{"id":91330,"date":"2022-01-05T11:34:50","date_gmt":"2022-01-05T16:34:50","guid":{"rendered":"https:\/\/www.aicanada.ca\/?post_type=issue&#038;p=91330"},"modified":"2022-01-05T12:35:50","modified_gmt":"2022-01-05T08:35:50","slug":"2021-issue-65-book-4","status":"publish","type":"issue","link":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2021-issue-65-book-4\/","title":{"rendered":"2021 &#8211; VOLUME 65 &#8211; Tome 4"},"content":{"rendered":"<p>Vol 65 | Book 4 \/ Tome 4 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>AVERAGE AND ITS ROLE IN<br \/>\nREAL ESTATE APPRAISAL<br \/>\nLa moyenne et son<br \/>\nr\u00f4le dans l\u2019\u00e9valuation<br \/>\nimmobili\u00e8re<\/p>\n<p>DE FACTO<br \/>\nEXPROPRIATION SOON<br \/>\nTO BE REVISITED<br \/>\nL\u2019expropriation de facto<br \/>\nsera bient\u00f4t revue<\/p>\n<p>2021 FEDERAL<br \/>\nELECTION UPDATE<br \/>\nMise \u00e0 jour sur les<br \/>\n\u00e9lections f\u00e9d\u00e9rales 2021<\/p>\n<p>THE<\/p>\n<p>OF BIG CITIES<br \/>\nLE<\/p>\n<p>DES GRANDES VILLES<\/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>\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<\/p>\n<p>\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\t\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<\/p>\n<p>For more information, please contact:<\/p>\n<p>Dave Black<br \/>\nAACI, P. App., MRICS<br \/>\nExecutive Vice President &#038; National Practice Lead<br \/>\nJLL Valuation Advisory<br \/>\nDave.Black@am.jll.com<br \/>\njll.ca\/value<\/p>\n<p>\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<\/p>\n<p>mailto:canada.valuation@avisonyoung.com<\/p>\n<p>\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<\/p>\n<p>\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\t\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<br \/>\n\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<\/p>\n<p>For more information, please contact:<\/p>\n<p>Dave Black<br \/>\nAACI, P. App., MRICS<br \/>\nExecutive Vice President &#038; National Practice Lead<br \/>\nJLL Valuation Advisory<br \/>\nDave.Black@am.jll.com<br \/>\njll.ca\/value<\/p>\n<p>\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd<\/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 \u2013 Communications:<br \/>\nPaul H\u00e9bert, Ottawa<\/p>\n<p>Communications Officer:<br \/>\nHaddy John, 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 \/>\nTabitha Robin<\/p>\n<p>Marketing Manager:<br \/>\nKris Fillion<\/p>\n<p>Advertising Co-ordinator:<br \/>\nStefanie Hagidiakow<\/p>\n<p>  7 Executive Corner<br \/>\nThe benefits of volunteering at AIC: a secret too well kept<\/p>\n<p>30 The Future is Bright<br \/>\nNicholas Jang, 3rd Year Candidate Member<\/p>\n<p>36  Legal Matters<br \/>\nDe facto expropriation soon to be revisited <\/p>\n<p>44  Advocacy<br \/>\n2021 federal election update<\/p>\n<p>46 Education<br \/>\nWork Product Review <\/p>\n<p>48 News<br \/>\n\u2022 Important dates<br \/>\n\u2022 AIC 2022: Facing Forward<\/p>\n<p>50 Designations, Candidates, Students<\/p>\n<p>10 Le coin de l\u2019\u00e9xecutif<br \/>\nLes avantages du b\u00e9n\u00e9volat \u00e0 l\u2019ICE :  un secret trop bien gard\u00e9<\/p>\n<p>33  L&rsquo;avenir est prometteur<br \/>\nNicholas Jang, membre stagiaire de 3e ann\u00e9e<\/p>\n<p>40 Questions juridiques<br \/>\nL\u2019expropriation de facto sera bient\u00f4t revue<\/p>\n<p>45 D\u00e9fense des int\u00e9r\u00eats<br \/>\nMise \u00e0 jour sur les \u00e9lections f\u00e9d\u00e9rales 2021<\/p>\n<p>47 \u00c9ducation<br \/>\nExamen du produit du travail<\/p>\n<p>48 Nouvelles<br \/>\n\u2022 Dates importantes<br \/>\n\u2022 2022 ICE : Regard Vers L\u2019Avenir<\/p>\n<p>50  D\u00e9signations, stagiaires, \u00e9tudiants<\/p>\n<p>Average and its role<br \/>\nin real estate appraisal<br \/>\nLa moyenne et son r\u00f4le<br \/>\ndans l\u2019\u00e9valuation immobili\u00e8re<\/p>\n<p>22<\/p>\n<p>COLUMNS CHRONIQUES<\/p>\n<p>The shifting landscape of big cities<\/p>\n<p>Le paysage changeant<br \/>\ndes grandes villes<\/p>\n<p>14<\/p>\n<p>mailto:info@aicanada.ca<br \/>\nmailto:info@kelman.ca<br \/>\nhttp:\/\/www.kelman.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>CDC is a privately-owned, full-<br \/>\nservice Canadian Valuation and<br \/>\nAdvisory firm that prides itself<br \/>\non our flexible, client-focused<br \/>\napproach coast-to-coast.<br \/>\nCDC is committed to delivering accurate and highly defensible valuation reports, in turn,<br \/>\nminimizing the risk in your real estate investment decisions.<\/p>\n<p>WE\u2019RE HIRING<br \/>\nAPPRAISERS<\/p>\n<p>APPLY TODAY<br \/>\nINFO@CDCINC.CA<\/p>\n<p>ORDER AN APPRAISAL AT CDCINC.CA<\/p>\n<p>http:\/\/www.cdcinc.ca<br \/>\nmailto:INFO@CDCINC.CA<\/p>\n<p>Return to CONTENTS<\/p>\n<p>The benefits of<br \/>\nvolunteering at AIC:<br \/>\na secret too well kept<br \/>\nBY ANDR\u00c9 POULIOT, AACI, P.APP  <\/p>\n<p>President, Appraisal Institute of Canada<\/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>CDC is a privately-owned, full-<br \/>\nservice Canadian Valuation and<br \/>\nAdvisory firm that prides itself<br \/>\non our flexible, client-focused<br \/>\napproach coast-to-coast.<br \/>\nCDC is committed to delivering accurate and highly defensible valuation reports, in turn,<br \/>\nminimizing the risk in your real estate investment decisions.<\/p>\n<p>WE\u2019RE HIRING<br \/>\nAPPRAISERS<\/p>\n<p>APPLY TODAY<br \/>\nINFO@CDCINC.CA<\/p>\n<p>ORDER AN APPRAISAL AT CDCINC.CA<\/p>\n<p>It is worth more than 65,000 condos in Vancouver, 118,000 homes in Halifax, and more than all of the investment-grade real estate that sells in Canada<br \/>\nin a typical year. If it was an industry, it<br \/>\nwould contribute 2.6% to Canada\u2019s GDP.<br \/>\nWhat is it you say? Well, it is volunteerism,<br \/>\nand according to the Conference Board of<br \/>\nCanada, it was worth $55.9b in 2017.  <\/p>\n<p>Volunteerism drives organizations like<br \/>\nthe Appraisal Institute of Canada (AIC).<br \/>\nThis author estimates that we have over<br \/>\n150 volunteers driving our committees<br \/>\nand governance at the national level<br \/>\nand over 300 when provincial affiliates<br \/>\nare included. Those who volunteer \u2013<br \/>\nvolunteer a lot. Roughly one third of our<br \/>\nvolunteers serve in multiple roles and a<br \/>\nquick look at our roster reveals that we<br \/>\nhave a contingent of volunteers who have<br \/>\nbeen at it their entire careers. It is both<br \/>\nhumbling and inspiring to see my nearly <\/p>\n<p>25 years of knowledge and experience with<br \/>\nthe AIC paling in comparison to the tenure of<br \/>\nvolunteers on many of our committees. <\/p>\n<p>On the surface, there is much to<br \/>\ncelebrate, but given the importance of<br \/>\nvolunteers in our organization, articles<br \/>\nwhich often feature in the Globe or on CBC<br \/>\nquestioning if \u201cvolunteerism is dead\u201d are a<br \/>\ntroubling read. Although the total number<br \/>\nof volunteers in Canada has been steadily<br \/>\nincreasing with our population growth, the<br \/>\nparticipation rate among those aged 15 and<br \/>\nup has declined from 47% in 2010 to 43.6% <\/p>\n<p>It is both humbling and inspiring to see my nearly<br \/>\n25 years of knowledge and experience with the AIC<br \/>\npaling in comparison to the tenure of volunteers<br \/>\non many of our committees.<\/p>\n<p>We have seen a decline in the number of volunteers<br \/>\nwho put their names forward in line with the<br \/>\ndecrease in the participation rate. For a volunteer-<br \/>\ndriven organization, these numbers present a<br \/>\ntroubling trend, but they also present opportunity.<\/p>\n<p>7Volume 65 | Book 4 \/ Tome 4 | 2021<\/p>\n<p>Return to CONTENTS<\/p>\n<p>EXECUTIVE CORNER<\/p>\n<p>in 2017. Although the number of hours<br \/>\ncommitted per volunteer has held steady<br \/>\nat 155 since 2010, that figure is lower<br \/>\nthan it was in 2004, when the Conference<br \/>\nBoard of Canada estimated the average<br \/>\nnumber of hours per volunteer to be<br \/>\n168. For an association with a stable<br \/>\nmembership base, the combination of<br \/>\na drop in the participation rate and a<br \/>\ndecline in the number of hours volunteered<br \/>\nwould mean our volunteer capacity is 15%<br \/>\nlower than it was a decade ago. Anecdotal<br \/>\nevidence bears some of this out. We have<br \/>\nseen a decline in the number of volunteers<br \/>\nwho put their names forward in line with <\/p>\n<p>the decrease in the participation rate. For<br \/>\na volunteer-driven organization, these<br \/>\nnumbers present a troubling trend, but they<br \/>\nalso present opportunity.<\/p>\n<p>The opportunity<\/p>\n<p>The real story behind the numbers is one<br \/>\nof untapped potential. Assuming that<br \/>\nwe have 300 volunteers, this means that<br \/>\nroughly 6% of our Members are dedicating<br \/>\na portion of their time, pro bono, to the<br \/>\nInstitute. If the participation rate is 43%,<br \/>\nthen roughly 37% of our Members are<br \/>\ndonating their time to other worthy causes.<br \/>\nBased on our current membership, there <\/p>\n<p>is an untapped resource of volunteer time<br \/>\nof nearly 300,000 hours that we could<br \/>\ndraw upon. Our challenge is to present<br \/>\nour Members with the value proposition<br \/>\nfor volunteering some of those resources<br \/>\nto the AIC. <\/p>\n<p>Choosing the AIC <\/p>\n<p>In a study completed by Eleanor Brown,<br \/>\nProfessor of Economics at Pomona<br \/>\nCollege, and James Ferris with the<br \/>\nCenter on Philanthropy and Public<br \/>\nPolicy, the authors concluded that,<br \/>\nwhen individuals develop bonds and<br \/>\nrelationships in the community, they are<br \/>\nmore likely to engage in volunteering<br \/>\nactivities. Not surprisingly, in a separate<br \/>\nstudy by TD Bank, 90% of volunteers said<br \/>\nthey chose to volunteer so they could<br \/>\nmake a positive contribution to their<br \/>\ncommunity. The key to success then is in<br \/>\nbuilding a greater sense of community<br \/>\namongst our Members and in helping<br \/>\nthem know that their passion, ideas, and<br \/>\nexperience can have a meaningful impact<br \/>\non the profession.<\/p>\n<p>Based on our current membership, there is an untapped resource of volunteer<br \/>\ntime of nearly 300,000 hours that we could draw upon. Our challenge is to<br \/>\npresent our Members with the value proposition for volunteering some of those<br \/>\nresources to the AIC.