>\n
Assembl\u00e9e g\u00e9n\u00e9rale annuelle 2018 Ordre du jour<\/p>\n
1. Rappel \u00e0 l\u2019ordre<\/p>\n
2. Remarques d\u2019ouverture du pr\u00e9sident<\/p>\n
3. Pr\u00e9sentation des anciens pr\u00e9sidents et invit\u00e9s<\/p>\n
4. Pr\u00e9sentation des membres du Conseil d\u2019administration 2017 \u2013 2018<\/p>\n
5. Pr\u00e9sentation du parlementaire, du sergent d\u2019armes et des scrutateurs<\/p>\n
6. Moment de silence en hommage aux membres d\u00e9c\u00e9d\u00e9s<\/p>\n
7. Confirmation du quorum et des votes par procuration \/
\nvoie \u00e9lectronique<\/p>\n
8. Approbation de l\u2019ordre du jour<\/p>\n
9. Approbation du proc\u00e8s-verbal de l\u2019Assembl\u00e9e g\u00e9n\u00e9rale annuelle 2017<\/p>\n
10. Affaires d\u00e9coulant du proc\u00e8s-verbal<\/p>\n
11. Rapport du pr\u00e9sident<\/p>\n
12. Rapport du chef de la direction<\/p>\n
13. Rapport sur les filiales d\u2019assurance responsabilit\u00e9<\/p>\n
14. Pr\u00e9sentation et r\u00e9ception des \u00e9tats financiers v\u00e9rifi\u00e9s pour
\nl\u2019exercice prenant fin le 31 d\u00e9cembre 2017<\/p>\n
15. Nomination des experts-comptables pour l\u2019exercice
\nprenant fin le 31 d\u00e9cembre 2017<\/p>\n
16. \u00c9lection des membres du Conseil d\u2019administration de l\u2019Institut
\ncanadien des \u00e9valuateurs<\/p>\n
17. Nouveaux sujets<\/p>\n
18. Lev\u00e9e de la s\u00e9ance<\/p>\n
Ville de
\nQu\u00e9bec City<\/p>\n
J U N E 1 3 – 1 6 , 2 0 1 8 | 1 3 – 1 6 J U I N 2 0 1 8<\/p>\n
Jean Charest<\/p>\n
Return to CONTENTS<\/p>\n
oin us at the 2018 Appraisal Institute of Canada (AIC) National Conference and network with appraisal professionals across Canada
\nin the breathtaking venues of Canada\u2019s little Europe. Enjoy an education program offered in English and French, with simultaneously
\ntranslated plenary sessions. <\/p>\n
AIC is proud to announce its Keynote Speaker for the Conference \u2013 The Honourable Jean Charest, Premier of Qu\u00e9bec (2003-2012)
\nand Member of the Queen\u2019s Privy Council for Canada. As a former Deputy Prime Minister of Canada and a former Premier of Qu\u00e9bec,
\nJean Charest is one of Canada\u2019s best-known political figures. He was notably the initiator of the negotiation for the Canada-European Union
\nComprehensive Economic Trade Agreement (CETA). Furthermore, the Charest government initiated an unprecedented labour mobility
\nagreement between France and Qu\u00e9bec and was best known for a major initiative for the sustainable development of Northern Qu\u00e9bec called
\nPlan Nord. Jean Charest is currently a Partner at McCarthy T\u00e9trault, where he provides invaluable expertise to the firm\u2019s clients with his
\nin-depth knowledge and experience with public policy, corporate Canada and international matters. Do not miss his exciting talk on the state
\nof Canada and the world! <\/p>\n
The AIC National Conference is also a great way to earn your Continuing Professional Development (CPD) credits for the year, as
\nthere are many sessions that cater to residential, non-residential and non-fee areas of interest. As a Conference delegate, you will earn
\n13 discretionary CPD credits. And remember, if you cannot attend the entire Conference, we also have daily registration options to best suit
\nyour needs and your schedule. <\/p>\n
In addition to these informative educational sessions, there will also be a number of networking opportunities throughout the Conference
\nincluding: a golf tournament on one of Quebec City\u2019s premier courses, a welcome reception that provides opportunities to reconnect with
\ncolleagues and make new connections, and a networking night that will take place on a dinner cruise on the St. Lawrence River. <\/p>\n
The 2018 AIC National Conference is certain to be one of the top Canadian valuation events of the year. We look forward to seeing you in
\nQuebec City. <\/p>\n
oignez-vous \u00e0 nous au Congr\u00e8s 2018 de l\u2019ICE et faites du r\u00e9seautage avec des professionnels de l\u2019\u00e9valuation venus de partout au
\nCanada pour admirer les sites \u00e0 vous couper le souffle qu\u2019offre la petite Europe du Canada. Profitez d\u2019un programme d\u2019\u00e9ducation offert
\nen anglais et en fran\u00e7ais et de s\u00e9ances pl\u00e9ni\u00e8res traduites simultan\u00e9ment. <\/p>\n
L\u2019Institut canadien des \u00e9valuateurs est fier d\u2019annoncer le conf\u00e9rencier principal \u00e0 son Congr\u00e8s de 2018 – l\u2019honorable Jean Charest,
\nPremier ministre du Qu\u00e9bec (2003-2012) et membre du Conseil priv\u00e9 de la Reine pour le Canada. Ancien Vice-premier ministre du Canada
\net ancien Premier ministre du Qu\u00e9bec, Jean Charest est l\u2019une des personnalit\u00e9s politiques les plus connues au Canada. L\u2019honorable
\nJean Charest a notamment \u00e9t\u00e9 l\u2019initiateur de la n\u00e9gociation de l\u2019Accord \u00e9conomique et commercial global (AECG) entre le Canada et l\u2019Union
\neurop\u00e9enne. De plus, le gouvernement Charest a initi\u00e9 un accord sans pr\u00e9c\u00e9dent sur la mobilit\u00e9 de la main-d\u2019\u0153uvre entre la France et le
\nQu\u00e9bec et s\u2019est distingu\u00e9 par son initiative majeure de d\u00e9veloppement durable du Nord qu\u00e9b\u00e9cois appel\u00e9e \u00ab Plan Nord \u00bb. Jean Charest est
\nassoci\u00e9 chez McCarthy T\u00e9trault, o\u00f9 il offre une expertise inestimable aux clients du cabinet, gr\u00e2ce \u00e0 ses connaissances approfondies et \u00e0
\nson exp\u00e9rience en mati\u00e8re de politiques publiques, de soci\u00e9t\u00e9s canadiennes et de relations internationales. Ne manquez pas son discours
\npassionnant sur l\u2019\u00e9tat du Canada et du monde! <\/p>\n
Le Congr\u00e8s 2018 de l\u2019ICE est \u00e9galement un excellent moyen de gagner vos cr\u00e9dits de PPC pour l\u2019ann\u00e9e, plusieurs s\u00e9ances abordant
\nsp\u00e9cifiquement des domaines d\u2019int\u00e9r\u00eat pour les \u00e9valuateurs r\u00e9sidentiels, non r\u00e9sidentiels et r\u00e9mun\u00e9r\u00e9s. En tant que d\u00e9l\u00e9gu\u00e9 au Congr\u00e8s, vous
\ngagnerez 13 cr\u00e9dits de PPC discr\u00e9tionnaires. Vous ne pourrez assister \u00e0 tout le Congr\u00e8s ? Nous avons \u00e9galement des options d\u2019inscription
\nquotidienne pour mieux r\u00e9pondre \u00e0 vos besoins.<\/p>\n
En plus de ces s\u00e9ances \u00e9ducatives, plusieurs occasions de r\u00e9seautage seront offertes tout au long du Congr\u00e8s : un tournoi de golf sur l\u2019un
\ndes meilleurs parcours de la ville de Qu\u00e9bec, une r\u00e9ception d\u2019accueil vous permettant de renouer avec des coll\u00e8gues et d\u2019\u00e9tablir de nouvelles
\nrelations aura lieu lors d\u2019un souper-croisi\u00e8re sur le fleuve Saint-Laurent. <\/p>\n
Le Congr\u00e8s 2018 de l\u2019ICE sera certainement l\u2019un des meilleurs \u00e9v\u00e9nements d\u2019\u00e9valuation de l\u2019ann\u00e9e au Canada. Nous avons h\u00e2te de vous
\nvoir \u00e0 la ville de Qu\u00e9bec. <\/p>\n
REGISTER TODAY!
\nEarly Bird Rate available until April 26, 2018! <\/p>\n
Visit https:\/\/www.aicanada.ca\/2018-aic-conference<\/p>\n
INSCRIVEZ-VOUS AUJOURD\u2019HUI!
\nTarif d\u2019inscription pr\u00e9f\u00e9rentiel jusqu\u2019au 26 avril 2018! <\/p>\n
Visitez https:\/\/www.aicanada.ca\/fr\/2018-aic-conference\/ <\/p>\n
Return to CONTENTS<\/p>\n
https:\/\/www.aicanada.ca\/2018-aic-conference
\nhttps:\/\/www.aicanada.ca\/fr\/2018-aic-conference\/<\/p>\n
I saw how cannabis was influencing
\nthe industrial real estate sector.
\nI could not avoid the work any
\nlonger \u2013 and there was a lot of
\nwork I was missing out on. <\/p>\n
\u2013 CODY GALE <\/p>\n
\u00a92017 Reprinted with permission from the Appraisal Institute, Chicago, Illinois. All Rights Reserved.<\/p>\n
As Canada prepares for the legislation <\/p>\n
of marijuana, AIC looked to our <\/p>\n
neighbours to the south for examples <\/p>\n
of how valuation professionals have <\/p>\n
adapted in states where similar <\/p>\n
legislation has passed. <\/p>\n
Arriving on site to appraise a large, heavily
\nsecured marijuana grow facility can be
\ndaunting. One of my recent projects, a
\n60,000-square-foot grow facility near
\nDenver, Colorado looked on the outside to
\nbe a poorly maintained and nearly vacant
\nindustrial building, as most grow facilities
\ndo. They are purposefully inconspicuous
\nbecause the owners and operators do
\nnot want to attract undue attention. The
\ngiveaway that something was going on at
\nthis building was the huge power panel on
\none side and an excessive number of roof-
\nmounted cooling and ventilation units. <\/p>\n
After showing my identification and
\ngaining entrance through a reinforced
\nsteel door, I saw that half the building was
\noutfitted for very sophisticated grow use,
\nwhile the other half remained dilapidated.
\nThe grow space was so bright that I had to
\nwear sunglasses to see anything. <\/p>\n
Many rooms had the newest lighting,
\nfertilization and HVAC systems. The owners <\/p>\n
had spent $1.5 million upgrading the
\nbuilding for the marijuana industry, with
\nelectrical upgrades alone \u2013 including six
\npower poles required by the local utility
\ncompany \u2013 costing more than $500,000. <\/p>\n
Inside, I felt eyes on me wherever I
\nwent \u2013 security was ever-present. I saw
\nthousands of plants in different stages
\nof growth, whiteboards with cultivation
\nnotes scribbled on them, and a list of
\nfunny names given to all the rooms. <\/p>\n
In a small manufacturing\/assembly
\narea, employees worked on marijuana
\nplants as if they were assembling little
\ntrinkets. A dozen or so people with
\nscissors were sitting at tables and
\ntaking the buds off the stems, tossing
\nthe trimmed product into giant bins.
\nAs I walked past with my camera and
\nclipboard, they stopped and stared;
\nsuch stares are common whenever I
\ninspect cannabis operations. I have
\nlearned to act cool and professional and
\nnot to react to anything I see. <\/p>\n
Back at the office, I sifted through
\nwork files of appraisals I had performed
\non similar properties, looked through my
\nstockpiled data and analyses, researched
\nnew data, and performed calculations \u2013
\nand then more calculations. A few weeks <\/p>\n
and several hundred pages later, I had a
\nreport with four different valuation scenarios
\nand a well-supported opinion of value. <\/p>\n
This particular client paid me with a
\ncheque, which is rare. Typically, I am paid
\nin cash when I appraise these types of
\nproperties. It is amazing how different your
\nappraisal fee feels when it is handed over
\nin $20 and $100 bills. Most transactions <\/p>\n
An appraiser from Colorado talks about how
\nincreasing acceptance and legalization of
\nmarijuana are changing the real estate landscape<\/p>\n
B Y C O D Y G A L E , M A I , P R E S I D E N T , C O L O R A D O A P P R A I S A L C O N S U L T A N T S , D E N V E R , C O L O R A D O<\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 13Return to CONTENTS<\/p>\n
are in cash because federal law in the
\nUnited States prohibits banks insured
\nby the Federal Deposit Insurance Corp.
\nfrom being involved in the marijuana
\nindustry, even in the 29 states plus the
\nDistrict of Columbia where medical
\nand\/or recreational marijuana has
\nbeen legalized. <\/p>\n
DEGREE OF DIFFICULTY<\/p>\n
Appraising a marijuana grow facility or a
\ndispensary is considerably more difficult
\nthan appraising a standard property, and
\nit is not unusual for me to spend three
\ntimes as long to complete reports for
\nthese properties. The valuation itself
\nis complicated, but it helps to have a
\ngreat template. <\/p>\n
Grow properties are unique in terms
\nof build-out and zoning. In a lot of cases,
\nthe existing leases \u2013 with imprecise,
\nconfusing or misleading language \u2013 can
\ncomplicate the valuation, as does the issue
\nof what constitutes real estate and what
\nconstitutes personal property.<\/p>\n
Dispensaries can be a little easier to
\nappraise because they often have a typical
\nretail build-out. But newer regulations can
\nmake it difficult for dispensary tenants to
\nchange locations, so these assignments
\nare not as straightforward as they
\nonce were.<\/p>\n
The lack of market data is one
\nchallenge for both property types.
\nThere are, of course, sales and leases,
\nbut they do not consistently show up in
\ncommercial databases, and parties are
\nless likely to provide transaction details.
