{"id":84044,"date":"2021-04-06T10:16:07","date_gmt":"2021-04-06T14:16:07","guid":{"rendered":"https:\/\/www.aicanada.ca\/?post_type=issue&#038;p=84044"},"modified":"2021-04-06T10:17:07","modified_gmt":"2021-04-06T06:17:07","slug":"2021-volume-65-tome-1","status":"publish","type":"issue","link":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2021-volume-65-tome-1\/","title":{"rendered":"2021 &#8211; VOLUME 65 &#8211; Tome 1"},"content":{"rendered":"<p>Vol 65 | Book 1 \/ Tome 1 2021<\/p>\n<p>P<br \/>\nM<\/p>\n<p> #<br \/>\n40<\/p>\n<p>00<br \/>\n82<\/p>\n<p>49<br \/>\n R<\/p>\n<p>et<br \/>\nur<\/p>\n<p>n<br \/>\nun<\/p>\n<p>de<br \/>\nli<\/p>\n<p>ve<br \/>\nra<\/p>\n<p>bl<br \/>\ne <\/p>\n<p>C<br \/>\nan<\/p>\n<p>ad<br \/>\nia<\/p>\n<p>n<br \/>\nA<\/p>\n<p>dd<br \/>\nre<\/p>\n<p>ss<br \/>\nes<\/p>\n<p> t<br \/>\no:<\/p>\n<p> A<br \/>\npp<\/p>\n<p>ra<br \/>\nis<\/p>\n<p>al<br \/>\n In<\/p>\n<p>st<br \/>\nit<\/p>\n<p>ut<br \/>\ne <\/p>\n<p>of<br \/>\n C<\/p>\n<p>an<br \/>\nad<\/p>\n<p>a,<br \/>\n 4<\/p>\n<p>03<br \/>\n-2<\/p>\n<p>00<br \/>\n C<\/p>\n<p>at<br \/>\nhe<\/p>\n<p>ri<br \/>\nne<\/p>\n<p> S<br \/>\nt.<\/p>\n<p>, O<br \/>\ntt<\/p>\n<p>aw<br \/>\na,<\/p>\n<p> O<br \/>\nN<\/p>\n<p> K<br \/>\n2P<\/p>\n<p> 2<br \/>\nK<\/p>\n<p>9.<br \/>\n E<\/p>\n<p>m<br \/>\nai<\/p>\n<p>l:<br \/>\n in<\/p>\n<p>fo<br \/>\n@<\/p>\n<p>ai<br \/>\nca<\/p>\n<p>na<br \/>\nda<\/p>\n<p>.c<br \/>\na<\/p>\n<p>The Official Publication of the<br \/>\nAppraisal Institute of Canada \/<br \/>\nPublication officielle de l\u2019Institut<br \/>\nCanadien des \u00c9valuateurs<\/p>\n<p>FINANCIAL LEVERAGE:<br \/>\nA DOUBLE EDGED SWORD<br \/>\nLevier financier :<br \/>\nUne \u00e9p\u00e9e \u00e0 deux<br \/>\ntranchants<\/p>\n<p>LONG-TERM LEASES:<br \/>\nRENT RESET ANALYSIS<br \/>\nBaux \u00e0 long terme :<br \/>\nanalyse de la r\u00e9vision<br \/>\ndes loyers <\/p>\n<p>CANADA\u2019S FIRST<br \/>\nIREE CERTIFIED<br \/>\nSTRATA-OWNED MURB<br \/>\nPremier IRLM en copropri\u00e9t\u00e9<br \/>\ncertifi\u00e9 IREE au Canada<\/p>\n<p>WomenWomen<br \/>\nin appraising<\/p>\n<p>Les femmes<br \/>\ndans l&rsquo;\u00e9valuation<\/p>\n<p>Immobili\u00e8re au Canada<\/p>\n<p>Canadian Property<\/p>\n<p>mailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<\/p>\n<p>Imagine your career with endless possibilities,<br \/>\ndriven by technology and opportunity. The<br \/>\nAvison Young Valuation &#038; Advisory Services<br \/>\nTeam is growing and we are looking for<br \/>\nindividuals, teams and companies across<br \/>\nCanada seeking an opportunity to grow with us.<\/p>\n<p>Acquisition or signing bonuses available!<\/p>\n<p>Avison Young creates real economic, social and environmental<br \/>\nvalue as a global real estate advisor, powered by people.<br \/>\nOur integrated talent realizes the full potential of real<br \/>\nestate by using global intelligence platforms that provide<br \/>\nclients with insights and advantage. Together, we can<br \/>\ncreate healthy, productive workplaces for employees,<br \/>\ncities that are centers for prosperity for their citizens,<br \/>\nand build spaces and places that create a net benefit to<br \/>\nthe economy, the environment and the community.<\/p>\n<p>avisonyoung.ca\/valuations<\/p>\n<p>To learn more, please contact us at:<br \/>\ncanada.valuation@avisonyoung.com<\/p>\n<p>Launch<\/p>\n<p>career<br \/>\nyour<\/p>\n<p>http:\/\/avisonyoung.ca\/valuations<br \/>\ncanada.valuation@avisonyoung.com<\/p>\n<p>Imagine your career with endless possibilities,<br \/>\ndriven by technology and opportunity. The<br \/>\nAvison Young Valuation &#038; Advisory Services<br \/>\nTeam is growing and we are looking for<br \/>\nindividuals, teams and companies across<br \/>\nCanada seeking an opportunity to grow with us.<\/p>\n<p>Acquisition or signing bonuses available!<\/p>\n<p>Avison Young creates real economic, social and environmental<br \/>\nvalue as a global real estate advisor, powered by people.<br \/>\nOur integrated talent realizes the full potential of real<br \/>\nestate by using global intelligence platforms that provide<br \/>\nclients with insights and advantage. Together, we can<br \/>\ncreate healthy, productive workplaces for employees,<br \/>\ncities that are centers for prosperity for their citizens,<br \/>\nand build spaces and places that create a net benefit to<br \/>\nthe economy, the environment and the community.<\/p>\n<p>avisonyoung.ca\/valuations<\/p>\n<p>To learn more, please contact us at:<br \/>\ncanada.valuation@avisonyoung.com<\/p>\n<p>Launch<\/p>\n<p>career<br \/>\nyour your future We embrace different perspectives <\/p>\n<p>and we\u2019re interested in yours. Join our<br \/>\ngrowing valuation team on our journey<br \/>\nto redefine the future of real estate.<\/p>\n<p>Dave Black<br \/>\nAACI, P. App., MRICS<br \/>\nSenior Vice President &#038; National Practice Lead<br \/>\nJLL Valuation Advisory<\/p>\n<p>Dave.Black@am.jll.com<br \/>\njll.ca\/value<\/p>\n<p>mailto:Dave.Black@am.jll.com<br \/>\nhttp:\/\/jll.ca\/value<\/p>\n<p>Colliers recently introduced new market leading report<br \/>\nwriting software which upon its introduction increased<br \/>\naverage report production speeds by upwards of 30%.<br \/>\nColliers AACI designated appraisers in Canada had an<br \/>\naverage net compensation in 2020 in excess of $200,000.<br \/>\nReach out today to learn how to leverage Colliers brand,<br \/>\ntechnology and resources to take your career to the next<br \/>\nlevel.<\/p>\n<p>Contact Brandi Skaggs at Brandi.Skaggs@colliers.com<br \/>\nto learn more about joining Valuation &#038; Advisory Services<br \/>\nat Colliers International.<\/p>\n<p>colliers.com<\/p>\n<p>Be the expert<br \/>\nColliers is seeking motivated appraisers to join our<br \/>\nValuation and Advisory Services team.<\/p>\n<p>mailto:Brandi.Skaggs@colliers.com<br \/>\nhttp:\/\/colliers.com<\/p>\n<p>The articles printed in<br \/>\nthis issue represent<br \/>\nauthors\u2019 opinions only<br \/>\nand are not necessarily<br \/>\nendorsed by the<br \/>\nAppraisal Institute<br \/>\nof Canada. Copyright<br \/>\n2021 by the Appraisal<br \/>\nInstitute of Canada.<br \/>\nAll rights reserved.<br \/>\nReproduction in whole<br \/>\nor in part without<br \/>\nwritten permission<br \/>\nis strictly prohibited.<br \/>\nSubscription, $40.00 per<br \/>\nyear. Printed in Canada. <\/p>\n<p>Les articles imprim\u00e9s dans<br \/>\nce num\u00e9ro ne rep\u00e9sentent<br \/>\nque l\u2019opinion de leur auteur<br \/>\nrespectif, mais ne sont pas<br \/>\nn\u00e9ces\u2013sairement endoss\u00e9s<br \/>\npar l\u2019Institut Canadien des<br \/>\n\u00c9valuateurs. Tous droits<br \/>\nreserv\u00e9s 2021 par l\u2019Institut<br \/>\nCanadien des \u00c9valuateurs.<br \/>\nLa reproduction totale ou<br \/>\npartielle sous quelque<br \/>\nform que se soit sans<br \/>\nauthorisation \u00e9crite est<br \/>\nabsolument interdite.<br \/>\nAbonnement $40.00 par<br \/>\nann\u00e9e. Imprim\u00e9 au Canada.<\/p>\n<p>* The Appraisal Institute of<br \/>\nCanada reserves the right<br \/>\nto reject advertising that it<br \/>\ndeems to be inappropriate.<\/p>\n<p>** The publisher and the<br \/>\nAppraisal Institute of Canada<br \/>\ncannot be held liable for<br \/>\nany material used or claims<br \/>\nmade in advertising included<br \/>\nin this publication.Indexed<br \/>\nin the Canadian Business<br \/>\nIndex and available on-line<br \/>\nin the Canadian Business &#038;<br \/>\nCurrent Affairs database.<br \/>\nISSN 0827-2697<\/p>\n<p>Publication Mails Agreement<br \/>\n#40008249<\/p>\n<p>Return undeliverable<br \/>\nCanadian addresses to:<br \/>\nAppraisal Institute of Canada<br \/>\n403-200 Catherine St.,<br \/>\nOttawa, ON K2P 2K9.<br \/>\nEmail: info@aicanada.ca<\/p>\n<p>Director &#8211; Communications:<br \/>\nPaul H\u00e9bert, Ottawa<\/p>\n<p>Publication management,<br \/>\ndesign and production by:<br \/>\nDirection, conception et<br \/>\nproduction par :<\/p>\n<p>3rd Floor \u2013 2020 Portage<br \/>\nAvenue, Winnipeg,<br \/>\nMB R3J 0K4<br \/>\nPhone: 866-985-9780<br \/>\nFax: 866-985-9799<br \/>\nE-mail: info@kelman.ca<br \/>\nWeb: www.kelman.ca<\/p>\n<p>Managing Editor:<br \/>\nCraig Kelman<\/p>\n<p>Design\/Layout:<br \/>\nKristy Unrau<\/p>\n<p>Marketing Manager:<br \/>\nKris Fillion<\/p>\n<p>Advertising Co-ordinator:<br \/>\nStefanie Hagidiakow<\/p>\n<p>6 Executive Corner<br \/>\nDiversity at AIC<\/p>\n<p>57 Legal Matters<br \/>\nThe age of virtual hearings<\/p>\n<p>63 Advocacy<br \/>\nMinister Hussen on the<br \/>\nGovernment of Canada<br \/>\nHousing Strategy<\/p>\n<p>68 News<br \/>\n Important dates<\/p>\n<p>70 Designations, Candidates,<br \/>\nStudents<\/p>\n<p>8 Le coin de l\u2019ex\u00e9cutif<br \/>\nLa diversit\u00e9 \u00e0 l\u2019ICE<\/p>\n<p>60 Questions juridiques<br \/>\n\u00c0 l\u2019\u00e8re des audiences virtuelles  <\/p>\n<p>65  D\u00e9fense des int\u00e9r\u00eats<br \/>\nPropos du ministre Hussen sur<br \/>\nla strat\u00e9gie de logement du<br \/>\ngouvernement du Canada <\/p>\n<p>68  Nouvelles<br \/>\nDates importantes<\/p>\n<p>70  D\u00e9signations,<br \/>\nstagiaires, \u00e9tudiants<\/p>\n<p>Financial leverage:<br \/>\nA double edged sword<br \/>\nLevier financier :<br \/>\nUne \u00e9p\u00e9e \u00e0 deux tranchants<\/p>\n<p>Canada\u2019s first IREE<br \/>\ncertified strata-owned MURB<br \/>\nPremier IRLM en copropri\u00e9t\u00e9<br \/>\ncertifi\u00e9 IREE au Canada<\/p>\n<p>Long-term leases: rent reset analysis<br \/>\nBaux \u00e0 long terme :<br \/>\nanalyse de la r\u00e9vision des loyers <\/p>\n<p>32<\/p>\n<p>26<\/p>\n<p>40<\/p>\n<p>COLUMNS CHRONIQUES<\/p>\n<p>Women in appraising <\/p>\n<p>Les femmes dans l&rsquo;\u00e9valuation<\/p>\n<p>13<\/p>\n<p>Colliers recently introduced new market leading report<br \/>\nwriting software which upon its introduction increased<br \/>\naverage report production speeds by upwards of 30%.<br \/>\nColliers AACI designated appraisers in Canada had an<br \/>\naverage net compensation in 2020 in excess of $200,000.<br \/>\nReach out today to learn how to leverage Colliers brand,<br \/>\ntechnology and resources to take your career to the next<br \/>\nlevel.<\/p>\n<p>Contact Brandi Skaggs at Brandi.Skaggs@colliers.com<br \/>\nto learn more about joining Valuation &#038; Advisory Services<br \/>\nat Colliers International.<\/p>\n<p>colliers.com<\/p>\n<p>Be the expert<br \/>\nColliers is seeking motivated appraisers to join our<br \/>\nValuation and Advisory Services team.<\/p>\n<p>mailto:info@aicanada.ca<br \/>\nmailto:info@kelman.ca<br \/>\nhttp:\/\/www.kelman.ca<\/p>\n<p>Diversity at AIC<br \/>\nBY JAN WICHEREK, AACI, P.APP, AIC President, Appraisal Institute of Canada<\/p>\n<p>\u201c<br \/>\nI am proud to have struck the President\u2019s Council on Diversity <\/p>\n<p>and Inclusion last fall, with a mandate, in part, to promote <\/p>\n<p>equity and diversity within the valuation profession. Over the <\/p>\n<p>coming months, volunteers appointed to the Council will begin the <\/p>\n<p>important work of helping ensure that our governance structure is <\/p>\n<p>as diverse and inclusive as the membership and public it serves.\u201d<\/p>\n<p>While we acknowledge that discrimination and<br \/>\nimplicit bias exists in society, we will continue to<br \/>\ndo everything in our power to ensure that this is<br \/>\nnot reflected in the appraisal process.<\/p>\n<p>While we acknowledge that discrimination and<br \/>\nimplicit bias exists in society, we will continue to<br \/>\ndo everything in our power to ensure that this is<br \/>\nnot reflected in the appraisal process.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 6 Return to CONTENTS<\/p>\n<p>The AIC seeks to foster<br \/>\nan environment that<br \/>\nrespects people\u2019s dignity,<br \/>\nideas, and beliefs within<br \/>\nthe organization and the<br \/>\nprofession at large.<\/p>\n<p>EXECUTIVE CORNER<\/p>\n<p>O ver the past few decades, the demographics of the Appraisal Institute of Canada (AIC) membership<br \/>\nhas shifted to better reflect broader<br \/>\nCanadian society. As appraisers, we<br \/>\nremain equipped to meet the needs of<br \/>\nall the people and partners who seek<br \/>\nthe peace of mind that our services<br \/>\ncan provide. <\/p>\n<p>The AIC seeks to foster an environment<br \/>\nthat respects people\u2019s dignity, ideas,<br \/>\nand beliefs within the organization<br \/>\nand the profession at large. Diversity<br \/>\n\u2013 in backgrounds, experiences, and<br \/>\nperspectives \u2013 makes us stronger as both<br \/>\nan appraisal organization and community<br \/>\nas a whole. <\/p>\n<p>We strive to continue to improve the<br \/>\ndiversity and inclusivity of the Insitute and,<br \/>\nby extension, the appraisal profession.<br \/>\nFurthermore, we are profoundly committed<br \/>\nto creating an environment that does not<br \/>\nshy away from difficult dialogues. <\/p>\n<p>The AIC has recently engaged in these<br \/>\ndifficult, but necessary, conversations<br \/>\nsurrounding questions of racial bias in the<br \/>\nvaluation process. While we acknowledge<br \/>\nthat discrimination and implicit bias<br \/>\nexists in society, we will continue to do<br \/>\neverything in our power to ensure that this<br \/>\nis not reflected in the appraisal process.<br \/>\nOur governing documents including our<br \/>\nCode of Conduct, Canadian Uniform<br \/>\nStandards of Appraisal Practice (CUSPAP),<br \/>\nethics standards, complaint resolution<br \/>\nprocess, and technical training, all exist<br \/>\nto ensure that discrimination and bias is<br \/>\nremoved to the greatest extent possible<br \/>\nthroughout the appraisal profession.<\/p>\n<p>This speaks to the importance of our<br \/>\nPresident\u2019s Council on Diversity and<br \/>\nInclusion to advance our work in this area.<br \/>\nThe Council was founded during a pivotal<br \/>\nmoment of conversations on racial equity<br \/>\nand inclusion. <\/p>\n<p>As Canada, and countries around the<br \/>\nworld, continue to grapple with issues<br \/>\nof racism and discrimination, we will<br \/>\ncontribute to the discussions in meaningful <\/p>\n<p>ways and ensure racial bias is eliminated<br \/>\nfrom the valuation process.<\/p>\n<p>The AIC will continue its work on<br \/>\nestablishing its Council on Diversity.<br \/>\nFurthermore, we are exploring additional<br \/>\nactions to support our commitment to<br \/>\ndiversity, equality, and inclusion. Although<br \/>\nnot limited to, these avenues include: <\/p>\n<p>\u2022 Developing a guiding statement<br \/>\non the subject of racial bias, our<br \/>\ncomments on the subject and our<br \/>\napproach. You can find a copy of the<br \/>\nstatement here: www.aicanada.ca\/<br \/>\nwp-content\/uploads\/Statement-Final-<br \/>\nMarch-5-2021_EN.pdf<\/p>\n<p>\u2022 Compiling technical resources and<br \/>\neducational courses for Members<br \/>\ntaking steps to recognize and<br \/>\nminimize bias that occurs within the<br \/>\nreal estate industry.   <\/p>\n<p>\u2022 Creating a session on this topic<br \/>\nfor the upcoming 2021 AIC Virtual<br \/>\nConference program. <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 7Return to CONTENTS<\/p>\n<p>http:\/\/www.aicanada.ca\/wp-content\/uploads\/Statement-Final-March-5-2021_EN.pdf<br \/>\nhttp:\/\/www.crvg.com<br \/>\ninfo@crvg.com<\/p>\n<p>La diversit\u00e9 \u00e0 l\u2019ICE<br \/>\nPAR JAN WICHEREK, AACI, P.APP, Pr\u00e9sident de l\u2019ICE, l\u2019Institut Canadien des \u00c9valuateurs<\/p>\n<p>\u00ab Je suis fier d\u2019avoir cr\u00e9\u00e9 le Conseil du pr\u00e9sident sur la diversit\u00e9 et l\u2019inclusion, l\u2019automne dernier, dont le mandat<br \/>\nconsiste en partie \u00e0 promouvoir l\u2019\u00e9quit\u00e9 et la diversit\u00e9 au <\/p>\n<p>sein de la profession d\u2019\u00e9valuateur. Au cours des prochains mois, des <\/p>\n<p>b\u00e9n\u00e9voles d\u00e9sign\u00e9s par le conseil commenceront un travail important <\/p>\n<p>pour aider \u00e0 assurer que notre structure de gouvernance soit aussi <\/p>\n<p>diverse et inclusive que le sont nos membres et le grand public <\/p>\n<p>qu\u2019ils desservent. \u00bb<\/p>\n<p>Reconnaissant que la discrimination et les<br \/>\npr\u00e9jug\u00e9s implicites existent dans notre soci\u00e9t\u00e9,<br \/>\nnous continuerons \u00e0 faire tout en notre pouvoir<br \/>\npour faire en sorte qu\u2019ils ne viennent pas entacher<br \/>\nle processus d\u2019\u00e9valuation. \u00bb<\/p>\n<p>Reconnaissant que la discrimination et les<br \/>\npr\u00e9jug\u00e9s implicites existent dans notre soci\u00e9t\u00e9,<br \/>\nnous continuerons \u00e0 faire tout en notre pouvoir<br \/>\npour faire en sorte qu\u2019ils ne viennent pas entacher<br \/>\nle processus d\u2019\u00e9valuation. \u00bb<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 8 Return to CONTENTS<\/p>\n<p>LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n<p>D epuis quelques d\u00e9cennies, la composition d\u00e9mographique des membres de l\u2019Institut canadien des \u00e9valuateurs<br \/>\n(ICE) s\u2019est transform\u00e9e pour mieux refl\u00e9ter<br \/>\nla soci\u00e9t\u00e9 canadienne globale. En tant<br \/>\nqu\u2019\u00e9valuateurs, nous demeurons outill\u00e9s<br \/>\npour r\u00e9pondre aux besoins de tous les<br \/>\nindividus et partenaires qui cherchent la<br \/>\ntranquillit\u00e9 d\u2019esprit que nos services sont<br \/>\nen mesure d\u2019apporter.<\/p>\n<p>L\u2019ICE souhaite favoriser un<br \/>\nenvironnement qui respecte la dignit\u00e9, les<br \/>\nid\u00e9es et les croyances de toute personne,<br \/>\nentre les murs de l\u2019organisation et dans<br \/>\nla profession en g\u00e9n\u00e9ral. La diversit\u00e9 \u2013<br \/>\ndes ant\u00e9c\u00e9dents, des exp\u00e9riences et des<br \/>\nperspectives \u2013 nous rend plus forts, \u00e0 la<br \/>\nfois comme une organisation d\u2019\u00e9valuation<br \/>\net comme une communaut\u00e9 dans<br \/>\nson ensemble.<\/p>\n<p>Nous nous effor\u00e7ons de continuer \u00e0<br \/>\nam\u00e9liorer la diversit\u00e9 et l\u2019inclusivit\u00e9 de<br \/>\nl\u2019Institut et, par extension, celles de la<br \/>\nprofession d\u2019\u00e9valuateur. Qui plus est, nous<br \/>\nsommes r\u00e9solument d\u00e9termin\u00e9s \u00e0 cr\u00e9er un<br \/>\nenvironnement qui ne se d\u00e9file pas devant<br \/>\nles dialogues difficiles.<\/p>\n<p>L\u2019ICE s\u2019est r\u00e9cemment impliqu\u00e9<br \/>\ndans ces conversations \u00e9pineuses, mais<br \/>\nn\u00e9cessaires, entourant les pr\u00e9jug\u00e9s<br \/>\nraciaux dans le processus d\u2019\u00e9valuation. <\/p>\n<p>Reconnaissant que la discrimination et<br \/>\nles pr\u00e9jug\u00e9s implicites existent dans notre<br \/>\nsoci\u00e9t\u00e9, nous continuerons \u00e0 faire tout en<br \/>\nnotre pouvoir pour faire en sorte qu\u2019ils<br \/>\nne viennent pas entacher le processus<br \/>\nd\u2019\u00e9valuation. Nos documents constitutifs,<br \/>\ny compris le Code de conduite, les Normes<br \/>\nuniformes de pratique professionnelle en<br \/>\nmati\u00e8re d\u2019\u00e9valuation au Canada (NUPPEC),<br \/>\nles normes relatives \u00e0 l\u2019\u00e9thique, le<br \/>\nprocessus de r\u00e9solution des plaintes et la<br \/>\nformation technique, existent pour assurer<br \/>\nque la discrimination et les pr\u00e9jug\u00e9s<br \/>\nsoient \u00e9radiqu\u00e9s dans toute la mesure du<br \/>\npossible de la profession d\u2019\u00e9valuateur.<\/p>\n<p>Cela montre l\u2019importance que rev\u00eat<br \/>\nle Conseil du pr\u00e9sident sur la diversit\u00e9 et<br \/>\nl\u2019inclusion pour appuyer nos efforts dans <\/p>\n<p>ce domaine. Le conseil a \u00e9t\u00e9 fond\u00e9 \u00e0 un<br \/>\nmoment charni\u00e8re des d\u00e9bats ayant cours<br \/>\nsur l\u2019\u00e9quit\u00e9 raciale et sur l\u2019inclusion.<\/p>\n<p>Alors que le Canada et les pays \u00e0 travers<br \/>\nle monde sont aux prises avec les enjeux<br \/>\ndu racisme et de la discrimination, nous<br \/>\nallons contribuer aux discussions de fa\u00e7ons<br \/>\nsignificatives et assurer que les pr\u00e9jug\u00e9s<br \/>\nraciaux soient \u00e9limin\u00e9s du processus<br \/>\nd\u2019\u00e9valuation.<\/p>\n<p>L\u2019ICE poursuivra son \u0153uvre pour \u00e9tablir<br \/>\nson Conseil sur la diversit\u00e9. De surcro\u00eet, nous<br \/>\nexplorons d\u2019autres actions pour consolider<br \/>\nnotre engagement envers la diversit\u00e9,<br \/>\nl\u2019\u00e9galit\u00e9 et l\u2019inclusion. Ces nouvelles avenues<br \/>\ncomprennent, sans toutefois s\u2019y limiter :<\/p>\n<p>\u2022 \u00c9laborer un expos\u00e9 d\u2019orientation sur le<br \/>\nth\u00e8me des pr\u00e9jug\u00e9s raciaux, ainsi que nos<br \/>\ncommentaires \u00e0 ce sujet et l\u2019approche<br \/>\nque nous avons adopt\u00e9e. Vous trouverez<br \/>\nune copie de l\u2019expos\u00e9 ici : www.aicanada.<br \/>\nca\/wp-content\/uploads\/Declaration-<br \/>\nFinale-5-mars-2021_fr.pdf.<\/p>\n<p>\u2022 Compiler les ressources techniques<br \/>\net les cours d\u2019\u00e9ducation pour aider<br \/>\nles membres qui veulent prendre<br \/>\ndes mesures pour reconna\u00eetre et<br \/>\nminimiser les pr\u00e9jug\u00e9s existant dans<br \/>\nl\u2019industrie de l\u2019immobilier.<\/p>\n<p>\u2022 Cr\u00e9er une s\u00e9ance sur ce sujet dans<br \/>\nle programme du Congr\u00e8s virtuel de<br \/>\nl\u2019ICE qui aura lieu en 2021. <\/p>\n<p>L\u2019ICE souhaite favoriser<br \/>\nun environnement qui<br \/>\nrespecte la dignit\u00e9, les<br \/>\nid\u00e9es et les croyances<br \/>\nde toute personne,<br \/>\nentre les murs de<br \/>\nl\u2019organisation et dans la<br \/>\nprofession en g\u00e9n\u00e9ral.<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 9Return to CONTENTS<\/p>\n<p>http:\/\/www.aicanada.ca\/wp-content\/uploads\/Declaration-Finale-5-mars-2021_fr.pdf<\/p>\n<p>\u2018THRIVE IN TIMES OF<br \/>\nCHANGE\u2019 AT AIC\u2019S<br \/>\nVIRTUAL CONFERENCE<br \/>\nThe annual AIC Conference, with an ever so <\/p>\n<p>relevant theme of \u2018Thriving in Time of Change,\u2019 <\/p>\n<p>is going virtual in June 2021. Join us online, in <\/p>\n<p>real time, via our premier 3D platform, with our <\/p>\n<p>exciting line-up of presenters and four incredible <\/p>\n<p>keynote speakers, including our first ever <\/p>\n<p>female headliners.\u201d <\/p>\n<p>JAMIE SAL\u00c9<br \/>\nOlympic Gold medalist in figure skating |<br \/>\nMember of the Skate Canada Hall of Fame<br \/>\nand Canadian Olympic Hall of Fame<br \/>\nJamie Sal\u00e9 began skating at an early age<br \/>\nand moved into pairs figure skating by age<br \/>\n12. Sale teamed up with partner David<br \/>\nPelletier and won Gold at the 2002 Olympics<br \/>\nin Salt Lake City, a huge accomplishment,<br \/>\nas Canada had not earned an Olympic <\/p>\n<p>gold medal in pairs figure skating since 1960. Following their Olympic<br \/>\nwin, Sal\u00e9 and Pelletier were inducted into the Skate Canada Hall of Fame in<br \/>\n2008 and the Olympic Hall of Fame in 2009. Sale is an advocate for special<br \/>\nneeds and has worked with the Special Olympic movement for over six years.<br \/>\nShe is also a Transformational Coach and speaker helping people live the<br \/>\nlife that they love!<\/p>\n<p>M\u00e9daille d\u2019or olympique en patinage artistique |<br \/>\nMembre du Temple de la renomm\u00e9e de Patinage Canada<br \/>\net du Temple de la renomm\u00e9e olympique du Canada<br \/>\nJamie Sal\u00e9 a commenc\u00e9 \u00e0 patiner tr\u00e8s t\u00f4t et s\u2019est mise au patinage artistique<br \/>\nen couple d\u00e8s l\u2019\u00e2ge de 12 ans. Jamie Sale a fait \u00e9quipe avec son partenaire<br \/>\nDavid Pelletier et a remport\u00e9 l\u2019or aux Jeux olympiques de 2002 \u00e0 Salt Lake<br \/>\nCity, ce qui est un \u00e9norme accomplissement, car le Canada n\u2019avait pas gagn\u00e9<br \/>\nde m\u00e9daille d\u2019or olympique en patinage artistique en couple depuis 1960.<br \/>\nApr\u00e8s leur victoire olympique, Sale et Pelletier ont \u00e9t\u00e9 intronis\u00e9s au Temple<br \/>\nde la renomm\u00e9e de Patinage Canada en 2008 et au Temple de la renomm\u00e9e<br \/>\nolympique en 2009. Sal\u00e9 milite en faveur des personnes ayant des besoins<br \/>\nsp\u00e9ciaux et travaille avec le mouvement olympique sp\u00e9cial depuis plus de six<br \/>\nans. Elle est \u00e9galement entra\u00eeneuse et conf\u00e9renci\u00e8re en transformation pour<br \/>\naider les gens \u00e0 vivre la vie qu\u2019ils aiment!  <\/p>\n<p>PROSP\u00c9RER EN P\u00c9RIODE<br \/>\nDE CHANGEMENT AU<br \/>\nCONGR\u00c8S VIRTUEL DE L\u2019ICE<br \/>\nLe congr\u00e8s annuel de l\u2019ICE, dont le th\u00e8me est <\/p>\n<p>\u00ab Prosp\u00e9rer en temps de changement \u00bb, deviendra <\/p>\n<p>virtuel en juin 2021. Rejoignez-nous en ligne, en <\/p>\n<p>temps r\u00e9el, via notre premi\u00e8re plateforme 3D, et <\/p>\n<p>profitez de notre \u00e9quipe de pr\u00e9sentateurs et \u00e0 nos <\/p>\n<p>quatre incroyables conf\u00e9renciers, y compris nos <\/p>\n<p>toutes premi\u00e8res femmes conf\u00e9renci\u00e8res. <\/p>\n<p>BOB McDONALD<br \/>\nHost of CBC Radio\u2019s Quirks &#038; Quarks<br \/>\nBob McDonald is one of Canada\u2019s best-known<br \/>\nscience journalists, bringing science to the<br \/>\npublic for more than 40 years. In addition<br \/>\nto hosting Quirks &#038; Quarks, the award-<br \/>\nwinning science program with a national<br \/>\naudience of nearly 500,000 people, McDonald<br \/>\nis also a science correspondent for CBC<br \/>\nTelevision\u2019s The National and Gemini-winning <\/p>\n<p>host and writer of the children\u2019s series Head\u2019s Up. He also hosted The Great<br \/>\nCanadian Invention, Wonderstruck, and the seven-part series, Water Under<br \/>\nFire. Bob holds 12 honorary doctorates from Canadian universities and two<br \/>\nhonourary College degrees. He also currently sits on the board of Friends<br \/>\nof the Dominion Astrophysical Observatory. In 2014, asteroid 2006 XN67<br \/>\nwas officially named \u201cbobmcdonald\u201d in his honour.<\/p>\n<p>Animateur de l&rsquo;\u00e9mission &laquo;&nbsp;Quirks &#038; Quarks&nbsp;&raquo; sur la radio CBC<br \/>\nBob McDonald est l\u2019un des journalistes scientifiques les plus connus au<br \/>\nCanada. Il fait conna\u00eetre la science au public depuis plus de 40 ans. En plus<br \/>\nd\u2019animer l\u2019\u00e9mission scientifique prim\u00e9e Quirks &#038; Quarks, qui a attir\u00e9 pr\u00e8s de<br \/>\n500 000 t\u00e9l\u00e9spectateurs \u00e0 l\u2019\u00e9chelle nationale, Bob est \u00e9galement correspondant<br \/>\nscientifique pour l\u2019\u00e9mission The National de CBC Television et animateur et<br \/>\nauteur de la s\u00e9rie pour enfants Head\u2019s Up, qui a remport\u00e9 un prix Gemini.<\/p>\n<p>Bob d\u00e9tient 12 doctorats honorifiques d\u2019universit\u00e9s canadiennes et deux<br \/>\ndipl\u00f4mes coll\u00e9giaux honorifiques. Il si\u00e8ge aussi actuellement au Conseil<br \/>\nd\u2019administration de Friends of the Dominion Astrophysical Observatory.<br \/>\nEn 2014, l\u2019ast\u00e9ro\u00efde 2006 XN67 a \u00e9t\u00e9 officiellement nomm\u00e9 \u00ab bobmcdonald \u00bb<br \/>\nen son honneur.<\/p>\n<p>Return to CONTENTS<\/p>\n<p>MAY 31-<br \/>\nJUNE 3,<br \/>\n2021<\/p>\n<p>31 MAI-<br \/>\n3 JUIN, <\/p>\n<p>2021<\/p>\n<p>HAYLEY WICKENHEISER<br \/>\nFour-time Olympic Gold Medalist |<br \/>\nMember of the Hockey Hall of Fame<br \/>\nHayley Wickenheiser is considered one of the best female hockey players<br \/>\nin the world. Seven world championships, six Olympic appearances, five<br \/>\nOlympic medals \u2014 she is a titan of sport and a leader both on and off<br \/>\nthe ice. Wickenheiser now sits on the International Olympic Committee\u2019s<br \/>\n(IOC) Athletes Commission and is the Vice Chair of the Calgary 2026 Bid<br \/>\nCommittee as well as the Player Development Assistant Director for<br \/>\nThe Toronto Maple Leafs. Beyond sport, she is a community leader and <\/p>\n<p>an accomplished student and businesswoman who inspires audiences to give their best in everything<br \/>\nthey do. Her passion for sport is paralleled by her desire to give back to the community through<br \/>\nher work with dozens of philanthropic organizations, including Lace \u2018Em Up, Jumpstart, KidSport,<br \/>\nProject North, and Right to Play. She is also the founder of the world-renowned personal and athletic<br \/>\ndevelopment weekend \u2013 The Canadian Tire Wickenheiser World Female Hockey Festival \u2013 which<br \/>\nprovides mentoring and growth opportunities for young athletes around the world.<\/p>\n<p>Quatre fois m\u00e9daill\u00e9e d\u2019or olympique | Membre du Temple de la renomm\u00e9e du hockey<br \/>\nHayley Wickenheiser est consid\u00e9r\u00e9e comme l\u2019une des meilleures joueuses de hockey au monde.<br \/>\nSept championnats du monde, six participations aux Jeux olympiques, cinq m\u00e9dailles olympiques<br \/>\n\u2013 elle est une l\u00e9gende du sport et une chef de file tant sur la glace qu\u2019en dehors. Wickenheiser<br \/>\nsi\u00e8ge aujourd\u2019hui \u00e0 la commission des athl\u00e8tes du Comit\u00e9 international olympique (CIO) et<br \/>\nest vice-pr\u00e9sidente du comit\u00e9 de candidature de Calgary 2026 ainsi que directrice adjointe du<br \/>\nd\u00e9veloppement des joueurs pour les Maple Leafs de Toronto. Au-del\u00e0 du sport, elle est une dirigeante<br \/>\ncommunautaire, une \u00e9tudiante et une femme d\u2019affaires accomplie qui inspire les gens \u00e0 donner<br \/>\nle meilleur d\u2019eux-m\u00eames dans tout ce qu\u2019ils font. Sa passion pour le sport va de pair avec son<br \/>\nd\u00e9sir de redonner \u00e0 la communaut\u00e9 par le biais de son travail avec des dizaines d\u2019organisations<br \/>\nphilanthropiques, notamment Lace \u2018Em Up, Jumpstart, KidSport, Project North et Right to Play.<br \/>\nElle est \u00e9galement la fondatrice du c\u00e9l\u00e8bre week-end de d\u00e9veloppement personnel et sportif \u2013<br \/>\nle festival mondial de hockey f\u00e9minin Wickenheiser de Canadian Tire \u2013 qui offre des possibilit\u00e9s de<br \/>\nmentorat et de d\u00e9veloppement aux jeunes athl\u00e8tes du monde entier. <\/p>\n<p>BENJAMIN TAL<br \/>\nManaging Director and Deputy Chief Economist at CIBC<br \/>\nBenjamin Tal is responsible for analyzing economic developments<br \/>\nand their implications for North American fixed income, equity,<br \/>\nforeign exchange and commodities markets. He also acts in an<br \/>\nadvisory capacity to bank officers on issues related to wealth<br \/>\nmanagement, household\/corporate credit and risk. Well-known for<br \/>\nhis ground-breaking published research on topics such as labour<br \/>\nmarket dynamics, real estate, credit markets, international trade<br \/>\nand business economic conditions, Benjamin not only contributes <\/p>\n<p>to the conversation but also frequently sets the agenda He is also a frequent lecturer in the<br \/>\neconomic programs of various Canadian universities. Benjamin is a member of the Economic<br \/>\nCommittee of The Canadian Chamber of Commerce, The Economic Development Committee of<br \/>\nthe Toronto Board of Trade. He is also a member of board of Governors of Junior Achievement<br \/>\nof Central Ontario, and a board member of the Toronto Financial Services Alliance.<\/p>\n<p>Directeur g\u00e9n\u00e9ral et \u00e9conomiste en chef adjoint \u00e0 la CIBC<br \/>\nBenjamin Tal est responsable de l\u2019analyse de l\u2019\u00e9volution de l\u2019\u00e9conomie et de ses r\u00e9percussions<br \/>\nsur les titres \u00e0 revenu fixe, les actions, les op\u00e9rations de change et le march\u00e9 des marchandises<br \/>\nde l\u2019Am\u00e9rique du Nord. Il agit aussi \u00e0 titre de conseiller aupr\u00e8s de cadres sup\u00e9rieurs de la banque<br \/>\nsur des questions li\u00e9es \u00e0 la gestion des avoirs, le cr\u00e9dit aux m\u00e9nages et aux entreprises, et la<br \/>\ngestion du risque. Renomm\u00e9 pour ses recherches de pointe publi\u00e9es sur des sujets tels que la<br \/>\ndynamique du march\u00e9 du travail, l\u2019immobilier, les march\u00e9s du cr\u00e9dit, le commerce international<br \/>\net la conjoncture \u00e9conomique, Benjamin Tal contribue non seulement \u00e0 la conversation mais il en<br \/>\nd\u00e9termine souvent les param\u00e8tres. Benjamin Tal si\u00e8ge au comit\u00e9 \u00e9conomique de la Chambre de<br \/>\ncommerce du Canada et au comit\u00e9 du d\u00e9veloppement \u00e9conomique de la Chambre de commerce<br \/>\nde Toronto. Il est aussi membre du Conseil des gouverneurs des Jeunes entreprises du Canada<br \/>\net  membre du conseil de la Toronto Financial Services Alliance.<\/p>\n<p>AU PLAISIR<br \/>\nDE VOUS VOIR<br \/>\nBIENT\u00d4T &#8211;<br \/>\nVIRTUELLEMENT !<br \/>\nPour plus de d\u00e9tails,<br \/>\nconsultez le site<br \/>\naic-ice.vfairs.com <\/p>\n<p>WE\u2019LL SEE<br \/>\nYOU SOON \u2013<br \/>\nVIRTUALLY!<br \/>\nWatch for details at<br \/>\naic-ice.vfairs.com <\/p>\n<p>Return to CONTENTS<\/p>\n<p>http:\/\/aic-ice.vfairs.com<br \/>\nhttp:\/\/aic-ice.vfairs.com<\/p>\n<p>WE\u2019RE<br \/>\nLOOKING<br \/>\nFOR NEW<br \/>\nTALENT<br \/>\nRESEARCH ASSISTANTS<br \/>\nCANDIDATE APPRAISERS<br \/>\nDESIGNATED APPRAISERS<\/p>\n<p>APPLY TODAY<br \/>\nINFO@CDCINC.CA<\/p>\n<p>NATIONAL COVERAGE<br \/>\nLOCAL EXPERTISE<br \/>\nEXCELLENT SERVICE<\/p>\n<p>1 (866) 479-7922<br \/>\nwww.cdcinc.ca<\/p>\n<p>INFO@CDCINC.CA<br \/>\nhttp:\/\/www.cdcinc.ca<\/p>\n<p>Women<br \/>\nin appraising<\/p>\n<p>International Women\u2019s Day  is a celebration of<br \/>\nthe social, economic, cultural and political achievements of women around the<br \/>\nglobe. Held every year on March 8, this special day also marks a call to action for<br \/>\naccelerating gender parity. The campaign theme for 2021\u2019s special day is \u2018Choose To<br \/>\nChallenge\u2019. A challenged world is an alert world. And from challenge comes change. <\/p>\n<p>Within the membership of the Appraisal Institute of Canada (AIC), we are fortunate to<br \/>\nhave an amazing number of female AACIs, CRAs and Candidates who are establishing<br \/>\ncareers and making significant contributions to the real estate appraisal profession<br \/>\nthroughout our vast country. On these pages, we are proud to present a cross section<br \/>\nof these amazing women who are choosing to challenge themselves and our profession,<br \/>\nand to share their thoughts on what we could be doing even better in this regard.<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 13Return to CONTENTS<\/p>\n<p>Carrie Russell,<br \/>\nAACI, P. App., MAI, RIBC, ISHC<br \/>\nSenior Managing Partner, HVS Canada<\/p>\n<p>Carrie is a graduate of the University<br \/>\nof Victoria, obtaining a Bachelor of<br \/>\nCommerce with Distinction. After<br \/>\ngraduation and time spent gaining<br \/>\nvaluable hands-on experience in the<br \/>\nhotel industry, Carrie joined HVS as<br \/>\nan associate over 23 years ago. She <\/p>\n<p>has been influential in establishing HVS\u2019s presence in Canada as<br \/>\nthe leading hospitality consulting and valuation firm. Carrie has<br \/>\nattained AACI designation from the AIC and her MAI designation<br \/>\nfrom the Appraisal Institute in the US. As well, she is a member of<br \/>\nthe International Society of Hotel Consultants (ISHC) and the Real<br \/>\nEstate Institute of BC (RIBC).<\/p>\n<p>Over the course of her career, Carrie has provided hospitality<br \/>\nconsulting services including appraisals, feasibility and market<br \/>\nstudies, and other specialized consulting services including<br \/>\nasset management guidance for thousands of hotel properties<br \/>\nthroughout Canada and the US. She has authored several articles<br \/>\non various topics relevant to the industry and is a highly sought-<br \/>\nafter speaker. Carrie is a regular speaker at several conferences<br \/>\nincluding the Canadian Hotel Investment Conference and the<br \/>\nWestern Canadian Lodging Conference.<\/p>\n<p>Carrie has served on the HVS Board of Directors and the<br \/>\nSenior Leadership Team making a significant contribution to the<br \/>\nglobal interests of the company. She also serves on the National<br \/>\nBoard for the AIC. <\/p>\n<p>Why is it important that we work to better balance<br \/>\ngender\u00a0representation in the profession?<br \/>\nI think gender balance is a no-brainer for both the profession<br \/>\nand the professionals. A career in appraisal is rewarding,<br \/>\nfulfilling and prosperous, which is a door that should be open to<br \/>\neveryone. In a profession where we want our colleagues to reflect<br \/>\nthe highest level of credibility, it only makes sense to recruit from<br \/>\nand cultivate the largest talent pool possible. <\/p>\n<p>What changes would enable\/encourage the<br \/>\nentry of more women into the profession?<br \/>\nMentorship is a key to increasing gender balance. A strong<br \/>\nnetwork is critical to being a successful professional in our<br \/>\nindustry and, therefore, leaders in our profession should be<br \/>\naware of bringing gender balance into their networks, teams and<br \/>\nbusinesses. As women continue to ascend to leadership roles in<br \/>\nthe profession, more will follow in their footsteps. I would hope<br \/>\nthat, in this era, we are cognizant of the benefits of diversity and<br \/>\nthat we are frequently considering our bias that impedes the goal<br \/>\nof not only gender balance, but overall diversity<\/p>\n<p>Ayda Chamcham,<br \/>\nAACI, P.App<br \/>\nChamsquared Advisory<\/p>\n<p>Prior to moving to Montreal from France,<br \/>\nAyda earned her Master\u2019s degrees in<br \/>\nengineering from the National Institute<br \/>\nof Applied Sciences (INSA de Rouen) and<br \/>\nin Urban and Real Estate Management<br \/>\nthrough the ESSEC Business School. Prior<br \/>\nto working with a REIT in France, she worked <\/p>\n<p>as a building site project manager before moving to Canada where she<br \/>\nbecame well-versed in commercial and industrial appraisals. Ayda<br \/>\nstarted appraising commercial and industrial properties and decided to<br \/>\nfocus on hotel appraisals, as well as feasibility and market studies for<br \/>\nnordik spas, convention centres, and waterparks in Quebec. She also<br \/>\nundertook projects in Ontario, Mexico and the Dominican Republic.<\/p>\n<p>She has achieved her MRICS with the Royal Institution of Chartered<br \/>\nSurveyors as well as her AACI with the AIC. Ayda presently sits on the<br \/>\nBoard of the AIC Quebec Chapter and is also involved with the AIC\u2019s<br \/>\nnational committees dealing with Accreditation and the Future of<br \/>\nValuation. In 2020, she was recognized by the AIC as a \u2018Top Appraiser<br \/>\nunder 40.\u2019 In May of last year, she incorporated herself to provide<br \/>\nconsultancy and advisory services through her company Chamsquared<br \/>\nAdvisory. She is also a lecturer for a master\u2019s-level course in Real<br \/>\nEstate Economics and Cost Estimation for architects with the<br \/>\nUniversity of Montreal. <\/p>\n<p> Ayda has served for a number of years on the Board of the Young<br \/>\nLeaders Circle of the International Economic Forum of the Americas,<br \/>\nwhere members engage in private conversations with academics,<br \/>\nstrategists and leaders to better understand international contexts,<br \/>\ndecisions and policies. She volunteers with organizations committed<br \/>\nto help those surviving the streets get back on their feet. <\/p>\n<p>Why is it important that we work to better<br \/>\nbalance gender representation in the profession?<br \/>\nImproving gender balance in the profession remains a challenge.<br \/>\nI would say that women bring a more human approach, a different<br \/>\nsensitivity and pragmatism by which they can distinguish themselves<br \/>\nin a rather masculine profession. Gender representation is paramount<br \/>\nbecause better decision-making results from combining diverse<br \/>\nperspectives. Women have the strengths that complement what<br \/>\norganizations might lack. <\/p>\n<p>What changes would enable\/encourage the<br \/>\nentry of more women into the profession?<br \/>\nMore transparency, fairness and inclusion would go a long way<br \/>\ntowards establishing things such as equal pay for equal work, and<br \/>\nequal opportunities for promotions and professional considerations.<br \/>\nHaving more female representation can also help future generations<br \/>\nidentify with role models. <\/p>\n<p>Women  in appraising<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 14 Return to CONTENTS<\/p>\n<p>Joanne Slaney,<br \/>\n     AACI, P.App<br \/>\nManager of Assessment, City of St. John\u2019s<\/p>\n<p>Joanne has worked within the appraisal field<br \/>\nsince graduating from Memorial University<br \/>\nwith a joint Bachelor of Commerce and<br \/>\nBachelor of Arts in 2004. She gained<br \/>\nvaluable experience by valuing a wide<br \/>\nrange of commercial properties including<br \/>\nmulti-residential, residential condominium, <\/p>\n<p>general commercial, remote fishing lodges, airport facilities, golf<br \/>\ncourse communities and ski hill developments. Currently, in her role<br \/>\nas Manager of Assessment with the City of St. John\u2019s, she provides<br \/>\nleadership and manages the operation of the City\u2019s Assessment Division.<br \/>\nJoanne and her team are responsible for ensuring fair and accurate<br \/>\nassessment valuations of real property within St. John\u2019s to provide a<br \/>\nbasis for property taxation for municipal operating purposes.<\/p>\n<p>Why is it important that we work to better balance<br \/>\ngender\u00a0representation in the profession?<br \/>\nAs of July 1, 2020, Stats Canada reported there are over 19 million women<br \/>\nliving in Canada, which accounted for over 50% of the total population.<br \/>\nThat statistic alone should be enough to show you WHY we need to work<br \/>\ntowards better gender representation! In order for our profession to<br \/>\ncontinue and grow it is important that we continue to appeal to a cross<br \/>\nsection of society, a society that as of 2020 was made up of a female<br \/>\nmajority. Now like any good appraiser moving away from the numbers<br \/>\nto the opinion side of this question. Personally, I have seen the gender<br \/>\nbalance improve over my career, and our profession is the better for it.<br \/>\nBalanced gender representation brings different perspective together,<br \/>\nallows for more in-depth discussion and creates a profession that is<br \/>\nrepresentative of society as a whole. Today a better balance of gender<br \/>\nextends beyond the traditional male and female groups. As the definition<br \/>\nof gender continues to evolve, we as a profession must continue to grow<br \/>\nand develop into an inclusive group that represents all gender identities. <\/p>\n<p>What changes would enable\/encourage the<br \/>\nentry of more women into the profession?<br \/>\nSome of the top challenges women in real estate face are: lack of<br \/>\nmentorship, limited leadership roles, limited career advancement and<br \/>\npay inequity. I personally have experienced several of these challenges<br \/>\nin my career. I believe in order to encourage and enable more women to<br \/>\nentry into this profession we need to work on removing these challenges.<br \/>\nMentorship was a big thing for me. I spent most of my career at Altus<br \/>\nGroup and I had an opportunity to work with many wonderful mentors<br \/>\nwho encouraged and supported me. As a membership, we have a<br \/>\nresponsibility to encourage all members, to be open to mentoring, and<br \/>\nto offer support and advice. We need to ensure that our leadership, our<br \/>\ncommittees, our conferences, etc. are representative of the diversity of<br \/>\nour membership\u2026 after all, seeing is believing.<\/p>\n<p>\u00a0<\/p>\n<p>Debbie Pieterse,<br \/>\nB. Sc. Agric., AAM, AACI, P. App.,<br \/>\nCAFA, RFPP<br \/>\nSenior Appraiser\/Owner, Prairie Sky<br \/>\nAppraisal &#038; Consulting Services<\/p>\n<p>In 1982, Debbie graduated with a degree<br \/>\nin agriculture and decided to apply for<br \/>\njobs that had an agricultural background<br \/>\nas a requirement. To her surprise, there<br \/>\nwere a number of assessment office <\/p>\n<p>positions with the Assessment Branch for the Province of Manitoba.<br \/>\nThus began her almost 40 year career of property valuation,<\/p>\n<p>With her love of inspection fieldwork, research, analysis, and<br \/>\nreport writing, it has been a career for which she is well suited and<br \/>\none she encourages other women to take up, due to its flexible work<br \/>\nhours, which can be very accommodating to today\u2019s complicated<br \/>\nfamily\/work\/life balance.<\/p>\n<p>Debbie likes to point out that she has finished reports in hotel<br \/>\nrooms in different vacation destinations, and, through the magic<br \/>\nof the internet and email, has provided service to her clients, even<br \/>\nwhile seeing exotic destinations with her husband and working on<br \/>\ncompleting her bucket list. <\/p>\n<p>Why is it important that we work to better balance<br \/>\ngender representation in the profession?<br \/>\nPersonally, I have never been in favour of \u2018quotas\u2019 or hiring women for<br \/>\nthe sake of hiring them based on their sex, because I feel I have the<br \/>\nskills and knowledge to do the job, and have excelled at it throughout<br \/>\nmy career. I have refused to identify as a employment equity group<br \/>\non interviews so that I would not get extra points because I was a<br \/>\nwoman. I would never like to think that I got any job because I was a<br \/>\nwoman because I find and have found that demeaning of my talents<br \/>\nand abilities. It was a matter of giving women the opportunity and<br \/>\nexposure to the profession, which showed that women could do<br \/>\nthe job as effectively as males could in a traditionally male role.<br \/>\nCurrently, there is gender parity for the assessment officers in<br \/>\nManitoba for that reason<\/p>\n<p>What changes would enable\/encourage the<br \/>\nentry of more\u00a0women into the profession?<br \/>\nMake women more aware of the appraisal profession and the<br \/>\nopportunities available to them for a interesting and prosperous future.<\/p>\n<p>\u201cAs women continue to ascend to<br \/>\nleadership roles in the profession, <\/p>\n<p>more will follow in their footsteps.\u201d<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 15Return to CONTENTS<\/p>\n<p>Suzanne De Jong,<br \/>\nAACI, P.App<br \/>\nVice President of Commercial<br \/>\nOperations, Metrix Realty Group<\/p>\n<p>As a fee appraiser, Suzanne completes<br \/>\nvaluation and consulting work in a<br \/>\nvariety of areas including multi-family<br \/>\nresidential, commercial, industrial and<br \/>\nland development. With over 30 years<br \/>\nof experience in the appraisal field, <\/p>\n<p>Suzanne joined the AIC in 1990, and subsequently obtained her<br \/>\nCRA designation in 1993 and her AACI in 2003.<\/p>\n<p>Suzanne has been actively involved as a volunteer with the<br \/>\nAIC at the local, provincial and national levels since 1996. She<br \/>\nhas served on the Executive of the AIC\u2019s London Chapter<br \/>\nsince 1996 and is a past Member of the Board of Directors<br \/>\nfor the Ontario Association. Suzanne has served on the AIC\u2019s<br \/>\nNational Board of Directors and is the current Chair of the<br \/>\nCommunications Committee. <\/p>\n<p>Why is it important that we work to better<br \/>\nbalance gender representation in the profession?