<\/p>\n<p>The key to success<br \/>\nthen is in building<br \/>\na greater sense of<br \/>\ncommunity amongst<br \/>\nour Members and<br \/>\nin helping them<br \/>\nknow that their<br \/>\npassion, ideas, and<br \/>\nexperience can have a<br \/>\nmeaningful impact on<br \/>\nthe profession.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 8<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"8i4RiZBR0M\"><p><a href=\"https:\/\/crvg.com\/\">CRVG 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;CRVG Home&#8221; &#8212; CRVG - Canadian Resource Valuation Group\" src=\"https:\/\/crvg.com\/embed\/#?secret=GP0earjbwK#?secret=8i4RiZBR0M\" data-secret=\"8i4RiZBR0M\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nmailto:info@crvg.com<\/p>\n<p>Return to CONTENTS<\/p>\n<p>EXECUTIVE CORNER<\/p>\n<p>OUR VISION<\/p>\n<p>To be the most trusted association of <\/p>\n<p>residential appraisal firms in Canada.<\/p>\n<p>OUR MANDATE<\/p>\n<p>BAREA protects and promotes the <\/p>\n<p>business interests of our member firms <\/p>\n<p>through a strong and cohesive voice <\/p>\n<p>as well as the sharing of best practices.<\/p>\n<p>Business Association of Real Estate Appraisers<\/p>\n<p>barea.ca<\/p>\n<p>Stronger together<\/p>\n<p>DON\u2019T GO IT ALONE<\/p>\n<p>OUR VISION<\/p>\n<p>To be the most trusted association of <\/p>\n<p>residential appraisal firms in Canada.<\/p>\n<p>OUR MANDATE<\/p>\n<p>BAREA protects and promotes the <\/p>\n<p>business interests of our member firms <\/p>\n<p>through a strong and cohesive voice <\/p>\n<p>as well as the sharing of best practices.<\/p>\n<p>Business Association of Real Estate Appraisers<\/p>\n<p>barea.ca<\/p>\n<p>Stronger together<\/p>\n<p>DON\u2019T GO IT ALONE<\/p>\n<p>What we can do<\/p>\n<p>One of the key pillars in our strategic<br \/>\nplan is building a vibrant and engaged<br \/>\nmembership. We all have a role to play in<br \/>\ncreating a community where contributions<br \/>\nand perspectives from a diverse pool of<br \/>\nvolunteers are solicited, welcome, and<br \/>\nhelp guide our strategy. As we come<br \/>\nout of the pandemic, we must make it a<br \/>\npriority to meet other Members in our<br \/>\nregions and across the country. Let\u2019s<br \/>\nstrengthen our virtual connections by <\/p>\n<p>being active on social media and sharing<br \/>\narticles and stories that are of interest to<br \/>\nour colleagues and other stakeholders.<br \/>\nLet\u2019s engage with other Members and<br \/>\nencourage them to put their passions and<br \/>\nideas to work. As appraisers, we can be,<br \/>\nand are, thought leaders in the Canadian<br \/>\nreal estate industry.<\/p>\n<p>While everyone\u2019s volunteer experience<br \/>\nis different, I can say that I have found<br \/>\nmy own to be rewarding. I have served<br \/>\nfor 20 years on provincial and national <\/p>\n<p>committees and governance. I have<br \/>\ndeveloped both professionally and<br \/>\npersonally from the knowledge I have<br \/>\ngained and the relationships I have<br \/>\nmade with other volunteers with whom<br \/>\nI have been fortunate to work. I am a<br \/>\nbetter appraiser, leader and person for<br \/>\nthe experience.<\/p>\n<p>Whether you are a seasoned appraiser,<br \/>\na new Candidate, or somewhere in<br \/>\nbetween, it is time to tell your story: it is<br \/>\nthe one about the relationships you built<br \/>\nduring your service, the knowledge you<br \/>\ngained from and imparted upon others,<br \/>\nand the lifelong friends you made in the<br \/>\nprocess. It is about the unique perspective<br \/>\nor experience you gained outside the AIC<br \/>\nthat you can share with us all. It is time for<br \/>\nyou to share your valuable perspective.        <\/p>\n<p>If you have any questions on<br \/>\nvolunteering with the AIC or want to<br \/>\nshare experience, please write to us at<br \/>\ninfo@aicanada.ca. <\/p>\n<p>I have developed both professionally and personally<br \/>\nfrom the knowledge I have gained and the<br \/>\nrelationships I have made with other volunteers with<br \/>\nwhom I have been fortunate to work. I am a better<br \/>\nappraiser, leader and person for the experience.<\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 9<\/p>\n<p>mailto:info@aicanada.ca<br \/>\nhttp:\/\/barea.ca<\/p>\n<p>Return to CONTENTS<\/p>\n<p>Les avantages<br \/>\ndu b\u00e9n\u00e9volat \u00e0 l\u2019ICE :<br \/>\nun secret trop bien gard\u00e9<br \/>\nPAR ANDR\u00c9 POULIOT, AACI, P.APP  <\/p>\n<p>Pr\u00e9sident, l\u2019Institut Canadien des \u00c9valuateurs<\/p>\n<p>C \u2019est un secteur d\u2019activit\u00e9 qui vaut plus que 65 000 condos \u00e0 Vancouver, 118 000 maisons \u00e0 Halifax, et plus<br \/>\nque tous les biens immobiliers de qualit\u00e9<br \/>\nqui se vendent au Canada au cours d\u2019une<br \/>\nann\u00e9e normale. Si c\u2019\u00e9tait une industrie,<br \/>\nelle contribuerait \u00e0 hauteur de 2,6 % du<br \/>\nPIB du Canada. Qu\u2019est-ce que c\u2019est, dites-<br \/>\nvous ? Eh bien, c\u2019est le b\u00e9n\u00e9volat, et selon<br \/>\nle Conference Board du Canada, il valait<br \/>\n55,9 milliards de dollars en 2017 <\/p>\n<p>Le b\u00e9n\u00e9volat est le moteur<br \/>\nd\u2019organisations comme l\u2019Institut canadien<br \/>\ndes \u00e9valuateurs (ICE). Cet auteur estime<br \/>\nque nous avons plus de 150 b\u00e9n\u00e9voles qui<br \/>\npilotent nos comit\u00e9s et notre gouvernance<br \/>\nau niveau national et plus de 300 lorsque<br \/>\nles affili\u00e9s provinciaux sont inclus. Ceux<br \/>\nqui font du b\u00e9n\u00e9volat \u2013 font beaucoup<br \/>\nde b\u00e9n\u00e9volat. Environ un tiers de nos <\/p>\n<p>b\u00e9n\u00e9voles remplissent plusieurs r\u00f4les<br \/>\net un coup d\u2019\u0153il rapide \u00e0 notre liste<br \/>\nr\u00e9v\u00e8le que nous avons un contingent<br \/>\nde b\u00e9n\u00e9voles qui y ont consacr\u00e9 toute<br \/>\nleur carri\u00e8re. C\u2019est \u00e0 la fois une le\u00e7on<br \/>\nd\u2019humilit\u00e9 et une source d\u2019inspiration<br \/>\nde voir que mes pr\u00e8s de 25 ans de<br \/>\nconnaissances et d\u2019exp\u00e9rience au sein<br \/>\nde l\u2019ICE ne sont rien en comparaison de<br \/>\nl\u2019anciennet\u00e9 des b\u00e9n\u00e9voles de plusieurs de<br \/>\nnos comit\u00e9s.  <\/p>\n<p>C\u2019est \u00e0 la fois une le\u00e7on d\u2019humilit\u00e9 et une source<br \/>\nd\u2019inspiration de voir que mes pr\u00e8s de 25 ans de<br \/>\nconnaissances et d\u2019exp\u00e9rience au sein de l\u2019ICE ne sont<br \/>\nrien en comparaison de l\u2019anciennet\u00e9 des b\u00e9n\u00e9voles<br \/>\nde plusieurs de nos comit\u00e9s.<\/p>\n<p>Nous avons constat\u00e9 une baisse du nombre de<br \/>\nb\u00e9n\u00e9voles qui se pr\u00e9sentent, parall\u00e8lement \u00e0 la<br \/>\ndiminution du taux de participation. Pour une<br \/>\norganisation ax\u00e9e sur le b\u00e9n\u00e9volat, ces chiffres<br \/>\nrepr\u00e9sentent une tendance troublante, mais<br \/>\naussi une opportunit\u00e9.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 10<\/p>\n<p>Return to CONTENTS<\/p>\n<p>LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n<p>La cl\u00e9 du succ\u00e8s<br \/>\nconsiste donc<br \/>\n\u00e0 renforcer<br \/>\nle sentiment<br \/>\nd\u2019appartenance \u00e0 la<br \/>\ncommunaut\u00e9 parmi<br \/>\nnos membres et \u00e0<br \/>\nles aider \u00e0 savoir<br \/>\nque leur passion,<br \/>\nleurs id\u00e9es et leur<br \/>\nexp\u00e9rience peuvent<br \/>\navoir un impact<br \/>\nsignificatif sur la<br \/>\nprofession.<\/p>\n<p>En apparence, il y a de quoi se r\u00e9jouir,<br \/>\nmais \u00e9tant donn\u00e9 l\u2019importance des<br \/>\nb\u00e9n\u00e9voles dans notre organisation, les<br \/>\narticles qui paraissent souvent dans le<br \/>\nGlobe ou \u00e0 la CBC et qui se demandent si<br \/>\n\u00ab le b\u00e9n\u00e9volat est mort \u00bb sont troublants.<br \/>\nBien que le nombre total de b\u00e9n\u00e9voles au<br \/>\nCanada ait augment\u00e9 de fa\u00e7on constante<br \/>\navec la croissance de notre population, le<br \/>\ntaux de participation des personnes \u00e2g\u00e9es<br \/>\nde 15 ans et plus a diminu\u00e9, passant de 47<br \/>\n% en 2010 \u00e0 43,6 % en 2017. Bien que le<br \/>\nnombre d\u2019heures engag\u00e9es par b\u00e9n\u00e9vole<br \/>\nse soit maintenu \u00e0 155 depuis 2010, ce<br \/>\nchiffre est inf\u00e9rieur \u00e0 ce qu\u2019il \u00e9tait en 2004,<br \/>\nlorsque le Conference Board du Canada<br \/>\nestimait le nombre moyen d\u2019heures par<br \/>\nb\u00e9n\u00e9vole \u00e0 168. Pour une association<br \/>\ndont la base de membres est stable, la<br \/>\ncombinaison d\u2019une baisse du taux de<br \/>\nparticipation et d\u2019une baisse du nombre<br \/>\nd\u2019heures de b\u00e9n\u00e9volat signifierait que notre<br \/>\ncapacit\u00e9 de b\u00e9n\u00e9volat est inf\u00e9rieure de 15 %<br \/>\n\u00e0 ce qu\u2019elle \u00e9tait il y a dix ans. Des preuves<br \/>\nanecdotiques confirment une partie de ce<br \/>\nconstat. Nous avons constat\u00e9 une baisse<br \/>\ndu nombre de b\u00e9n\u00e9voles qui se pr\u00e9sentent,<br \/>\nparall\u00e8lement \u00e0 la diminution du taux de<br \/>\nparticipation. Pour une organisation ax\u00e9e<br \/>\nsur le b\u00e9n\u00e9volat, ces chiffres repr\u00e9sentent<br \/>\nune tendance troublante, mais aussi<br \/>\nune opportunit\u00e9. <\/p>\n<p>L\u2019opportunit\u00e9<\/p>\n<p>La v\u00e9ritable histoire derri\u00e8re ces chiffres<br \/>\nest celle d\u2019un potentiel inexploit\u00e9. En<br \/>\nsupposant que nous ayons 300 b\u00e9n\u00e9voles,<br \/>\ncela signifie qu\u2019environ 6 % de nos<br \/>\nmembres consacrent une partie de leur<br \/>\ntemps, \u00e0 titre gracieux, \u00e0 l\u2019Institut. Si le<br \/>\ntaux de participation est de 43 %, alors<br \/>\nenviron 37 % de nos membres donnent de <\/p>\n<p>leur temps \u00e0 d\u2019autres causes louables. Sur<br \/>\nla base de nos membres actuels, il existe<br \/>\nune ressource inexploit\u00e9e de pr\u00e8s de 300<br \/>\n000 heures de b\u00e9n\u00e9volat dans laquelle<br \/>\nnous pourrions puiser. Notre d\u00e9fi est de<br \/>\npr\u00e9senter \u00e0 nos membres une proposition<br \/>\nde valeur pour qu\u2019ils donnent une partie<br \/>\nde ces ressources \u00e0 l\u2019ICE.  <\/p>\n<p>Choisir l\u2019ICE  <\/p>\n<p>Dans une \u00e9tude r\u00e9alis\u00e9e par Eleanor<br \/>\nBrown, professeure d\u2019\u00e9conomie au<br \/>\nPomona College, et James Ferris du<br \/>\nCenter on Philanthropy and Public Policy,<br \/>\nles auteurs ont conclu que lorsque les<br \/>\nindividus d\u00e9veloppent des liens et des<br \/>\nrelations dans la communaut\u00e9, ils sont<br \/>\nplus susceptibles de s\u2019engager dans<br \/>\ndes activit\u00e9s de b\u00e9n\u00e9volat. Il n\u2019est pas<br \/>\nsurprenant que, dans une autre \u00e9tude <\/p>\n<p>men\u00e9e par TD Bank, 90 % des b\u00e9n\u00e9voles<br \/>\naient d\u00e9clar\u00e9 avoir choisi de faire du<br \/>\nb\u00e9n\u00e9volat pour apporter une contribution<br \/>\npositive \u00e0 leur communaut\u00e9. La cl\u00e9<br \/>\ndu succ\u00e8s consiste donc \u00e0 renforcer<br \/>\nle sentiment d\u2019appartenance \u00e0 la<br \/>\ncommunaut\u00e9 parmi nos membres et \u00e0 les<br \/>\naider \u00e0 savoir que leur passion, leurs id\u00e9es<br \/>\net leur exp\u00e9rience peuvent avoir un impact<br \/>\nsignificatif sur la profession. <\/p>\n<p>Ce que nous pouvons faire <\/p>\n<p>L\u2019un des principaux piliers de notre plan<br \/>\nstrat\u00e9gique est la constitution d\u2019un effectif<br \/>\ndynamique et engag\u00e9. Nous avons tous<br \/>\nun r\u00f4le \u00e0 jouer dans la cr\u00e9ation d\u2019une<br \/>\ncommunaut\u00e9 o\u00f9 les contributions et les<br \/>\npoints de vue d\u2019un groupe diversifi\u00e9 de<br \/>\nb\u00e9n\u00e9voles sont sollicit\u00e9s, accueillis et<br \/>\ncontribuent \u00e0 orienter notre strat\u00e9gie.<br \/>\nAlors que nous sortons de la pand\u00e9mie,<br \/>\nnous devons avoir comme priorit\u00e9 de<br \/>\nrencontrer d\u2019autres membres dans nos<br \/>\nr\u00e9gions et \u00e0 travers le pays. Renfor\u00e7ons<br \/>\nnos liens virtuels en \u00e9tant actifs sur les<br \/>\nm\u00e9dias sociaux et en partageant des<br \/>\narticles et des histoires qui int\u00e9ressent nos<br \/>\ncoll\u00e8gues et d\u2019autres parties prenantes.<br \/>\nEngageons-nous aupr\u00e8s des autres<br \/>\nmembres et encourageons-les \u00e0 mettre<br \/>\nleurs passions et leurs id\u00e9es en pratique.<br \/>\nEn tant qu\u2019\u00e9valuateurs, nous pouvons \u00eatre,<br \/>\net sommes, des leaders d\u2019opinion dans<br \/>\nl\u2019industrie immobili\u00e8re canadienne.<\/p>\n<p>Bien que l\u2019exp\u00e9rience de b\u00e9n\u00e9volat<br \/>\nsoit diff\u00e9rente pour chacun, je peux dire<br \/>\nque j\u2019ai trouv\u00e9 la mienne enrichissante.<br \/>\nJ\u2019ai si\u00e9g\u00e9 pendant 20 ans \u00e0 des comit\u00e9s<br \/>\nprovinciaux et nationaux et \u00e0 des instances<br \/>\nde gouvernance. J\u2019ai \u00e9volu\u00e9 sur le plan<br \/>\nprofessionnel et personnel gr\u00e2ce aux<br \/>\nconnaissances que j\u2019ai acquises et aux <\/p>\n<p>Sur la base de nos membres actuels, il existe une ressource inexploit\u00e9e de pr\u00e8s de<br \/>\n300 000 heures de b\u00e9n\u00e9volat dans laquelle nous pourrions puiser. Notre d\u00e9fi est<br \/>\nde pr\u00e9senter \u00e0 nos membres une proposition de valeur pour qu\u2019ils donnent une<br \/>\npartie de ces ressources \u00e0 l\u2019ICE.<\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 11<\/p>\n<p>Return to CONTENTS<\/p>\n<p>LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n<p>relations que j\u2019ai \u00e9tablies avec les autres<br \/>\nb\u00e9n\u00e9voles avec lesquels j\u2019ai eu la chance de<br \/>\ntravailler. Je suis un meilleur \u00e9valuateur,<br \/>\nun meilleur leader et une meilleure<br \/>\npersonne gr\u00e2ce \u00e0 cette exp\u00e9rience. <\/p>\n<p>Que vous soyez un \u00e9valuateur<br \/>\nchevronn\u00e9, un nouveau stagiaire, ou<br \/>\nquelque part entre les deux, il est temps de<br \/>\nraconter votre histoire : celle des relations<br \/>\nque vous avez nou\u00e9es au cours de votre<br \/>\nservice, des connaissances que vous avez<br \/>\nacquises et transmises aux autres, et des<br \/>\namis de toujours que vous vous \u00eates faits<br \/>\nau cours de cette d\u00e9marche. Il s\u2019agit de la<br \/>\nperspective ou de l\u2019exp\u00e9rience unique que <\/p>\n<p>J\u2019ai \u00e9volu\u00e9 sur le plan professionnel et personnel<br \/>\ngr\u00e2ce aux connaissances que j\u2019ai acquises et aux<br \/>\nrelations que j&rsquo;ai \u00e9tablies avec les autres b\u00e9n\u00e9voles<br \/>\navec lesquels j\u2019ai eu la chance de travailler. Je suis<br \/>\nun meilleur \u00e9valuateur, un meilleur leader et une<br \/>\nmeilleure personne gr\u00e2ce \u00e0 cette exp\u00e9rience.<\/p>\n<p>vous avez acquise en dehors de l\u2019ICE et que<br \/>\nvous pouvez partager avec nous tous. Il est<br \/>\ntemps pour vous de partager votre pr\u00e9cieux<br \/>\npoint de vue.        <\/p>\n<p>Si vous avez des questions sur le<br \/>\nb\u00e9n\u00e9volat \u00e0 l\u2019ICE ou si vous souhaitez<br \/>\npartager votre exp\u00e9rience, \u00e9crivez-nous<br \/>\n\u00e0 info@aicanada.ca. <\/p>\n<p>Appraisal Institute of Canada<br \/>\nInstitut canadien des \u00e9valuateurs<\/p>\n<p>Visit www.aicanada.ca\/seminars-events\/continuing-professional-development<br \/>\nEn savoir plus www.aicanada.ca\/fr\/seminars-events\/continuing-professional-development<\/p>\n<p>Need Continuing Professional<br \/>\nDevelopment (CPD) Credits?<br \/>\nBesoin de cr\u00e9dits de perfectionnement<br \/>\nprofessionnel (CPP)?<\/p>\n<p>Check out the CPD page on the AIC<br \/>\nwebsite for an array of opportunities.<br \/>\nRendez-vous sur la page de PPC du<br \/>\nsite Web de l\u2019ICE afin de d\u00e9couvrir<br \/>\ntoutes les opportunit\u00e9s.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 12<\/p>\n<p>mailto:info@aicanada.ca<br \/>\nhttp:\/\/www.aicanada.ca\/seminars-events\/continuing-professional-development<br \/>\nhttps:\/\/www.aicanada.ca\/fr\/seminars-events\/continuing-professional-development<\/p>\n<p>EARN CPD CREDITS AND  <\/p>\n<p>ADVANCE OUR APPRAISAL PROFESSION<\/p>\n<p>Do you want to contribute<br \/>\nto the next issue of<br \/>\nCanadian Property Valuation?<\/p>\n<p>OBTENIR DES CR\u00c9DITS PPC ET<\/p>\n<p>MODERNISONS NOTRE PROFESSION D\u2019\u00c9VALUATEUR<\/p>\n<p>Voulez-vous contribuer au<br \/>\nprochain num\u00e9ro d\u2019\u00c9valuation<br \/>\nimmobili\u00e8re au Canada ?<\/p>\n<p>Si vous aimeriez faire publier un article dans un prochain<br \/>\nnum\u00e9ro de la revue \u00c9valuation immobili\u00e8re au Canada<br \/>\net contribuer de fa\u00e7on significative \u00e0 l\u2019avancement de la<br \/>\nprofession, veuillez contacter :<\/p>\n<p>PAUL H\u00c9BERT, directeur, Communications,<br \/>\nInstitut canadien des \u00e9valuateurs<\/p>\n<p>paulh@aicanada.ca \u2022 1-888-551-5521<\/p>\n<p>*Remarque : Nous fournirons les d\u00e9tails suppl\u00e9mentaires et toute l\u2019aide<br \/>\ndont vous pourriez avoir besoin pour assurer un processus de contribution<br \/>\nharmonieux 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<\/p>\n<p>\u00fc de moderniser la profession d\u2019\u00e9valuateur dans son ensemble<\/p>\n<p>\u00fc de profiter d\u2019une exposition et d\u2019\u00eatre reconnu par vos pairs<\/p>\n<p>\u00fc de r\u00e9colter des cr\u00e9dits de PPC<\/p>\n<p>We are looking for topical, timely and informative<br \/>\narticles provided by appraisers who are willing<br \/>\nto share their knowledge and expertise by<br \/>\ncontributing an article to Canadian Property<br \/>\nValuation. It is an ideal way to:<\/p>\n<p>\u00fc enhance the knowledge of your colleagues <\/p>\n<p>\u00fc advance the appraisal profession as a whole<\/p>\n<p>\u00fc gain exposure and recognition with your peers<\/p>\n<p>\u00fc earn CPD credits<\/p>\n<p>If you are interested in being published in a future<br \/>\nissue of Canadian Property Valuation and contributing<br \/>\nsignificantly to the advancement of the profession,<br \/>\nplease contact:  <\/p>\n<p>PAUL H\u00c9BERT, Director, Communications,<br \/>\nAppraisal Institute of Canada <\/p>\n<p>paulh@aicanada.ca \u2022 1-888-551-5521<\/p>\n<p>*Note: We will provide additional details and any assistance you require<br \/>\nto ensure a smooth and efficient contribution process.<\/p>\n<p>mailto:paulh@aicanada.ca<br \/>\nmailto:paulh@aicanada.ca<\/p>\n<p>Return to CONTENTS<\/p>\n<p>BY RYAN SWEHLA, co-CEO of Graceada Partners<br \/>\n(http:\/\/GraceadaPartners.com) a real estate investment<br \/>\nfirm based in Modesto, California. Swehla leads the<br \/>\nfirm\u2019s investment activity, providing strategic direction<br \/>\nand overseeing capital sourcing for their assets.<br \/>\nFounded in 2008 during the Great Recession,<br \/>\nGraceada Partners now has over $500 million<br \/>\nof assets under management. <\/p>\n<p>THE<\/p>\n<p>OF BIG CITIES<br \/>\nCanadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 14<\/p>\n<p>http:\/\/GraceadaPartners.com<\/p>\n<p>Return to CONTENTS<\/p>\n<p>hat is taking place in urban areas is more than<br \/>\npeople moving addresses; the working landscape is <\/p>\n<p>greatly changing, and that is impacting the future of<br \/>\nreal estate investing strategy.<\/p>\n<p>Two things can be true at once:<br \/>\n1) People have left (and are continuing to leave) big cities across <\/p>\n<p>North America, and<br \/>\n2) more people are flocking to these markets because there is an <\/p>\n<p>essence about them that cannot be replicated elsewhere.<br \/>\nIt is a story of cause and effect. Certain people are leaving big cities,<br \/>\nand this is leading to people entering to replace them, while being<br \/>\nwelcomed with lower relative costs. It comes down to supply and<br \/>\ndemand. There are few housing options in congested cities, and there<br \/>\nis less desire to live in these expensive areas. But the real kicker<br \/>\nis that supply dropped initially more so than demand. This shift will<br \/>\ncontinue to result in demand rising and catching up to the relative<br \/>\nsupply rate. So, people outside the Bay Area will see discounted rates<br \/>\nand view now as the time to move to that market. <\/p>\n<p>THE FUTURE OF WORK IN THE SHORT-TERM y<br \/>\nA year ago, we forecasted the future of work and the five main aspects of<br \/>\nthis trend in Canadian Property Valuation (Volume 64, Book 3, 2020). First,<br \/>\nthe rise of secondary markets (which was the gateway into our following<br \/>\nreport detailing the outpost economy, which I will describe later). With<br \/>\nvast amounts of employees still working from home, secondary cities \u2013<br \/>\nsuch as Sacramento, Nashville, and Salt Lake City \u2013 will witness<br \/>\ncontinued population growth. These secondary markets were already<br \/>\ngrowing prior to the pandemic, but the decentralization of office space<br \/>\nand the increase in jobs that allow for remote work are exacerbating<br \/>\nthe trend. Secondly, employers will continue to weigh the pros and cons<br \/>\nof their office spaces \u2014 they will be far more intentional, potentially<br \/>\ndownsizing or moving to a newer, more open area or embracing more<br \/>\nflexible models. This prioritization of a hybrid model led to the foothold<br \/>\nsecondary markets dug into in late 2020 and still are experiencing today. <\/p>\n<p>Third, the shared office space (or, WeWork model) is primed for a<br \/>\nresurgence in an era of increased flexible work. The year 2020 was<br \/>\nturbulent to say the least, which forced people and employers to<br \/>\nbe flexible. Fourth, with downtown real estate being \u2018undervalued\u2019<br \/>\nby previous standards, smaller businesses will invest in these<br \/>\nlocations to move up the corporate food chain. Part of this will<br \/>\nlead to a revitalization in primary markets, some of which we are<br \/>\nexperiencing now and have seen for the past few months. Lastly,<br \/>\nmicrobusinesses will find more opportunities and mobility as<br \/>\nsmaller businesses gain their traction.