\nBuild-out costs can vary substantially
\nbetween properties. And the value of a
\nproperty to an investor is different from
\nthe value to an owner-user. The lack of
\navailable financing and rates information
\nalso adds a level of difficulty because
\nfederally insured lenders are prohibited
\nfrom lending on a property used for the
\nmarijuana industry.<\/p>\n
CAREER GROWTH<\/p>\n
At this point in my cannabis appraising
\ncareer, I have advanced spreadsheets and
\na firm grasp on rental rates, sale prices,
\ncost and cap rates. But getting to this
\npoint was not planned.<\/p>\n
My first marijuana-related assignment
\nwas a retail space within a multi-tenant
\nproperty that was, unbeknown to me, a
\ncannabis dispensary. Once I found out,
\nI could have turned down the assignment,
\nbut instead I stated my fee and showed
\nup to perform the work. The space was
\nrelatively small and the lease rate was
\nat-market, so my entry into the sector was
\nrelatively low-risk. <\/p>\n
After that, I appraised several
\nmore dispensaries. But the sector
\nappeared headed for a bubble, and I
\nwas worried about the potential finger-
\npointing if it burst. I decided it was
\nnot worth the risk and turned down
\nsubsequent assignments.<\/p>\n
HIGH DEMAND<\/p>\n
In Denver, cannabis has driven residential
\nand industrial real estate to all-time
\nhighs. The average asking industrial
\nrental rate in Denver rose 48% in a little
\nover four years. The vacancy rate dropped
\nfrom more than 8% in 2009 to less than
\n2% in 2015. Similarly, residential real
\nestate throughout the metro area has
\nexperienced enormous growth. (Colorado
\nvoters passed Amendment 64 legalizing the
\nrecreational use of marijuana in 2012, with
\nimplementation beginning in 2014.)<\/p>\n
Unfortunately, standard industrial
\nusers must compete with the cash-
\nheavy marijuana industry for practically
\nall types of space, and the amount of
\navailable space is shrinking because of
\neminent domain related to the light rail
\nexpansion, the National Western Stock
\nShow complex and early-stage acquisitions
\nrelated to expansion of Interstate 70.
\nNew construction is up, spurred by a
\ndemand for space, a decline in cap rates,
\nand an increase in rental rates and
\nsale prices. <\/p>\n
I am not claiming that the area\u2019s high
\nrents and low vacancy are solely the result
\nof the marijuana industry. Other factors
\ninclude an improved economic climate,
\nhigh employment rates, and population
\nincreases. However, cannabis undoubtedly
\nplays a significant role, and Colorado\u2019s
\nlegalization of marijuana has been a boon
\nto the local and state economies. <\/p>\n
What is next? The future remains
\nunclear. Federal regulations in the
\nUS could negatively impact the use of
\nmarijuana or help stabilize it. The market
\ncould dip. However, I see strong demand
\nfor the product, so I think the marijuana
\nindustry is in its infancy. Its continuing
\neffect on real estate could dramatically
\nbolster the health care, hospitality,
\nentertainment, restaurant and residential
\nsectors, and even grow-related services
\nsuch as testing, safety and security. <\/p>\n
The average asking
\nindustrial rental rate <\/p>\n
in Denver <\/p>\n
rose 48%
\nin a little over four
\nyears. The vacancy
\nrate dropped from
\nmore than 8% in <\/p>\n
2009 to less than <\/p>\n
2% in 2015.
\nBut the bubble did not burst. <\/p>\n
Dispensaries popped up everywhere, and
\nI saw how cannabis was influencing the
\nindustrial real estate sector. I could not
\navoid the work any longer \u2013 and there was
\na lot of work I was missing out on \u2013 so,
\nafter a couple of years away, I went back to
\nthese jobs. <\/p>\n
I have worked on just about every type
\nof retail dispensary, including freestanding
\nproperties, those in larger retail centres,
\nhigh-end dispensaries in expensive parts
\nof town, small dispensaries in converted
\nhouses, and soon-to-be dispensaries
\ntaking over dilapidated properties.
\nI have appraised small and large grow
\noperations, cannabis testing laboratories,
\nand land related to the industry. <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 14 Return to CONTENTS<\/p>\n
http:\/\/www.aecvaluation.com
\nhttp:\/\/www.aecvaluation.com
\ninfo@aecvaluation.com<\/p>\n
J\u2019ai vu comment le cannabis influen\u00e7ait
\nle secteur immobilier industriel.
\nJe ne pouvais pas \u00e9viter ce travail plus
\nlongtemps \u2013 et il y avait beaucoup
\nde travail que j\u2019aurais pu faire. <\/p>\n
\u2013 CODY GALE <\/p>\n
\u00a92017 Reprinted with permission from the Appraisal Institute, Chicago, Illinois. All Rights Reserved.<\/p>\n
Alors que le Canada se pr\u00e9pare pour <\/p>\n
la l\u00e9galisation de la marijuana, l’ICE <\/p>\n
s’est tourn\u00e9e \u00e0 nos voisins vers le sud <\/p>\n
pour des exemples sur la fa\u00e7on dont <\/p>\n
les professionnels de l’\u00e9valuation se <\/p>\n
sont adapt\u00e9s dans les \u00e9tats o\u00f9 une loi <\/p>\n
semblable a \u00e9t\u00e9 adopt\u00e9e.<\/p>\n
Se trouver sur un site pour \u00e9valuer une
\ninstallation de culture de la marijuana,
\nvaste et tr\u00e8s s\u00e9curis\u00e9e, peut \u00eatre intimidant.
\nUn de mes r\u00e9cents projets, une installation
\nde culture de 60 000 pieds carr\u00e9s situ\u00e9e
\npr\u00e8s de Denver, Colorado, avait l\u2019apparence
\next\u00e9rieure d\u2019un immeuble industriel mal
\nentretenu et presque vacant, comme la
\nplupart des installations de culture. Les
\npropri\u00e9taires et les exploitants font en sorte
\nqu\u2019elles passent inaper\u00e7ues, pour \u00e9viter
\nd\u2019attirer inutilement l\u2019attention. L\u2019indice
\nindiquant que quelque chose se passait
\ndans ce b\u00e2timent \u00e9tait l\u2019\u00e9norme coffre de
\nbranchement situ\u00e9 sur le c\u00f4t\u00e9 et le nombre
\nexcessif d\u2019unit\u00e9s de refroidissement et de
\nventilation install\u00e9es sur le toit.<\/p>\n
Apr\u00e8s m\u2019\u00eatre identifi\u00e9, je suis entr\u00e9 par
\nune porte d\u2019acier d\u2019armature. J\u2019ai constat\u00e9
\nque la moiti\u00e9 du b\u00e2timent \u00e9tait \u00e9quip\u00e9e pour
\nfaire une culture tr\u00e8s sophistiqu\u00e9e, alors
\nque l\u2019autre moiti\u00e9 \u00e9tait d\u00e9labr\u00e9e. L\u2019espace de
\nculture \u00e9tait si lumineux que je devais porter
\ndes verres fum\u00e9s pour voir quoi que ce soit.<\/p>\n
Plusieurs salles avaient les tout derniers
\nsyst\u00e8mes d\u2019\u00e9clairage, de fertilisation et
\nde CVC. Les propri\u00e9taires avaient d\u00e9pens\u00e9
\n1,5 million $ de dollars afin de mettre \u00e0
\nniveau le b\u00e2timent pour l\u2019industrie de la
\nmarijuana, les am\u00e9liorations \u00e9lectriques
\n\u00e0 elles seules \u2212 y compris six colonnes
\nd\u2019alimentation requises par la compagnie
\nlocale de services publics \u2212 co\u00fbtant plus
\nde 500 000 $.<\/p>\n
\u00c0 l\u2019int\u00e9rieur, je sentais qu\u2019on me
\nregardait constamment \u2212 la s\u00e9curit\u00e9 \u00e9tait
\ntoujours pr\u00e9sente. J\u2019ai vu des milliers de
\nplants, \u00e0 diff\u00e9rents stades de croissance, des
\ntableaux blancs portant des notes de culture
\ngribouill\u00e9es et une liste de noms rigolos
\ndonn\u00e9s \u00e0 toutes les salles.<\/p>\n
Dans une petite zone de fabrication et
\nd\u2019assemblage, les employ\u00e9s manipulaient
\nles plans de marijuana comme s\u2019ils
\nconfectionnaient des petits bijoux. Une
\ndouzaine de personnes assises \u00e0 des tables
\ns\u00e9paraient les bourgeons des tiges avec des
\nciseaux, lan\u00e7ant les produits taill\u00e9s dans
\ndes bacs g\u00e9ants. Quand j\u2019ai travers\u00e9 la zone
\navec ma cam\u00e9ra et ma planchette \u00e0 pince,
\ntous se sont arr\u00eat\u00e9s et m\u2019ont d\u00e9visag\u00e9; ces
\nregards fixes sont chose courante lorsque
\nj\u2019inspecte des exploitations de cannabis.
\nJ\u2019ai appris \u00e0 me comporter de fa\u00e7on calme
\net professionnelle et \u00e0 ne pas r\u00e9agir \u00e0 ce
\nque je vois.<\/p>\n
De retour au bureau, j\u2019ai examin\u00e9
\nles dossiers de travail des \u00e9valuations
\nque j\u2019avais effectu\u00e9es dans des biens
\nimmobiliers similaires, inspect\u00e9 mon stock
\nde donn\u00e9es et mes analyses, recherch\u00e9
\nde nouvelles donn\u00e9es, puis fait des calculs
\n\u2212 et encore d\u2019autres calculs. Quelques
\nsemaines et plusieurs centaines de pages
\nplus tard, j\u2019avais un rapport avec quatre
\ndiff\u00e9rents sc\u00e9narios d\u2019\u00e9valuation et une
\nopinion bien document\u00e9e sur la valeur.<\/p>\n
Ce client particulier m\u2019a pay\u00e9 par ch\u00e8que,
\nce qui est rare. D\u2019habitude, je suis pay\u00e9
\nen comptant lorsque j\u2019\u00e9value ces types de
\nbien immobilier. C\u2019est \u00e9tonnant de sentir la
\ndiff\u00e9rence quand, pour payer vos honoraires
\nd\u2019\u00e9valuation, on vous tend
\ndes billets de 20 $ et
\nde 100 $. La plupart
\ndes transactions
\nse font en
\ncomptant, parce
\nque la loi f\u00e9d\u00e9rale
\ndes \u00c9tats-Unis
\ninterdit aux banques
\nassur\u00e9es par la
\nFederal Deposit
\nInsurance Corp. de
\ntransiger avec l\u2019industrie
\nde la marijuana, m\u00eame
\ndans les 29 \u00c9tats, plus
\nle District de Columbia, <\/p>\n
Un \u00e9valuateur de Colorado d\u00e9crit comment
\nune plus grande acceptation et la l\u00e9galisation
\nde la marijuana change le paysage immobilier<\/p>\n
P A R C O D Y G A L E , M A I , P R \u00c9 S I D E N T D E C O L O R A D O A P P R A I S A L C O N S U LT A N T S , D E N V E R , C O L O R A D O<\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 17Return to CONTENTS<\/p>\n
d\u00e9tail dans un bien immobilier \u00e0 plusieurs
\nlocataires qui \u00e9tait, sans que je le sache, un
\ndispensaire de cannabis. Quand je m\u2019en suis
\nrendu compte, j\u2019aurais pu refuser d\u2019ex\u00e9cuter le
\ncontrat de service, mais j\u2019ai plut\u00f4t indiqu\u00e9 mes
\nhonoraires et je me suis pr\u00e9sent\u00e9 pour faire
\nle travail. L\u2019espace \u00e9tait relativement petit et
\nle taux de location correspondait au march\u00e9,
\nalors mon entr\u00e9e dans le secteur n\u2019\u00e9tait pas
\ntr\u00e8s risqu\u00e9e.<\/p>\n
Par la suite, j\u2019ai \u00e9valu\u00e9 plusieurs autres
\ndispensaires. Mais le secteur semblait se
\ndiriger vers une bulle et je craignais qu\u2019on
\npuisse me pointer du doigt si elle \u00e9clatait.
\nPensant que \u00e7a ne valait pas le risque, j\u2019ai
\nrefus\u00e9 les contrats de service subs\u00e9quents.<\/p>\n
Mais la bulle n\u2019a pas \u00e9clat\u00e9. Les
\ndispensaires ont pouss\u00e9 comme des <\/p>\n
FORTE DEMANDE<\/p>\n
\u00c0 Denver, le cannabis a men\u00e9 l\u2019immobilier
\nr\u00e9sidentiel et industriel \u00e0 des sommets
\nhistoriques. La moyenne demand\u00e9e pour le
\ntaux de location industriel a bondi de 48 %
\nen un peu plus de quatre ans. De son c\u00f4t\u00e9,
\nle taux d\u2019inoccupation est pass\u00e9 de plus
\nde 8 % en 2009 \u00e0 moins de 2 % en 2015.
\nDe m\u00eame, l\u2019immobilier r\u00e9sidentiel a connu
\nune tr\u00e8s forte croissance dans la r\u00e9gion
\nm\u00e9tropolitaine. (Les \u00e9lecteurs du Colorado
\nont adopt\u00e9 l\u2019Amendement 64 l\u00e9galisant
\nl\u2019usage r\u00e9cr\u00e9atif de la marijuana en 2012,
\nqui est entr\u00e9 en vigueur en 2014.)<\/p>\n
Malheureusement, les utilisateurs
\nindustriels standards doivent concurrencer
\nl\u2019industrie de la marijuana riche en capitaux
\npour presque tous les types d\u2019espace,
\nalors que la quantit\u00e9 d\u2019espace disponible
\ndiminue en raison du domaine \u00e9minent li\u00e9
\n\u00e0 l\u2019expansion du train l\u00e9ger, au complexe
\nNational Western Stock Show et aux
\npremi\u00e8res phases d\u2019acquisition li\u00e9es \u00e0
\nl\u2019expansion de l\u2019Interstate 70. On construit
\nde nouveaux b\u00e2timents suite \u00e0 la demande
\nd\u2019espace, aux taux plafond qui diminuent,
\nde m\u00eame qu\u2019aux taux de location et aux prix
\nde vente qui augmentent.<\/p>\n
Je ne pr\u00e9tends pas que les taux de
\nlocation \u00e9lev\u00e9s et d\u2019inoccupation faibles
\ndans la r\u00e9gion soient dus seulement \u00e0
\nl\u2019industrie de la marijuana. D\u2019autres
\nfacteurs incluent un meilleur climat
\n\u00e9conomique, des taux d\u2019emploi \u00e9lev\u00e9s
\net des augmentations de la population.