<br \/>\nI believe that this is an extremely important objective because<br \/>\nwomen have equal merit. <\/p>\n<p>What changes would enable\/encourage the<br \/>\nentry of more women into the profession?<br \/>\nI think the AIC is doing a good job enabling and encouraging more<br \/>\nwomen into the profession, however, we could do better by engaging<br \/>\nfemales at high schools, universities and colleges by presenting<br \/>\nthe many fee and non-fee opportunities for women. It has been my<br \/>\nexperience that this profession has allowed me to have a work life<br \/>\nbalance that many professions do not. I have been able to enjoy a<br \/>\nsuccessful professional career while still being actively involved with<br \/>\nraising my family including taking extended periods of time away<br \/>\nfrom my work for personal fulfillment. We can promote this aspect<br \/>\nof an appraisal career and showcase women within the AIC and<br \/>\ntheir diverse knowledge within this professional. <\/p>\n<p>Deana Halladay,<br \/>\nCRA, P.App<br \/>\nHalladay Appraisal Services Ltd.<\/p>\n<p>Through her small appraisal firm,<br \/>\nDeana provides professional services<br \/>\nthat include advice to homeowners,<br \/>\nfamily property matters (divorce,<br \/>\nseparation, estate planning, probate<br \/>\nand pre-nuptial agreements), non-AMC <\/p>\n<p>lender work and litigation cases involving residential property. She<br \/>\nis a long-time Certified Instructor for the Professional Practice<br \/>\nSeminar and a member of the AIC\u2019s \u2018Shaping the Future\u2019 Task Force.<br \/>\nShe has served on many national and provincial committees. Deana<br \/>\nis a huge proponent of volunteerism. Her diverse appraisal practice<br \/>\nand experience has been an unintended consequence of the benefits<br \/>\nof volunteering. <\/p>\n<p>Why is it important that we work to better balance<br \/>\ngender representation in the profession?<br \/>\nShort answer \u2013 it helps to improve our profession. Diversity in our<br \/>\nmembership, collaborating on ideas and bringing multi-faceted<br \/>\nviewpoints will lead to increases in productivity and innovation<br \/>\nwithin the AIC and the work we do as appraisers. <\/p>\n<p>What changes would enable \/ encourage the<br \/>\nentry of more women into the profession?<br \/>\nI honestly do not believe there are barriers to entering the<br \/>\nprofession for women. I have witnessed the demographics of the<br \/>\nAIC shift over the past few decades to being far more balanced.<br \/>\nPromoting the flexibility of the work\/life balance within the<br \/>\nappraisal profession may encourage even more women to pursue a<br \/>\ncareer as an appraiser. <\/p>\n<p> Kimberly Maber,<br \/>\nB.Comm, AACI,   P.App<br \/>\nCo-owner and managing partner at<br \/>\nBrunsdon Lawrek &#038; Associates<\/p>\n<p>Kimberly has been providing professional<br \/>\nreal estate valuation services to clients<br \/>\nsince 1999. Focusing primarily on<br \/>\ncommercial real estate, she provides<br \/>\nexpert valuation and consulting services <\/p>\n<p>to financial institutions, government organizations, major real estate<br \/>\ndevelopment companies, non-profit groups, landlords and tenants, as<br \/>\nwell as professional firms of lawyers and accountants. She provides<br \/>\nan objective view of the real estate marketplace, providing realistic<br \/>\nand trusted advice to her clients. <\/p>\n<p>A member of the AIC since 1999, Kimberly has been an active<br \/>\nvolunteer with the Institute at both the provincial and national levels<br \/>\nover the past decade. <\/p>\n<p>Why is it important that we work to better balance<br \/>\ngender representation in the profession?<br \/>\nA strong and vibrant profession needs to be reflective of the<br \/>\nsociety it serves and the people it recruits into the field. With<br \/>\nwomen accounting for the majority of the growth in the Canadian<br \/>\nlabour force in recent decades, working toward balanced gender<br \/>\nrepresentation will be crucial to managing retirements and growth.<\/p>\n<p>Women  in appraising<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 16 Return to CONTENTS<\/p>\n<p>What changes would enable\/encourage the<br \/>\nentry of more women into the profession?<br \/>\nThe AIC must share the stories and profiles of women who have<br \/>\nalready achieved success and prominence in our field. This can be<br \/>\ndone in a variety of ways \u2013 formal marketing, social media, and<br \/>\ninformal communication. Ensuring opportunities for mentorship and<br \/>\npeer support will also be essential to keep women in our profession.<\/p>\n<p> Bobbi-Jo Reardon,<br \/>\nAACI, P.App<br \/>\nDirector, Research, Valuation &#038;<br \/>\nAdvisory, Altus Expert Services,<br \/>\nAltus Group<\/p>\n<p>Bobbi-Jo has been providing<br \/>\nprofessional services on Prince<br \/>\nEdward Island for 25 years with her<br \/>\nwork expanding throughout Atlantic<br \/>\nCanada over the past 10 years. She <\/p>\n<p>has performed appraisal assignments that encompass many<br \/>\ntypes and sizes of real estate, including investment properties,<br \/>\napartments, hospitality, senior\u2019s housing, industrial properties,<br \/>\nspecial use properties, sub-divisions, etc., for purposes of<br \/>\npurchase and sale, lease analysis, financing, consulting purposes<br \/>\nas well as tax and foreclosure. Bobbi-Jo has served as President<br \/>\nand Past-President of the AIC\u2019s PEI Association and has been a<br \/>\nmember of the Provincial Board of Directors for over 20 years. <\/p>\n<p>Why is it important that we work to better<br \/>\nbalance gender representation in the profession?<br \/>\nIt has been proven that companies with a diverse workforce<br \/>\nbenefit financially, socially, and culturally. Women bring a<br \/>\ndifferent perspective to male-dominated industries and enhance<br \/>\ncollaboration. More women working in these environments who<br \/>\ncan mentor Candidates will improve the industry.<\/p>\n<p>What changes would enable\/encourage the<br \/>\nentry of more women into the profession?<br \/>\nUniversity career counselling at an early stage in a Bachelor of<br \/>\nCommerce program could open dialogue for students who may<br \/>\nnot have considered property valuation as a viable career choice.<br \/>\nEducation and mentoring are the key to opening doors for young<br \/>\nadults in this industry.<\/p>\n<p>Grace Muzyka,<br \/>\n     AACI, P.App<br \/>\nPartner, Brunsdon Lawrek &#038; Associates<\/p>\n<p>With 28 years of real estate experience,<br \/>\nGrace holds her AACI, P.App designation<br \/>\nfrom the AIC and the CRP designation<br \/>\nfrom the Real Estate Institute of Canada<br \/>\n(REIC). Her primary areas of practice<br \/>\nare real property assessment and<br \/>\nproperty tax consulting, as well as the <\/p>\n<p>appraisal of a wide spectrum of commercial property types. She is<br \/>\na certified reserve fund planner and conducts reserve fund studies<br \/>\nfor condominium corporations and other institutional clients with<br \/>\nlong-term planning needs. Grace also works with local, provincial<br \/>\nand nationally owned private sector firms as well as various<br \/>\ngovernment and non-profit organizations.<\/p>\n<p>Why is it important that we work to better<br \/>\nbalance gender representation in the profession?<br \/>\nA better gender balance in the appraisal profession would equate<br \/>\nto a wider talent pool with a broader range of perspectives and<br \/>\nexperiences that is more reflective of the consumer we serve.<\/p>\n<p>Karen Koebel-<br \/>\nMedlicott,  B.A., CRA<br \/>\nKoebel-Medlicott Real Estate &#038;<br \/>\nAppraisals<\/p>\n<p>Karen graduated from the University<br \/>\nof Waterloo, and obtained the CRA<br \/>\ndesignation through studies at<br \/>\nUBC. Volunteering, networking, and<br \/>\ncontinuous learning are extremely <\/p>\n<p>important to her. She has worked in the appraisal industry for more<br \/>\nthan 17 years, and has been a volunteer for over 15 years, including<br \/>\nthe AIC-Ontario Association Board of Directors and the Executive<br \/>\nof the Waterloo-Wellington Chapter AI-ON. In addition to being an<br \/>\nappraiser, she is also a licensed real estate broker. Previously,<br \/>\nshe was licenced as an Accredited Mortgage Professional, and<br \/>\nhad completed programs with the Investment Funds Institute of<br \/>\nCanada and the Canadian Securities Institute during her years<br \/>\nof employment in the Investment Division of a major Canadian<br \/>\nfinancial services company.<\/p>\n<p>Why is it important that we work to better<br \/>\nbalance gender representation in the profession?<br \/>\nUntil the last five years or so, there were many more men than<br \/>\nwomen in the appraisal industry, and the disparity was even more<br \/>\npronounced in leadership positions. Involvement in a gender <\/p>\n<p>\u201cI have witnessed the demographics<br \/>\nof the AIC shift over the past few <\/p>\n<p>decades to being far more balanced.\u201d<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 17Return to CONTENTS<\/p>\n<p>balanced\/gender neutral environment, whether at the member,<br \/>\nvolunteer, or leadership levels leads to increased credibility and<br \/>\nsynergies, which can improve insight and stir innovation. Still<br \/>\nmore needs to be done to educate our clients and construction<br \/>\ntrades people that being a male is not a prerequisite for being<br \/>\nqualified and competent as an appraiser.<\/p>\n<p>What changes would enable\/encourage the<br \/>\nentry of more women into the profession?<br \/>\nAIC has done a good job of showing diversity in the advertising<br \/>\ndone by national. This visibility serves well to show potential<br \/>\nstudents and candidates that gender is not relevant in being<br \/>\nan appraiser. However, to address increasing awareness with<br \/>\nstakeholders, there needs to be more recognition at all levels<br \/>\nof women who have shown achievement and competence.<br \/>\nFurther steps should be taken to empower more women to<br \/>\nadvocate for the profession in stakeholder interactions. <\/p>\n<p>Laura Kemp,  CRA<br \/>\nOwner\/Appraiser, Kemp Appraisal Ltd.<\/p>\n<p>In 2006, Laura became a Candidate<br \/>\nof the AIC while working full-time in<br \/>\nher senior management marketing<br \/>\nposition in the insurance field.<br \/>\nHaving a 2-year-old daughter made<br \/>\ntravel difficult, so she sought out<br \/>\na career that would allow more<br \/>\nflexibility while utilizing her strong <\/p>\n<p>marketing and mathematical skills. The field of appraisal was a<br \/>\nperfect fit. <\/p>\n<p>In 2006, she started her courses while maintaining her<br \/>\nexisting management position. In 2007, her son was born and<br \/>\nshe spent her entire maternity leave crashing through as<br \/>\nmany courses as she could. In 2008, she started performing<br \/>\nappraisals and began her long history of volunteer work with<br \/>\nthe AIC. <\/p>\n<p>After obtaining her CRA designation in 2011, Laura opened<br \/>\nher own appraisal firm in 2012.<\/p>\n<p>Why is it important that we work to better<br \/>\nbalance gender representation in the profession?<br \/>\nWhen I started volunteering, most AIC committees were<br \/>\nmale dominant, but this has changed drastically. The<br \/>\nappraisal profession is perfectly suited to women with strong<br \/>\norganizational, communication and mathematical skills.<br \/>\nInteresting enough, I found that many female homeowners<br \/>\nare more comfortable with a female appraiser coming into<br \/>\ntheir home. The self-employment and home office has allowed<br \/>\nme to be assessable for my children and never miss an<br \/>\nimportant event.<\/p>\n<p>What changes would enable\/encourage the<br \/>\nentry of more women into the profession?<br \/>\nI believe awareness of the appraisal field is the biggest obstacle.<br \/>\nMany university students across Canada do not know about the<br \/>\nfield of appraisal. It would be great if we could change this.<\/p>\n<p>      Dena Knopp, CRA, P.App<br \/>\nPresident, Advantage Valuation Group Inc.<\/p>\n<p>Dena started appraising in the Calgary<br \/>\narea in 2003, and now operates<br \/>\nAdvantage Valuation Group, focusing<br \/>\non residential and acreage properties,<br \/>\ntaking on assignments ranging from<br \/>\nfinancing to relocations and litigation.<br \/>\nBefore joining the AIC, she worked as a<br \/>\nparalegal, primarily in the areas of real <\/p>\n<p>estate and foreclosures, which provided a great background for<br \/>\nappraisal. Her portfolio of properties appraised includes typical<br \/>\nresidential, as well as complex and estate properties, acreages,<br \/>\nand multi-family properties.Dena has volunteered in the profession<br \/>\nfor several years with the local Calgary Chapter, and she currently<br \/>\nsits as an Alberta Association Director on the National Board of<br \/>\nDirectors for the AIC.<\/p>\n<p>Why is it important that we work to better<br \/>\nbalance gender representation in the profession?<br \/>\nThe AIC is far more diverse than when I entered the profession<br \/>\n18 years ago. I am sure it was by no accident that I chose to work<br \/>\nfor a female-owned firm where more than half the employees<br \/>\nwere female and represented a younger demographic. I believe the<br \/>\nsuccess of women in the industry will continue to be the greatest<br \/>\nencouragement to women considering the profession. Seeing<br \/>\nwomen in visible roles, both within organizations and the AIC,<br \/>\nsignals what is possible and achievable. <\/p>\n<p>Women  in appraising<br \/>\n\u201cStill more needs to be done to <\/p>\n<p>educate our clients and construction<br \/>\ntrades people that being a male is <\/p>\n<p>not a prerequisite for being qualified<br \/>\nand competent as an appraiser.\u201d<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 18 Return to CONTENTS<\/p>\n<p>The Personal refers to The Personal Insurance Company. Certain conditions, limitations and<br \/>\nexclusions may apply. Auto insurance is not available in MB, SK and BC due to government\u2011run plans.<\/p>\n<p>La Personnelle d\u00e9signe La Personnelle, compagnie d\u2019assurances. Certaines conditions, exclusions<br \/>\net limitations peuvent s\u2019appliquer. L\u2019assurance auto n\u2019est pas offerte au Manitoba, en Saskatchewan<br \/>\nni en Colombie\u2011Britannique, o\u00f9 il existe des r\u00e9gimes d\u2019assurance gouvernementaux.<\/p>\n<p>Live more and<br \/>\nworry less with<br \/>\ngroup insurance<br \/>\nexclusively<br \/>\nfor you<\/p>\n<p>Plus de bon<br \/>\ntemps, moins de<br \/>\ntracas avec votre<br \/>\nassurance de<br \/>\ngroupe exclusive <\/p>\n<p>Nous sommes l\u00e0 pour vous.<br \/>\nDemandez une soumission.<br \/>\nlapersonnelle.com\/aicanada<br \/>\n1 888 476-8737<\/p>\n<p>We\u2019ve got your back.<br \/>\nGet a quote today.<br \/>\nthepersonal.com\/aicanada<br \/>\n1-888-476-8737<\/p>\n<p>The Appraisal Institute of Canada\u2019s<br \/>\npartnership with The Personal gives<br \/>\nyou access to customized home and<br \/>\nauto coverage and licensed advisors<br \/>\nwho will tailor your policy to your<br \/>\nspecific needs. That means less stress<br \/>\nand more peace of mind.<\/p>\n<p>Gr\u00e2ce au partenariat entre<br \/>\nl\u2019Institut canadien des<br \/>\n\u00e9valuateurs et La Personnelle,<br \/>\nvous pouvez compter sur notre<br \/>\nassurance auto et habitation<br \/>\npersonnalis\u00e9e, et sur nos<br \/>\nconseillers certifi\u00e9s pour adapter<br \/>\nvos protections \u00e0 vos besoins.<\/p>\n<p>http:\/\/thepersonal.com\/aicanada<br \/>\nhttp:\/\/lapersonnelle.com\/aicanada<\/p>\n<p>Les femmes<br \/>\ndans l\u2019\u00e9valuation<\/p>\n<p>La Journ\u00e9e internationale de la femme est<br \/>\nune c\u00e9l\u00e9bration des r\u00e9alisations sociales, \u00e9conomiques, culturelles et politiques des<br \/>\nfemmes du monde entier. Organis\u00e9e chaque ann\u00e9e le 8 mars, cette journ\u00e9e sp\u00e9ciale<br \/>\nmarque \u00e9galement un appel \u00e0 l\u2019action pour acc\u00e9l\u00e9rer la parit\u00e9 entre les sexes. Le<br \/>\nth\u00e8me de la campagne pour la journ\u00e9e sp\u00e9ciale de 2021 est \u00ab Choisissez de relever le<br \/>\nd\u00e9fi \u00bb. Un monde d\u00e9fi\u00e9 est un monde \u00e9veill\u00e9. Et c\u2019est des d\u00e9fis que na\u00eet le changement. <\/p>\n<p>Parmi les membres de l\u2019Institut canadien des \u00e9valuateurs (ICE), nous avons la chance<br \/>\nd\u2019avoir un nombre \u00e9tonnant de femmes AACI, CRA et stagiaires qui font carri\u00e8re et<br \/>\ncontribuent de mani\u00e8re significative \u00e0 la profession d\u2019\u00e9valuation immobili\u00e8re dans notre<br \/>\nvaste pays. Dans ces pages, nous sommes fiers de vous pr\u00e9senter un \u00e9chantillon de ces<br \/>\nfemmes exceptionnelles qui choisissent de relever le d\u00e9fi qui se pr\u00e9sente \u00e0 elles et \u00e0<br \/>\nnotre profession, et de partager leurs r\u00e9flexions sur ce que nous pourrions faire encore<br \/>\nmieux \u00e0 cet \u00e9gard. <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 20 Return to CONTENTS<\/p>\n<p>Les femmes   <\/p>\n<p>Carrie Russell,<br \/>\nAACI, P. App., MAI, RIBC, ISHC<br \/>\nDirectrice associ\u00e9e principale, HVS Canada <\/p>\n<p>Carrie est dipl\u00f4m\u00e9e de l\u2019universit\u00e9 de<br \/>\nVictoria, o\u00f9 elle a obtenu un baccalaur\u00e9at <\/p>\n<p>en commerce avec distinction. Apr\u00e8s <\/p>\n<p>l\u2019obtention de son dipl\u00f4me et le temps <\/p>\n<p>pass\u00e9 \u00e0 acqu\u00e9rir une pr\u00e9cieuse exp\u00e9rience <\/p>\n<p>pratique dans l\u2019industrie h\u00f4teli\u00e8re, Carrie <\/p>\n<p>a rejoint HVS en tant qu\u2019associ\u00e9e il y <\/p>\n<p>a plus de 23 ans. Elle a contribu\u00e9 \u00e0 \u00e9tablir la pr\u00e9sence de HVS au <\/p>\n<p>Canada en tant que principale soci\u00e9t\u00e9 de conseil et d\u2019\u00e9valuation dans <\/p>\n<p>le secteur de l\u2019h\u00f4tellerie. Carrie a obtenu la d\u00e9signation AACI de l\u2019ICE <\/p>\n<p>et sa d\u00e9signation MAI de l\u2019Appraisal Institute des \u00c9tats-Unis. Elle est <\/p>\n<p>\u00e9galement membre de l\u2019International Society of Hotel Consultants <\/p>\n<p>(ISHC) et du Real Estate Institute of BC (RIBC).<\/p>\n<p>Au cours de sa carri\u00e8re, Carrie a fourni des services de conseil <\/p>\n<p>en mati\u00e8re d\u2019h\u00f4tellerie, notamment des \u00e9valuations, des \u00e9tudes <\/p>\n<p>de faisabilit\u00e9 et de march\u00e9, ainsi que d\u2019autres services de conseil <\/p>\n<p>sp\u00e9cialis\u00e9s, dont des conseils en gestion d\u2019actifs pour des milliers de <\/p>\n<p>propri\u00e9t\u00e9s h\u00f4teli\u00e8res au Canada et aux \u00c9tats-Unis. Elle est l\u2019auteur <\/p>\n<p>de plusieurs articles sur divers sujets relatifs au secteur et est une <\/p>\n<p>conf\u00e9renci\u00e8re tr\u00e8s recherch\u00e9e. Carrie intervient r\u00e9guli\u00e8rement dans <\/p>\n<p>plusieurs conf\u00e9rences, notamment la Canadian Hotel Investment <\/p>\n<p>Conference et la Western Canadian Lodging Conference. <\/p>\n<p>Carrie a si\u00e9g\u00e9 au conseil d\u2019administration de HVS et \u00e0 <\/p>\n<p>l\u2019\u00e9quipe de direction, apportant une contribution significative aux <\/p>\n<p>int\u00e9r\u00eats mondiaux de la soci\u00e9t\u00e9. Elle si\u00e8ge \u00e9galement au conseil <\/p>\n<p>d\u2019administration national de l\u2019ICE.<\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nJe pense que le besoin d\u2019\u00e9quilibre entre les sexes est une \u00e9vidence,<br \/>\ntant pour la profession que pour les professionnels. Une carri\u00e8re dans<br \/>\nl\u2019\u00e9valuation est gratifiante, \u00e9panouissante et prosp\u00e8re, et c\u2019est une<br \/>\nporte qui devrait \u00eatre ouverte \u00e0 tous et \u00e0 toutes. Dans une profession<br \/>\no\u00f9 nous voulons que nos coll\u00e8gues refl\u00e8tent le plus haut niveau<br \/>\nde cr\u00e9dibilit\u00e9, il est logique de recruter et de cultiver le plus grand<br \/>\nr\u00e9servoir de talents possible. <\/p>\n<p>Quels changements permettraient ou encourageraient l\u2019entr\u00e9e<br \/>\nd\u2019un plus grand nombre de femmes dans la profession?<br \/>\nLe mentorat est un \u00e9l\u00e9ment cl\u00e9 pour accro\u00eetre l\u2019\u00e9quilibre entre les<br \/>\nsexes. Un r\u00e9seau solide est essentiel pour \u00eatre un professionnel<br \/>\nperformant dans notre secteur et, par cons\u00e9quent, les dirigeants de<br \/>\nnotre profession devraient \u00eatre conscients de l\u2019importance d\u2019introduire<br \/>\nl\u2019\u00e9quilibre entre les sexes dans leurs r\u00e9seaux, leurs \u00e9quipes et leurs<br \/>\nentreprises. \u00c0 mesure que les femmes continueront \u00e0 occuper des<br \/>\npostes de direction dans la profession, d\u2019autres suivront leurs traces.<br \/>\nJ\u2019esp\u00e8re que, de nos jours, nous sommes conscients des avantages de<br \/>\nla diversit\u00e9 et que nous prenons souvent en consid\u00e9ration nos pr\u00e9jug\u00e9s<br \/>\nqui entravent non seulement l\u2019objectif d\u2019\u00e9quilibre entre les sexes, mais<br \/>\naussi la diversit\u00e9 en g\u00e9n\u00e9ral.<\/p>\n<p>Ayda Chamcham,<br \/>\nAACI, P.App<br \/>\nConsultation Chamcarr\u00e9 <\/p>\n<p>Avant de quitter la France pour venir s\u2019installer<br \/>\n\u00e0 Montr\u00e9al, Ayda a obtenu une ma\u00eetrise en<br \/>\ning\u00e9nierie \u00e0 l\u2019Institut national des sciences<br \/>\nappliqu\u00e9es (INSA de Rouen) et en gestion<br \/>\nurbaine et immobili\u00e8re \u00e0 l\u2019ESSEC Business<br \/>\nSchool. Avant de travailler pour une soci\u00e9t\u00e9 de<br \/>\nplacement immobilier en France, elle a travaill\u00e9 <\/p>\n<p>comme chef de projet de chantier avant de s\u2019installer au Canada o\u00f9 elle<br \/>\ns\u2019est familiaris\u00e9e avec les \u00e9valuations commerciales et industrielles. Ayda a<br \/>\ncommenc\u00e9 \u00e0 \u00e9valuer des propri\u00e9t\u00e9s commerciales et industrielles avant de<br \/>\nse sp\u00e9cialiser dans les \u00e9valuations d\u2019h\u00f4tels, les \u00e9tudes de faisabilit\u00e9 et de<br \/>\nmarch\u00e9 pour les stations thermales nordiques, les centres des congr\u00e8s et<br \/>\nles parcs d\u2019attractions aquatiques au Qu\u00e9bec. Elle a aussi travaill\u00e9 sur des<br \/>\nprojets en Ontario, au Mexique et en R\u00e9publique Dominicaine.<\/p>\n<p>Elle a r\u00e9alis\u00e9 son MRICS avec la Royal Institution of Chartered<br \/>\nSurveyors ainsi que son AACI avec l\u2019ICE. Ayda si\u00e8ge actuellement au<br \/>\nconseil d\u2019administration de la section qu\u00e9b\u00e9coise de l\u2019AIC et est \u00e9galement<br \/>\nimpliqu\u00e9e dans les comit\u00e9s nationaux de l\u2019AIC qui traitent de l\u2019accr\u00e9ditation<br \/>\net de l\u2019avenir de l\u2019\u00e9valuation. En 2020, l\u2019ICE l\u2019a reconnue comme la<br \/>\n\u00ab Meilleure \u00e9valuatrice de moins de 40 ans \u00bb au Canada. En mai de l\u2019ann\u00e9e<br \/>\nderni\u00e8re, elle s\u2019est constitu\u00e9e en soci\u00e9t\u00e9 pour fournir des services de conseil<br \/>\net de consultance par l\u2019interm\u00e9diaire de sa soci\u00e9t\u00e9 Consultation Chamcarr\u00e9.<br \/>\nElle est \u00e9galement charg\u00e9e de cours pour un cours de niveau master<br \/>\nen \u00e9conomie immobili\u00e8re et estimation des co\u00fbts pour les architectes \u00e0<br \/>\nl\u2019Universit\u00e9 de Montr\u00e9al. <\/p>\n<p>Ayda a si\u00e9g\u00e9 pendant plusieurs ann\u00e9es au conseil d&rsquo;administration<br \/>\ndu Cercle des jeunes leaders du Forum \u00e9conomique international<br \/>\ndes Am\u00e9riques, o\u00f9 les membres s&rsquo;entretiennent en priv\u00e9 avec des<br \/>\nuniversitaires, des strat\u00e8ges et des dirigeants pour mieux comprendre<br \/>\nles contextes, les d\u00e9cisions et les politiques internationales.<br \/>\nElle travaille b\u00e9n\u00e9volement pour des organisations qui s&rsquo;engagent<br \/>\n\u00e0 aider les survivants \u00e0 se remettre sur pied. <\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes dans la profession\u00a0?<br \/>\nAm\u00e9liorer l\u2019\u00e9quilibre des sexes au sein de la profession demeure un d\u00e9fi.<br \/>\nJe dirais que les femmes apportent une approche plus humaine, une<br \/>\nsensibilit\u00e9 diff\u00e9rente et un pragmatisme gr\u00e2ce auxquels elles peuvent se<br \/>\ndistinguer dans une profession surtout masculine. La repr\u00e9sentation des<br \/>\nsexes est primordiale, car c\u2019est en fusionnant des perspectives diversifi\u00e9es<br \/>\nque l\u2019on peut prendre de meilleures d\u00e9cisions. Les femmes poss\u00e8dent les<br \/>\nforces qui peuvent compl\u00e9ter ce qui manque aux organisations.<\/p>\n<p>Quels changements permettraient\/favoriseraient<br \/>\nl\u2019entr\u00e9e de plus de femmes dans la profession ?<br \/>\nPlus de transparence, d\u2019\u00e9quit\u00e9 et d\u2019inclusion ferait beaucoup pour<br \/>\n\u00e9tablir des choses comme le salaire \u00e9gal pour un travail \u00e9gal et les<br \/>\nm\u00eames opportunit\u00e9s de promotion et de consid\u00e9ration professionnelle.<br \/>\nEn augmentant la repr\u00e9sentation des femmes, on pourra aussi aider<br \/>\nles g\u00e9n\u00e9rations futures \u00e0 s\u2019identifier \u00e0 des mod\u00e8les de r\u00f4les.<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 21Return to CONTENTS<\/p>\n<p>Joanne Slaney,<br \/>\n   AACI, P.App<br \/>\nDirectrice de l\u2019\u00e9valuation fonci\u00e8re,<br \/>\nville de St. John\u2019s <\/p>\n<p>Joanne travaille dans le domaine de<br \/>\nl\u2019\u00e9valuation depuis qu\u2019elle a obtenu un<br \/>\nbaccalaur\u00e9at en commerce et un baccalaur\u00e9at<br \/>\nen arts \u00e0 l\u2019universit\u00e9 Memorial en 2004. Elle a<br \/>\nacquis une pr\u00e9cieuse exp\u00e9rience en \u00e9valuant<br \/>\nun large \u00e9ventail de propri\u00e9t\u00e9s commerciales, <\/p>\n<p>notamment des immeubles multi r\u00e9sidentiels, des condominiums<br \/>\nr\u00e9sidentiels, des immeubles commerciaux g\u00e9n\u00e9raux, des clubs de p\u00eache<br \/>\n\u00e9loign\u00e9s, des installations a\u00e9roportuaires, des terrains de golf et des<br \/>\ncentres de ski. Actuellement, dans son r\u00f4le de directrice de l\u2019\u00e9valuation<br \/>\nfonci\u00e8re \u00e0 la ville de St. John\u2019s, elle assure le leadership et g\u00e8re le<br \/>\nfonctionnement de la division de l\u2019\u00e9valuation fonci\u00e8re de la ville. Joanne<br \/>\net son \u00e9quipe sont charg\u00e9s de veiller \u00e0 ce que l\u2019\u00e9valuation des biens<br \/>\nimmobiliers \u00e0 St. John\u2019s soit juste et pr\u00e9cise afin de fournir une base pour<br \/>\nl\u2019imposition fonci\u00e8re \u00e0 des fins d\u2019exploitation municipale. <\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nSelon Statistique Canada, plus de 19 millions de femmes vivaient au<br \/>\nCanada le 1er juillet 2020, ce qui repr\u00e9sente plus de 50 % de la population<br \/>\ntotale. Cette statistique \u00e0 elle seule devrait suffire \u00e0 vous montrer<br \/>\nPOURQUOI nous devons travailler \u00e0 une meilleure repr\u00e9sentation<br \/>\ndes sexes ! Pour que notre profession se poursuive et se d\u00e9veloppe,<br \/>\nil est important que nous continuions \u00e0 faire appel \u00e0 un \u00e9chantillon<br \/>\nrepr\u00e9sentatif de la soci\u00e9t\u00e9, une soci\u00e9t\u00e9 qui, en 2020, \u00e9tait compos\u00e9e<br \/>\nd\u2019une majorit\u00e9 de femmes. Maintenant, comme tout bon \u00e9valuateur, il<br \/>\nfaut mettre les chiffres de c\u00f4t\u00e9 et nous concentrer sur l\u2019aspect opinion<br \/>\nde cette question. Personnellement, j\u2019ai vu l\u2019\u00e9quilibre entre les sexes<br \/>\ns\u2019am\u00e9liorer au cours de ma carri\u00e8re, et notre profession s\u2019en porte mieux.<br \/>\nUne repr\u00e9sentation \u00e9quilibr\u00e9e des sexes permet de rassembler des<br \/>\npoints de vue diff\u00e9rents, de mener des discussions plus approfondies et<br \/>\nde cr\u00e9er une profession repr\u00e9sentative de la soci\u00e9t\u00e9 dans son ensemble.<br \/>\nAujourd\u2019hui, un meilleur \u00e9quilibre entre les sexes va au-del\u00e0 des groupes<br \/>\ntraditionnels d\u2019hommes et de femmes. Alors que la d\u00e9finition du genre<br \/>\ncontinue \u00e0 \u00e9voluer, nous devons, en tant que profession, continuer \u00e0<br \/>\ncro\u00eetre et \u00e0 nous d\u00e9velopper en un groupe inclusif qui repr\u00e9sente toutes<br \/>\nles identit\u00e9s de genre. <\/p>\n<p>Quels changements permettraient ou encourageraient l\u2019entr\u00e9e<br \/>\nd\u2019un plus grand nombre de femmes dans la profession?<br \/>\nParmi les principaux d\u00e9fis auxquels les femmes dans l\u2019immobilier sont<br \/>\nconfront\u00e9es, on peut citer : le manque de mentorat, les r\u00f4les de direction<br \/>\nlimit\u00e9s, l\u2019avancement professionnel limit\u00e9 et l\u2019in\u00e9galit\u00e9 des salaires. J\u2019ai<br \/>\npersonnellement fait l\u2019exp\u00e9rience de plusieurs de ces d\u00e9fis au cours de<br \/>\nma carri\u00e8re. Je pense que pour encourager et permettre \u00e0 davantage<br \/>\nde femmes d\u2019entrer dans cette profession, nous devons nous efforcer de<br \/>\nsupprimer ces difficult\u00e9s. Le mentorat a \u00e9t\u00e9 une grande chose pour moi.<br \/>\nJ\u2019ai pass\u00e9 la plus grande partie de ma carri\u00e8re au sein du Groupe Altus<br \/>\net j\u2019ai eu l\u2019occasion de travailler avec de nombreux mentors merveilleux<br \/>\nqui m\u2019ont encourag\u00e9e et soutenue. En tant que membre, nous avons<br \/>\nla responsabilit\u00e9 d\u2019encourager tous les membres, d\u2019\u00eatre ouverts au<br \/>\nmentorat et d\u2019offrir soutien et conseils. Nous devons nous assurer que<br \/>\nnotre direction, nos comit\u00e9s, nos conf\u00e9rences, etc. sont repr\u00e9sentatifs de<br \/>\nla diversit\u00e9 de nos membres&#8230; apr\u00e8s tout, voir c\u2019est croire. <\/p>\n<p>Debbie Pieterse,<br \/>\nB. Sc. Agric., AAM, AACI,<br \/>\n P. App., CAFA, RFPP<br \/>\n\u00c9valuatrice principale et propri\u00e9taire,<br \/>\nPrairie Sky Appraisal &#038; Consulting<br \/>\nServices <\/p>\n<p>En 1982, Debbie a obtenu un dipl\u00f4me en<br \/>\nagriculture et a d\u00e9cid\u00e9 de postuler pour<br \/>\ndes emplois qui exigeaient une formation<br \/>\nagricole. \u00c0 sa grande surprise, il y avait <\/p>\n<p>plusieurs postes de bureau d\u2019\u00e9valuation au sein de la Direction de<br \/>\nl\u2019\u00e9valuation de la province du Manitoba. C\u2019est ainsi qu\u2019a d\u00e9but\u00e9 sa<br \/>\ncarri\u00e8re de pr\u00e8s de 40 ans dans le domaine de l\u2019\u00e9valuation des biens.<\/p>\n<p>Avec son amour du travail d\u2019inspection sur le terrain, de la<br \/>\nrecherche, de l\u2019analyse et de la r\u00e9daction de rapports, c\u2019est une<br \/>\ncarri\u00e8re pour laquelle elle est bien adapt\u00e9e et qu\u2019elle encourage<br \/>\nd\u2019autres femmes \u00e0 entreprendre, en raison de ses horaires de<br \/>\ntravail flexibles, qui peuvent \u00eatre tr\u00e8s accommodants pour l\u2019\u00e9quilibre<br \/>\ncompliqu\u00e9 entre la famille, le travail et la vie priv\u00e9e d\u2019aujourd\u2019hui. <\/p>\n<p>Debbie aime souligner qu\u2019elle a termin\u00e9 des rapports dans des<br \/>\nchambres d\u2019h\u00f4tel de diff\u00e9rentes destinations de vacances et, gr\u00e2ce<br \/>\n\u00e0 la magie d\u2019Internet et du courrier \u00e9lectronique, elle a fourni un<br \/>\nservice \u00e0 ses clients, m\u00eame en visitant des destinations exotiques<br \/>\navec son mari et en travaillant \u00e0 compl\u00e9ter sa liste de choses dont<br \/>\nelle r\u00eavait. <\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nPersonnellement, je n\u2019ai jamais \u00e9t\u00e9 favorable aux \u00ab quotas \u00bb<br \/>\nou \u00e0 l\u2019embauche de femmes pour le simple plaisir de les<br \/>\nembaucher en fonction de leur sexe, car je pense que j\u2019ai les<br \/>\ncomp\u00e9tences et les connaissances n\u00e9cessaires pour faire ce<br \/>\ntravail, et j\u2019y ai excell\u00e9 tout au long de ma carri\u00e8re. J\u2019ai refus\u00e9<br \/>\nde m\u2019identifier en tant que groupe d\u2019\u00e9quit\u00e9 en mati\u00e8re d\u2019emploi<br \/>\nlors des entretiens d\u2019embauche afin de ne pas obtenir de points<br \/>\nsuppl\u00e9mentaires parce que j\u2019\u00e9tais une femme. Je n\u2019aimerais<br \/>\njamais penser que j\u2019ai obtenu un emploi parce que j\u2019\u00e9tais une<br \/>\nfemme, car je trouve et j\u2019ai trouv\u00e9 que cela d\u00e9valorise mes<br \/>\ntalents et mes capacit\u00e9s. Il s\u2019agissait de donner aux femmes<br \/>\nl\u2019opportunit\u00e9 et l\u2019exposition \u00e0 la profession, ce qui a montr\u00e9 que<br \/>\nles femmes pouvaient faire le travail aussi efficacement que les<br \/>\nhommes dans un r\u00f4le traditionnellement masculin. C\u2019est pour<br \/>\ncette raison qu\u2019il y a actuellement la parit\u00e9 des sexes pour les<br \/>\nagents d\u2019\u00e9valuation au Manitoba. <\/p>\n<p>Quels changements permettraient ou encourageraient<br \/>\nl\u2019entr\u00e9e d\u2019un plus grand nombre de femmes dans la profession?<br \/>\nSensibiliser davantage les femmes \u00e0 la profession d\u2019\u00e9valuation et<br \/>\naux possibilit\u00e9s qui leur sont offertes pour un avenir int\u00e9ressant<br \/>\net prosp\u00e8re.<\/p>\n<p>Les femmes   dans l\u2019\u00e9valuation<\/p>\n<p>\u00ab \u00c0 mesure que les femmes<br \/>\ncontinueront \u00e0 occuper des postes <\/p>\n<p>de direction dans la profession,<br \/>\nd&rsquo;autres suivront leurs traces. \u00bb <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 22 Return to CONTENTS<\/p>\n<p>Suzanne De Jong,<br \/>\nAACI, P.App<br \/>\nVice-pr\u00e9sident des op\u00e9rations<br \/>\ncommerciales, Metrix Realty Group <\/p>\n<p>En tant qu\u2019\u00e9valuatrice \u00e0 honoraires,<br \/>\nSuzanne effectue des travaux<br \/>\nd\u2019\u00e9valuation et de consultation dans<br \/>\ndivers domaines, notamment dans le<br \/>\ndomaine des immeubles r\u00e9sidentiels,<br \/>\ncommerciaux et industriels et de <\/p>\n<p>l\u2019am\u00e9nagement du territoire. Avec plus de 30 ans d\u2019exp\u00e9rience<br \/>\ndans le domaine de l\u2019\u00e9valuation, Suzanne s\u2019est jointe \u00e0 l\u2019ICE en<br \/>\n1990, et a ensuite obtenu ses d\u00e9signations CRA et AACI en 1993 et<br \/>\n2003 respectivement. <\/p>\n<p>Suzanne travaille activement comme b\u00e9n\u00e9vole au sein de<br \/>\nl\u2019ICE aux niveaux local, provincial et national depuis 1996. Elle<br \/>\nfait partie de l\u2019ex\u00e9cutif de la section de London de l\u2019ICE depuis<br \/>\n1996 et est un ancien membre du conseil d\u2019administration<br \/>\nde l\u2019Association de l\u2019Ontario. Suzanne a si\u00e9g\u00e9 au Conseil<br \/>\nd\u2019administration national de l\u2019ICE et est actuellement pr\u00e9sidente<br \/>\ndu comit\u00e9 des communications. <\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nJe pense que c\u2019est un objectif extr\u00eamement important car les<br \/>\nfemmes ont droit au m\u00eame m\u00e9rite. <\/p>\n<p>Quels changements permettraient ou encourageraient<br \/>\nl\u2019entr\u00e9e d\u2019un plus grand nombre de femmes dans la profession?<br \/>\nJe pense que l\u2019ICE fait un bon travail en permettant et en<br \/>\nencourageant l\u2019entr\u00e9e d\u2019un plus grand nombre de femmes dans<br \/>\nla profession, cependant, nous pourrions faire mieux en faisant<br \/>\nparticiper les femmes dans les \u00e9coles secondaires, les coll\u00e8ges<br \/>\net les universit\u00e9s en pr\u00e9sentant les nombreuses possibilit\u00e9s de<br \/>\npostes r\u00e9mun\u00e9r\u00e9s et \u00e0 honoraires ouverts aux femmes. D\u2019apr\u00e8s<br \/>\nmon exp\u00e9rience, cette profession m\u2019a permis d\u2019avoir un \u00e9quilibre<br \/>\nentre vie professionnelle et vie priv\u00e9e que beaucoup de professions<br \/>\nn\u2019ont pas. J\u2019ai pu mener une carri\u00e8re professionnelle r\u00e9ussie tout<br \/>\nen continuant \u00e0 m\u2019occuper activement de ma famille, notamment<br \/>\nen m\u2019\u00e9loignant de mon travail pendant de longues p\u00e9riodes pour<br \/>\nm\u2019\u00e9panouir personnellement. Nous pouvons promouvoir cet<br \/>\naspect de la carri\u00e8re d\u2019\u00e9valuateur et mettre en valeur les femmes<br \/>\nau sein de l\u2019ICE et leurs diverses connaissances au sein de<br \/>\ncette profession. <\/p>\n<p>Deana Halladay,<br \/>\nCRA, P.App<br \/>\nHalladay Appraisal Services Ltd.<\/p>\n<p>Par l\u2019interm\u00e9diaire de sa petite entreprise<br \/>\nd\u2019\u00e9valuation, Deana fournit des services<br \/>\nprofessionnels qui comprennent des<br \/>\nconseils aux propri\u00e9taires, des questions<br \/>\nrelatives aux biens familiaux (divorce,<br \/>\ns\u00e9paration, planification successorale,<br \/>\nhomologation et accords pr\u00e9nuptiaux), <\/p>\n<p>du travail de pr\u00eateur hors SGE et des affaires de litige concernant des<br \/>\nbiens r\u00e9sidentiels. Elle est depuis longtemps instructrice certifi\u00e9e<br \/>\npour le S\u00e9minaire sur la pratique professionnelle et membre du<br \/>\ngroupe de travail \u00ab Fa\u00e7onner l\u2019avenir \u00bb de l\u2019ICE. Elle a fait partie de<br \/>\nnombreux comit\u00e9s nationaux et provinciaux. Deana est une ardente<br \/>\npartisane du b\u00e9n\u00e9volat. La diversit\u00e9 de ses pratiques et de son<br \/>\nexp\u00e9rience en mati\u00e8re d\u2019\u00e9valuation est une cons\u00e9quence involontaire<br \/>\ndes avantages du b\u00e9n\u00e9volat. <\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nMa r\u00e9ponse br\u00e8ve : cela contribue \u00e0 am\u00e9liorer notre profession. La<br \/>\ndiversit\u00e9 de nos membres, la collaboration sur des id\u00e9es et l&rsquo;apport<br \/>\nde points de vue multiples entra\u00eeneront une augmentation de la<br \/>\nproductivit\u00e9 et de l&rsquo;innovation au sein de l\u2019ICE et dans le travail<br \/>\nd\u2019\u00e9valuation que nous faisons. <\/p>\n<p>Quels changements permettraient ou encourageraient l\u2019entr\u00e9e<br \/>\nd\u2019un plus grand nombre de femmes dans la profession?<br \/>\nHonn\u00eatement, je ne crois pas qu\u2019il y ait d\u2019obstacles \u00e0 l\u2019entr\u00e9e<br \/>\ndes femmes dans la profession. J\u2019ai \u00e9t\u00e9 t\u00e9moin de l\u2019\u00e9volution<br \/>\nd\u00e9mographique de l\u2019ICE au cours des derni\u00e8res d\u00e9cennies, qui a<br \/>\nmaintenant des effectifs beaucoup plus \u00e9quilibr\u00e9s. Promouvoir la<br \/>\nflexibilit\u00e9 de l\u2019\u00e9quilibre entre vie professionnelle et vie priv\u00e9e au sein<br \/>\nde la profession d\u2019\u00e9valuateur pourrait encourager encore plus de<br \/>\nfemmes \u00e0 poursuivre une carri\u00e8re dans ce domaine.<\/p>\n<p> Kimberly Maber,<br \/>\nB.Comm, AACI, P.App<br \/>\nCopropri\u00e9taire et directrice associ\u00e9e de<br \/>\nBrunsdon Lawrek &#038; Associates <\/p>\n<p>Kimberly fournit des services<br \/>\nprofessionnels d\u2019\u00e9valuation<br \/>\nimmobili\u00e8re \u00e0 ses clients depuis<br \/>\n1999. Se concentrant principalement<br \/>\nsur l\u2019immobilier commercial, elle<br \/>\nfournit des services d\u2019\u00e9valuation et <\/p>\n<p>de consultation aux institutions financi\u00e8res, aux organisations<br \/>\ngouvernementales, aux grandes soci\u00e9t\u00e9s de d\u00e9veloppement<br \/>\nimmobilier, aux groupes \u00e0 but non lucratif, aux propri\u00e9taires et<br \/>\naux locataires, ainsi qu\u2019aux cabinets professionnels d\u2019avocats et de<br \/>\ncomptables. Elle offre une vision objective du march\u00e9 immobilier,<br \/>\nen fournissant des conseils r\u00e9alistes et fiables \u00e0 ses clients. <\/p>\n<p>Membre de l\u2019ICE depuis 1999, Kimberly a \u00e9t\u00e9 une b\u00e9n\u00e9vole active<br \/>\nau sein de l\u2019Institut, tant au niveau provincial que national, au cours<br \/>\nde la derni\u00e8re d\u00e9cennie. <\/p>\n<p>\u00ab J&rsquo;ai \u00e9t\u00e9 t\u00e9moin de l&rsquo;\u00e9volution<br \/>\nd\u00e9mographique de l\u2019ICE au <\/p>\n<p>cours des derni\u00e8res d\u00e9cennies,<br \/>\nqui a maintenant des effectifs <\/p>\n<p>beaucoup plus \u00e9quilibr\u00e9s. \u00bb<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 23Return to CONTENTS<\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nUne profession forte et dynamique doit \u00eatre le reflet de la soci\u00e9t\u00e9<br \/>\nqu\u2019elle dessert et des personnes qu\u2019elle recrute sur le terrain. Les<br \/>\nfemmes repr\u00e9sentant la majorit\u00e9 de la croissance de la population<br \/>\nactive canadienne au cours des derni\u00e8res d\u00e9cennies, il sera essentiel<br \/>\nde s\u2019efforcer d\u2019atteindre une repr\u00e9sentation \u00e9quilibr\u00e9e des sexes pour<br \/>\ng\u00e9rer les d\u00e9parts \u00e0 la retraite et la croissance. <\/p>\n<p>Quels changements permettraient ou encourageraient l\u2019entr\u00e9e<br \/>\nd\u2019un plus grand nombre de femmes dans la profession?<br \/>\nL\u2019ICE doit partager les histoires et les profils de femmes qui ont<br \/>\nd\u00e9j\u00e0 connu le succ\u00e8s et la notori\u00e9t\u00e9 dans notre domaine. Cela<br \/>\npeut se faire de diff\u00e9rentes mani\u00e8res : marketing formel, m\u00e9dias<br \/>\nsociaux et communication informelle. Il sera \u00e9galement essentiel<br \/>\nde garantir des possibilit\u00e9s de mentorat et de soutien par les<br \/>\npairs pour maintenir les femmes dans notre profession. <\/p>\n<p> Bobbi-Jo Reardon,<br \/>\nAACI, P.App<br \/>\nDirectrice, Recherche, \u00e9valuation et<br \/>\nconsultation, Services experts Altus,<br \/>\nGroupe Altus<\/p>\n<p>Bobbi-Jo fournit des services<br \/>\nprofessionnels \u00e0 l\u2019\u00cele-du-Prince-<br \/>\n\u00c9douard depuis 25 ans, et son travail<br \/>\ns\u2019est \u00e9tendu \u00e0 tout le Canada atlantique<br \/>\nau cours des dix derni\u00e8res ann\u00e9es. <\/p>\n<p>Elle a effectu\u00e9 des contrats de service d\u2019\u00e9valuation qui couvrent<br \/>\nde nombreux types et tailles de biens immobiliers, y compris des<br \/>\nimmeubles de placement, des appartements, des \u00e9tablissements<br \/>\nd\u2019accueil, des r\u00e9sidences pour personnes \u00e2g\u00e9es, des propri\u00e9t\u00e9s<br \/>\nindustrielles, des propri\u00e9t\u00e9s \u00e0 usage sp\u00e9cial, des subdivisions, etc.<br \/>\nBobbi-Jo a \u00e9t\u00e9 pr\u00e9sidente et ancienne pr\u00e9sidente de l\u2019ICE de l\u2019\u00ce.-<br \/>\nP.-\u00c9. et est membre du conseil d\u2019administration provincial depuis<br \/>\nplus de 20 ans. <\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nIl a \u00e9t\u00e9 prouv\u00e9 que les entreprises dont la main-d\u2019\u0153uvre est<br \/>\ndiversifi\u00e9e en tirent des avantages financiers, sociaux et culturels.<br \/>\nLes femmes apportent une perspective diff\u00e9rente aux industries<br \/>\ndomin\u00e9es par les hommes et renforcent la collaboration. Un plus<br \/>\ngrand nombre de femmes travaillant dans ces environnements et<br \/>\npouvant encadrer les candidats am\u00e9liorera l\u2019industrie. <\/p>\n<p>Quels changements permettraient ou encourageraient l\u2019entr\u00e9e<br \/>\nd\u2019un plus grand nombre de femmes dans la profession?<br \/>\nL\u2019orientation professionnelle universitaire \u00e0 un stade pr\u00e9coce dans un<br \/>\nprogramme menant \u00e0 un baccalaur\u00e9at en commerce pourrait ouvrir<br \/>\nle dialogue aux \u00e9tudiants qui n\u2019auraient peut-\u00eatre pas consid\u00e9r\u00e9<br \/>\nl\u2019\u00e9valuation des biens comme un choix de carri\u00e8re viable. L\u2019\u00e9ducation<br \/>\net le mentorat sont la cl\u00e9 pour ouvrir des portes aux jeunes adultes<br \/>\ndans cette industrie. <\/p>\n<p>Grace Muzyka,<br \/>\nAACI, P.App<br \/>\nAssoci\u00e9e, Brunsdon Lawrek &#038; Associates <\/p>\n<p>Avec 28 ans d\u2019exp\u00e9rience dans<br \/>\nl\u2019immobilier, Grace est titulaire de la<br \/>\nd\u00e9signation AACI, P.App de l\u2019ICE et du<br \/>\ntitre CRP de l\u2019Institut immobilier du<br \/>\nCanada (REIC). Ses principaux domaines<br \/>\nd\u2019activit\u00e9 sont l\u2019\u00e9valuation des biens<br \/>\nimmobiliers et la consultation en mati\u00e8re <\/p>\n<p>de taxes fonci\u00e8res, ainsi que l\u2019\u00e9valuation d\u2019un large \u00e9ventail de<br \/>\ntypes de biens commerciaux. Elle est une planificatrice de fonds de<br \/>\nr\u00e9serve certifi\u00e9e et m\u00e8ne des \u00e9tudes sur les fonds de r\u00e9serve pour<br \/>\ndes soci\u00e9t\u00e9s de copropri\u00e9t\u00e9 et d\u2019autres clients institutionnels ayant<br \/>\ndes besoins de planification \u00e0 long terme. Grace travaille \u00e9galement<br \/>\navec des entreprises locales, provinciales et nationales du secteur<br \/>\npriv\u00e9 ainsi qu\u2019avec diverses organisations gouvernementales et \u00e0 but<br \/>\nnon lucratif. <\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nUn meilleur \u00e9quilibre entre les sexes au sein de la profession de<br \/>\nl\u2019\u00e9valuation \u00e9quivaudrait \u00e0 un plus grand r\u00e9servoir de talents avec<br \/>\nun plus large \u00e9ventail de perspectives et d\u2019exp\u00e9riences qui refl\u00e8te<br \/>\ndavantage le consommateur que nous servons. <\/p>\n<p>Karen Koebel-<br \/>\nMedlicott,  B.A., CRA<br \/>\nKoebel-Medlicott Real Estate &#038;<br \/>\nAppraisals<\/p>\n<p>Karen est dipl\u00f4m\u00e9e de l\u2019universit\u00e9 de<br \/>\nWaterloo et a obtenu la d\u00e9signation CRA<br \/>\ngr\u00e2ce \u00e0 des \u00e9tudes \u00e0 l\u2019universit\u00e9 de la<br \/>\nColombie-Britannique. Le b\u00e9n\u00e9volat, le<br \/>\nr\u00e9seautage et l\u2019apprentissage continu <\/p>\n<p>sont extr\u00eamement importants pour elle. Elle travaille dans le secteur<br \/>\nde l\u2019\u00e9valuation depuis plus de 17 ans et fait du b\u00e9n\u00e9volat depuis<br \/>\nplus de 15 ans, notamment au sein du conseil d\u2019administration de<br \/>\nl\u2019ICE-Ontario et du comit\u00e9 ex\u00e9cutif de la section AI-ON de Waterloo-<br \/>\nWellington. En plus d\u2019\u00eatre une \u00e9valuatrice, elle est \u00e9galement<br \/>\nune courti\u00e8re immobili\u00e8re agr\u00e9\u00e9e. Auparavant, elle \u00e9tait titulaire<br \/>\nd\u2019une licence de conseiller hypoth\u00e9caire agr\u00e9\u00e9 et avait suivi des<br \/>\nprogrammes de l\u2019Institut des fonds d\u2019investissement du Canada et<br \/>\nde l\u2019Institut canadien des valeurs mobili\u00e8res pendant ses ann\u00e9es<br \/>\nd\u2019emploi dans la division des investissements d\u2019une grande soci\u00e9t\u00e9<br \/>\ncanadienne de services financiers.<\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nJusqu\u2019\u00e0 il y a environ cinq ans, il y avait beaucoup plus d\u2019hommes que<br \/>\nde femmes dans le secteur de l\u2019\u00e9valuation, et la disparit\u00e9 \u00e9tait encore<br \/>\nplus prononc\u00e9e dans les postes de direction. L\u2019implication dans un <\/p>\n<p>Les femmes   dans l\u2019\u00e9valuation<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 24 Return to CONTENTS<\/p>\n<p>environnement \u00e9quilibr\u00e9 et neutre en termes de genre, que ce soit<br \/>\nau niveau des membres, des b\u00e9n\u00e9voles ou des dirigeants, permet<br \/>\nd\u2019accro\u00eetre la cr\u00e9dibilit\u00e9 et les synergies, ce qui peut am\u00e9liorer la<br \/>\ncompr\u00e9hension et stimuler l\u2019innovation. Il reste encore beaucoup \u00e0<br \/>\nfaire pour faire comprendre \u00e0 nos clients et aux ouvriers du b\u00e2timent<br \/>\nque le fait d\u2019\u00eatre un homme n\u2019est pas une condition pr\u00e9alable pour<br \/>\n\u00eatre qualifi\u00e9 et comp\u00e9tent en tant qu\u2019\u00e9valuateur. <\/p>\n<p>Quels changements permettraient ou encourageraient<br \/>\nl\u2019entr\u00e9e d\u2019un plus grand nombre de femmes dans la profession?