<\/p>\n<p>THE INCREASING VALUE OF SECONDARY MARKETS y<br \/>\nIn a report that we released this past winter, we further examined<br \/>\nsecondary markets as some began to exhibit signs of becoming<br \/>\nan outpost to more populated metropolises. This effect led to us<br \/>\ncoining the phrase the \u201coutpost economy\u201d to describe secondary<br \/>\nmarkets that could act alongside their nearby primary market.<br \/>\nWe explained the rationale behind this as the \u201chub and spoke\u201d<br \/>\nmodel. For example, a city in California\u2019s Central Valley such <\/p>\n<p>OF BIG CITIES<br \/>\nVolume 65 | Book 4 \/ Tome 4 | 2021 15<\/p>\n<p>Return to CONTENTS<\/p>\n<p>as Modesto would have a growing workforce connected by a<br \/>\nmetaphorical spoke to the symbolic hub: San Francisco. <\/p>\n<p>We took this a step further by stating that primary market offices<br \/>\nwould have satellite locations in these smaller cities to diversify and<br \/>\nfollow the trail of employees leaving for these secondary markets. In<br \/>\nthe report, we projected that office demand would not decrease, and<br \/>\neven in some markets, it will rise due to the appeal of the hub and<br \/>\nspoke model. With this in mind, we noted that the value of downtown<br \/>\nhigh-rises would decline by 10-15% over the next few years because<br \/>\nof dissemination outwards and into secondary markets. In addition,<br \/>\nwe anticipated a decrease in employer costs, including real estate<br \/>\nexpenses. This trend as a whole led us to believe that a Renaissance<br \/>\nin traditional working-class cities could occur with the right<br \/>\ncircumstances and interest. <\/p>\n<p>WHY PRIMARY MARKETS<br \/>\nWILL NOT FALL OFF THE FACE OF THE EARTH y<br \/>\nThere was a popular but misguided notion that big cities would<br \/>\nsee a long-term drop off in residents a few months into the start<br \/>\nof the pandemic, when people began to recognize the concern of<br \/>\nliving in close quarters as well as the severity of what the pandemic<br \/>\nlockdowns were doing to people\u2019s desires to move. However, while<br \/>\nareas witnessed short-term decreases in the average population,<br \/>\nthis fact does not quite paint the whole picture: People are <\/p>\n<p>opportunistic and what is considered an \u2018opportunity\u2019 can swing<br \/>\ndemand like a pendulum in a matter of months.<\/p>\n<p>There will be a resurgence of entrepreneurship in primary<br \/>\nmarkets, leading to young professionals and savvy entrepreneurs<br \/>\nmoving into these areas. We wrote about this in our recent report,<br \/>\nRebirth of a City: Why Primary Markets are Primed for Revitalization.<br \/>\nThese new entrants will replace people who left for secondary<br \/>\nmarkets or elsewhere. Because of this natural cycle, comparable<br \/>\namounts of people will pour into markets like Chicago and San<br \/>\nFrancisco as others who are able to leave flock to more affordable<br \/>\nmarkets. The infrastructure, both literal roadways connecting<br \/>\nbuildings and intellectual networks of people, already exist in<br \/>\nprimary markets, and recreating that is costly \u2013 if not impossible \u2013 in<br \/>\nthe monetary sense and logistically.<\/p>\n<p>Working professionals in large cities can almost always follow the ebb<br \/>\nand flow of demand to the place where they will reap the most reward. They<br \/>\nare the types of people who take more calculated risks; they try to learn the<br \/>\nbest skills and apply them in the best places. These are the type of people<br \/>\nwho view big life decisions like this as if it were a stock: the \u2018shares\u2019 of living<br \/>\nin New York City are lower, so young professionals in, say Rochester, looking<br \/>\nto shake things up and capitalize on the softer-than-usual market value in<br \/>\nthe Big Apple will strike while they still can. It will be more expensive to rent<br \/>\nin New York City than other parts upstate, but comparatively less than if they<br \/>\nhad made such a life transition in 2017, for example.<\/p>\n<p>SHORTCOMINGS FOR SOME CITIES, OPPORTUNITIES FOR OTHERS y<br \/>\nDespite the well-warranted optimism of the last section, it will not<br \/>\nbe smooth sailing for every big city. Cities with low employment or<br \/>\nhousing opportunities will stagnate. Suppose businesses choose not<br \/>\nto invest in cheaper-than-average office space and\/or do not make<br \/>\nnew hires in these markets (i.e., there are no remote workers in<br \/>\nthese given cities). In that case, there will be no incentive for young<br \/>\nprofessionals \u2013 or any working professionals for that matter \u2013 to<br \/>\nmigrate into these metropolitan areas. A 20% reduction in rent is<br \/>\nirrelevant if a person has no job to pay for it. Additionally, cities that<br \/>\ndo not find ways to entice people to move will be hurt the most. If<br \/>\nthere are no enjoyable entertainment or fun attractions to keep<br \/>\npeople wanting to stay, they will leave. However, cities with lower<br \/>\nrent prices that attract remote workers or entice businesses to open<br \/>\nup satellite offices stand to benefit. <\/p>\n<p>This should be obvious given that most people who left big cities<br \/>\nwill not be returning. They knew the advantages of big cities: great<br \/>\nrestaurants, lots of fun and diverse people, notable segments of art from<br \/>\nmusic to paintings to theatre \u2013 and yet they still chose to leave. Granted,<br \/>\nsome may come to regret their decision, especially given the fact that<br \/>\nmany points of interest closed during the pandemic, but, for the most<br \/>\npart, those who took the initiative to leave will not be keen on packing up<br \/>\nshop and moving back.<\/p>\n<p>Therefore, it is on cities and employers to generate ways to<br \/>\nencourage new people to call their primary market their home. As<br \/>\ninvestors in commercial real estate, it may be valuable to look at<br \/>\ninitiatives taken by local governments and business owners in their<br \/>\ncommunities. If both groups are not stepping up to the challenge or<br \/>\ngoing about the solution passively, that is a big red flag. <\/p>\n<p>We\u2019ve reimagined<br \/>\nvaluations.<br \/>\nJoin our network of appraisers and<br \/>\nbe part of the change.<\/p>\n<p>*Registered Trademark of First American Financial Corporation<\/p>\n<p>Insurance by FCT Insurance Company Ltd. Services by First Canadian Title Company<br \/>\nLimited. The services company does not provide insurance products. This material is<br \/>\nintended to provide general information only. For specific coverage and exclusions,<br \/>\nrefer to the applicable policy. Copies are available upon request. Some products\/<br \/>\nservices may vary by province. Prices and products\/services offered are subject to<br \/>\nchange without notice.<\/p>\n<p>\u25b6 fct.ca\/appraisers<\/p>\n<p>AIC-Ad-final-07-21.indd   1AIC-Ad-final-07-21.indd   1 2021-07-28   12:30 PM2021-07-28   12:30 PM<br \/>\nCanadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 16<\/p>\n<p>http:\/\/fct.ca\/appraisers<\/p>\n<p>Return to CONTENTS<\/p>\n<p>KNOWING THE HOW\/WHEN\/WHAT ABOUT<br \/>\nPROPERTY VALUES IN THE POST-PANDEMIC ERA y<br \/>\nI touched on this slightly in the last section regarding the investment<br \/>\nquality of commercial real estate in primary markets and what would<br \/>\nincrease its value. The same standard could be applied to Canadian<br \/>\ncities like Montreal and Toronto. Suppose leaders in those major<br \/>\nmarkets find ways to entice people to come (or return if they left<br \/>\nduring the pandemic) to the big city. In that case, business employers<br \/>\nwill likely do the rest of the work to bring people into these cities. <\/p>\n<p>Part of the equation also dips into residential real estate, which<br \/>\nshould remain residential and are converted to commercial space.<br \/>\nApartment owners that create workspaces out of their residential<br \/>\nbuildings will literally be creating new offices for remote workers.<br \/>\nAdditionally, with rent prices dropping in many primary markets, it<br \/>\ncould be highly advantageous to convert certain buildings over to<br \/>\ncommercial properties if local ordinances and zoning laws permit such<br \/>\na transition. In short, apartment owners that create these workspaces<br \/>\nwill thrive in the long run. <\/p>\n<p>Companies that embrace intentional office work will be the<br \/>\nreal winners. However, we know that in-person collaboration<br \/>\ncannot be substituted to the same degree. Yes, video conferencing<br \/>\nis a great alternative when clients are halfway across the country<br \/>\n(and especially internationally), yet there comes the point where<br \/>\ngetting everyone in the same room to hash out a plan or a report<br \/>\nis the ideal option.<\/p>\n<p>The pandemic will inevitably fade away, which means that<br \/>\nproperty values will increase with population and inflation.<br \/>\nKeeping in mind telltale signs is the best way to predict the<br \/>\nfuture, but like with anything, there is no certainty even if all<br \/>\nthe indicators are pointing towards something that ends up not<br \/>\nhappening. However, having more components in your analysis<br \/>\nbefore investing in property will better your chances of securing<br \/>\na worthwhile investment. Even in strange times, it is good to go<br \/>\nback to the basics rather than reactively buying up properties that<br \/>\nare simply selling for lower than market value.