\nCependant, le cannabis joue sans aucun
\ndoute un r\u00f4le important et la l\u00e9galisation
\nde la marijuana au Colorado a beaucoup
\nstimul\u00e9 l\u2019\u00e9conomie des localit\u00e9s et de
\nl\u2019\u00c9tat lui-m\u00eame.<\/p>\n
Qu\u2019est-ce qui nous attend ? L\u2019avenir
\ndemeure n\u00e9buleux. Les r\u00e8glements
\nf\u00e9d\u00e9raux des \u00c9tats-Unis pourraient avoir
\nune incidence n\u00e9gative sur l\u2019usage de
\nla marijuana ou, au contraire, aider \u00e0 le
\nstabiliser. Le march\u00e9 pourrait chuter.
\nToutefois, je vois une bonne demande pour
\nle produit, alors je crois que l\u2019industrie de
\nla marijuana en est encore \u00e0 ses premiers
\npas. Son effet continu sur l\u2019immobilier
\npourrait renforcer de fa\u00e7on spectaculaire
\nces divers secteurs : soins de sant\u00e9,
\nh\u00f4tellerie, divertissement, restauration,
\net habitation, m\u00eame les services li\u00e9s \u00e0 la
\ncroissance comme les analyses, la s\u00fbret\u00e9
\net la s\u00e9curit\u00e9. <\/p>\n
o\u00f9 la marijuana \u00e0 des fins m\u00e9dicales et(ou)
\nr\u00e9cr\u00e9atives a \u00e9t\u00e9 l\u00e9galis\u00e9e.<\/p>\n
DEGR\u00c9 DE DIFFICULT\u00c9<\/p>\n
\u00c9valuer une installation de culture de la
\nmarijuana ou un dispensaire de marijuana
\nest beaucoup plus difficile qu\u2019\u00e9valuer un
\nbien immobilier standard, et il n\u2019est pas
\nrare pour moi de passer trois fois plus de
\ntemps \u00e0 pr\u00e9parer des rapports pour ces
\nbiens immobiliers. L\u2019\u00e9valuation elle-m\u00eame
\nest complexe, mais il est utile d\u2019avoir un
\nexcellent mod\u00e8le.<\/p>\n
Les biens immobiliers de culture sont
\nuniques quant \u00e0 l\u2019am\u00e9nagement et au zonage.
\nDans plusieurs cas, les baux existants \u2212 avec
\nleur langage impr\u00e9cis, confus ou fauss\u00e9 \u2212
\npeuvent compliquer l\u2019\u00e9valuation, tout comme la
\nquestion de ce qui constitue un bien immobilier
\npar rapport \u00e0 un bien personnel.<\/p>\n
Les dispensaires peuvent \u00eatre un peu plus
\nfaciles \u00e0 \u00e9valuer, parce qu\u2019ils sont souvent
\nam\u00e9nag\u00e9s pour la vente au d\u00e9tail. Mais les
\nr\u00e8glements plus r\u00e9cents peuvent rendre plus
\ndifficile pour les locataires des dispensaires
\nde changer d\u2019emplacement, alors ces contrats
\nde service ne sont plus aussi simples qu\u2019ils
\nl\u2019\u00e9taient auparavant.<\/p>\n
L\u2019absence de donn\u00e9es marchandes est
\nprobl\u00e9matique pour les deux types de bien
\nimmobilier. Bien s\u00fbr, il y a les ventes et les
\nlocations, mais celles-ci n\u2019apparaissent
\npas toujours dans les bases de donn\u00e9es
\ncommerciales et les parties sont moins
\nsusceptibles de fournir les d\u00e9tails des
\ntransactions. Les co\u00fbts d\u2019am\u00e9nagement
\npeuvent varier consid\u00e9rablement d\u2019un bien
\nimmobilier \u00e0 l\u2019autre. Et la valeur d\u2019un bien
\nimmobilier pour l\u2019investisseur est diff\u00e9rente
\nde la valeur pour le propri\u00e9taire-exploitant.
\nL\u2019absence de financement disponible et
\nd\u2019information sur les taux ajoute un niveau
\nde difficult\u00e9, car les pr\u00eateurs assur\u00e9s par le
\nf\u00e9d\u00e9ral n\u2019ont pas le droit de faire un pr\u00eat pour
\nun bien immobilier utilis\u00e9 par l\u2019industrie de
\nla marijuana.<\/p>\n
D\u00c9VELOPPEMENT DE CARRI\u00c8RE<\/p>\n
\u00c0 ce stade-ci de ma carri\u00e8re d\u2019\u00e9valuateur
\ndes exploitations de cannabis, je poss\u00e8de
\ndes feuilles de calcul avanc\u00e9es et une solide
\nconnaissance des taux de location, des prix
\nde vente, des co\u00fbts et des taux plafond.
\nMais je n\u2019ai pas planifi\u00e9 d\u2019en arriver l\u00e0.<\/p>\n
Mon premier contrat de service li\u00e9 \u00e0 la
\nmarijuana \u00e9tait un espace pour la vente au <\/p>\n
champignons un peu partout et j\u2019ai vu
\ncomment le cannabis influen\u00e7ait le secteur
\nimmobilier industriel. Je ne pouvais pas
\n\u00e9viter ce travail plus longtemps \u2212 et il y avait
\nbeaucoup de travail que j\u2019aurais pu faire
\n\u2212 alors, apr\u00e8s deux ans d\u2019absence, je suis
\nretourn\u00e9 \u00e0 ces \u00e9valuations.<\/p>\n
J\u2019ai \u00e9valu\u00e9 \u00e0 peu pr\u00e8s tous les types
\nde dispensaire de vente au d\u00e9tail, incluant
\ndes biens immobiliers autoportants, des
\ndispensaires dans des plus grands centres
\nde vente, des dispensaires de haut de gamme
\ndans des quartiers luxueux de la ville,
\nde petits dispensaires dans des maisons
\nconverties et des dispensaires bient\u00f4t
\nam\u00e9nag\u00e9s dans des biens immobiliers
\nd\u00e9cr\u00e9pis qui avaient \u00e9t\u00e9 r\u00e9nov\u00e9s. J\u2019ai \u00e9valu\u00e9
\ndes petites et des grandes exploitations de
\nculture, des laboratoires de test du cannabis
\net des terrains associ\u00e9s \u00e0 l\u2019industrie.<\/p>\n
La moyenne demand\u00e9e
\npour le taux de <\/p>\n
location industriel a <\/p>\n
bondi de 48 %
\nen un peu plus de <\/p>\n
quatre ans. De son c\u00f4t\u00e9,
\nle taux d\u2019inoccupation
\nest pass\u00e9 de plus de <\/p>\n
8 % en 2009 \u00e0 moins de
\n2 % en 2015.<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 18 Return to CONTENTS<\/p>\n
\u2022 The City of Grande Prairie makes up the central core area
\nwith a central business district, highway commercial areas,
\nindustrial areas and adjacent residential areas.
\n \u00a7 The City can be considered a high service\/high tax jurisdiction.<\/p>\n
\u2022 The County of Grande Prairie surrounds the City with
\nrural lands, country residential and residential areas
\nas well as industrial subdivisions.
\n \u00a7 The County can be considered a high <\/p>\n
service\/low tax jurisdiction.
\nThe following table shows local government expenditures, as a
\nmeasure of service provision, in the two jurisdictions on a per capita
\nbasis over the last few years. The expenditures include both capital
\nand operational expenditures. Note that education expenditures are
\nnot shown, which, in Alberta, are equalized between municipalities.
\nIn 2016, capital expenditures in the County were at 35% of all
\nspending, while in the City they were at 30%.<\/p>\n
Local Government Expenditures Per Capita Grande Prairie<\/p>\n
Year County City
\n2014 $5,368 $3,393
\n2015 $6,176 $2,831
\n2016 $6,242 $4,089<\/p>\n
Even though the County spends over 50% more per capita than the
\nCity, its residential tax rates are approximately half the City\u2019s. The
\nCounty residential mill rate, including the education levy, is at 6.4884,
\nversus the City equivalent residential mill rate at 12.6588 in 2017. <\/p>\n
Property taxes in most Canadian municipalities now constitute
\na significant part of home ownership costs. Normally, in assessment
\nor appraisal theory, it is stated that home values or sales prices drive
\nassessment values, which, in turn, drives the level of property taxes
\nto be paid given various mill rates. But, is it possible that the inverse
\nmay exist and property taxes can affect the market prices paid on
\nresidential real estate? <\/p>\n
Logically, purchasers take property taxes into account when
\nmaking offers on a home, much as they consider other factors such
\nas age and size of the home, location, maintenance and\/or number
\nof bathrooms. Property taxes may reduce the value of a property if
\nthe real or imputed net rental on the property would be reduced, or,
\nas indicated by Oates in the The Effects of Property Taxes, they may
\nincrease real estate values if it is perceived that they pay for beneficial
\nlocal public improvements.<\/p>\n
In economic theory, this effect on value is supported by what
\nis known as the Tiebout Hypothesis, which is a theory for local
\ngovernment expenditure. In the Tiebout Hypothesis, home buyers in
\nurban areas with multi-jurisdictional governments choose to live in
\nneighbourhoods that not only give them the house they desire, but
\nalso the property tax level with which they are comfortable in order to
\nhave the local public services they desire. In effect, home purchasers
\nare choosing to buy goods (municipal government services)
\nwith various prices (property taxes) from different vendors (local
\ngovernments) as in any market. <\/p>\n
Local governments compete with each other by offering different
\nservices and property taxes to attract different home purchasers.
\nBuyers maximize their utility or satisfaction by moving to the
\nmunicipality that gives them the right mix of taxes and services.
\nThe Tiebout Hypothesis has a number of assumptions such as mobile
\nconsumers, buyers having complete information on taxes and public
\nservices, the buyer\u2019s ability to choose between different communities,
\nreasonable commuting costs, an inability of public services to be
\noffered in different municipalities and that there are economies of
\nscale at an optimal level in local government service provision.<\/p>\n
Grande Prairie, Alberta has an urbanized area of approximately
\n80,000 people divided into two municipalities:<\/p>\n
Are property taxes
\nreflected in a residential
\nbuilding\u2019s market price?<\/p>\n
By Jeff Nutting, MSc (Financial Economics) AACI, P. App., AMAA <\/p>\n
Obrien Lake<\/p>\n
Whispering Ridge<\/p>\n
Arbor Hills<\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 19Return to CONTENTS<\/p>\n
This expenditure pattern is possible given the high ratio of
\nnon-residential properties in the County\u2019s assessment tax
\nbase compared to the City\u2019s ratio; in 2016, the City\u2019s residential
\nassessment base was 68% of the total assessment base
\ncompared to a ratio of 44% in the County. The County benefits
\nby having a large linear and non-residential assessment base.
\nNewer industrial and warehouse projects prefer to locate in the
\nCounty as there is a trend toward larger industrial lots compared
\nto the smaller lots provided in the City\u2019s older industrial parks.
\nIn summary, as the two municipalities provide high service levels,
\nthe major difference between the two is not services, but property
\ntax levels.<\/p>\n
Do home purchasers take account of the differential
\nmunicipal service levels and taxes in the Grande Prairie urban
\narea? Oates, in the The Effects of Property Taxes, found a
\nnegative relationship between property taxes and property
\nvalues, if they were unaccompanied by an expanding program of
\npublic services. As well, Oates believed that, if two communities
\noffered the same local government services, the one with higher
\nproperty taxes would have depressed realty values relative
\nto the other. Cebula, Foley and Houmes, in their tax study,
\nfound that property taxes are capitalized into a lower house
\nprice. In the Grande Prairie area, if purchasers do account for
\ntaxes, it would be expected that an increment would be paid for
\nsimilar properties in the County due to their lower taxes. The
\nlower annual property tax burden should be capitalized into an
\nincrement in sale price. <\/p>\n
To examine this, a paired sales analysis was done on three
\nnewer upper-middle class neighbourhoods in the City versus
\nequivalent neighbourhoods in the County. A paired sales analysis
\ncompares newly-built homes that are almost identical to each
\nother except for the factor of interest and the residential property
\ntax difference between the City and the County. Using newly-built
\nhomes is problematic, as some purchasers would have to estimate
\nproperty taxes because the homes purchased may not be fully
\nassessed at the time of purchase. <\/p>\n
\u2022 The analysis used completed construction
\nassessment data was used. <\/p>\n
\u2022 The land value of sales was subtracted based on bare
\nlot sales to account for locational differences between
\nneighbourhoods. <\/p>\n
\u2022 On the paired house sales, the price paid minus land valuation
\nwas projected and then the difference in price paid between
\nneighbourhoods was calculated. <\/p>\n
\u2022 The annual property tax differential between the homes was
\ndivided by the differential in sales prices to give an implied
\ncapitalization rate of the property tax differential. <\/p>\n
\u2022 The ability of taxpayers to consume local government services
\nin adjacent communities was not considered in the analysis. <\/p>\n
\u2022 It should be noted that projections of land value between the
\nneighbourhoods significantly affect the differentials in value.<\/p>\n
The results in the following table confirm that residential buyers take
\ninto account property tax differentials in the first two neighbourhood
\ncomparisons, but not in the third.<\/p>\n
Neighbourhood<\/p>\n
City County Mean Tax Diff\/Price Diff Pairs
\n = Implied Capitalization
\nArbor Hills Whispering Ridge .0655 3 pairs
\nObrien Lake Whispering Ridge .0510 7 pairs
\nGrande Banks Whispering Ridge -.0860 7 pairs<\/p>\n
The two pairings (Arbor Hills\/Whispering Ridge and Obrien Lake\/
\nWhispering Ridge) where this effect occurred would support the
\ntheory of the Tiebout Hypothesis. They indicate a capitalization of
\nthe tax savings to property value of approximately 6%, or $17 in
\nvalue for every $1 of tax savings. <\/p>\n
The Grande Banks\/Whispering Ridge paired sales indicate
\nan increase in property values due to higher taxes. This
\nneighbourhood is complicated in that Grande Banks is an upper
\nclass City subdivision in a preferred location that is close to a
\nmajor park and other recreational facilities. Would this exemplary
\nlocation overwhelm the higher tax differential? <\/p>\n
The effect of property tax differential on price offerings in
\nthe Grande Prairie market is also supported by the fact that, in
\nrecent years, upper and upper-middle class neighbourhoods have
\ndeveloped outside the City in the County, in developments such as
\nWhispering Ridge, Carriage Lane Estates, Maple Ridge Estates and
\nTaylor Estates. <\/p>\n
The above analysis indicates that property taxes not only reflect
\nmarket prices, but can also impact market prices on residential
\nreal estate.<\/p>\n
Bibliography<\/p>\n
\u2022 Tiebout Model, Wikipedia – The Free Encyclopedia,
\naccessed August 8, 2017<\/p>\n
\u2022 Consolidated Financial Statements, 2014-2016,
\nCounty of Grande Prairie<\/p>\n
\u2022 Executive Summary, 2014-2018, City of Grande Prairie
\n\u2022 Budget Summary, 2015-2016, County of Grande Prairie
\n\u2022 The Effects of Property Taxes and Local Public Spending on <\/p>\n
Property Values: An Empirical Study of Tax Capitalization
\nand the Tiebout Hypothesis, W Oates, Journal of Political
\nEconomy, 1969<\/p>\n
\u2022 60 Years Later and Still Going Strong: The Continued Relevance
\nof the Tiebout Hypothesis, Salz and Capener,
\nThe Journal of Regional Analysis and Policy, 2016<\/p>\n
\u2022 Property Tax Capitalization within a National Historic District
\nversus Property Tax Capitalization outside that National
\nHistoric District: Another Application of the Tiebout Hypothesis,
\nCebula Foley Houmes, Jacksonville University, 2010 <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 20 Return to CONTENTS<\/p>\n
Exclusive
\ngroup rates.