<br \/>\nL\u2019ICE a fait un bon travail en montrant la diversit\u00e9 dans la<br \/>\npublicit\u00e9 faite au niveau national. Cette visibilit\u00e9 permet de<br \/>\nmontrer aux \u00e9tudiants et aux candidats potentiels que le sexe<br \/>\nn\u2019est pas un crit\u00e8re pertinent pour \u00eatre \u00e9valuateur. Toutefois,<br \/>\npour sensibiliser les parties prenantes, il faut que les femmes<br \/>\nqui ont fait preuve de r\u00e9ussite et de comp\u00e9tence soient davantage<br \/>\nreconnues \u00e0 tous les niveaux. Des mesures suppl\u00e9mentaires<br \/>\ndevraient \u00eatre prises pour permettre \u00e0 un plus grand nombre de<br \/>\nfemmes de d\u00e9fendre la profession dans les interactions avec les<br \/>\nparties prenantes. <\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nLorsque j\u2019ai commenc\u00e9 \u00e0 faire du b\u00e9n\u00e9volat, la plupart des<br \/>\ncomit\u00e9s de l\u2019ICE \u00e9taient \u00e0 majorit\u00e9 masculine, mais cela a chang\u00e9<br \/>\nradicalement. La profession d\u2019\u00e9valuateur convient parfaitement aux<br \/>\nfemmes qui ont de solides comp\u00e9tences en mati\u00e8re d\u2019organisation,<br \/>\nde communication et de math\u00e9matiques. Fait int\u00e9ressant, j\u2019ai<br \/>\nconstat\u00e9 que de nombreuses femmes propri\u00e9taires sont plus \u00e0<br \/>\nl\u2019aise avec la pr\u00e9sence d\u2019une \u00e9valuatrice dans leur maison. Le<br \/>\ntravail ind\u00e9pendant et le bureau \u00e0 domicile m\u2019ont permis d\u2019\u00eatre \u00e0 la<br \/>\ndisposition de mes enfants et de ne jamais manquer un \u00e9v\u00e9nement<br \/>\nimportant de leur vie.<\/p>\n<p>Quels changements permettraient ou encourageraient<br \/>\nl\u2019entr\u00e9e d\u2019un plus grand nombre de femmes dans la profession?<br \/>\nJe pense que la sensibilisation au domaine de l\u2019\u00e9valuation est le plus<br \/>\ngrand obstacle. De nombreuses \u00e9tudiantes universitaires au Canada<br \/>\nne connaissent pas le domaine de l\u2019\u00e9valuation. Ce serait formidable si<br \/>\nnous pouvions changer cela.<br \/>\n Dena Knopp,  CRA, P.App<\/p>\n<p>Pr\u00e9sidente, Advantage Valuation<br \/>\nGroup Inc.<\/p>\n<p>Dena a commenc\u00e9 \u00e0 faire des<br \/>\n\u00e9valuations dans la r\u00e9gion de Calgary<br \/>\nen 2003 et dirige aujourd\u2019hui Advantage<br \/>\nValuation Group, qui se concentre sur<br \/>\nles propri\u00e9t\u00e9s r\u00e9sidentielles et les<br \/>\nterrains, en prenant en charge des <\/p>\n<p>contrats de service allant du financement aux d\u00e9m\u00e9nagements et aux<br \/>\nlitiges. Avant de se joindre \u00e0 l\u2019ICE, elle a travaill\u00e9 comme assistante<br \/>\njuridique, principalement dans les domaines de l\u2019immobilier et des<br \/>\nsaisies immobili\u00e8res, ce qui lui a permis d\u2019acqu\u00e9rir une grande<br \/>\nexp\u00e9rience en mati\u00e8re d\u2019\u00e9valuation. Son portefeuille de propri\u00e9t\u00e9s<br \/>\n\u00e9valu\u00e9es comprend des propri\u00e9t\u00e9s r\u00e9sidentielles typiques, ainsi que<br \/>\ndes propri\u00e9t\u00e9s complexes et immobili\u00e8res, des lotissements et des<br \/>\npropri\u00e9t\u00e9s multifamiliales.<\/p>\n<p>Dena a fait du b\u00e9n\u00e9volat dans la profession pendant plusieurs<br \/>\nann\u00e9es au sein de la section locale de Calgary, et elle si\u00e8ge<br \/>\nactuellement en tant que repr\u00e9sentante de l\u2019association albertaine au<br \/>\nconseil d\u2019administration national de l\u2019ICE.<\/p>\n<p>Pourquoi est-il important que nous nous efforcions de mieux<br \/>\n\u00e9quilibrer la repr\u00e9sentation des sexes au sein de la profession?<br \/>\nL\u2019ICE est beaucoup plus diversifi\u00e9 que lorsque je suis entr\u00e9e<br \/>\ndans la profession il y a 18 ans. Je suis s\u00fbre que ce n\u2019est pas par<br \/>\nhasard que j\u2019ai choisi de travailler pour une entreprise appartenant<br \/>\n\u00e0 des femmes, o\u00f9 plus de la moiti\u00e9 des employ\u00e9s \u00e9taient des<br \/>\nfemmes et repr\u00e9sentaient une population plus jeune. Je crois que<br \/>\nle succ\u00e8s des femmes dans l\u2019industrie continuera \u00e0 \u00eatre le plus<br \/>\ngrand encouragement pour les femmes qui envisagent de faire ce<br \/>\nm\u00e9tier. Voir les femmes dans des r\u00f4les visibles, \u00e0 la fois au sein des<br \/>\norganisations et de l\u2019ICE, est un signe encourageant de ce qui est<br \/>\npossible et r\u00e9alisable. <\/p>\n<p>Laura Kemp,  CRA<br \/>\nPropri\u00e9taire\/\u00e9valuatrice,<br \/>\nKemp Appraisal Ltd. <\/p>\n<p>En 2006, Laura est devenue<br \/>\nstagiaire \u00e0 l\u2019ICE tout en travaillant<br \/>\n\u00e0 plein temps \u00e0 son poste de cadre<br \/>\nsup\u00e9rieur en marketing dans le<br \/>\ndomaine de l\u2019assurance. Sa fille<br \/>\nde deux ans lui rendait les voyages <\/p>\n<p>difficiles, elle a donc cherch\u00e9 une carri\u00e8re qui lui permettrait<br \/>\nd\u2019\u00eatre plus flexible tout en mettant \u00e0 profit ses fortes aptitudes en<br \/>\nmarketing et en math\u00e9matiques. Le domaine de l\u2019\u00e9valuation lui<br \/>\nconvenait parfaitement. <\/p>\n<p>En 2006, elle a commenc\u00e9 ses cours tout en conservant son poste<br \/>\nde gestionnaire. En 2007, son fils est n\u00e9 et elle a pass\u00e9 tout son<br \/>\ncong\u00e9 de maternit\u00e9 \u00e0 suivre le plus grand nombre de cours possible.<br \/>\nEn 2008, elle a commenc\u00e9 \u00e0 effectuer des \u00e9valuations et a entam\u00e9 sa<br \/>\nlongue histoire de b\u00e9n\u00e9volat au sein de l\u2019ICE. <\/p>\n<p>Apr\u00e8s avoir obtenu sa d\u00e9signation de CRA en 2011, Laura a ouvert<br \/>\nsa propre entreprise d\u2019\u00e9valuation en 2012. <\/p>\n<p>\u00ab Il reste encore beaucoup \u00e0<br \/>\nfaire pour faire comprendre \u00e0<br \/>\nnos clients et aux ouvriers du<br \/>\nb\u00e2timent que le fait d&rsquo;\u00eatre un <\/p>\n<p>homme n&rsquo;est pas une condition<br \/>\npr\u00e9alable pour \u00eatre qualifi\u00e9 et <\/p>\n<p>comp\u00e9tent en tant qu&rsquo;\u00e9valuateur. \u00bb <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 25Return to CONTENTS<\/p>\n<p>Canada Green Building Council. \u201cThe<br \/>\nICP framework and IREE certification<br \/>\nhelp differentiate the high-quality retrofit<br \/>\nprojects that are able to achieve energy<br \/>\nefficiency improvements, increase housing<br \/>\naffordability, and enhance occupant<br \/>\ncomfort. Achieving an IREE certification<br \/>\nshows a project has followed best<br \/>\npractices which makes financing building<br \/>\nimprovement projects easier.\u201d <\/p>\n<p>Completing energy efficiency projects<br \/>\non existing buildings is one of the most<br \/>\naffordable ways to cut greenhouse gas<br \/>\n(GHG) emissions, help owners save money<br \/>\non energy-related costs, and unlock<br \/>\nbillions of dollars in economic opportunity<br \/>\nacross the country. MURBs represent a<br \/>\nkey focus for cities like Toronto because<br \/>\nsignificant reductions and savings in<br \/>\nenergy, emissions, and water use are<br \/>\nattainable, which decreases costs for<br \/>\nresidents and contributes to achieving<br \/>\noverall climate targets.<\/p>\n<p>Investor Ready<br \/>\nEnergy Efficiency<br \/>\n(IREE) certified<br \/>\nstrata-owned MURB <\/p>\n<p>A strata-owned condominium, YCC 380 at 301 Prudential Drive in Toronto has become the first<br \/>\nprivate multi-unit residential building<br \/>\n(MURB) in Canada to achieve Investor<br \/>\nReady Energy Efficiency (IREE) certification<br \/>\nfor an energy efficiency retrofit project.<\/p>\n<p>Offered through Green Business<br \/>\nCertification Inc. Canada (GBCI Canada),<br \/>\nCanadian projects that complete the<br \/>\nIREE certification follow the Investor<br \/>\nConfidence Project (ICP) framework and<br \/>\nconfirm that best practices in project<br \/>\ndevelopment were completed in a<br \/>\nstandardized way. This approach helps<br \/>\nreduce risk, accelerate effective building<br \/>\nretrofit activity, and supports expanded<br \/>\nfinancing opportunities. <\/p>\n<p>\u201cThere is remarkable potential for<br \/>\nenergy efficiency in Canada\u2019s residential<br \/>\nbuildings to support the transition to a low-<br \/>\ncarbon economy,\u201d said Thomas Mueller,<br \/>\nPresident and CEO of GBCI Canada and <\/p>\n<p>C A N A D A \u2019 S \u00a0 F I R S T\u00a0 \u00a0<\/p>\n<p>Completing energy <\/p>\n<p>efficiency projects <\/p>\n<p>on existing buildings <\/p>\n<p>is one of the most <\/p>\n<p>affordable ways to <\/p>\n<p>cut greenhouse gas <\/p>\n<p>(GHG) emissions, <\/p>\n<p>help owners save <\/p>\n<p>money on energy-<\/p>\n<p>related costs, and <\/p>\n<p>unlock billions of <\/p>\n<p>dollars in economic <\/p>\n<p>opportunity across <\/p>\n<p>the country. <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 26 Return to CONTENTS<\/p>\n<p>THE PRUDENTIAL DRIVE PROJECT<\/p>\n<p>In collaboration with strata owners and<br \/>\nproperty managers, and in alignment<br \/>\nwith IREE certification requirements,<br \/>\nEDESCO Energy Solutions and its Lead<br \/>\nProject Engineer, Finn Projects, assessed<br \/>\nthe Prudential Drive building\u2019s potential<br \/>\nenergy, water and GHG emissions savings,<br \/>\nand developed an implementation and<br \/>\nmonitoring plan. The assessment and<br \/>\napproved project plans resulted in<br \/>\nupgrades to heating, ventilation, and air-<br \/>\nconditioning systems, as well as upgrades<br \/>\nof building automation systems, and the<br \/>\ninstallation of more efficient water and<br \/>\nlighting fixtures. These planned measures<br \/>\nare expected to achieve an 18% savings<br \/>\nin annual utility costs or approximately<br \/>\n$70,000 per year, and will reduce the<br \/>\nbuilding\u2019s annual emissions by 10% or<br \/>\n90 tones of CO2e per year. Based on<br \/>\nthese anticipated savings, and through<br \/>\na guaranteed performance contract,<br \/>\nthe loan to complete these upgrades<br \/>\nwill be re-paid by the strata within<br \/>\n12 years using the project cost savings.<br \/>\nThrough EDESCO\u2019s turnkey design-<br \/>\nbuild solutions for reducing energy and<br \/>\nwater costs and its energy performance<br \/>\ncontracts, the company provides up<br \/>\nto 100% of the retrofit capital costs as<br \/>\nwell as a performance guarantee that is<br \/>\nfully insured.<\/p>\n<p>ACCESSING INVESTMENT  <\/p>\n<p>FOR CLEAN ENERGY PROJECTS<\/p>\n<p>The Prudential Drive project was financed<br \/>\nby Vancity Community Investment Bank<br \/>\n(VCIB), a subsidiary of Vancity Credit Union<br \/>\nand Canada\u2019s first values-driven bank.<br \/>\nThe bank\u2019s clean energy division focuses<br \/>\non financing distributed clean energy<br \/>\nand conservation projects, including<br \/>\ndeep building retrofits, a segment of the<br \/>\nmarket that is underserved by mainstream<br \/>\ncommercial finance. <\/p>\n<p>As part of its financing approval<br \/>\nprocesses, VCIB is piloting the completion<br \/>\nof IREE certification as an alternative to<br \/>\ncompleting an independent engineering<br \/>\nreview and sees promise in its market-<br \/>\nscaling potential. <\/p>\n<p>\u201cInvestors and lenders continue to<br \/>\nmiss out on the energy efficiency retrofit<br \/>\nmarket largely due to the small size of<br \/>\nprojects or uncertainty around returns,<br \/>\nand that is a problem because getting<br \/>\nto net zero will require the financing of<br \/>\nsmall retrofits on a very large number of<br \/>\nbuildings,\u201d said Jonathan Frank, VCIB\u2019s<br \/>\nDirector of Clean Energy Business<br \/>\nDevelopment. \u201cIREE certification, if<br \/>\nadopted on a wide scale, has the potential<br \/>\nto bring more lenders into the retrofit<br \/>\nmarket, both because of the confidence<br \/>\nthe certification provides that energy and<br \/>\ncost savings will actually materialize and<br \/>\na streamlined due diligence process that<br \/>\nsupports financings of this size.\u201d<\/p>\n<p>Through reduced investment risk<br \/>\nand increased standardization, the<br \/>\nICP framework strives to support the<br \/>\ndevelopment of an effective and robust<br \/>\nretrofit economy in Canada that will help<br \/>\nto create much needed jobs and economic<br \/>\nactivity, lower energy use, increase<br \/>\naffordability, and help jurisdictions attain<br \/>\nclimate mitigation goals. <\/p>\n<p>This promising venture should inspire<br \/>\nsimilar initiatives across Canada. Case<br \/>\nstudies of this project and others are<br \/>\navailable on GBCICanada.ca  <\/p>\n<p>SUPPORTING INDUSTRY BEST <\/p>\n<p>STANDARDS AND THE STREAMLINED <\/p>\n<p>DEVELOPMENT OF <\/p>\n<p>ENERGY EFFICIENCY <\/p>\n<p>PROJECTS<\/p>\n<p>The Investor Confidence<br \/>\nProject (ICP) defines<br \/>\na clear roadmap from<br \/>\nretrofit project design <\/p>\n<p>to reliable investment opportunity.<br \/>\nIt is a global underwriting standard<br \/>\nfor developing and evaluating energy<br \/>\nefficiency retrofit projects and is<br \/>\nadministered by GBCI. Its Investor Ready<br \/>\nEnergy Efficiency IREE certification<br \/>\nprovides an independent and transparent<br \/>\nthird-party assessment to help ensure<br \/>\nthat developed projects are following<br \/>\nindustry best practices.<\/p>\n<p>IREE certification signals to investors<br \/>\nthat a project has completed the<br \/>\nnecessary due diligence to help reduce<br \/>\ntransaction costs and increase the<br \/>\nreliability of savings. The certification<br \/>\nprotocols offer investors a consistent<br \/>\nroadmap for assessing risk and comparing<br \/>\nretrofit project investment opportunities,<br \/>\nas well as providing more streamlined<br \/>\nproject approval.<\/p>\n<p>SUMMARY OF  <\/p>\n<p>CERTIFICATION BENEFITS<\/p>\n<p>\u2022 Industry best practices, accepted<br \/>\nstandards, and rigorous engineering<br \/>\nare used for certified projects.<\/p>\n<p>\u2022 Third-party certification process<br \/>\nensures that projects are compliant<br \/>\nwith ICP protocols.<\/p>\n<p>\u2022 Reliable and consistent savings<br \/>\nprojections reduce performance risk<br \/>\nand increase confidence in realizing<br \/>\nprojected financial returns.<\/p>\n<p>\u2022 Apples-to-apples comparisons<br \/>\nof project proposals and<br \/>\nbids can be done due to<br \/>\nstandardize documentation.<\/p>\n<p>\u2022 Reduced transaction costs, due<br \/>\ndiligence costs and costs of<br \/>\ncapital due to standardization,<br \/>\nsubsequently increasing the ability<br \/>\nto aggregate projects and access<br \/>\nsecondary markets.<\/p>\n<p>The ICP protocols define the best practices<br \/>\nto utilize along each stage of a successful<br \/>\nretrofit project. The IREE certification <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 27Return to CONTENTS<\/p>\n<p>workflow ensures that projects leverage<br \/>\nindustry best practices during the retrofit<br \/>\ndesign phase for baseline energy usage,<br \/>\nsavings calculations, commissioning,<br \/>\noperations and maintenance, and<br \/>\nmeasurement and verification, and that<br \/>\nproject documentation is standardized.<\/p>\n<p>The IREE certification is currently<br \/>\nbeing used by project owners, investors,<br \/>\nengineers, and insurance companies<br \/>\nin North America and Europe. Energy<br \/>\nefficiency programs such as Pacific Gas<br \/>\nand Electric\u2019s On-Bill Financing Program,<br \/>\nthe Connecticut Green Bank\u2019s Commercial<br \/>\nProperty Assessed Clean Energy Program,<br \/>\nthe United Kingdom\u2019s Carbon and Energy<br \/>\nFund and others are also utilizing the<br \/>\nIREE certification as an approval pathway.<\/p>\n<p>ICP IN CANADA<\/p>\n<p>CaGBC and GBCI are working together<br \/>\nto bring ICP and IREE to Canada. In the<br \/>\nPan-Canadian Framework, the Canadian<br \/>\nfederal government recognized the role<br \/>\nthat retrofitting buildings will play in<br \/>\nreaching Canada\u2019s targeted emissions<br \/>\nreductions. Working with interested<br \/>\nlenders, program developers, and project<br \/>\ndevelopers, CaGBC and GBCI brought<br \/>\nICP for use in Canada to accelerate<br \/>\nuptake on retrofits and help meet the<br \/>\ngovernment\u2019s goals. IREE-certification<br \/>\nprovides an opportunity to help catalyze<br \/>\nmore investment into energy performance<br \/>\nupgrades for existing buildings and provide<br \/>\nconfidence on the long-term performance<br \/>\nof the buildings post retrofit. ABOUT CANADA GREEN  <\/p>\n<p>BUILDING COUNCIL (CaGBC)<\/p>\n<p>CaGBC is the leading national organization<br \/>\ndedicated to advancing green building,<br \/>\nbuilding retrofit, and sustainable<br \/>\ncommunity development practices. As the<br \/>\nvoice of green building in Canada, CaGBC<br \/>\nworks with industry and government at<br \/>\nthe local, provincial, and national levels<br \/>\nto make every building greener. CaGBC<br \/>\nfocuses on reducing carbon emissions<br \/>\nand the overall environmental impacts of<br \/>\nbuildings while improving occupant health<br \/>\nand contributing to a vibrant low-carbon<br \/>\neconomy. To accomplish this, CaGBC<br \/>\nsets and verifies advanced green building<br \/>\nstandards, conducts government advocacy<br \/>\nand market research, and provides<br \/>\neducation and training that has reached<br \/>\nover 45,000 Canadian professionals<br \/>\nsince 2002. In 2004, CaGBC established<br \/>\nthe LEED\u00ae green building rating system<br \/>\nin Canada and developed the first Zero<br \/>\nCarbon Building Standard in 2017. CaGBC<br \/>\nis a member of the World Green Building<br \/>\nCouncil, supporting international efforts<br \/>\nto reduce environmental impacts and<br \/>\nenhance global health in buildings and<br \/>\ncommunities. For more information,<br \/>\nvisit cagbc.org. <\/p>\n<p>The Canadian federal <\/p>\n<p>government recognized <\/p>\n<p>the role that retrofitting <\/p>\n<p>buildings will play in <\/p>\n<p>reaching Canada\u2019s <\/p>\n<p>targeted emissions <\/p>\n<p>reductions. <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 28 Return to CONTENTS<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"xHVLLWt3vx\"><p><a href=\"https:\/\/www.cagbc.org\/fr\/\">Accueil<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Accueil&#8221; &#8212; Canada Green Building Council (CAGBC)\" src=\"https:\/\/www.cagbc.org\/fr\/embed\/#?secret=mcxc4NSBJY#?secret=xHVLLWt3vx\" data-secret=\"xHVLLWt3vx\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>b\u00e2timent durable du Canada. \u00ab Le cadre ICP<br \/>\net la certification IREE aident \u00e0 distinguer<br \/>\nles projets de r\u00e9novation de haute qualit\u00e9<br \/>\nqui peuvent apporter des am\u00e9liorations<br \/>\nde l\u2019efficacit\u00e9 \u00e9nerg\u00e9tique, am\u00e9liorer<br \/>\nl\u2019abordabilit\u00e9 des logements et augmenter le<br \/>\nconfort de leurs occupants. L\u2019obtention d\u2019une<br \/>\ncertification IREE montre qu\u2019un projet a suivi<br \/>\ndes pratiques exemplaires qui facilitent<br \/>\nle financement de projets d\u2019am\u00e9lioration<br \/>\nde b\u00e2timents. \u00bb<\/p>\n<p>Compl\u00e9ter des projets d\u2019efficacit\u00e9<br \/>\n\u00e9nerg\u00e9tique sur des b\u00e2timents existants<br \/>\nest l\u2019une des fa\u00e7ons les plus abordables de<br \/>\nr\u00e9duire les \u00e9missions de gaz \u00e0 effet de serre<br \/>\n(GES), d\u2019aider les propri\u00e9taires \u00e0 \u00e9conomiser<br \/>\nsur les co\u00fbts li\u00e9s \u00e0 l\u2019\u00e9nergie et de d\u00e9bloquer<br \/>\ndes milliards de dollars en opportunit\u00e9s<br \/>\n\u00e9conomiques \u00e0 travers le pays. Les IRLM<br \/>\nrepr\u00e9sentent une cible privil\u00e9gi\u00e9e pour des<br \/>\nvilles comme Toronto, car des r\u00e9ductions<br \/>\net des \u00e9conomies importantes en mati\u00e8re<br \/>\nd\u2019\u00e9nergie, d\u2019\u00e9missions et de consommation<br \/>\nd\u2019eau sont r\u00e9alisables et permettent de<br \/>\nr\u00e9duire les co\u00fbts pour les r\u00e9sidants,<br \/>\ntout en contribuant \u00e0 l\u2019atteinte des cibles<br \/>\nclimatiques globales.<\/p>\n<p>Un condominium en copropri\u00e9t\u00e9, YCC 380, situ\u00e9 au 301 de la<br \/>\npromenade Prudential, \u00e0 Toronto, est<br \/>\ndevenu le premier immeuble r\u00e9sidentiel \u00e0<br \/>\nlogements multiples (IRLM) priv\u00e9 du Canada<br \/>\n\u00e0 obtenir la certification Investor Ready<br \/>\nEnergy Efficiency (IREE) pour un projet<br \/>\nd\u2019am\u00e9lioration de l\u2019efficacit\u00e9 \u00e9nerg\u00e9tique.<\/p>\n<p>Offerts par Green Business Certification<br \/>\nInc. Canada (GBCI Canada), les projets<br \/>\ncanadiens qui compl\u00e8tent la certification<br \/>\nIREE suivent le cadre Investor Confidence<br \/>\nProject (ICP) et attestent que des pratiques<br \/>\nexemplaires dans le d\u00e9veloppement<br \/>\nde projets ont \u00e9t\u00e9 observ\u00e9es de fa\u00e7on<br \/>\nnormalis\u00e9e. Cette m\u00e9thode contribue \u00e0<br \/>\nr\u00e9duire les risques, acc\u00e9l\u00e9rant les activit\u00e9s<br \/>\nde r\u00e9novation efficace des b\u00e2timents et<br \/>\nfavorisant des opportunit\u00e9s de financement<br \/>\nplus vari\u00e9es.<\/p>\n<p>\u00ab Il existe un potentiel remarquable pour<br \/>\nl\u2019efficacit\u00e9 \u00e9nerg\u00e9tique des immeubles<br \/>\nr\u00e9sidentiels au Canada afin de soutenir<br \/>\nla transition vers une \u00e9conomie \u00e0 faibles<br \/>\n\u00e9missions de carbone \u00bb, s\u2019enthousiasme<br \/>\nThomas Mueller, pr\u00e9sident et directeur<br \/>\ng\u00e9n\u00e9ral de GBCI Canada et du Conseil du <\/p>\n<p>A U \u00a0 C A N A D A<\/p>\n<p>Compl\u00e9ter des <\/p>\n<p>projets d\u2019efficacit\u00e9 <\/p>\n<p>\u00e9nerg\u00e9tique sur <\/p>\n<p>des b\u00e2timents <\/p>\n<p>existants est l\u2019une <\/p>\n<p>des fa\u00e7ons les plus <\/p>\n<p>abordables de <\/p>\n<p>r\u00e9duire les \u00e9missions <\/p>\n<p>de gaz \u00e0 effet de <\/p>\n<p>serre (GES), d\u2019aider <\/p>\n<p>les propri\u00e9taires \u00e0 <\/p>\n<p>\u00e9conomiser sur les <\/p>\n<p>co\u00fbts li\u00e9s \u00e0 l\u2019\u00e9nergie <\/p>\n<p>et de d\u00e9bloquer des <\/p>\n<p>milliards de dollars <\/p>\n<p>en opportunit\u00e9s <\/p>\n<p>\u00e9conomiques \u00e0 <\/p>\n<p>travers le pays. <\/p>\n<p>Premier immeuble<br \/>\nr\u00e9sidentiel \u00e0 logements<br \/>\nmultiples (IRLM) en<br \/>\ncopropri\u00e9t\u00e9 certifi\u00e9 IREE <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 29Return to CONTENTS<\/p>\n<p>LE PROJET DE LA  <\/p>\n<p>PROMENADE PRUDENTIAL<\/p>\n<p>En collaboration avec les copropri\u00e9taires<br \/>\net les gestionnaires immobiliers,<br \/>\net conform\u00e9ment aux exigences de<br \/>\ncertification IREE, EDESCO Energy<br \/>\nSolutions et son ing\u00e9nieur chef de projet,<br \/>\nFinn Projects, ont \u00e9valu\u00e9 le potentiel<br \/>\nd\u2019\u00e9conomies d\u00e9coulant de la r\u00e9duction<br \/>\nde la consommation d\u2019eau et d\u2019\u00e9nergie et<br \/>\ndes \u00e9missions de GES et ont \u00e9labor\u00e9 un<br \/>\nplan de mise en \u0153uvre et de suivi pour<br \/>\nl\u2019immeuble de la promenade Prudential.<br \/>\nL\u2019\u00e9valuation et les plans du projet<br \/>\napprouv\u00e9s ont permis d\u2019effectuer des<br \/>\ntravaux de modernisation et de r\u00e9novation<br \/>\ndes syst\u00e8mes de chauffage, ventilation et<br \/>\nconditionnement de l\u2019air et des syst\u00e8mes<br \/>\nd\u2019automatisation du b\u00e2timent et des<br \/>\ntravaux de remplacement des appareils<br \/>\nqui consomment de l\u2019eau et des appareils<br \/>\nd\u2019\u00e9clairage. Ces mesures planifi\u00e9es<br \/>\ndevraient permettre d\u2019\u00e9conomiser 18 %<br \/>\ndes co\u00fbts annuels des services publics,<br \/>\nsoit environ 70 000 $ par ann\u00e9e, et de<br \/>\nr\u00e9duire les \u00e9missions annuelles du<br \/>\nb\u00e2timent de 10 %, soit 90 tonnes d\u2019\u00e9q. CO2<br \/>\npar ann\u00e9e. Sur la base de ces pr\u00e9visions<br \/>\net gr\u00e2ce \u00e0 un contrat de performance<br \/>\ngaranti, les \u00e9conomies r\u00e9alis\u00e9es sur les<br \/>\nco\u00fbts des services publics permettront aux<br \/>\ncopropri\u00e9taires de rembourser l\u2019emprunt<br \/>\nen 12 ans. Par l\u2019entremise de ses solutions<br \/>\nde design-construction cl\u00e9s en main pour<br \/>\nr\u00e9duire les co\u00fbts de l\u2019\u00e9nergie et de l\u2019eau,<br \/>\net gr\u00e2ce \u00e0 ses contrats de performance<br \/>\n\u00e9nerg\u00e9tique, EDESCO fournit jusqu\u2019\u00e0 100<br \/>\n% des co\u00fbts d\u2019investissement des travaux<br \/>\nde r\u00e9novation ainsi qu\u2019une garantie de<br \/>\nperformance enti\u00e8rement couverte par<br \/>\nl\u2019assurance.<\/p>\n<p>ACC\u00c8S \u00c0 DU FINANCEMENT POUR <\/p>\n<p>DES PROJETS D\u2019\u00c9NERGIE PROPRE<\/p>\n<p>Le projet de r\u00e9novation de l\u2019immeuble de la<br \/>\npromenade Prudential a \u00e9t\u00e9 financ\u00e9 par la<br \/>\nBanque d\u2019investissement communautaire<br \/>\nVancity (VCIB), une filiale de la Vancity<br \/>\nCredit Union et la premi\u00e8re banque<br \/>\ncanadienne ax\u00e9e sur les valeurs. La<br \/>\ndivision de l\u2019\u00e9nergie propre de la banque<br \/>\nse concentre sur le financement de projets<br \/>\nd\u2019\u00e9nergie propre distribu\u00e9e et d\u2019efficacit\u00e9<br \/>\n\u00e9nerg\u00e9tique, y compris les projets de<br \/>\nr\u00e9novations majeures de b\u00e2timents, un<br \/>\nsegment du march\u00e9 mal desservi par le<br \/>\nfinancement commercial habituel.<\/p>\n<p>Dans le cadre de son processus<br \/>\nd\u2019approbation de financement, VCIB m\u00e8ne<br \/>\nune initiative pilote sur l\u2019obtention de la<br \/>\ncertification IREE comme solution de<br \/>\nrechange \u00e0 la r\u00e9alisation d\u2019un examen<br \/>\ntechnique ind\u00e9pendant et juge son potentiel<br \/>\nsur le march\u00e9 tr\u00e8s prometteur.<\/p>\n<p>\u00ab Les investisseurs et les pr\u00eateurs ne<br \/>\ns\u2019engagent toujours pas dans le march\u00e9 de<br \/>\nla r\u00e9novation \u00e9co\u00e9nerg\u00e9tique, en grande<br \/>\npartie \u00e0 cause de la petite taille des projets<br \/>\nou de l\u2019incertitude quant aux rendements.<br \/>\nC\u2019est un probl\u00e8me, car pour atteindre le<br \/>\nnet z\u00e9ro, il faudra financer de petits projets<br \/>\nde r\u00e9novation sur un tr\u00e8s grand nombre de<br \/>\nb\u00e2timents \u00bb, d\u00e9clare pour sa part Jonathan<br \/>\nFrank, directeur du d\u00e9veloppement<br \/>\ncommercial de l\u2019\u00e9nergie propre chez VCIB.<br \/>\n\u00ab Si elle est adopt\u00e9e \u00e0 grande \u00e9chelle, la<br \/>\ncertification IREE pourrait attirer plus de<br \/>\npr\u00eateurs dans le march\u00e9 de la r\u00e9novation<br \/>\ndu fait qu\u2019elle donne l\u2019assurance que les<br \/>\n\u00e9conomies de co\u00fbts et d\u2019\u00e9nergie seront<br \/>\natteintes, et en raison du processus de<br \/>\ndiligence raisonnable qui soutient les<br \/>\nfinancements de cette taille. \u00bb<\/p>\n<p>Par la r\u00e9duction des risques<br \/>\nd\u2019investissement et une plus grande<br \/>\nnormalisation, le cadre de l\u2019ICP vise \u00e0<br \/>\nd\u00e9velopper une \u00e9conomie de la r\u00e9novation<br \/>\nefficace et vigoureuse au Canada, une<br \/>\n\u00e9conomie qui permettra de cr\u00e9er les<br \/>\nemplois et l\u2019activit\u00e9 \u00e9conomique dont<br \/>\nnous avons tant besoin, de diminuer la<br \/>\nconsommation d\u2019\u00e9nergie, d\u2019accro\u00eetre<br \/>\nl\u2019abordabilit\u00e9 et d\u2019aider les provinces et<br \/>\nles territoires \u00e0 atteindre leurs objectifs<br \/>\nd\u2019att\u00e9nuation du changement climatique.<\/p>\n<p>Cette initiative prometteuse devrait<br \/>\ninspirer des initiatives semblables \u00e0<br \/>\nla grandeur du Canada. Vous pouvez<br \/>\nretrouver une \u00e9tude de cas de ce projet<br \/>\nainsi que d\u2019autres projets sur le site<br \/>\nGBCICanada.ca.<\/p>\n<p>SOUTENIR LES MEILLEURES <\/p>\n<p>NORMES DE L\u2019INDUSTRIE ET LE <\/p>\n<p>D\u00c9VELOPPEMENT RATIONALIS\u00c9 <\/p>\n<p>DES PROJETS D\u2019EFFICACIT\u00c9 <\/p>\n<p>\u00c9NERG\u00c9TIQUE<\/p>\n<p>L\u2019Investor Confidence<br \/>\nProject (ICP) d\u00e9finit une<br \/>\nfeuille de route claire<br \/>\nqui va de la conception<br \/>\nde projets de r\u00e9novation<br \/>\njusqu\u2019\u00e0 des opportunit\u00e9s<br \/>\nfiables d\u2019investissement. <\/p>\n<p>L\u2019ICP est une norme de souscription de<br \/>\nport\u00e9e mondiale servant \u00e0 d\u00e9velopper<br \/>\net \u00e0 \u00e9valuer les projets d\u2019am\u00e9lioration<br \/>\nde l\u2019efficacit\u00e9 \u00e9nerg\u00e9tique, norme<br \/>\nadministr\u00e9e par GBCI. Sa certification<br \/>\nIREE (Investor Ready Energy Efficiency)<br \/>\nfournit une \u00e9valuation tierce, ind\u00e9pendante<br \/>\net transparente, pour aider \u00e0 assurer que<br \/>\nles projets d\u00e9velopp\u00e9s respectent les<br \/>\npratiques exemplaires de l\u2019industrie.<\/p>\n<p>La certification IREE indique aux<br \/>\ninvestisseurs qu\u2019un projet a \u00e9t\u00e9 ex\u00e9cut\u00e9<br \/>\nselon des pratiques exemplaires qui<br \/>\ncontribuent \u00e0 r\u00e9duire les co\u00fbts de<br \/>\ntransaction et qui augmentent la fiabilit\u00e9<br \/>\ndes \u00e9conomies. Les protocoles de<br \/>\ncertification offrent aux investisseurs une<br \/>\nfeuille de route uniforme pour \u00e9valuer les<br \/>\nrisques, pour comparer les opportunit\u00e9s<br \/>\nde placement dans les projets de<br \/>\nr\u00e9novation et pour fournir un processus<br \/>\nd\u2019approbation de projets plus rationalis\u00e9.<\/p>\n<p>R\u00c9SUM\u00c9 DES AVANTAGES  <\/p>\n<p>DE LA CERTIFICATION<\/p>\n<p>\u2022 Des pratiques exemplaires de<br \/>\nl\u2019industrie, des normes accept\u00e9es et<br \/>\nun g\u00e9nie rigoureux servent \u00e0 certifier<br \/>\nles projets.<\/p>\n<p>\u2022 Un processus de certification<br \/>\ntierce assure que les projets soient<br \/>\nconformes aux protocoles ICP.<\/p>\n<p>\u2022 Des projections d\u2019\u00e9conomies fiables<br \/>\net uniformes r\u00e9duisent les risques<br \/>\nde la performance et augmentent la<br \/>\nconfiance d\u2019obtenir les rendements<br \/>\nfinanciers esp\u00e9r\u00e9s.<\/p>\n<p>\u2022 Des comparaisons \u00ab entre pommes \u00bb<br \/>\ndes propositions et soumissions de<br \/>\nprojets peuvent \u00eatre faites gr\u00e2ce \u00e0 la<br \/>\ndocumentation normalis\u00e9e.<\/p>\n<p>\u2022 Des co\u00fbts r\u00e9duits de transaction, de<br \/>\ndiligence raisonnable et de capitaux,<br \/>\nqui sont rendus possibles par la<br \/>\nnormalisation et qui augmentent la<br \/>\ncapacit\u00e9 d\u2019agr\u00e9ger des projets et<br \/>\nd\u2019acc\u00e9der aux march\u00e9s secondaires.<\/p>\n<p>Les protocoles ICP d\u00e9finissent les<br \/>\npratiques exemplaires \u00e0 utiliser \u00e0 chaque<br \/>\n\u00e9tape d\u2019un projet de r\u00e9novations fructueux.<br \/>\nLe flux op\u00e9rationnel de la certification<br \/>\nIREE assure que les projets misent sur<br \/>\nles pratiques exemplaires de l\u2019industrie<br \/>\ndurant la phase de conception des<br \/>\nr\u00e9novations pour l\u2019utilisation \u00e9nerg\u00e9tique<br \/>\nde base, le calcul des \u00e9conomies, la mise<br \/>\nen service, les op\u00e9rations et l\u2019entretien, les <\/p>\n<p>EFFICACIT\u00c9 \u00c9NERG\u00c9TIQUE<br \/>\nPR\u00caTE POUR INVESTISSEMENT<\/p>\n<p>Protocole de<br \/>\nrendement \u00e9nerg\u00e9tique<\/p>\n<p>PROJET DE CONFIANCE DES INVESTISSEURS<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 30 Return to CONTENTS<\/p>\n<p>Le gouvernement <\/p>\n<p>f\u00e9d\u00e9ral du Canada <\/p>\n<p>reconna\u00eet le r\u00f4le que <\/p>\n<p>jouera la r\u00e9novation des <\/p>\n<p>immeubles pour atteindre <\/p>\n<p>ses objectifs en mati\u00e8re <\/p>\n<p>de r\u00e9duction des gaz \u00e0 <\/p>\n<p>effet de serre. <\/p>\n<p>mesures et les v\u00e9rifications, de m\u00eame que<br \/>\nla normalisation des documents associ\u00e9s<br \/>\naux projets.<\/p>\n<p>La certification IREE est pr\u00e9sentement<br \/>\nutilis\u00e9e par les propri\u00e9taires de projets,<br \/>\nles investisseurs, les ing\u00e9nieurs et les<br \/>\ncompagnies d\u2019assurances en Am\u00e9rique<br \/>\ndu Nord et en Europe. Les programmes<br \/>\nd\u2019efficacit\u00e9 \u00e9nerg\u00e9tique tels On-Bill<br \/>\nFinancing Program de Pacific Gas and<br \/>\nElectric, Commercial Property Assessed<br \/>\nClean Energy Program de la Connecticut<br \/>\nGreen Bank, Carbon and Energy Fund<br \/>\ndu Royaume-Uni et d\u2019autres utilisent<br \/>\n\u00e9galement la certification IREE comme <\/p>\n<p>processus d\u2019approbation.<\/p>\n<p>ICP AU CANADA<\/p>\n<p>Le CBDCa et GBCI travaillent<br \/>\nconjointement pour amener l\u2019ICP et<br \/>\nla norme IREE au Canada. Dans le<br \/>\nCadre pancanadien sur la croissance<br \/>\npropre et les changements climatiques,<br \/>\nle gouvernement f\u00e9d\u00e9ral du Canada<br \/>\nreconna\u00eet le r\u00f4le que jouera la r\u00e9novation<br \/>\ndes immeubles pour atteindre ses objectifs<br \/>\nen mati\u00e8re de r\u00e9duction des gaz \u00e0 effet <\/p>\n<p>de serre (GES). Collaborant<br \/>\navec les pr\u00eateurs, les<br \/>\nd\u00e9veloppeurs de programmes<br \/>\net les promoteurs de projets<br \/>\nint\u00e9ress\u00e9s, le CBDCa et GBCI ont<br \/>\napport\u00e9 le protocole ICP pour qu\u2019il<br \/>\nsoit employ\u00e9 au Canada afin d\u2019acc\u00e9l\u00e9rer<br \/>\nl\u2019implantation des projets de r\u00e9novation<br \/>\net d\u2019aider le gouvernement \u00e0 atteindre ses<br \/>\nobjectifs en la mati\u00e8re. La certification<br \/>\nIREE est l\u2019occasion de catalyser davantage<br \/>\nd\u2019investissements dans les am\u00e9liorations<br \/>\nde la performance \u00e9nerg\u00e9tique des<br \/>\nb\u00e2timents existants et d\u2019augmenter<br \/>\nla grande confiance de l\u2019industrie<br \/>\ndans la performance \u00e0 long terme des<br \/>\nb\u00e2timents r\u00e9nov\u00e9s.<\/p>\n<p>\u00c0 PROPOS DU CONSEIL DU <\/p>\n<p>B\u00c2TIMENT DURABLE DU CANADA <\/p>\n<p>(CBDCA)<\/p>\n<p>Le CBDCa est l\u2019organisation nationale<br \/>\nde premier rang consacr\u00e9e au b\u00e2timent<br \/>\n\u00e9cologique, \u00e0 la r\u00e9novation de b\u00e2timents<br \/>\net aux pratiques de d\u00e9veloppement<br \/>\ncommunautaire durable. Se faisant la<br \/>\nvoix du b\u00e2timent \u00e9cologique au Canada, <\/p>\n<p>le CBDCa travaille avec l\u2019industrie et le<br \/>\ngouvernement, tant \u00e0 l\u2019\u00e9chelle locale,<br \/>\nprovinciale que nationale, pour rendre<br \/>\nchaque b\u00e2timent plus \u00e9cologique.<br \/>\nLe CBDCa s\u2019efforce de r\u00e9duire les<br \/>\n\u00e9missions de carbone et l\u2019empreinte<br \/>\nenvironnementale globale des b\u00e2timents,<br \/>\ntout en am\u00e9liorant la sant\u00e9 des occupants<br \/>\net en contribuant \u00e0 une \u00e9conomie<br \/>\ndynamique \u00e0 faibles \u00e9missions de carbone.<br \/>\nPour y arriver, le CBDCa \u00e9labore et v\u00e9rifie<br \/>\ndes normes avanc\u00e9es de b\u00e2timent vert,<br \/>\nm\u00e8ne des programmes de promotion<br \/>\ngouvernementale et des recherches sur<br \/>\nle march\u00e9, en plus de fournir \u00e9ducation<br \/>\net formation qui ont atteint plus de 45 000<br \/>\nprofessionnels canadiens depuis 2002.<br \/>\nEn 2004, le CBDCa a institu\u00e9 le syst\u00e8me<br \/>\nde notation de b\u00e2timent vert LEED\u00ae au<br \/>\nCanada et d\u00e9velopp\u00e9 la premi\u00e8re Norme<br \/>\ndu b\u00e2timent \u00e0 carbone z\u00e9ro, en 2017.<br \/>\nLe CBDCa est membre du World Green<br \/>\nBuilding Council, appuyant les efforts<br \/>\ninternationaux pour r\u00e9duire les effets sur<br \/>\nl\u2019environnement et pour am\u00e9liorer la sant\u00e9<br \/>\nglobale des b\u00e2timents et des collectivit\u00e9s.<br \/>\nPour de plus amples renseignements,<br \/>\nvisitez cagbc.org. <\/p>\n<p>LIGNE DE BASE<br \/>\n\u00c9CONOMIES<br \/>\nPROJET\u00c9ES<\/p>\n<p>CONCEPTION,<br \/>\nCONSTRUCTION;<br \/>\nMISE EN SERVICE<\/p>\n<p>OP\u00c9RATIONS,<br \/>\nENTRETIEN,  <\/p>\n<p>SURVEILLANCE<\/p>\n<p>MESURES &#038;<br \/>\nV\u00c9RIFICATIONS<\/p>\n<p>(M&#038;V)<\/p>\n<p>\u00c9TABLIR LES<br \/>\nDONN\u00c9ES REP\u00c8RES<\/p>\n<p>B\u00e2timent existant<\/p>\n<p>Dessins<\/p>\n<p>Dossier<br \/>\nm\u00e9t\u00e9orologique<\/p>\n<p>Consommation<br \/>\nd\u2019\u00e9nergie<\/p>\n<p>Taux d\u2019\u00e9nergie<\/p>\n<p>Occupation<\/p>\n<p>Dossier de mod\u00e8les <\/p>\n<p>Donn\u00e9es de<br \/>\ncalibration<\/p>\n<p>Trousses de<br \/>\nsoumission<\/p>\n<p>Certifications<\/p>\n<p>Plan Cx<\/p>\n<p>Autorit\u00e9 Cx<\/p>\n<p>M\u00e9thodes d\u2019essai<\/p>\n<p>Installations requises<\/p>\n<p>Points BMS<\/p>\n<p>Plan de d\u00e9fauts<\/p>\n<p>Plan d\u2019entretien<\/p>\n<p>Mod\u00e8le M&#038;V<\/p>\n<p>Mod\u00e8le<br \/>\nde r\u00e9gression<\/p>\n<p>Ajustements<\/p>\n<p>Impact<\/p>\n<p>Ajustements de base<\/p>\n<p>\u00c9CONOMIES CX OP\u00c9RATIONS M&#038;V<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 31Return to CONTENTS<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"xHVLLWt3vx\"><p><a href=\"https:\/\/www.cagbc.org\/fr\/\">Accueil<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Accueil&#8221; &#8212; Canada Green Building Council (CAGBC)\" src=\"https:\/\/www.cagbc.org\/fr\/embed\/#?secret=mcxc4NSBJY#?secret=xHVLLWt3vx\" data-secret=\"xHVLLWt3vx\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Valuation theory states that, all else<br \/>\nequal, the rate of return demanded by an<br \/>\nequity investor will increase as financial<br \/>\nleverage increases. This means financial<br \/>\nrisk, defined as \u201crisk related to the use of<br \/>\ndebt to finance an investment,\u201d increases<br \/>\nas an investor uses more and more debt.1<br \/>\nAccordingly, a prudent investor will<br \/>\ndemand a higher expected rate of return<br \/>\nas compensation for accepting incremental<br \/>\nfinancial risk.<\/p>\n<p>M embers of the Appraisal Institute of Canada (AIC) are frequently asked to value real property for<br \/>\nmortgage financing purposes. While real<br \/>\nestate is appraised as though free and<br \/>\nclear of mortgage financing, the current<br \/>\nor anticipated amount of debt secured by a<br \/>\nproperty impacts the financial risk accepted<br \/>\nby a property owner and, by extension, the<br \/>\nrisk borne by the appraiser should the<br \/>\nproperty owner default on the loan. <\/p>\n<p>A DOUBLE<br \/>\n EDGED SWORD<\/p>\n<p>BY JT DHOOT, AACI, P.APP, CBV<br \/>\nFOUNDER &#038; PRINCIPAL, OMNIS VALUATIONS &#038; ADVISORY LTD.<\/p>\n<p>FINANCIAL<br \/>\nLEVERAGE:<\/p>\n<p>Valuation theory also states that,<br \/>\nexcluding the tax benefit arising from<br \/>\ntax-deductible interest on debt, value<br \/>\ncannot be created (or destroyed) by simply<br \/>\nchanging an asset\u2019s capital structure.<br \/>\nStated differently, \u201cThe change in financial<br \/>\nstructure does not affect the amount or<br \/>\nrisk of the cash flows on the total package<br \/>\nof the debt and the equity\u201d and therefore<br \/>\n\u201cthe market value of any [property] is<br \/>\nindependent of its capital structure.\u201d2<br \/>\nBe that as it may, appraisers must<br \/>\nremember that \u201cthe transaction price for<br \/>\none property may differ from that of an<br \/>\nidentical property due to different financing<br \/>\narrangements[]\u201d and thus \u201cappraisers<br \/>\nmust make sure that cash equivalency<br \/>\nadjustments reflect market perceptions\u201d<br \/>\nwhen this is the case.3<\/p>\n<p>How much, if any, debt a property owner<br \/>\nchooses to use in a particular situation<br \/>\ndepends on numerous factors, including<br \/>\nbut not limited to:<\/p>\n<p>\u2022 the type, location, age, condition and<br \/>\nuse of the property; <\/p>\n<p>\u2022 the property\u2019s historical and, more<br \/>\nimportantly, anticipated cash flows; <\/p>\n<p>\u2022 the property owner\u2019s investment<br \/>\nstrategy, risk tolerance and financial<br \/>\nresources; and <\/p>\n<p>\u2022 the availability, terms and cost of<br \/>\ndebt including the covenants that, if<br \/>\nbreached, will cause the loan to be<br \/>\nin default.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 32 Return to CONTENTS<\/p>\n<p>In contrast to financial risk, the terms<br \/>\nmarket risk, operating risk and\/or<br \/>\nbusiness risk are used broadly to describe<br \/>\nshifts in supply and demand, changes<br \/>\nin laws and regulations, fluctuations in<br \/>\ncapital markets, etc. Simply put, these<br \/>\nfactors impact the amount, timing<br \/>\nand perceived risk(s) of the expected<br \/>\nbenefits (i.e., cash flows) anticipated<br \/>\nfrom a property, irrespective of how the<br \/>\nproperty is financed. In other words, the<br \/>\nunlevered (also known as unleveraged,<br \/>\nbefore-debt, debt-free or all-cash) cash<br \/>\nflows anticipated from a property are not<br \/>\ninfluenced by financial risk. The market<br \/>\nrisk, operating risk and\/or business risk<br \/>\nare factors that affect the selection of an<br \/>\nappropriate terminal capitalization rate<br \/>\nand discount rate but they are independent<br \/>\nof financial risk, which is related solely<br \/>\nto the impacts of financial leverage<br \/>\n(i.e., debt). <\/p>\n<p>In theory, \u201cany shift in capital<br \/>\nstructure can be duplicated or \u201cundone\u201d<br \/>\nby investors\u201d4 and for this reason, any<br \/>\nfinancial risk a property owner chooses<br \/>\nto accept will only impact the expected<br \/>\nrisk and return on her\/his equity, not the<br \/>\nexpected risk and return on the asset as<br \/>\na whole (i.e., the total package of the debt<br \/>\nand equity). Again, the caveat here is the<br \/>\nproperty is not being transacted on the<br \/>\nbasis of atypical or non-market financing.  <\/p>\n<p>The following case study attempts<br \/>\nto illustrate these concepts using a<br \/>\nhypothetical commercial property and<br \/>\nsome simplifying assumptions:<\/p>\n<p>\u2022 A 2,500 sq.ft. commercial property<br \/>\nis purchased today for $1,000,000,<br \/>\nbased on a going-in overall<br \/>\ncapitalization rate of 5.0%.<\/p>\n<p>\u2022 The property owner intends<br \/>\nto hold the property for five<br \/>\nyears, with the estimated<br \/>\nterminal value at the end of<br \/>\nthe holding period calculated<br \/>\nusing a terminal capitalization<br \/>\nrate of 5.0% and assuming no<br \/>\ntransaction costs.<\/p>\n<p>\u2022 In Year 2 and each year thereafter,<br \/>\nthe property\u2019s Net Operating<br \/>\nIncome (NOI) is anticipated to<br \/>\nchange based on five distinct<br \/>\nmarket scenarios (collectively,<br \/>\nthe \u2018Market Scenarios\u2019):<\/p>\n<p> \u00a7 Market Scenario 1 = NOI<br \/>\nchanges at a Compound<br \/>\nAnnual Growth Rate<br \/>\n(CAGR) of -6%<\/p>\n<p> \u00a7 Market Scenario 2 = NOI<br \/>\nchanges at a CAGR of -3%<\/p>\n<p> \u00a7 Market Scenario 3 =<br \/>\nNOI remains the same<br \/>\n(CAGR = 0%)<\/p>\n<p> \u00a7 Market Scenario 4 = NOI<br \/>\nchanges at a CAGR of +3%<\/p>\n<p> \u00a7 Market Scenario 5 = NOI changes<br \/>\nat a CAGR of +6%<\/p>\n<p>\u2022 Each of the Market Scenarios is<br \/>\nanalyzed on the basis of three<br \/>\nseparate financing scenarios<br \/>\n(collectively, the \u2018Financing<br \/>\nScenarios\u2019):<\/p>\n<p> \u00a7 Financing Scenario 1 =<br \/>\nNo financial leverage (Loan-to-<br \/>\nValue or LTV ratio of 0%)<\/p>\n<p> \u00a7 Financing Scenario 2 =<br \/>\nModerate financial leverage<br \/>\n(LTV ratio of 50%)<\/p>\n<p> \u00a7 Financing Scenario 3 =<br \/>\nSignificant financial leverage<br \/>\n(LTV ratio of 85%)<\/p>\n<p>\u2022 Each of the Market Scenarios<br \/>\nassumes a vacancy and collection<br \/>\nloss allowance and structural<br \/>\nallowance of 0%.<\/p>\n<p>\u2022 Each of the Financing Scenarios<br \/>\n(except for Financing Scenario 1,<br \/>\nwhich has no financial leverage)<br \/>\nassumes the cost of debt is 3.0%, debt<br \/>\nservice is calculated using a 25-year<br \/>\namortization period, and the income<br \/>\ntax rate is 0%. <\/p>\n<p>Figure 1 illustrates the property\u2019s<br \/>\nforecasted NOI under each of the Market<br \/>\nScenarios. As a reminder, NOI is calculated<br \/>\non a before-debt and before-tax basis,<br \/>\nwhich means that the Financing Scenarios<br \/>\ndo not influence the calculation of NOI.<\/p>\n<p>FIGURE 1<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 33Return to CONTENTS<\/p>\n<p>Figure 2 illustrates the property\u2019s<br \/>\nforecasted terminal value under each of<br \/>\nthe Market Scenarios. Again, the terminal<br \/>\ncapitalization rate and NOI are \u2018unlevered\u2019<br \/>\nmetrics, which are not impacted by<br \/>\nfinancial leverage (or income tax) and,<br \/>\ntherefore, the Financing Scenarios do not<br \/>\ninfluence the terminal value calculations.<br \/>\nNote that the property is forecasted to<br \/>\nsell at a loss in Scenario 1 and 2 (due to<br \/>\ndeclining NOI, coupled with no change<br \/>\nto the capitalization rate), break-even<br \/>\nin Scenario 3 (although it is technically<br \/>\nincorrect to say \u2018break even\u2019 if the time<br \/>\nvalue of money is considered), and at a <\/p>\n<p>gain in Scenario 4 and 5 (due to increasing<br \/>\nNOI coupled with no change to the<br \/>\ncapitalization rate).<\/p>\n<p>Figure 3 illustrates the forecasted<br \/>\nInternal Rate of Return (IRR) on equity<br \/>\nfor each of the Market Scenarios and<br \/>\nFinancing Scenarios, or 15 scenarios in<br \/>\ntotal (5 Market Scenarios x 3 Financing<br \/>\nScenarios = 15 total scenarios). This<br \/>\nanalysis illustrates the following:<\/p>\n<p>\u2022 The IRR on an unlevered basis<br \/>\n(i.e., no financial risk) ranges from a<br \/>\nlow of -1% to a high of 11% depending<br \/>\non the particular Market Scenario.<\/p>\n<p>\u2022 The addition of financial leverage in<br \/>\nFinancing Scenario 2 results in the<br \/>\nIRR range widening to a low of -5.5%<br \/>\nand a high of 17.1%.<\/p>\n<p>\u2022 Increasing financial leverage to 85%<br \/>\nLTV under Financing Scenario 3<br \/>\nresults in an indeterminate IRR on<br \/>\nthe low end (more on this later) and<br \/>\n35.0% on the high end.<\/p>\n<p>Overall, both downside risk and upside<br \/>\npotential are magnified as the use of<br \/>\nfinancial leverage is increased. <\/p>\n<p>Figure 4 illustrates the forecasted<br \/>\nequity multiple for each of the Market<br \/>\nScenarios and Financing Scenarios. The<br \/>\nequity multiple is calculated by dividing<br \/>\nthe total equity cash flows received from<br \/>\nan investment by the investor\u2019s initial<br \/>\nequity contribution. Although the equity<br \/>\nmultiple does not account for the time<br \/>\nvalue of money, the risk profile of the<br \/>\nincome stream or the duration of the<br \/>\ninvestment horizon, it does provide a<br \/>\nrelatively simple metric that answers<br \/>\nthe question \u201cHow many dollars will I get<br \/>\nback for each dollar I invest?