Vol 64 | Book 4 \/ Tome 4 2020<\/p>\n
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The Official Publication of the
\nAppraisal Institute of Canada \/
\nPublication officielle de l\u2019Institut
\nCanadien des \u00c9valuateurs<\/p>\n
ADAPT YOUR BUSINESS
\nTO THE NEW REALITY
\nAdaptez votre entreprise
\n\u00e0 la nouvelle r\u00e9alit\u00e9<\/p>\n
THE VALUATION OF
\nDIFFICULT PROPERTIES
\nL\u2019\u00e9valuation de
\npropri\u00e9t\u00e9s difficiles <\/p>\n
THE CHANGING FACE
\nOF COMMERCIAL REAL
\nESTATE APPRAISAL
\nLe visage changeant
\nde l’\u00e9valuation immobili\u00e8re
\ncommerciale<\/p>\n
Adapting to
\nthe post-COVID
\nnew reality<\/p>\n
S\u2019adapter \u00e0
\nla r\u00e9alit\u00e9 <\/p>\n
post COVID<\/p>\n
Immobili\u00e8re au Canada<\/p>\n
Canadian Property<\/p>\n
mailto:info@aicanada.ca<\/p>\n
We are looking for individuals, teams and
\ncompanies across Canada seeking an
\nopportunity to be a part of our growing team.<\/p>\n
Acquisition or signing bonuses available!<\/p>\n
Avison Young creates real economic, social and
\nenvironmental value as a global real estate
\nadvisor, powered by people. Our integrated
\ntalent realizes the full potential of real estate by
\nusing global intelligence platforms that provide
\nclients with insights and advantage. Together,
\nwe can create healthy, productive workplaces
\nfor employees, cities that are centers for
\nprosperity for their citizens, and built spaces
\nand places that create a net benefit to the
\neconomy, the environment and the community.<\/p>\n
avisonyoung.ca\/valuations<\/p>\n
To learn more, please contact us at:
\ncanada.valuation@avisonyoung.com<\/p>\n
Powered<\/p>\n
people
\nby<\/p>\n
http:\/\/avisonyoung.ca\/valuations
\ncanada.valuation@avisonyoung.com<\/p>\n
your future <\/p>\n
We embrace different perspectives
\nand we\u2019re interested in yours. Join
\nour valuation team on our journey to
\nredefine the future of real estate.<\/p>\n
Dave Black
\nAACI, P. App., MRICS
\nSenior Vice President & National Practice Lead
\nJLL Valuation Advisory<\/p>\n
Dave.Black@am.jll.com
\njll.ca\/value<\/p>\n
http:\/\/jll.ca\/value
\nDave.Black@am.jll.com<\/p>\n
BE THE EXPERT
\nColliers is seeking motivated appraisers to join our Valuation
\nand Advisory Services team. Colliers recently introduced
\nnew market leading report writing software which upon its
\nintroduction increased average report production speeds
\nby upwards of 30%. Colliers AACI designated appraisers in
\nCanada had an average net compensation in 2019 in excess
\nof $200,000. Reach out today to learn how to leverage
\nColliers brand, technology and resources to take your career
\nto the next level.<\/p>\n
Contact Brandi Skaggs at Brandi.Skaggs@colliers.com to
\nlearn more about joining Valuation & Advisory Services at
\nColliers International.<\/p>\n
collierscanada.com<\/p>\n
mailto:Brandi.Skaggs@colliers.com
\nhttp:\/\/collierscanada.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
\n2020 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 2020 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 – Communications:
\nPaul H\u00e9bert, Ottawa<\/p>\n
Publication management,
\ndesign and production by:
\nDirection, conception et
\nproduction par :<\/p>\n
3rd Floor \u2013 2020 Portage
\nAvenue, Winnipeg,
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Advertising Co-ordinator:
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7 Executive Corner
\nEmerging successfully
\nfrom the pandemic<\/p>\n
46 Legal Matters
\nRent review: Span West
\ncase comment<\/p>\n
50 Professional Practice Matters
\nSafeguarding appraisals: three
\ntips to protect you and your
\nappraisal from fraud<\/p>\n