\nExclusively
\nfor you.
\nYou could save over <\/p>\n
$650
\nby switching your<\/p>\n
& insurance to us.*<\/p>\n
Tarifs de groupe
\nexclusifs.
\nExclusivement
\npour vous.
\nVous pourriez \u00e9conomiser plus de <\/p>\n
650\u2009$
\nen transf\u00e9rant vos assurances<\/p>\n
& chez nous\u2009*<\/p>\n
The Personal refers to The Personal Insurance Company. Certain conditions, limitations and exclusions
\nmay apply. Savings and discounts are subject to eligibility conditions and may vary by jurisdiction. Rates
\nand discounts are subject to change without notice. Auto Insurance is not available in MB, SK and BC due
\nto government\u2011run plans.
\n* Savings amounts are calculated by applying the group discounts and most common savings and discounts <\/p>\n
that the majority of policyholders qualify for to the base premium. Savings amounts are not guaranteed
\nand will vary depending upon your underwriting information.<\/p>\n
La Personnelle d\u00e9signe La Personnelle, compagnie d\u2019assurances. Certaines conditions, exclusions et limitations
\npeuvent s\u2019appliquer. Les \u00e9conomies et les rabais sont sous r\u00e9serve des crit\u00e8res d\u2019admissibilit\u00e9 et peuvent varier
\nselon la juridiction. Les offres et rabais peuvent \u00eatre modifi\u00e9s sans pr\u00e9avis. L\u2019assurance auto n\u2019est pas offerte au
\nManitoba, en Saskatchewan ni en Colombie\u2011Britannique, o\u00f9 il existe des r\u00e9gimes d\u2019assurance gouvernementaux.
\n* Le montant des \u00e9conomies est calcul\u00e9 en appliquant les rabais du groupe et la plupart des \u00e9conomies et des <\/p>\n
rabais auxquels la majorit\u00e9 des assur\u00e9s ont droit sur leur prime de base. Le montant des \u00e9conomies n\u2019est pas
\ngaranti et varie selon les renseignements fournis lors de la souscription.<\/p>\n
Get a quote and save.
\n1-888-476-8737
\nthepersonal.com\/aicanada<\/p>\n
Obtenez une soumission et \u00e9conomisez
\n1 888 476-8737
\nlapersonnelle.com\/aicanada<\/p>\n
Choosing The Personal for your home and
\nauto insurance means you\u2019ll get exclusive
\ngroup rates and personalized coverage
\njust for being a member of the Appraisal
\nInstitute of Canada.<\/p>\n
Choisir La Personnelle pour vos assurances
\nauto et habitation vous permet d\u2019avoir acc\u00e8s
\n\u00e0 des tarifs de groupe exclusifs et \u00e0 des
\nprotections personnalis\u00e9es aux membres
\nde la Institut canadien des \u00e9valuateurs <\/p>\n
1800246_G0177_AD-Q2-AH_8,25×10,75_REST_Bil.indd 1 2018-02-22 1:54 PM<\/p>\n
http:\/\/thepersonal.com\/aicanada
\nhttp:\/\/www.lapersonnelle.com\/aicanada<\/p>\n
Dans la plupart des municipalit\u00e9s canadiennes, les taxes
\nfonci\u00e8res repr\u00e9sentent maintenant une part importante des co\u00fbts
\nd\u2019accession \u00e0 la propri\u00e9t\u00e9. Normalement, dans la th\u00e9orie de
\nl\u2019\u00e9valuation fonci\u00e8re ou commerciale, on mentionne que la valeur des
\nmaisons ou leurs prix de vente d\u00e9terminent les valeurs d\u2019imposition
\nqui, \u00e0 leur tour, d\u00e9terminent le montant des taxes fonci\u00e8res \u00e0 payer
\ncompte tenu de divers taux exprim\u00e9s en milli\u00e8me. Se pourrait-il, par
\nailleurs, que l\u2019inverse existe et que les taxes fonci\u00e8res affectent les
\nprix du march\u00e9 pay\u00e9s pour des immeubles r\u00e9sidentiels? <\/p>\n
Logiquement, avant de pr\u00e9senter leur offre d\u2019achat d\u2019une maison,
\nles acheteurs prennent en compte les taxes fonci\u00e8res, tout comme
\nils tiennent compte d\u2019autres facteurs tels que l\u2019\u00e2ge et la taille de la
\nmaison, l\u2019emplacement, l\u2019entretien et(ou) le nombre de salles de
\nbains. Les imp\u00f4ts fonciers peuvent r\u00e9duire la valeur d\u2019une propri\u00e9t\u00e9
\nsi le loyer net r\u00e9el ou imput\u00e9 sur la propri\u00e9t\u00e9 serait r\u00e9duit, ou, comme
\nl\u2019a indiqu\u00e9 Oates dans The Effects of Property Taxes, ils peuvent
\naugmenter la valeur des biens immobiliers si on pense qu\u2019ils paient
\npour des am\u00e9liorations publiques locales b\u00e9n\u00e9fiques. <\/p>\n
En th\u00e9orie \u00e9conomique, cet effet sur la valeur est soutenu par
\nce que l\u2019on appelle l\u2019Hypoth\u00e8se de Tiebout, qui est une th\u00e9orie
\nconcernant les d\u00e9penses de l\u2019administration locale. Selon l\u2019Hypoth\u00e8se
\nde Tiebout, les acheteurs de maisons dans les zones urbaines
\nadministr\u00e9es par des gouvernements multi-juridictionnels choisissent
\nde vivre dans des quartiers qui leur donnent non seulement la maison
\nqu\u2019ils d\u00e9sirent, mais aussi le niveau de taxe fonci\u00e8re avec lequel
\nils sont \u00e0 l\u2019aise afin de jouir des services publics qu\u2019ils d\u00e9sirent. \u00c0
\nvrai dire, les acheteurs de maison choisissent d\u2019acheter des biens
\n(services gouvernementaux municipaux) \u00e0 divers prix (taxes fonci\u00e8res)
\nde diff\u00e9rents fournisseurs (gouvernements locaux) comme dans
\nn\u2019importe quel march\u00e9. <\/p>\n
Les gouvernements locaux sont en concurrence les uns avec
\nles autres en offrant diff\u00e9rents services et taxes fonci\u00e8res pour
\nattirer diff\u00e9rents acheteurs de maison. Les acheteurs maximisent
\nleurs services publics ou leur satisfaction en s\u2019installant dans la
\nmunicipalit\u00e9 qui leur donne la bonne combinaison de taxes et de
\nservices. L\u2019Hypoth\u00e8se de Tiebout repose sur plusieurs hypoth\u00e8ses
\ntelles que la mobilit\u00e9 des consommateurs, les acheteurs ayant en
\nmain des informations compl\u00e8tes sur les taxes et les services publics,
\nla capacit\u00e9 de l\u2019acheteur \u00e0 choisir entre diff\u00e9rentes collectivit\u00e9s,
\ndes co\u00fbts de transport raisonnables, l\u2019incapacit\u00e9 de certaines <\/p>\n
municipalit\u00e9s de fournir certains services et les \u00e9conomies d\u2019\u00e9chelle
\n\u00e0 un niveau optimal dans la prestation de services publics par un
\ngouvernement local. <\/p>\n
Grande Prairie, en Alberta, compte environ 80 000 habitants
\nr\u00e9partis dans deux municipalit\u00e9s : <\/p>\n
\u2022 La ville de Grande Prairie constitue la zone centrale dot\u00e9e
\nd\u2019un quartier des affaires, de zones commerciales desservies
\npar des autoroutes, de zones industrielles et des zones
\nr\u00e9sidentielles adjacentes.
\n \u00a7 La ville peut \u00eatre consid\u00e9r\u00e9e comme une <\/p>\n
juridiction \u00e0 service \u00e9lev\u00e9\/forte imposition.
\n\u2022 Le comt\u00e9 de Grande Prairie entoure la ville de terres rurales, <\/p>\n
de zones r\u00e9sidentielles et r\u00e9sidentielles rurales ainsi que de
\nsubdivisions industrielles.
\n \u00a7 Le comt\u00e9 peut \u00eatre consid\u00e9r\u00e9 comme une <\/p>\n
juridiction \u00e0 service \u00e9lev\u00e9\/faible imposition.
\nLe tableau suivant pr\u00e9sente les d\u00e9penses des administrations
\nlocales, en tant que mesure de la prestation de services, dans les
\ndeux juridictions, par habitant au cours des derni\u00e8res ann\u00e9es. Les
\nd\u00e9penses comprennent \u00e0 la fois les d\u00e9penses d\u2019immobilisations et
\nles d\u00e9penses d\u2019exploitation. Notez que les d\u00e9penses d\u2019\u00e9ducation
\nne sont pas indiqu\u00e9es, ce qui, en Alberta, est \u00e9galis\u00e9 entre les
\nmunicipalit\u00e9s. En 2016, les d\u00e9penses en immobilisations dans le
\ncomt\u00e9 repr\u00e9sentaient 35 % de toutes les d\u00e9penses, alors qu\u2019elles
\n\u00e9taient de 30 % dans la ville. <\/p>\n
D\u00e9penses Des Gouvernements Locaux <\/p>\n
Par Habitant \u00c0 Grande Prairie<\/p>\n
Ann\u00e9e Comt\u00e9 Ville
\n2014 5 368 $ 3 393 $
\n2015 6 176 $ 2 831 $
\n2016 6 242 $ 4 089 $<\/p>\n
M\u00eame si le comt\u00e9 d\u00e9pense plus de 50 % de plus par habitant que la
\nville, ses taux d\u2019imposition r\u00e9sidentiels sont environ la moiti\u00e9 de ceux
\nde la ville. Le taux en milli\u00e8me du secteur r\u00e9sidentiel du comt\u00e9, y
\ncompris la taxe scolaire, est de 6,4884, compar\u00e9 \u00e0 un 12,6588 en 2017
\npour la ville. Ce mod\u00e8le de d\u00e9penses est possible \u00e9tant donn\u00e9 le ratio
\n\u00e9lev\u00e9 de propri\u00e9t\u00e9s non r\u00e9sidentielles dans l\u2019assiette d\u2019imposition
\nfonci\u00e8re du compt\u00e9 par rapport au ratio de la ville; en 2016, l\u2019assiette <\/p>\n
La taxe fonci\u00e8re est-elle
\nrefl\u00e9t\u00e9e dans le prix du march\u00e9
\ndes immeubles r\u00e9sidentiels? <\/p>\n
Par Jeff Nutting, MSc (\u00c9conomie financi\u00e8re), AACI, P. App., AMAA <\/p>\n
Whispering Ridge<\/p>\n
Obrien Lake<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 22 Return to CONTENTS<\/p>\n
d\u2019\u00e9valuation r\u00e9sidentielle de la ville repr\u00e9sentait 68 % de l\u2019assiette
\nd\u2019\u00e9valuation totale comparativement \u00e0 un ratio de 44 % dans le comt\u00e9.
\nLe comt\u00e9 b\u00e9n\u00e9ficie d\u2019une large assiette d\u2019\u00e9valuation lin\u00e9aire et non
\nr\u00e9sidentielle. Les nouveaux projets industriels et d\u2019entreposage
\npr\u00e9f\u00e8rent s\u2019installer dans le comt\u00e9, car on a tendance \u00e0 y offrir de
\ngrands lots industriels comparativement aux lots plus petits fournis
\ndans les anciens parcs industriels de la ville. Pour r\u00e9sumer, comme les
\ndeux municipalit\u00e9s offrent des niveaux de service \u00e9lev\u00e9s, la diff\u00e9rence
\nmajeure entre les deux n\u2019est pas les services offerts, mais les niveaux
\nd\u2019imp\u00f4ts fonciers. <\/p>\n
Les acheteurs de maisons tiennent-ils compte des diff\u00e9rences dans
\nles niveaux de services municipaux et de taxes fonci\u00e8res dans la r\u00e9gion
\nurbaine de Grande Prairie? Oates, dans The Effects of Property Taxes,
\na trouv\u00e9 une relation n\u00e9gative entre les imp\u00f4ts fonciers et la valeur
\ndes propri\u00e9t\u00e9s, s\u2019ils n\u2019\u00e9taient pas accompagn\u00e9s d\u2019un programme
\nen expansion de services publics. De plus, Oates croyait que, si
\ndeux communaut\u00e9s offraient les m\u00eames services gouvernementaux
\nlocaux, celui qui avait des imp\u00f4ts fonciers plus \u00e9lev\u00e9s aurait des
\nvaleurs immobili\u00e8res inf\u00e9rieures \u00e0 celles de l\u2019autre. Cebula, Foley et
\nHoumes, dans leur \u00e9tude fiscale, ont constat\u00e9 que les imp\u00f4ts fonciers
\nsont capitalis\u00e9s dans un prix inf\u00e9rieur des maisons. Dans la r\u00e9gion
\nde Grande Prairie, si les acheteurs tiennent compte des taxes, on
\ns\u2019attendrait \u00e0 ce qu\u2019une augmentation soit pay\u00e9e pour des propri\u00e9t\u00e9s
\nsemblables dans le comt\u00e9 en raison de leurs imp\u00f4ts moins \u00e9lev\u00e9s.