<\/p>\n<p>THE FUTURE OF REAL ESTATE RISK CALCULATIONS y<br \/>\nPost-pandemic life will give a glimmer of light to historically strong<br \/>\nprimary markets. Young professionals chasing their dreams will<br \/>\nembrace that light and chase their dreams. They will capitalize on the<br \/>\nopportunities inherent in these economic hubs. This will accelerate<br \/>\nthe rise in value in primary markets as they rebound from the market<br \/>\nrecession of 2020. Despite the outflux of big-city residents, people<br \/>\nmoving in to replace them will outweigh the exodus.<\/p>\n<p>Tracking population movement in primary markets may offer a<br \/>\nglimpse into the potential value of real estate property. As population<br \/>\ngrowth starts swinging upward in major markets, that bodes well<br \/>\nfor commercial (not to mention residential) real estate. That said,<br \/>\nit is crucial to keep an eye on potential self-fulfilling prophecies. If<br \/>\ninvestors do not invest in a market, shying away from investing will<br \/>\nactually continue a downward trend in that market. It is the contrarian<br \/>\ninvestors who swoop in during those moments that find real value. <\/p>\n<p>If it becomes evident that employers want to have their<br \/>\nemployees in the office because they think it will give them an <\/p>\n<p>advantage, this could turn the gears of business expansion which<br \/>\nwould lead to local economic growth. Essentially, it could create<br \/>\nbusiness opportunities that would not have occurred if employers<br \/>\ndid not jump on the trend, and might not have happened otherwise<br \/>\nhad the potential trend not been predicted in the first place.<\/p>\n<p>However, watch out for over-saturation in the market. If every<br \/>\ncommercial real estate investor is jumping into the ring at the same<br \/>\ntime because there is a projected property boom in the community,<br \/>\nthe ROI may decrease. I like to call this an anti-self-fulfilling prophecy.<br \/>\nInvestors all think the market is about to grow substantially, they all<br \/>\ninvest in it to feed that outcome, and yet all that energy has the opposite<br \/>\neffect, or no effect whatsoever. It is worth noting that perceptions of<br \/>\nreality (where investors think property prices will rise) should not<br \/>\noutweigh the reality itself (where property prices go as a matter of fact).<\/p>\n<p>Wading through the waters of commercial investment<br \/>\nwill always have its risks, but analyzing as many contributing<br \/>\nfactors and trends occurring will paint the best holistic picture<br \/>\npossible, and allow you to make the most educated and calculated<br \/>\ninvestment decision available. Those who take advantage of<br \/>\nthe rebirth of primary markets \u2013 where there is an emphasis<br \/>\non higher quality of life and economic incentives \u2013 will reap the<br \/>\nrewards from these types of properties. Such communities will<br \/>\nbecome hotspots of success and prosperity in the years to come,<br \/>\nwhich generates more overall value. <\/p>\n<p>Nationwide<br \/>\nAppraisal Services<\/p>\n<p>HELP BUILD THE FUTURE OF<br \/>\nTHE APPRAISAL INDUSTRY<\/p>\n<p>BECOME A MENTOR BY CONTACTING<\/p>\n<p>Nationwide Appraisal Services (NAS) is looking<br \/>\nfor experienced appraisers to onboard, train, and<br \/>\ndevelop the next generation of appraisers.  <\/p>\n<p>Mentors will be compensated for their eff orts. Your<br \/>\ninvestment in future appraisers is ours as well! <\/p>\n<p>AppraiserMentorship@NationwideAppraisals.com<\/p>\n<p>IT\u2019S TIME TO INTRODUCE NEW<br \/>\nAPPRAISERS TO THE FIELD, AND WE<br \/>\nNEED YOUR HELP. <\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 17<\/p>\n<p>mailto:AppraiserMentorship@NationwideAppraisals.com<\/p>\n<p>Return to CONTENTS<\/p>\n<p>PAR RYAN SWEHLA, Co-PDG de Graceada Partners<br \/>\n(http:\/\/GraceadaPartners.com), une soci\u00e9t\u00e9 de<br \/>\nplacement immobilier situ\u00e9e \u00e0 Modesto, en Californie.<br \/>\nIl dirige l\u2019activit\u00e9 d\u2019investissement de la soci\u00e9t\u00e9, fournit<br \/>\nune direction strat\u00e9gique et supervise la recherche<br \/>\nde capitaux pour leurs actifs. Cr\u00e9\u00e9e pendant la<br \/>\nGrande R\u00e9cession de 2008, Graceada Partners<br \/>\nadministre pr\u00e9sentement des actifs d\u2019une<br \/>\nvaleur d\u00e9passant 500 millions $.<\/p>\n<p>LE<\/p>\n<p>DES GRANDES VILLES<br \/>\nCanadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 18<\/p>\n<p>http:\/\/GraceadaPartners.com<\/p>\n<p>Return to CONTENTS<\/p>\n<p>e qui se passe dans les zones urbaines, c\u2019est plus que<br \/>\ndes gens qui changent d\u2019adresse; l\u2019univers du travail se<br \/>\ntransforme \u00e9norm\u00e9ment et cela influe sur l\u2019avenir de la<br \/>\nstrat\u00e9gie du placement immobilier.<\/p>\n<p>Deux choses peuvent \u00eatre vraies en m\u00eame temps :<br \/>\n1) Les gens ont d\u00e9laiss\u00e9 les grandes villes d\u2019Am\u00e9rique du Nord <\/p>\n<p>(l\u2019exode se poursuit); et<br \/>\n2) Les gens vont en masse vers ces march\u00e9s, parce qu\u2019ils <\/p>\n<p>poss\u00e8dent une essence que l\u2019on ne retrouve nulle part ailleurs.<br \/>\nC\u2019est une histoire de cause et d\u2019effet. Certaines personnes<br \/>\nquittent les grandes villes, ce qui en am\u00e8ne d\u2019autres \u00e0 les<br \/>\nremplacer, tout en \u00e9tant accueillies avec des co\u00fbts relatifs moins<br \/>\n\u00e9lev\u00e9s. En somme, c\u2019est l\u2019offre et la demande. Le logement offre<br \/>\nbien peu d\u2019options dans les villes congestionn\u00e9es, alors qu\u2019on<br \/>\nsouhaite de moins en moins vivre dans ces secteurs dispendieux.<br \/>\nMais, le v\u00e9ritable d\u00e9clencheur est l\u2019offre qui a diminu\u00e9<br \/>\ninitialement plus que la demande. Ce glissement continuera \u00e0<br \/>\nproduire une demande qui augmente et qui rattrape le taux relatif<br \/>\nde l\u2019offre. Ainsi, les gens vivant \u00e0 l\u2019ext\u00e9rieur du secteur de la baie<br \/>\n(de San Francisco) verront de meilleurs taux et consid\u00e9reront<br \/>\nqu\u2019il est maintenant temps d\u2019aller vivre dans ce march\u00e9.<\/p>\n<p>L\u2019AVENIR DU TRAVAIL \u00c0 COURT TERME y<br \/>\nIl y a un an, nous projetions l\u2019avenir du travail et les cinq principaux<br \/>\naspects de cette tendance dans la revue \u00c9valuation immobili\u00e8re au<br \/>\nCanada. Premi\u00e8rement, la mont\u00e9e des march\u00e9s secondaires (qui<br \/>\n\u00e9taient l\u2019entr\u00e9e dans notre rapport subs\u00e9quent d\u00e9taillant l\u2019avant-<br \/>\nposte \u00e9conomique, que je d\u00e9crirai plus loin). Alors qu\u2019un nombre<br \/>\nincalculable d\u2019employ\u00e9s travaillent toujours de la maison, les<br \/>\nvilles secondaires comme Sacramento, Nashville et Salt Lake City<br \/>\nverront leurs populations augmenter continuellement. Ces march\u00e9s<br \/>\nsecondaires \u00e9taient \u00e9galement \u00e0 la hausse avant la pand\u00e9mie, mais<br \/>\nla d\u00e9centralisation des espaces de bureaux et la multiplication<br \/>\ndes emplois permettant de travailler \u00e0 distance accentuent cette<br \/>\ntendance. Deuxi\u00e8mement, les employeurs vont continuer d\u2019analyser<br \/>\nle pour et le contre de leurs espaces de bureaux \u2013 ils seront<br \/>\nbeaucoup plus d\u00e9lib\u00e9r\u00e9s, en r\u00e9duisant potentiellement leurs effectifs<br \/>\nou en d\u00e9m\u00e9nageant dans un nouvel espace, plus ouvert, ou encore en<br \/>\nadoptant des mod\u00e8les plus flexibles. Cette priorisation d\u2019un mod\u00e8le<br \/>\nhybride a men\u00e9 \u00e0 des march\u00e9s secondaires \u00e9tablis \u00e0 la fin de 2020,<br \/>\nmod\u00e8le qui reste populaire aujourd\u2019hui.<\/p>\n<p>Troisi\u00e8mement, l\u2019espace de bureaux partag\u00e9 (ou mod\u00e8le<br \/>\nWeWork) est pr\u00eat \u00e0 r\u00e9appara\u00eetre \u00e0 l\u2019\u00e9poque d\u2019un travail plus<br \/>\nflexible. L\u2019ann\u00e9e 2020 a \u00e9t\u00e9 turbulente, pour dire le moins,<br \/>\nfor\u00e7ant les gens et les employeurs \u00e0 faire preuve de souplesse.<br \/>\nQuatri\u00e8mement, alors que l\u2019immobilier des centres-villes est<br \/>\n\u00ab sous-\u00e9valu\u00e9 \u00bb par les normes ant\u00e9rieures, les entreprises<br \/>\nplus petites investiront dans ces emplacements afin de grimper<br \/>\nles \u00e9chelons corporatifs. Ce ph\u00e9nom\u00e8ne entra\u00eenera en partie<br \/>\nla revitalisation des march\u00e9s primaires, ce qui est d\u00e9j\u00e0 le cas<br \/>\npour certains d\u2019entre eux depuis quelques mois. Enfin, les<br \/>\nmicroentreprises auront plus d\u2019opportunit\u00e9s et de mobilit\u00e9 \u00e0<br \/>\nmesure que les entreprises plus petites prennent racine.<\/p>\n<p>DES GRANDES VILLES<br \/>\nVolume 65 | Book 4 \/ Tome 4 | 2021 19<\/p>\n<p>Return to CONTENTS<\/p>\n<p>LA VALEUR \u00c0 LA HAUSSE DES MARCH\u00c9S SECONDAIRES y<br \/>\nDans un rapport que nous avons publi\u00e9 l\u2019hiver dernier, nous<br \/>\nexaminions de plus pr\u00e8s les march\u00e9s secondaires, car certains<br \/>\ncommen\u00e7aient \u00e0 montrer des signes qu\u2019ils devenaient des<br \/>\navant-postes pour les m\u00e9tropoles plus populeuses. Cet effet<br \/>\nnous a inspir\u00e9 le terme \u00ab avant-poste \u00e9conomique \u00bb pour<br \/>\nd\u00e9crire les march\u00e9s secondaires qui pourraient agir de concert<br \/>\navec leurs march\u00e9s primaires voisins. Nous avons expliqu\u00e9 la<br \/>\nraison d\u2019\u00eatre de cela comme le mod\u00e8le \u00ab \u00e9toile et satellites \u00bb.<br \/>\nPar exemple, une ville comme Modesto, dans la vall\u00e9e centrale<br \/>\nde Californie, poss\u00e9derait une main-d\u2019\u0153uvre croissante<br \/>\nconnect\u00e9e par un satellite m\u00e9taphorique \u00e0 l\u2019\u00e9toile symbolique :<br \/>\nSan Francisco.<\/p>\n<p>Nous sommes all\u00e9s plus loin en d\u00e9clarant que les bureaux<br \/>\ndes march\u00e9s primaires auraient des emplacements satellites<br \/>\ndans ces plus petites villes pour se diversifier et pour suivre la<br \/>\npiste des employ\u00e9s qui partent pour ces march\u00e9s secondaires.