\u201d An equity<br \/>\nmultiple greater than 1.0x indicates<br \/>\nthe investor will receive more than he\/<br \/>\nshe invested, while an equity multiple<br \/>\nlower than 1.0x indicates the investor<br \/>\nwill receive less than her\/his initial<br \/>\ninvestment. A negative equity multiple<br \/>\nindicates the investor will lose more than<br \/>\nthe amount he\/she originally invested. <\/p>\n<p>As noted earlier, the combination<br \/>\nof Market Scenario 1 and Financing<br \/>\nScenario 3 results in an indeterminate<br \/>\nIRR. This is because the poor<br \/>\noperating performance of the property<br \/>\n(i.e., declining rental rates and NOI)<br \/>\ncoupled with high financial leverage<br \/>\n(i.e., LTV=85%) creates a scenario where<br \/>\nthe equity investor suffers a loss in<br \/>\nexcess of her\/his equity initial investment.<br \/>\nIn other words, the definition of IRR<br \/>\ncannot be satisfied in this scenario, as<br \/>\nthere is no \u201cdiscount rate that makes the<br \/>\nnet present value of all cash flows from<br \/>\na particular investment equal to zero.\u201d <\/p>\n<p>FIGURE 2<\/p>\n<p>FIGURE 3<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 34 Return to CONTENTS<\/p>\n<p>Figure 4 indicates the equity multiple for<br \/>\nMarket Scenario 1 combined with Financing<br \/>\n3 results in an equity multiple of negative<br \/>\n0.8x, meaning the investor would suffer<br \/>\na total loss of her\/his $150,000 initial<br \/>\nequity investment and an additional loss<br \/>\nof roughly $12,200 (calculated as $150,000<br \/>\ninitial equity investment x equity multiple<br \/>\nof negative 0.08x). <\/p>\n<p>In summary, appraisers are well<br \/>\npositioned to assist their clients in<br \/>\nevaluating the risks and rewards of<br \/>\nusing financial leverage in real estate<br \/>\ntransactions. Members of the AIC who<br \/>\nprepare appraisal reports for mortgage<br \/>\nfinancing purposes can reduce their<br \/>\nexposure to risk in these types of<br \/>\nengagements by following best practices<br \/>\nthat include naming the authorized<br \/>\nlender and potentially limiting the type<br \/>\nand amount of financing for which the<br \/>\nappraiser is willing to accept liability (i.e.,<br \/>\nfirst mortgage financing up to 75% LTV).<\/p>\n<p>END NOTES<br \/>\n1  The Appraisal of Real Estate, 3rd Edition, <\/p>\n<p>Editor: Larry Dybvig, Appraisal Institute<br \/>\nof Canada, c2010, p. 5.6<\/p>\n<p>2  Brealey, Richard A., Stewart C. Myers,<br \/>\nand Franklin Allen. Principles of<br \/>\nCorporate Finance. New York, NY:<br \/>\nMcGraw=Hill\/Irwin, 2006.<\/p>\n<p>3  The Appraisal of Real Estate, 3rd Edition,<br \/>\nEditor: Larry Dybvig, Appraisal Institute<br \/>\nof Canada, c2010, p. 14.11<\/p>\n<p>4  Brealey, Richard A., Stewart C. Myers,<br \/>\nand Franklin Allen. Principles of<br \/>\nCorporate Finance. New York, NY:<br \/>\nMcGraw=Hill\/Irwin, 2006. <\/p>\n<p>FIGURE 4<\/p>\n<p>\u201cAPPRAISERS ARE WELL POSITIONED TO ASSIST THEIR<br \/>\nCLIENTS IN EVALUATING THE RISKS AND REWARDS OF USING<br \/>\nFINANCIAL LEVERAGE IN REAL ESTATE TRANSACTIONS.\u201d<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 35Return to CONTENTS<\/p>\n<p>La th\u00e9orie de l\u2019\u00e9valuation stipule<br \/>\nque, toutes choses \u00e9tant \u00e9gales par<br \/>\nailleurs, le taux de rendement exig\u00e9<br \/>\npar un investisseur augmentera avec le<br \/>\nlevier financier. Cela signifie qu\u2019un risque<br \/>\nfinancier, d\u00e9fini comme \u00ab le risque li\u00e9 \u00e0<br \/>\nl\u2019utilisation d\u2019une dette pour financer un<br \/>\ninvestissement \u00bb, augmente \u00e0 mesure<br \/>\nqu\u2019un investisseur utilise une dette de plus<br \/>\nen plus.1 Par cons\u00e9quent, un investisseur<br \/>\nprudent exigera un taux de rendement<br \/>\npr\u00e9vu plus \u00e9lev\u00e9 comme contrepartie pour<br \/>\naccepter un risque financier progressif.<\/p>\n<p>O n demande souvent aux membres de l\u2019Institut canadien des \u00e9valuateurs (ICE) d\u2019\u00e9valuer des biens immobiliers<br \/>\npour des fins de financement hypoth\u00e9caire.<br \/>\nAlors que les biens sont \u00e9valu\u00e9s comme<br \/>\nsi leurs hypoth\u00e8ques \u00e9taient libres et<br \/>\nquittes d\u2019un tel financement, le montant<br \/>\ncourant ou anticip\u00e9 de la dette garantie<br \/>\npar une propri\u00e9t\u00e9 influe sur le risque<br \/>\nfinancier accept\u00e9 par son propri\u00e9taire et,<br \/>\npar extension, sur le risque assum\u00e9 par<br \/>\nl\u2019\u00e9valuateur si le propri\u00e9taire devait se<br \/>\ntrouver en d\u00e9faut de paiement du pr\u00eat.<\/p>\n<p>UNE \u00c9P\u00c9E \u00c0 DEUX<br \/>\nTRANCHANTS<\/p>\n<p>PAR JT DHOOT, AACI, P.APP, CBV<br \/>\nFONDATEUR ET ASSOCI\u00c9 PRINCIPAL, OMNIS VALUATIONS &#038; ADVISORY LTD.<\/p>\n<p>LEVIER<br \/>\nFINANCIER :<\/p>\n<p>La th\u00e9orie de l\u2019\u00e9valuation stipule en outre<br \/>\nqu\u2019\u00e0 l\u2019exclusion de l\u2019avantage fiscal d\u00e9coulant<br \/>\nd\u2019un int\u00e9r\u00eat d\u00e9ductible sur la dette, on ne peut<br \/>\ncr\u00e9er (ou d\u00e9truire) une valeur en changeant<br \/>\nsimplement la structure financi\u00e8re d\u2019un actif.<br \/>\nAutrement dit, \u00ab le changement de structure<br \/>\nfinanci\u00e8re n\u2019affecte pas le montant ou le<br \/>\nrisque des flux de tr\u00e9sorerie sur la totalit\u00e9<br \/>\nde la dette et des capitaux propres \u00bb et, en<br \/>\ncons\u00e9quence, \u00ab la valeur marchande de toute<br \/>\n[propri\u00e9t\u00e9] est ind\u00e9pendante de sa structure<br \/>\nfinanci\u00e8re \u00bb.  Quoiqu\u2019il en soit, les \u00e9valuateurs<br \/>\ndoivent se souvenir que \u00ab le prix de vente<br \/>\nd\u2019une propri\u00e9t\u00e9 peut diff\u00e9rer de celui d\u2019une<br \/>\npropri\u00e9t\u00e9 identique en raison d\u2019un m\u00e9canisme<br \/>\nde financement diff\u00e9rent [] \u00bb et, donc, \u00ab<br \/>\ns\u2019assurer que les ajustements en esp\u00e8ces<br \/>\nrefl\u00e8tent les perceptions du march\u00e9 \u00bb lorsque<br \/>\nc\u2019est le cas.3<\/p>\n<p>La partie, le cas \u00e9ch\u00e9ant, d\u2019une dette qu\u2019un<br \/>\npropri\u00e9taire d\u00e9cide d\u2019appliquer \u00e0 une situation<br \/>\ndonn\u00e9e d\u00e9pend de plusieurs facteurs,<br \/>\nincluant, sans toutefois s\u2019y limiter :<\/p>\n<p>\u2022 le type, l\u2019emplacement, l\u2019\u00e2ge, la<br \/>\ncondition et l\u2019utilisation de la propri\u00e9t\u00e9;<\/p>\n<p>\u2022 l\u2019historique de la propri\u00e9t\u00e9 et,<br \/>\nplus important encore, les flux de<br \/>\ntr\u00e9sorerie anticip\u00e9s;<\/p>\n<p>\u2022 la strat\u00e9gie d\u2019investissement du<br \/>\npropri\u00e9taire, la tol\u00e9rance aux risques<br \/>\nainsi que les ressources financi\u00e8res; et<\/p>\n<p>\u2022 la disponibilit\u00e9, les modalit\u00e9s et les<br \/>\nco\u00fbts d\u2019endettement, y compris les<br \/>\nengagements qui, s\u2019ils n\u2019\u00e9taient pas<br \/>\ntenus, rendraient le pr\u00eat en d\u00e9faut<br \/>\nde paiement.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 36 Return to CONTENTS<\/p>\n<p>Par contraste avec le risque financier,<br \/>\nles termes risque du march\u00e9, risque<br \/>\nd\u2019exploitation et\/ou risque commercial sont<br \/>\nutilis\u00e9s de fa\u00e7on g\u00e9n\u00e9rale pour d\u00e9crire les<br \/>\nvariations de l\u2019offre et de la demande, les<br \/>\nchangements dans les lois et r\u00e8glements,<br \/>\nles fluctuations des march\u00e9s financiers,<br \/>\netc. Pour simplifier, ces facteurs<br \/>\ninfluencent le montant, l\u2019opportunit\u00e9 et<br \/>\nle ou les risques per\u00e7us des b\u00e9n\u00e9fices<br \/>\nesp\u00e9r\u00e9s (c.-\u00e0-d. les flux de tr\u00e9sorerie)<br \/>\nprovenant d\u2019une propri\u00e9t\u00e9, sans \u00e9gard \u00e0 la<br \/>\nfa\u00e7on dont elle est financ\u00e9e. En d\u2019autres<br \/>\nmots, les flux de tr\u00e9sorerie non frapp\u00e9s<br \/>\npar des facteurs d\u2019endettement (aussi<br \/>\nappel\u00e9s non g\u00e9n\u00e9rateurs d\u2019endettement,<br \/>\navant dette, sans facteurs d\u2019endettement<br \/>\nou tout en comptant) que l\u2019on attend d\u2019une<br \/>\npropri\u00e9t\u00e9 ne sont pas influenc\u00e9s par le<br \/>\nrisque financier. Le risque du march\u00e9,<br \/>\nle risque d\u2019exploitation et\/ou le risque<br \/>\ncommercial sont des facteurs qui affectent<br \/>\nla s\u00e9lection d\u2019un taux de capitalisation final<br \/>\net d\u2019un taux d\u2019escompte appropri\u00e9s, mais<br \/>\nils sont ind\u00e9pendants du risque financier,<br \/>\nqui est li\u00e9 seulement aux impacts du levier<br \/>\nfinancier (c.-\u00e0-d. la dette).<\/p>\n<p>En th\u00e9orie, \u00ab toute modification d\u2019une<br \/>\nstructure financi\u00e8re peut \u00eatre reproduite<br \/>\nou annul\u00e9e par les investisseurs \u00bb4 et, pour<br \/>\ncette raison, tout risque financier qu\u2019un<br \/>\npropri\u00e9taire choisit d\u2019assumer touchera<br \/>\nseulement le risque et le rendement <\/p>\n<p>pr\u00e9vus sur ses capitaux propres, pas le<br \/>\nrisque et le rendement attendus de l\u2019actif<br \/>\ndans son ensemble (c.-\u00e0-d. la totalit\u00e9<br \/>\nde la dette et des capitaux propres).<br \/>\nEncore une fois, la mise en garde ici est<br \/>\nque la propri\u00e9t\u00e9 n\u2019est pas vendue sur la<br \/>\nbase d\u2019un financement atypique ou ne<br \/>\nprovenant pas du march\u00e9.  <\/p>\n<p>L\u2019\u00e9tude de cas suivante tente<br \/>\nd\u2019illustrer ces notions en utilisant une<br \/>\npropri\u00e9t\u00e9 commerciale imaginaire et<br \/>\nquelques hypoth\u00e8ses de simplification :<\/p>\n<p>\u2022 Une personne ach\u00e8te aujourd\u2019hui<br \/>\nune propri\u00e9t\u00e9 commerciale de<br \/>\n2500 pi2, pour 1 000 000 $, au taux de<br \/>\ncapitalisation global initial de 5,0 %.<\/p>\n<p>\u2022 Le propri\u00e9taire du bien commercial<br \/>\nentend d\u00e9tenir celui-ci durant<br \/>\ncinq ans, avec la valeur finale<br \/>\nestim\u00e9e \u00e0 la fin de la p\u00e9riode de<br \/>\nd\u00e9tention calcul\u00e9e \u00e0 l\u2019aide du taux<br \/>\nde capitalisation final de 5,0 % et<br \/>\nen ne pr\u00e9voyant aucuns frais de<br \/>\ntransaction.<\/p>\n<p>\u2022 \u00c0 l\u2019An 2 et \u00e0 chaque ann\u00e9e<br \/>\nsubs\u00e9quente, le propri\u00e9taire s\u2019attend<br \/>\n\u00e0 ce que le revenu net d\u2019exploitation<br \/>\n(RNE) change selon cinq diff\u00e9rents<br \/>\nsc\u00e9narios de march\u00e9 (collectivement,<br \/>\nles \u2039 sc\u00e9narios de march\u00e9 \u203a) :<\/p>\n<p> \u00a7 Sc\u00e9nario de march\u00e9 1 = Le RNE<br \/>\nchange, \u00e0 un taux de croissance<br \/>\nannuel compos\u00e9 (TCAC) de -6 %<\/p>\n<p> \u00a7 Sc\u00e9nario de march\u00e9 2 = Le RNE<br \/>\nchange, \u00e0 un TCAC de -3 %<\/p>\n<p> \u00a7 Sc\u00e9nario de march\u00e9 3 = Le RNE<br \/>\ndemeure le m\u00eame (TCAC = 0 %)<\/p>\n<p> \u00a7 Sc\u00e9nario de march\u00e9 4 = Le RNE<br \/>\nchange, \u00e0 un TCAC de +3 %<\/p>\n<p> \u00a7 Sc\u00e9nario de march\u00e9 5 = Le RNE<br \/>\nchange, \u00e0 un TCAC de +6 %<\/p>\n<p>\u2022 Chacun des sc\u00e9narios de march\u00e9<br \/>\nest analys\u00e9 selon trois sc\u00e9narios de<br \/>\nfinancement distincts (collectivement,<br \/>\nles \u2039 sc\u00e9narios de financement \u203a) :<\/p>\n<p> \u00a7 Sc\u00e9nario de financement 1 = Aucun<br \/>\nlevier financier (rapport pr\u00eat\/<br \/>\nvaleur ou RPV de 0 %)<\/p>\n<p> \u00a7 Sc\u00e9nario de financement 2 = Levier<br \/>\nfinancier mod\u00e9r\u00e9 (RPV de 50 %)<\/p>\n<p> \u00a7 Sc\u00e9nario de financement 3 = Levier<br \/>\nfinancier important (RPV de 85 %)<\/p>\n<p>\u2022 Chacun des sc\u00e9narios de march\u00e9<br \/>\nsuppose une d\u00e9duction pour pertes<br \/>\n(vacance et collecte) et une d\u00e9duction<br \/>\nstructurelle de 0 %.<\/p>\n<p>\u2022 Chacun des sc\u00e9narios de financement<br \/>\n(sauf le sc\u00e9nario de financement 1, qui<br \/>\nn\u2019a pas de levier financier) suppose un<br \/>\nco\u00fbt d\u2019endettement de 3,0 %, le service<br \/>\nde la dette est calcul\u00e9 sur une p\u00e9riode<br \/>\nd\u2019amortissement de 25 ans et le taux<br \/>\nd\u2019imposition sur le revenu est de 0 %.<\/p>\n<p>Le tableau 1 illustre le RNE projet\u00e9 de la<br \/>\npropri\u00e9t\u00e9 dans chacun des sc\u00e9narios de<br \/>\nmarch\u00e9. \u00c0 titre de rappel, le RNE est calcul\u00e9<br \/>\navant dette et avant taxe, ce qui signifie que<br \/>\nles sc\u00e9narios de financement n\u2019influencent<br \/>\npas le calcul du RNE.<\/p>\n<p>TABLEAU 1<\/p>\n<p>REVENU NET D&rsquo;EXPLOITATION (RNE) PROJET\u00c9, PAR SC\u00c9NARIO DE MARCH\u00c9<br \/>\nSc\u00e9nario 1&#8230;<\/p>\n<p>70 000 $<\/p>\n<p>60 000 $<\/p>\n<p>50 000 $<\/p>\n<p>40 000 $<\/p>\n<p>30 000 $<\/p>\n<p>20 000 $<\/p>\n<p>10 000 $<\/p>\n<p>0 $<br \/>\nAn 1 An 2 An 3 An 4 An 5<\/p>\n<p>Sc\u00e9nario 2&#8230; Sc\u00e9nario 3&#8230; Sc\u00e9nario 4&#8230; Sc\u00e9nario 5&#8230;<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 37Return to CONTENTS<\/p>\n<p>TABLEAU 2<\/p>\n<p>TABLEAU 3<\/p>\n<p>Le tableau 2 illustre la valeur finale<br \/>\nprojet\u00e9e de la propri\u00e9t\u00e9 dans chacun des<br \/>\nsc\u00e9narios de march\u00e9. Encore une fois, le<br \/>\ntaux de capitalisation final et le RNE sont<br \/>\ndes param\u00e8tres \u2039 non frapp\u00e9s par des<br \/>\nfacteurs d\u2019endettement \u203a qui ne sont pas<br \/>\ntouch\u00e9s par le levier financier (ou l\u2019imp\u00f4t<br \/>\nsur le revenu) et, ainsi, les sc\u00e9narios de<br \/>\nfinancement n\u2019influencent pas les calculs<br \/>\nde la valeur finale. \u00c0 noter que l\u2019on pr\u00e9voit<br \/>\nla vente de la propri\u00e9t\u00e9 avec perte dans<br \/>\nles sc\u00e9narios 1 et 2 (d\u00fb au RNE \u00e0 la baisse,<br \/>\ncombin\u00e9 \u00e0 aucun changement du taux de<br \/>\ncapitalisation), au seuil de rentabilit\u00e9 dans<br \/>\nle sc\u00e9nario 3 (m\u00eame s\u2019il est techniquement <\/p>\n<p>incorrect de dire \u2039 seuil de rentabilit\u00e9 \u203a<br \/>\nsi la valeur de rendement de l\u2019argent<br \/>\nest prise en consid\u00e9ration) et avec un<br \/>\nprofit dans les sc\u00e9narios 4 et 5 (d\u00fb<br \/>\nau RNE en hausse, combin\u00e9 \u00e0 aucun<br \/>\nchangement du taux de capitalisation).<\/p>\n<p>Le tableau 3 illustre le taux de<br \/>\nrendement interne (TRI) projet\u00e9<br \/>\npour les capitaux propres dans<br \/>\nchacun des sc\u00e9narios de march\u00e9 et<br \/>\nde financement, soit 15 sc\u00e9narios<br \/>\nen tout (5 sc\u00e9narios de march\u00e9 x 3<br \/>\nsc\u00e9narios de financement = total de<br \/>\n15 sc\u00e9narios). Cette analyse illustre<br \/>\nce qui suit :<\/p>\n<p>\u2022 Le TRI non frapp\u00e9 par un facteur<br \/>\nd\u2019endettement (c.-\u00e0-d. pas de risque<br \/>\nfinancier) varie d\u2019un minimum de -1 % \u00e0<br \/>\nun maximum de 11 %, selon le sc\u00e9nario<br \/>\nde march\u00e9 vis\u00e9.<\/p>\n<p>\u2022 L\u2019ajout d\u2019un levier financier dans le<br \/>\nsc\u00e9nario de financement 2 produit un<br \/>\nTRI plus large, allant d\u2019un minimum de<br \/>\n-5,5 % \u00e0 un maximum de 17,1 %.<\/p>\n<p>\u2022 Augmenter le levier financier \u00e0<br \/>\nun RPV de 85 % dans le sc\u00e9nario<br \/>\nde financement 3 entra\u00eene un TRI<br \/>\nind\u00e9termin\u00e9 \u00e0 la limite minimale<br \/>\n(nous en reparlerons) et de 35,0 %<br \/>\n\u00e0 la limite maximale.<\/p>\n<p>Dans l\u2019ensemble, le risque de perte et<br \/>\nla possibilit\u00e9 de gain sont plus \u00e9lev\u00e9s<br \/>\nlorsqu\u2019on utilise davantage le levier<br \/>\nfinancier.<\/p>\n<p>Le tableau 4 illustre le multiple de<br \/>\ncapitaux propres projet\u00e9 pour chacun des<br \/>\nsc\u00e9narios de march\u00e9 et de financement.<br \/>\nOn calcule le multiple de capitaux propres<br \/>\nen divisant les flux de tr\u00e9sorerie de tous les<br \/>\ncapitaux propres re\u00e7us d\u2019un investissement<br \/>\nprovenant de la contribution initiale de<br \/>\ncapitaux propres de l\u2019investisseur. M\u00eame<br \/>\nsi le multiple de capitaux propres n\u2019entre<br \/>\npas dans la valeur de rendement de<br \/>\nl\u2019argent, dans le profil de risque du flux<br \/>\ndes revenus ou dans la dur\u00e9e de l\u2019horizon<br \/>\nd\u2019investissement, il fournit un param\u00e8tre<br \/>\nrelativement simple qui r\u00e9pond \u00e0 la<br \/>\nquestion \u00ab combien de dollars vais-je retirer<br \/>\npour chaque dollar investi ? \u00bb Un multiple<br \/>\nde capitaux propres sup\u00e9rieur \u00e0 1,0 x<br \/>\nindique que l\u2019investisseur recevra plus qu\u2019il<br \/>\nn\u2019a investi, alors qu\u2019un multiple inf\u00e9rieur<br \/>\n\u00e0 1,0 x indique qu\u2019il recevra moins que<br \/>\nson investissement initial. Un multiple de<br \/>\ncapitaux propres n\u00e9gatif indique qu\u2019il perdra<br \/>\nplus que le montant investi \u00e0 l\u2019origine.<\/p>\n<p>Comme l\u2019avons d\u00e9j\u00e0 vu, la combinaison<br \/>\ndu sc\u00e9nario de march\u00e9 1 et du sc\u00e9nario de<br \/>\nfinancement 3 produit un TRI ind\u00e9termin\u00e9.<br \/>\nCela est d\u00fb au mauvais rendement<br \/>\nd\u2019exploitation de la propri\u00e9t\u00e9 (c.-\u00e0-d. le<br \/>\ntaux de location et le RNE d\u00e9clinants)<br \/>\net \u00e0 un levier financier \u00e9lev\u00e9 (c.-\u00e0-d. un<br \/>\nRPV de 85 %), qui cr\u00e9ent un sc\u00e9nario o\u00f9 <\/p>\n<p>VALEUR FINALE PROJET\u00c9E, PAR SC\u00c9NARIO DE MARCH\u00c9<\/p>\n<p>TAUX DE RENDEMENT INTERNE (TRI) PROJET\u00c9 DES CAPITAUX PROPRES<\/p>\n<p>Prix d&rsquo;achat original<\/p>\n<p>Sc\u00e9nario 1<br \/>\n(TCAC -6 %)<\/p>\n<p>Sc\u00e9nario de financement 1<br \/>\n(RPV = 0 %)<\/p>\n<p>(1,0 %)<br \/>\n(5,5 %) (3,4 %)<\/p>\n<p>13,7 %<\/p>\n<p>25,5 %<\/p>\n<p>35,0 %<\/p>\n<p>17,1 %<br \/>\n12,1 %<\/p>\n<p>6,9 %<br \/>\n1,1 %2,0 %<\/p>\n<p>5,0 %<br \/>\n8,0 %<\/p>\n<p>Sc\u00e9nario de financement 2<br \/>\n(RPV = 50 %)<\/p>\n<p>Sc\u00e9nario de financement 3<br \/>\n(RPV = 85 %)<\/p>\n<p>Sc\u00e9nario 1<br \/>\n(TCAC -6 %)<\/p>\n<p>Sc\u00e9nario 2<br \/>\n(TCAC -3 %)<\/p>\n<p>Sc\u00e9nario 2<br \/>\n(TCAC -3 %)<\/p>\n<p>Sc\u00e9nario 3<br \/>\n(TCAC 0 %)<\/p>\n<p>Sc\u00e9nario 3<br \/>\n(TCAC 0 %)<\/p>\n<p>Sc\u00e9nario 4<br \/>\n(TCAC +3 %)<\/p>\n<p>Sc\u00e9nario 4<br \/>\n(TCAC +3 %)<\/p>\n<p>Sc\u00e9nario 5<br \/>\n(TCAC +6 %)<\/p>\n<p>Sc\u00e9nario 5<br \/>\n(TCAC +6 %)<\/p>\n<p>1,6 M$<\/p>\n<p>40,0 M$<br \/>\n35,0 M$<br \/>\n30,0 M$<br \/>\n25,0 M$<br \/>\n20,0 M$<br \/>\n15,0 M$<br \/>\n10,0 M$<br \/>\n5,0 M$<br \/>\n0,0 M$<\/p>\n<p>(5,0 M$)<br \/>\n(10,0 M$)<\/p>\n<p>1,4 M$<\/p>\n<p>1,2 M$<\/p>\n<p>1,0 M$<\/p>\n<p>0,8 M$<\/p>\n<p>0,6 M$<\/p>\n<p>0,4 M$<\/p>\n<p>0,2 M$<\/p>\n<p>0,0 M$<\/p>\n<p>11,0 %<\/p>\n<p>n\/a<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 38 Return to CONTENTS<\/p>\n<p>TABLEAU 4<\/p>\n<p>l\u2019investisseur subit une perte d\u00e9passant<br \/>\nson investissement initial de capitaux<br \/>\npropres. En d\u2019autres mots, la d\u00e9finition du<br \/>\nTRI ne peut correspondre \u00e0 ce sc\u00e9nario,<br \/>\ncar il n\u2019y a aucun \u00ab taux d\u2019escompte qui<br \/>\nrend la valeur actuelle nette de tous les<br \/>\ntaux de tr\u00e9sorerie d\u2019un investissement<br \/>\ndonn\u00e9 \u00e9gale \u00e0 z\u00e9ro \u00bb. Le tableau 4 indique<br \/>\nque le multiple de capitaux propres pour le<br \/>\nsc\u00e9nario de march\u00e9 1 combin\u00e9 au sc\u00e9nario<br \/>\nde financement 3 r\u00e9sulte en un multiple de<br \/>\ncapitaux propres de -0,8 x, ce qui signifie<br \/>\nque l\u2019investisseur essuierait une perte<br \/>\ntotale de son investissement initial de<br \/>\ncapitaux propres de 150 000 $ et une perte<br \/>\nadditionnelle d\u2019environ 12 200 $ (calcul\u00e9e<br \/>\ncomme l\u2019investissement initial de capitaux<br \/>\npropres de 150 000 $ x le multiple de<br \/>\ncapitaux propres de -0,08 x).<\/p>\n<p>En r\u00e9sum\u00e9, les \u00e9valuateurs sont en bonne<br \/>\nposture pour aider leurs clients \u00e0 mesurer<br \/>\nles risques et les b\u00e9n\u00e9fices du recours<br \/>\nau levier financier dans les transactions<br \/>\nimmobili\u00e8res. Les membres de l\u2019ICE qui<br \/>\nr\u00e9digent des rapports d\u2019\u00e9valuation pour fins<br \/>\nde financement hypoth\u00e9caire peuvent r\u00e9duire<br \/>\nleur exposition au risque dans ces types de<br \/>\ncontrats de service en suivant des pratiques<br \/>\nexemplaires, incluant nommer le pr\u00eateur<br \/>\nautoris\u00e9 et limiter possiblement le type et le<br \/>\nmontant du financement dont l\u2019\u00e9valuateur<br \/>\nest pr\u00eat \u00e0 accepter la responsabilit\u00e9 (c.-\u00e0-d.<br \/>\nfinancement de premi\u00e8re hypoth\u00e8que jusqu\u2019\u00e0<br \/>\n75 % de RPV).<\/p>\n<p>NOTES<br \/>\n1 The Appraisal of Real Estate, 3e \u00e9dition, <\/p>\n<p>\u00e9diteur : Larry Dybvig, Institut canadien<br \/>\ndes \u00e9valuateurs, c2010, p. 5.6<\/p>\n<p>2 Brealey, Richard A., Stewart C. Myers, and<br \/>\nFranklin Allen. Principles of Corporate<br \/>\nFinance. New York, NY: McGraw=Hill\/<br \/>\nIrwin, 2006.<\/p>\n<p>3 The Appraisal of Real Estate, 3e \u00e9dition,<br \/>\n\u00e9diteur : Larry Dybvig, Institut canadien<br \/>\ndes \u00e9valuateurs, c2010, p. 14.11<\/p>\n<p>4  Brealey, Richard A., Stewart C. Myers, and<br \/>\nFranklin Allen. Principles of Corporate<br \/>\nFinance. New York, NY: McGraw=Hill\/<br \/>\nIrwin, 2006. <\/p>\n<p>MULTIPLES DE CAPITAUX PROPRES PROJET\u00c9S<\/p>\n<p>Sc\u00e9nario de financement 1<br \/>\n(RPV = 0 %)<\/p>\n<p>Sc\u00e9nario de financement 2<br \/>\n(RPV = 50 %)<\/p>\n<p>Sc\u00e9nario de financement 3<br \/>\n(RPV = 85 %)<\/p>\n<p>Sc\u00e9nario 1<br \/>\n(TCAC -6 %)<\/p>\n<p>5,0 x<\/p>\n<p>4,5 x<\/p>\n<p>4,0 x<\/p>\n<p>3,5 x<\/p>\n<p>3,0 x<\/p>\n<p>2,5 x<\/p>\n<p>2,0 x<\/p>\n<p>1,5 x<\/p>\n<p>1,0 x<\/p>\n<p>0,5 x<\/p>\n<p>0,0 x<\/p>\n<p>(0,5 x)<br \/>\n(0,08 x)<\/p>\n<p>Sc\u00e9nario 2<br \/>\n(TCAC -3 %)<\/p>\n<p>Sc\u00e9nario 3<br \/>\n(TCAC 0 %)<\/p>\n<p>Sc\u00e9nario 4<br \/>\n(TCAC +3 %)<\/p>\n<p>Sc\u00e9nario 5<br \/>\n(TCAC +6 %)<\/p>\n<p>0,84x<\/p>\n<p>2,10x<br \/>\n1,71x<\/p>\n<p>1,36x<br \/>\n1,05x<\/p>\n<p>0,77&#215;0,96x<br \/>\n1,09&#215;1,25x<\/p>\n<p>1,42x 1,62x<br \/>\n1,88x<\/p>\n<p>3,05x<\/p>\n<p>4,35x<\/p>\n<p>\u00ab LES \u00c9VALUATEURS SONT EN BONNE POSTURE POUR<br \/>\nAIDER LEURS CLIENTS \u00c0 MESURER LES RISQUES ET<br \/>\nLES B\u00c9N\u00c9FICES DU RECOURS AU LEVIER FINANCIER<br \/>\nDANS LES TRANSACTIONS IMMOBILI\u00c8RES. \u00bb<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 39Return to CONTENTS<\/p>\n<p>Long-term leases:  <\/p>\n<p>RENT RESET ANALYSIS<br \/>\nIntroduction<\/p>\n<p>R ent reset clauses are typically found in long-term leases for land (unimproved or improved).1 A lease is \u201ca contract in which the rights to use and occupy land, space, or structures are transferred by the<br \/>\nowner to another for a specified period of time in return for a specified<br \/>\nrent.\u201d2 A lessee\u2019s3 intended use of the leased premises, the time required<br \/>\nfor recovery or amortization of the capital invested in the business and<br \/>\nleasehold improvements, and lender requirements for financing of<br \/>\nleasehold improvements generally determine the length of the lease term.<\/p>\n<p>The lease may provide for resetting the rent periodically during the<br \/>\nterm of the initial lease or when an option to extend or renew the lease has<br \/>\nbeen exercised by the tenant. The basis for the rent reset is dictated<br \/>\nby the provisions of the lease, and the lease usually calls for arbitration<br \/>\nif the landlord and tenant are unable to negotiate a new rent within a<br \/>\nspecified time frame.<\/p>\n<p>A rent reset analysis for a land lease has the same objective as for a<br \/>\nspace lease \u2013 quantifying a new rent \u2013 unless the land lease only calls<br \/>\nfor a fee simple estimate of land value to which is applied an annual rate<br \/>\n(percentage rate of return) as specified in the lease.4 The language of the<br \/>\nlease, specifically the rent reset clause, and the market conditions prevailing<br \/>\nat the time of the scheduled rent reset can have a profound impact on the <\/p>\n<p>By Tony Sevelka, AACI, P.App; MAI; SRA; AI-GRS<\/p>\n<p>(Reprinted with permission from The Appraisal<br \/>\nJournal (2020). \u00a9 Winter 2020 by the Appraisal<br \/>\nInstitute, Chicago, Illinois) <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 40 Return to CONTENTS<\/p>\n<p>rent to be paid by the tenant. Over time, a long-term lease may<br \/>\nprove unfavorable to either the lessor or lessee, as noted by the<br \/>\nappeals court in Cook Associates, Inc. v. Utah School &#038; Inst. Trust:<\/p>\n<p>Long-term commercial leases, by their nature, are risky.<br \/>\nNeither side can foretell future market conditions with<br \/>\nany certainty. We presume that both [parties] bargained<br \/>\nfor the best terms and conditions each could get. Each<br \/>\nparty took the risk that unpredictable market forces<br \/>\nwould at some later day render the contractual terms<br \/>\nunfavorable to themselves.5<\/p>\n<p>The\u00a0rent\u00a0reset\u00a0clause<\/p>\n<p>A lease that calls for an adjustment of rent during the life of the<br \/>\nlease generally includes a procedure to be followed by the parties<br \/>\nto the lease or the professional advisors identified and tasked<br \/>\nwith fixing the new rent.6 A rent reset clause can function to reset<br \/>\nrent as an independent exercise or in relation to all or some of the<br \/>\nsubsisting clauses (provisions) in the lease itself.<\/p>\n<p>Analyzing the adjusted or revised rent can be a contentious<br \/>\nissue. Sometimes the rent reset clause is unclear or ambiguous as<br \/>\nto the improvements (if any, and in what condition), property rights,<br \/>\nmethods, procedures, formulas, or factors that are to be taken<br \/>\ninto account \u2013 or disregarded \u2013 in estimating the revised rent.<br \/>\nIf the lease is to be disregarded, and the objective is to estimate<br \/>\nthe market value of the leased premises as if unencumbered,<br \/>\nthe rights to be valued are a fee simple interest.7 Conversely,<br \/>\nif resetting the rent involves an analysis of a tenant\u2019s use and<br \/>\noccupation, it is the rental value8 of the leased premises for the<br \/>\nrent reset period that is to be estimated. In relation to these<br \/>\ntwo mutually exclusive valuation exercises, the appellate court<br \/>\nin Bullock\u2019s Inc. v. Security-First National Bank of Los Angeles9 <\/p>\n<p>drew a distinction between market value and rental value:<\/p>\n<p>Rental value is measured partially in terms of time, by the<br \/>\nmonth or by the year, etc. The parties were not fixing rental<br \/>\nvalue in the lease, they were fixing rent. They determined<br \/>\nsuch rent by taking a fixed percentage of the full value (not<br \/>\nthe rental value) of the land. The parties based rent upon<br \/>\nthe fair market value of the property rather than upon its<br \/>\nrental value for any given period of time.<\/p>\n<p>In the Bullock\u2019s case, all that was required was a point-in-time<br \/>\nestimate of the \u201cappraised value of the land,\u201d exclusive of buildings<br \/>\nand improvements, which the court found to mean fair market<br \/>\nvalue. The appeals court did not define market value, but relied<br \/>\non the term market value as referenced in the lease\u2019s repair and<br \/>\nmaintenance clause and the lease\u2019s condemnation clause.10 <\/p>\n<p>The court noted,<\/p>\n<p>The parties have thus provided for a reduction in rent based<br \/>\nupon the difference between the market value of the land<br \/>\nbefore condemnation and the market value of what remained<br \/>\nthereafter. And the reduction is calculated in the same <\/p>\n<p>manner as that provided for calculating rent \u2013 5% per annum<br \/>\nof the predetermined amount. Since the lease provides that<br \/>\na reduction in rent due to partial condemnation is to be<br \/>\nmeasured by the drop in market value of the property covered<br \/>\nby the lease, it may reasonably be inferred that the parties<br \/>\nwere thinking in terms of market value when they drafted<br \/>\nthe provisions of the lease relating to the calculation of rent.<br \/>\n[emphasis added]<\/p>\n<p>Market\u00a0value\u00a0and\u00a0property\u00a0rights\u00a0\u00a0<\/p>\n<p>Definitions of market value often are silent as to what property<br \/>\nrights are being valued. In his 2018 Appraisal Journal article,<br \/>\nSanders examines the evolution of market value definitions<br \/>\nand the \u201cvaried conditions imposed on the hypothetical market\u201d<br \/>\ninherent in the numerous definitions of market value.11 None of the<br \/>\nvarious definitions of market value presented by Sanders explicitly<br \/>\nconsiders property rights, with the exception of the following<br \/>\nmarket value definition suggested by Marchitelli and Korpacz in<br \/>\ntheir 1992 Appraisal Journal article:<\/p>\n<p>The price in cash and\/or other identified terms for which the<br \/>\nspecified real property interest is likely to sell as of the<br \/>\neffective date of appraisal in the real estate marketplace<br \/>\nunder all conditions requisite to a fair sale.12 [emphasis added]<\/p>\n<p>Many definitions of market value emanate from eminent domain,<br \/>\nwhere for state and federal purposes the market value of<br \/>\ncondemned land is determined based on the unencumbered,<br \/>\nundivided fee, and disregards all other real property interests.13 <\/p>\n<p>Likewise, in most states, the valuation of real property for<br \/>\nassessment purposes denotes property rights in a fee simple<br \/>\ntype interest when there is more than one interest in a property.14 <\/p>\n<p>In these two areas of real property valuation, the value sought<br \/>\ncarries a presumption of undivided free and clear title, not<br \/>\nburdened by an encumbrance such as a lease, and legislation to<br \/>\nachieve this intended purpose overrides the contractual rights<br \/>\nand obligations between a lessor and lessee.<\/p>\n<p>When parties enter into a lease in the world of commerce,<br \/>\nthey agree to be bound by the terms and conditions of the lease.<br \/>\nEven if a lease makes provision for resetting rent during the life of<br \/>\nthe lease, the lease remains in effect throughout the entire term,<br \/>\nincluding any period covered by a lease extension or renewal option<br \/>\nexercisable at the discretion of the tenant. In this situation, it may<br \/>\nnot be appropriate to assume that the property is unencumbered by<br \/>\nthe lease at the time of the rent reset, unless the rent reset clause<br \/>\nmanifests a clear intention to disregard the lease. At the end of the<br \/>\nlife of the lease, the leased premises revert to the landlord, and all<br \/>\ntenant-owned leasehold improvements become the property of the<br \/>\nlandlord unless the tenant is obligated to remove the improvements<br \/>\nunder the terms of the lease.<\/p>\n<p>The 1992 Marchitelli and Korpacz definition of market value as<br \/>\nit relates to property rights is consistent with the current definition<br \/>\nof market value in The Dictionary of Real Estate Appraisal, sixth<br \/>\nedition, and in The Appraisal of Real Estate, fourteenth edition. <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 41Return to CONTENTS<\/p>\n<p>The most widely accepted components of market value, including<br \/>\na reference to property rights, are incorporated into the<br \/>\ndefinition:<\/p>\n<p>The most probable price, as of a specified date, in cash, or<br \/>\nin terms equivalent to cash, or in other precisely revealed<br \/>\nterms, for which the specified property rights should<br \/>\nsell after reasonable exposure in a competitive market<br \/>\nunder all conditions requisite to a fair sale, with the buyer<br \/>\nand seller each acting prudently, knowledgeably, and for<br \/>\nself-interest, and assuming that neither is under undue<br \/>\nduress.15 [emphasis added]<\/p>\n<p>Directly related to the concept of market value is the<br \/>\nidentification of the specific property rights to be appraised.<br \/>\nWhen references to \u201c(fair) market value\u201d appear in leases, but<br \/>\nthe term is not adequately defined, it can cause uncertainty as to<br \/>\nhow the valuation analysis should proceed.<\/p>\n<p>In the context of a lease involving the division of property<br \/>\nrights between lessor and lessee, if the referenced market<br \/>\nvalue does not specify the property rights to be taken into<br \/>\nconsideration, the analysis for resetting rent should generally be<br \/>\ntaken to include consideration of the lease itself.<\/p>\n<p>Some misunderstandings as to the meaning of market value<br \/>\ncan be directly attributed to the misuse or commingling of terms<br \/>\nrelated to market value. In appraisal literature, market value and<br \/>\nmarket rent are not synonymous terms, but the parties to a lease<br \/>\nare free to agree to their own valuation-related definitions.16 For<br \/>\nexample, in Georg Jensen, Inc. v. 130 Prince Associates, LLC,17 <\/p>\n<p>the lease made no distinction between market value and market<br \/>\nrent in a rent reset involving a space lease; there the lease<br \/>\nprovided as follows:<\/p>\n<p>Fair market value shall mean the current market rent<br \/>\nfor similar space within the general geographical area<br \/>\nin which the building is located, assuming standard<br \/>\nescalations with current base years, and all other<br \/>\nrelevant factors as determined by an independent MAI<br \/>\nappraiser chosen by Landlord. [emphasis added]<\/p>\n<p>Any disagreement as to the meaning of terms commonly found in<br \/>\nappraisal literature and the lease must give way to the meaning<br \/>\nascribed to the terms in the lease:<\/p>\n<p>[W]hen parties set down their agreement in a clear,<br \/>\ncomplete document, their writing should as a rule be<br \/>\nenforced according to its terms. Evidence outside the four<br \/>\ncorners of the document as to what was really intended but<br \/>\nunstated or misstated is generally inadmissible to add to or<br \/>\nvary the writing. That rule imparts \u201cstability to commercial<br \/>\ntransactions.\u201d Such considerations are all the more<br \/>\ncompelling in the context of real property transactions,<br \/>\nwhere commercial certainty is a paramount concern.<br \/>\n[citation omitted]18<\/p>\n<p>Title\u00a0and\u00a0lease\u00a0restrictions<\/p>\n<p>Restrictions or encumbrances identified in the abstract of title<br \/>\nor the lease that have an impact on the property rights to be<br \/>\nappraised, especially if an analysis of highest and best use is<br \/>\nrequired,19 should be taken into account in resetting rent for<br \/>\nthe leased premises \u2013 unless the rent reset clause stipulates<br \/>\notherwise.20 Premises leased as part of a complex (e.g., shopping<br \/>\ncenter, office campus, industrial park) or as part of a building in a<br \/>\ncomplex might also be impacted by covenants and restrictions of<br \/>\nother tenancies.21<\/p>\n<p>Freehold premise<br \/>\nAnalyzing the value of unencumbered land, or land assumed to be<br \/>\nunencumbered, in fee simple, as part of a two-step procedure in<br \/>\nresetting rent, requires an estimate of market value based on the<br \/>\nhighest and best use.22 Comparative analysis is the most common<br \/>\nmethod of valuing property, provided sufficient and relevant market<br \/>\ndata are available. Comparative analysis is \u201cthe process by which<br \/>\na value indication is derived in the sales comparison approach.<br \/>\nComparative analysis may employ quantitative or qualitative<br \/>\ntechniques, either separately or in combination.\u201d23<\/p>\n<p>After the market value of the leased premises has been<br \/>\nestimated, the computation of rent is straightforward if the rent<br \/>\nreset clause stipulates the interest rate (rate of return) to be<br \/>\napplied to the market value of the subject property. If the rate of<br \/>\nreturn is not stipulated in the rent reset clause, a second analysis<br \/>\nis undertaken to determine the rate of return (i.e., annual rent) that<br \/>\na prospective purchaser expects to earn during the period covered<br \/>\nby the rent reset (i.e., assumed holding period). The selection or<br \/>\ndevelopment of an appropriate rate of return should reflect the<br \/>\nprevailing rate in the marketplace, which may be accomplished by<br \/>\nrelying on primary data, secondary data, or both. Development of<br \/>\nthe rate of return may employ the following:<\/p>\n<p>\u2022 Investment returns on sales of single-tenant properties<br \/>\nleased on an absolute net (carefree) basis for a term<br \/>\nconsistent with the period covered by the rent reset.24<\/p>\n<p>\u2022 Investor surveys monitoring actual or expected rates of return.<br \/>\n\u2022 Government or private bond yields available for a term <\/p>\n<p>consistent with the period covered by the rent reset.<br \/>\n\u2022 Band of investment (weighted-average return on typical debt and <\/p>\n<p>equity components).25<\/p>\n<p>Leasehold premise<br \/>\nAbsent an express provision to the contrary, in the resetting of rent there<br \/>\nis a presumption favoring valuation of leased premises as encumbered,26 <\/p>\n<p>as is typical of leases that require an estimate of market rent or some<br \/>\nother form of rent as described or defined in the lease.27 As noted by<br \/>\nthe court in Klair v. Reese, \u201cIn the rent setting context\u2026, valuation of<br \/>\nthe land as encumbered by the lease is reasonable because the land<br \/>\nwill continue to be encumbered by the lease.\u201d28 The dissent in No. 100<br \/>\nSail Ventures Ltd. v. Janwest Equities Ltd. made a similar observation,<br \/>\nstating \u201c[O]rdinarily, a legally imposed restriction on the use of land is<br \/>\na factor to be taken into account in fixing its value, even as vacant and<br \/>\nunimproved.\u201d29 In United Equities v. Mardordic Realty Co.,30 the dissent<br \/>\nnoted that a lease may enhance or diminish the value of land:<\/p>\n<p>Long-term leases: RENT RESET ANALYSIS<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 42 Return to CONTENTS<\/p>\n<p>Whether a lease for any term, short or long, increases or<br \/>\ndecreases the land value, as compared with its value if sold in<br \/>\nfee simple, obviously depends on whether the landlord\u2019s rights<br \/>\nunder the lease, particularly with respect to the right to receive<br \/>\nrent, are valuable or not. A lease in which there is reserved<br \/>\na high rent will increase the land value. A lease in which the<br \/>\nrent reserved is inadequate will decrease the land value, as<br \/>\ncompared with its value free and clear of any leasehold.<\/p>\n<p>A lease\u2019s rent reset provision may refer to \u201cmarket rent.\u201d According<br \/>\nto The Dictionary of Real Estate, sixth edition, market rent is<\/p>\n<p>The most probable rent that a property should bring in a<br \/>\ncompetitive and open market reflecting the conditions and<br \/>\nrestrictions of a specified lease agreement, including the<br \/>\nrental adjustment and revaluation, permitted uses, use<br \/>\nrestrictions, expense obligations, term, concessions, renewal<br \/>\nand purchase options, and tenant improvements (TIs).<\/p>\n<p>If the lease provisions provide that the lease itself must be<br \/>\ndisregarded in resetting rent, this implies that the unexpired<br \/>\nterm of the lease \u2013 including any extensions or renewals \u2013 is to be<br \/>\ndisregarded as a constraint in any highest and best use analysis of<br \/>\nthe leased or \u201cdemised\u201d premises. Examples of lease provisions<br \/>\non disregarding the lease in the rent reset valuation include<br \/>\nthe following:<\/p>\n<p>\u2022 [Six percent of] the full and fair value of the land demised<br \/>\nwhich the same would sell for as one parcel considered as<br \/>\nvacant and unimproved, in fee simple, by private contract,<br \/>\nfree of lease and unencumbered.31<\/p>\n<p>\u2022 [A]n amount per annum equal to 6% of the fair market<br \/>\nvalue\u2026of the land constituting the demised premises,<br \/>\nconsidered as vacant, unimproved and unaffected by<br \/>\nthis lease.32<\/p>\n<p>\u2022 Fair Market Rental is defined as \u201cthe annual rental for the<br \/>\ndemised lands which would  be paid as between persons<br \/>\ndealing  in  good faith and at arm\u2019s length, as if the demised<br \/>\nlands were vacant, unencumbered and unimproved.\u201d33<\/p>\n<p>\u2022 The Annual Net Rental shall be\u202612% of the appraised value\u2026.<br \/>\nSaid appraisals shall be made\u2026as if the Leased Land were<br \/>\nvacant, unencumbered, unimproved, and not under Lease.34<\/p>\n<p>\u2022 The appraiser must regard the land \u201cas vacant, unimproved and<br \/>\nunencumbered by this lease.\u201d35<\/p>\n<p>\u2022 The appraised value of the demised premises shall, in any<br \/>\nevent, be the value of the land exclusive of buildings or other<br \/>\nimprovements and as if free and unencumbered during the<br \/>\nyear in which such value is to be established.36<\/p>\n<p>\u2022 The market value of the demised premises shall be<br \/>\ndetermined\u2026in accordance with its highest and best use as<br \/>\nif vacant land, exclusive of all or any improvements thereon,<br \/>\nwithout regard to the terms and conditions of the present<br \/>\nlease but considering as appropriate the impact of any legal<br \/>\nimpediments to a change of use created by zoning and other<br \/>\nstatutes and ordinances.37<\/p>\n<p>Physical\u00a0and\u00a0legal\u00a0encumbrances<\/p>\n<p>In the interpretation of a rent reset clause, there is an important<br \/>\ndistinction between being instructed by a lease to ignore<br \/>\nimprovements of a physical nature that encumber land and being<br \/>\ninstructed to ignore encumbrances that affect title.38 The first can<br \/>\nbe viewed as a physical encumbrance, while the second can be<br \/>\nviewed as a legal encumbrance.<\/p>\n<p>The California appellate court in Evans v. Faught,39 addressed<br \/>\nthe issue of title encumbrances:<\/p>\n<p>In Shunk [v. Fuller] and Buetel [v. American Mach. Co.] it<br \/>\nwas specifically held that a lease is an encumbrance upon<br \/>\nthe title to the property conveyed.40 We hold, therefore, that<br \/>\nan unrecorded lease which is binding upon a purchaser of<br \/>\nreal property is a limitation affecting title since it obviously<br \/>\nis a right or interest in land which subsists in a third person<br \/>\nto the diminution of the value of the land, but is consistent<br \/>\nwith the conveyance of the title.<\/p>\n<p>The Evans court went on to characterize improvements on the<br \/>\nsubject property, consisting of an access road and the county<br \/>\npowder magazine, as physical encumbrances unrelated to title:<\/p>\n<p>[T]he powder magazine and the road, the presence<br \/>\nof which put plaintiff on notice of the unrecorded<br \/>\nlease, were also physical encumbrances upon the<br \/>\nland which he was obliged to accept as burdens since<br \/>\nplaintiff was presumed to have contracted to acquire<br \/>\nthe land subject to such physical burdens.<\/p>\n<p>The Evans appeals court concluded that, \u201cthe situation presented<br \/>\nhere is that the encumbrances under consideration are not such as<br \/>\naffect only the physical condition of the land [i.e., access road and<br \/>\npowder house], but its title as well [i.e., unregistered lease].\u201d<\/p>\n<p>Encumbrance by lease<br \/>\nIn Standard Life Assurance Co.41 the Ontario, Canada, appeals court<br \/>\nrefused to overturn a \u201cfinal and binding\u201d 1989 arbitration award<br \/>\nas the decision was not \u201cpatently unreasonable,\u201d even though \u201cthe<br \/>\narbitrators\u2019 interpretation of the  lease was wrong.\u201d In a subsequent<br \/>\n2014 rent reset dispute, the court ruled that the reference to the<br \/>\narbitrators\u2019 decision being \u201cwrong\u201d was made in passing and did<br \/>\nnot form part of the court\u2019s ruling. The finding that the arbitration<br \/>\ndecision was not \u201cpatently wrong\u201d rested on a point of distinction<br \/>\nidentified by the arbitrators in the language of the rent reset<br \/>\nclause in Montreal Trust Company v. Spendthrift Holdings Limited,<br \/>\nwhich stated: \u201cThe value of the land exclusive of buildings or other<br \/>\nimprovements and as if free and unencumbered.\u201d42 [emphasis<br \/>\nadded] In addition, the Standard Life court looked to the decision<br \/>\nin Ruth v. SZB Corporation where the New York court had similarly<br \/>\nstated, \u201c[T]he full and fair value of the land demised which would<br \/>\nsell for as one parcel considered as vacant and unimproved, in<br \/>\nfee simple, by private contract, free of lease and unencumbered.\u201d43 <\/p>\n<p>[emphasis added] Therefore, it was not \u201cpatently wrong\u201d for the<br \/>\narbitration panel in Standard Life to conclude that<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 43Return to CONTENTS<\/p>\n<p>[I]t is possible for landlords and tenants to draft<br \/>\ndocuments which would require them to ignore some<br \/>\naspects of market reality existing as of the valuation date.<br \/>\nHowever, we do not find that the document we have before<br \/>\nus [which makes no reference to ignoring encumbrances]<br \/>\nis such a document in relation to relevant legislation.<\/p>\n<p>At the time of the 1989 rent reset, the rental apartment building<br \/>\nwas subject to rent control legislation, which prevented rents<br \/>\nfrom rising to market levels. For the subject apartment building,<br \/>\nresidential condominium development represented the highest<br \/>\nand best use of the property, a use not permitted on leased land<br \/>\nin the Province of Ontario on the date of the rent reset. As a result,<br \/>\nthe arbitrators fixed the market value of the land at $4,250,000,<br \/>\nbased on a (restricted) highest and best use as a rental apartment<br \/>\ndevelopment, resetting the rent at $286,875 per year for a period<br \/>\nof 25 years, applying the prescribed rate of 6.75%. On the basis<br \/>\nof residential condominium development, the market value of<br \/>\nthe freehold interest in the land was $13,500,000, which, at the<br \/>\nprescribed rate of 6.75%, would have generated annual rent of<br \/>\n$911,250. Therefore, from the lessor\u2019s perspective, the annual<br \/>\nrental loss was found to be $624,375 ($911,250 \u2013 $286,875), and<br \/>\nthe undiscounted loss of rent over the  25-year period amounted<br \/>\nto  $15,609,375.44 Discounted at 6.75%, the present value of the<br \/>\nlessor\u2019s annual rental loss of $624,375 was $7,443,056 ($624,375<br \/>\n\u00d7 11.920811).<\/p>\n<p>The first 25-year reset period expired in 2014. Again, the<br \/>\nparties failed to reach agreement on how the property should be<br \/>\nvalued. In advance of the second round of arbitration, the parties<br \/>\nsought a declaration from the court as to whether the term land<br \/>\nmarket value \u201cshould be interpreted to include the highest and<br \/>\nbest possible use of the land, as if the Property were unimproved<br \/>\nand unencumbered, including the value of the Property as if it<br \/>\nwere available for freehold condominium development as of the<br \/>\nvaluation date [March 15, 2014].