54 Advocacy
\nAIC advocates accomplish
\nmuch on our behalf<\/p>\n
58 Marketing & Communications
\n10 ways to get the most out of
\na virtual conference<\/p>\n
62 Designations, Candidates,
\nStudents<\/p>\n
62 In memoriam<\/p>\n
9 Le coin de l\u2019ex\u00e9cutif
\nSortir vainqueur de la pand\u00e9mie <\/p>\n
48 Questions juridiques
\nExamen des loyers : Commentaire
\nsur l’affaire Span West <\/p>\n
52 Parlons pratique professionnelle
\nSauvegarder les \u00e9valuations :
\nTrois conseils pour prot\u00e9ger votre
\n\u00e9valuation et vous-m\u00eame de la fraude<\/p>\n
56 D\u00e9fense
\nLes d\u00e9fenseurs des int\u00e9r\u00eats
\nde l\u2019ICE accomplissent beaucoup
\nen notre nom <\/p>\n
60 Marketing et communications
\n10 fa\u00e7ons de profiter pleinement
\nd\u2019une conf\u00e9rence virtuelle<\/p>\n
62 D\u00e9signations,
\nstagiaires, \u00e9tudiants<\/p>\n
62 En m\u00e9moire<\/p>\n
Adapt your business
\nto the new reality
\nAdaptez votre entreprise
\n\u00e0 la nouvelle r\u00e9alit\u00e9<\/p>\n
Dealing with stress and
\nanxiety during COVID-19
\nG\u00e9rer le stress et l\u2019anxi\u00e9t\u00e9 durant
\nla pand\u00e9mie de COVID-19<\/p>\n
\u2018Shaping our Future\u2019 Task Force
\nGroupe d\u2019\u00e9tude \u2018D\u00e9finir notre avenir\u2019<\/p>\n
The valuation of difficult properties
\nL\u2019\u00e9valuation de propri\u00e9t\u00e9s difficiles<\/p>\n
22<\/p>\n
42<\/p>\n
12<\/p>\n
30
\nCOLUMNS CHRONIQUES<\/p>\n
The changing face of
\ncommercial real estate appraisal<\/p>\n
Le visage changeant de l’\u00e9valuation
\nimmobili\u00e8re commerciale<\/p>\n
16
\nBE THE EXPERT
\nColliers is seeking motivated appraisers to join our Valuation
\nand Advisory Services team. Colliers recently introduced
\nnew market leading report writing software which upon its
\nintroduction increased average report production speeds
\nby upwards of 30%. Colliers AACI designated appraisers in
\nCanada had an average net compensation in 2019 in excess
\nof $200,000. Reach out today to learn how to leverage
\nColliers brand, technology and resources to take your career
\nto the next level.<\/p>\n
Contact Brandi Skaggs at Brandi.Skaggs@colliers.com to
\nlearn more about joining Valuation & Advisory Services at
\nColliers International.<\/p>\n
collierscanada.com<\/p>\n
mailto:info@aicanada.ca
\nmailto:info@kelman.ca
\nhttp:\/\/www.kelman.ca<\/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. : 1.866.479.7922
\nF \/ T\u00e9l\u00e9c. : 1.877.429.7972
\nE \/ Courriel : info@cdcinc.ca
\nW : www.cdcinc.ca<\/p>\n
REAL PROPERTY APPRAISALS
\n\u00c9VALUATIONS IMMOBILI\u00c8RES
\nOur Value. Your Future.
\nNotre expertise. Votre avenir.<\/p>\n
mailto:info@cdcinc.ca
\nhttp:\/\/www.cdcinc.ca<\/p>\n
Certain trends, such as the use of online
\nretail and the move to more flexible
\nworking patterns, have accelerated
\ntoo rapidly in the past few months to
\nfully reverse.<\/p>\n
Appraisers must, therefore, consider
\nwhat these changes might mean for
\nthem. In a strange way, the disruption
\nbrought by COVID-19 gives all enterprises
\nan opportunity. It is an opportunity to
\nembrace change (in ways and at a speed
\nthat most would not have thought possible
\neven a few months ago), to adapt more
\nquickly than their competitors, and to
\nbecome more relevant to customers and
\nemployees alike.<\/p>\n
Technology<\/p>\n
Companies are getting used to working
\nremotely but, for the most part, have
\ndone so while relying on systems and <\/p>\n
processes designed to support
\nface-to-face working and sales.
\nWe have seen a material shift to
\nonline learning, remote working,
\ne-health services, e-government
\nservices and rises in e-commerce.