<br \/>\nDans le rapport, nous avons projet\u00e9 que la demande de<br \/>\nbureaux ne diminuerait pas et m\u00eame dans certains march\u00e9s<br \/>\nqu\u2019elle allait augmenter en raison de l\u2019attrait du mod\u00e8le \u00e9toile<br \/>\net satellites. Tenant compte de cela, nous avons not\u00e9 que la<br \/>\nvaleur des \u00e9difices en hauteur des centres-villes reculerait de<br \/>\n10 \u00e0 15 % d\u2019ici quelques ann\u00e9es, \u00e0 cause de la diss\u00e9mination<br \/>\nvers l\u2019ext\u00e9rieur et dans les march\u00e9s secondaires. En outre,<br \/>\nnous avons anticip\u00e9 une baisse des co\u00fbts assum\u00e9s par les<br \/>\nemployeurs, incluant les d\u00e9penses immobili\u00e8res. Cette<br \/>\ntendance globale nous porte \u00e0 croire qu\u2019une renaissance<br \/>\npourrait survenir dans les villes ouvri\u00e8res traditionnelles si les<br \/>\ncirconstances et les int\u00e9r\u00eats s\u2019y pr\u00eatent.<\/p>\n<p>POURQUOI LES MARCH\u00c9S PRIMAIRES NE<br \/>\nDISPARA\u00ceTRONT PAS DE LA SURFACE DE LA TERRE y<br \/>\nUne notion populaire, bien que mal avis\u00e9e, voulait que les<br \/>\ngrandes villes conna\u00eetraient une diminution \u00e0 long terme de<br \/>\nses r\u00e9sidants quelques mois apr\u00e8s le d\u00e9but de la pand\u00e9mie,<br \/>\nquand les gens ont commenc\u00e9 \u00e0 redouter la vie dans des<br \/>\nendroits exigus et \u00e0 reconna\u00eetre l\u2019effet n\u00e9gatif des confinements<br \/>\npand\u00e9miques sur leur d\u00e9sir de d\u00e9m\u00e9nager. Toutefois, alors<br \/>\nque certains secteurs ont vu leur population moyenne diminuer,<br \/>\nce fait ne suffit pas \u00e0 peindre tout le portrait. Les gens<br \/>\nsont opportunistes, et ce qui est consid\u00e9r\u00e9 comme une<br \/>\n\u00ab opportunit\u00e9 \u00bb peut faire basculer la demande comme un<br \/>\npendule en seulement quelques mois.<\/p>\n<p>Il y aura une r\u00e9surgence de l\u2019entrepreneurship dans<br \/>\nles march\u00e9s primaires, que viendront occuper les jeunes<br \/>\nprofessionnels et les entrepreneurs exp\u00e9riment\u00e9s. Nous en<br \/>\navons parl\u00e9 dans notre r\u00e9cent rapport, intitul\u00e9 Rebirth of a<br \/>\nCity: Why Primary Markets are Primed for Revitalization. Ces<br \/>\nnouveaux arrivants remplaceront les personnes qui sont parties<br \/>\npour des march\u00e9s secondaires ou ailleurs. \u00c0 cause de ce cycle<br \/>\nnaturel, des nombres comparables de gens arriveront dans des<br \/>\nmarch\u00e9s comme Chicago et San Francisco, comme d\u2019autres<br \/>\nqui peuvent se d\u00e9placer vers des march\u00e9s plus abordables.<br \/>\nL\u2019infrastructure \u2013 tant les chauss\u00e9es litt\u00e9rales reliant les <\/p>\n<p>\u00e9difices que les r\u00e9seaux intellectuels de personnes \u2013 existe<br \/>\nd\u00e9j\u00e0 dans les march\u00e9s primaires, et reproduire cela est<br \/>\ndispendieux, voire impossible, au sens mon\u00e9taire et sur le<br \/>\nplan logistique.<\/p>\n<p>Les professionnels actifs dans les grandes villes doivent<br \/>\npresque toujours suivre les fluctuations de la demande l\u00e0 o\u00f9<br \/>\nils r\u00e9colteront les plus grands dividendes. Ce sont les types<br \/>\nde gens qui prennent des risques plus calcul\u00e9s; ils tentent<br \/>\nd\u2019acqu\u00e9rir les meilleures comp\u00e9tences et les appliquent<br \/>\ndans les meilleurs endroits. Ce sont les types de gens qui<br \/>\nvoient les importantes d\u00e9cisions de vie comme celles-l\u00e0<br \/>\ncomme un stock : les \u00ab actions \u00bb de vie \u00e0 New York sont<br \/>\nmoins ch\u00e8res, alors les jeunes professionnels, mettons de<br \/>\nRochester, qui veulent am\u00e9liorer leur sort et capitaliser<br \/>\nsur la valeur marchande plus faible que d\u2019habitude dans la<br \/>\nGrosse Pomme frapperont tandis qu\u2019ils le peuvent toujours.<br \/>\nIl en co\u00fbtera plus cher de louer \u00e0 New York que dans le<br \/>\nnord-ouest de l\u2019\u00c9tat, mais comparativement moins que s\u2019ils<br \/>\navaient fait cette transition de vie en 2017, par exemple.<\/p>\n<p>LACUNES POUR CERTAINES<br \/>\nVILLES, OPPORTUNIT\u00c9S POUR D\u2019AUTRES y<br \/>\nMalgr\u00e9 l\u2019optimisme enti\u00e8rement justifi\u00e9 de la derni\u00e8re<br \/>\nsection, \u00e7a ne se passera pas toujours bien dans toutes les<br \/>\ngrandes villes. Les villes o\u00f9 les emplois ou les opportunit\u00e9s<br \/>\nde logement sont rares stagneront. Supposons que les<br \/>\nentreprises d\u00e9cident de ne pas investir dans des espaces<br \/>\nde bureaux plus \u00e9conomiques que la moyenne et\/ou<br \/>\nn\u2019embauchent pas de nouveaux employ\u00e9s dans ces march\u00e9s<br \/>\n(c.-\u00e0-d. qu\u2019il n\u2019y a pas de travailleurs \u00e0 distance dans ces<br \/>\nvilles donn\u00e9es). Dans ce cas, les jeunes professionnels \u2013 ou<br \/>\ntout professionnel actif, quant \u00e0 cela \u2013 ne seront pas incit\u00e9s<br \/>\n\u00e0 migrer vers ces zones m\u00e9tropolitaines. Une r\u00e9duction de<br \/>\n20 % du loyer est sans importance si une personne n\u2019a pas<br \/>\nd\u2019emploi pour le payer. Par surcro\u00eet, les villes qui ne trouvent<br \/>\npas des moyens d\u2019inciter les gens \u00e0 s\u2019y \u00e9tablir souffriront<br \/>\nle plus. Si on n\u2019y trouve pas de bons divertissements ou<br \/>\ndes attractions amusantes pour faire en sorte que les gens<br \/>\naient envie d\u2019y rester, ils partiront. Toutefois, les villes o\u00f9<br \/>\nles prix des loyers sont plus bas et qui attirent davantage<br \/>\nde travailleurs \u00e0 distance ou qui incitent les entreprises \u00e0 y<br \/>\nouvrir des bureaux satellites sont en mesure de prosp\u00e9rer.<\/p>\n<p>Cela devrait \u00eatre \u00e9vident, \u00e9tant donn\u00e9 que la plupart<br \/>\ndes gens qui ont quitt\u00e9 les grandes villes n\u2019y retourneront<br \/>\npas. Ils connaissaient les avantages des grandes villes :<br \/>\nexcellents restaurants, beaucoup de plaisir et une grande<br \/>\ndiversit\u00e9 de personnes, d\u2019importants segments des arts,<br \/>\nallant de la musique \u00e0 la peinture, en passant par le th\u00e9\u00e2tre \u2013<br \/>\net ils ont quand m\u00eame d\u00e9cid\u00e9 de partir. Nul doute que<br \/>\ncertains en viendront \u00e0 regretter leur d\u00e9cision, surtout parce<br \/>\nque plusieurs points d\u2019int\u00e9r\u00eat ont ferm\u00e9 leurs portes durant<br \/>\nla pand\u00e9mie, mais en g\u00e9n\u00e9ral, ceux qui ont pris l\u2019initiative<br \/>\nde s\u2019en aller ne sont pas chauds \u00e0 l\u2019id\u00e9e de remballer leurs<br \/>\naffaires et de revenir.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 20<\/p>\n<p>Return to CONTENTS<\/p>\n<p>Par cons\u00e9quent, c\u2019est aux villes et aux employeurs qu\u2019il<br \/>\nappartient de trouver des fa\u00e7ons d\u2019encourager de nouveaux<br \/>\nr\u00e9sidants \u00e0 appeler chez-nous leur march\u00e9 primaire. \u00c0 titre<br \/>\nd\u2019investisseurs dans l\u2019immobilier commercial, il pourrait \u00eatre<br \/>\nutile d\u2019examiner les initiatives prises par les autorit\u00e9s locales<br \/>\net les propri\u00e9taires d\u2019entreprises au sein de leurs collectivit\u00e9s.<br \/>\nSi ces deux groupes ne s\u2019attaquent pas aux d\u00e9fis du moment<br \/>\nou restent passifs devant la recherche de solutions, c\u2019est un<br \/>\ns\u00e9rieux avertissement.<\/p>\n<p>CONNA\u00ceTRE LE COMMENT, LE QUAND ET LE QUOI EN MATI\u00c8RE<br \/>\nDE VALEURS DES PROPRI\u00c9T\u00c9S DANS LA P\u00c9RIODE POST-<br \/>\nPAND\u00c9MIQUE y<br \/>\nJ\u2019ai effleur\u00e9 le sujet dans la derni\u00e8re section concernant la<br \/>\nqualit\u00e9 des placements immobiliers commerciaux dans les<br \/>\nmarch\u00e9s primaires et ce qui augmenterait leur valeur. Le<br \/>\nm\u00eame standard pourrait \u00eatre appliqu\u00e9 aux villes canadiennes<br \/>\ncomme Montr\u00e9al et Toronto. Supposons que les leaders de<br \/>\nces grands march\u00e9s trouvent des fa\u00e7ons d\u2019inciter les gens \u00e0<br \/>\nvenir (ou revenir, s\u2019ils sont partis durant la pand\u00e9mie) dans la<br \/>\ngrande ville. Dans ce cas, les employeurs des entreprises feront<br \/>\nvraisemblablement le reste du travail pour amener du monde<br \/>\ndans ces villes.<\/p>\n<p>Une partie de l\u2019\u00e9quation r\u00e9side \u00e9galement dans l\u2019immobilier<br \/>\nr\u00e9sidentiel, qui devrait demeurer r\u00e9sidentiel et qui est converti<br \/>\nen espaces commerciaux. Les propri\u00e9taires d\u2019appartements<br \/>\nqui cr\u00e9ent des espaces de travail dans leurs immeubles<br \/>\nr\u00e9sidentiels cr\u00e9eront de nouveaux bureaux pour les travailleurs<br \/>\n\u00e0 distance. De plus, alors que les prix des loyers baissent dans<br \/>\nplusieurs march\u00e9s primaires, il pourrait \u00eatre tr\u00e8s avantageux de<br \/>\nconvertir certains immeubles en propri\u00e9t\u00e9s commerciales si les<br \/>\nordonnances et les r\u00e8glements de zonage locaux permettent une<br \/>\ntelle transition. En r\u00e9sum\u00e9, les propri\u00e9taires d\u2019appartements qui<br \/>\ncr\u00e9ent ces espaces de travail seront florissants \u00e0 long terme.<\/p>\n<p>Les compagnies qui adoptent le travail de bureau intentionnel<br \/>\nseront les grandes gagnantes. Toutefois, nous savons que la<br \/>\ncollaboration en personne ne peut pas \u00eatre remplac\u00e9e dans<br \/>\nla m\u00eame mesure. Oui, la vid\u00e9oconf\u00e9rence est une excellente<br \/>\nalternative lorsque les clients se trouvent dans l\u2019autre moiti\u00e9<br \/>\ndu pays (et surtout \u00e0 l\u2019\u00e9tranger); pourtant, vient le moment o\u00f9<br \/>\nr\u00e9unir tout le monde dans la m\u00eame salle pour pondre un plan ou<br \/>\nun rapport est l\u2019option id\u00e9ale.<\/p>\n<p>La pand\u00e9mie s\u2019estompera in\u00e9vitablement, ce qui signifie que<br \/>\nles valeurs des propri\u00e9t\u00e9s augmenteront avec la population<br \/>\net l\u2019inflation. Garder \u00e0 l\u2019esprit les signes avant-coureurs est<br \/>\nla meilleure fa\u00e7on de pr\u00e9dire l\u2019avenir, mais, comme avec<br \/>\ntoute chose, il n\u2019y a pas de certitude, m\u00eame si tous les signes<br \/>\npointent vers quelque chose qui ne se produira finalement pas.<br \/>\nCependant, avoir plus d\u2019\u00e9l\u00e9ments dans votre analyse avant<br \/>\nd\u2019investir dans une propri\u00e9t\u00e9 am\u00e9liorera vos chances d\u2019obtenir<br \/>\nun placement qui vaut la peine. M\u00eame en des temps \u00e9tranges,<br \/>\nil est bon de retourner \u00e0 l\u2019essentiel plut\u00f4t que d\u2019acheter<br \/>\nr\u00e9activement des propri\u00e9t\u00e9s qui se vendent simplement en<br \/>\ndessous de la valeur du march\u00e9.