\u201d The court concluded that the<br \/>\ninterpretation of the rent reset clause \u201cis governed by the 1990<br \/>\nArbitration Decision, and [lessor] Manulife is estopped from<br \/>\nre-litigating it.\u201d45 As part of the analysis, the court examined a<br \/>\nnumber of prior rent reset rulings interpreting \u201cfair market value<br \/>\nof the property as if it were unimproved\u201d to mean not only ignoring<br \/>\nthe improvements, but that \u201cthe parties also intended to disregard<br \/>\nencumbrances impacting the value of the land.\u201d Commenting on<br \/>\nthe distinction between encumbrances and improvements, the<br \/>\ncourt stated as follows:<\/p>\n<p>For reasons of which I am uncertain, both the Court<br \/>\nof Appeal in Royal Trust and the Divisional Court in<br \/>\nStandard Life inserted the word \u201cunencumbered\u201d into the<br \/>\nequation so that in both decisions the fair market value<br \/>\nwas based on a notional value of the land that was not<br \/>\nonly unimproved, but also unencumbered. I cannot locate<br \/>\nany explanation in the case law as to how or why this<br \/>\noccurred. [emphasis added]<\/p>\n<p>In Roywood and Gardenview [Royal Trust] the Court of<br \/>\nAppeal held that words such as \u201cunimproved\u201d or \u201cwithout<br \/>\nbuildings or improvements\u201d included \u201cunencumbered.\u201d<br \/>\nI am bound by those decisions even if I have some difficulty<br \/>\nunderstanding them. In my opinion an encumbrance is<br \/>\na legal interest in the land that diminishes its value as<br \/>\nopposed to physical buildings placed upon the land or<br \/>\nphysical improvements made to the land. In any event the<br \/>\npresent leases do not use any of the words unencumbered<br \/>\nor vacant or unimproved, they merely refer to the lands.46<\/p>\n<p>The court also concluded that the terms unimproved and<br \/>\nunencumbered mean two different things. It noted that Black\u2019s Law<br \/>\nDictionary, sixth edition, defines improvement in terms of physical<br \/>\nmodification:<\/p>\n<p>A valuable addition made to property (usually real estate) or an<br \/>\namelioration in its condition, amounting to more than mere repairs<br \/>\nor replacement, costing labor or capital, and intended to enhance<br \/>\nits value, beauty or utility or to adapt it for new or further purposes.<br \/>\nGenerally has reference to buildings, but may also include any<br \/>\npermanent structure or other development, such as a street,<br \/>\nsidewalks, sewers, utilities, etc. [emphasis added]<\/p>\n<p>On the other hand, Black\u2019s defines encumbrance as a legal interest:<br \/>\n\u201cAny right to, or interest in, land which may subsist in another to<br \/>\ndiminution of its value but consistent with the passing of the fee by<br \/>\nconveyance.\u201d Accordingly, the court concluded that, \u201ca property can<br \/>\nbe unimproved yet encumbered. Conversely, it may be improved and<br \/>\nunencumbered. The two words are not synonymous.\u201d<\/p>\n<p>In Selective 901 Truman, LLC v. Goodrich &#038; Hops Properties West,47 <\/p>\n<p>the lessor and lessee were unable to agree on the \u201cfair rental value\u201d in<br \/>\na rent reset of a long-term land lease. The lease commenced January 1,<br \/>\n1958, for a term of 53 years, allowing for extensions up to 99 years.<br \/>\nThe leased premises consisted of 1.94 acres. In 1962, the lessee built a<br \/>\n34,000-square-foot strip center with paved surface parking. The lessor<br \/>\ntriggered a rent reset for a 10-year period, effective March 1, 2015, with<br \/>\na total of 43 years remaining on the lease. The lease\u2019s rent reset and use<br \/>\nclauses stated in relevant part:<\/p>\n<p>At any time or times after ten (10) years from the effective date of<br \/>\nthis lease such rental may be revised by [Lessor] giving thirty<br \/>\n(30) days\u2019 advance notice in writing to Lessee. Fair rental value of<br \/>\nthe leased premises shall be determined without consideration<br \/>\nbeing given to the effect in such values of the improvements of<br \/>\nLessee and in accordance with approved appraisal practices.<br \/>\nThis land shall be valued at the time of such revision as<br \/>\ndetermined by [Lessor] and Lessee, but rental thereon should<br \/>\nnot be less than the minimum rental rate hereinbefore set forth,<br \/>\nnor more than six percent (6%) per annum of the then appraised<br \/>\nvalue of the land. When so revised, such rental shall not be<br \/>\nsubject again to revision until ten (10) years from the effective<br \/>\ndate of such revision. [emphasis added]<\/p>\n<p>Long-term leases: RENT RESET ANALYSIS<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 44 Return to CONTENTS<\/p>\n<p>Said premises shall be used by Lessee solely and<br \/>\nexclusively for erection, maintenance and operation of<br \/>\noffice buildings, buildings for general commercial and<br \/>\nmanufacturing uses, parking lots which shall include a<br \/>\nsubterranean parking lot if deemed necessary, and heliport<br \/>\nroof deck. Lessee agrees to comply with all applicable<br \/>\nlaws and regulations with respect to the use of the<br \/>\nleased premises.<\/p>\n<p>The parties failed to reach agreement as to the fair rental value for<br \/>\nthe 10-year period, and the rental dispute proceeded to arbitration.<br \/>\nThe arbitrator determined that \u201cfair rental value has essentially the<br \/>\nsame definition as fair market value, both leading to assumptions<br \/>\nthat a buyer is knowledgeable and under no compulsion to buy<br \/>\n(or lease), and a seller is otherwise willing to sell (or lease) under<br \/>\nno compulsion to do so.\u201d<\/p>\n<p>The central issue was whether the appraisals were required to<br \/>\ngive consideration to the effect of encumbrances on the property,<br \/>\nwhich is burdened by the lease itself for a remaining term of 43 years.<\/p>\n<p>The arbitrator noted the lease dictated that the appraisals be<br \/>\nprepared \u201cin accordance with approved appraisal practices.\u201d48 The<br \/>\narbitrator also noted the lease was not ambiguous and that \u201cthe<br \/>\nSubject Property must be appraised assuming encumbrances.\u201d The<br \/>\nlessor\u2019s appraisal treated the leased premises as if unencumbered<br \/>\nby the lease and valued the land in its \u201chighest and best use\u201d at<br \/>\n$5.5 million. One of the lessee\u2019s appraisals took into account the<br \/>\nimpact of the unexpired lease term of 43 years and valued the land at<br \/>\n$1,387,000. Both appraisals, as well as a second appraisal prepared<br \/>\non behalf of the lessee, were rejected by the arbitrator. The lessor\u2019s<br \/>\nappraisal was rejected as it failed to account for the impact of the<br \/>\nground lease, which places a burden on the property and lowers its<br \/>\nvalue because of the lease\u2019s 43 remaining years with all the restrictions<br \/>\non use and remaining lease re-settings. The lessee\u2019s appraisals were<br \/>\nrejected as being too low.<\/p>\n<p>Instead, the arbitrator turned his attention to the actual sale<br \/>\nof the subject property at $3,425,000 (all cash) in December<br \/>\n2014, encumbered by the ground lease, which the lessee had<br \/>\ncharacterized as \u201cthe perfect comparable.\u201d The arbitrator noted<br \/>\nthat the subject property had been extensively marketed for sale on<br \/>\nthe open market by a sophisticated brokerage firm. He concluded<br \/>\nthat the transaction offered the best evidence of the value of the<br \/>\nland, as if unimproved, but encumbered by the ground lease. On<br \/>\nthe basis of the $3,425,000 sale price, the arbitrator fixed the rental<br \/>\nvalue of the leased premises at $205,500 annually by applying a rate<br \/>\nof 6%, as allowed by the lease.<\/p>\n<p>The lessor sought to have the arbitrator\u2019s award vacated,<br \/>\ncontending,<\/p>\n<p>1. The award was \u201cuntethered\u201d from the evidence, which called<br \/>\nfor \u201cfair rental value\u201d to be determined by appraisals (all<br \/>\nrejected by the arbitrator), inappropriately taking into account<br \/>\nthe long-term ground lease, and<\/p>\n<p>2. Application of an improper method, i.e., the recent purchase<br \/>\nprice of the subject property as the foundation for fixing the<br \/>\n\u201cfair rental value.\u201d49<\/p>\n<p>The lessor also objected to the inclusion of instructive language<br \/>\nin the award that purported to guide all future rent resets; the<br \/>\nlanguage provided,<\/p>\n<p>Future rent re-settings shall be determined by appraisal of the<br \/>\nSubject Property as encumbered by the Lease terms, including<br \/>\nthe remaining time on the Lease and any restrictions on use<br \/>\ncontained in the Lease or by conditions and restrictions imposed<br \/>\nby the city of San Fernando. [Emphasis added by court.]<\/p>\n<p>The trial court rejected the lessor\u2019s motion to vacate the<br \/>\naward, a ruling upheld by the appellate court, finding that the<br \/>\narbitrator acted within his authority in rejecting the appraisal<br \/>\nevidence and instead relying on the sale of the subject<br \/>\nproperty. The court also found that the inclusion in the award<br \/>\nof an instruction to take into account the lease itself in future<br \/>\nrent resets was consistent with the arbitrator\u2019s mandate.<\/p>\n<p>To analyze the situation, keep in mind that the December<br \/>\n2014 acquisition of the subject property is a leased fee interest,<br \/>\nwhich includes both the value of the anticipated rent during the<br \/>\nremaining term of the lease and the value of the reversionary<br \/>\ninterest upon expiry of the lease.50 Accordingly, the purchase price<br \/>\nof $3,425,000 does not isolate and measure the value of the land<br \/>\nas a 43-year holding, consistent with the remaining term of the<br \/>\nlease. In other words, the value of the land is overstated by the<br \/>\npresent value of the reversionary interest in the land.<\/p>\n<p>\u2022 Accepting the lessor\u2019s appraised freehold value of<br \/>\n$5,500,000, deferred 43 years, and discounted at, say,<br \/>\n6%, results in a present value of $448,963 ($5,500,000 \u00d7<br \/>\n0.08163). Deducting the $448,963 from the purchase price<br \/>\nof $3,425,000 (leased fee interest) results in a market value<br \/>\n(capital value) of the land (lease) held for a term of 43 years<br \/>\nof $2,976,037 ($3,425,000 \u2013 $448,963).51<\/p>\n<p>\u2022 Applying a rate of 6% to the $2,976,037 suggests a fair rental<br \/>\nvalue of $178,562 per annum, fixed for 10 years.<\/p>\n<p>Market\u00a0value\u00a0of\u00a0land\u00a0assumed\u00a0unimproved\u00a0for\u00a0lease\u00a0term<\/p>\n<p>In United Equities,52 the majority opinion of the New York appeals<br \/>\ncourt stated that \u201cthe land should be appraised for the best use<br \/>\nthat it can be put to, and not only for the [current] use,\u201d with the<br \/>\nformula for computing rent being \u201ca sum equal to six per cent of<br \/>\nthe fair market value of the land.\u201d [emphasis added]. The court<br \/>\nalso ruled that the 21-year renewal term of the lease and a<br \/>\nfurther 21-year renewal option had to be taken into account in<br \/>\nthe highest and best use analysis of the land; the court stated,<br \/>\n\u201cThe only limitation upon [market] value, if any, is the number of<br \/>\nyears [42] the most advantageous use of the land can be enjoyed<br \/>\nunder the lease.\u201d<\/p>\n<p>The appeals court offered no guidance as to how the market<br \/>\nvalue (capital value) of such a 42-year landholding should be<br \/>\ndetermined, leaving the matter to the discretion of the appraisers.<br \/>\nPresumably, a prepaid ground lease or purchase of a ground lease<br \/>\nwith an equivalent term of 42 years and a similar highest and best<br \/>\nuse would reflect the market value of the subject land, provided<br \/>\nsuch market data is readily available.53 Alternatively, it may be <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 45Return to CONTENTS<\/p>\n<p>possible to conduct some form of ratio analysis, comparing the<br \/>\nvalue of the land as a 42-year holding to the freehold value of the<br \/>\nsame land held in perpetuity. Of course, the difficulty of financing<br \/>\na 42-year landholding would also have to be factored into any<br \/>\nratio analysis. Assuming a freehold acquisition is equivalent to<br \/>\ncapitalizing $1 per annum in perpetuity at 6%, it is possible to<br \/>\nexpress the value of a fixed-term holding as a ratio or percentage<br \/>\nof value in perpetuity.<\/p>\n<p>\u2022 Capitalizing Year-1 income at, say, 6%, results in a factor<br \/>\nof 16.667 (1 \u00f7 0.06).54 A 42-year holding at the same rate,<br \/>\ncompared to a perpetual ownership, results in a factor of<br \/>\n15.225, and indicates a capital value equivalent to 91.35%<br \/>\n(15.225 \u00f7 16.667) of the freehold value,55 before considering a<br \/>\nfurther adjustment for constraints associated with financing<br \/>\na 42-year landholding.<\/p>\n<p>\u2022 Loading the capitalization rate by, say, 150 basis points to 7.5%,<br \/>\nto reflect financing constraints, the present value factor of<br \/>\n1 per annum at 7.5% for 42 years is 12.694, and represents<br \/>\n76.16% of the freehold value (perpetual ownership) of one per<br \/>\nannum in perpetuity at 6% (12.694 \u00f7 16.667).<\/p>\n<p>The ratio analysis is rate sensitive, and the value estimate will vary<br \/>\nwith the rates selected. Other creative solutions could be explored,<br \/>\nas there is no textbook solution to this type of appraisal problem.<\/p>\n<p>Conclusion<\/p>\n<p>An examination of the title abstract and a thorough reading of<br \/>\nan executed copy of the lease \u2013 including any schedules and<br \/>\namendments, paying particular attention to the rent reset clause<br \/>\n\u2013are essential to an understanding of how rent should be reset<br \/>\nand what factors should be taken into account or disregarded in<br \/>\nthe context of the specified or identified property rights.<\/p>\n<p>As a general rule, a rent reset clause that calls for an estimate<br \/>\nof market rent or some other form of rent will take into account<br \/>\nthe subsisting terms and conditions of the lease, unless the rent<br \/>\nreset clause manifests a contrary intension. When addressing<br \/>\na rent reset for an option to extend or renew a lease, courts<br \/>\nhave generally ruled that the option is for the benefit of the<br \/>\ntenant, and that the new rent should reflect continuation of<br \/>\nthe existing use, as contemplated by the use clause in the<br \/>\noriginal lease.56<\/p>\n<p>If the lease itself must be considered at the rent reset date,<br \/>\nthe remaining life of the lease in concert with the use clause and<br \/>\nprevailing market conditions can constrain highest and best use<br \/>\nanalysis and, in turn, the amount of rent for the leased premises<br \/>\nif the lease itself must be considered. Permissive or expansive<br \/>\nuse clauses allowing for \u201cany lawful use\u201d tend to result in higher<br \/>\nrents than for specific use clauses, all other things being equal.<br \/>\nAny leasehold improvements remaining in the leased premises<br \/>\nat the end of the life of the lease become the property of the<br \/>\nlandlord unless the lease instructs the tenant to remove the<br \/>\nleasehold improvements.<\/p>\n<p>A highest and best use that forms the foundation for a rent<br \/>\nadjustment and stems from a rent reset clause that assumes<br \/>\nleased premises are unimproved and unencumbered (contrary to<br \/>\nthe actual physical state and legal status of the leased premises) <\/p>\n<p>may cause the lessee financial hardship.57 The present leasehold<br \/>\nimprovements may not generate rent sufficient to support rent<br \/>\ndetermined on the basis of highest and best use in fee simple,<br \/>\nand the remaining lease term or the subsisting terms and<br \/>\nconditions of the lease may preclude the lessee from achieving<br \/>\nthe (unrestricted) highest and best use.58 <\/p>\n<p>When the objective of a rent reset clause is to estimate market<br \/>\nvalue, it is generally in the context of the fee simple interest in the<br \/>\nleased premises consisting of unimproved and unencumbered<br \/>\nland. If the rent reset clause instructs the appraiser to ignore<br \/>\nthe lease itself, it is inappropriate to reset rent for the leased<br \/>\npremises selecting only favorable lease terms and covenants,<br \/>\nand vice versa, as the lease cannot be disregarded and<br \/>\nembraced simultaneously. <\/p>\n<p>End\u00a0notes<br \/>\n1.  A long-term lease is \u201c[g]enerally a lease agreement extending for ten years or <\/p>\n<p>more\u2026.The terms and provisions of a long-term lease are set forth in detail in<br \/>\nlegally correct and complete form\u2026.[T]he tenant may desire, or be required, to do<br \/>\nextensive remodeling or, if the property leased is land, to construct a building or<br \/>\nother improvements.\u201d Appraisal Institute, The Dictionary of Real Estate Appraisal,<br \/>\n6th ed. (Chicago: Appraisal Institute, 2015), s.v. \u201clong-term lease.\u201d<\/p>\n<p>2.  Dictionary of Real Estate Appraisal, 6th ed., s.v. \u201clease.\u201d<br \/>\n3.  A lessee is \u201cone who has the right to occupancy and use of the property of another <\/p>\n<p>for a period of time according to a lease agreement.\u201d Dictionary of Real Estate<br \/>\nAppraisal, 6th ed., s.v. \u201clessee.\u201d<\/p>\n<p>4.  A fee simple estate is an \u201c[a]bsolute ownership unencumbered by any other interest<br \/>\nor estate, subject only to the limitations imposed  by the governmental powers of<br \/>\ntaxation, eminent domain, police power, and escheat.\u201d Dictionary of Real Estate<br \/>\nAppraisal, 6th ed., s.v. \u201cfee simple estate.\u201d Also see discussion of property rights<br \/>\nin Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal<br \/>\nInstitute, 2013), 3\u20137.<\/p>\n<p>5.  2010 UT App. 284, 243 P.3d 888 (2010), quoting Oakwood Village LLC v. Albertsons,<br \/>\nInc., 2004 UT 101.<\/p>\n<p>6.  According to the ruling in Rice v. Ritz Associates, Inc., 88 A.D.2d 513 (N.Y. App. Div.<br \/>\n1982), as long as the selected valuers prepare \u201cthe appraisal\u2026in accordance with the<br \/>\nprocedures set out in the contract of the lease,\u201d the parties are bound by the result.<\/p>\n<p>7.  The interest to be appraised is an element of problem identification, and it is not<br \/>\nnecessary to consider this a hypothetical condition. See Stephanie Coleman, Scope<br \/>\nof Work, 2nd ed. (Chicago: Appraisal Institute, 2016) and Appraisal Standards<br \/>\nBoard, USPAP Frequently Asked Questions, 2020\u20132021 ed. (Washington, DC: The<br \/>\nAppraisal Foundation, 2020), FAQ 240, \u201cAnalyzing the Lease When Appraising Fee<br \/>\nSimple Interest.\u201d If an appraiser chooses to premise such an assignment on a<br \/>\nhypothetical condition, that would not be inaccurate, but it is unnecessary.<\/p>\n<p>8.  Rental value is derived by a rental comparison analysis employing quantitative or<br \/>\nqualitative techniques, either separately or in combination, in accordance with the<br \/>\nreset clause or use clause.<\/p>\n<p>9.  Bullock\u2019s Inc. v. Security-First National Bank of Los Angeles, 160 Cal. App. 2d 277,<br \/>\n325 P.2d 185; 1958 Cal. App. LEXIS 2119.<\/p>\n<p>10. In condemnation, market value is based on a fee simple estate (undivided fee rule).<br \/>\n11. Michael V. Sanders, \u201cMarket Value: What Does It Really Mean?\u201d The Appraisal <\/p>\n<p>Journal (Summer 2018): 206.<br \/>\n12. Richard Marchitelli and Peter F. Korpacz, \u201cMarket Value: The Elusive Standard,\u201d <\/p>\n<p>The Appraisal Journal (July 1992): 318.<br \/>\n13. \u201c[W]hen property that is held in partial estates by multiple owners is condemned, <\/p>\n<p>the condemnor pays the fair market value of an undivided [fee simple] interest in<br \/>\nthe property rather than the fair market value of each owner\u2019s partial interest.\u201d<br \/>\n[citation omitted] Post No. 2874 VFW. v. Redevelopment Auth., 2009 WI 84, 768 N.W.<br \/>\n2d 749.<\/p>\n<p>14. \u201c[A] division of ownership or the independent holding of separate legal interests in<br \/>\ntaxable property will not affect the mode of assessment. For instance, mortgagor<br \/>\nand mortgagee interests, vendor and vendee interests, landlord and tenant<br \/>\ninterests, life tenant and remainder interests and cotenant interests are not<br \/>\nseparately assessed.\u201d [citation omitted] \u201c[T]he true value of\u2026[real] property for<br \/>\nassessment purposes is to be ascertained as if unencumbered by a lease.\u201d People<br \/>\nex rel. Gale v. Tax Comm., 17 A.D.2d 225 (1962).<\/p>\n<p>15. Dictionary of Real Estate Appraisal, 6th ed., s.v. \u201cmarket value.\u201d<br \/>\n16. \u201cCourts therefore look to the definition of a term provided in the contract before <\/p>\n<p>considering how a dictionary defines the term.\u201d [citation omitted] Dannhouser, TD<br \/>\nCo. v. TSG Reporting, Inc., 16cv00747 (S.D.N.Y. Jun. 21, 2019).<\/p>\n<p>Long-term leases: RENT RESET ANALYSIS<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 46 Return to CONTENTS<\/p>\n<p>17. Georg Jensen, Inc. v. 130 Prince Associates, LLC, 2009 NY Slip Op 51483(U).<br \/>\n18. Provident Loan Society of New York v. 190 East 72nd Corporation, N.Y. Sup. <\/p>\n<p>114915\/2008.<br \/>\n19. In New York Overnight Partners v. Gordon, 649 N.Y.S. 2d 928, the court found that the <\/p>\n<p>appraiser \u201cmust take into consideration all restrictions including current zoning,<br \/>\nand all encumbrances on the land, as well as the lease term.\u201d See also discussion<br \/>\nin Chapter 16, \u201cHighest and Best Use Analysis,\u201d in The Appraisal of Real Estate,<br \/>\n14th ed.<\/p>\n<p>20. In Ruth v. SZB Corp., 2 Misc. 2d 631, 636\u2013637, aff\u2019d 2 A.D.2d 970, \u201cthe court ruled that<br \/>\nbecause the lease unambiguously provided that the land be valued \u2018free of lease,\u2019<br \/>\nthe drafters could not have intended that the arbitrator \u2018might give heed to the very<br \/>\nlease which so declared\u2019 otherwise and ruled that the land must be valued without<br \/>\nconsidering the lease restrictions,\u201d as cited in Overnight Partners v. Gordon.<\/p>\n<p>21. For example, in Oakwood Village LLC v. Albertsons, Inc., 2004 UT 101, 104 P.3d 1226<br \/>\n(2004), Albertsons at its own expense built a supermarket on a 42,800-square-<br \/>\nfoot plot under a long-term land lease with no use clause restriction in Oakwood<br \/>\nVillage shopping center, which consisted of twenty-six stores, with Albertsons as the<br \/>\nanchor tenant. The lease restricted the landlord from leasing space in the shopping<br \/>\ncenter to other supermarket tenants. After twenty-one years, Albertsons opened<br \/>\na supermarket as the anchor tenant in a new center across the street. Albertsons<br \/>\nhad no obligation to remain open and ceased operations in Oakwood Village while<br \/>\ncontinuing to pay rent. Albertsons intentionally kept the old building vacant to<br \/>\nrestrict competition with its new store. As a consequence, occupants of three<br \/>\nstores followed Albertsons to the new center, leaving four units vacant and causing a<br \/>\ndecline in sales of the remaining tenants in Oakwood Village.<\/p>\n<p>22. A use or combination of uses found to be legally permissible, physically possible,<br \/>\nfinancially feasible and maximally productive.<\/p>\n<p>23. Dictionary of Real Estate Appraisal, 6th ed., s.v. \u201ccomparative analysis.\u201d<br \/>\n24. A capitalization rate based on first-year income in a stepped-up or stepped-down <\/p>\n<p>lease should be adjusted to reflect the average income or to reflect the change<br \/>\nin the pattern of income during the term of the comparable lease. See David C.<br \/>\nLennhoff, \u201cDirect Capitalization: It Might Be Simple But It Isn\u2019t that Easy,\u201d The<br \/>\nAppraisal Journal (Winter 2011): 66\u201373.<\/p>\n<p>25. The Appraisal of Real Estate, 14th ed., 495.<br \/>\n26. See Hotel Plaza Associates v. Wellington Associates, Inc., N.Y.Supr., 55 Misc. 2d 483, <\/p>\n<p>285 N.Y.S.2d 941 (1967), aff\u2019d, N.Y.2d 846, 293 N.Y.S.2d 108, 239 N.E.2d 736 (1968),<br \/>\nwhere \u201cthe appraisers erroneously valued the land at its highest and best use, as if<br \/>\nit were vacant, without regard to the fact that the land was encumbered by a lease.\u201d<br \/>\n[emphasis added]<\/p>\n<p>27. See Gary R. Menzies, \u201cChoosing the Right Words: Interpreting Rent Review and<br \/>\nRenewal Clauses in Commercial Leases,\u201d Alberta Law Review, 34 Alta. L. Rev. 853<br \/>\n(1996), for a discussion of cases illustrative of subjective and objective approaches<br \/>\nto fixing rent. An objective approach to rent reset is consistent with an analysis of<br \/>\n\u201cmarket rent,\u201d whereas a subjective approach provides that rent for the review<br \/>\nperiod or renewal term be \u201cfair\u201d or \u201creasonable\u201d as between the landlord and the<br \/>\ntenant \u201ctaking into account all factors which would affect the mind of the landlord<br \/>\nand tenant.\u201d<\/p>\n<p>28. Klair v. Reese, 531 A.2d 219 (Del. 1987).<br \/>\n29. No. 100 Sail Ventures Ltd. v. Janwest Equities Ltd., 1993 CanLII 477 (BC CA).<br \/>\n30. United Equities v. Mardordic Realty Co., 8 A.D.2d 398, 187 N.Y.S.2d 714 (N.Y. <\/p>\n<p>Appellate Div., 1st Dept., 1959), aff\u2019d 7 N.Y.2d 911 (N.Y. Court of Appeals, 1960).<br \/>\n31. Ruth v. SZB Corp., 2 Misc. 2d 631 (1956). The court noted that if the phrase \u201cfree <\/p>\n<p>of lease\u201d is given its plain and natural meaning, the lease in its entirety must be<br \/>\neliminated from consideration, whether its provisions spell good or ill fortune for<br \/>\none party or the other.<\/p>\n<p>32. Manhattan Church of Christ, Inc. v. 40 East 80 Apartment Corporation, 2007 NY Slip<br \/>\nOp 32554(U).<\/p>\n<p>33. 6524443 Canada Inc. v City of Toronto, 2016 ONSC 7147 (CanLII), upheld on appeal,<br \/>\n6524443 Canada Inc. v. Toronto, 2017 ONCA 486 (CanLII).<\/p>\n<p>34. Funger v. Maizels, 377 A.2d 70 \u2013 DC: Court of Appeals, 1977.<br \/>\n35. Archdiocese of New York v. Amedeo Hotels Limited Partnership, 295 A.D.2d 161 <\/p>\n<p>(2002), 742 N.Y.S.2d 635.<br \/>\n36. Montreal Trust Co. v. Spendthrift Holdings Limited, (22 March 1984), O.J. No. 296 <\/p>\n<p>(Ont. S.C. [unreported]).<br \/>\n37. Humphries Investments, Inc. v. Walsh, 202 Cal. App. 3d 766 (1988), 248 Cal. Rptr. <\/p>\n<p>800. In this lease \u201cordinances and codes\u201d were in reference \u201cto the feasibility of<br \/>\nany alternative use of the property and\/or the likelihood of a future change in that<br \/>\nstatus,\u201d while not ruling out the existing mobile home park as the potential highest<br \/>\nand best use of the demised premises.<\/p>\n<p>38. In Funger v. Maizels, 377 A.2d 70 (D.C. 1977), the appeals court in interpreting<br \/>\npart of the rent reset clause stated, \u201c[t]he words \u2018vacant\u2019 and \u2018unimproved\u2019 have<br \/>\nreference to the physical state of the property.\u201d<\/p>\n<p>39. 231 Cal. App. 2d 698 (1965). This case involves an unregistered lease of a portion of<br \/>\na ranch executed for a term of 25 years, with a lessee (County of Sonoma) right to<br \/>\nrenew the lease for an additional 25 years, and for the purpose of constructing and<br \/>\nmaintaining a powder magazine.<\/p>\n<p>40. By way of analogy, the following have been held to be encumbrances affecting<br \/>\ntitle: building restrictions (Whelan v. Rossiter, 1 Cal. App. 701, 704, 82 P. 1082;<br \/>\nTandy v. Waesch, 154 Cal. 108, 97 P. 69; Bertola v. Allred, 46 Cal. App. 593, 189 P.<br \/>\n489); reservations for rights-of- way for water pipes and ditches (Tandy, supra);<br \/>\neasement for a pipeline (Krotzer v. Clark, 178 Cal. 736, 739, 174 P. 657); and<br \/>\npendency of condemnation action (Hunt v. Inner Harbor Land Co., 61 Cal. App. 271,<br \/>\n272, 214 P. 998).<\/p>\n<p>41. Standard Life Assurance Co. v. Parc-IX Ltd. (Div. Ct.), 1991 CanLII 7350 (ON SC).<br \/>\nIn the Standard Life Assurance case, the rent reset clause called for \u201cthe greater<br \/>\nof $40,500 and \u2018land market rent\u2019 defined as \u2018a sum equal to 6 3\/4% of the fair<br \/>\nmarket value of the property as if it were unimproved.\u2019\u201d [emphasis added]<\/p>\n<p>42. Montreal Trust Co. v. Spendthrift Holdings Limited, 42 [1984] O.J. No. 296 (H.C.).<br \/>\n43. Ruth v. SZB Corp. (1956), 153 N.Y.S. 2d 163 (N.Y. Sup. Ct.), aff\u2019d (1956), 158 N.Y.S. <\/p>\n<p>2d 754 (N.Y. Sup. Ct. \u2013 App. Div.).<br \/>\n44. The ground lease is for a term of 99 years from March 15, 1964, and the first rent <\/p>\n<p>reset was for 25 years from March 15, 1989, with the next rent reset scheduled for<br \/>\nMarch 15, 2014. Amendments in 1998 to the Condominium Act permit leasehold<br \/>\ncondominiums provided the term of the lease is at least 40 years.<\/p>\n<p>45. Manufacturers Life Insurance Co. v. Parc-IX Limited, 2018 ONSC 3625. In 1964,<br \/>\nStandard Life acquired Royal Trust Company\u2019s interest in the property. In 2015, the<br \/>\nproperty was transferred from Standard Life to Manulife.<\/p>\n<p>46. The judge concluded he was no longer bound by the ruling of the Court of Appeal<br \/>\nin Royal Trust in light of the later Supreme Court of Canada ruling in Musqueam<br \/>\nIndian Band v. Glass, 2000 SCC 52(CanLII), [2000] 2 S.C.R. 633 and the Court of<br \/>\nAppeal ruling in Board of Regents of Victoria University v. G.E. Canada Real Estate<br \/>\nEquity, 2016 ONCA 646 (CanLII), 2016 CarswellOnt 13524, leave to appeal refused,<br \/>\n2017 CarswellOnt 3571 (S.C.C.).<\/p>\n<p>47. Cal Court of Appeal, 2nd Appellate Dist., 3rd Div., 2019.<br \/>\n48. In the award, the arbitrator pointed to Standards Rule 1-4(d) of the Uniform <\/p>\n<p>Standards of Professional Appraisal Practice (USPAP), which provides \u201can<br \/>\nappraiser must analyze the effect on value, if any, of the terms and conditions of<br \/>\nthe lease(s).\u201d<\/p>\n<p>49. Standards Rule 1-5 of USPAP requires an appraiser to \u201c(a) analyze all agreements<br \/>\nof sale, validated offers or third-party offers to sell, options, and listings of the<br \/>\nsubject property current as of the effective date of the appraisal if warranted by<br \/>\nthe intended use of the appraisal; and (b) analyze all prior sales of the subject<br \/>\nproperty that occurred within a reasonable and applicable time period if relevant<br \/>\ngiven the intended use of the appraisal and property type.\u201d<\/p>\n<p>50. The arbitrator did observe, however, that \u201c[t]he land will become more valuable in<br \/>\nthe future and at every resetting. The encumbrance [lease] on the land will lessen<br \/>\ndue to the remaining years [shorter unexpired term at every rent reset] under the<br \/>\nLease,\u201d thereby, enhancing the value of the lessor\u2019s reversionary interest.<\/p>\n<p>51. The market value of the land held for 43 years is 54.1% of the market value of the<br \/>\nsame land held in perpetuity ($2,976,037 \u00f7 $5,500,000 = 0.5411 or 54.11%).<\/p>\n<p>52. United Equities v. Mardordic Realty Co., 8 AD.2d 398, 187 N.Y.S.2d 714 (N.Y. App.<br \/>\nDiv., 1st Dept., 1959), aff\u2019d N.Y.2d 911 (N.Y. Court of Appeals, 1960).<\/p>\n<p>53. For example, the City of Vancouver in September 2018 estimated the freehold<br \/>\nvalue of a mixed-use site at $8,500,000, and the 60-year lease was priced at 75%<br \/>\n($6,375,000) of the freehold value, with ground rent payments calculated on this<br \/>\nfigure. (Administrative Report, August 21, 2018.) A 40-year ground lease is priced<br \/>\nat 60% of the freehold value. (Administrative Report, January 30, 2017.)<\/p>\n<p>54. A 99-year holding of one per annum discounted at 6% accounts for approximately<br \/>\n97% (16.615 \u00f7 16.667) of a holding in perpetuity at the same rate.<\/p>\n<p>55. See Kwek Sian Choo and Dionne Hoh, Determining the Value of Leasehold Land:<br \/>\nA Closer Look at \u201cBala\u2019s Table\u201d (Singapore: Centre for Liveable Cities, 2017),<br \/>\navailable at http:\/\/bit.ly\/389efdN.<\/p>\n<p>56. In DBN North Beach, LLC v. Debs, the California Court of Appeal (4th Appellate<br \/>\nDist., 3rd Div., 2009) acknowledged that during the first 10 years of a 20-year<br \/>\nlease extension \u201c[t]he terms of the lease and common sense indicate that a<br \/>\nresetting of the lease amount is to be according to \u2018fair market rental value\u2019<br \/>\nof the property&#8230; as contemplated by the lease [use clause], not as bare land<br \/>\n[unencumbered by the lease], on a \u2018highest and best use\u2019 basis, as a mixed-use<br \/>\nresidential and commercial project.\u201d It stated, \u201cAn interpretation that the rent<br \/>\nduring the option terms is to be based upon the highest and best use of the<br \/>\nproperty despite the purposes for which lessor and lessee agreed it could be<br \/>\nused, would be economically and commercially unreasonable and violate the<br \/>\nintent of the parties.\u201d<\/p>\n<p>57. The courts have held that \u201ceconomic hardship is not a reason to rewrite a lease<br \/>\nmade between two sophisticated commercial entities.\u201d 853 Seventh Ave. Owners,<br \/>\nLLC v. W &#038; HM Realty Co., LLC, 2005 N.Y. Slip Op. 03770 [18 A.D.3d 241] May 10,<br \/>\n2005.<\/p>\n<p>58. See Ruth v. SZB Corp., (1956) 153 N.Y.S.2d 163 (N.Y. Sup. Ct.), aff\u2019d (1956), 158<br \/>\nN.Y.S.2d 754 (N.Y. Sup. Ct., App. Div.), stating, \u201cland to be valued in accordance<br \/>\nwith the [rent reset] formula of the underling lease [in highest and best use],<br \/>\nwithout treating as an element of value the restrictions on [use and] user flowing<br \/>\nfrom the lease.\u201d<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 47Return to CONTENTS<\/p>\n<p>http:\/\/bit.ly\/389efdN<\/p>\n<p>Baux \u00e0 long terme :   <\/p>\n<p>ANALYSE DE LA<br \/>\nR\u00c9VISION DES LOYERS<\/p>\n<p>Introduction<\/p>\n<p>L es clauses de r\u00e9vision de loyer se trouvent g\u00e9n\u00e9ralement dans les baux \u00e0 long terme de terrains (non am\u00e9lior\u00e9s ou am\u00e9lior\u00e9s).1 Un bail est \u00ab un contrat dans lequel les droits d&rsquo;utilisation et d&rsquo;occupation d&rsquo;un<br \/>\nterrain, d&rsquo;un espace ou d&rsquo;une structure sont transf\u00e9r\u00e9s par le propri\u00e9taire<br \/>\n\u00e0 un autre pour une p\u00e9riode de temps d\u00e9termin\u00e9e en \u00e9change d&rsquo;un loyer<br \/>\nd\u00e9termin\u00e9 \u00bb.2 L&rsquo;utilisation pr\u00e9vue par le locataire3 des locaux lou\u00e9s,<br \/>\nle temps n\u00e9cessaire pour r\u00e9cup\u00e9rer ou amortir le capital investi dans<br \/>\nl&rsquo;entreprise et les am\u00e9liorations locatives, et les exigences du pr\u00eateur pour<br \/>\nle financement des am\u00e9liorations locatives d\u00e9terminent g\u00e9n\u00e9ralement la<br \/>\ndur\u00e9e du bail. <\/p>\n<p>Le bail peut pr\u00e9voir une r\u00e9vision p\u00e9riodique du loyer pendant la<br \/>\ndur\u00e9e du bail initial ou lorsque le locataire a exerc\u00e9 une option de<br \/>\nprolongation ou de renouvellement du bail. La base de la r\u00e9vision du<br \/>\nloyer est dict\u00e9e par les dispositions du bail, et le bail fait g\u00e9n\u00e9ralement<br \/>\nappel \u00e0 l&rsquo;arbitrage si le propri\u00e9taire et le locataire ne parviennent pas \u00e0<br \/>\nn\u00e9gocier un nouveau loyer dans un d\u00e9lai d\u00e9termin\u00e9.<\/p>\n<p>L&rsquo;analyse de la r\u00e9vision du loyer pour un bail foncier a le m\u00eame objectif<br \/>\nque pour un bail d&rsquo;espace \u2013 quantifier un nouveau loyer \u2013 \u00e0 moins que le<br \/>\nbail foncier n&rsquo;exige qu&rsquo;une estimation en fief simple de la valeur du terrain<br \/>\n\u00e0 laquelle est appliqu\u00e9 un taux annuel (taux de rendement en pourcentage) <\/p>\n<p>Par Tony Sevelka, AACI, P.App; MAI; SRA; AI-GRS<\/p>\n<p>(R\u00e9imprim\u00e9 avec l&rsquo;autorisation de The Appraisal<br \/>\nJournal (2020). \u00a9 Hiver 2020 par l&rsquo;Appraisal<br \/>\nInstitute, Chicago, Illinois) <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 48 Return to CONTENTS<\/p>\n<p>comme sp\u00e9cifi\u00e9 dans le bail.4 Le libell\u00e9 du bail, notamment<br \/>\nla clause de r\u00e9vision du loyer, et les conditions du march\u00e9 qui<br \/>\npr\u00e9valent au moment de la r\u00e9vision pr\u00e9vue du loyer peuvent avoir<br \/>\nun impact profond sur le loyer \u00e0 payer par le locataire. Avec le<br \/>\ntemps, un bail \u00e0 long terme peut s&rsquo;av\u00e9rer d\u00e9favorable au bailleur<br \/>\nou au locataire, comme l&rsquo;a not\u00e9 la cour d&rsquo;appel dans l&rsquo;affaire Cook<br \/>\nAssociates, Inc. c. Utah School &#038; Inst. Trust :<\/p>\n<p>Les baux commerciaux \u00e0 long terme, de par leur<br \/>\nnature, sont risqu\u00e9s. Aucune des deux parties ne peut<br \/>\npr\u00e9voir avec certitude les conditions futures du march\u00e9.<br \/>\nNous pr\u00e9sumons que les deux parties ont n\u00e9goci\u00e9 les<br \/>\nmeilleures conditions possibles pour chacune d&rsquo;entre<br \/>\nelles. Chaque partie a pris le risque que les forces<br \/>\nimpr\u00e9visibles du march\u00e9 ne rendent, un jour ou l&rsquo;autre,<br \/>\nles conditions contractuelles d\u00e9favorables pour elle.5<\/p>\n<p>La\u00a0clause\u00a0de\u00a0r\u00e9vision\u00a0des\u00a0loyers\u00a0<\/p>\n<p>Un bail qui pr\u00e9voit une r\u00e9vision du loyer pendant la dur\u00e9e du<br \/>\nbail comprend g\u00e9n\u00e9ralement une proc\u00e9dure \u00e0 suivre par les<br \/>\nparties au bail ou par les conseillers professionnels identifi\u00e9s<br \/>\net charg\u00e9s de fixer le nouveau loyer6. Une clause de r\u00e9vision du<br \/>\nloyer peut fonctionner de mani\u00e8re \u00e0 ce que la r\u00e9vision du loyer<br \/>\nsoit un exercice ind\u00e9pendant ou en relation avec tout ou partie des<br \/>\nclauses (dispositions) existantes dans le bail lui-m\u00eame.<\/p>\n<p>L&rsquo;analyse d\u2019un loyer ajust\u00e9 ou r\u00e9vis\u00e9 peut \u00eatre une question<br \/>\nlitigieuse. Parfois, la clause de r\u00e9vision du loyer n&rsquo;est pas claire<br \/>\nou est ambigu\u00eb quant aux am\u00e9liorations (le cas \u00e9ch\u00e9ant, et dans<br \/>\nquel \u00e9tat), aux droits de propri\u00e9t\u00e9, aux m\u00e9thodes, aux proc\u00e9dures,<br \/>\naux formules ou aux facteurs qui doivent \u00eatre pris en compte<br \/>\n\u2013 ou ignor\u00e9s \u2013 dans l&rsquo;estimation du loyer r\u00e9vis\u00e9. Si le bail doit<br \/>\n\u00eatre ignor\u00e9, et que l&rsquo;objectif est d&rsquo;estimer la valeur marchande<br \/>\ndes locaux lou\u00e9s comme s&rsquo;ils \u00e9taient libres, les droits \u00e0 \u00e9valuer<br \/>\nsont un int\u00e9r\u00eat en fief simple7. \u00c0 l&rsquo;inverse, si la r\u00e9vision du<br \/>\nloyer implique une analyse de l&rsquo;utilisation et de l&rsquo;occupation du<br \/>\nlocataire, c&rsquo;est la valeur locative8 des locaux lou\u00e9s pour la p\u00e9riode<br \/>\nde r\u00e9vision du loyer qui doit \u00eatre estim\u00e9e. En ce qui concerne ces<br \/>\ndeux exercices d&rsquo;\u00e9valuation qui s&rsquo;excluent mutuellement, la cour<br \/>\nd&rsquo;appel dans l&rsquo;affaire Bullock&rsquo;s Inc. c. Security-First National<br \/>\nBank of Los Angeles9 a \u00e9tabli une distinction entre la valeur<br \/>\nmarchande et la valeur locative : <\/p>\n<p>La valeur locative est mesur\u00e9e partiellement en termes de<br \/>\ntemps, par mois ou par ann\u00e9e, etc. Les parties ne fixaient<br \/>\npas la valeur locative dans le bail, elles fixaient le loyer.<br \/>\nElles d\u00e9terminaient ce loyer en prenant un pourcentage<br \/>\nfixe de la valeur totale (et non de la valeur locative) du<br \/>\nterrain. Les parties ont bas\u00e9 le loyer sur la juste valeur<br \/>\nmarchande du bien plut\u00f4t que sur sa valeur locative pour<br \/>\nune p\u00e9riode donn\u00e9e.<\/p>\n<p>Dans l\u2019affaire Bullock, il suffisait d&rsquo;une estimation ponctuelle de<br \/>\nla \u00ab valeur estim\u00e9e du terrain \u00bb, \u00e0 l&rsquo;exclusion des b\u00e2timents et des<br \/>\nam\u00e9liorations, ce qui, selon le tribunal, signifiait la juste valeur<br \/>\nmarchande. La cour d&rsquo;appel n&rsquo;a pas d\u00e9fini la valeur marchande, <\/p>\n<p>mais s&rsquo;est appuy\u00e9e sur le terme valeur marchande tel que<br \/>\nmentionn\u00e9 dans la clause de r\u00e9paration et d&rsquo;entretien du bail et<br \/>\ndans la clause d\u2019expropriation du bail.10 Le tribunal a not\u00e9 :<\/p>\n<p>Les parties ont donc pr\u00e9vu une r\u00e9duction de loyer bas\u00e9e sur<br \/>\nla diff\u00e9rence entre la valeur marchande du terrain avant<br \/>\nl\u2019expropriation et la valeur marchande de ce qui restait<br \/>\napr\u00e8s. Et la r\u00e9duction est calcul\u00e9e de la m\u00eame mani\u00e8re que<br \/>\ncelle pr\u00e9vue pour le calcul du loyer \u2013 5 % par an du montant<br \/>\npr\u00e9d\u00e9termin\u00e9. \u00c9tant donn\u00e9 que le bail pr\u00e9voit qu&rsquo;une<br \/>\nr\u00e9duction de loyer due \u00e0 une expropriation partielle doit<br \/>\n\u00eatre mesur\u00e9e par la baisse de la valeur marchande du bien<br \/>\nfaisant l&rsquo;objet du bail, on peut raisonnablement en d\u00e9duire<br \/>\nque les parties pensaient en termes de valeur marchande<br \/>\nlorsqu&rsquo;elles ont r\u00e9dig\u00e9 les dispositions du bail relatives au<br \/>\ncalcul du loyer. [nous soulignons]<\/p>\n<p>Valeur\u00a0marchande\u00a0et\u00a0droits\u00a0de\u00a0propri\u00e9t\u00e9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>Les d\u00e9finitions de la valeur marchande sont souvent muettes quant<br \/>\naux droits de propri\u00e9t\u00e9 qui sont \u00e9valu\u00e9s. Dans son article paru<br \/>\ndans l&rsquo;Appraisal Journal de 2018, Sanders examine l&rsquo;\u00e9volution des<br \/>\nd\u00e9finitions de la valeur marchande et les \u00ab diverses conditions<br \/>\nimpos\u00e9es au march\u00e9 hypoth\u00e9tique \u00bb inh\u00e9rentes aux nombreuses<br \/>\nd\u00e9finitions de la valeur marchande.11 Aucune des diverses<br \/>\nd\u00e9finitions de la valeur marchande pr\u00e9sent\u00e9es par Sanders ne<br \/>\ncontredit explicitement les droits de propri\u00e9t\u00e9, \u00e0 l&rsquo;exception de la<br \/>\nd\u00e9finition suivante de la valeur marchande sugg\u00e9r\u00e9e par Marchitelli<br \/>\net Korpacz dans leur article paru dans l&rsquo;Appraisal Journal en 1992 : <\/p>\n<p>Le prix en esp\u00e8ces et\/ou d&rsquo;autres conditions identifi\u00e9es pour<br \/>\nlesquelles l&rsquo;int\u00e9r\u00eat immobilier sp\u00e9cifi\u00e9 est susceptible<br \/>\nde se vendre \u00e0 la date r\u00e9elle de l&rsquo;\u00e9valuation sur le march\u00e9<br \/>\nimmobilier dans toutes les conditions requises pour une vente<br \/>\n\u00e9quitable.12 [nous soulignons] <\/p>\n<p>De nombreuses d\u00e9finitions de la valeur marchande \u00e9manent<br \/>\ndu domaine \u00e9minent, o\u00f9, pour les besoins des \u00c9tats et du<br \/>\ngouvernement f\u00e9d\u00e9ral, la valeur marchande des terres expropri\u00e9es<br \/>\nest d\u00e9termin\u00e9e sur la base du droit non grev\u00e9 et indivis, et ne tient<br \/>\npas compte de tous les autres int\u00e9r\u00eats immobiliers.13 De m\u00eame,<br \/>\ndans la plupart des \u00c9tats, l&rsquo;\u00e9valuation des biens immobiliers \u00e0 des<br \/>\nfins d&rsquo;\u00e9valuation indique les droits de propri\u00e9t\u00e9 dans un int\u00e9r\u00eat<br \/>\nde type fief simple lorsqu&rsquo;il existe plus d&rsquo;un int\u00e9r\u00eat dans un bien.14<br \/>\nDans ces deux champs d\u2019application de l&rsquo;\u00e9valuation des biens<br \/>\nimmobiliers, la valeur recherch\u00e9e comporte une pr\u00e9somption de<br \/>\ntitre indivis, libre et clair, non grev\u00e9 d&rsquo;une charge telle qu&rsquo;un bail, et<br \/>\nla l\u00e9gislation visant \u00e0 atteindre cet objectif l&#8217;emporte sur les droits<br \/>\net obligations contractuels entre un bailleur et un locataire. <\/p>\n<p>Lorsque les parties concluent un bail dans le monde du<br \/>\ncommerce, elles acceptent d&rsquo;\u00eatre li\u00e9es par les termes et conditions<br \/>\ndu bail. M\u00eame si un bail pr\u00e9voit la possibilit\u00e9 d&rsquo;une r\u00e9vision du<br \/>\nloyer pendant la dur\u00e9e du bail, le bail reste en vigueur pendant<br \/>\ntoute sa dur\u00e9e, y compris toute p\u00e9riode couverte par une option de<br \/>\nprolongation ou de renouvellement du bail pouvant \u00eatre exerc\u00e9e \u00e0<br \/>\nla discr\u00e9tion du locataire. En pareille situation, il peut ne pas \u00eatre <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 49Return to CONTENTS<\/p>\n<p>appropri\u00e9 de supposer que le bien est libre de toute charge au<br \/>\nmoment de la r\u00e9vision du loyer, \u00e0 moins que la clause de r\u00e9vision<br \/>\ndu loyer ne manifeste une intention claire de ne pas tenir compte<br \/>\ndu bail. \u00c0 la fin de la dur\u00e9e du bail, les locaux lou\u00e9s reviennent au<br \/>\npropri\u00e9taire, et toutes les am\u00e9liorations locatives appartenant au<br \/>\nlocataire deviennent la propri\u00e9t\u00e9 du propri\u00e9taire, \u00e0 moins que le<br \/>\nlocataire ne soit oblig\u00e9 d&rsquo;enlever les am\u00e9liorations en vertu des<br \/>\ndispositions du bail. <\/p>\n<p>La d\u00e9finition de la valeur marchande de Marchitelli et Korpacz<br \/>\nde 1992, en ce qui concerne les droits de propri\u00e9t\u00e9, est conforme<br \/>\n\u00e0 la d\u00e9finition actuelle de la valeur marchande dans le Dictionary<br \/>\nof Real Estate Appraisal, sixi\u00e8me \u00e9dition, et dans The Appraisal<br \/>\nof Real Estate, quatorzi\u00e8me \u00e9dition. Les composantes les<br \/>\nplus largement accept\u00e9es de la valeur marchande, y compris<br \/>\nune r\u00e9f\u00e9rence aux droits de propri\u00e9t\u00e9, sont incorpor\u00e9es dans<br \/>\nla d\u00e9finition : <\/p>\n<p>Le prix le plus probable, \u00e0 une date donn\u00e9e, en esp\u00e8ces,<br \/>\nou en termes \u00e9quivalents \u00e0 des esp\u00e8ces, ou en d&rsquo;autres<br \/>\ntermes pr\u00e9cis\u00e9ment r\u00e9v\u00e9l\u00e9s, pour lequel les droits de<br \/>\npropri\u00e9t\u00e9 sp\u00e9cifi\u00e9s devraient \u00eatre vendus apr\u00e8s une dur\u00e9e<br \/>\nd\u2019exposition raisonnable sur un march\u00e9 concurrentiel<br \/>\ndans toutes les conditions requises pour une vente<br \/>\n\u00e9quitable, l&rsquo;acheteur et le vendeur agissant chacun avec<br \/>\nprudence, en connaissance de cause et dans leur propre<br \/>\nint\u00e9r\u00eat, et supposant qu&rsquo;aucun des deux n&rsquo;est soumis \u00e0 une<br \/>\ncontrainte excessive.15 [nous soulignons]<\/p>\n<p>L&rsquo;identification des droits de propri\u00e9t\u00e9 sp\u00e9cifiques \u00e0 \u00e9valuer est<br \/>\ndirectement li\u00e9e au concept de valeur marchande. Lorsque des<br \/>\nr\u00e9f\u00e9rences \u00e0 la \u00ab (juste) valeur marchande \u00bb apparaissent dans<br \/>\nles baux, mais que ce terme n&rsquo;est pas d\u00e9fini de mani\u00e8re ad\u00e9quate,<br \/>\ncela peut entra\u00eener une incertitude quant \u00e0 la mani\u00e8re dont<br \/>\nl&rsquo;analyse de l&rsquo;\u00e9valuation doit \u00eatre effectu\u00e9e. Dans le contexte d&rsquo;un<br \/>\nbail impliquant la division des droits de propri\u00e9t\u00e9 entre le bailleur<br \/>\net le preneur, si la valeur marchande donn\u00e9e en r\u00e9f\u00e9rence ne<br \/>\npr\u00e9cise pas les droits de propri\u00e9t\u00e9 \u00e0 prendre en consid\u00e9ration,<br \/>\nl&rsquo;analyse de la r\u00e9vision du loyer doit g\u00e9n\u00e9ralement \u00eatre<br \/>\nconsid\u00e9r\u00e9e comme incluant la prise en compte du bail lui-m\u00eame. <\/p>\n<p>Certains malentendus quant \u00e0 la signification de la valeur<br \/>\nmarchande peuvent \u00eatre directement attribu\u00e9s \u00e0 l&rsquo;utilisation<br \/>\nabusive ou au m\u00e9lange de termes li\u00e9s \u00e0 la valeur marchande.