\nChanges will be required to better <\/p>\n
facilitate interaction between
\ncolleagues, and a reassessment of <\/p>\n
virtual routes to market is overdue for
\nmany businesses.<\/p>\n
The reality is that post-pandemic,
\nmore people are going to be spending
\nmore time in their homes. Therefore,
\nit is expected that we will see a rise in
\nsmart technologies used in homes. For
\nexample, voice-controlled technology is
\nexpected to grow significantly over the
\nnext few years, as well as conversational
\nartificial intelligence (AI) tech, which will
\nenable the platform to follow much more
\ncomplex conversations than at present.<\/p>\n
Additionally, machine learning
\nand AI are set to be further utilized by
\ncompanies to aid efficiency in the coming
\nyears. Computer based AI removes any
\npossibility of human error and means
\nthat vast amounts of information can
\nbe navigated, computed and analyzed
\nin much shorter timescales. These
\nmachines are more user friendly and
\nreliable, which will likely be a key focus
\nof corporate decision making.<\/p>\n
The continued deployment of 5G is
\nset to be extremely beneficial because
\nof higher bandwidth, lower latency,
\nfaster browsing speeds and more
\nstable connections. This will ensure
\nfaster and more efficient home life and
\nworking practices and companies will
\nseek to rely on this technology where
\nthey anticipate a long-term move to
\nremote working.<\/p>\n
N o one yet knows what the post-COVID-19 world will look like. It is possible that things revert back to the
\nway they were more quickly than anyone
\nimagines. That said, it is very difficult
\nto imagine no lasting or consequential
\nchanges to the way we work or live. <\/p>\n
Emerging successfully
\nfrom the pandemic
\nBY JAN WICHEREK, AACI, P.APP, AIC President<\/p>\n
How successfully a profession and\/or business emerges following <\/p>\n
this pandemic will depend to a great extent on how quickly it <\/p>\n
identifies and implements long-term necessary changes.<\/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. : 1.866.479.7922
\nF \/ T\u00e9l\u00e9c. : 1.877.429.7972
\nE \/ Courriel : info@cdcinc.ca
\nW : www.cdcinc.ca<\/p>\n
REAL PROPERTY APPRAISALS
\n\u00c9VALUATIONS IMMOBILI\u00c8RES
\nOur Value. Your Future.
\nNotre expertise. Votre avenir.<\/p>\n
Volume 64 | Book 4 \/ Tome 4 | 2020 7Return to CONTENTS<\/p>\n
EXECUTIVE CORNER<\/p>\n
Fairness and equality<\/p>\n
How companies acted (and continue to
\nact) during the COVID-19 crisis and the
\nsupport that they provided to all of their
\nstakeholders and the wider community
\nmay well influence future customer
\nbehavior, as well as employee retention
\nand recruitment. Companies have had to
\nre-consider their purpose and priorities,
\nand most can see that it makes good
\nbusiness sense for them (especially if,
\nfor example, they have benefitted from
\ngovernment support measures) not to
\nabuse their position or to undermine their
\nsocial license to operate.<\/p>\n
Increased scrutiny is likely to endure,
\nand business entities will need to carefully
\nconsider the balance between the interests
\nof company members and those of other
\nstakeholders. There are corporate benefits <\/p>\n
for companies that are transparent and
\nfair in their behaviour, promote equality,
\nand are considerate of environmental
\nand social issues. In today\u2019s digital world,
\ncompanies earn their reputations slowly,
\nbut can lose them quickly.<\/p>\n
People and premises<\/p>\n
For many people, a big change triggered
\nby the lockdown has been working
\nfrom home. Companies can expect that
\nemployees will want to continue enjoying
\nthe flexibility of increased home working.
\nAs a result, employers can expect an influx
\nin the number of requests for flexible
\nworking situations.<\/p>\n
At the same time, the death of the
\noffice is probably exaggerated. Companies
\ntypically acquired or leased offices for
\nthe long-term, so the space will not be <\/p>\n
lost immediately. The role of the office as
\nthe centre for corporate collegiality may
\nevolve. Over time, we might see office
\nspace reinvented as an \u2018ideas hub,\u2019 and
\nthe long-term trend will no doubt be for
\nsmaller premises. In the short-term,
\nhowever, companies may be grateful if
\nexcess space allows them to appropriately
\nmanage social distancing.<\/p>\n
Regulation<\/p>\n
Emergency funding measures for
\nbusinesses and individuals are
\nunprecedented peacetime interventions
\nby government. With much economic
\nuncertainty and a government committed
\nto economic intervention, companies will
\nhave to get used to operating in a rapidly
\nchanging regulatory landscape.<\/p>\n
What the last several months have
\ntaught us is that the world is less certain
\nand more changeable than we previously
\nthought, something which may persist
\nmoving forward. In order to stay relevant
\nand adapt to this period of rapid change,
\nit has not just been employees who have
\nhad to become more flexible, company
\ndecision-making has also become more
\nagile in lockdown.<\/p>\n
COVID-19 may drive fewer changes
\nto the world than we might currently
\nenvisage. The \u2018new normal\u2019 may not look
\nthat different from the \u2018old normal,\u2019 but the
\nshock to the system of the past few months
\nhas caused companies to think and act
\ndifferently. How they continue to adapt to
\nthose points of difference will play a large
\nrole in determining their future success.<\/p>\n
COVID-19 has impacted all companies
\ndifferently, however, those that emerge
\nmost successfully from its shadow will
\nunderstand the need for change and have
\nthe foresight to identify the changes that
\nthey need to make, the commitment to
\nmake those changes, and the flexibility to
\ncontinue to adapt and evolve.<\/p>\n
This issue of Canadian Property
\nValuation includes resources to help you
\nboth as an individual and as a business-
\nperson during these tumultuous times. <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 8 Return to CONTENTS<\/p>\n