<\/p>\n<p>L\u2019AVENIR DES CALCULS DU RISQUE IMMOBILIER y<br \/>\nLa vie post-pand\u00e9mie donnera une lueur d\u2019espoir aux<br \/>\nmarch\u00e9s primaires traditionnellement solides. Les jeunes<br \/>\nprofessionnels en qu\u00eate de leurs r\u00eaves saisiront cet espoir pour<br \/>\nles r\u00e9aliser. Ils profiteront des opportunit\u00e9s inh\u00e9rentes \u00e0 ces<br \/>\n\u00e9toiles \u00e9conomiques. Cela acc\u00e9l\u00e9rera la hausse des valeurs<br \/>\ndans les march\u00e9s primaires qui rebondissent de la r\u00e9cession<br \/>\ndu march\u00e9 de 2020. En d\u00e9pit du flux sortant des r\u00e9sidents<br \/>\ndes grandes villes, les gens qui arrivent pour les remplacer<br \/>\nl\u2019emporteront sur l\u2019exode.<\/p>\n<p>Suivre les mouvements de population dans les march\u00e9s<br \/>\nprimaires peut donner un aper\u00e7u de la valeur potentielle<br \/>\ndes biens immobiliers. \u00c0 mesure que la croissance de la<br \/>\npopulation part \u00e0 la hausse dans les principaux march\u00e9s,<br \/>\ncela augure bien pour l\u2019immobilier commercial (sans parler<br \/>\ndu r\u00e9sidentiel). Ceci dit, il est crucial de garder l\u2019\u0153il sur les<br \/>\nproph\u00e9ties autor\u00e9alisatrices possibles. Si les investisseurs<br \/>\nne font pas de placements dans un march\u00e9 donn\u00e9, \u00e9viter d\u2019y<br \/>\ninvestir prolongera une tendance \u00e0 la baisse dans ledit march\u00e9.<br \/>\nCe sont les investisseurs \u00e0 contre-courant bondissant sur les<br \/>\noccasions durant ces moments qui trouvent une valeur r\u00e9elle.<\/p>\n<p>S\u2019il devient \u00e9vident que les employeurs veulent avoir<br \/>\nleurs employ\u00e9s au bureau parce qu\u2019ils croient que cela leur<br \/>\nprocurera un avantage, cela pourrait favoriser l\u2019expansion<br \/>\nde leurs entreprises et stimuler la croissance \u00e9conomique<br \/>\nlocale. Essentiellement, cela pourrait cr\u00e9er des opportunit\u00e9s<br \/>\nd\u2019affaires qui n\u2019auraient pas vu le jour si les employeurs<br \/>\nn\u2019avaient pas rejoint la tendance et qui ne se seraient pas<br \/>\nproduites autrement si la tendance potentielle n\u2019avait pas \u00e9t\u00e9<br \/>\npr\u00e9dite pour commencer.<\/p>\n<p>Par contre, surveillez la sursaturation du march\u00e9. Si tous<br \/>\nles investisseurs immobiliers commerciaux entrent dans la<br \/>\ndanse en m\u00eame temps parce qu\u2019on projette un boom immobilier<br \/>\ndans la communaut\u00e9, le RCI pourrait diminuer. J\u2019aime appeler<br \/>\ncela une anti-proph\u00e9tie autor\u00e9alisatrice. Les investisseurs<br \/>\npensent tous que le march\u00e9 est sur le point de cro\u00eetre de fa\u00e7on<br \/>\nsubstantielle, ils y investissent tous pour alimenter ce r\u00e9sultat<br \/>\net, pourtant, toute cette \u00e9nergie a l\u2019effet contraire, ou alors pas<br \/>\nd\u2019effet du tout. Il faut noter que les perceptions de la r\u00e9alit\u00e9<br \/>\n(o\u00f9 les investisseurs pensent que les prix des propri\u00e9t\u00e9s vont<br \/>\ngrimper) ne devraient pas l\u2019emporter sur la r\u00e9alit\u00e9 elle-m\u00eame<br \/>\n(o\u00f9 les prix des propri\u00e9t\u00e9s sont une question de fait).<\/p>\n<p>Patauger dans les eaux du placement commercial aura<br \/>\ntoujours ses risques, mais analyser beaucoup de facteurs<br \/>\ncontributifs et de nouvelles tendances brossera le meilleur<br \/>\nportrait holistique possible et vous permettra de prendre la<br \/>\nd\u00e9cision d\u2019investissement la plus \u00e9clair\u00e9e et la mieux calcul\u00e9e<br \/>\npossible. Ceux et celles qui tirent profit de la renaissance<br \/>\ndes march\u00e9s primaires \u2013 o\u00f9 l\u2019emphase est plac\u00e9e sur une<br \/>\nmeilleure qualit\u00e9 de vie et sur les incitatifs \u00e9conomiques \u2013<br \/>\nr\u00e9colteront les compensations de ces types de propri\u00e9t\u00e9s. Ces<br \/>\ncommunaut\u00e9s deviendront des points chauds de succ\u00e8s et de<br \/>\nprosp\u00e9rit\u00e9 dans les ann\u00e9es futures, ce qui produira des valeurs<br \/>\nglobales plus \u00e9lev\u00e9es. <\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 21<\/p>\n<p>Return to CONTENTS<\/p>\n<p>BY GEORGE CANNING, AACI, P.APP,<br \/>\nCANNING CONSULTANTS INC., LONDON, ON<\/p>\n<p>1 4 632<br \/>\nreal estate appraisal <\/p>\n<p>AVERAGE<br \/>\nA N D  I T S  R O L E  I N<\/p>\n<p>5<\/p>\n<p>Return to CONTENTSCanadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 22<\/p>\n<p>Return to CONTENTS<\/p>\n<p> There is no doubt that the average of any series of numbers is important. In his article entitled The Strange Power of the Idea of Average, published in the Financial Times on August 2, 2019,<br \/>\nTim Harford states that \u201cIt is the most<br \/>\nradical statistical operation ever devised\u2026<br \/>\nThe mean has a strange power over the way<br \/>\nwe think, and not always a benign one.\u201d<\/p>\n<p>Nobody knows who invented the<br \/>\narithmetic mean. It was used extensively<br \/>\nin measuring observation and eliminating<br \/>\nerrors in one\u2019s data. By the 1800s, just<br \/>\nusing an average was found to be a<br \/>\ntrap, since not all other observations<br \/>\nin a given data set are errors or<br \/>\nunimportant. In other words, there is<br \/>\nvalue in understanding the mean of a set <\/p>\n<p>6<br \/>\nof numbers, but also the relationship of<br \/>\nthe mean to the other data points. While<br \/>\nthere are other types of means such as<br \/>\ngeometric, weighted, and harmonic, we<br \/>\nare going to utilize the mean or average<br \/>\nwith which most valuers are familiar.  <\/p>\n<p>The biggest question for valuers is why<br \/>\nthey cannot take the average of a set of sales<br \/>\ndata and say that is the \u2018market\u2019 value of<br \/>\nthe property being appraised. There is no<br \/>\nquestion that many valuers have gone down<br \/>\nthat path only to find it is fraught with errors.  <\/p>\n<p>As an illustrative point, I valued my house<br \/>\nusing sales after January 1, 2017, on similar<br \/>\ncul-de-sacs in my neighbourhood. Graph 1 is<br \/>\nthe scatterplot of the sales data based upon<br \/>\nthe square footage of the sale houses.<\/p>\n<p>data. One is represented by the sales<br \/>\nthat occurred well below the average and<br \/>\nthe few sales above. They are outliers,<br \/>\nand the characters are trying to pull this<br \/>\naverage to their advantage. We can say<br \/>\nthat our average is in trouble and that is<br \/>\nbecause the data is quite skewed.  <\/p>\n<p>Some advocates would argue that the<br \/>\nsales are older and they need to be time<br \/>\nadjusted. We can turn to the published<br \/>\nMLS statistics of the average prices of<br \/>\nhouses in London that sold in 2017, 2018,<br \/>\n2019 and 2020. With this information,<br \/>\nwe can determine an average annual<br \/>\nincrease in house prices that can be<br \/>\napplied to the square footage of all the<br \/>\nsales. Of course, using the average from <\/p>\n<p>The red line is the average of the<br \/>\nsales data at $258.09 per square foot<br \/>\nof house. The blue line is a LOWESS<br \/>\nSmoother. As the name implies, this is<br \/>\nused to smooth out the shape of the data.<br \/>\nBut the Smoother is not so smooth, and<br \/>\nit indicates a very erratic data shape. The<br \/>\naverage is being pulled by two groups of <\/p>\n<p>an MLS database is completely wrong.<br \/>\nThe reason is that, in some years, there<br \/>\ncould be more houses selling that are<br \/>\npriced lower than higher, which will<br \/>\naffect the average for that year. The<br \/>\nproblem gets compounded from year<br \/>\nto year because those years may have<br \/>\nhigher-end homes selling and vice versa. <\/p>\n<p>S<br \/>\nel<\/p>\n<p>li<br \/>\nng<\/p>\n<p> P<br \/>\nri<\/p>\n<p>ce<br \/>\n P<\/p>\n<p>er<br \/>\n S<\/p>\n<p>qu<br \/>\nar<\/p>\n<p>e<br \/>\nFo<\/p>\n<p>ot<\/p>\n<p>House Size<\/p>\n<p>Scatterplot of Selling Price Per Square Foot vs House Size<\/p>\n<p>350<\/p>\n<p>300<\/p>\n<p>250<\/p>\n<p>200<\/p>\n<p>150<\/p>\n<p>100<\/p>\n<p>1200      1300      1400     1500     1600      1700     1800      1900     2000     2100<\/p>\n<p>   GRAPH 1<\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 23<\/p>\n<p>Return to CONTENTS<\/p>\n<p>The skewing of the data set is still ever-<br \/>\npresent, even though we are dealing<br \/>\nwith a larger volume of sales. In the<br \/>\nend, we are no further ahead in using<br \/>\nunstandardized sales to value my house.<\/p>\n<p>Others might say the problem is that<br \/>\nthe data is not normally distributed.<br \/>\nWhat does that mean regarding sales<br \/>\ndata and the average?  <\/p>\n<p>The term normal distribution refers<br \/>\nto a data set that is perfectly mirrored on<br \/>\neither side of its average. It was invented<br \/>\nby Carl Gauss in the 1800s and is also<br \/>\ncalled the Bell Curve. Graph 2 indicates<br \/>\nthe normal distribution of data.<\/p>\n<p>The normal distribution of data has<br \/>\namazing properties. The average, mode<br \/>\nand median of the data in the distribution<br \/>\nare equal. It can be used effectively<br \/>\nfor estimating and, historically, has<br \/>\nbeen used by French card gamblers to<br \/>\nincrease their chances of winning. The<br \/>\ncurve does not touch the bottom of the<br \/>\ngraph because it is infinite.<\/p>\n<p>If the sales data were normally<br \/>\ndistributed, the skewing is eliminated<br \/>\nand, therefore, I should be able to use the<br \/>\naverage value of my house. The problem<br \/>\nis that the data that forms the normal<br \/>\ndistribution is not the same as the<br \/>\nsubject property. The sales data needs<br \/>\nto be adjusted for differences as a result<br \/>\nof time, house size, lot size, condition,<br \/>\netc. The only way one can get around that<br \/>\nproblem is that the sales that form the<br \/>\nnormal distribution have to be an exact<br \/>\nduplicate of the subject property. There<br \/>\nis not much chance of that occurring.<\/p>\n<p>At first glance, the use of the<br \/>\naverage of the selling prices of<br \/>\ncomparables is fraught with too many<br \/>\nissues. The conclusion that could be<br \/>\nreached is that it has no place in the<br \/>\nappraisal process. However, that is<br \/>\nnot true. For example, if we want to<br \/>\nuse the average in the adjusted unit of<br \/>\ncomparison of comparable sales, we<br \/>\nneed to understand the role of two other<br \/>\nstatistical terms: standard deviation and<br \/>\ncoefficient of variance. Also, we need<br \/>\nto condition our use of these two tools<br \/>\nbased upon an adjusted set of sales.