<br \/>\nDans la litt\u00e9rature sur l&rsquo;\u00e9valuation, la valeur marchande et<br \/>\nle loyer du march\u00e9 ne sont pas des termes synonymes, mais<br \/>\nles parties \u00e0 un bail sont libres de convenir de leurs propres<br \/>\nd\u00e9finitions li\u00e9es \u00e0 l&rsquo;\u00e9valuation.16 Par exemple, dans l&rsquo;affaire<br \/>\nGeorg Jensen, Inc. c. 130 Prince Associates, LLC17, le bail ne<br \/>\nfaisait aucune distinction entre la valeur marchande et le loyer du<br \/>\nmarch\u00e9 dans le cadre d&rsquo;une r\u00e9vision du loyer impliquant un bail de<br \/>\nlocaux; dans cette affaire, le bail pr\u00e9voyait ce qui suit :<\/p>\n<p>La juste valeur marchande signifie le loyer actuel<br \/>\ndu march\u00e9 pour un espace similaire dans la zone<br \/>\ng\u00e9ographique g\u00e9n\u00e9rale dans laquelle le b\u00e2timent est <\/p>\n<p>situ\u00e9, en supposant des augmentations standard avec<br \/>\nles ann\u00e9es de base actuelles, et tous les autres facteurs<br \/>\npertinents d\u00e9termin\u00e9s par un \u00e9valuateur ind\u00e9pendant de<br \/>\nl&rsquo;AMI choisi par le propri\u00e9taire. [nous soulignons] <\/p>\n<p>Tout d\u00e9saccord quant \u00e0 la signification des termes couramment<br \/>\nutilis\u00e9s dans la litt\u00e9rature d&rsquo;\u00e9valuation et dans le bail doit donner<br \/>\npr\u00e9s\u00e9ance \u00e0 la signification attribu\u00e9e aux termes du bail :<\/p>\n<p>[L]orsque les parties consignent leur accord dans<br \/>\nun document clair et complet, leur \u00e9crit doit en r\u00e8gle<br \/>\ng\u00e9n\u00e9rale \u00eatre ex\u00e9cut\u00e9 conform\u00e9ment \u00e0 ses termes. Il<br \/>\nest g\u00e9n\u00e9ralement inadmissible d&rsquo;ajouter ou de modifier<br \/>\ndes \u00e9l\u00e9ments de preuve en dehors des quatre coins du<br \/>\ndocument quant \u00e0 ce qui \u00e9tait r\u00e9ellement pr\u00e9vu, mais non<br \/>\nd\u00e9clar\u00e9 ou mal d\u00e9clar\u00e9. Cette r\u00e8gle conf\u00e8re une \u00ab stabilit\u00e9<br \/>\naux transactions commerciales \u00bb. Ces consid\u00e9rations sont<br \/>\nd&rsquo;autant plus importantes dans le contexte des transactions<br \/>\nimmobili\u00e8res, o\u00f9 la certitude commerciale est une<br \/>\npr\u00e9occupation primordiale. [citation omise]18<\/p>\n<p>Restrictions\u00a0en\u00a0mati\u00e8re\u00a0de\u00a0titres\u00a0et\u00a0de\u00a0baux\u00a0<\/p>\n<p>Les restrictions ou charges identifi\u00e9es dans le r\u00e9sum\u00e9 de titre ou<br \/>\ndans le bail qui ont un impact sur les droits de propri\u00e9t\u00e9 \u00e0 \u00e9valuer,<br \/>\nen particulier si une analyse de l&rsquo;utilisation optimale est requise,19<br \/>\ndoivent \u00eatre prises en compte dans la r\u00e9vision du loyer des locaux<br \/>\nlou\u00e9s \u2013 \u00e0 moins que la clause de r\u00e9vision du loyer ne stipule<br \/>\nautrement.20 Les locaux lou\u00e9s en tant que partie d&rsquo;un complexe<br \/>\n(par exemple, un centre commercial, un campus de bureaux,<br \/>\nun parc industriel) ou en tant que partie d&rsquo;un b\u00e2timent dans un<br \/>\ncomplexe peuvent \u00e9galement \u00eatre affect\u00e9s par les clauses et<br \/>\nrestrictions d&rsquo;autres baux.21 <\/p>\n<p>Locaux en propri\u00e9t\u00e9 franche<br \/>\nL&rsquo;analyse de la valeur d&rsquo;un terrain non grev\u00e9, ou d&rsquo;un terrain<br \/>\nsuppos\u00e9 non grev\u00e9, en fief simple, dans le cadre d&rsquo;une proc\u00e9dure<br \/>\nen deux \u00e9tapes de r\u00e9vision du loyer, n\u00e9cessite une estimation de<br \/>\nla valeur marchande bas\u00e9e sur l&rsquo;utilisation optimale.22 L&rsquo;analyse<br \/>\ncomparative est la m\u00e9thode la plus courante d&rsquo;\u00e9valuation des<br \/>\nbiens, \u00e0 condition que des donn\u00e9es suffisantes et pertinentes<br \/>\nsur le march\u00e9 soient disponibles. L&rsquo;analyse comparative est \u00ab le<br \/>\nprocessus par lequel une indication de valeur est d\u00e9riv\u00e9e dans la<br \/>\nm\u00e9thode de comparaison des ventes. L&rsquo;analyse comparative peut<br \/>\nutiliser des techniques quantitatives ou qualitatives, s\u00e9par\u00e9ment<br \/>\nou en combinaison \u00bb.23 <\/p>\n<p>Apr\u00e8s l&rsquo;estimation de la valeur marchande des locaux lou\u00e9s, le<br \/>\ncalcul du loyer est simple si la clause de r\u00e9vision du loyer stipule<br \/>\nle taux d&rsquo;int\u00e9r\u00eat (taux de rendement) \u00e0 appliquer \u00e0 la valeur<br \/>\nmarchande du bien concern\u00e9. Si le taux de rendement n&rsquo;est pas<br \/>\nstipul\u00e9 dans la clause de r\u00e9vision du loyer, une deuxi\u00e8me analyse<br \/>\nest entreprise pour d\u00e9terminer le taux de rendement (c&rsquo;est-\u00e0-<br \/>\ndire le loyer annuel) qu&rsquo;un acheteur potentiel s&rsquo;attend \u00e0 obtenir<br \/>\npendant la p\u00e9riode couverte par la r\u00e9vision du loyer (c&rsquo;est-\u00e0-dire<br \/>\nla p\u00e9riode de d\u00e9tention suppos\u00e9e). La s\u00e9lection ou l&rsquo;\u00e9laboration <\/p>\n<p>Baux \u00e0 long terme : ANALYSE DE LA R\u00c9VISION DES LOYERS<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 50 Return to CONTENTS<\/p>\n<p>d&rsquo;un taux de rendement appropri\u00e9 doit refl\u00e9ter le taux en vigueur<br \/>\nsur le march\u00e9, ce qui peut \u00eatre r\u00e9alis\u00e9 en s&rsquo;appuyant sur des<br \/>\ndonn\u00e9es primaires, des donn\u00e9es secondaires, ou les deux.<br \/>\nL&rsquo;\u00e9laboration du taux de rendement peut s&rsquo;appuyer sur :<\/p>\n<p>\u2022 Le rendement des investissements dans les ventes de biens<br \/>\nimmobiliers \u00e0 locataire unique lou\u00e9s sur une base nette<br \/>\nabsolue (sans souci) pour une dur\u00e9e correspondant \u00e0 la p\u00e9riode<br \/>\ncouverte par la r\u00e9vision du loyer.24<\/p>\n<p>\u2022 Les enqu\u00eates aupr\u00e8s des investisseurs qui surveillent les taux<br \/>\nde rendement r\u00e9els ou attendus.<\/p>\n<p>\u2022 Le rendement des obligations publiques ou priv\u00e9es disponibles<br \/>\npour une dur\u00e9e correspondant \u00e0 la p\u00e9riode couverte par la<br \/>\nr\u00e9vision du loyer.<\/p>\n<p>\u2022 La bande d&rsquo;investissement (rendement moyen pond\u00e9r\u00e9 des<br \/>\ncomposantes types de la dette et des capitaux propres).25<\/p>\n<p>Locaux \u00e0 bail<br \/>\nEn l&rsquo;absence d\u2019une disposition expresse contraire, la r\u00e9vision du<br \/>\nloyer est pr\u00e9sum\u00e9e favoriser l&rsquo;\u00e9valuation des locaux lou\u00e9s comme<br \/>\n\u00e9tant grev\u00e9s26, comme c&rsquo;est le cas pour les baux qui exigent une<br \/>\nestimation du loyer du march\u00e9 ou d&rsquo;une autre forme de loyer tel<br \/>\nque d\u00e9crit ou d\u00e9fini dans le bail27. Comme l&rsquo;a not\u00e9 le tribunal dans<br \/>\nl&rsquo;affaire Klair c. Reese, \u00ab Dans le contexte de la fixation du loyer&#8230;,<br \/>\nl&rsquo;\u00e9valuation du terrain tel que grev\u00e9 par le bail est raisonnable parce<br \/>\nque le terrain continuera d&rsquo;\u00eatre grev\u00e9 par le bail.28 L\u2019opinion dissidente<br \/>\ndans l&rsquo;affaire No. 100 Sail Ventures Ltd. c. Janwest Equities Ltd. a<br \/>\nfait une observation similaire, d\u00e9clarant que \u00ab  [d]ans la plupart des<br \/>\ncas, une restriction impos\u00e9e l\u00e9galement \u00e0 l&rsquo;utilisation d&rsquo;un terrain est<br \/>\nun facteur \u00e0 prendre en compte pour fixer sa valeur, m\u00eame s&rsquo;il est<br \/>\nvacant et non am\u00e9lior\u00e9 \u00bb.29 Dans l&rsquo;affaire United Equities c. Mardordic<br \/>\nRealty Co.,30 l\u2019opinion dissidente a not\u00e9 qu&rsquo;un bail peut augmenter ou<br \/>\ndiminuer la valeur d&rsquo;un terrain :<\/p>\n<p>Le fait qu&rsquo;un bail, quelle que soit sa dur\u00e9e, courte ou longue,<br \/>\naugmente ou diminue la valeur du terrain, par rapport \u00e0<br \/>\nla valeur qu\u2019il aurait s\u2019il \u00e9tait vendu en fief simple, d\u00e9pend<br \/>\n\u00e9videmment de la valeur des droits du propri\u00e9taire en vertu<br \/>\ndu bail, notamment en ce qui concerne le droit de percevoir<br \/>\nun loyer. Un bail dans lequel un loyer \u00e9lev\u00e9 est r\u00e9serv\u00e9<br \/>\naugmentera la valeur du terrain. Un bail dans lequel la<br \/>\nr\u00e9serve du loyer est insuffisante diminuera la valeur du<br \/>\nterrain, par rapport \u00e0 sa valeur libre de tout bail.<\/p>\n<p>La clause de r\u00e9vision du loyer d&rsquo;un bail peut se r\u00e9f\u00e9rer au \u00ab loyer<br \/>\ndu march\u00e9 \u00bb. Selon The Dictionary of Real Estate, sixi\u00e8me \u00e9dition,<br \/>\nle loyer du march\u00e9 est :<\/p>\n<p>The most probable rent that a property should bring in<br \/>\na competitive and open market reflecting the conditions<br \/>\nand restrictions of a specified lease agreement, including<br \/>\nthe rental adjustment and revaluation, permitted uses,<br \/>\nuse restrictions, expense obligations, term, concessions,<br \/>\nrenewal and purchase options, and tenant improvements<br \/>\n(TIs).<\/p>\n<p>Si les dispositions du bail pr\u00e9voient que le bail lui-m\u00eame doit \u00eatre<br \/>\nignor\u00e9 lors de la r\u00e9vision du loyer, cela implique que la dur\u00e9e non<br \/>\nexpir\u00e9e du bail \u2013 y compris toute prolongation ou renouvellement<br \/>\n\u2013 doit \u00eatre ignor\u00e9e comme une contrainte dans toute analyse de<br \/>\nl&rsquo;utilisation optimale des locaux lou\u00e9s ou \u00ab c\u00e9d\u00e9s \u00bb. Voici quelques<br \/>\nexemples de dispositions du bail permettant de ne pas tenir<br \/>\ncompte du bail dans l&rsquo;\u00e9valuation de la revalorisation du loyer : <\/p>\n<p>\u2022 [Six pour cent de] la pleine et juste valeur du terrain c\u00e9d\u00e9<br \/>\nqui serait vendu comme une seule parcelle consid\u00e9r\u00e9e<br \/>\ncomme vacante et non am\u00e9lior\u00e9e, en fief simple, par voie de<br \/>\nconcession priv\u00e9e, libre de tout bail et non grev\u00e9e31.<\/p>\n<p>\u2022 [U]n montant par an \u00e9gal \u00e0 6 % de la juste valeur<br \/>\nmarchande&#8230; du terrain constituant les locaux c\u00e9d\u00e9s,<br \/>\nconsid\u00e9r\u00e9s comme vacants, non am\u00e9lior\u00e9s et non affect\u00e9s<br \/>\npar le pr\u00e9sent bail.32<\/p>\n<p>\u2022 Le juste loyer du march\u00e9 est d\u00e9fini comme \u00ab le loyer annuel<br \/>\ndes terrains c\u00e9d\u00e9s qui serait pay\u00e9 entre des personnes<br \/>\ntraitant de bonne foi et sans lien de d\u00e9pendance, comme<br \/>\nsi les terrains c\u00e9d\u00e9s \u00e9taient vacants, non grev\u00e9s et non<br \/>\nam\u00e9lior\u00e9s \u00bb.33<\/p>\n<p>\u2022 Le loyer annuel net est de &#8230; 12 % de la valeur estim\u00e9e&#8230;<br \/>\nLesdites \u00e9valuations doivent \u00eatre effectu\u00e9es &#8230; comme si<br \/>\nle terrain lou\u00e9 \u00e9tait vacant, non grev\u00e9, non am\u00e9lior\u00e9 et ne<br \/>\nfaisait pas l&rsquo;objet d&rsquo;un bail.34<\/p>\n<p>\u2022 L&rsquo;\u00e9valuateur doit consid\u00e9rer le terrain \u00ab comme vacant, non<br \/>\nam\u00e9lior\u00e9 et non grev\u00e9 par le pr\u00e9sent bail \u00bb.35<\/p>\n<p>\u2022 La valeur estim\u00e9e des locaux c\u00e9d\u00e9s est, en tout \u00e9tat de<br \/>\ncause, la valeur du terrain, \u00e0 l&rsquo;exclusion des b\u00e2timents ou<br \/>\nautres am\u00e9liorations et comme s\u2019il \u00e9tait libre et non grev\u00e9<br \/>\npendant l&rsquo;ann\u00e9e au cours de laquelle cette valeur doit<br \/>\n\u00eatre \u00e9tablie.36<\/p>\n<p>\u2022 La valeur marchande des locaux c\u00e9d\u00e9s est d\u00e9termin\u00e9e<br \/>\n&#8230; en fonction de leur utilisation optimale comme s&rsquo;il<br \/>\ns&rsquo;agissait d&rsquo;un terrain vacant, \u00e0 l&rsquo;exclusion de toutes<br \/>\nles am\u00e9liorations qui y sont apport\u00e9es, sans \u00e9gard aux<br \/>\nmodalit\u00e9s et conditions du pr\u00e9sent bail mais en tenant<br \/>\ncompte, le cas \u00e9ch\u00e9ant, de l&rsquo;impact de tout obstacle<br \/>\njuridique \u00e0 un changement d&rsquo;utilisation cr\u00e9\u00e9 par le<br \/>\nzonage et d&rsquo;autres lois et ordonnances.37 <\/p>\n<p>Charges\u00a0physiques\u00a0et\u00a0juridiques\u00a0<\/p>\n<p>Dans l&rsquo;interpr\u00e9tation d&rsquo;une clause de r\u00e9vision du loyer, il existe<br \/>\nune distinction importante entre le fait d&rsquo;\u00eatre instruit par un bail<br \/>\nd&rsquo;ignorer les am\u00e9liorations de nature physique qui gr\u00e8vent le<br \/>\nterrain et le fait d&rsquo;\u00eatre instruit d&rsquo;ignorer les charges qui affectent<br \/>\nle titre de propri\u00e9t\u00e938. Il s\u2019agit dans le premier cas, d\u2019une charge<br \/>\nphysique et, dans le second cas, d\u2019une charge juridique. <\/p>\n<p>La cour d&rsquo;appel de Californie, dans l&rsquo;affaire Evans c. Faught39,<br \/>\ns&rsquo;est pench\u00e9e sur la question des charges li\u00e9es au titre<br \/>\nde propri\u00e9t\u00e9 : <\/p>\n<p>Dans Shunk [c. Fuller] et Buetel [c. American Mach.<br \/>\nCo.], il a \u00e9t\u00e9 sp\u00e9cifiquement d\u00e9cid\u00e9 qu&rsquo;un bail est une<br \/>\ncharge sur le titre du bien transf\u00e9r\u00e9.40 Nous estimons <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 51Return to CONTENTS<\/p>\n<p>donc qu&rsquo;un bail non enregistr\u00e9 qui lie l&rsquo;acheteur d&rsquo;un bien<br \/>\nimmobilier est une limitation affectant le titre puisqu&rsquo;il<br \/>\ns&rsquo;agit manifestement d&rsquo;un droit ou d&rsquo;un int\u00e9r\u00eat foncier qui<br \/>\nsubsiste dans une tierce personne \u00e0 la diminution de la<br \/>\nvaleur du terrain, mais qui est compatible avec le transfert<br \/>\ndu titre.<\/p>\n<p>Le tribunal dans l\u2019affaire Evans a ensuite qualifi\u00e9 les<br \/>\nam\u00e9liorations apport\u00e9es \u00e0 la propri\u00e9t\u00e9 en question, constitu\u00e9e<br \/>\nd&rsquo;une route d&rsquo;acc\u00e8s et de la poudri\u00e8re du comt\u00e9, de charges<br \/>\nphysiques sans rapport avec le titre : <\/p>\n<p>[L]a poudri\u00e8re et la route, dont la pr\u00e9sence a mis<br \/>\nle demandeur au courant du bail non enregistr\u00e9,<br \/>\nconstituaient \u00e9galement des charges physiques sur<br \/>\nle terrain qu&rsquo;il \u00e9tait oblig\u00e9 d&rsquo;accepter comme charges<br \/>\npuisque le demandeur \u00e9tait pr\u00e9sum\u00e9 avoir contract\u00e9 pour<br \/>\nacqu\u00e9rir le terrain soumis \u00e0 ces charges physiques.<\/p>\n<p>La Cour d&rsquo;appel dans l\u2019affaire Evans a conclu que \u00ab la situation<br \/>\npr\u00e9sent\u00e9e ici est que les charges en question ne sont pas de<br \/>\nnature \u00e0 affecter uniquement l&rsquo;\u00e9tat physique du terrain [c&rsquo;est-\u00e0-<br \/>\ndire la route d&rsquo;acc\u00e8s et la poudri\u00e8re], mais \u00e9galement son titre<br \/>\n[c&rsquo;est-\u00e0-dire le bail non enregistr\u00e9] \u00bb. <\/p>\n<p>Charge par bail<br \/>\nDans l&rsquo;affaire Standard Life Assurance Co.41, la cour d&rsquo;appel de<br \/>\nl&rsquo;Ontario, au Canada, a refus\u00e9 d&rsquo;annuler une sentence arbitrale<br \/>\n\u00ab finale et contraignante \u00bb de 1989 car la d\u00e9cision n&rsquo;\u00e9tait pas<br \/>\n\u00ab manifestement d\u00e9raisonnable \u00bb, m\u00eame si \u00ab l&rsquo;interpr\u00e9tation<br \/>\ndu bail par les arbitres \u00e9tait erron\u00e9e \u00bb. Dans un litige ult\u00e9rieur<br \/>\nsur la revalorisation du loyer en 2014, la cour a jug\u00e9 que la<br \/>\nr\u00e9f\u00e9rence \u00e0 la d\u00e9cision des arbitres comme \u00e9tant \u00ab erron\u00e9e<br \/>\n\u00bb \u00e9tait faite en passant et ne faisait pas partie de la d\u00e9cision<br \/>\nde la cour. La conclusion selon laquelle la d\u00e9cision arbitrale<br \/>\nn&rsquo;\u00e9tait pas \u00ab manifestement erron\u00e9e \u00bb reposait sur un point de<br \/>\ndistinction identifi\u00e9 par les arbitres dans le libell\u00e9 de la clause<br \/>\nde revalorisation du loyer dans l&rsquo;affaire Montreal Trust Company<br \/>\nc. Spendthrift Holdings Limited, qui stipulait : \u00ab &laquo;&nbsp;La valeur du<br \/>\nterrain \u00e0 l&rsquo;exclusion des b\u00e2timents ou autres am\u00e9liorations et<br \/>\ncomme si elle \u00e9tait libre et non grev\u00e9e \u00bb.42  [nous soulignons]<br \/>\nDe plus, le tribunal dans l\u2019affaire Standard Life a examin\u00e9 la<br \/>\nd\u00e9cision dans l&rsquo;affaire Ruth c. SZB Corporation, dans laquelle<br \/>\nle tribunal de New York avait \u00e9galement d\u00e9clar\u00e9 : \u00ab La pleine et<br \/>\njuste valeur du terrain c\u00e9d\u00e9 qui serait vendu comme une seule<br \/>\nparcelle consid\u00e9r\u00e9e comme vacante et non am\u00e9lior\u00e9e, en fief<br \/>\nsimple, par contrat priv\u00e9, libre de tout bail et non grev\u00e9e \u00bb.43<br \/>\n[nous soulignons] Par cons\u00e9quent, il n&rsquo;\u00e9tait pas \u00ab manifestement<br \/>\nerron\u00e9 \u00bb pour le groupe d&rsquo;arbitrage dans l\u2019affaire Standard Life de<br \/>\nconclure que<\/p>\n<p>[I]l est possible pour les propri\u00e9taires et les locataires<br \/>\nde r\u00e9diger des documents qui les obligeraient \u00e0 ignorer<br \/>\ncertains aspects de la r\u00e9alit\u00e9 du march\u00e9 existant \u00e0 la date <\/p>\n<p>de l&rsquo;\u00e9valuation. Toutefois, nous ne pensons pas que le<br \/>\ndocument que nous avons sous les yeux [qui ne fait pas<br \/>\nr\u00e9f\u00e9rence \u00e0 l&rsquo;ignorance des charges] soit un tel document<br \/>\npar rapport \u00e0 la l\u00e9gislation pertinente.<\/p>\n<p>Au moment de la r\u00e9vision des loyers de 1989, l&rsquo;immeuble locatif<br \/>\n\u00e9tait soumis \u00e0 la l\u00e9gislation sur le contr\u00f4le des loyers, ce qui<br \/>\na emp\u00each\u00e9 les loyers d&rsquo;atteindre les niveaux du march\u00e9. Pour<br \/>\nl&rsquo;immeuble d&rsquo;appartements en question, le d\u00e9veloppement de<br \/>\ncondominiums r\u00e9sidentiels repr\u00e9sentait l&rsquo;utilisation optimale de<br \/>\nla propri\u00e9t\u00e9, une utilisation non autoris\u00e9e sur les terrains lou\u00e9s<br \/>\ndans la province de l&rsquo;Ontario \u00e0 la date de la r\u00e9vision des loyers.<br \/>\nLes arbitres ont donc fix\u00e9 la valeur marchande du terrain \u00e0<br \/>\n4 250 000 $, sur la base d&rsquo;une utilisation optimale (restreinte) en<br \/>\ntant que d\u00e9veloppement d&rsquo;appartements locatifs, en fixant le loyer<br \/>\nannuel \u00e0 286 875 $ sur 25 ans par application du taux prescrit<br \/>\nde 6,75 %. Sur la base d&rsquo;un d\u00e9veloppement de condominiums<br \/>\nr\u00e9sidentiels, la valeur marchande de l&rsquo;int\u00e9r\u00eat franc dans le terrain<br \/>\n\u00e9tait de 13 500 000 $, ce qui, au taux prescrit de 6,75 %, aurait<br \/>\ng\u00e9n\u00e9r\u00e9 un loyer annuel de 911 250 $. Par cons\u00e9quent, du point de<br \/>\nvue du bailleur, la perte locative annuelle s&rsquo;est \u00e9lev\u00e9e \u00e0 624 375 $<br \/>\n(911 250 $ \u2013 286 875 $), et la perte de loyer non actualis\u00e9e sur<br \/>\nla p\u00e9riode de 25 ans s&rsquo;est \u00e9lev\u00e9e \u00e0 15 609 375,44. Actualis\u00e9e au<br \/>\ntaux de 6,75 %, la valeur actualis\u00e9e de la perte locative annuelle<br \/>\ndu bailleur de 624 375 $ s&rsquo;est \u00e9lev\u00e9e \u00e0 7 443 056 $ (624 375 $ \u00d7<br \/>\n11,920811).<\/p>\n<p>La premi\u00e8re p\u00e9riode de r\u00e9initialisation de 25 ans a expir\u00e9 en<br \/>\n2014. L\u00e0 encore, les parties n&rsquo;ont pas r\u00e9ussi \u00e0 s&rsquo;entendre sur la<br \/>\nmani\u00e8re dont le bien devait \u00eatre \u00e9valu\u00e9. Avant le deuxi\u00e8me cycle<br \/>\nd&rsquo;arbitrage, les parties ont demand\u00e9 au tribunal de d\u00e9clarer si<br \/>\nle terme valeur marchande du terrain \u00ab devait \u00eatre interpr\u00e9t\u00e9<br \/>\ncomme incluant l&rsquo;utilisation optimale possible du terrain, comme<br \/>\nsi la propri\u00e9t\u00e9 \u00e9tait non am\u00e9lior\u00e9e et non grev\u00e9e, y compris<br \/>\nla valeur de la propri\u00e9t\u00e9 comme si elle \u00e9tait disponible pour<br \/>\nun d\u00e9veloppement de condominium en propri\u00e9t\u00e9 franche \u00e0 la<br \/>\ndate d&rsquo;\u00e9valuation [15 mars 2014]. \u00bb Le tribunal a conclu que<br \/>\nl&rsquo;interpr\u00e9tation de la clause de r\u00e9vision des loyers \u00ab est r\u00e9gie<br \/>\npar la d\u00e9cision d&rsquo;arbitrage de 1990, et que [le bailleur] Manulife<br \/>\nest emp\u00each\u00e9 de la contester \u00e0 nouveau \u00bb.45 Dans le cadre de<br \/>\nl&rsquo;analyse, le tribunal a examin\u00e9 un certain nombre de d\u00e9cisions<br \/>\nant\u00e9rieures de r\u00e9vision des loyers interpr\u00e9tant la \u00ab juste valeur<br \/>\nmarchande du bien comme s&rsquo;il n&rsquo;\u00e9tait pas am\u00e9lior\u00e9 \u00bb comme<br \/>\nsignifiant non seulement qu&rsquo;il n&rsquo;\u00e9tait pas tenu compte des<br \/>\nam\u00e9liorations, mais aussi que \u00ab les parties avaient \u00e9galement<br \/>\nl&rsquo;intention de ne pas tenir compte des charges ayant un impact<br \/>\nsur la valeur du terrain \u00bb. Commentant la distinction entre les<br \/>\ncharges et les am\u00e9liorations, le tribunal a d\u00e9clar\u00e9 ce qui suit : <\/p>\n<p>Pour des raisons dont je ne suis pas certain, la Cour d&rsquo;appel<br \/>\ndans l&rsquo;affaire Royal Trust et la Cour divisionnaire dans<br \/>\nl&rsquo;affaire Standard Life ont toutes deux ins\u00e9r\u00e9 l\u2019expression<br \/>\n\u00ab non grev\u00e9 \u00bb dans l&rsquo;\u00e9quation de sorte que dans les deux<br \/>\nd\u00e9cisions, la juste valeur marchande \u00e9tait bas\u00e9e sur une<br \/>\nvaleur th\u00e9orique du terrain qui n&rsquo;\u00e9tait pas seulement <\/p>\n<p>Baux \u00e0 long terme : ANALYSE DE LA R\u00c9VISION DES LOYERS<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 52 Return to CONTENTS<\/p>\n<p>non am\u00e9lior\u00e9, mais aussi non grev\u00e9. Je ne trouve aucune<br \/>\nexplication dans la jurisprudence quant au comment et au<br \/>\npourquoi d\u2019une telle chose. [nous soulignons] <\/p>\n<p>Dans l&rsquo;affaire Roywood and Gardenview [Royal Trust],<br \/>\nla Cour d&rsquo;appel a estim\u00e9 que des mots tels que \u00ab non<br \/>\nam\u00e9lior\u00e9 \u00bb ou \u00ab sans b\u00e2timents ni am\u00e9liorations \u00bb incluaient<br \/>\n\u00ab non grev\u00e9 \u00bb. Je suis li\u00e9 par ces d\u00e9cisions m\u00eame si j&rsquo;ai<br \/>\nquelques difficult\u00e9s \u00e0 les comprendre. \u00c0 mon avis, une<br \/>\ncharge est un int\u00e9r\u00eat juridique dans le terrain qui diminue<br \/>\nsa valeur par opposition \u00e0 des b\u00e2timents physiques plac\u00e9s<br \/>\nsur le terrain ou \u00e0 des am\u00e9liorations physiques apport\u00e9es<br \/>\nau terrain. En tout \u00e9tat de cause, les pr\u00e9sents baux<br \/>\nn&rsquo;utilisent aucun des termes \u00ab non grev\u00e9 \u00bb, \u00ab vacant \u00bb ou<br \/>\n\u00ab non am\u00e9lior\u00e9 \u00bb, ils se r\u00e9f\u00e8rent simplement aux terrains.46 <\/p>\n<p>Le tribunal a \u00e9galement conclu que les termes non am\u00e9lior\u00e9<br \/>\net non grev\u00e9 signifient deux choses diff\u00e9rentes. Il a not\u00e9 que le<br \/>\nBlack&rsquo;s Law Dictionary, sixi\u00e8me \u00e9dition, d\u00e9finit am\u00e9lioration en<br \/>\ntermes de modification physique :<\/p>\n<p>Un ajout apport\u00e9 \u00e0 la valeur d\u2019un bien (g\u00e9n\u00e9ralement un bien<br \/>\nimmobilier) ou une am\u00e9lioration de son \u00e9tat, qui repr\u00e9sente<br \/>\nplus qu&rsquo;une simple r\u00e9paration ou un remplacement, co\u00fbtant<br \/>\nde la main-d&rsquo;\u0153uvre ou du capital, et qui vise \u00e0 accro\u00eetre<br \/>\nsa valeur, sa beaut\u00e9 ou son utilit\u00e9 ou \u00e0 l&rsquo;adapter \u00e0 des fins<br \/>\nnouvelles ou suppl\u00e9mentaires. Il s&rsquo;agit g\u00e9n\u00e9ralement de<br \/>\nb\u00e2timents, mais peut \u00e9galement inclure toute structure<br \/>\npermanente ou autre d\u00e9veloppement, comme une rue,<br \/>\ndes trottoirs, des \u00e9gouts, des services publics, etc.<br \/>\n[nous soulignons].<\/p>\n<p>Par ailleurs, Black&rsquo;s d\u00e9finit la charge comme un int\u00e9r\u00eat juridique :<br \/>\n\u00ab Tout droit ou int\u00e9r\u00eat sur un terrain qui peut subsister dans un<br \/>\nautre jusqu&rsquo;\u00e0 diminution de sa valeur mais qui est compatible avec<br \/>\nle transfert de la charge par voie de cession. \u00bb En cons\u00e9quence, le<br \/>\ntribunal a conclu qu\u2019\u00ab un bien peut \u00eatre non am\u00e9lior\u00e9 mais grev\u00e9.<br \/>\nInversement, il peut \u00eatre am\u00e9lior\u00e9 et non grev\u00e9. Les deux mots ne<br \/>\nsont pas synonymes. \u00bb<\/p>\n<p>Dans l&rsquo;affaire Selective 901 Truman, LLC c. Goodrich &#038; Hops<br \/>\nProperties West47, le bailleur et le locataire n&rsquo;ont pas pu s&rsquo;entendre<br \/>\nsur la \u00ab juste valeur locative \u00bb dans le cadre d&rsquo;une r\u00e9vision du loyer<br \/>\nd&rsquo;un bail foncier \u00e0 long terme. Le bail a commenc\u00e9 le 1er janvier 1958,<br \/>\npour une dur\u00e9e de 53 ans, permettant des extensions jusqu&rsquo;\u00e0 99 ans.<br \/>\nLes locaux lou\u00e9s comprenaient 1,94 acres. En 1962, le locataire a<br \/>\nconstruit un centre commercial lin\u00e9aire de 34 000 pieds carr\u00e9s avec<br \/>\nstationnement pav\u00e9. Le bailleur a d\u00e9clench\u00e9 une r\u00e9vision du loyer<br \/>\npour une p\u00e9riode de 10 ans, \u00e0 compter du 1er mars 2015, avec un total<br \/>\nde 43 ans restant sur le bail. Les clauses de revalorisation du loyer et<br \/>\nd&rsquo;utilisation du bail \u00e9nonc\u00e9es dans la partie pertinente pr\u00e9voient : <\/p>\n<p>\u00c0 tout moment, apr\u00e8s dix (10) ans \u00e0 compter de la date d&rsquo;entr\u00e9e<br \/>\nen vigueur du pr\u00e9sent bail, ce loyer peut \u00eatre r\u00e9vis\u00e9 par<br \/>\n[le bailleur] en donnant un pr\u00e9avis \u00e9crit de trente (30) jours au<br \/>\nlocataire. La juste valeur locative des locaux lou\u00e9s doit \u00eatre <\/p>\n<p>d\u00e9termin\u00e9e sans tenir compte de l&rsquo;effet sur cette valeur des<br \/>\nam\u00e9liorations apport\u00e9es par le locataire et conform\u00e9ment aux<br \/>\npratiques d&rsquo;\u00e9valuation approuv\u00e9es. Ce terrain sera \u00e9valu\u00e9 au<br \/>\nmoment de la r\u00e9vision, tel que d\u00e9termin\u00e9 par [le bailleur] et le<br \/>\nlocataire, mais le loyer ne devrait pas \u00eatre inf\u00e9rieur au taux de<br \/>\nlocation minimum indiqu\u00e9 ci-dessus, ni sup\u00e9rieur \u00e0 six pour<br \/>\ncent (6%) par an de la valeur \u00e9valu\u00e9e du terrain. Lorsqu&rsquo;il est<br \/>\nainsi r\u00e9vis\u00e9, ce loyer ne sera pas soumis \u00e0 une nouvelle r\u00e9vision<br \/>\navant dix (10) ans \u00e0 compter de la date d&rsquo;entr\u00e9e en vigueur de<br \/>\ncette r\u00e9vision. [nous soulignons]<\/p>\n<p>Ces locaux seront utilis\u00e9s par le locataire uniquement<br \/>\net exclusivement pour la construction, l&rsquo;entretien et<br \/>\nl&rsquo;exploitation d&rsquo;immeubles de bureaux, d&rsquo;immeubles<br \/>\n\u00e0 usage commercial et industriel g\u00e9n\u00e9ral, de parcs de<br \/>\nstationnement, qui comprendront un parc de stationnement<br \/>\nsouterrain si cela est jug\u00e9 n\u00e9cessaire, et d&rsquo;un toit-terrasse<br \/>\nh\u00e9liport\u00e9. Le locataire s&rsquo;engage \u00e0 se conformer \u00e0 toutes<br \/>\nles lois et r\u00e9glementations applicables en ce qui concerne<br \/>\nl&rsquo;utilisation des locaux lou\u00e9s.<\/p>\n<p>Les parties n&rsquo;ont pas r\u00e9ussi \u00e0 s&rsquo;entendre sur la juste valeur <\/p>\n<p>locative pour la p\u00e9riode de 10 ans, et le litige relatif \u00e0 la location <\/p>\n<p>a \u00e9t\u00e9 soumis \u00e0 l&rsquo;arbitrage. L&rsquo;arbitre a d\u00e9termin\u00e9 que \u00ab la juste <\/p>\n<p>valeur locative a essentiellement la m\u00eame d\u00e9finition que la juste <\/p>\n<p>valeur marchande, ce qui conduit \u00e0 supposer qu&rsquo;un acheteur est <\/p>\n<p>bien inform\u00e9 et n&rsquo;est pas contraint d&rsquo;acheter (ou de louer), et <\/p>\n<p>qu&rsquo;un vendeur est autrement dispos\u00e9 \u00e0 vendre (ou \u00e0 louer) sans y <\/p>\n<p>\u00eatre contraint \u00bb.<\/p>\n<p>La question centrale \u00e9tait de savoir si les \u00e9valuations devaient <\/p>\n<p>tenir compte de l&rsquo;effet des charges sur le bien, qui est grev\u00e9 par le <\/p>\n<p>bail lui-m\u00eame pour une dur\u00e9e restante de 43 ans.<\/p>\n<p>L&rsquo;arbitre a not\u00e9 que le bail dictait que les \u00e9valuations <\/p>\n<p>soient pr\u00e9par\u00e9es \u00ab conform\u00e9ment aux pratiques d&rsquo;\u00e9valuation<br \/>\napprouv\u00e9es  \u00bb.48 L&rsquo;arbitre a \u00e9galement not\u00e9 que le bail n&rsquo;\u00e9tait <\/p>\n<p>pas ambigu et que \u00ab la propri\u00e9t\u00e9 en question doit \u00eatre \u00e9valu\u00e9e <\/p>\n<p>en tenant compte des charges \u00bb. L&rsquo;\u00e9valuation du bailleur a trait\u00e9 <\/p>\n<p>les locaux lou\u00e9s comme s&rsquo;ils \u00e9taient libres de toute charge et a <\/p>\n<p>\u00e9valu\u00e9 le terrain dans son \u00ab utilisation optimale \u00bb \u00e0 5,5 millions <\/p>\n<p>de dollars. L&rsquo;une des \u00e9valuations du locataire a pris en compte <\/p>\n<p>l&rsquo;impact de la dur\u00e9e de bail non expir\u00e9e de 43 ans et a \u00e9valu\u00e9 le <\/p>\n<p>terrain \u00e0 1 387 000 dollars. Les deux \u00e9valuations, ainsi qu&rsquo;une <\/p>\n<p>deuxi\u00e8me \u00e9valuation effectu\u00e9e au nom du locataire, ont \u00e9t\u00e9 <\/p>\n<p>rejet\u00e9es par l&rsquo;arbitre. L&rsquo;\u00e9valuation du bailleur a \u00e9t\u00e9 rejet\u00e9e car <\/p>\n<p>elle ne tenait pas compte de l&rsquo;impact du bail foncier, qui impose <\/p>\n<p>une charge sur la propri\u00e9t\u00e9 et en diminue la valeur en raison<br \/>\ndes 43 ann\u00e9es restantes du bail avec toutes les restrictions <\/p>\n<p>d&rsquo;utilisation et les revalorisations de bail restantes. Les <\/p>\n<p>\u00e9valuations du locataire ont \u00e9t\u00e9 rejet\u00e9es parce qu&rsquo;elles \u00e9taient <\/p>\n<p>trop basses.<\/p>\n<p>L&rsquo;arbitre a plut\u00f4t port\u00e9 son attention sur la vente effective de <\/p>\n<p>la propri\u00e9t\u00e9 en question \u00e0 3 425 000 dollars (tout en esp\u00e8ces) <\/p>\n<p>en d\u00e9cembre 2014, grev\u00e9e par le bail foncier, que le locataire <\/p>\n<p>avait qualifi\u00e9 de \u00ab comparable parfait \u00bb. L&rsquo;arbitre a not\u00e9 que la <\/p>\n<p>propri\u00e9t\u00e9 en question avait \u00e9t\u00e9 largement commercialis\u00e9e pour <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 53Return to CONTENTS<\/p>\n<p>\u00eatre vendue sur le march\u00e9 libre par une soci\u00e9t\u00e9 de courtage<br \/>\nsophistiqu\u00e9e. Il a conclu que la transaction offrait la meilleure<br \/>\npreuve de la valeur du terrain, comme s&rsquo;il n&rsquo;avait pas \u00e9t\u00e9<br \/>\nam\u00e9lior\u00e9, mais qu&rsquo;il \u00e9tait grev\u00e9 par le bail foncier. Sur la base du<br \/>\nprix de vente de 3 425 000 $, l&rsquo;arbitre a fix\u00e9 la valeur locative de la<br \/>\npropri\u00e9t\u00e9 \u00e0 205 500 $ par an en appliquant un taux de 6 %, comme<br \/>\nle permet le bail.<\/p>\n<p>Le bailleur a contest\u00e9 la d\u00e9cision de l&rsquo;arbitre, faisant valoir que<br \/>\n1. L\u2019adjudication a \u00e9t\u00e9 \u00ab dissoci\u00e9e \u00bb des preuves, qui <\/p>\n<p>demandaient que la \u00ab juste valeur locative \u00bb soit d\u00e9termin\u00e9e<br \/>\npar des \u00e9valuations (toutes rejet\u00e9es par l&rsquo;arbitre), en<br \/>\ntenant compte de mani\u00e8re inappropri\u00e9e du bail foncier \u00e0<br \/>\nlong terme, et <\/p>\n<p>2. Qu\u2019une m\u00e9thode inappropri\u00e9e avait \u00e9t\u00e9 appliqu\u00e9e, \u00e0 savoir<br \/>\nle prix d&rsquo;achat r\u00e9cent du bien concern\u00e9 comme base pour<br \/>\nfixer la \u00ab juste valeur locative \u00bb.49 <\/p>\n<p>Le bailleur s&rsquo;est \u00e9galement oppos\u00e9 \u00e0 l&rsquo;inclusion d&rsquo;un libell\u00e9<br \/>\ninstructif dans une adjudication cens\u00e9e guider toutes les futures<br \/>\nr\u00e9visions de loyer; le libell\u00e9 pr\u00e9voyait que  <\/p>\n<p>Les futures r\u00e9visions de loyer seront d\u00e9termin\u00e9es par<br \/>\nl&rsquo;\u00e9valuation de la propri\u00e9t\u00e9 concern\u00e9e telle que grev\u00e9e par<br \/>\nles conditions du bail, y compris la dur\u00e9e restante du bail<br \/>\net toute restriction d&rsquo;utilisation contenue dans le bail ou<br \/>\npar les conditions et restrictions impos\u00e9es par la ville de<br \/>\nSan Fernando. [Soulign\u00e9 par le tribunal].<\/p>\n<p>Le tribunal de premi\u00e8re instance a rejet\u00e9 la demande du bailleur<br \/>\nd&rsquo;annuler l\u2019adjudication, une d\u00e9cision confirm\u00e9e par la cour<br \/>\nd&rsquo;appel, estimant que l&rsquo;arbitre a agi dans les limites de son<br \/>\nautorit\u00e9 en rejetant les preuves de l&rsquo;\u00e9valuation et en s&rsquo;appuyant<br \/>\nplut\u00f4t sur la vente du bien concern\u00e9. Le tribunal a \u00e9galement<br \/>\nestim\u00e9 que l&rsquo;inclusion dans l\u2019adjudication d&rsquo;une instruction de<br \/>\nprendre en compte le bail lui-m\u00eame dans les futures r\u00e9visions<br \/>\nde loyer \u00e9tait conforme au mandat de l&rsquo;arbitre.<\/p>\n<p>Pour analyser la situation, il faut garder \u00e0 l&rsquo;esprit que<br \/>\nl&rsquo;acquisition de la propri\u00e9t\u00e9 en question, en d\u00e9cembre 2014, est<br \/>\nun droit de location, qui comprend \u00e0 la fois la valeur du loyer<br \/>\npr\u00e9vu pendant la dur\u00e9e restante du bail et la valeur du droit de<br \/>\nr\u00e9version \u00e0 l&rsquo;expiration du bail.50 En cons\u00e9quence, le prix d&rsquo;achat<br \/>\nde 3 425 000 $ n&rsquo;isole pas et ne mesure pas la valeur du terrain<br \/>\nen tant qu&rsquo;e bien d\u00e9tenu pendant 43 ans, conform\u00e9ment \u00e0 la<br \/>\ndur\u00e9e restante du bail. En d&rsquo;autres termes, la valeur du terrain<br \/>\nest surestim\u00e9e par la valeur actuelle de l&rsquo;int\u00e9r\u00eat r\u00e9versif sur<br \/>\nle terrain. <\/p>\n<p>\u2022 Si l&rsquo;on accepte la valeur estim\u00e9e de la propri\u00e9t\u00e9 libre du<br \/>\nbailleur, soit 5 500 000 $, report\u00e9e de 43 ans et actualis\u00e9e<br \/>\n\u00e0, disons, 6 %, on obtient une valeur actuelle de 448 963 $<br \/>\n(5 500 000 $ \u00d7 0,08163). En d\u00e9duisant les 448 963 $ du prix<br \/>\nd&rsquo;achat de 3 425 000 $ (frais de location), on obtient une<br \/>\nvaleur marchande (valeur en capital) du terrain (bail) d\u00e9tenu<br \/>\npour une dur\u00e9e de 43 ans de 2 976 037 $ (3 425 000 $ \u2013<br \/>\n448 963 $).51<\/p>\n<p>\u2022 En appliquant un taux de 6 % aux 2 976 037 $, on obtient une<br \/>\njuste valeur locative de 178 562 $ par an, fix\u00e9e pour 10 ans.<\/p>\n<p>Valeur\u00a0marchande\u00a0des\u00a0terrains\u00a0pris\u00a0en\u00a0\u00a0<\/p>\n<p>charge\u00a0non\u00a0am\u00e9lior\u00e9s\u00a0pour\u00a0la\u00a0dur\u00e9e\u00a0du\u00a0bail\u00a0<\/p>\n<p>Dans l&rsquo;affaire United Equities52, l&rsquo;opinion majoritaire de la<br \/>\ncour d&rsquo;appel de New York a d\u00e9clar\u00e9 que \u00ab le terrain devrait<br \/>\n\u00eatre \u00e9valu\u00e9 pour le meilleur usage possible, et pas seulement<br \/>\npour l&rsquo;usage [actuel] \u00bb, la formule de calcul du loyer \u00e9tant \u00ab<br \/>\nune somme \u00e9gale \u00e0 six pour cent de la juste valeur marchande<br \/>\ndu terrain \u00bb. [nous soulignons]. Le tribunal a \u00e9galement d\u00e9cid\u00e9<br \/>\nque la dur\u00e9e de renouvellement du bail de 21 ans et une autre<br \/>\noption de renouvellement de 21 ans devaient \u00eatre prises en<br \/>\ncompte dans l&rsquo;analyse de l&rsquo;utilisation optimale du terrain;<br \/>\nle tribunal a d\u00e9clar\u00e9 : \u00ab La seule limitation de la valeur<br \/>\n[marchande], le cas \u00e9ch\u00e9ant, est le nombre d&rsquo;ann\u00e9es [42]<br \/>\npendant lesquelles l&rsquo;utilisation la plus avantageuse du terrain<br \/>\npeut \u00eatre faite dans le cadre du bail. \u00bb <\/p>\n<p>La cour d&rsquo;appel n&rsquo;a donn\u00e9 aucune indication sur la<br \/>\nmani\u00e8re dont la valeur marchande (valeur en capital) d&rsquo;un<br \/>\nterrain d\u00e9tenu pendant 42 ans devrait \u00eatre d\u00e9termin\u00e9e,<br \/>\nlaissant la question \u00e0 la discr\u00e9tion des \u00e9valuateurs. On<br \/>\npeut supposer qu&rsquo;un bail foncier pay\u00e9 d&rsquo;avance ou l&rsquo;achat<br \/>\nd&rsquo;un bail foncier d&rsquo;une dur\u00e9e \u00e9quivalente \u00e0 42 ans et une<br \/>\nutilisation optimale similaire refl\u00e8terait la valeur marchande<br \/>\ndu terrain en question, \u00e0 condition que ces donn\u00e9es du<br \/>\nmarch\u00e9 soient facilement disponibles.53 Il est \u00e9galement<br \/>\npossible de proc\u00e9der \u00e0 une certaine forme d&rsquo;analyse de<br \/>\nratio, en comparant la valeur du terrain en tant que propri\u00e9t\u00e9<br \/>\nd\u00e9tenue pendant 42 ans \u00e0 la valeur en pleine propri\u00e9t\u00e9 du<br \/>\nm\u00eame terrain d\u00e9tenu \u00e0 perp\u00e9tuit\u00e9. Bien entendu, la difficult\u00e9<br \/>\nde financer une propri\u00e9t\u00e9 fonci\u00e8re pendant 42 ans devrait<br \/>\n\u00e9galement \u00eatre prise en compte dans toute analyse de ratio.<br \/>\nEn supposant qu&rsquo;une acquisition en pleine propri\u00e9t\u00e9 \u00e9quivaut<br \/>\n\u00e0 la capitalisation d&rsquo;un dollar par an \u00e0 perp\u00e9tuit\u00e9 \u00e0 6 %, il<br \/>\nest possible d&rsquo;exprimer la valeur d&rsquo;une propri\u00e9t\u00e9 \u00e0 dur\u00e9e<br \/>\nd\u00e9termin\u00e9e sous forme de ratio ou de pourcentage de la<br \/>\nvaleur \u00e0 perp\u00e9tuit\u00e9.<\/p>\n<p>\u2022 La capitalisation du revenu de la premi\u00e8re ann\u00e9e \u00e0,<br \/>\ndisons, 6 %, donne un facteur de 16,667 (1 \u00f7 0,06).54<br \/>\nUne d\u00e9tention de 42 ans \u00e0 ce m\u00eame taux, compar\u00e9e \u00e0<br \/>\nune propri\u00e9t\u00e9 perp\u00e9tuelle, donne un facteur de 15,225,<br \/>\net indique une valeur en capital \u00e9quivalente \u00e0 91,35<br \/>\n% (15,225 \u00f7 16,667) de la valeur en pleine propri\u00e9t\u00e9,55<br \/>\navant d&rsquo;envisager un ajustement suppl\u00e9mentaire pour<br \/>\nles contraintes li\u00e9es au financement d&rsquo;une propri\u00e9t\u00e9<br \/>\nfonci\u00e8re sur 42 ans.<\/p>\n<p>\u2022 En chargeant le taux de capitalisation de, disons,<br \/>\n150 points de base \u00e0 7,5 %, pour refl\u00e9ter les contraintes<br \/>\nde financement, le facteur de valeur actuelle de 1 par an<br \/>\n\u00e0 7,5 % pendant 42 ans est de 12,694, ce qui repr\u00e9sente<br \/>\n76,16 % de la valeur de la propri\u00e9t\u00e9 franche (propri\u00e9t\u00e9<br \/>\nperp\u00e9tuelle) de 1 par an \u00e0 perp\u00e9tuit\u00e9 \u00e0 6 % (12,694 \u00f7<br \/>\n16,667).<\/p>\n<p>L&rsquo;analyse du ratio est sensible aux taux, et l&rsquo;estimation de la<br \/>\nvaleur variera en fonction des taux choisis. D&rsquo;autres solutions<br \/>\ncr\u00e9atives pourraient \u00eatre envisag\u00e9es, car il n&rsquo;existe pas de<br \/>\nsolution classique \u00e0 ce type de probl\u00e8me d&rsquo;\u00e9valuation.<\/p>\n<p>Baux \u00e0 long terme : ANALYSE DE LA R\u00c9VISION DES LOYERS<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 54 Return to CONTENTS<\/p>\n<p>Conclusion<\/p>\n<p>Un examen du r\u00e9sum\u00e9 du titre et une lecture approfondie<br \/>\nd&rsquo;une copie sign\u00e9e du bail \u2013 y compris les annexes et les<br \/>\nmodifications subs\u00e9quentes, en accordant une attention<br \/>\nparticuli\u00e8re \u00e0 la clause de r\u00e9vision du loyer \u2013 sont<br \/>\nessentiels pour comprendre comment le loyer doit \u00eatre<br \/>\nr\u00e9vis\u00e9 et quels facteurs doivent \u00eatre pris en compte ou<br \/>\nignor\u00e9s dans le contexte des droits de propri\u00e9t\u00e9 sp\u00e9cifi\u00e9s<br \/>\nou identifi\u00e9s.<\/p>\n<p>En r\u00e8gle g\u00e9n\u00e9rale, une clause de r\u00e9vision du loyer qui<br \/>\nexige une estimation du loyer du march\u00e9 ou une autre<br \/>\nforme du loyer tiendra compte des conditions existantes<br \/>\ndu bail, \u00e0 moins que la clause de r\u00e9vision du loyer<br \/>\nne manifeste une intention contraire. Lorsqu&rsquo;il s&rsquo;agit<br \/>\nd&rsquo;une r\u00e9vision du loyer pour une option de prolongation<br \/>\nou de renouvellement d&rsquo;un bail, les tribunaux ont<br \/>\ng\u00e9n\u00e9ralement d\u00e9cid\u00e9 que l&rsquo;option est au b\u00e9n\u00e9fice<br \/>\ndu locataire, et que le nouveau loyer doit refl\u00e9ter la<br \/>\ncontinuation de l&rsquo;utilisation existante, comme le pr\u00e9voit<br \/>\nla clause d&rsquo;utilisation du bail initial.56 <\/p>\n<p>Si le bail lui-m\u00eame doit \u00eatre consid\u00e9r\u00e9 \u00e0 la date de<br \/>\nr\u00e9vision du loyer, la dur\u00e9e restante du bail, de concert<br \/>\navec la clause d&rsquo;utilisation et les conditions du march\u00e9<br \/>\nen vigueur, peut limiter l&rsquo;analyse de l\u2019utilisation optimale<br \/>\net, par cons\u00e9quent, le montant du loyer pour les locaux<br \/>\nlou\u00e9s si le bail lui-m\u00eame doit \u00eatre consid\u00e9r\u00e9. Les clauses<br \/>\nd&rsquo;utilisation permissives ou expansives permettant \u00ab toute<br \/>\nutilisation l\u00e9gale \u00bb ont tendance \u00e0 entra\u00eener des loyers<br \/>\nplus \u00e9lev\u00e9s que les clauses d&rsquo;utilisation sp\u00e9cifiques, toutes<br \/>\nchoses \u00e9tant \u00e9gales par ailleurs. Toutes les am\u00e9liorations<br \/>\nlocatives restant dans les locaux lou\u00e9s \u00e0 la fin de la<br \/>\ndur\u00e9e du bail deviennent la propri\u00e9t\u00e9 du propri\u00e9taire, \u00e0<br \/>\nmoins que le bail n&rsquo;enjoigne au locataire de retirer les<br \/>\nam\u00e9liorations locatives.<\/p>\n<p>Une utilisation optimale qui constitue la base d&rsquo;une<br \/>\nr\u00e9vision du loyer et qui d\u00e9coule d&rsquo;une clause de r\u00e9vision<br \/>\ndu loyer qui suppose que les locaux lou\u00e9s ne sont pas<br \/>\nam\u00e9lior\u00e9s et ne sont pas grev\u00e9s (contrairement \u00e0 l&rsquo;\u00e9tat<br \/>\nphysique r\u00e9el et au statut juridique des locaux lou\u00e9s)<br \/>\npeut entra\u00eener une situation financi\u00e8re difficile pour le<br \/>\nlocataire.57 Les pr\u00e9sentes am\u00e9liorations locatives peuvent<br \/>\nne pas g\u00e9n\u00e9rer un loyer suffisant pour soutenir le loyer<br \/>\nd\u00e9termin\u00e9 sur la base de l&rsquo;utilisation optimale en fief<br \/>\nsimple, et la dur\u00e9e restante du bail ou les conditions du<br \/>\nbail peuvent emp\u00eacher le locataire d&rsquo;atteindre l&rsquo;utilisation<br \/>\noptimale (sans restriction).58 <\/p>\n<p>Lorsque l&rsquo;objectif d&rsquo;une clause de r\u00e9vision du loyer est<br \/>\nd&rsquo;estimer la valeur marchande, c&rsquo;est g\u00e9n\u00e9ralement dans<br \/>\nle contexte de l&rsquo;int\u00e9r\u00eat en fief simple dans les locaux lou\u00e9s<br \/>\nconsistant en un terrain non am\u00e9lior\u00e9 et non grev\u00e9. Si la<br \/>\nclause de r\u00e9vision du loyer donne instruction \u00e0 l&rsquo;\u00e9valuateur<br \/>\nde ne pas tenir compte du bail lui-m\u00eame, il est inappropri\u00e9<br \/>\nde r\u00e9viser le loyer des locaux lou\u00e9s en ne choisissant que<br \/>\ndes conditions et des clauses favorables, et vice versa, car<br \/>\nle bail ne peut \u00eatre ignor\u00e9 et accept\u00e9 simultan\u00e9ment. <\/p>\n<p>Notes\u00a0de\u00a0fin\u00a0de\u00a0texte<br \/>\n1.  Un bail \u00e0 long terme est \u00ab g\u00e9n\u00e9ralement un contrat de bail de dix ans ou plus (&#8230;.). <\/p>\n<p>Les conditions et les dispositions d\u2019un bail \u00e0 long terme sont d\u00e9taill\u00e9es dans un<br \/>\nformulaire juridiquement correct et complet (&#8230;.). [L]e locataire peut souhaiter ou<br \/>\n\u00eatre tenu de proc\u00e9der \u00e0 des travaux de r\u00e9novation importants ou, si le bien lou\u00e9<br \/>\nest un terrain, de construire un b\u00e2timent ou d\u2019autres am\u00e9liorations. Appraisal<br \/>\nInstitute, The Dictionary of Real Estate Appraisal, 6e \u00e9d. (Chicago : Appraisal<br \/>\nInstitute, 2015), s.v. \u00ab long-term lease \u00bb.<\/p>\n<p>2.  Dictionary of Real Estate Appraisal, 6e \u00e9d., s.v. \u00ab lease \u00bb.<\/p>\n<p>3.  Un locataire est \u00ab celui qui a le droit d\u2019occuper et d\u2019utiliser la propri\u00e9t\u00e9 d\u2019un autre<br \/>\npendant une certaine p\u00e9riode conform\u00e9ment \u00e0 un contrat de bail \u00bb. Dictionary of<br \/>\nReal Estate Appraisal, 6e \u00e9d., s.v. \u00ab lessee \u00bb.<\/p>\n<p>4.  Un domaine en fief simple est une \u00ab propri\u00e9t\u00e9 absolue non grev\u00e9e par un autre<br \/>\nint\u00e9r\u00eat ou domaine, sous r\u00e9serve uniquement des limitations impos\u00e9es par les<br \/>\npouvoirs gouvernementaux en mati\u00e8re d\u2019imposition, de domaine \u00e9minent, de<br \/>\npouvoir policier et de d\u00e9sh\u00e9rence \u00bb. Dictionary of Real Estate Appraisal, 6e \u00e9dition,<br \/>\ns.v. \u00ab fee simple estate \u00bb. Voir \u00e9galement la discussion sur les droits de propri\u00e9t\u00e9<br \/>\ndans Appraisal Institute, The Appraisal of Real Estate, 14e \u00e9d. (Chicago : Appraisal<br \/>\nInstitute, 2013), 3-7.<\/p>\n<p>5.  2010 UT App. 284, 243 P.3d 888 (2010), citant Oakwood Village LLC c. Albertsons,<br \/>\nInc. 2004 UT 101<\/p>\n<p>6.  Selon l\u2019arr\u00eat Rice c. Ritz Associates, Inc. 88 A.D.2d 513 (N.Y. App. Div. 1982), tant<br \/>\nque les \u00e9valuateurs s\u00e9lectionn\u00e9s pr\u00e9parent \u00ab l\u2019\u00e9valuation&#8230;conform\u00e9ment aux<br \/>\nproc\u00e9dures pr\u00e9vues dans le contrat de bail \u00bb, les parties sont li\u00e9es par le r\u00e9sultat.  <\/p>\n<p>7.  L\u2019int\u00e9r\u00eat \u00e0 \u00e9valuer est un \u00e9l\u00e9ment d\u2019identification du probl\u00e8me, et il n\u2019est pas<br \/>\nn\u00e9cessaire de consid\u00e9rer cela comme une condition hypoth\u00e9tique. Voir Stephanie<br \/>\nColeman, Scope of Work, 2e \u00e9d. (Chicago : Appraisal Institute, 2016) et Appraisal<br \/>\nStandards Board, USPAP Frequently Asked Questions, \u00e9d. 2020-2021 (Washington,<br \/>\nDC : The Appraisal Foundation, 2020), FAQ 240, \u00ab Analyzing the Lease When<br \/>\nAppraising Fee Simple Interest \u00bb. Si un \u00e9valuateur choisit de fonder une telle<br \/>\ncession sur une condition hypoth\u00e9tique, cela ne serait pas inexact, mais ce n\u2019est<br \/>\npas n\u00e9cessaire. <\/p>\n<p>8.  La valeur locative est obtenue par une analyse comparative des loyers utilisant<br \/>\ndes techniques quantitatives ou qualitatives, soit s\u00e9par\u00e9ment soit en combinaison,<br \/>\nconform\u00e9ment \u00e0 la clause de r\u00e9vision ou \u00e0 la clause d\u2019utilisation.  <\/p>\n<p>9.  Bullock\u2019s Inc. c. Security-First National Bank of Los Angeles, 160 Cal. App. 2d 277,<br \/>\n325 P.2d 185; 1958 Cal. App. LEXIS 2119.  160 Cal. App. 2d 277, 325 P.2d 185; 1958<br \/>\nCal. App. LEXIS 2119.