\nLe fardeau fiscal annuel plus faible devrait \u00eatre capitalis\u00e9 dans une
\naugmentation du prix de vente. <\/p>\n
Pour v\u00e9rifier cette hypoth\u00e8se, on a proc\u00e9d\u00e9 \u00e0 une analyse de
\nventes appari\u00e9es dans trois nouveaux quartiers de la classe moyenne
\nsup\u00e9rieure de la ville par rapport \u00e0 des quartiers \u00e9quivalents dans
\nle comt\u00e9. Une analyse de ventes appari\u00e9es compare des maisons
\nnouvellement construites presque identiques entre elles, \u00e0 l\u2019exception du
\nfacteur d\u2019int\u00e9r\u00eat et de la diff\u00e9rence de la taxe fonci\u00e8re r\u00e9sidentielle entre
\nla ville et le comt\u00e9. L\u2019utilisation de maisons nouvellement construites
\nest probl\u00e9matique, car certains acheteurs doivent estimer les taxes
\nfonci\u00e8res parce que les maisons achet\u00e9es peuvent ne pas avoir \u00e9t\u00e9
\nenti\u00e8rement \u00e9valu\u00e9es aux fins de l\u2019imp\u00f4t foncier au moment de l\u2019achat. <\/p>\n
\u2022 L\u2019analyse a utilis\u00e9 les donn\u00e9es d\u2019\u00e9valuation
\nde construction achev\u00e9es. <\/p>\n
\u2022 La valeur du terrain des ventes a \u00e9t\u00e9 soustraite selon
\nla valeur des ventes de terrains nus pour tenir compte
\ndes diff\u00e9rences de localisation entre les quartiers. <\/p>\n
\u2022 Sur les ventes de maisons appari\u00e9es, le prix pay\u00e9 moins
\nl\u2019\u00e9valuation des terrains a \u00e9t\u00e9 projet\u00e9, puis la diff\u00e9rence
\nde prix pay\u00e9 entre les quartiers a \u00e9t\u00e9 calcul\u00e9e. <\/p>\n
\u2022 Le diff\u00e9rentiel d\u2019imp\u00f4t foncier annuel entre les maisons a \u00e9t\u00e9
\ndivis\u00e9 par le diff\u00e9rentiel des prix de vente pour donner un taux
\nde capitalisation implicite du diff\u00e9rentiel d\u2019imp\u00f4t foncier. <\/p>\n
\u2022 La capacit\u00e9 des contribuables \u00e0 consommer les services
\ndes gouvernements locaux dans les collectivit\u00e9s
\nadjacentes n\u2019a pas \u00e9t\u00e9 prise en compte dans l\u2019analyse. <\/p>\n
\u2022 Il convient de noter que les projections de la valeur
\ndes terres entre les quartiers affectent de mani\u00e8re
\nsignificative les diff\u00e9rentiels de valeur. <\/p>\n
Les r\u00e9sultats du tableau suivant confirment que les acheteurs
\nr\u00e9sidentiels tiennent compte des diff\u00e9rentiels d\u2019imp\u00f4t foncier dans
\nles deux premi\u00e8res comparaisons de quartiers, mais pas dans
\nla troisi\u00e8me. <\/p>\n
Quartier<\/p>\n
Ville Comt\u00e9 Moy. Diff taxe\/diff prix Paires
\n = Immobilisation suppos\u00e9e
\nArbor Hills Whispering Ridge 0,0655 3 paires
\nObrien Lake Whispering Ridge 0,0510 7 paires
\nGrande Banks Whispering Ridge -0,0860 7 paires<\/p>\n
Les deux appariements (Arbor Hills\/Whispering Ridge et Obrien
\nLake\/Whispering Ridge) o\u00f9 cet effet s\u2019est produit soutiendraient la
\nth\u00e9orie de l\u2019Hypoth\u00e8se de Tiebout. Ils indiquent une immobilisation
\nde l\u2019\u00e9conomie d\u2019imp\u00f4t \u00e0 la valeur de la propri\u00e9t\u00e9 d\u2019environ 6 %, ou
\n17 $ en valeur pour chaque 1 $ \u00e9conomis\u00e9 en imp\u00f4t. <\/p>\n
Les ventes appari\u00e9es Grande Banks\/Whispering Ridge indiquent
\nune augmentation de la valeur des propri\u00e9t\u00e9s en raison de la
\nhausse des taxes. Ce quartier est compliqu\u00e9 en ce sens que Grande
\nBanks est une subdivision urbaine de classe sup\u00e9rieure dans un
\nemplacement privil\u00e9gi\u00e9 \u00e0 proximit\u00e9 d\u2019un grand parc et d\u2019autres
\ninstallations r\u00e9cr\u00e9atives. Est-ce que cet emplacement exemplaire
\nsupplante le diff\u00e9rentiel d\u2019imp\u00f4t plus \u00e9lev\u00e9? <\/p>\n
L\u2019effet du diff\u00e9rentiel d\u2019imp\u00f4t foncier sur l\u2019offre de prix dans
\nle march\u00e9 de Grande Prairie est \u00e9galement confirm\u00e9 par le fait
\nque, ces derni\u00e8res ann\u00e9es, les quartiers de la classe moyenne
\nsup\u00e9rieure et de la classe sup\u00e9rieure se sont d\u00e9velopp\u00e9s \u00e0
\nl\u2019ext\u00e9rieur de la ville dans les lotissements de Whispering Ridge,
\nCarriage Lane Estates, Maple Ridge Estates et Taylor Estates
\nfaisant partie du compt\u00e9. <\/p>\n
L\u2019analyse ci-dessus indique que les taxes fonci\u00e8res refl\u00e8tent non
\nseulement les prix du march\u00e9, mais peuvent \u00e9galement avoir une
\nincidence sur les prix du march\u00e9 de l\u2019immobilier r\u00e9sidentiel. <\/p>\n
Bibliographie<\/p>\n
\u2022 Tiebout Model, Wikipedia – The Free Encyclopedia,
\nconsult\u00e9 le 8 ao\u00fbt 2017<\/p>\n
\u2022 \u00c9tats financiers consolid\u00e9s, 2014-2016,
\nComt\u00e9 de Grande Prairie<\/p>\n
\u2022 Bilan, 2014-2018, Ville de Grande Prairie
\n\u2022 Budget Summary, 2015-2016, Comt\u00e9 de Grande Prairie
\n\u2022 The Effects of Property Taxes and Local Public Spending on <\/p>\n
Property Values: An Empirical Study of Tax Capitalization and the
\nTiebout Hypothesis, W Oates, Journal of Political Economy, 1969<\/p>\n
\u2022 60 Years Later and Still Going Strong: The Continued Relevance
\nof the Tiebout Hypothesis, Salz et Capener, The Journal of
\nRegional Analysis and Policy, 2016<\/p>\n
\u2022 Property Tax Capitalization within a National Historic District
\nversus Property Tax Capitalization outside that National
\nHistoric District: Another Application of the Tiebout Hypothesis,
\nCebula Foley Houmes, Jacksonville University, 2010 <\/p>\n
Arbor Hills<\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 23Return to CONTENTS<\/p>\n
T
\nhe past year brought with it considerable political and
\neconomic uncertainty for Canada, as many watched the
\nUS economy grow under a low inflation environment.
\nMoving into 2018, the Canadian commercial real estate
\nmarket appears to be capitalizing on opportunity. <\/p>\n
With supremely competitive markets in Toronto and Vancouver,
\nmajor pension funds have consistently looked to overseas markets
\nfor prime investment opportunities due to a lack of supply within
\nthe Canadian market. As competition grows with high-quality
\ncommercial property growing scarce, the need for dependable,
\nreliable and accurate data has become critical, since complex real
\nestate decisions are expected to be made under tighter timelines.
\nCommercial real estate will continue to search for effective ways
\nto harness, analyze and present the tremendous amount of data
\nthat is so paramount in creating effective real estate strategies.
\nData plays an essential role in helping investors and companies
\nmitigate risk, improve asset performance and better understand
\ntheir target market. The year 2018 will be marked by a rise in
\ntechnology, as the Canadian commercial real estate market looks
\nto take a massive leap forward.<\/p>\n
Canadian commercial
\nreal estate is poised for
\na tech upgrade in 2018<\/p>\n
BY ANDREW MACLEOD, BMGT, AACI, P.APP, is the Senior Vice President, <\/p>\n
Valuation and Advisory Services at Colliers Canada<\/p>\n
MARKET
\nOUTLOOK<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 24 Return to CONTENTS<\/p>\n
Canada\u2019s overall economy remains
\npoised for another solid year after a
\nchallenging 2017. The Bank of Canada
\nsuggests a more rational pace for job
\ngrowth, which will assist in tempering
\nthe Canadian economy to about 2.2%
\noverall growth in 2018. The Conference
\nBoard of Canada indicates that, from a
\nprovincial perspective, Alberta, British
\nColumbia, Saskatchewan and Ontario
\nwill be the key provincial drivers, each
\nforecast to experience above 2.0% growth
\nthis year. In addition, The Bank of Canada
\nimplemented its first interest rate increase
\nin seven years; however, these rates
\ncontinue to remain historically low, which
\nshould do little to impact the Canadian
\ncommercial real estate market. Where the
\nimpact can be seen is on the tightening
\nspread between cap rates and the 10-year
\nGovernment of Canada bond yield. With such
\nmarginal differences, investors are looking
\nat non-traditional markets and asset classes
\nwhere returns are potentially higher; further
\ncausing modest cap rate compression
\nin some secondary markets. Overall, as
\ndemand continues to outplace supply
\nfor high-quality investment assets, the
\nCanadian commercial real estate market is
\nmarked by a hyper-competitive environment.<\/p>\n
INSTITUTIONAL CONSOLIDATIONS<\/p>\n
The first quarter of 2018 has been marked by two major
\ninstitutional consolidations: Blackstone, one of world\u2019s leading
\ninvestment firms, with 2,300 employees and 25 worldwide offices
\naccording to its website, announced that it will be acquiring
\nPure Industrial Real Estate Trust (PIRET) in a reported $3.8 billion
\ndollar transaction. This move highlights the hyper-competitive
\nmarket conditions that will remain throughout 2018, especially
\nin the search for logistics and distribution space. Tyler Henritze,
\nHead of North American acquisitions for Blackstone Real
\nEstate commented in a release, that acquiring PIRET can be
\nviewed, \u201cas a continuation of our global strategy to acquire high-
\nquality logistics assets in key urban areas.\u201d1 The second major
\nconsolidation recently announced will see Choice Properties Real
\nEstate Investment Trust create Canada\u2019s largest REIT by acquiring
\nCanadian Real Estate Investment Trust (CREIT) in a transaction
\nworth a reported $6 billion. \u201cChoice sees the acquisition as
\nan opportunity to both diversify and expand its asset base,
\nadding significantly more and varied retail, industrial and office
\nproperties and expertise.\u201d2 With so little available supply, and
\nincreasing demand, consolidation appears to be one way to
\nremain competitive for investment trusts moving forward. <\/p>\n
TECHNOLOGY\u2019S INCREASING ROLE<\/p>\n
Technology firms will continue to occupy considerable space
\nacross multiple asset classes. While tech firms continue to
\noccupy office space, driving higher population and job growth,
\nthe significance only begins there. The industrial market is
\nseeing the impacts of technology as demand for logistical space
\ncontinues to increase, as consumers gradually transfer their
\nspending habits from traditional brick and mortar to e-commerce.
\nThis unprecedented demand for high-ceilinged, large-bay and
\nmulti-level industrial property is driving the major market\u2019s
\nindustrial sector. As customers demand quicker turnarounds and
\nincreased service offerings, retailers must position themselves as
\nstrategically as possible. Amazon\u2019s most recent announcement of
\nits newest fulfillment centre outside Calgary highlights the impact
\ne-commerce is having on the industrial market. The 600,000
\nsquare foot facility joins six other distribution centres, four
\nin the Greater Toronto Area and two in the Vancouver area.
\nOnline shopping continues to exert its influence on traditional
\nretail centres as well; retail property owners and investors are
\nfacing greater scrutiny from their customers whose expectations
\ncontinue to grow; requiring retail centres to transform into
\ndestinations with a wider range of appeal. <\/p>\n
Additional technological advances to keep an eye on through
\n2018 include, the rise of driver-less vehicles, drone technology
\nand virtual reality. Autonomous vehicles are looking to disrupt
\nthe market by raising questions surrounding the future need
\nfor parking requirements. With less parking in residential,
\ncommercial and retail properties, there may be a potential
\nopportunity to increase density by re-developing existing space,
\ngenerating new unachieved value. Canada is not only looking
\nto join in on this commute trend, but to take a firm hold of the
\nsteering wheel; Edmonton has not been shy about its desire to
\nlead the country in automated vehicle research, and has explored
\nsetting up a test track at the University of Alberta. The impact of
\ndrone technology is already making its presence felt by taking
\nmarketing materials to new heights; however, considerable
\nopportunities also include the abilities to track construction
\nprogress, highlight new development and assess potential sites.
\n3D virtual tours are helping to provide unique experiences for
\nreal estate professionals to showcase and highlight feature
\nlistings without scheduling tours, creating greater efficiency
\nand allowing prospective buyers to visualize their space in real
\ntime. Applications and augmented reality will also significantly
\nimpact the retail sector through 2018. Take IKEA\u2019s new IKEA
\nPlace App,3 which aids in the pre-purchase planning of furniture
\nthrough augmented reality. Customers with the app can now pick
\na product they want to visualize in their home, their smartphone
\nand app will then digitally place selected furniture in the house
\nand match the scale and lighting to the surrounding environment.
\nThe expectation is that this preliminary use will only serve to
\npromote further growth, as retailers increasingly understand
\nthe technology and identify other additional applications to drive
\ntraffic to their stores. <\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 25Return to CONTENTS<\/p>\n
Not to be forgotten, 2017 was the year that the term blockchain
\nmade its way into the mainstream. As we start 2018, the number
\nof planned initial coin offerings has increased into the hundreds,
\nand includes old economy companies such as Kodak, as well as
\ngovernments. While not clear where this technology is going, and
\nif many of its proposed uses even require a blockchain network,
\nreal estate is one of the industries in which an open ledger has
\nvery practical uses, in particular as it relates to the reduction of
\nfees and speeding up transactions. An open ledger for keeping
\nproperty records would also add transparency, and could
\nstreamline due diligence for market participants. This could be
\nparticularly beneficial in countries with weaker institutions. <\/p>\n
One asset class set to continue benefiting from blockchain,
\nas well as Artificial Intelligence (AI) and cloud computing are
\ndata centres. Beyond the demand for Bitcoin and Ethereum
\nmining, blockchain and AI are set to infuse most, if not all,
\nindustries with real world applications. One example is the
\nrecent blockchain logistics initiative between Maersk and IBM.
\nThe amount of data being generated in the world is only expected
\nto increase, and both these technologies provide strong secular
\ntailwinds that are set to drive demand for data centres, both from
\nend users as well as investors. Summit Industrial REIT recently
\nannounced a joint venture to develop and own data centres
\nin Canada. We expect additional investors to add exposure to
\nthis sector. <\/p>\n
CRAFT BEER\u2019S METEORIC RISE<\/p>\n
Lastly, shifting our focus slightly, craft beer has seen a meteoric
\nrise in popularity over the last number of years, particularly in
\nBritish Columbia, where market share doubled from 2010 to
\n2014 with no signs of slowing down. A few decades ago, only
\none craft brewery existed in Canada: Horseshoe Bay Brewing,
\nwhich opened in Vancouver in 1982. The beer industry in Canada,
\nalthough still dominated by large foreign-owned brewers such
\nas Molson Coors and ABInBev, has begun to reverse the trend of
\nconsolidation seen in the 1980s and 1990s. With new opportunities
\nin an emerging market, new craft breweries flocked to industrial
\nareas throughout Metro Vancouver, bringing with them a specific
\nset of requirements for their space. In particular, drainage
\nand floor support for complex and heavy brewery equipment
\noften meant upgrades to existing space. Considerable power
\nsupply, ventilation and water supply also factor into making
\nprecise real estate decisions for brewers when selecting their
\nspace. Not wanting to be left out, Alberta is starting to make <\/p>\n
itself a major presence in the national microbrewery scene.
\nIn early 2013, Alberta was home to only 13 small brewers, one
\nmore than Nova Scotia, which has a quarter of the population.
\nBy 2016, that number has roughly tripled. New craft breweries
\nare flocking to Calgary\u2019s eastern industrial areas due to the
\navailability of appropriate facilities. The southeast and northeast
\nareas of Calgary consist of light and heavy industrial facilities that
\noffer infrastructure to support brewery capacity requirements
\nand operations.<\/p>\n
THE CANNABIS INFLUENCE<\/p>\n
2018 will be the site of a similar story for Canada\u2019s industrial
\nmarkets, as companies race to acquire space for not yet legalized
\nmarijuana. Aurora Cannabis is nearing completion on an 800,000
\nsquare foot facility near Edmonton\u2019s International Airport, while
\nCanopy Growth recently completed a similar deal for 160,000
\nsquare feet in south Edmonton, and Freedom Cannabis is
\nretrofitting a 110,000 square foot facility in Acheson, just west
\nof Edmonton. At this time, little is known about the direction
\nthat will be taken by the various provinces, territories and
\nmunicipalities across the country. What is known is that cannabis
\nlegalization will have a profound effect on commercial real estate,
\nincluding as it relates to the landlord\/tenant relationship, and
\nenvironmental and municipal matters. Much like the rise of craft
\nbreweries, careful thought must be given to leasing or purchasing
\nspace within the industrial market, but also on the retail side
\nof the industry; where questions exist surrounding location in
\nmulti-tenant buildings, safety and security, and, ultimately, who
\nbears the responsibility for required upgrades to properties.
\nCannabis operations require huge amounts of municipal water,
\nconsiderable power and extensive ventilation, as well as lighting
\nand air conditioning to moderate the heat generated by the
\nsignificant lighting required. Landlords will have to take into
\nconsideration the costs associated with accommodating this
\ntenancy and weigh those costs against rental rates they are able
\nto achieve. Data will be king, as this market continues to expand
\nand assert its influence on the commercial real estate sectors.<\/p>\n
Overall, the Canadian commercial real estate market will
\ncontinue to be dominated by increasing demand outpacing market
\nsupply, particularly as Canada remains a consistent and stable
\ndestination for investment. This hyper-competitive market will be
\npremised on a make-or-break mentality largely driven by the rise
\nof data and technology. Forward-thinking investors, developers
\nand real estate professionals, who are likely to embrace this
\nshift will be better positioned to engage with their end-users.
\nThrough 2018, flexibility, understanding and acceptance to change
\nwill fuel growth in Canada\u2019s commercial real estate sector. <\/p>\n
End notes
\n1 https:\/\/renx.ca\/piret-acquired-blackstone-3-8b-deal\/
\n2 https:\/\/renx.ca\/choice-properties-acquire-creit-6b-transaction\/
\n3 http:\/\/www.ikea.com\/us\/en\/about_ikea\/newsitem\/091217_IKEA_<\/p>\n
Launches_IKEA_Place <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 26 Return to CONTENTS<\/p>\n
https:\/\/renx.ca\/piret-acquired-blackstone-3-8b-deal\/
\nhttps:\/\/renx.ca\/choice-properties-acquire-creit-6b-transaction\/
\nhttp:\/\/www.ikea.com\/us\/en\/about_ikea\/newsitem\/091217_IKEA_Launches_IKEA_Place
\nhttp:\/\/www.ikea.com\/us\/en\/about_ikea\/newsitem\/091217_IKEA_Launches_IKEA_Place<\/p>\n
A
\nu cours de la derni\u00e8re ann\u00e9e, le Canada a connu une
\nincertitude politique et \u00e9conomique consid\u00e9rable,
\nalors que l\u2019\u00e9conomie am\u00e9ricaine se d\u00e9veloppait dans
\nune conjoncture de faible inflation. En 2018, le march\u00e9
\nimmobilier commercial canadien semble tirer parti <\/p>\n
des occasions qui se pr\u00e9sentent. Face \u00e0 des march\u00e9s extr\u00eamement
\nconcurrentiels \u00e0 Toronto et \u00e0 Vancouver, les principaux fonds de
\npension ont toujours cherch\u00e9 des occasions d\u2019investissement de
\npremier ordre sur les march\u00e9s \u00e9trangers en raison d\u2019un manque
\nd\u2019offre sur le march\u00e9 canadien. Alors que la concurrence se
\nd\u00e9veloppe en raison de la raret\u00e9 de biens commerciaux de haute
\nqualit\u00e9, le besoin de donn\u00e9es s\u00fbres, fiables et pr\u00e9cises est devenu
\ncritique, car les d\u00e9cisions immobili\u00e8res complexes doivent \u00eatre prises
\ndans des d\u00e9lais de plus en plus serr\u00e9s. L\u2019immobilier commercial
\ncontinuera \u00e0 rechercher des moyens efficaces d\u2019exploiter, d\u2019analyser
\net de pr\u00e9senter l\u2019\u00e9norme quantit\u00e9 de donn\u00e9es essentielles \u00e0
\nl\u2019\u00e9laboration de strat\u00e9gies immobili\u00e8res efficaces. Les donn\u00e9es jouent
\nun r\u00f4le essentiel en aidant les investisseurs et les entreprises \u00e0
\natt\u00e9nuer les risques, \u00e0 am\u00e9liorer la performance de leur portefeuille
\nd\u2019actifs et \u00e0 mieux comprendre leur march\u00e9 cible. L\u2019ann\u00e9e 2018
\nsera marqu\u00e9e par l\u2019essor de la technologie et le march\u00e9 immobilier
\ncommercial canadien devrait faire un \u00e9norme bond en avant. <\/p>\n
Tout indique que l\u2019\u00e9conomie globale du Canada conna\u00eetra une autre
\nann\u00e9e solide apr\u00e8s une ann\u00e9e 2017 difficile. La Banque du Canada
\npr\u00e9voit un rythme plus rationnel de croissance de l\u2019emploi, ce qui
\naidera \u00e0 temp\u00e9rer l\u2019\u00e9conomie canadienne \u00e0 environ 2,2 % de croissance
\nglobale en 2018. Le Conference Board du Canada indique, dans la
\nperspective provinciale, que l\u2019Alberta, la Colombie-Britannique, la
\nSaskatchewan et l\u2019Ontario seront les principaux moteurs provinciaux,
\nchacune de ces provinces devant conna\u00eetre une croissance sup\u00e9rieure
\n\u00e0 2,0 % cette ann\u00e9e. De plus, la Banque du Canada a appliqu\u00e9 sa
\npremi\u00e8re augmentation des taux d\u2019int\u00e9r\u00eat en sept ans; toutefois, ces
\ntaux demeurent historiquement bas, ce qui devrait avoir peu d\u2019incidence
\nsur le march\u00e9 immobilier commercial canadien. L\u2019impact se fait surtout
\nsentir sur le resserrement de l\u2019\u00e9cart entre les taux de capitalisation
\net le rendement des obligations du gouvernement du Canada sur
\n10 ans. Avec de telles diff\u00e9rences marginales, les investisseurs se
\ntournent vers les march\u00e9s non traditionnels et les classes d\u2019actifs o\u00f9
\nles rendements sont potentiellement plus \u00e9lev\u00e9s, ce qui entra\u00eene une
\ncompression mod\u00e9r\u00e9e du taux de capitalisation sur certains march\u00e9s
\nsecondaires. Dans l\u2019ensemble, alors que la demande continue de
\nsupplanter l\u2019offre d\u2019actifs de placement de grande qualit\u00e9, le march\u00e9
\nimmobilier commercial canadien est marqu\u00e9 par un environnement
\nhyper-concurrentiel. <\/p>\n
PAR ANDREW MACLEOD, BMGT, AACI, P.APP, premier vice-pr\u00e9sident, <\/p>\n
Services d\u2019\u00e9valuation et de consultation chez Colliers Canada<\/p>\n
L\u2019immobilier commercial canadien pr\u00e9pare
\nune mise \u00e0 niveau technologique en 2018<\/p>\n
PERSPECTIVES
\nDU MARCH\u00c9<\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 27Return to CONTENTS<\/p>\n
CONSOLIDATIONS INSTITUTIONNELLES<\/p>\n
Le premier trimestre de 2018 a \u00e9t\u00e9 marqu\u00e9 par deux consolidations
\ninstitutionnelles majeures : Blackstone, l\u2019une des principales
\nsoci\u00e9t\u00e9s d\u2019investissement du monde qui, selon son site Web, compte
\n2 300 employ\u00e9s et 25 bureaux dans le monde, a annonc\u00e9 l\u2019acquisition
\nde PIRET, une transaction de 3,8 milliards de dollars. Cette \u00e9volution
\nsouligne les conditions de march\u00e9 hyper-comp\u00e9titives qui vont
\nperdurer tout au long de l\u2019ann\u00e9e 2018, notamment dans la recherche
\nd\u2019espaces logistiques et de distribution. Tyler Henritze, directeur
\ndes acquisitions nord-am\u00e9ricaines pour Blackstone Real Estate, a
\ncomment\u00e9 dans un communiqu\u00e9 que l\u2019acquisition de PIRET peut
\n\u00eatre consid\u00e9r\u00e9e comme \u00ab une continuation de notre strat\u00e9gie globale
\nd\u2019acquisition d\u2019actifs logistiques de haute qualit\u00e9 dans des zones
\nurbaines cl\u00e9s \u00bb.1 La seconde consolidation majeure r\u00e9cemment
\nannonc\u00e9e fera de Choice Properties Real Estate Investment Trust la
\nplus importante FPI au Canada par suite de l\u2019acquisition de Canadian
\nReal Estate Investment Trust (CREIT) dans le cadre d\u2019une transaction
\nd\u2019une valeur de 6 milliards de dollars. \u00ab Choice consid\u00e8re cette
\nacquisition comme une opportunit\u00e9 \u00e0 la fois de diversifier et d\u2019\u00e9largir
\nsa base d\u2019actifs, en ajoutant des propri\u00e9t\u00e9s et des expertises de
\nd\u00e9tail, industrielles et de bureaux significativement plus vari\u00e9es \u00bb.2
\nCompte tenu de la raret\u00e9 de l\u2019offre disponible et de l\u2019augmentation
\nde la demande, la consolidation semble \u00eatre, pour les fiducies de
\nplacement, un moyen de demeurer concurrentielles. <\/p>\n
TECHNOLOGIE<\/p>\n
Les entreprises de technologie continueront d\u2019occuper une place
\nconsid\u00e9rable dans plusieurs cat\u00e9gories d\u2019actifs. Si les entreprises
\ntechnologiques continuent d\u2019occuper des espaces de bureaux et
\n\u00e0 contribuer ainsi \u00e0 la croissance de la population et de l\u2019emploi,
\nleur influence est beaucoup plus profonde. Le march\u00e9 industriel
\nressent les impacts de la technologie \u00e0 mesure que la demande
\nd\u2019espace logistique continue d\u2019augmenter et que les consommateurs
\ntransf\u00e8rent progressivement leurs habitudes d\u2019achat des points
\nde vente physiques traditionnels au commerce \u00e9lectronique.