<\/p>\n<p>10. Dans une expropriation, la valeur marchande est bas\u00e9e sur un domaine en fief<br \/>\nsimple (r\u00e8gle du fief indivis). <\/p>\n<p>11. Michael V. Sanders, \u00ab Market Value: What Does It Really Mean? \u00bb The Appraisal<br \/>\nJournal (\u00e9t\u00e9 2018) : 206.<\/p>\n<p>12. Richard Marchitelli et Peter F. Korpacz,  \u00ab Market Value: The Elusive Standard \u00bb,<br \/>\nThe Appraisal Journal (juillet 1992) : 318.<\/p>\n<p>13. \u00ab Lorsque des biens d\u00e9tenus dans des successions partielles par plusieurs<br \/>\npropri\u00e9taires sont expropri\u00e9s, l\u2019expropriateur paie la juste valeur marchande d\u2019un<br \/>\nint\u00e9r\u00eat indivis [en fief simple] dans le bien plut\u00f4t que la juste valeur marchande<br \/>\nde l\u2019int\u00e9r\u00eat partiel de chaque propri\u00e9taire. [citation omise] Post No. 2874 VFW. c.<br \/>\nRedevelopment Auth, 2009 WI 84, 768 N.W. 2d 749.<\/p>\n<p>14. \u00ab [U]ne division de la propri\u00e9t\u00e9 ou la d\u00e9tention ind\u00e9pendante d\u2019int\u00e9r\u00eats juridiques<br \/>\ndistincts dans des biens imposables n\u2019affectera pas le mode d\u2019\u00e9valuation. Par<br \/>\nexemple, les int\u00e9r\u00eats des d\u00e9biteurs et des cr\u00e9anciers hypoth\u00e9caires, les int\u00e9r\u00eats<br \/>\ndes vendeurs et des acheteurs, les int\u00e9r\u00eats des propri\u00e9taires et des locataires, les<br \/>\nint\u00e9r\u00eats des locataires \u00e0 vie et les int\u00e9r\u00eats r\u00e9siduels et les int\u00e9r\u00eats des locataires<br \/>\nne sont pas \u00e9valu\u00e9s s\u00e9par\u00e9ment \u00bb. [citation omise] \u00ab [L]a valeur r\u00e9elle des &#8230; biens<br \/>\n[immobiliers] \u00e0 des fins d\u2019\u00e9valuation doit \u00eatre d\u00e9termin\u00e9e comme s\u2019ils \u00e9taient libres<br \/>\nde toute charge par bail. \u00bb People ex rel. Gale c. Tax Comm. 17 A.D.2d 225 (1962).<\/p>\n<p>15. Dictionary of Real Estate Appraisal, 6e \u00e9d., s.v. \u00ab market value \u00bb.<\/p>\n<p>16. \u00ab Les tribunaux examinent donc la d\u00e9finition d\u2019un terme fournie dans le contrat<br \/>\navant d\u2019examiner la fa\u00e7on dont un dictionnaire d\u00e9finit le terme. \u00bb [citation omise]<br \/>\nDannhouser, TD Co. c. TSG Reporting, Inc. 16cv00747 (S.D.N.Y. 21 juin 2019).  <\/p>\n<p>17. Georg Jensen, Inc. c. 130 Prince Associates, LLC, 2009 NY Slip Op 51483(U).<\/p>\n<p>18. Provident Loan Society of New York c. 190 East 72nd Corporation, N.Y. Sup.<br \/>\n114915\/2008.<\/p>\n<p>19. Dans l\u2019affaire New York Overnight Partners c. Gordon, 649 N.Y.S. 2d 928, le tribunal<br \/>\na estim\u00e9 que l\u2019\u00e9valuateur \u00ab doit prendre en consid\u00e9ration toutes les restrictions,<br \/>\ny compris le zonage actuel, et toutes les charges sur le terrain, ainsi que la dur\u00e9e<br \/>\ndu bail \u00bb. Voir \u00e9galement la discussion au chapitre 16, \u00ab Highest and Best Use<br \/>\nAnalysis \u00bb, dans The Appraisal of Real Estate, 14e \u00e9d.<\/p>\n<p>20. Dans l\u2019affaire Ruth c. SZB Corp., 2 Misc. 2d 631, 636\u2013637, aff\u2019d 2 A.D.2d 970, \u00ab le<br \/>\ntribunal a d\u00e9cid\u00e9 que parce que le bail stipulait sans ambigu\u00eft\u00e9 que le terrain<br \/>\ndevait \u00eatre \u00e9valu\u00e9 \u2018sans bail\u2019, les r\u00e9dacteurs ne pouvaient pas avoir l\u2019intention que<br \/>\nl\u2019arbitre \u2018puisse tenir compte du bail m\u00eame qui a d\u00e9clar\u00e9 le contraire\u2019 et a d\u00e9cid\u00e9<br \/>\nque le terrain devait \u00eatre \u00e9valu\u00e9 sans tenir compte des restrictions du bail \u00bb,<br \/>\nOvernight Partners c. Gordon.<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 55Return to CONTENTS<\/p>\n<p>21. Par exemple, dans l\u2019affaire Oakwood Village LLC c. Albertsons, Inc. 2004 UT 101,<br \/>\n104 P.3d 1226 (2004), Albertsons a construit \u00e0 ses frais un supermarch\u00e9 sur un<br \/>\nterrain de 42 800 pieds carr\u00e9s dans le cadre d\u2019un bail foncier \u00e0 long terme sans<br \/>\nrestriction de clause d\u2019utilisation dans le centre commercial Oakwood Village,<br \/>\nqui comprenait vingt-six magasins, avec Albertsons comme locataire principal.<br \/>\nLe bail interdisait au propri\u00e9taire de louer l\u2019espace du centre commercial \u00e0<br \/>\nd\u2019autres locataires du supermarch\u00e9. Apr\u00e8s 21 ans, Albertsons a ouvert un<br \/>\nsupermarch\u00e9 en tant que locataire principal dans un nouveau centre de l\u2019autre<br \/>\nc\u00f4t\u00e9 de la rue. Albertsons n\u2019avait aucune obligation de rester ouvert et a cess\u00e9<br \/>\nses activit\u00e9s \u00e0 Oakwood Village tout en continuant \u00e0 payer le loyer. Albertsons a<br \/>\nintentionnellement laiss\u00e9 l\u2019ancien b\u00e2timent vacant pour limiter la concurrence<br \/>\navec son nouveau magasin. En cons\u00e9quence, les occupants de trois magasins<br \/>\nont suivi Albertsons dans le nouveau centre, laissant quatre unit\u00e9s vacantes et<br \/>\nprovoquant une baisse des ventes des locataires restants \u00e0 Oakwood Village.<\/p>\n<p>22. Une utilisation ou une combinaison d\u2019utilisations jug\u00e9e l\u00e9galement admissible,<br \/>\nphysiquement possible, financi\u00e8rement faisable et la plus productive possible. <\/p>\n<p>23. Dictionary of Real Estate Appraisal, 6e \u00e9d., s.v. \u00ab comparative analysis \u00bb.<\/p>\n<p>24. Un taux de capitalisation bas\u00e9 sur le revenu de la premi\u00e8re ann\u00e9e d\u2019un bail \u00e0<br \/>\nloyer progressif ou d\u00e9gressif doit \u00eatre ajust\u00e9 pour refl\u00e9ter le revenu moyen ou<br \/>\nle changement de la structure du revenu pendant la dur\u00e9e du bail comparable.<br \/>\nVoir David C. Lennhoff, \u00ab Direct Capitalization : It Might Be Simple But It Isn\u2019t that<br \/>\nEasy \u00bb, The Appraisal Journal (hiver 2011) : 66-73. <\/p>\n<p>25. The Appraisal of Real Estate, 14e \u00e9d., 495.<\/p>\n<p>26. Voir Hotel Plaza Associates c. Wellington Associates, Inc., N.Y.Supr., 55 Misc. 2d<br \/>\n483, 285 N.Y.S.2d 941 (1967), aff\u2019d, N.Y.2d 846, 293 N.Y.S.2d 108, 239 N.E.2d 736<br \/>\n(1968), o\u00f9 \u00ab les \u00e9valuateurs ont \u00e9valu\u00e9 \u00e0 tort le terrain \u00e0 son utilisation optimale,<br \/>\ncomme s\u2019il \u00e9tait vacant, sans tenir compte du fait que le terrain \u00e9tait grev\u00e9 par un<br \/>\nbail \u00bb. [nous soulignons] <\/p>\n<p>27. Voir Gary R. Menzies, \u00abChoosing the Right Words: Interpreting Rent Review<br \/>\nand Renewal Clauses in Commercial Leases \u00bb, Alberta Law Review, 34 Alta.<br \/>\nL. Rev. 853 (1996), pour une discussion des causes illustrant les approches<br \/>\nsubjectives et objectives de la fixation des loyers. Une approche objective de la<br \/>\nfixation du loyer est conforme \u00e0 une analyse du \u00ab loyer du march\u00e9 \u00bb, alors qu\u2019une<br \/>\napproche subjective pr\u00e9voit que le loyer pour la p\u00e9riode de r\u00e9vision ou la p\u00e9riode<br \/>\nde renouvellement soit \u00ab juste \u00bb ou \u00ab raisonnable \u00bb entre le propri\u00e9taire et le<br \/>\nlocataire \u00ab en tenant compte de tous les facteurs qui affecteraient la fa\u00e7on de<br \/>\npenser du propri\u00e9taire et du locataire \u00bb. <\/p>\n<p>28. Klair c. Reese, 531 A.2d 219 (Del. 1987).<\/p>\n<p>29. No. 100 Sail Ventures Ltd. c. Janwest Equities Ltd., 1993 CanLII 477 (BC CA).<\/p>\n<p>30. United Equities c. Mardordic Realty Co., 8 A.D.2d 398, 187 N.Y.S.2d 714 (N.Y.<br \/>\nAppellate Div., 1st Dept., 1959), aff\u2019d 7 N.Y.2d 911 (N.Y. Court of Appeals, 1960).<\/p>\n<p>31. Ruth c. SZB Corp., 2 Misc. 2d 631 (1956). Le tribunal a not\u00e9 que si l\u2019on donne \u00e0<br \/>\nl\u2019expression \u00ab libre de bail \u00bb son sens clair et naturel, le bail dans son int\u00e9gralit\u00e9<br \/>\ndoit \u00eatre \u00e9limin\u00e9 de la consid\u00e9ration, que ses dispositions soient porteuses de<br \/>\nbonne ou de mauvaise fortune pour l\u2019une ou l\u2019autre des parties.<\/p>\n<p>32. Manhattan Church of Christ, Inc. c. 40 East 80 Apartment Corporation, 2007 NY<br \/>\nSlip Op 32554(U).<\/p>\n<p>33. 6524443 Canada Inc. c. City of Toronto, 2016 ONSC 7147 (CanLII), confirm\u00e9 en<br \/>\nappel, 6524443 Canada Inc. c. Toronto, 2017 ONCA 486 (CanLII).<\/p>\n<p>34. Funger c. Maizels, 377 A.2d 70 \u2013 DC: Court of Appeals, 1977.<\/p>\n<p>35. Archdiocese of New York c. Amedeo Hotels Limited Partnership, 295 A.D.2d 161<br \/>\n(2002), 742 N.Y.S.2d 635.<\/p>\n<p>36. Montreal Trust Co. c. Spendthrift Holdings Limited, (22 mars 1984), O.J. No. 296<br \/>\n(C.S. Ont. [non publi\u00e9]). (22 mars 1984), O.J. No. 296 (Ont. S.C. [non publi\u00e9]).<\/p>\n<p>37. Humphries Investments, Inc. c. Walsh, 202 Cal. App. 3d 766 (1988), 248 Cal.<br \/>\nRptr. 800. Dans ce bail, les \u00ab ordonnances et codes \u00bb faisaient r\u00e9f\u00e9rence<br \/>\n\u00ab \u00e0 la faisabilit\u00e9 de toute autre utilisation du bien et\/ou \u00e0 la probabilit\u00e9 d\u203aun<br \/>\nchangement futur de cet \u00e9tat de choses \u00bb, sans exclure le parc de maisons<br \/>\nmobiles existant comme \u00e9tant l\u2019utilisation optimale potentielle des locaux<br \/>\nd\u00e9molis. <\/p>\n<p>38. Dans l\u2019affaire Funger c. Maizels, 377 A.2d 70 (D.C. 1977), la cour d\u2019appel a<br \/>\nd\u00e9clar\u00e9, en interpr\u00e9tant une partie de la clause de r\u00e9vision du loyer, que \u00ab les<br \/>\nmots \u2018vacant\u2019 et \u2018non am\u00e9lior\u00e9\u2019 font r\u00e9f\u00e9rence \u00e0 l\u2019\u00e9tat physique du bien \u00bb. <\/p>\n<p>39. 231 Cal. App. 2d 698 (1965). Cette affaire concerne un bail non enregistr\u00e9 d\u2019une<br \/>\npartie d\u2019un ranch, conclu pour une dur\u00e9e de 25 ans, avec le droit pour le locataire<br \/>\n(comt\u00e9 de Sonoma) de renouveler le bail pour 25 ans suppl\u00e9mentaires, et dans le<br \/>\nbut de construire et d\u2019entretenir une poudri\u00e8re. <\/p>\n<p>40. Par analogie, les \u00e9l\u00e9ments suivants ont \u00e9t\u00e9 consid\u00e9r\u00e9s comme des charges<br \/>\naffectant le titre de propri\u00e9t\u00e9 : les restrictions en mati\u00e8re de construction<br \/>\n(Whelan c. Rossiter, 1 Cal. App. 701, 704, 82 P. 1082; Tandy c. Waesch, 154<br \/>\nCal. 108, 97 P. 69; Bertola c. Allred, 46 Cal. App. 593, 189 P. 489); les r\u00e9serves<br \/>\nde droit de passage pour les conduites d\u2019eau et les foss\u00e9s (Tandy, supra); la<br \/>\nservitude pour une canalisation (Krotzer c. Clark, 178 Cal. 736, 739, 174 P. 657); et<br \/>\nl\u2019existence d\u2019une action en expropriation (Hunt c. Inner Harbor Land Co., 61 Cal.<br \/>\nApp. 271, 272, 214 P. 998).<\/p>\n<p>41. Standard Life Assurance Co. c. Parc-IX Ltd. (Div. Ct.), 1991 CanLII 7350 (ON SC).<br \/>\nDans l\u2019affaire Standard Life Assurance, la clause de r\u00e9vision du loyer pr\u00e9voyait<br \/>\n\u00ab le plus \u00e9lev\u00e9 des deux montants suivants : 40 500 $ ou \u2018le loyer du march\u00e9 foncier\u2019<br \/>\nd\u00e9fini comme \u2018une somme \u00e9gale \u00e0 6 3\/4 % de la juste valeur marchande du bien<br \/>\ncomme s\u2019il n\u2019\u00e9tait pas am\u00e9lior\u00e9\u2019. \u00bb [nous soulignons]. <\/p>\n<p>42. Montreal Trust Co. c. Spendthrift Holdings Limited, 42 [1984] O.J. No. 296 (H.C.).<\/p>\n<p>43. Ruth c. SZB Corp. (1956), 153 N.Y.S. 2d 163 (N.Y. Sup. Ct.), aff\u2019d (1956), 158 N.Y.S.<br \/>\n2d 754 (N.Y. Sup. Ct. \u2013 App. Div.).<\/p>\n<p>44. Le bail foncier est d\u2019une dur\u00e9e de 99 ans \u00e0 compter du 15 mars 1964, et la premi\u00e8re<br \/>\nr\u00e9vision du loyer a \u00e9t\u00e9 faite pour 25 ans \u00e0 compter du 15 mars 1989, la r\u00e9vision du<br \/>\nloyer suivante \u00e9tant pr\u00e9vue pour le 15 mars 2014. Les modifications apport\u00e9es<br \/>\nen 1998 \u00e0 la loi sur les condominiums autorisent la location de condominiums \u00e0<br \/>\ncondition que la dur\u00e9e du bail soit d\u203aau moins 40 ans. <\/p>\n<p>45. Manufacturers Life Insurance Co. c. Parc-IX Limited, 2018 ONSC 3625. En 1964, la<br \/>\nStandard Life a acquis la participation de la Royal Trust Company dans la propri\u00e9t\u00e9.<br \/>\nEn 2015, la propri\u00e9t\u00e9 a \u00e9t\u00e9 transf\u00e9r\u00e9e de Standard Life \u00e0 Manulife.<\/p>\n<p>46. Le juge a conclu qu\u2019il n\u2019\u00e9tait plus li\u00e9 par l\u2019arr\u00eat de la Cour d\u2019appel dans l\u2019affaire<br \/>\nRoyal Trust, \u00e0 la lumi\u00e8re de l\u2019arr\u00eat ult\u00e9rieur de la Cour supr\u00eame du Canada dans<br \/>\nl\u2019affaire Musqueam Indian Band c. Glass, 2000 SCC 52(CanLII), [2000] 2 S.C.R.<br \/>\n633 et l\u2019arr\u00eat de la Cour d\u2019appel dans Board of Regents of Victoria University c.<br \/>\nG.E. Canada Real Estate Equity, 2016 ONCA 646 (CanLII), 2016 CarswellOnt 13524,<br \/>\nautorisation d\u2019appel refus\u00e9e, 2017 CarswellOnt 3571 (C.S.C.). <\/p>\n<p>47. Cal Court of Appeal, 2nd Appellate Dist., 3rd Div., 2019.<\/p>\n<p>48. Dans son adjudication, l\u2019arbitre a fait r\u00e9f\u00e9rence \u00e0 la r\u00e8gle 1-4(d) des Uniform<br \/>\nStandards of Professional Appraisal Practice (USPAP), qui pr\u00e9voit que<br \/>\n\u00ab l\u2019\u00e9valuateur doit analyser l\u2019effet sur la valeur, le cas \u00e9ch\u00e9ant, des termes et<br \/>\nconditions du ou des baux \u00bb. <\/p>\n<p>49. La r\u00e8gle 1-5 des normes de l\u2019USPAP exige qu\u2019un \u00e9valuateur \u00ab (a) analyse tous<br \/>\nles contrats de vente, les offres valid\u00e9es ou de vente de tiers, les options et les<br \/>\ninscriptions de la propri\u00e9t\u00e9 concern\u00e9e en vigueur \u00e0 la date r\u00e9elle de l\u2019\u00e9valuation<br \/>\nsi l\u2019utilisation pr\u00e9vue de l\u2019\u00e9valuation le justifie; et (b) analyse toutes les ventes<br \/>\nant\u00e9rieures de la propri\u00e9t\u00e9 concern\u00e9e qui ont eu lieu dans un d\u00e9lai raisonnable et<br \/>\napplicable si cela est pertinent \u00e9tant donn\u00e9 l\u2019utilisation pr\u00e9vue de l\u2019\u00e9valuation et le<br \/>\ntype de propri\u00e9t\u00e9 \u00bb. <\/p>\n<p>50. L\u2019arbitre a toutefois fait remarquer que \u00ab le terrain prendra de la valeur \u00e0 l\u2019avenir<br \/>\net \u00e0 chaque r\u00e9vision. La charge [le bail] sur le terrain diminuera en raison des<br \/>\nann\u00e9es restantes [dur\u00e9e non expir\u00e9e plus courte \u00e0 chaque r\u00e9vision du loyer] dans le<br \/>\ncadre du bail \u00bb, augmentant ainsi la valeur de l\u2019int\u00e9r\u00eat de r\u00e9version du bailleur.<\/p>\n<p>51. La valeur marchande du terrain d\u00e9tenu pendant 43 ans est de 54,1 % de la valeur<br \/>\nmarchande du m\u00eame terrain d\u00e9tenu \u00e0 perp\u00e9tuit\u00e9 (2 976 037 $ \u00f7 5 500 000 $ = 0,5411<br \/>\nou 54,11 %). <\/p>\n<p>52. United Equities c. Mardordic Realty Co., 8 AD.2d 398, 187 N.Y.S.2d 714 (N.Y. App.<br \/>\nDiv., 1st Dept., 1959), aff\u2019d N.Y.2d 911 (N.Y. Court of Appeals, 1960).<\/p>\n<p>53. Par exemple, en septembre 2018, la ville de Vancouver a estim\u00e9 \u00e0 8 500 000 $ la<br \/>\nvaleur en pleine propri\u00e9t\u00e9 d\u2019un site \u00e0 usage mixte, et le bail de 60 ans a \u00e9t\u00e9 fix\u00e9 \u00e0<br \/>\n75 % (6 375 000 $) de la valeur en pleine propri\u00e9t\u00e9, les paiements de loyer foncier<br \/>\n\u00e9tant calcul\u00e9s sur ce chiffre. (Rapport administratif, 21 ao\u00fbt 2018.) Un bail foncier<br \/>\nde 40 ans est \u00e9valu\u00e9 \u00e0 60 % de la valeur en pleine propri\u00e9t\u00e9. (Rapport administratif,<br \/>\n30 janvier 2017). <\/p>\n<p>54. Une exploitation de 99 ans \u00e0 raison d\u2019une par an escompt\u00e9e \u00e0 6 % repr\u00e9sente<br \/>\nenviron 97 % (16,615 \u00f7 16,667) d\u2019une exploitation \u00e0 perp\u00e9tuit\u00e9 au m\u00eame taux. <\/p>\n<p>55. Voir Kwek Sian Choo et Dionne Hoh, Determining the Value of Leasehold Land:<br \/>\nA Closer Look at \u201cBala\u2019s Table\u201d (Singapore: Centre for Liveable Cities, 2017),<br \/>\ndisponible en ligne \u00e0 l\u2019adresse http:\/\/bit.ly\/389efdN.<\/p>\n<p>56. Dans l\u2019affaire DBN North Beach, LLC c. Debs, la Cour d\u2019appel de Californie (4th<br \/>\nAppellate Dist., 3rd Div, 2009) a reconnu que pendant les 10 premi\u00e8res ann\u00e9es<br \/>\nd\u2019une prolongation de bail de 20 ans, \u00ab [l]es termes du bail et le bon sens indiquent<br \/>\nqu\u2019une r\u00e9vision du montant du bail doit se faire en fonction de la \u2018 juste valeur<br \/>\nlocative du march\u00e9\u2019 de la propri\u00e9t\u00e9&#8230; comme le pr\u00e9voit le bail [clause d\u2019utilisation],<br \/>\net non pas comme une terre nue [non grev\u00e9e par le bail], sur la base de \u2018l\u2019utilisation<br \/>\noptimale\u2019, comme un projet r\u00e9sidentiel et commercial \u00e0 usage mixte \u00bb. La Cour<br \/>\na d\u00e9clar\u00e9 : \u00ab Une interpr\u00e9tation selon laquelle le loyer pendant les termes de<br \/>\nl\u2019option doit \u00eatre bas\u00e9 sur l\u2019utilisation optimale du bien malgr\u00e9 les objectifs pour<br \/>\nlesquels le bailleur et le locataire ont convenu que ledit bien pourrait \u00eatre utilis\u00e9,<br \/>\nserait \u00e9conomiquement et commercialement d\u00e9raisonnable et violerait l\u2019intention<br \/>\ndes parties. \u00bb <\/p>\n<p>57. Les tribunaux ont jug\u00e9 que \u00ab les difficult\u00e9s \u00e9conomiques ne sont pas une raison<br \/>\npour r\u00e9\u00e9crire un bail conclu entre deux entit\u00e9s commerciales sophistiqu\u00e9es \u00bb. 853<br \/>\nSeventh Ave. Owners, LLC c. W &#038; HM Realty Co., LLC, 2005 N.Y. Slip Op. 03770 [18<br \/>\nA.D.3d 241] 10 mai 2005.<\/p>\n<p>58. Voir l\u2019affaire Ruth c. SZB Corp., (1956) 153 N.Y.S.2d 163 (N.Y. Sup. Ct.), aff\u2019d (1956),<br \/>\n158 N.Y.S.2d 754 (N.Y. Sup. Ct., App. Div.), d\u00e9clarant que \u00ab le terrain doit \u00eatre \u00e9valu\u00e9<br \/>\nconform\u00e9ment \u00e0 la formule [de r\u00e9vision du loyer] du bail sous-jacent [dans le cadre<br \/>\nde l\u2019utilisation optimale], sans traiter comme un \u00e9l\u00e9ment de valeur les restrictions<br \/>\n[d\u2019utilisation et] d\u2019utilisateur d\u00e9coulant du bail \u00bb. <\/p>\n<p>Baux \u00e0 long terme : ANALYSE DE LA R\u00c9VISION DES LOYERS<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 56 Return to CONTENTS<\/p>\n<p>http:\/\/bit.ly\/389efdN<\/p>\n<p>The age of<br \/>\nvirtual hearings<\/p>\n<p>BY JOHN SHEVCHUK<\/p>\n<p>Barrister &#038; Solicitor, C.Arb, AACI(Hon), RI<\/p>\n<p>A s the COVID-19 pandemic lingers, the need grows to find alternatives to in-person resolution of disputes and disciplinary proceedings. Courts, administrative tribunals, and arbitration associations world-wide<br \/>\nhave published virtual hearing protocols and guidance documents<br \/>\nin recognition that dispute resolution cannot await the end of the<br \/>\npandemic. One can expect that, even after the pandemic is under<br \/>\ncontrol, virtual hearings will remain a part of the dispute resolution<br \/>\nlandscape. Consequently, participants in dispute resolution need to<br \/>\nbe open to new ways of conducting hearings or risk being left out. <\/p>\n<p>While it is not possible in these few paragraphs to undertake<br \/>\na thorough review of the abundance of virtual hearing literature<br \/>\npublished since the start of the COVID-19 pandemic, perhaps<br \/>\nit is possible to emphasize two central themes that resound<br \/>\nthroughout this literature:<\/p>\n<p>\u2022 the fundamentally important elements in a virtual hearing;<br \/>\nand  <\/p>\n<p>\u2022 whether a particular dispute requires a virtual hearing.<\/p>\n<p>The fundamentally important elements in a virtual hearing\u00a0<\/p>\n<p>As we introduce ourselves to virtual hearing tools and processes,<br \/>\nit is important to have two fundamental considerations at<br \/>\nthe forefront:<\/p>\n<p>\u2022 virtual hearing processes must ensure procedural fairness;<br \/>\nand<\/p>\n<p>\u2022 virtual hearings must be structured to maintain the integrity<br \/>\nof the hearing process.<\/p>\n<p>Procedural\u00a0fairness<\/p>\n<p>Procedural fairness is at the core of all formal dispute resolution,<br \/>\nregardless of the forum (court, administrative tribunal. domestic<br \/>\ntribunal, arbitration, etc.):<\/p>\n<p>\u2022 parties have a right to know the case they have to meet;<br \/>\n\u2022 parties must have a reasonable opportunity to present <\/p>\n<p>evidence and argument to meet the case; and<br \/>\n\u2022 parties have a right to expect a decision-maker that is <\/p>\n<p>free of any apprehension of bias.<br \/>\nProcedural fairness applies whether a hearing is in-person<br \/>\nor virtual, although the common law has stated that what is<br \/>\nprocedurally fair is informed by the dispute resolution context<br \/>\nand the rights and interests that are at play. <\/p>\n<p>There are interesting procedural fairness nuances in a virtual<br \/>\nhearing. For example, if there is a technical breakdown in the<br \/>\nhardware of a participant so that seeing and listening to the<br \/>\nproceedings is impaired, who bears this risk and how must the<br \/>\nadjudication tribunal proceed? Can the hearing continue if there<br \/>\nis audio capability, but the visual capability has failed? If a party<br \/>\nwants to introduce a new witness or new documents at a late<br \/>\nstage in the virtual hearing, not only must the tribunal decide if<br \/>\npermission should be given, but the tribunal must ensure that all<br \/>\nparticipants can review the new documents or see and hear the<br \/>\nnew witness in a fashion that protects the parties\u2019 expectation<br \/>\nof procedural fairness. What protocols are necessary to ensure<br \/>\nall parties have the same information at the same time in the<br \/>\nvirtual hearing? What happens if a party does not have internet<br \/>\naccess, but can only participate by telephone \u2013 must all parties<br \/>\nand the tribunal participate by telephone? The literature highlights<br \/>\nthese and other aspects of virtual hearings that do not present<br \/>\nthemselves during in-person hearings.<\/p>\n<p>Integrity\u00a0of\u00a0the\u00a0hearing\u00a0process\u00a0<\/p>\n<p>Virtual hearings are not a completely satisfactory replacement<br \/>\nfor in-person proceedings. The in-person hearing dynamics<br \/>\nare an important feature of dispute resolution that can only <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 57Return to CONTENTS<\/p>\n<p>LEGAL MATTERS<\/p>\n<p>Like anything new, there will be much trial and error<br \/>\nassociated with virtual hearings. One hopes that, as<br \/>\npractices evolve, the process will simplify, but, in the<br \/>\nmeantime, there will be much heavy lifting upfront.<\/p>\n<p>be imperfectly replicated in a virtual hearing environment.<br \/>\nIn addition, virtual hearings are burdened by additional layers<br \/>\nof preparation, administration and cost that are unlikely to be<br \/>\nameliorated, even as the virtual hearing process becomes more<br \/>\nubiquitous. Nevertheless, faced with growing backlogs and the<br \/>\nneed to move forward, virtual hearings are not going away any<br \/>\ntime soon and it is incumbent upon us to become as familiar with<br \/>\nthe virtual hearing environment as we can. <\/p>\n<p>Therefore, an important second consideration is the<br \/>\nrequirement for procedures, protocols and physical locations<br \/>\nthat maintain the integrity of the hearing process and eliminate<br \/>\nthe possibility for manipulation of the hearing. For example,<br \/>\na common refrain in the virtual hearing literature is that the<br \/>\ntechnological capabilities of the audio\/visual equipment used to<br \/>\nconvey a witness\u2019s testimony must:<\/p>\n<p>\u2022 allow for a clear presentation of the witness and the<br \/>\nsurroundings in which the witness is located to ensure that<br \/>\nthe witness is alone and not being influenced or aided by<br \/>\nother people during the testimony; and<\/p>\n<p>\u2022 be such that the witness\u2019s access to other people and<br \/>\ninformation can be restricted or monitored while testifying.<\/p>\n<p>The form of oath or affirmation recommended for virtual hearings<br \/>\nhighlights the concern. In an in-person hearing, the chair of the<br \/>\nadjudicating panel will administer an oath or affirmation to a<br \/>\nwitness whereby the witness swears or affirms to tell the truth.<br \/>\nIn a virtual hearing, witnesses will be required to make the same <\/p>\n<p>oath or affirmation, but, in addition, the witnesses should swear<br \/>\nor affirm that they are alone in the location from which they are<br \/>\ntestifying, that they have no means of communication with anybody<br \/>\nor at least will not attempt to communicate with anyone other than<br \/>\nexamining counsel and the adjudication panel while testifying, and<br \/>\nthe only materials they have before them or will access during<br \/>\ntheir direct and cross examination will be clean, un-annotated<br \/>\ncopies of hard and electronic documents provided to the witnesses<br \/>\nfor use while testifying.1    <\/p>\n<p>If a proposed virtual process does not meet the primary<br \/>\nobjectives of procedural fairness and hearing integrity, it should<br \/>\nbe a non-starter. There should be careful consideration of what<br \/>\nis necessary to achieve these objectives with sufficient lead-time<br \/>\nbefore the hearing to put appropriate measures in place.<\/p>\n<p>It is not possible to attempt any representative presentation<br \/>\nof the virtual hearing literature in the short space of this writing.<br \/>\n[Some sources are provided in the endnotes.2] However, very<br \/>\nshortly into researching virtual hearings, the reader will discern<br \/>\nrepeating themes and concerns including:<\/p>\n<p>\u2022 the legislative or consensual basis upon which a virtual<br \/>\nprocess can be undertaken;<\/p>\n<p>\u2022 the technology requirements to enable virtual hearings;<br \/>\n\u2022 privacy and cyber-security issues;<br \/>\n\u2022 processes and arrangements that will make the virtual <\/p>\n<p>hearing workable if not necessarily convenient; and<br \/>\n\u2022 enforceability of a decision resulting from virtual hearings.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 58 Return to CONTENTS<\/p>\n<p>LEGAL MATTERS<\/p>\n<p>Some of the published protocols are surprisingly short being<br \/>\nessentially bullet-point lists of considerations with none of<br \/>\nthe underlying details. On the other hand, some guidance<br \/>\ndocuments span dozens of pages and contain detailed checklists<br \/>\ncovering procedural protocols, technology requirements, the<br \/>\ncharacteristics of the available virtual hearing platforms,<br \/>\nadvantages of competing document management platforms,<br \/>\netc.3 One particularly useful publication for ZOOM platform<br \/>\nusers provides a settings checklist.4  <\/p>\n<p>Is\u00a0a\u00a0virtual\u00a0hearing\u00a0necessary?<\/p>\n<p>In pre-COVID-19 days, preparation for and attendance at any<br \/>\nkind of in-person hearing was an expensive, time-consuming<br \/>\nlogistical challenge. The complexity of the hearing processes<br \/>\nis burdened by the inevitable adversarial nature of dispute<br \/>\nresolution. All of this remains in the COVID-19 environment,<br \/>\nbut it is also hampered by the extra layers of administration,<br \/>\nplanning, practice, technology requirements, and privacy and<br \/>\nconfidentiality issues.  <\/p>\n<p>It is striking the amount of upfront learning and preparation<br \/>\nthat is required for successful virtual hearings. Selection<br \/>\namong the number of available hearing platforms and document<br \/>\nmanagement platforms alone is a daunting consideration.<br \/>\nParticipants will need to invest significant time learning how<br \/>\nto use the platforms or have the financial wherewithal to avail<br \/>\nthemselves of personnel that can manage the technological<br \/>\naspects for them.    <\/p>\n<p>These extra layers come at a cost in time and resources.<br \/>\nIt should drive parties and decision-makers to consider if a<br \/>\nhearing is necessary at all and, if so, what mechanisms and<br \/>\ntools can be brought to bear to reduce the scope of the hearing.<\/p>\n<p>The first critical step is for the parties to clearly and precisely<br \/>\ndetermine what are the issues in a dispute so that appropriate<br \/>\ndecisions can be made about what requires a virtual hearing and<br \/>\nhow the remaining aspects can be most efficiently presented.<br \/>\nIf the parties have not proactively established what is in dispute<br \/>\nthrough pleadings, statements of issues or some other process,<br \/>\nit would be beneficial for the decision-maker to drive the process<br \/>\nin pre-hearing discussions. For each identified issue, the parties<br \/>\nshould be determining what evidence is relevant and material<br \/>\nto the issues and how that evidence can be placed before the<br \/>\nadjudicating tribunal.   <\/p>\n<p>It may be that the facts in a particular case are not<br \/>\nchallenged leading to the possibility that an agreed statement<br \/>\nof facts can serve as the evidentiary basis upon which the law<br \/>\nor governing principles are to be applied. In such instances,<br \/>\nthe need to hear oral testimony from witnesses is eliminated<br \/>\nor at least reduced. It might be possible to rely upon an agreed<br \/>\ncompilation of documents accepting that what is contained in<br \/>\nthe documents is the truth of the matters addressed in them. <\/p>\n<p>Joint books of documents and case authorities have always<br \/>\npromoted efficiency in hearings and will continue to do so in<br \/>\nvirtual hearings. Even if only some of the issues can be dealt<br \/>\nwith summarily or in some fashion short of the need to hear<br \/>\nfrom a witness, the dispute resolution process will proceed<br \/>\nmore quickly and less expensively. <\/p>\n<p>Note that all of these suggestions for expediting the virtual<br \/>\nhearing depend upon parties cooperating with each other and<br \/>\nmaintaining a level of cordiality and civility that can often be<br \/>\nchallenging in an adversarial environment. Nevertheless, it<br \/>\nwill be in the best interests of the parties to make the effort.<\/p>\n<p>Closing<\/p>\n<p>Like anything new, there will be much trial and error<br \/>\nassociated with virtual hearings. One hopes that, as practices<br \/>\nevolve, the process will simplify, but, in the meantime,<br \/>\nthere will be much heavy lifting upfront. Good luck on your<br \/>\nnew adventure.<\/p>\n<p>End\u00a0notes<br \/>\n1 See for example Africa Arbitration Academy \u2013 Protocol <\/p>\n<p>on Virtual Hearings In Africa \u2013 April 2020, Annex V \u2013<br \/>\nWitness Oath, page 14<\/p>\n<p>2 Africa Arbitration Academy \u2013 Protocol on Virtual Hearings<br \/>\nin Africa \u2013 April 2020; International Court of Arbitration<br \/>\n\u2013 ICC Guidance Note on Possible Measures Aimed at<br \/>\nMitigating the Effects of the COVID-19 Pandemic \u2013 April<br \/>\n9, 2020; American Arbitration Association\/International<br \/>\nCentre for Dispute Resolution: Virtual Hearing Guide for<br \/>\nArbitrators and Parties; The Canadian Bar Association<br \/>\n\u2013 British Columbia Branch \u2013 Best Practices in Virtual<br \/>\nHearings \u2013 2020; The Chartered Institute of Arbitrators \u2013<br \/>\nGuidance Note on Remote Dispute Resolution Proceedings<br \/>\n\u2013 2020; The Seoul Protocol on Video Conferencing in<br \/>\nInternational Arbitration<\/p>\n<p>3 See for example Joint E-Hearings Task Force of<br \/>\nThe Advocates\u2019 Society, the Ontario Bar Association,<br \/>\nthe Federation of Ontario Law Associations, and the<br \/>\nOntario Trial Lawyers Association \u2013 Best Practices for<br \/>\nRemote HearingsI \u2013 May 13, 2020<\/p>\n<p>4 American Arbitration Association\/International Centre for<br \/>\nDispute Resolution: Virtual Hearing Guide for Arbitrators<br \/>\nand Parties \u2013 Appendix A \u2013 AAA-ICDR Suggested Zoom<br \/>\nDefault Settings for Virtual Hearings<\/p>\n<p>This article is provided for the purposes of generating<br \/>\ndiscussion and to make practitioners aware of certain<br \/>\nchallenges presented in the law. It is not to be taken as legal<br \/>\nadvice. Any questions relating to the matters discussed herein<br \/>\nshould be put to qualified legal and appraisal practitioners. <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 59Return to CONTENTS<\/p>\n<p>PAR JOHN SHEVCHUK<\/p>\n<p>avocat-procureur, C.Arb, AACI(Hon), RI<\/p>\n<p>\u00c0 l\u2019\u00e8re des<br \/>\naudiences virtuelles<\/p>\n<p>A lors que la pand\u00e9mie de COVID-19 perdure, il est de plus en plus n\u00e9cessaire de trouver des alternatives aux r\u00e8glements des diff\u00e9rends et aux proc\u00e9dures disciplinaires en personne. Des cours, des<br \/>\ntribunaux administratifs et des associations d\u2019arbitrage \u00e0 travers<br \/>\nle monde ont publi\u00e9 des protocoles et des documents d\u2019orientation<br \/>\nvisant les audiences virtuelles, sachant que les r\u00e8glements des<br \/>\ndiff\u00e9rends ne peuvent pas attendre la fin de la pand\u00e9mie. M\u00eame<br \/>\nlorsque la pand\u00e9mie sera sous contr\u00f4le, on peut s\u2019attendre \u00e0 ce<br \/>\nque les audiences virtuelles continuent d\u2019occuper le paysage du<br \/>\nr\u00e8glement des diff\u00e9rends. Par cons\u00e9quent, les participants aux<br \/>\nr\u00e8glements des diff\u00e9rends doivent accepter les nouvelles fa\u00e7ons<br \/>\nde tenir des audiences, au risque d\u2019\u00eatre exclus du processus.<\/p>\n<p>M\u00eame s\u2019il est impossible dans ces quelques paragraphes<br \/>\nd\u2019examiner en profondeur l\u2019abondante documentation sur les<br \/>\naudiences virtuelles publi\u00e9e depuis le d\u00e9but de la pand\u00e9mie<br \/>\nde COVID-19, nous pouvons peut-\u00eatre souligner deux th\u00e8mes<br \/>\ng\u00e9n\u00e9raux qui reviennent dans cette documentation :<\/p>\n<p>\u2022 les \u00e9l\u00e9ments d\u2019importance fondamentale dans une audience<br \/>\nvirtuelle; et<\/p>\n<p>\u2022 savoir si oui ou non un r\u00e8glement donn\u00e9 n\u00e9cessite une<br \/>\naudience virtuelle.<\/p>\n<p>Les\u00a0\u00e9l\u00e9ments\u00a0d\u2019importance\u00a0fondamentale\u00a0\u00a0<\/p>\n<p>dans\u00a0une\u00a0audience\u00a0virtuelle<\/p>\n<p>Alors que nous abordons les outils et les processus d\u2019une<br \/>\naudience virtuelle, il est important de retenir deux grandes<br \/>\nconsid\u00e9rations :<\/p>\n<p>\u2022 les processus d\u2019une audience virtuelle doivent assurer une<br \/>\nproc\u00e9dure \u00e9quitable; et<\/p>\n<p>\u2022 l\u2019audience virtuelle doit \u00eatre structur\u00e9e pour maintenir<br \/>\nl\u2019int\u00e9grit\u00e9 du processus d\u2019audience.<\/p>\n<p>\u00c9quit\u00e9\u00a0des\u00a0proc\u00e9dures<\/p>\n<p>L\u2019\u00e9quit\u00e9 proc\u00e9durale est au centre de tout r\u00e8glement de diff\u00e9rend<br \/>\nofficiel, peu importe le forum (cour, tribunal administratif, tribunal<br \/>\ndomestique, arbitrage, etc.) :<\/p>\n<p>\u2022 les parties ont le droit de conna\u00eetre la cause qu\u2019ils<br \/>\ndoivent d\u00e9fendre;<\/p>\n<p>\u2022 les parties doivent avoir la possibilit\u00e9 raisonnable de pr\u00e9senter<br \/>\ndes preuves et des arguments pour d\u00e9fendre la cause; et<\/p>\n<p>\u2022 les parties ont le droit de s\u2019attendre \u00e0 un d\u00e9cideur qui ne<br \/>\nsoul\u00e8ve aucune crainte de partialit\u00e9.<\/p>\n<p>L\u2019\u00e9quit\u00e9 proc\u00e9durale s\u2019applique, que l\u2019audience soit en personne ou<br \/>\nvirtuelle, bien que le droit commun ait d\u00e9clar\u00e9 que ce qui est \u00e9quitable du<br \/>\npoint de vue de la proc\u00e9dure soit fonction du contexte des r\u00e8glements de<br \/>\ndiff\u00e9rends ainsi que des droits et des int\u00e9r\u00eats qui sont en jeu.<\/p>\n<p>Une audience virtuelle pr\u00e9sente des nuances int\u00e9ressantes en<br \/>\nmati\u00e8re d\u2019\u00e9quit\u00e9 proc\u00e9durale. Par exemple, si le logiciel d\u2019un participant<br \/>\nconna\u00eet une d\u00e9faillance technique l\u2019emp\u00eachant de bien voir et entendre<br \/>\nles proc\u00e9dures, qui assume ce risque et comment le tribunal d\u2019arbitrage<br \/>\ndoit-il proc\u00e9der ? L\u2019audience peut-elle se poursuivre si on entend bien<br \/>\nce qui se passe, mais l\u2019image a disparu ? Si une partie veut appeler un<br \/>\nnouveau t\u00e9moin ou pr\u00e9senter de nouveaux documents dans les derni\u00e8res<br \/>\n\u00e9tapes d\u2019une audience virtuelle, non seulement le tribunal doit-il d\u00e9cider<br \/>\ns\u2019il devrait en donner la permission, mais il doit aussi s\u2019assurer que tous<br \/>\nles participants puissent examiner les nouveaux documents ou voir et<br \/>\nentendre le nouveau t\u00e9moin de mani\u00e8re \u00e0 prot\u00e9ger l\u2019attente des parties<br \/>\nquant \u00e0 l\u2019\u00e9quit\u00e9 proc\u00e9durale. Quelle sont les protocoles requis pour<br \/>\nassurer que toutes les parties jouissent de la m\u00eame information en m\u00eame<br \/>\ntemps lors de l\u2019audience virtuelle ? Qu\u2019advient-il si une partie n\u2019a pas<br \/>\nacc\u00e8s \u00e0 l\u2019Internet, mais peut seulement participer par t\u00e9l\u00e9phone, est-ce<br \/>\nque toutes les parties et le tribunal doivent participer par t\u00e9l\u00e9phone ?<br \/>\nLa documentation souligne ces aspects, entre autres, des audiences<br \/>\nvirtuelles qui ne se posent pas durant les audiences en personne.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 60 Return to CONTENTS<\/p>\n<p>QUESTIONS JURIDIQUES<\/p>\n<p>Int\u00e9grit\u00e9\u00a0du\u00a0processus\u00a0d\u2019audience<\/p>\n<p>Les audiences virtuelles ne sont pas un remplacement id\u00e9al<br \/>\ndes proc\u00e9dures se d\u00e9roulant en personne. La dynamique d\u2019une<br \/>\naudience en personne est une caract\u00e9ristique importante<br \/>\ndu r\u00e8glement d\u2019un diff\u00e9rend qui ne peut \u00eatre reproduite<br \/>\nqu\u2019imparfaitement dans un environnement d\u2019audience virtuelle.<br \/>\nDe plus, les audiences virtuelles n\u00e9cessitent des \u00e9tapes<br \/>\nadditionnelles de pr\u00e9paration, d\u2019administration et de co\u00fbts<br \/>\nqu\u2019on ne pourra vraisemblablement pas am\u00e9liorer, m\u00eame si<br \/>\nle processus de l\u2019audience virtuelle se r\u00e9pand de plus en plus.<br \/>\nN\u00e9anmoins, \u00e0 mesure que les causes en attente s\u2019accumulent et<br \/>\nqu\u2019on doive presser le pas, les audiences virtuelles ne sont pas<br \/>\npr\u00e8s de dispara\u00eetre et il est de notre devoir de nous familiariser<br \/>\nautant que possible avec l\u2019environnement d\u2019une audience virtuelle.<\/p>\n<p>Ainsi donc, une deuxi\u00e8me chose importante \u00e0 consid\u00e9rer<br \/>\nest l\u2019exigence de proc\u00e9dures, de protocoles et d\u2019emplacements<br \/>\nphysiques garantissant l\u2019int\u00e9grit\u00e9 du processus d\u2019audience<br \/>\net \u00e9liminant la possibilit\u00e9 de manipulation de l\u2019audience. <\/p>\n<p>Par exemple, la documentation sur les audiences virtuelles mentionne<br \/>\nfr\u00e9quemment que les capacit\u00e9s technologiques de l\u2019\u00e9quipement audio\/<br \/>\nvisuel servant \u00e0 transmettre la d\u00e9position d\u2019un t\u00e9moin doivent :<\/p>\n<p>\u2022 permettre de montrer clairement le t\u00e9moin et l\u2019endroit o\u00f9 il se<br \/>\ntrouve afin d\u2019assurer qu\u2019il soit seul et qu\u2019il ne soit pas influenc\u00e9<br \/>\nou aid\u00e9 par d\u2019autres personnes durant son t\u00e9moignage; et<\/p>\n<p>\u2022 \u00eatre tel que l\u2019acc\u00e8s du t\u00e9moin \u00e0 d\u2019autres personnes et informations<br \/>\npeut \u00eatre restreint ou surveill\u00e9 durant son t\u00e9moignage.<\/p>\n<p>La forme de serment ou d\u2019affirmation recommand\u00e9e pour les audiences<br \/>\nvirtuelles souligne la pr\u00e9occupation. Dans une audience en personne,<br \/>\nle pr\u00e9sident du comit\u00e9 d\u2019arbitrage fait pr\u00eater serment ou demande une<br \/>\naffirmation \u00e0 un t\u00e9moin, qui jure ou affirme qu\u2019il dira la v\u00e9rit\u00e9. Dans une<br \/>\naudience virtuelle, les t\u00e9moins doivent pr\u00eater le m\u00eame serment ou faire la<br \/>\nm\u00eame affirmation, mais ils doivent aussi jurer ou affirmer qu\u2019ils sont seuls<br \/>\n\u00e0 l\u2019endroit o\u00f9 ils t\u00e9moignent, qu\u2019ils n\u2019ont aucun moyen de communication<br \/>\navec qui se soit ou, du moins, qu\u2019ils ne tenteront pas de communiquer avec<br \/>\nquiconque, \u00e0 l\u2019exception de l\u2019avocat interrogateur et du comit\u00e9 d\u2019arbitrage en<br \/>\nt\u00e9moignant, et que les seuls documents qu\u2019ils ont devant eux ou auxquels ils<br \/>\nauront acc\u00e8s durant l\u2019interrogatoire principal et le contre-interrogatoire sont<br \/>\ndes copies propres et non annot\u00e9es de documents papier et \u00e9lectroniques<br \/>\nfournis aux t\u00e9moins qu\u2019ils utiliseront pendant leur d\u00e9position.1<\/p>\n<p>Si un processus virtuel propos\u00e9 ne rencontre pas les principaux<br \/>\nobjectifs d\u2019\u00e9quit\u00e9 proc\u00e9durale et d\u2019int\u00e9grit\u00e9 de l\u2019audience, on ne pourra<br \/>\npas proc\u00e9der. Il faut songer soigneusement \u00e0 ce qui est n\u00e9cessaire<br \/>\npour atteindre ces objectifs, avec un d\u00e9lai d\u2019ex\u00e9cution suffisant avant la<br \/>\ntenue de l\u2019audience pour mettre en place les mesures appropri\u00e9es.<\/p>\n<p>Il n\u2019est pas possible de faire la repr\u00e9sentation compl\u00e8te de toute la<br \/>\nlitt\u00e9rature qui existe sur les audiences virtuelles dans ce bref article.<br \/>\n[Certaines sources sont fournies dans les notes en fin de texte.2]<br \/>\nCependant, le lecteur trouvera rapidement dans ses recherches sur les<br \/>\naudiences virtuelles des sujets et des pr\u00e9occupations r\u00e9currents, incluant :<\/p>\n<p>\u2022 le fondement l\u00e9gislatif ou consensuel sur lequel un<br \/>\nprocessus virtuel peut \u00eatre entrepris;<\/p>\n<p>\u2022 les exigences technologiques permettant la tenue<br \/>\nd\u2019audiences virtuelles;<\/p>\n<p>\u2022 les enjeux touchant la protection de la vie priv\u00e9e et<br \/>\nla cybers\u00e9curit\u00e9;<\/p>\n<p>\u2022 les processus et les dispositions qui rendront l\u2019audience virtuelle<br \/>\nr\u00e9alisable, m\u00eame si elle n\u2019est pas n\u00e9cessairement pratique; et<\/p>\n<p>\u2022 l\u2019applicabilit\u00e9 d\u2019une d\u00e9cision r\u00e9sultant d\u2019une audience virtuelle.<br \/>\nChose surprenante, certains des protocoles publi\u00e9s sont tr\u00e8s brefs,<br \/>\nessentiellement des listes \u00e0 puces de consid\u00e9rations d\u00e9nu\u00e9es<br \/>\ndes d\u00e9tails sous-jacents. En revanche, certains documents<br \/>\nd\u2019orientation font des douzaines de pages et contiennent des listes<br \/>\nde contr\u00f4le d\u00e9taill\u00e9es couvrant les protocoles de proc\u00e9dures, les<br \/>\nexigences technologiques, les caract\u00e9ristiques des plateformes<br \/>\nd\u2019audience virtuelle disponibles et les avantages de plateformes<br \/>\nconcurrentielles de gestion des documents, etc.3 Une application<br \/>\nparticuli\u00e8rement utile pour les utilisateurs de la plateforme ZOOM<br \/>\nfournit une liste de contr\u00f4le des r\u00e9glages.4<\/p>\n<p>Comme pour toute chose nouvelle, il<br \/>\ny aura beaucoup d\u2019erreurs et d\u2019\u00e9checs<br \/>\nassoci\u00e9s aux audiences virtuelles.<br \/>\nOn esp\u00e8re qu\u2019\u00e0 mesure que la pratique<br \/>\n\u00e9voluera, le processus deviendra plus<br \/>\nsimple, mais, entre-temps, il faudra<br \/>\nfaire d\u2019importants pr\u00e9paratifs. <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 61Return to CONTENTS<\/p>\n<p>QUESTIONS JURIDIQUES<\/p>\n<p>Une\u00a0audience\u00a0virtuelle\u00a0est-elle\u00a0n\u00e9cessaire\u00a0?<\/p>\n<p>Avant l\u2019apparition de la COVID-19, la pr\u00e9paration et la<br \/>\nparticipation \u00e0 tout type d\u2019audience en personne \u00e9taient<br \/>\nco\u00fbteuses en argent, en temps et en logistique. La complexit\u00e9<br \/>\ndes processus d\u2019audience est alourdie par la nature<br \/>\nin\u00e9vitablement contradictoire du r\u00e8glement des diff\u00e9rends. Tout<br \/>\ncela demeure dans l\u2019environnement de la COVID-19, mais c\u2019est<br \/>\n\u00e9galement ralenti par les \u00e9tapes additionnelles d\u2019administration,<br \/>\nde planification, de pratique, d\u2019exigences technologiques et par<br \/>\nles questions relatives \u00e0 la protection de la vie priv\u00e9e et \u00e0 la<br \/>\nconfidentialit\u00e9.<\/p>\n<p>Le volume d\u2019apprentissage et de pr\u00e9paration pr\u00e9alables<br \/>\nrequis pour tenir de bonnes audiences virtuelles est<br \/>\nimpressionnant. La seule s\u00e9lection parmi les nombreuses<br \/>\nplateformes d\u2019audience et de gestion des documents disponibles<br \/>\nest un exercice intimidant. Les participants devront investir<br \/>\nbeaucoup de temps pour apprendre comment utiliser les<br \/>\nplates-formes ou avoir les ressources financi\u00e8res pour s\u2019offrir<br \/>\ndu personnel qui peut s\u2019occuper des aspects technologiques<br \/>\npour eux.<\/p>\n<p>Ces \u00e9tapes additionnelles ont un prix, en temps et en<br \/>\nressources. Cela devrait inciter les parties et les d\u00e9cideurs \u00e0<br \/>\nse demander si une audience est vraiment n\u00e9cessaire et, le cas<br \/>\n\u00e9ch\u00e9ant, quels m\u00e9canismes et outils peuvent \u00eatre utilis\u00e9s pour<br \/>\nr\u00e9duire l\u2019envergure de l\u2019audience.<\/p>\n<p>La premi\u00e8re \u00e9tape critique pour les parties consiste \u00e0<br \/>\nd\u00e9terminer clairement et pr\u00e9cis\u00e9ment quels sont les enjeux<br \/>\ndes diff\u00e9rends afin que l\u2019on puisse bien d\u00e9gager ce qui rend<br \/>\nune audience virtuelle n\u00e9cessaire et comment les autres<br \/>\naspects peuvent \u00eatre pr\u00e9sent\u00e9s le plus efficacement. Si les<br \/>\nparties n\u2019ont pas \u00e9tabli de fa\u00e7on proactive ce qui fait l\u2019objet du<br \/>\ndiff\u00e9rend \u00e0 travers les plaidoiries, les \u00e9nonc\u00e9s des questions<br \/>\nen litige ou d\u2019autres processus, il serait utile au d\u00e9cideur de<br \/>\nguider le processus \u00e0 cet \u00e9gard dans les discussions pr\u00e9c\u00e9dant<br \/>\nl\u2019audience. Pour chaque enjeu identifi\u00e9, les parties devraient<br \/>\nd\u00e9terminer quelles preuves sont pertinentes et mat\u00e9rielles<br \/>\naux enjeux et la fa\u00e7on dont on peut soumettre ces preuves au<br \/>\ntribunal d\u2019arbitrage.<\/p>\n<p>C\u2019est peut-\u00eatre que les faits d\u2019une cause particuli\u00e8re ne sont<br \/>\npas contredits, ce qui m\u00e8ne \u00e0 la possibilit\u00e9 qu\u2019un expos\u00e9 convenu<br \/>\ndes faits puisse servir de fondement probatoire auquel la loi ou<br \/>\nles principes directeurs doivent s\u2019appliquer. Dans de tels cas, le<br \/>\nbesoin d\u2019entendre la d\u00e9position orale des t\u00e9moins est \u00e9limin\u00e9<br \/>\nou, du moins, r\u00e9duit. Il peut \u00eatre possible de s\u2019appuyer sur une<br \/>\ncompilation convenue de documents, en acceptant que ceux-ci<br \/>\ncontiennent la v\u00e9rit\u00e9 concernant les sujets abord\u00e9s. Les cahiers<br \/>\nconjoints de preuve documentaire et la jurisprudence applicable<br \/>\nont toujours promu l\u2019efficacit\u00e9 des audiences en personne et<br \/>\ncontinueront de le faire dans les audiences virtuelles. M\u00eame<br \/>\nsi seulement quelques questions peuvent \u00eatre trait\u00e9es de <\/p>\n<p>fa\u00e7on sommaire ou de quelque fa\u00e7on sans entendre un t\u00e9moin,<br \/>\nle processus de r\u00e8glement du diff\u00e9rend se d\u00e9roulera plus<br \/>\nrapidement et sera moins on\u00e9reux.