\nCette demande sans pr\u00e9c\u00e9dent de biens industriels \u00e0 haut plafond,
\n\u00e0 grandes surfaces et \u00e0 plusieurs niveaux est le moteur du secteur
\nindustriel. Comme les clients exigent des d\u00e9lais de livraison de plus
\nen plus courts et une offre de services accrue, les d\u00e9taillants doivent
\nse positionner le plus strat\u00e9giquement possible. L\u2019annonce la plus
\nr\u00e9cente d\u2019Amazon de l\u2019am\u00e9nagement d\u2019un centre de distribution \u00e0
\nl\u2019ext\u00e9rieur de Calgary souligne l\u2019impact du commerce \u00e9lectronique
\nsur le march\u00e9 industriel. L\u2019installation de 600 000 pieds carr\u00e9s se
\njoint \u00e0 six autres centres de distribution au pays, quatre dans la
\nr\u00e9gion du Grand Toronto et deux dans la r\u00e9gion de Vancouver. Les
\nachats en ligne continuent \u00e9galement d\u2019exercer leur influence
\nsur les centres de vente au d\u00e9tail traditionnels. Les propri\u00e9taires
\nde biens de d\u00e9tail et les investisseurs font face \u00e0 un examen plus
\nminutieux de la part de leurs clients dont les attentes continuent de
\ncro\u00eetre, ce qui oblige les centres de vente au d\u00e9tail \u00e0 se transformer
\nen destinations offrant un plus large \u00e9ventail d\u2019attraits. <\/p>\n
Les progr\u00e8s technologiques suppl\u00e9mentaires \u00e0 surveiller
\nau cours de 2018 comprennent les progr\u00e8s des v\u00e9hicules
\nsans conducteur, de la technologie des drones et de la r\u00e9alit\u00e9
\nvirtuelle. Les v\u00e9hicules autonomes viennent perturber le
\nmarch\u00e9 en soulevant des questions concernant le futur besoin
\nde stationnement. La diminution des besoins de stationnement
\nsur les propri\u00e9t\u00e9s r\u00e9sidentielles, commerciales et de d\u00e9tail
\npourrait donner lieu \u00e0 une possibilit\u00e9 d\u2019augmenter la densit\u00e9 en
\nr\u00e9am\u00e9nageant l\u2019espace existant, g\u00e9n\u00e9rant une valeur jusqu\u2019ici
\ninexploit\u00e9e. Le Canada cherche, non seulement \u00e0 se joindre \u00e0 cette
\ntendance vers le navettage, mais \u00e0 prendre fermement le volant;
\nEdmonton ne cache pas son ambition de diriger le pays dans la
\nrecherche en mati\u00e8re de v\u00e9hicules automatis\u00e9s et examine la
\npossibilit\u00e9 de mettre sur pied une piste d\u2019essai \u00e0 l\u2019Universit\u00e9 de
\nl\u2019Alberta. L\u2019impact de la technologie des drones fait d\u00e9j\u00e0 sentir
\nsa pr\u00e9sence en amenant la documentation de marketing vers de
\nnouveaux sommets; cependant, des opportunit\u00e9s consid\u00e9rables
\ncomprennent \u00e9galement la capacit\u00e9 de suivre les progr\u00e8s sur un
\nchantier de construction, de mettre en \u00e9vidence les nouveaux
\nd\u00e9veloppements et d\u2019\u00e9valuer les sites potentiels. Les visites
\nvirtuelles en 3D aident les professionnels de l\u2019immobilier \u00e0
\noffrir des exp\u00e9riences uniques pour pr\u00e9senter et mettre en
\nvaleur des propri\u00e9t\u00e9s vedettes sans avoir \u00e0 planifier des visites,
\nce qui am\u00e9liore l\u2019efficacit\u00e9 et permet aux acheteurs potentiels
\nde visualiser leur espace en temps r\u00e9el. Les applications et la
\nr\u00e9alit\u00e9 augment\u00e9e auront \u00e9galement un impact significatif sur le
\nsecteur du commerce de d\u00e9tail au cours de 2018. Par exemple la
\nnouvelle application d\u2019IKEA appel\u00e9e IKEA Place App,3 qui facilite la
\nplanification avant l\u2019achat de mobilier gr\u00e2ce \u00e0 la r\u00e9alit\u00e9 augment\u00e9e.
\n\u00c0 l\u2019aide de cette application, les clients peuvent d\u00e9sormais choisir
\nun produit qu\u2019ils souhaitent visualiser chez eux sur leur t\u00e9l\u00e9phone
\nintelligent qui dispose ensuite num\u00e9riquement les meubles choisis
\ndans la maison selon l\u2019\u00e9chelle et l\u203a\u00e9clairage de l\u2019environnement.
\nOn s\u2019attend \u00e0 ce que cette utilisation pr\u00e9liminaire servira \u00e0 stimuler
\nles ventes, car les d\u00e9taillants comprennent de plus en plus la
\ntechnologie et con\u00e7oivent d\u2019autres applications pour g\u00e9n\u00e9rer du
\ntrafic vers leurs magasins. <\/p>\n
N\u2019oublions pas que 2017 a \u00e9t\u00e9 l\u2019ann\u00e9e o\u00f9 le terme
\n\u00ab blockchain \u00bb (cha\u00eene de blocs) a fait son entr\u00e9e dans la langue
\ncourante. Au d\u00e9but de l\u2019ann\u00e9e 2018, le nombre d\u2019offres de pi\u00e8ces
\nde monnaie initiales pr\u00e9vues a augment\u00e9 de plusieurs centaines
\net inclut des entreprises de la vieille \u00e9conomie telles que Kodak,
\nainsi que des gouvernements. Bien qu\u2019on ne sache pas encore o\u00f9
\nva cette technologie et si plusieurs de ses utilisations propos\u00e9es
\nn\u00e9cessitent m\u00eame un r\u00e9seau blockchain, l\u2019immobilier est l\u2019une
\ndes industries dans lesquelles un registre ouvert offre des
\napplications tr\u00e8s pratiques, en particulier en ce qui concerne la
\nr\u00e9duction des frais et l\u2019acc\u00e9l\u00e9ration des transactions. Un registre
\nouvert permettant la tenue des dossiers de propri\u00e9t\u00e9 ajouterait
\n\u00e9galement de la transparence et pourrait simplifier la diligence
\nraisonnable pour les participants au march\u00e9. Cela pourrait \u00eatre
\nparticuli\u00e8rement b\u00e9n\u00e9fique dans les pays o\u00f9 les institutions
\nsont faibles. <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 28 Return to CONTENTS<\/p>\n
Une classe d\u2019actifs destin\u00e9s \u00e0 continuer \u00e0 b\u00e9n\u00e9ficier de
\nblockchain, ainsi que de l\u2019intelligence artificielle (IA) et de
\nl\u2019informatique en nuage sont les centres de donn\u00e9es. Au-del\u00e0 de
\nla demande d\u2019extraction de Bitcoin et d\u2019Ethereum, la blockchain
\net l\u2019IA sont destin\u00e9es \u00e0 infuser la plupart des industries, sinon
\ntoutes, avec des applications r\u00e9elles. Un exemple est la r\u00e9cente
\ninitiative de logistique blockchain entre Maersk et IBM. La quantit\u00e9
\nde donn\u00e9es g\u00e9n\u00e9r\u00e9es dans le monde ne devrait que cro\u00eetre, et ces
\ndeux technologies offrent des vents forts qui devraient stimuler
\nla demande pour les centres de donn\u00e9es, tant de la part des
\nutilisateurs ultimes que des investisseurs. Summit Industrial REIT a
\nr\u00e9cemment annonc\u00e9 une coentreprise pour d\u00e9velopper et poss\u00e9der
\ndes centres de donn\u00e9es au Canada. Nous pr\u00e9voyons que d\u2019autres
\ninvestisseurs rehausseront le profil de ce secteur. <\/p>\n
LA BI\u00c8RE ARTISANALE<\/p>\n
Enfin, la bi\u00e8re artisanale a connu une augmentation fulgurante de
\nsa popularit\u00e9 au cours des derni\u00e8res ann\u00e9es, particuli\u00e8rement en
\nColombie-Britannique, o\u00f9 la part de march\u00e9 a doubl\u00e9 entre 2010 et
\n2014, sans signe de ralentissement. Il y a quelques d\u00e9cennies, une
\nseule brasserie artisanale existait au Canada : la Horseshoe Bay
\nBrewing, qui a ouvert ses portes \u00e0 Vancouver en 1982. L\u2019industrie
\nde la bi\u00e8re au Canada, bien que domin\u00e9e par de grandes brasseries
\n\u00e9trang\u00e8res comme Molson Coors et ABInBev, a commenc\u00e9 \u00e0
\ninverser la tendance \u00e0 la consolidation observ\u00e9e dans les ann\u00e9es
\n1980 et 1990. Avec de nouvelles opportunit\u00e9s dans un march\u00e9
\n\u00e9mergent, de nouvelles brasseries artisanales affluent vers les
\nzones industrielles de la r\u00e9gion m\u00e9tropolitaine de Vancouver,
\napportant avec elles un ensemble sp\u00e9cifique d\u2019exigences pour leur
\nespace. La capacit\u00e9 de drainage et de portance du sol du lourd et
\ncomplexe \u00e9quipement de brasserie exigeait souvent des mises \u00e0
\nniveau de l\u2019espace existant. L\u2019alimentation \u00e9lectrique, la ventilation
\net l\u2019approvisionnement en eau sont \u00e9galement d\u2019importants facteurs
\nde d\u00e9cision en mati\u00e8re d\u2019immobilier pour les brasseurs \u00e0 la
\nrecherche d\u2019un espace ad\u00e9quat. Ne voulant pas \u00eatre exclue, l\u2019Alberta
\ncommence \u00e0 se faire une place de choix sur la sc\u00e8ne nationale de
\nla microbrasserie. Au d\u00e9but de 2013, l\u2019Alberta comptait seulement
\n13 petites brasseries, soit une de plus que la Nouvelle-\u00c9cosse dont
\nla population repr\u00e9sente le quart de celle de l\u2019Alberta. En 2016, ce
\nnombre a pratiquement tripl\u00e9. De nouvelles brasseries artisanales
\naffluent vers les zones industrielles de l\u2019est de Calgary en raison de
\nla disponibilit\u00e9 d\u2019installations appropri\u00e9es. Les secteurs du sud-est
\net du nord-est de Calgary sont compos\u00e9s d\u2019installations industrielles
\nl\u00e9g\u00e8res et lourdes qui offrent des infrastructures pour r\u00e9pondre aux
\nbesoins et aux op\u00e9rations de la brasserie. <\/p>\n
LE COMMERCE DE LA MARIJUANA<\/p>\n
On s\u2019attend \u00e0 une histoire similaire en 2018 pour les march\u00e9s
\nindustriels du Canada, alors que les entreprises se ruent vers des
\nlocaux pour la culture et le commerce de la marijuana qui n\u2019a pas
\nencore \u00e9t\u00e9 l\u00e9galis\u00e9e. Aurora Cannabis ach\u00e8ve l\u2019am\u00e9nagement <\/p>\n
d\u2019une installation de 800 000 pieds carr\u00e9s pr\u00e8s de l\u2019a\u00e9roport
\ninternational d\u2019Edmonton, tandis que Canopy Growth a r\u00e9cemment
\nconclu un accord similaire pour 160 000 pieds carr\u00e9s dans le
\nsud d\u2019Edmonton alors que Freedom Cannabis r\u00e9am\u00e9nage une
\ninstallation de 110 000 pieds carr\u00e9s \u00e0 Acheson. \u00c0 l\u2019heure actuelle,
\non sait peu de choses sur la direction que prendront les diverses
\nprovinces, territoires et municipalit\u00e9s du pays. Ce que l\u2019on sait,
\nc\u2019est que la l\u00e9galisation du cannabis aura un effet important sur
\nl\u2019immobilier commercial, notamment en ce qui concerne la relation
\npropri\u00e9taire-locataire et les questions environnementales et
\nmunicipales. Tout comme lors de la prolif\u00e9ration des brasseries
\nartisanales, il faut consid\u00e9rer attentivement la location ou l\u2019achat
\nd\u2019espace tant pour le march\u00e9 industriel que pour le commerce de
\nd\u00e9tail. On doit tenir compte des questions sur l\u2019emplacement dans
\nles immeubles \u00e0 locataires multiples, la s\u00fbret\u00e9 et la s\u00e9curit\u00e9, et,
\nultimement, \u00e0 qui incombe la responsabilit\u00e9 de la mise \u00e0 niveau
\nrequise des propri\u00e9t\u00e9s. Les exploitations de cannabis requi\u00e8rent
\nd\u2019\u00e9normes quantit\u00e9s d\u2019eau municipale, une forte consommation
\nd\u2019\u00e9lectricit\u00e9 et une excellente ventilation. On doit aussi avoir un
\nbon \u00e9clairage et une climatisation capable de mod\u00e9rer la chaleur
\ng\u00e9n\u00e9r\u00e9e par l\u2019important \u00e9clairage requis. Les locateurs devront
\nprendre en consid\u00e9ration les co\u00fbts associ\u00e9s \u00e0 l\u2019am\u00e9nagement de
\ncette installation et comparer ces co\u00fbts aux tarifs de location qu\u2019ils
\nsont en mesure d\u2019obtenir. Les donn\u00e9es seront de toute premi\u00e8re
\nimportance parce que ce march\u00e9 continue de s\u2019\u00e9tendre et d\u2019exercer
\nson influence sur les secteurs de l\u2019immobilier commercial. <\/p>\n
Dans l\u2019ensemble, le march\u00e9 immobilier commercial canadien
\ncontinuera d\u2019\u00eatre domin\u00e9 par l\u2019augmentation d\u2019une demande qui
\nsurpasse l\u2019offre du march\u00e9, d\u2019autant plus que le Canada demeure
\nune destination constante et stable pour l\u2019investissement. Ce march\u00e9
\nhyper-comp\u00e9titif reposera sur une mentalit\u00e9 de \u00ab quitte ou double
\n\u00bb largement motiv\u00e9e par l\u203aessor des donn\u00e9es et de la technologie.