<\/p>\n<p>Il est \u00e0 noter que toutes ces suggestions pour exp\u00e9dier une<br \/>\naudience virtuelle d\u00e9pendent de la volont\u00e9 des parties de coop\u00e9rer<br \/>\nl\u2019une avec l\u2019autre, alors que maintenir un niveau de cordialit\u00e9<br \/>\net de civilit\u00e9 peut \u00eatre souvent difficile dans un environnement<br \/>\ncontradictoire. N\u00e9anmoins, il sera dans les meilleurs int\u00e9r\u00eats des<br \/>\nparties de s\u2019efforcer de le faire.<\/p>\n<p>Conclusion<\/p>\n<p>Comme pour toute chose nouvelle, il y aura beaucoup d\u2019erreurs<br \/>\net d\u2019\u00e9checs associ\u00e9s aux audiences virtuelles. On esp\u00e8re qu\u2019\u00e0<br \/>\nmesure que la pratique \u00e9voluera, le processus deviendra<br \/>\nplus simple, mais, entre-temps, il faudra faire d\u2019importants<br \/>\npr\u00e9paratifs. Bonne chance dans votre nouvelle aventure.<\/p>\n<p>Notes<br \/>\n1 Voir, par exemple : Africa Arbitration Academy \u2013 Protocol <\/p>\n<p>on Virtual Hearings In Africa \u2013 Avril 2020, Annexe V \u2013<br \/>\nWitness Oath, page 14<\/p>\n<p>2 Africa Arbitration Academy \u2013 Protocol on Virtual Hearings in<br \/>\nAfrica \u2013 April 2020; International Court of Arbitration \u2013 ICC<br \/>\nGuidance Note on Possible Measures Aimed at Mitigating the<br \/>\nEffects of the COVID\u201319 Pandemic \u2013 9 avril 2020; American<br \/>\nArbitration Association\/International Centre for Dispute<br \/>\nResolution: Virtual Hearing Guide for Arbitrators and Parties;<br \/>\nL\u2019Association du Barreau canadien \u2013 Division de la Colombie<br \/>\nBritannique \u2013 Pratiques exemplaires pour les audiences<br \/>\nvirtuelles \u2013 2020; The Chartered Institute of Arbitrators \u2013<br \/>\nGuidance Note on Remote Dispute Resolution Proceedings<br \/>\n\u2013 2020; The Seoul Protocol on Video Conferencing in<br \/>\nInternational Arbitration<\/p>\n<p>3 Voir, par exemple : Groupe de travail sur les audiences<br \/>\n\u00e9lectroniques, une collaboration de La Soci\u00e9t\u00e9 des plaideurs,<br \/>\nl\u2019Association du Barreau de l\u2019Ontario, la F\u00e9d\u00e9ration des<br \/>\nAssociations du Barreau de l\u2019Ontario et l\u2019Ontario Trial<br \/>\nLawyers Association \u2013 Pratiques exemplaires pour les<br \/>\naudiences tenues \u00e0 distance \u2013 13 mai 2020<\/p>\n<p>4 American Arbitration Association\/International Centre for<br \/>\nDispute Resolution: Virtual Hearing Guide for Arbitrators and<br \/>\nParties \u2013 Appendix A \u2013 AAA\u2013ICDR Suggested Zoom Default<br \/>\nSettings for Virtual Hearings<\/p>\n<p>Cet article est fourni dans le but de g\u00e9n\u00e9rer la discussion et de<br \/>\nsensibiliser les praticiens \u00e0 certains d\u00e9fis pr\u00e9sent\u00e9s dans la loi.<br \/>\nIl ne doit pas \u00eatre consid\u00e9r\u00e9 comme un avis juridique. Toutes<br \/>\nles questions relatives aux situations abord\u00e9es ici devraient \u00eatre<br \/>\npos\u00e9es \u00e0 des praticiens qualifi\u00e9s dans les domaines du droit et de<br \/>\nl\u2019\u00e9valuation. <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 62 Return to CONTENTS<\/p>\n<p>R esponse to the Appraisal Institute of Canada \u2013 by the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage<br \/>\nand Housing Corporation (CMHC)<\/p>\n<p>\u201cEvery Canadian deserves a safe and affordable place<br \/>\nto call home. Our government recognizes that the COVID-19<br \/>\npandemic has not only highlighted housing challenges<br \/>\nacross the country, but has exacerbated them. That is why<br \/>\nwe introduced the Rapid Housing Initiative (RHI) to help<br \/>\naddress urgent housing needs of vulnerable Canadians<br \/>\nby rapidly creating new affordable housing. The RHI is the<br \/>\nnewest initiative of the National Housing Strategy (NHS).<br \/>\nThis $1 billion initiative will cover the construction of modular<br \/>\nhousing, as well as the acquisition of land, and the conversion<br \/>\nof existing buildings to affordable housing. It is expected<br \/>\nto enable the rapid creation of up to 3,000 new affordable<br \/>\nhousing units across the country and will help stimulate<br \/>\nthe economy.<\/p>\n<p>We are also putting in place measures to support existing<br \/>\nhousing programs such as the National Housing Strategy<br \/>\n(NHS), our ambitious 10-year, $70 billion plan that will create<br \/>\n125,000 new housing units and lift 530,000 families out of<br \/>\nhousing need, as well as repair and renew more than 300,000<br \/>\nhousing units and eliminate chronic homelessness.<\/p>\n<p>As Canadians have done their part to contain the spread of<br \/>\nCOVID-19, it has become even more evident that a home is a<br \/>\nsanctuary \u2013 a place of safety and refuge. Our Government has<br \/>\ntaken immediate action by introducing Canada\u2019s COVID-19<br \/>\nEconomic Response Plan, and has been providing income<br \/>\nsupport measures as well as rent subsidies to help Canadians<br \/>\npay their rent and put food on the table.<\/p>\n<p>We are also investing $2 billion in the Canada Housing Benefit<br \/>\nacross the country, which will be cost-matched by provinces and<br \/>\nterritories for a total $4-billion investment over eight years. The<br \/>\nprogram will provide direct affordability support to Canadians who are<br \/>\nin housing need.<\/p>\n<p>With the second wave of this pandemic underway, we need more<br \/>\naffordable housing \u2013 and we need it now. That is why federal funding<br \/>\nprovided under the Rapid Housing Initiative will focus on creating<br \/>\nhousing for Canadians who are in severe housing need: this includes<br \/>\nwomen, Indigenous peoples, Black Canadians, seniors, youth, and those<br \/>\nwho are experiencing homelessness or at risk of homelessness.<\/p>\n<p>This work will stimulate local economies \u2013 creating well-paying<br \/>\nmiddle-class jobs when they are needed most.<\/p>\n<p>However, a stable supply of housing is critical to ensure that more<br \/>\nCanadians have access to housing that meets their needs and that they<br \/>\ncan afford, especially in major centres where vacancy rates are quite low.<\/p>\n<p>That is why another major focus of the NHS is on increasing the<br \/>\nsupply of housing in Canada, including rental housing. Increased housing<br \/>\nsupply should help improve access and affordability across the country.<\/p>\n<p>In particular, the National Housing Co-Investment Fund is expected<br \/>\nto create up to 60,000 new homes and repair up to 240,000 existing<br \/>\ncommunity homes. Notably, the NHS also includes the Rental<br \/>\nConstruction Financing (RCFI) initiative, which provides low-cost<br \/>\nloans to municipalities and housing developers during the earliest and<br \/>\nriskiest phase of rental property development.<\/p>\n<p>To help municipalities grow their housing supply, our<br \/>\nGovernment provided $300 million in funding over five years to launch<br \/>\na Housing Supply Challenge to unlock new solutions for Canadians<br \/>\nsearching for an affordable place to call home. The Challenge will help<br \/>\naddress barriers to housing supply and affordability, showcase new<br \/>\nideas and solutions and cultivate collaboration and partnerships.<\/p>\n<p>Our Government is also expanding the First-Time Home Buyer <\/p>\n<p>Minister Hussen on the<br \/>\nGovernment of Canada<br \/>\nHousing Strategy<\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 63Return to CONTENTS<\/p>\n<p>ADVOCACY<\/p>\n<p>Incentive to enhance eligibility in the higher priced markets of<br \/>\nToronto, Vancouver and Victoria. This will help to make home<br \/>\nownership more affordable for young Canadians who are buying their<br \/>\nfirst home in these cities. The program provides a more generous<br \/>\nincentive for new construction, which could help encourage the home<br \/>\nconstruction needed to address some of the housing supply shortages<br \/>\nin Canada, particularly in our largest cities. <\/p>\n<p>But, we recognize the additional challenges our country faces in<br \/>\nevery sector of our economy. Money laundering, terrorist financing,<br \/>\ntax evasion and financial crime continue to represent a threat to<br \/>\nthe safety and security of all Canadians, and harm the integrity and<br \/>\nstability of our economy. That is why our Government has made<br \/>\nsignificant investments in new initiatives to strengthen Canada\u2019s Anti-<br \/>\nMoney Laundering and Anti-Terrorist Financing (AML\/ATF) Regime.<\/p>\n<p>To further support Canadians working from home, our<br \/>\ngovernment simplified the Home Office Expense Deduction, as it<br \/>\ncommitted to in the Fall Economic Statement (https:\/\/www.canada.<br \/>\nca\/en\/revenue-agency\/news\/2020\/12\/simplifying-the-process-for-<br \/>\nclaiming-a-deduction-for-home-office-expenses-for-employees-<br \/>\nworking-from-home-due-to-covid-19.html). Employees working<br \/>\nfrom home in 2020 due to COVID-19, with modest expenses, can<br \/>\nnow claim up to $400, based on the amount of time working from<br \/>\nhome, and individuals with higher eligible expenses can continue to<br \/>\nclaim the deduction under existing rules.<\/p>\n<p>Our Government is committed to ensuring that everyone<br \/>\nin Canada has access to safe, stable and affordable housing.<br \/>\nWe will  build strong communities where Canadians can prosper<br \/>\nand thrive, now and for the future.\u201d <\/p>\n<p>Our Government is committed to ensuring that everyone in Canada<br \/>\nhas access to safe, stable and affordable housing. <\/p>\n<p>Realize your<br \/>\npotential at<br \/>\nAltus Group<\/p>\n<p>350+<br \/>\nappraisers | economists | market researchers  <\/p>\n<p>data scientists | advisors | planners<\/p>\n<p>Join our Research, valuation and advisory team<br \/>\naltusgroup.com\/careers<\/p>\n<p>Follow us on<\/p>\n<p>The approach of Verity Claims Management<br \/>\nto every claim will be to provide \u201cFundamental<br \/>\nTrue Value.\u201d Our claims handling services are <\/p>\n<p>grounded in the following principles:<br \/>\n\u2022 Client-focused service<\/p>\n<p>\u2022 Collaboration with other service providers<br \/>\n\u2022 Careful and thorough analysis and investigation<\/p>\n<p>\u2022 Prompt and clear reporting to clients<\/p>\n<p>1860 Appleby Line-Suite 420,  Burlington, ON  L7L 7H7<br \/>\nKatjaK@verityclaims.ca | 647-884-5065<\/p>\n<p>9776478 Canada Inc.<\/p>\n<p>A properly handled claim can make<br \/>\na large difference in the outcome of the claim<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 64 Return to CONTENTS<\/p>\n<p>https:\/\/www.canada.ca\/en\/revenue-agency\/news\/2020\/12\/simplifying-the-process-for-claiming-a-deduction-for-home-office-expenses-for-employees-working-from-home-due-to-covid-19.html<br \/>\nmailto:KatjaK@verityclaims.ca<br \/>\nhttp:\/\/altusgroup.com\/careers<br \/>\nhttp:\/\/verityclaims.ca<\/p>\n<p>R \u00e9ponse \u00e0 l\u2019Institut canadien des \u00e9valuateurs \u2013 de la part de l\u2019honorable Ahmed Hussen, ministre de la Famille, des Enfants et du D\u00e9veloppement social et ministre responsable de la Soci\u00e9t\u00e9 canadienne<br \/>\nd\u2019hypoth\u00e8ques et de logement (SCHL).<\/p>\n<p>\u00ab Tous les Canadiens m\u00e9ritent un chez-soi s\u00fbr et abordable.<br \/>\nNotre gouvernement reconna\u00eet que la pand\u00e9mie de COVID-19 n\u2019a<br \/>\npas seulement r\u00e9v\u00e9l\u00e9 les d\u00e9fis du logement qui se posent \u00e0 travers<br \/>\nle pays, elle les a aussi exacerb\u00e9s. C\u2019est pourquoi nous avons<br \/>\npr\u00e9sent\u00e9 l\u2019Initiative pour la cr\u00e9ation rapide de logements (ICRL)<br \/>\nafin d\u2019aider \u00e0 r\u00e9pondre aux besoins pressants des Canadiens<br \/>\nvuln\u00e9rables en mati\u00e8re de logement, en cr\u00e9ant rapidement de<br \/>\nnouveaux logements abordables. L\u2019ICRL est la plus r\u00e9cente<br \/>\ninitiative de la Strat\u00e9gie nationale sur le logement (SNL). \u00c9valu\u00e9e<br \/>\n\u00e0 1 milliard $, l\u2019initiative couvrira la construction de logements<br \/>\nmodulaires, l\u2019acquisition de terrains et la conversion de b\u00e2timents<br \/>\nexistants en logements abordables. On s\u2019attend \u00e0 ce qu\u2019elle<br \/>\npermette la construction rapide de jusqu\u2019\u00e0 3000 nouvelles<br \/>\nunit\u00e9s de logement abordable d\u2019un bout \u00e0 l\u2019autre du pays, tout<br \/>\nen contribuant \u00e0 stimuler l\u2019\u00e9conomie.<\/p>\n<p>En outre, nous instaurons des mesures pour appuyer les<br \/>\nprogrammes de logement actuels, comme la Strat\u00e9gie nationale<br \/>\nsur le logement (SNL), notre ambitieux plan de 70 milliards $<br \/>\nsur 10 ans qui cr\u00e9era 125 000 nouvelles unit\u00e9s de logement et<br \/>\nqui comblera le besoin de logement pour 530 000 familles, en<br \/>\nplus de r\u00e9parer et r\u00e9nover plus de 300 000 unit\u00e9s de logement et<br \/>\nd\u2019\u00e9liminer l\u2019itin\u00e9rance chronique.<\/p>\n<p>Alors que les Canadiens ont fait leur part pour limiter la<br \/>\npropagation de la COVID-19, il est devenu encore plus \u00e9vident<br \/>\nqu\u2019un foyer est un sanctuaire \u2013 un endroit s\u00fbr, un refuge. Notre<br \/>\ngouvernement a pos\u00e9 un geste imm\u00e9diat, en introduisant le<br \/>\nPlan d\u2019intervention \u00e9conomique du Canada pour r\u00e9pondre \u00e0 la <\/p>\n<p>COVID-19, et il a fourni des mesures de soutien du revenu ainsi<br \/>\nque des suppl\u00e9ments au loyer pour aider les Canadiens \u00e0 payer<br \/>\nleur loyer et leur nourriture.<\/p>\n<p>Nous investissons \u00e9galement 2 milliards $ dans l\u2019Allocation<br \/>\ncanadienne pour le logement \u00e0 l\u2019\u00e9chelle du pays, alors que<br \/>\nles provinces et les territoires fourniront la m\u00eame somme,<br \/>\npour un investissement total de 4 milliards $ sur huit ans.<br \/>\nLe programme fournira une aide directe aux Canadiens qui ont<br \/>\nbesoin d\u2019un logement abordable.<\/p>\n<p>Avec la deuxi\u00e8me vague de cette pand\u00e9mie qui fait rage,<br \/>\nnous avons besoin de plus de logements abordables \u2013 et nous<br \/>\nen avons besoin maintenant. C\u2019est pourquoi le financement<br \/>\nf\u00e9d\u00e9ral fourni dans le cadre de l\u2019Initiative pour la cr\u00e9ation<br \/>\nrapide de logements ciblera particuli\u00e8rement la cr\u00e9ation de<br \/>\nlogements pour les Canadiens qui en ont d\u00e9sesp\u00e9r\u00e9ment<br \/>\nbesoin, incluant les femmes, les Autochtones, les Canadiens<br \/>\nde race noire, les personnes \u00e2g\u00e9es, les jeunes, de m\u00eame que<br \/>\nles personnes en situation d\u2019itin\u00e9rance ou qui risquent de<br \/>\ndevenir itin\u00e9rantes.<\/p>\n<p>Ces initiatives stimuleront les \u00e9conomies locales, en cr\u00e9ant<br \/>\ndes emplois bien pay\u00e9s de la classe moyenne lorsqu\u2019on en a le<br \/>\nplus besoin.<\/p>\n<p>Par ailleurs, une offre stable de logements est critique pour<br \/>\nassurer que plus de Canadiens aient acc\u00e8s \u00e0 des logements qui<br \/>\nr\u00e9pondent \u00e0 leurs besoins et qu\u2019ils peuvent se payer, surtout<br \/>\ndans les grands centres urbains o\u00f9 les taux d\u2019inoccupation<br \/>\nsont tr\u00e8s faibles.<\/p>\n<p>C\u2019est la raison pour laquelle un autre objectif majeur de<br \/>\nla SNL consiste \u00e0 augmenter l\u2019offre de logements au Canada,<br \/>\ny compris les logements locatifs. L\u2019offre plus g\u00e9n\u00e9reuse de<br \/>\nlogements devrait aider \u00e0 am\u00e9liorer l\u2019acc\u00e8s et l\u2019abordabilit\u00e9<br \/>\ndans toutes les r\u00e9gions du pays.<\/p>\n<p>Propos du ministre<br \/>\nHussen sur la strat\u00e9gie<br \/>\nde logement du<br \/>\ngouvernement du Canada <\/p>\n<p>Volume 65 | Book 1 \/ Tome 1 | 2021 65Return to CONTENTS<\/p>\n<p>D\u00c9FENSE<\/p>\n<p>En particulier, le Fonds de co-investissement pour le logement<br \/>\ndevrait permettre de construire jusqu\u2019\u00e0 60 000 nouvelles maisons<br \/>\net r\u00e9parer jusqu\u2019\u00e0 240 000 foyers communautaires existants.<br \/>\nNotamment, la SNL inclut \u00e9galement l\u2019initiative de Financement<br \/>\nde la construction de logements locatifs (IFCLL), qui fournit<br \/>\ndes pr\u00eats \u00e9conomiques aux municipalit\u00e9s et aux promoteurs<br \/>\nde logements durant la phase initiale \u2013 la plus risqu\u00e9e \u2013 du<br \/>\nd\u00e9veloppement de biens locatifs.<\/p>\n<p>Pour aider les municipalit\u00e9s \u00e0 augmenter leurs parcs de<br \/>\nlogements, notre gouvernement a pr\u00e9vu un financement de<br \/>\n300 millions $, sur cinq ans, pour lancer un D\u00e9fi d\u2019offre de logement<br \/>\nafin d\u2019apporter de nouvelles solutions aux Canadiens cherchant<br \/>\nun endroit abordable qu\u2019ils pourront appeler leur chez-eux. Le d\u00e9fi<br \/>\ncontribuera \u00e0 \u00e9liminer les barri\u00e8res \u00e0 l\u2019offre et \u00e0 l\u2019abordabilit\u00e9 des<br \/>\nlogements, \u00e0 mettre en vitrine de nouvelles id\u00e9es et solutions et \u00e0<br \/>\ncultiver les collaborations ainsi que les partenariats.<\/p>\n<p>Notre gouvernement \u00e9tend de plus l\u2019Incitatif \u00e0 l\u2019achat d\u2019une<br \/>\npremi\u00e8re propri\u00e9t\u00e9, pour am\u00e9liorer l\u2019admissibilit\u00e9 aux march\u00e9s<br \/>\nplus chers de Toronto, Vancouver et Victoria. Cela facilitera<br \/>\nl\u2019accession \u00e0 la propri\u00e9t\u00e9 pour les jeunes Canadiens qui ach\u00e8tent<br \/>\nleur premi\u00e8re maison dans ces villes. Le programme fournit un<br \/>\nincitatif plus g\u00e9n\u00e9reux pour les nouvelles constructions, ce qui<br \/>\npourrait encourager la construction des maisons n\u00e9cessaires<br \/>\npour combler certaines p\u00e9nuries dans l\u2019offre de logements au<br \/>\nCanada, en particulier dans nos plus grandes villes.<\/p>\n<p>Mais, nous savons que notre pays fait face \u00e0 d\u2019autres d\u00e9fis<br \/>\ndans tous les secteurs \u00e9conomiques. Le blanchiment d\u2019argent, le<br \/>\nfinancement du terrorisme, l\u2019\u00e9vasion fiscale et les crimes financiers<br \/>\ncontinuent de poser une menace \u00e0 la s\u00fbret\u00e9 et \u00e0 la s\u00e9curit\u00e9 de tous les<br \/>\nCanadiens, alors qu\u2019ils nuisent \u00e0 l\u2019int\u00e9grit\u00e9 et \u00e0 la stabilit\u00e9 de notre<br \/>\n\u00e9conomie. C\u2019est pourquoi notre gouvernement a fait d\u2019importants<br \/>\ninvestissements dans de nouvelles initiatives visant \u00e0 consolider<br \/>\nle R\u00e9gime canadien de lutte contre le recyclage des produits de la<br \/>\ncriminalit\u00e9 et le financement des activit\u00e9s terroristes (RPC\/FAT).<\/p>\n<p>Pour appuyer davantage les Canadiens qui travaillent de la<br \/>\nmaison, notre gouvernement a simplifi\u00e9 la D\u00e9duction pour frais<br \/>\nde bureau \u00e0 domicile, comme il s\u2019y \u00e9tait engag\u00e9 dans son \u00c9nonc\u00e9<br \/>\n\u00e9conomique de l\u2019automne (https:\/\/www.canada.ca\/fr\/agence-<br \/>\nrevenu\/nouvelles\/2020\/12\/simplification-du-processus-de-<br \/>\ndemande-de-la-deduction-pour-frais-de-bureau-a-domicile-pour-<br \/>\nles-employes-travaillant-de-la-maison-en-raison-de-la-c.html).<br \/>\nLes employ\u00e9s travaillant de la maison en 2020 en raison de la<br \/>\nCOVID-19, avec des d\u00e9penses modestes, peuvent maintenant<br \/>\nr\u00e9clamer jusqu\u2019\u00e0 400 $, selon les heures travaill\u00e9es \u00e0 la maison,<br \/>\net les personnes dont les d\u00e9penses admissibles sont plus \u00e9lev\u00e9es<br \/>\npeuvent continuer \u00e0 r\u00e9clamer la d\u00e9duction habituelle.<\/p>\n<p>Notre gouvernement a r\u00e9solu d\u2019assurer que tous et toutes<br \/>\nau Canada aient acc\u00e8s \u00e0 un logement s\u00fbr, stable et abordable.<br \/>\nNous b\u00e2tirons de solides communaut\u00e9s o\u00f9 les Canadiens peuvent<br \/>\nprosp\u00e9rer et s\u2019\u00e9panouir, maintenant et dans les ann\u00e9es \u00e0 venir. \u00bb <\/p>\n<p>Notre gouvernement a r\u00e9solu d\u2019assurer que tous et toutes au Canada aient acc\u00e8s<br \/>\n\u00e0 un logement s\u00fbr, stable et abordable. <\/p>\n<p>Visit www.aicanada.ca | En savoir plus www.aicanada.ca\/fr<\/p>\n<p>Join CBRE\u2019s Valuation and Advisory Services Team<\/p>\n<p>At CBRE, you have the ability to take charge of your career and enjoy an inclusive, collaborative<br \/>\nenvironment. Work on an industry-leading team that provides unmatched client services<br \/>\nby leveraging best in class research, technology and industry expertise.<\/p>\n<p>Paul Morassutti, AACI, MRICS<br \/>\nExecutive Vice President<br \/>\npaul.morassutti@cbre.com<br \/>\n+1 416 495 6235<\/p>\n<p>www.cbre.ca\/vas<\/p>\n<p>Make your own path with a team<br \/>\nthat believes in you<\/p>\n<p>\u00c9dition interactive<br \/>\nMaintenant disponible<\/p>\n<p>Versions pour<br \/>\nles appareils<br \/>\nmobiles, iPad <\/p>\n<p>et iPhone<br \/>\nincluses.<\/p>\n<p>Interactive Edition<br \/>\navailable onlineMobile, iPad, iPhone <\/p>\n<p>versions<br \/>\nincluded!<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 66 Return to CONTENTS<\/p>\n<p>https:\/\/www.canada.ca\/fr\/agence-revenu\/nouvelles\/2020\/12\/simplification-du-processus-de-demande-de-la-deduction-pour-frais-de-bureau-a-domicile-pour-les-employes-travaillant-de-la-maison-en-raison-de-la-c.html<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"vz4hLlR1EU\"><p><a href=\"https:\/\/www.aicanada.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/embed\/#?secret=auf1hGvRwd#?secret=vz4hLlR1EU\" data-secret=\"vz4hLlR1EU\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nhttp:\/\/www.aicanada.ca\/fr<br \/>\nmailto:paul.morassutti@cbre.com<br \/>\nhttp:\/\/www.cbre.ca\/vas<\/p>\n<p>Immobili\u00e8re au Canada<\/p>\n<p>Canadian Property<br \/>\nVol 63 | Book 2 \/ Tome 2 2019<\/p>\n<p>HOW TO ATTRACT<br \/>\nA COMPLAINT<br \/>\nComment risquer<br \/>\nune plainte<\/p>\n<p>APPRAISING AN<br \/>\nOFFSHORE ISLAND<br \/>\n(*French to come)<\/p>\n<p>AN \u2018ACROSS THE FENCE\u2019<br \/>\nAPPROACH FOR VALUING<br \/>\nA RIGHT OF WAY ACROSS<br \/>\nA HYDRO CORRIDOR<br \/>\nUne approche \u00ab de l\u2019autre<br \/>\nc\u00f4t\u00e9 de la cl\u00f4ture \u00bb pour<br \/>\nl\u2019\u00e9valuation d\u2019un droit de<br \/>\npassage dans un corridor<br \/>\nhydro\u00e9lectrique <\/p>\n<p>P<br \/>\nM<\/p>\n<p> #<br \/>\n40<\/p>\n<p>00<br \/>\n82<\/p>\n<p>49<br \/>\n R<\/p>\n<p>et<br \/>\nur<\/p>\n<p>n<br \/>\nun<\/p>\n<p>de<br \/>\nli<\/p>\n<p>ve<br \/>\nra<\/p>\n<p>bl<br \/>\ne <\/p>\n<p>C<br \/>\nan<\/p>\n<p>ad<br \/>\nia<\/p>\n<p>n<br \/>\nA<\/p>\n<p>dd<br \/>\nre<\/p>\n<p>ss<br \/>\nes<\/p>\n<p> t<br \/>\no:<\/p>\n<p> A<br \/>\npp<\/p>\n<p>ra<br \/>\nis<\/p>\n<p>al<br \/>\n In<\/p>\n<p>st<br \/>\nit<\/p>\n<p>ut<br \/>\ne <\/p>\n<p>of<br \/>\n C<\/p>\n<p>an<br \/>\nad<\/p>\n<p>a,<br \/>\n 4<\/p>\n<p>03<br \/>\n-2<\/p>\n<p>00<br \/>\n C<\/p>\n<p>at<br \/>\nhe<\/p>\n<p>ri<br \/>\nne<\/p>\n<p> S<br \/>\nt.<\/p>\n<p>, O<br \/>\ntt<\/p>\n<p>aw<br \/>\na,<\/p>\n<p> O<br \/>\nN<\/p>\n<p> K<br \/>\n2P<\/p>\n<p> 2<br \/>\nK<\/p>\n<p>9.<br \/>\n E<\/p>\n<p>m<br \/>\nai<\/p>\n<p>l:<br \/>\n in<\/p>\n<p>fo<br \/>\n@<\/p>\n<p>ai<br \/>\nca<\/p>\n<p>na<br \/>\nda<\/p>\n<p>.c<br \/>\na<\/p>\n<p>The Official Publication of the<br \/>\nAppraisal Institute of Canada \/<br \/>\nPublication officielle de l\u2019Institut<br \/>\nCanadien des \u00c9valuateurs<\/p>\n<p>IS UPON US<br \/>\nA<\/p>\n<p>UN<\/p>\n<p>SE PR\u00c9PARE<\/p>\n<p>We are looking for topical, timely and informative<br \/>\narticles provided by appraisers who are willing to<br \/>\nshare their knowledge and expertise by contributing<br \/>\nan article to Canadian Property Valuation.<br \/>\nIt is an ideal way to:<\/p>\n<p>\u00fc enhance the knowledge of your colleagues<br \/>\n\u00fc advance the appraisal profession as a whole<br \/>\n\u00fc gain exposure and recognition with your peers<br \/>\n\u00fc earn CPD credits<\/p>\n<p>If you are interested in being published<br \/>\nin a future issue of Canadian Property<br \/>\nValuation and contributing significantly to the<br \/>\nadvancement of the profession, please contact:<br \/>\nPAUL H\u00c9BERT, Director, Communications,<br \/>\nAppraisal Institute of Canada<br \/>\npaulh@aicanada.ca \u2022 1-888-551-5521<\/p>\n<p>*Note: We will provide additional details and any  <\/p>\n<p>assistance you require to ensure a smooth and  <\/p>\n<p>efficient contribution process.<\/p>\n<p>ADVANCE OUR APPRAISAL PROFESSION<br \/>\nBY SHARING YOUR KNOWLEDGE,<br \/>\nEXPERTISE AND EXPERIENCE<\/p>\n<p>MODERNISONS NOTRE<br \/>\nPROFESSION D\u2019\u00c9VALUATEUR<br \/>\nEN PARTAGEANT CONNAISSANCES,<br \/>\nEXPERTISE ET EXP\u00c9RIENCE<\/p>\n<p>Si vous aimeriez faire publier un article dans un<br \/>\nprochain num\u00e9ro de la revue \u00c9valuation immobili\u00e8re<br \/>\nau Canada et contribuer de fa\u00e7on significative \u00e0<br \/>\nl\u2019avancement de la profession, veuillez contacter :<br \/>\nPAUL H\u00c9BERT, directeur, Communications,<br \/>\nInstitut canadien des \u00e9valuateurs<br \/>\npaulh@aicanada.ca \u2022 1-888-551-5521<\/p>\n<p>*Remarque : Nous fournirons les d\u00e9tails suppl\u00e9mentaires et toute <\/p>\n<p>l\u2019aide dont vous pourriez avoir besoin pour assurer un processus <\/p>\n<p>de contribution harmonieux et efficace.<\/p>\n<p>Nous sommes \u00e0 la recherche d\u2019articles qui traitent de<br \/>\nsujets pertinents, opportuns et informatifs, r\u00e9dig\u00e9s par<br \/>\ndes \u00e9valuateurs d\u00e9sireux de partager leurs connaissances<br \/>\net leur expertise en contribuant un article dans la revue<br \/>\n\u00c9valuation immobili\u00e8re au Canada. C\u2019est une fa\u00e7on id\u00e9ale :<\/p>\n<p>\u00fc d\u2019am\u00e9liorer les connaissances de vos coll\u00e8gues<br \/>\n\u00fc de moderniser la profession d\u2019\u00e9valuateur dans son ensemble<br \/>\n\u00fc de profiter d\u2019une exposition et d\u2019\u00eatre reconnu par vos pairs<br \/>\n\u00fc de r\u00e9colter des cr\u00e9dits de PPC<\/p>\n<p>Immobili\u00e8re au Canada<\/p>\n<p>Canadian Property<br \/>\nVol 63 | Book 1 \/ Tome 1 2019<\/p>\n<p>A FORENSIC APPRAISER\u2019S<br \/>\nPERSPECTIVE:<br \/>\nGOVERNMENT OVERPAID<br \/>\nFOR LAND RELYING<br \/>\nON UNAUTHORIZED<br \/>\nAPPRAISAL<br \/>\nPerspective d\u2019un<br \/>\n\u00e9valuateur judiciaire :<br \/>\nLe gouvernement a<br \/>\nsurpay\u00e9 un terrain en<br \/>\nse fiant \u00e0 une \u00e9valuation<br \/>\nnon autoris\u00e9e<\/p>\n<p>COMPETENCY AND THE<br \/>\nAPPRAISER<br \/>\nLa comp\u00e9tence et<br \/>\nl\u2019\u00e9valuateur<\/p>\n<p>VALUING THE TOUGH<br \/>\nONES: A PARTIALLY<br \/>\nRENOVATED, OLDER,<br \/>\nCUSTOM FOUR-PLEX<br \/>\nBUILDING<br \/>\n\u00c9valuation des plus<br \/>\ncoriaces : un vieux<br \/>\nquadruplex partiellement<br \/>\nr\u00e9nov\u00e9, fait sur mesure <\/p>\n<p>P<br \/>\nM<\/p>\n<p> #<br \/>\n40<\/p>\n<p>00<br \/>\n82<\/p>\n<p>49<br \/>\n R<\/p>\n<p>et<br \/>\nur<\/p>\n<p>n<br \/>\nun<\/p>\n<p>de<br \/>\nli<\/p>\n<p>ve<br \/>\nra<\/p>\n<p>bl<br \/>\ne <\/p>\n<p>C<br \/>\nan<\/p>\n<p>ad<br \/>\nia<\/p>\n<p>n<br \/>\nA<\/p>\n<p>dd<br \/>\nre<\/p>\n<p>ss<br \/>\nes<\/p>\n<p> t<br \/>\no:<\/p>\n<p> A<br \/>\npp<\/p>\n<p>ra<br \/>\nis<\/p>\n<p>al<br \/>\n In<\/p>\n<p>st<br \/>\nit<\/p>\n<p>ut<br \/>\ne <\/p>\n<p>of<br \/>\n C<\/p>\n<p>an<br \/>\nad<\/p>\n<p>a,<br \/>\n 4<\/p>\n<p>03<br \/>\n-2<\/p>\n<p>00<br \/>\n C<\/p>\n<p>at<br \/>\nhe<\/p>\n<p>ri<br \/>\nne<\/p>\n<p> S<br \/>\nt.<\/p>\n<p>, O<br \/>\ntt<\/p>\n<p>aw<br \/>\na,<\/p>\n<p> O<br \/>\nN<\/p>\n<p> K<br \/>\n2P<\/p>\n<p> 2<br \/>\nK<\/p>\n<p>9.<br \/>\n E<\/p>\n<p>m<br \/>\nai<\/p>\n<p>l:<br \/>\n in<\/p>\n<p>fo<br \/>\n@<\/p>\n<p>ai<br \/>\nca<\/p>\n<p>na<br \/>\nda<\/p>\n<p>.c<br \/>\na<\/p>\n<p>The Official Publication of the<br \/>\nAppraisal Institute of Canada \/<br \/>\nPublication officielle de l\u2019Institut<br \/>\nCanadien des \u00c9valuateurs<\/p>\n<p>INSTALLATIONS<br \/>\nDU CANNABIS<\/p>\n<p>CANNABIS<br \/>\nFACILITIES <\/p>\n<p>IS THIS A BUBBLE<br \/>\nAND IS IT BURSTING?<br \/>\nEst-ce une bulle et<br \/>\nest-elle pr\u00eate \u00e0 \u00e9clater?<\/p>\n<p>HALFWAY POINT UPDATE<br \/>\nON AIC\u2019S THREE-YEAR<br \/>\nSTRATEGIC PLAN<br \/>\nMise \u00e0 jour \u00e0 mi-parcours<br \/>\ndu Plan strat\u00e9gique<br \/>\ntriennal de l\u2019ICE<\/p>\n<p>CANNABIS LEGALIZATION:<br \/>\nCAUTION REQUIRED WHEN<br \/>\nDISCLOSING PERSONAL<br \/>\nINFORMATION IN A REPORT<br \/>\nL\u00e9galisation du cannabis<br \/>\n: Attention requise lors<br \/>\nde la divulgation de<br \/>\nrenseignements personnels<br \/>\ndans un rapport <\/p>\n<p>P<br \/>\nM<\/p>\n<p> #<br \/>\n40<\/p>\n<p>00<br \/>\n82<\/p>\n<p>49<br \/>\n R<\/p>\n<p>et<br \/>\nur<\/p>\n<p>n<br \/>\nun<\/p>\n<p>de<br \/>\nli<\/p>\n<p>ve<br \/>\nra<\/p>\n<p>bl<br \/>\ne <\/p>\n<p>C<br \/>\nan<\/p>\n<p>ad<br \/>\nia<\/p>\n<p>n<br \/>\nA<\/p>\n<p>dd<br \/>\nre<\/p>\n<p>ss<br \/>\nes<\/p>\n<p> t<br \/>\no:<\/p>\n<p> A<br \/>\npp<\/p>\n<p>ra<br \/>\nis<\/p>\n<p>al<br \/>\n In<\/p>\n<p>st<br \/>\nit<\/p>\n<p>ut<br \/>\ne <\/p>\n<p>of<br \/>\n C<\/p>\n<p>an<br \/>\nad<\/p>\n<p>a,<br \/>\n 4<\/p>\n<p>03<br \/>\n-2<\/p>\n<p>00<br \/>\n C<\/p>\n<p>at<br \/>\nhe<\/p>\n<p>ri<br \/>\nne<\/p>\n<p> S<br \/>\nt.<\/p>\n<p>, O<br \/>\ntt<\/p>\n<p>aw<br \/>\na,<\/p>\n<p> O<br \/>\nN<\/p>\n<p> K<br \/>\n2P<\/p>\n<p> 2<br \/>\nK<\/p>\n<p>9.<br \/>\n E<\/p>\n<p>m<br \/>\nai<\/p>\n<p>l:<br \/>\n in<\/p>\n<p>fo<br \/>\n@<\/p>\n<p>ai<br \/>\nca<\/p>\n<p>na<br \/>\nda<\/p>\n<p>.c<br \/>\na<\/p>\n<p>The Official Publication of the<br \/>\nAppraisal Institute of Canada \/<br \/>\nPublication officielle de l\u2019Institut<br \/>\nCanadien des \u00c9valuateurs<\/p>\n<p>Immobili\u00e8re au Canada<\/p>\n<p>Canadian Property<br \/>\nVol 62 | Book 4 \/ Tome 4 2018<\/p>\n<p>GOING-CONCERN<br \/>\nAPPRAISALS<br \/>\nVS. BUSINESS<br \/>\nVALUATIONS<\/p>\n<p>\u00c9VALUATIONS<br \/>\nSUR UNEBASE  <\/p>\n<p>DE CONTINUIT\u00c9<br \/>\nC. \u00c9VALUATIONS  <\/p>\n<p>D\u2019ENTREPRISE <\/p>\n<p>WHO CAN PROVIDE<br \/>\nPROFESSIONAL<br \/>\nASSISTANCE?<br \/>\nQui peut fournir une<br \/>\naide professionnelle ?<\/p>\n<p>mailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:paulh@aicanada.ca<br \/>\nmailto:paulh@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<\/p>\n<p>NEWS\/NOUVELLES<\/p>\n<p>Former Appraisal<br \/>\nInstitute President<br \/>\npasses away<\/p>\n<p>T he AIC was saddened at the recent and sudden passing of 2016 Appraisal Institute (US) President Scott Robinson MAI, SRA, AI-GRS, AI-RRS. Scott valued and nurtured the AI\/AIC relationship and was<br \/>\na friend to anyone who had an opportunity to work with and know<br \/>\nhim. AIC\u2019s thoughts are with his wife Kim, his children Molly and<br \/>\nMiles, and the entire Robinson family.<\/p>\n<p> Scott Robinson (Left) with AIC Past Presidents Dan Brewer, AACI,<br \/>\nP. App., Fellow (Centre) and Rick Colbourne, AACI, P.App (Right).<\/p>\n<p>D\u00e9c\u00e8s de<br \/>\nl\u2019ancien pr\u00e9sident<br \/>\nde l\u2019Institut  <\/p>\n<p>C \u2019est avec tristesse que l\u2019ICE a appris le d\u00e9c\u00e8s r\u00e9cent et soudain du pr\u00e9sident de l\u2019Institut canadien des \u00e9valuateurs (\u00c9.-U.) en 2016, Scott Robinson MAI, SRA, AI-GRS, AI-RRS. Scott valorisait et<br \/>\nencourageait la relation entre l\u2019AI et l\u2019ICE et se voulait l\u2019ami de<br \/>\nquiconque avait l\u2019occasion de le conna\u00eetre et de travailler avec lui.<br \/>\nNos plus sinc\u00e8res condol\u00e9ances \u00e0 son \u00e9pouse Kim, ses enfants<br \/>\nMolly et Miles, et \u00e0 toute la famille Robinson. <\/p>\n<p>Scott Robinson (Gauche) avec les anciens pr\u00e9sidents de l\u2019ICE Dan<br \/>\nBrewer, AACI, P. App., Fellow (Centre) et Rick Colbourne, AACI, P. App.,<br \/>\nFellow (Droit).<\/p>\n<p>Appraise more than farmland<br \/>\nExpand your expertise and appraise some<br \/>\nof Canada\u2019s most progressive agricultural,<br \/>\ncommercial and industrial assets. Send your<br \/>\nresum\u00e9 to hugues.laverdure@fcc-fac.ca and<br \/>\nquote Valuation Candidates in the subject line.<\/p>\n<p>Vous \u00e9valuerez plus que<br \/>\ndes terres agricoles<br \/>\n\u00c9largissez votre champ de comp\u00e9tences et<br \/>\n\u00e9valuez des biens agricoles, commerciaux et<br \/>\nindustriels parmi les plus \u00e9volu\u00e9s au Canada.<br \/>\nFaites parvenir votre curriculum vit\u00e6 par courriel<br \/>\n\u00e0 hugues.laverdure@fac-fcc.ca en indiquant<br \/>\nCandidats pour l\u2019\u00c9valuation dans la ligne objet.<\/p>\n<p>Return to CONTENTSCanadian\u00a0Property\u00a0Valuation\u00a0\u00a0|\u00a0\u00a0\u00c9valuation\u00a0Immobili\u00e8re\u00a0au\u00a0Canada\u00a068<\/p>\n<p>mailto:hugues.laverdure@fcc-fac.ca<br \/>\nmailto:hugues.laverdure@fac-fcc.ca<\/p>\n<p>The following AIC Members have passed away.<br \/>\nOn behalf of everyone connected with the<br \/>\nInstitute and the profession, we extend our<br \/>\nsincerest sympathies to their families, friends<br \/>\nand associates. <\/p>\n<p>Les membres suivants de l&rsquo;ICE sont<br \/>\nd\u00e9c\u00e9d\u00e9s. Au nom de tous ceux qui oeuvrent<br \/>\nde pr\u00e8s ou de loin au sein de l\u2019Institut et<br \/>\nde la profession, nous exprimons nos plus<br \/>\nsinc\u00e8res condol\u00e9ances \u00e0 leurs familles,<br \/>\namis et associ\u00e9s.<\/p>\n<p>Stephen J. Callaghan, CRA, P. App.,<br \/>\nCameron, ON<\/p>\n<p>William V. Falcus, AACI, P.App  <\/p>\n<p>Vancouver, BC<\/p>\n<p>In Memoriam \/<br \/>\nEn memoire<\/p>\n<p>NEWS\/NOUVELLES<\/p>\n<p>Important dates<br \/>\n\u00a0\u00a0<\/p>\n<p>CPD\u00a0Cycle\u00a02020-21\u00a0<br \/>\nYou\u00a0are\u00a0currently\u00a0in\u00a0the\u00a02020-2021\u00a0CPD\u00a0cycle.\u00a0<\/p>\n<p>CPD deadline: You must complete your 24 CPD credits by<br \/>\nDecember 31, 2021, which includes the PPS.<\/p>\n<p>PPS deadline: The deadline for the English PPS is June 30, 2021<br \/>\n(through UBC: www.sauder.ubc.ca\/programs\/real-estate\/credit-<br \/>\nprograms\/appraisal-institute-of-canada-professional-practice-<br \/>\nseminar)<\/p>\n<p>PPS in French (SPP) deadline: Those members who prefer to<br \/>\ncomplete the PPS in French (SPP) have a deadline of September 30,<br \/>\n2021 (ULaval) (since the 2020 SPP launched on October 1, 2020).<br \/>\n(through uLaval: www4.fsa.ulaval.ca\/nouvelles\/institut-canadien-<br \/>\nevaluateurs-lancement-seminaire-pratique-professionnelle-<br \/>\nfrancais-fsa-ulaval) &#8211; The PPS\/SPP earns 7 CPD credits.<\/p>\n<p>Co-signing deadline: Deadline date for ALL designated members<br \/>\nwho co-sign for candidates to complete the co-signing course<br \/>\nthrough UBC \u2013 Effective Co-signing: Guiding and Overseeing<br \/>\nCandidates by July 1, 2021<\/p>\n<p>For Candidate members ONLY (except 1st year candidates):<br \/>\nOne of your courses must be a university level course (12 credits).<\/p>\n<p>Other\u00a0important\u00a0dates\u00a0<\/p>\n<p>\u2022 May 31 &#8211; June 3: AIC Virtual Conference<br \/>\n\u2022 June 11: AIC Annual General Meeting (AGM)<br \/>\n\u2022 September 30: Membership Dues <\/p>\n<p>Dates importantes<br \/>\nLe\u00a0cycle\u00a0de\u00a0PPC\u00a02020-21\u00a0:<br \/>\nVous\u00a0\u00eates\u00a0actuellement\u00a0dans\u00a0le\u00a0cycle\u00a0de\u00a0PPC\u00a02020-2021.\u00a0<\/p>\n<p>Date limite de la PPC : Vous devez terminer vos 24 cr\u00e9dits PPC<br \/>\nd\u2019ici le 31  d\u00e9cembre 2021, incluant le SPP.  <\/p>\n<p>Date limite de la SPP : La date limite pour ceux qui souhaitent<br \/>\nsuivre le SPP en anglais est le 30 juin 2021 (UBC : www.sauder.<br \/>\nubc.ca\/programs\/real-estate\/credit-programs\/appraisal-institute-<br \/>\nof-canada-professional-practice-seminar)<\/p>\n<p>SPP en fran\u00e7ais : Les membres qui pr\u00e9f\u00e8rent le suivre en fran\u00e7ais<br \/>\n(ULaval) ont jusqu\u2019au 30 septembre 2021 (plus tard en raison du<br \/>\nlancement r\u00e9cent le 1er octobre 2020). (uLaval : www4.fsa.ulaval.<br \/>\nca\/nouvelles\/institut-canadien-evaluateurs-lancement-seminaire-<br \/>\npratique-professionnelle-francais-fsa-ulaval) &#8211; Le SPP compte 7<br \/>\nPPC cr\u00e9dits.<\/p>\n<p>Seulement pour les membres stagiaires<br \/>\n(sauf les stagiaires de 1\u00e8re ann\u00e9e) :<br \/>\nUn cours universitaire doit faire partie de vos cours (12 cr\u00e9dits).<\/p>\n<p>D\u2019autres\u00a0dates\u00a0importantes\u00a0<\/p>\n<p>\u2022 31 mai \u2013 3 juin : Conf\u00e9rence virtuelle de l\u2019ICE<br \/>\n\u2022 11 juin : Assembl\u00e9e G\u00e9n\u00e9rale Annuelle (AGA) de l\u2019ICE<br \/>\n\u2022 30 septembre: Cotisations des membres  <\/p>\n<p>Join CBRE\u2019s<\/p>\n<p>Valuation &#038; Advisory<\/p>\n<p>Services Team<\/p>\n<p>At CBRE, you are empowered<br \/>\nto take your career where you<br \/>\nwant it to go. Enjoy workplace<br \/>\nflexibility with tremendous scale\u2014<br \/>\nin an inclusive, collaborative<br \/>\nenvironment with supportive<br \/>\nteammates. Work on an<br \/>\nindustry-leading national team<br \/>\nthat provides unmatched client<br \/>\nservice by leveraging best in class<br \/>\nresearch, superior technology<br \/>\nand industry expertise.<\/p>\n<p>Paul Morassutti, AACI, MRICS<br \/>\nVice Chairman<br \/>\npaul.morassutti@cbre.com<br \/>\n+1 416 495 6235<\/p>\n<p>www.cbre.ca\/vas<\/p>\n<p>Return to CONTENTS Volume\u00a065\u00a0|\u00a0Book\u00a01\u00a0\/\u00a0Tome\u00a01\u00a0|\u00a02021 69<\/p>\n<p>http:\/\/www.sauder.ubc.ca\/programs\/real-estate\/credit-programs\/appraisal-institute-of-canada-professional-practice-seminar<br \/>\nhttp:\/\/www.sauder.ubc.ca\/programs\/real-estate\/credit-programs\/appraisal-institute-of-canada-professional-practice-seminar<br \/>\nmailto:paul.morassutti@cbre.com<br \/>\nhttp:\/\/www.cbre.ca\/vas<br \/>\nwww4.fsa.ulaval.ca\/nouvelles\/institut-canadien-evaluateurs-lancement-seminaire-pratique-professionnelle-francais-fsa-ulaval<br \/>\nwww4.fsa.ulaval.ca\/nouvelles\/institut-canadien-evaluateurs-lancement-seminaire-pratique-professionnelle-francais-fsa-ulaval<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 70 Return to CONTENTS<\/p>\n<p>DESIGNATIONS CANDIDATES STUDENTS \/ D\u00c9SIGNATIONS STAGIAIRES \u00c9TUDIANTS<\/p>\n<p>The Appraisal Institute of Canada (AIC), together<br \/>\nwith the provincial associations and the provincial<br \/>\nbodies affiliated with the AIC, commend the<br \/>\nfollowing Members who completed the rigorous<br \/>\nrequirements for accreditation as a Designated<br \/>\nMember of the AIC during the period October 24,<br \/>\n2020 to February 10, 2021:<\/p>\n<p>L\u2019Institut canadien des \u00e9valuateurs (ICE), en<br \/>\ncollaboration avec les associations provinciales<br \/>\net les organismes provinciaux affili\u00e9s \u00e0 l\u2019ICE,<br \/>\nf\u00e9licitent les membres suivants qui ont compl\u00e9t\u00e9<br \/>\nle programme rigoureux d\u2019accr\u00e9ditation \u00e0 titre<br \/>\nde membre d\u00e9sign\u00e9 de l\u2019ICE durant la p\u00e9riode<br \/>\ndu 24 octobre, 2020 au 10 fevrier, 2021 :<\/p>\n<p>AIC designations granted \/ D\u00e9signations\u00a0obtenues\u00a0de\u00a0l\u2019ICE<\/p>\n<p>AIC welcomed the following new Candidate members during the<br \/>\nperiod October 24, 2020 to February 10, 2021:<\/p>\n<p>L\u2019ICE souhaite la bienvenue aux personnes suivantes qui ont joint les rangs des<br \/>\nmembres stagiaires durant la p\u00e9riode du 24 octobre, 2020 au 10 fevrier, 2021 :<\/p>\n<p>AACI, P.App<br \/>\nAccredited Appraiser Canadian Institute<\/p>\n<p>Candidates \/ Stagiaires<\/p>\n<p>CRA, P.App<br \/>\nCanadian Residential Appraiser<\/p>\n<p>Alberta\u00a0<br \/>\nDe Dai<br \/>\nJiabai Li<br \/>\nKira Penner<br \/>\nEd Trahan<\/p>\n<p>British\u00a0Columbia\u00a0\/\u00a0<br \/>\nColombie-Britannique<br \/>\nMichael Binning<br \/>\nRobert Bishop<br \/>\nAli Burton<br \/>\nGordon Chan<br \/>\nCarl Demers<br \/>\nAbhishek Mamgain<br \/>\nNicholas Tan<\/p>\n<p>Manitoba\u00a0<br \/>\nCody Krentz<br \/>\nMichael Robinson<\/p>\n<p>Alberta<br \/>\nYu Meng Gong<br \/>\nJocelyn Lee <\/p>\n<p>New\u00a0Brunswick\u00a0<br \/>\nMichael Mason<\/p>\n<p>Nova\u00a0Scotia\u00a0\/\u00a0<br \/>\nNouvelle-\u00c9cosse\u00a0<br \/>\nJohn Bedard<br \/>\nWendell Sampson<\/p>\n<p>Ontario\u00a0<br \/>\nJacob Boulton<br \/>\nAlexander Cameron<br \/>\nMelissa Fischer<br \/>\nMike Graber<br \/>\nAndrew Grace<br \/>\nJinxu Guo<br \/>\nJosie Leaman<br \/>\nJacob MacDonald<br \/>\nDavid Maddiss<br \/>\nAli Mahfoud<br \/>\nAlex Manefski<br \/>\nMandeep Mann<br \/>\nGraham Morrison<br \/>\nChris Rennie<br \/>\nAaron Snoek<br \/>\nJovy Yung<\/p>\n<p>Alberta\u00a0<br \/>\nVincent Aihie<br \/>\nJames Archer<br \/>\nDaniel Graziano<br \/>\nEric Kohucik<br \/>\nSang Yun Lee<br \/>\nGarrett Leibel<br \/>\nAndrea McKen<br \/>\nThomas Melbourne<br \/>\nBarbara Silsbe<br \/>\nVanessa Turner<br \/>\nDavid Zhao<\/p>\n<p>British\u00a0Columbia\u00a0\/\u00a0<br \/>\nColombie-Britannique<br \/>\nAndrew Baldwin<br \/>\nGavin Crandall<br \/>\nJacob Frater<br \/>\nCelia Hoang<br \/>\nYoochul (Simon) Kim<br \/>\nChristopher Lynch<br \/>\nGustavo Medina<br \/>\nCharles Odoom<br \/>\nAdam Wolovitz<\/p>\n<p>International<br \/>\nAli Fakhri<\/p>\n<p>Manitoba\u00a0<br \/>\nPeter Fast<br \/>\nLorrainne Gomez<br \/>\nBenji Rothman<\/p>\n<p>New\u00a0Brunswick\u00a0<br \/>\nMarc-Andr\u00e9 Roy<\/p>\n<p>Newfoundland\u00a0\u00a0<br \/>\nJacob Ronayne-Gosse<\/p>\n<p>Nova\u00a0Scotia\u00a0\/\u00a0<br \/>\nNouvelle-\u00c9cosse<br \/>\nCheryl Fougere<br \/>\nHazen Fry<br \/>\nAlex Ingram<br \/>\nAngela Murphy<br \/>\nMark Sweeney<br \/>\nMichael Tubrett<\/p>\n<p>Ontario\u00a0<br \/>\nAlireza Abdollahi<br \/>\nJoshua Bamberger<br \/>\nMichelle Byrne<br \/>\nYong Le Chen<br \/>\nSeungyeob (Blake) Chu<br \/>\nJessica Dennison<br \/>\nCynthia Esp<br \/>\nNathaniel Evans<br \/>\nOwen Finn<br \/>\nFang Guo<br \/>\nBrian Haase<br \/>\nTingting Han<br \/>\nMichael Kelly<br \/>\nSora Kim<br \/>\nKa Eun (Adriana) Kim<br \/>\nSusan Korol<\/p>\n<p>Alberta\u00a0<br \/>\nJonathan Adam<br \/>\nJohann Coetzee<br \/>\nMeenu Nath<br \/>\nMegan Williams<\/p>\n<p>British\u00a0Columbia\u00a0\/\u00a0<br \/>\nColombie-Britan-<br \/>\nnique<br \/>\nJonathan Adam<br \/>\nJohann Coetzee<br \/>\nMeenu Nath<br \/>\nMegan Williams<\/p>\n<p>Students \/ \u00c9tudiants<\/p>\n<p>This category of membership serves as the first step on the path to designation<br \/>\nfor those completing their requirements for Candidate membership. Students<br \/>\nconsidering the appraisal profession as a career option are also welcomed to this<br \/>\ncategory of membership.<\/p>\n<p>Cette cat\u00e9gorie d&rsquo;adh\u00e9sion constitue la premi\u00e8re \u00e9tape sur la voie de la d\u00e9signation<br \/>\npour ceux qui s\u2019affairent \u00e0 compl\u00e9ter les exigences de la cat\u00e9gorie de membres<br \/>\nstagiaire. Les \u00e9tudiants qui contemplent une carri\u00e8re comme \u00e9valuateur<br \/>\nprofessionnel sont acceuillis dans cette cat\u00e9gorie de membres.<\/p>\n<p>Charlie Kridiotis<br \/>\nSarah Kuczynski<br \/>\nKenneth Liu<br \/>\nDaniel Luca<br \/>\nRishi Madani<br \/>\nDawn Martinson-McKendry<br \/>\nEdit Mat\u00e9<br \/>\nMichael McIlroy<br \/>\nMehran Meschian<br \/>\nTejaskumar Patel<br \/>\nBhavesh Patel<br \/>\nErica Patten<br \/>\nBrittany Polzl<br \/>\nRoss Powell<br \/>\nMohammad Rashed<br \/>\nRyan Sager<br \/>\nShivam Saragara<br \/>\nSiddharth Sharma<br \/>\nBertan Tanacar<br \/>\nMichael Taylor<br \/>\nMichael Temianko<br \/>\nJohn Turedi<br \/>\nNick Vettorazzo<br \/>\nKejia Yu<br \/>\nGe Zhou<\/p>\n<p>Quebec\u00a0\/\u00a0Qu\u00e9bec<br \/>\nSarah Lavoie<\/p>\n<p>Saskatchewan<br \/>\nAmanda Conley<br \/>\nGurjot Sandhu<\/p>\n<p>Manitoba\u00a0<br \/>\nDerek Becker<br \/>\nTanya Pomanski<br \/>\nJeremy Sharpe<\/p>\n<p>Ontario\u00a0<br \/>\nLuke Butler<br \/>\nMichael Craig<br \/>\nSimeon DeVries<br \/>\nQuinn Dudley<br \/>\nMohammad Izlal Haider<br \/>\nIvan Hansen<br \/>\nNicholas Henry<\/p>\n<p>Evan Hunnisett<br \/>\nYoobin Hur<br \/>\nKimberly Knobel<br \/>\nJanice Yuen Ching Low<br \/>\nMariana Paloscia<br \/>\nAshilkumar Patel<br \/>\nLing Zheng<\/p>\n<p>Quebec\u00a0\/\u00a0Qu\u00e9bec<br \/>\nSimon Dauphinais<br \/>\nRomain Davis<\/p>\n<p>Ontario\u00a0<br \/>\nMatthew Cloutier<br \/>\nFranco Di Filippo<br \/>\nMarc Fouasse<br \/>\nChristopher Hampel<br \/>\nMegan Hopper<br \/>\nBrian Howley<br \/>\nEmily McMillin<br \/>\nCarey Nickels<br \/>\nDipak Patel<br \/>\nChristian Rachpaul<br \/>\nGagandeep Singh<br \/>\nGabriel Thavaratnam<br \/>\nVandana Tushir<br \/>\nRachel Wong<\/p>\n<p>Today\u2019s successful real estate professional is committed to lifelong<br \/>\nlearning. UBC\u2019s\u00a0Continuing Professional Development Courses<br \/>\nmeet your needs.  <\/p>\n<p>\u2022  Convenient online course format<br \/>\n\u2022  Broad range of valuation and real estate business topics<br \/>\n\u2022  Guaranteed Appraisal Institute of Canada\u2019s Continuing<br \/>\n    Professional Development credits<\/p>\n<p>Recently updated courses:<\/p>\n<p>\uf0f0 CPD 101, Business Enterprise Valuation<br \/>\n\uf0f0 CPD 103, Agricultural Valuation<br \/>\n\uf0f0 CPD 104, Hotel Valuation<br \/>\n\uf0f0 CPD 108, Seniors Housing<\/p>\n<p>To find out more, visit:<br \/>\nrealestate.ubc.ca\/CPD<br \/>\ntel:  604.822.2227 \/ 1.877.775.7733    <\/p>\n<p>email: cpd@realestate.sauder.ubc.ca<\/p>\n<p>Creative<br \/>\nAdaptable<br \/>\nAnalytical <\/p>\n<p>Canadian_App_Valuation.indd   1 2\/20\/2020   1:34:59 PM<\/p>\n<p>mailto:cpd@realestate.sauder.ubc.ca<br \/>\nhttp:\/\/realestate.ubc.ca\/CPD<\/p>\n<p>a step above<\/p>\n<p>Proud professional liability<br \/>\ninsurance partner of the<br \/>\nAppraisal Institute of Canada<\/p>\n<p>Trisura Guarantee Insurance Company is a Canadian owned and operated Property and Casualty<br \/>\ninsurance company specializing in niche insurance and surety products. We are a proud supporter<br \/>\nof the Insurance Brokers Association of Canada.<\/p>\n<p>File name: Professional Liability_AIC_8.25&#215;10.75 Client: TRISURE<\/p>\n<p>Size: Custom Created: May 4, 2020<\/p>\n<p>Trim: 8.25\u201d W x10.75\u201d H with .125\u201d bleed Modified: May 6, 2020 11:09 am<\/p>\n<p>Colour Mode: CMYK Resolution: at least 300 DPI<\/p>\n<p>Learn more at<br \/>\nwww.trisura.com<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"Vuvipy2fjm\"><p><a href=\"https:\/\/www.trisura.com\/\">Trisura: Tailor-Made Insurance &amp; Surety Solutions\u00a0<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Trisura: Tailor-Made Insurance &amp; Surety Solutions\u00a0&#8221; &#8212; Trisura\" src=\"https:\/\/www.trisura.com\/embed\/#?secret=OEJEYFUGhn#?secret=Vuvipy2fjm\" data-secret=\"Vuvipy2fjm\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"featured_media":86870,"menu_order":0,"template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":""},"class_list":["post-84044","issue","type-issue","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue\/84044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/types\/issue"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media\/86870"}],"wp:attachment":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media?parent=84044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}