\nLes investisseurs avant-gardistes, les promoteurs immobiliers
\net les professionnels de l\u203aimmobilier, qui sont susceptibles
\nd\u203aadopter ce changement, seront mieux plac\u00e9s pour s\u203aengager
\navec leurs utilisateurs ultimes. Au cours de 2018, l\u2019adaptabilit\u00e9,
\nla compr\u00e9hension et l\u2019acceptation du changement stimuleront la
\ncroissance du secteur de l\u2019immobilier commercial au Canada. <\/p>\n
Notes en fin de texte
\n1 https:\/\/renx.ca\/piret-acquired-blackstone-3-8b-deal\/
\n2 https:\/\/renx.ca\/choice-properties-acquire-creit-6b-transaction\/
\n3 http:\/\/www.ikea.com\/us\/en\/about_ikea\/newsitem\/091217_IKEA_<\/p>\n
Launches_IKEA_Place <\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 29Return to CONTENTS<\/p>\n
https:\/\/renx.ca\/piret-acquired-blackstone-3-8b-deal\/
\nhttps:\/\/renx.ca\/choice-properties-acquire-creit-6b-transaction\/
\nhttp:\/\/www.ikea.com\/us\/en\/about_ikea\/newsitem\/091217_IKEA_Launches_IKEA_Place
\nhttp:\/\/www.ikea.com\/us\/en\/about_ikea\/newsitem\/091217_IKEA_Launches_IKEA_Place<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 30 Return to CONTENTS<\/p>\n
MARKETING & COMMUNICATIONS<\/p>\n
2018 marks the 80th anniversary of the Appraisal
\nInstitute of Canada. To celebrate this milestone,
\nwe looked back at all we have accomplished since
\nwe celebrated our 75th in 2013. <\/p>\n
L\u2019an 2018 marque le 80e anniversaire de l’Institut canadien
\ndes \u00e9valuateurs. Pour c\u00e9l\u00e9brer ce jalon important, nous
\navons regard\u00e9 tout ce que nous avons accompli depuis
\nque nous avons c\u00e9l\u00e9br\u00e9 notre 75e anniversaire en 2013. <\/p>\n
AIC by the numbers \/ l’ICE en chiffres<\/p>\n
Online and print media impressions:<\/p>\n
Impressions dans les m\u00e9dias en ligne et imprim\u00e9s :<\/p>\n
Twitter tweets: <\/p>\n
Twitter tweets :<\/p>\n
Website sessions: \/ Site Web sessions :<\/p>\n
Twitter followers: <\/p>\n
Twitter partisans :<\/p>\n
2013<\/p>\n
205,822<\/p>\n
2013<\/p>\n
70<\/p>\n
2013<\/p>\n
220,000 <\/p>\n
2013<\/p>\n
677<\/p>\n
2018<\/p>\n
25,728,650<\/p>\n
2018<\/p>\n
2,821<\/p>\n
2018<\/p>\n
429,365<\/p>\n
2018<\/p>\n
2,311<\/p>\n
Impressions in the media:<\/p>\n
Impressions dans les m\u00e9dias : <\/p>\n
2013<\/p>\n
2,000,000
\n2018<\/p>\n
325,920,195 <\/p>\n
Visits to ‘Find An Appraiser’: <\/p>\n
Consultations de Trouver un \u00e9valuateur : <\/p>\n
2013<\/p>\n
12,000
\n2018<\/p>\n
137,936<\/p>\n
Unique\/new users to the website: <\/p>\n
Visiteurs uniques\/nouveaux sur le site web : <\/p>\n
2013<\/p>\n
100,000
\n2018<\/p>\n
229,000<\/p>\n
1 9 3 8 \u2014 2 0 1 8<\/p>\n
1 9 3 8 \u2014 2 0 1 8<\/p>\n
1 9 3 8 \u2014 2 0 1 8<\/p>\n
1 9 3 8 \u2014 2 0 1 8<\/p>\n
Avison Young is growing. It is the world\u2019s fastest-growing commercial real estate services firm. Why?
\nBecause we are different.<\/p>\n
Avison Young employees are educated, enabled and empowered to make a difference: a difference
\nfor clients, a difference for the community and a difference for personal career and well-being.
\nWe offer a unique approach, culture and values with a focus on equality that are leading new
\nemployees to join us every day.<\/p>\n
Avison Young Valuation and Advisory Services is expanding nationally. We are looking for individuals,
\nteams and companies seeking an opportunity to be a part of our growing team. To enquire about
\nopportunities, email canada.valuation@avisonyoung.com. <\/p>\n
Join us and make a difference<\/p>\n
Partnership. Performance.<\/p>\n
Valuation and Advisory Opportunities<\/p>\n
avisonyoung.com<\/p>\n
http:\/\/avisonyoung.com
\nmailto:canada.valuation@avisonyoung.com<\/p>\n
W ith the advent of new Office of the Superintendent of Financial Institutions
\n(OSFI) regulations implemented in January
\n2018, the landscape of the federally
\nregulated lending world has altered. A new
\nminimum qualifying rate, also called a
\n\u2018stress test,\u2019 is now required for uninsured
\nmortgages, i.e., those mortgages where
\nthe borrower has 20% or more of the
\nvalue of the property as a down-payment.
\nThe stress test is undertaken to ensure
\nthat a borrower will be able to continue
\nto repay the mortgage if interest rates
\nincrease. The new qualifying rate is the
\nfive-year benchmark rate published by
\nthe Bank of Canada, or the contractual
\nmortgage rate plus 2%, whichever
\nis greater. <\/p>\n
In theory, more stringent regulation
\nshould prevent individuals from diving
\ninto the world of mortgage debt when they
\nare not able to meet these more rigorous
\nfinancial requirements. In reality, we are
\nseeing individuals and some mortgage
\nlenders taking additional steps toward
\nmortgage qualification to help meet their
\nmortgage payment obligations and\/or pay
\ndown their debt more quickly. <\/p>\n
What does that mean for appraisers?
\nIt means that AIC Members are receiving <\/p>\n
more requests from lenders for
\ncomparable market rent reports for a
\nspecific property, either as a stand-alone
\nreport or to accompany a full residential
\nappraisal assignment for a separate
\nsuite or property for mortgage financing
\npurposes. <\/p>\n
The potential risk associated <\/p>\n
with this type of report<\/p>\n
Members may be uncertain about the
\nappropriate practice for completing
\nthese types of market rent assignments.
\nThis uncertainty is further compounded
\nif they receive information and\/or
\ninstructions from the person ordering
\nthe report that conflicts with Canadian
\nUniform Standards of Professional
\nAppraisal Practice (CUSPAP)
\nrequirements. <\/p>\n
The greatest risk to an AIC Member
\narises when he or she agrees to the
\nrequest for a standalone market rent
\nreport or to \u2018throw the market rent in as
\na one-liner\u2019 in the market value report
\nfor a specific property (a full residential
\nappraisal report). Members must
\nremember that a market rent analysis
\nmust be performed in compliance with
\nCUSPAP \u2013 therefore, a \u2018one-pager\u2019 would
\nlikely not comply with CUSPAP and could
\nincrease a Member\u2019s risk of liability.<\/p>\n
If a market rent value is being requested to
\nqualify for or justify a higher mortgage amount,
\nit is possible that the mortgage loan may be
\nhigher risk. A higher risk loan may have a
\nhigher likelihood of default. A higher likelihood
\nof default carries a higher risk of liability. <\/p>\n
The \u2018one-pager\u2019 or \u2018one-liner\u2019 often lacks
\nthe safeguards of a thorough market analysis
\nperformed in compliance with CUSPAP, and
\ntherefore increases a Member\u2019s risk and
\nmay make it more difficult to defend against
\na claim.<\/p>\n
Writing a CUSPAP-compliant <\/p>\n
report with a market rent value<\/p>\n
When faced with a market rent assignment,
\nthe first place to turn for guidance is to
\nCUSPAP 2018
\n(https:\/\/www.aicanada.ca\/wp-content\/
\nuploads\/CUSPAP-2018-2.pdf).<\/p>\n
Depending on what is being valued, a
\nmarket rent assignment can fall under the
\nReal Property Appraisal Standard or the
\nConsulting Standard. The following is a
\ngeneral \u2018rule-of-thumb:\u2019<\/p>\n
\u2022 If the assignment is for a specific,
\nidentifiable property, then the Real
\nProperty Appraisal Standard applies. <\/p>\n
\u2022 If the assignment is for a general
\nproperty type, without identifying a
\nspecific subject property, then the
\nConsulting Standard applies. <\/p>\n
Market Rent Reports:
\nWhy requests are increasing and
\nwhat AIC Members must do
\nSUBMITTED BY THE MEMBERS OF THE PROFESSIONAL PRACTICE COMMITTEE<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 32 Return to CONTENTS<\/p>\n
https:\/\/www.aicanada.ca\/wp-content\/uploads\/CUSPAP-2018-2.pdf
\nhttps:\/\/www.aicanada.ca\/wp-content\/uploads\/CUSPAP-2018-2.pdf<\/p>\n
PROFESSIONAL PRACTICE MATTERS<\/p>\n
In either situation, the report must contain
\nsufficient information to comply with
\nthe Standard Rules associated with the
\nassignment (client, intended use, intended
\nuser, scope, highest and best use,
\nsupporting data assumptions and limiting
\nconditions, certification, etc.). A report
\ncan be in a form report format or a
\nnarrative format, as long as the report is
\nCUSPAP-compliant.<\/p>\n
A market rent value <\/p>\n
for a specific property<\/p>\n
As mentioned previously, when a
\nproperty is a specific, identified property,
\nthe report must comply with the Real
\nProperty Appraisal Standard (see 6.1.1).
\nThese types of assignments usually fall
\ninto two categories:
\n1. A report providing both a market value <\/p>\n
and market rent value.
\n\u2022 If a market value and a market rent <\/p>\n
value on an identifiable property
\nis requested and, if a form report
\nis being used, then an AIC Full
\nResidential Appraisal Form should
\nbe completed and a Market Rent
\nAddendum OR a qualitative narrative
\naddendum should be included in
\norder to comply with CUSPAP. The
\nMarket Rent Addendum provides a
\nplace to include a market analysis
\nof rents for a subject property. The
\nreport will require a rental data
\nset so that the market rent value
\nconclusion is supported with the
\nappropriate data and analysis. <\/p>\n
2. A report providing only a stand-alone
\nmarket rent value.
\nThis would include assignments where
\na client wants to know if the current
\nrent of an identifiable property is at
\nmarket levels.
\n\u2022 If a stand-alone Market Rent Report <\/p>\n
on an identifiable property is
\nrequested and a form report is being
\nused, then all relevant sections of the
\nAIC Full Residential Appraisal Form
\nshould be completed and a Market
\nRent Addendum OR a qualitative <\/p>\n
narrative addendum should be
\nincluded in order to comply with
\nCUSPAP. For this type of assignment,
\ncomparable sales are not required,
\nonly comparable rents. A one-page
\nMarket Rent Addendum alone will
\nnot comply with the Real Property
\nAppraisal Standard.
\nAn example of a narrative report
\nformat is provided in Box 18.5.10
\nin the Practice Notes section of
\nCUSPAP 2018. It can be modified
\nto meet the required content for
\na Market Rent Report for an area,
\nneighbourhood, property type, etc.<\/p>\n
Data that can be used <\/p>\n
in a Market Rent Report<\/p>\n
Market Rent Reports should provide
\nwhatever data is available to a Member.
\nRental data can include confirmed leases,
\ncurrent and expired rental listings,
\nand web sites that feature listings of
\nproperties for rent. A report\u2019s research
\nand analysis will determine the validity
\nof the data and its applicability to
\nthe assignment. <\/p>\n
The source of the data should be
\nnoted in a report. Sources may include
\nan appraiser\u2019s own database, property
\nmanagers, landlords, Kijiji, Craigslist,
\nnewspaper ads or billboards, a CMHC
\nreport, and\/or a market research report.
\nThere is no requirement in the report for
\na specific number of comparable rents;
\nrather, the requirement is to include a
\nsufficient amount of reliable data to meet
\nthe reasonable appraiser test. If there is
\na current rental contract in place for the
\nproperty, the actual rent the property is
\nearning should be noted in the report.<\/p>\n
As with any type of appraisal
\nassignment, a report can only include the
\ndata and information that is available at
\nthe time the report is written. If details
\nof the market data are not available,
\nthose fields in a form report are left
\nblank and the lack of detailed data is
\nexplained in a form report\u2019s narrative
\nfields. Communication is always a
\nkey aspect of any assignment and is
\nespecially crucial where market data
\nand\/or details are sparse. Thoroughly
\nexplaining the lack of data and resulting
\nanalysis as well as the reasoning in
\nthe report ensures that the client
\nunderstands the content of the report
\nand the final value conclusion.<\/p>\n
How market rent amounts <\/p>\n
can be presented <\/p>\n
It is acceptable to provide ranges of
\nrental rates. The estimated market rent
\ncan be a single point value, a range of
\nvalues, or an indication of value, e.g.,
\n\u2018not less than\u2019 or \u2018not greater than\u2019 a
\nspecified amount. <\/p>\n
For more information<\/p>\n
Further examples are posted on the
\nAIC website: www.aicanada.ca\/forms-
\ntemplates\/0118-form-faq\/ <\/p>\n
General information about, and
\ndownloadable PDF versions of, the 0118
\nAIC Report Forms can be found at:
\nwww.aicanada.ca\/forms-templates\/ <\/p>\n
AIC Communiqu\u00e9: http:\/\/aic.informz.ca\/
\nadmin31\/content\/template.asp?sid=
\n7308&ptid=148&brandid=5022&uid=
\n0&mi=626467&ps=7308 <\/p>\n
When faced with a market rent assignment, the
\nfirst place to turn for guidance is CUSPAP 2018
\n(www.aicanada.ca\/wp-content\/uploads\/
\nCUSPAP-2018-2.pdf).<\/p>\n
Volume 62 | Book 1 \/ Tome 1 | 2018 33Return to CONTENTS<\/p>\n
http:\/\/www.aicanada.ca\/forms-templates\/0118-form-faq\/<\/p>\n