<\/p>\n<p>Knowing the average of anything is<br \/>\nnot very informative because one does <\/p>\n<p>10     20    30    40    50    60    70     80    90    100   110   120   130   140<\/p>\n<p>\u201cBell Curve\u201d<\/p>\n<p>Normal<br \/>\nDistribution<\/p>\n<p>80<\/p>\n<p>70<\/p>\n<p>60<\/p>\n<p>50<\/p>\n<p>40<\/p>\n<p>30<\/p>\n<p>20<\/p>\n<p>10<\/p>\n<p>   GRAPH 2<\/p>\n<p>not know the distribution or spread of the<br \/>\nnumbers that produced the average. If<br \/>\nwe said that the average house price in<br \/>\nLondon, Ontario is $525,000, where the<br \/>\nlowest selling house is $10,000 and the<br \/>\nhighest is $6,500,000, then the average<br \/>\nhas no meaning. Likewise, if the average<br \/>\nwas $525,000, where the lowest selling<br \/>\nprice was $475,000 and the highest was<br \/>\n$575,000, then the average tells us more<br \/>\nabout the distribution pattern of the data.<br \/>\nIt becomes more meaningful.<\/p>\n<p>Standard deviation is credited to<br \/>\nGauss. There is a quote on page 460<br \/>\nin the Anders Hald book A History of<br \/>\nMathematical Statistics from 1750 to<br \/>\n1930 that says: \u201cThe term Der mittlere<br \/>\nFehler (so named by Gauss) became<br \/>\nstandard in Germany, whereas in<br \/>\nBritain no common terminology evolved<br \/>\nbefore K. Pearson (1894) proposed the<br \/>\nterm \u2018standard deviation\u2019 adding in<br \/>\nparenthesis as an explanation \u2018error of<br \/>\nthe mean square.\u2019 An error was replaced<br \/>\nby deviation when the application of<br \/>\nstatistical methods spread to the social<br \/>\nand biological sciences.\u201d<\/p>\n<p>One of the issues with statistical<br \/>\nterms such as standard deviation is<br \/>\nthat it tends to get confusing. In very<br \/>\nsimple terms, standard deviation is the<br \/>\n\u201cdistance around the mean that captures <\/p>\n<p>the majority of the sales in the data set.\u201d<br \/>\nStandard deviation is easily calculated<br \/>\nby using an Excel spreadsheet. Here is<br \/>\nan example. The average selling price<br \/>\nof the comparables that I was going to<br \/>\nuse to value my house was $258.10. The<br \/>\nstandard deviation around that figure is<br \/>\n$72.85. This means that the majority of<br \/>\nthe sales fell between $258.10 &#8211; $72.85 =<br \/>\n$185.25 and $258.10 + $72.85 = $330.95.<br \/>\nThat is quite a spread. Using standard<br \/>\ndeviation on the raw data is a good<br \/>\nindicator that the valuer has a long way<br \/>\nto go to explain and reduce the variation<br \/>\nin the data set.  <\/p>\n<p>The other term that is used with<br \/>\naverage is coefficient of variance (COV).<br \/>\nCoefficient means number and variance<br \/>\nis simply the difference or spread. We<br \/>\ncan calculate the COV by taking the<br \/>\nstandard deviation x 100% and divide it<br \/>\nby the mean. In our case, the coefficient<br \/>\nof variance percentage (COV%) is<br \/>\n28.22%. The COV% is crystallizing the<br \/>\naverage and the standard deviation<br \/>\ninto one singular number. This number<br \/>\nis most critical and can be used as a<br \/>\nfulcrum for valuation in the DCA.<\/p>\n<p>In quality point analysis, the whole<br \/>\nDCA is focused on the COV. Here is an<br \/>\nexample taken from a recent appraisal<br \/>\nof a converted office. Graph 3 indicates <\/p>\n<p>Return to CONTENTSCanadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 24<\/p>\n<p>Return to CONTENTS<\/p>\n<p>the adjusted selling price per square foot<br \/>\nof building per point.<\/p>\n<p>Within the QP spreadsheet, the<br \/>\nmean, standard deviation, and COV<br \/>\nare automatically calculated. It shows<br \/>\nthat the COV% is down to 4%. Given the<br \/>\nfact that the unstandardized selling<br \/>\nprice range of the sales \u2018going\u2019 into<br \/>\nthe analysis was 55%, our valuation<br \/>\nmodel with a COV% of 4% is starting<br \/>\nto look good. <\/p>\n<p>Graph 4 further demonstrates how<br \/>\nthe market value of the subject property<br \/>\nwas calculated using the average and the<br \/>\nstandard deviation.<\/p>\n<p>The standard deviation is the number<br \/>\nthat creates the range around the mean<br \/>\nafter adjustments. This makes sense<br \/>\nbecause there needs to be some range in<br \/>\nthe potential value of the property since <\/p>\n<p>potential purchasers are not going to<br \/>\noffer the same price.<\/p>\n<p>It should be noted that standard-<br \/>\ndeviation around the mean has nothing<br \/>\nto do with probability. It simply captures<br \/>\nthe distance around the average where<br \/>\nthe majority of the selling prices of the<br \/>\ncomparable fall (after adjustments).<br \/>\nThe lower the COV around that average<br \/>\nis better because it means the adjusted<br \/>\nselling price range is tighter.  <\/p>\n<p>The COV as a test to the reliability of<br \/>\nusing the average adjusted selling price<br \/>\nof the comparables is a critical number.<br \/>\nFor example:<\/p>\n<p>The adjusted selling price per square<br \/>\nfoot of commercial buildings is $100.00 &#8211;<br \/>\n$120.00 &#8211; $135.00 &#8211; $150.00.<\/p>\n<p>The average is $126.25 and the<br \/>\nstandard deviation is $18.49. By using <\/p>\n<p>Adjusted Selling Price Output<\/p>\n<p>Mean $12.25<\/p>\n<p>Standard Deviation $0.51<\/p>\n<p>Coefficient of Variance expressed as a percentage 4%<\/p>\n<p>$12.19 $12.22 PPSF $11.35 $12.79 $12.69<\/p>\n<p>   GRAPH 3<\/p>\n<p>Predicted Value Range for the Subject Property<\/p>\n<p>The prices per quality point per Selling per Square Foot of Building of the indexes were between<br \/>\n$11.35 and $12.79 and are analyzed for their central tendency using the mean. This creates<br \/>\nan average price per quality point per Selling Price per Square Foot of Building of $12.25. One<br \/>\nstandard deviation resuled in a $0.51 difference from the mean. In other words, the mean<br \/>\n($12.25) could also have a rate of ($12.25 + $0.51 = $12.76 or $12.25 &#8211; $0.51 = $11.74). The total<br \/>\nweighted score of the subject property (23.60) is then applied against the mean Selling Price per<br \/>\nSquare Foot of Building | per point to predict a value for the subject property.<\/p>\n<p>The score of the <\/p>\n<p>Subject Property<\/p>\n<p>Selling Price per <\/p>\n<p>Square Foot of Building <\/p>\n<p>per Quality Point<\/p>\n<p>Building Size of the <\/p>\n<p>Subject Property<br \/>\nRounded To<\/p>\n<p>23.60 X $11.74 X 1,172 = 325,000<br \/>\n23.60 X $12.25 X 1,172 = 339,999<br \/>\n23.60 X $12.76 X 1,172 = 353,000<\/p>\n<p>   GRAPH 4<\/p>\n<p>COV%, it is 14.64%. We would suggest that<br \/>\nthe valuer go back to the drawing board to<br \/>\nsee if he or she can reduce the variance in<br \/>\nthe adjusted selling prices further.  <\/p>\n<p>However, what if the adjusted selling<br \/>\nprice per square foot of commercial<br \/>\nbuildings was $120.00 &#8211; $125.00 &#8211; $124.00 &#8211;<br \/>\n$122.00 &#8211; $126.00? The average is $123.40<br \/>\nwith a COV% of 2.15%.<\/p>\n<p>Now this valuer has a more reliable<br \/>\nmodel of valuation and can use the<br \/>\naverage of $123.40 as a means of value<br \/>\nplus and minus the 2.15%. The value<br \/>\nof the property would fall somewhere<br \/>\nin this range.<\/p>\n<p>We should not limit the use of average<br \/>\nto the DCA. It is also applicable to overall<br \/>\ncapitalization rates and GIM. However, the<br \/>\nlatter has to be adjusted to make equal<br \/>\nbetween the attributes of the subject<br \/>\nproperty and that of the sales. <\/p>\n<p>CONCLUSION<br \/>\nUsing the unadjusted selling prices of<br \/>\ncomparable sales, no matter how perfect<br \/>\nthey seem, is a poor way to value real<br \/>\nestate. There are always differences<br \/>\nthat need to be accounted for between<br \/>\nthe sales and the subject property. Also,<br \/>\nmost of the variance between the sales<br \/>\nis not always visible on the surface and<br \/>\nthat is why a computer is needed for the<br \/>\nadjustment process.  <\/p>\n<p>We can use the average as a reliable<br \/>\nnumber on the following three conditions:<br \/>\n1. The average unit of measure is after <\/p>\n<p>adjustments.<br \/>\n2. The COV% has to be a low number, <\/p>\n<p>say under 5%.<br \/>\n3. The property value range is going <\/p>\n<p>to be +- the COV% around the mean<br \/>\nor average.<\/p>\n<p>Some comments received from other<br \/>\nvaluers is that the COV% cannot be<br \/>\nlower than 10%. Is there some standard<br \/>\nnumber around the mean that should<br \/>\nbe an indicator of well-adjusted sales?<br \/>\nThe answer is no. If one cannot get a<br \/>\nCOV% of less than 5%, it might mean the<br \/>\nwrong comparables are being used, the<br \/>\nadjustments are incorrect, or, perhaps<br \/>\ngiven the rarity of the property under<br \/>\nvaluation, a COV% around the mean<br \/>\nof 10% is fine. <\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 25<\/p>\n<p>Return to CONTENTS<\/p>\n<p>PAR GEORGE CANNING, AACI, P.APP,<br \/>\nCANNING CONSULTANTS INC., LONDON, ON<\/p>\n<p>1 4 632<br \/>\nl\u2019\u00e9valuation immobili\u00e8re<\/p>\n<p>MOYENNE<br \/>\nE T  S O N  R \u00d4 L E  D A N S<\/p>\n<p>5<br \/>\nLA<\/p>\n<p>Return to CONTENTSCanadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 26<\/p>\n<p>Return to CONTENTS<\/p>\n<p>6<br \/>\nP<\/p>\n<p>ri<br \/>\nx <\/p>\n<p>de<br \/>\n v<\/p>\n<p>en<br \/>\nte<\/p>\n<p> a<br \/>\nu <\/p>\n<p>pi<br \/>\ned<\/p>\n<p> c<br \/>\nar<\/p>\n<p>r\u00e9<\/p>\n<p>Grandeur de la maison<\/p>\n<p>Nuage statistique des prix de vente au pied carr\u00e9 vs grandeur de la maison<\/p>\n<p>350<\/p>\n<p>300<\/p>\n<p>250<\/p>\n<p>200<\/p>\n<p>150<\/p>\n<p>100<\/p>\n<p>1200      1300      1400     1500     1600      1700     1800      1900     2000     2100<\/p>\n<p>   GRAPHIQUE 1<\/p>\n<p>mais aussi le rapport de la moyenne avec<br \/>\nd\u2019autres points de donn\u00e9es. Alors qu\u2019il<br \/>\ny a d\u2019autres types de moyenne comme<br \/>\ng\u00e9om\u00e9trique, pond\u00e9r\u00e9 et harmonique, nous<br \/>\nallons utiliser la moyenne la plus famili\u00e8re<br \/>\n\u00e0 la plupart des \u00e9valuateurs.<\/p>\n<p>La principale question pour les<br \/>\n\u00e9valuateurs, c\u2019est pourquoi ils ne peuvent<br \/>\npas prendre la moyenne d\u2019une s\u00e9rie de<br \/>\ndonn\u00e9es de vente et conclure que c\u2019est la<br \/>\nvaleur marchande de la propri\u00e9t\u00e9 \u00e9valu\u00e9e.<br \/>\nIl est certain que plusieurs \u00e9valuateurs ont<br \/>\nfait cela, seulement pour se rendre compte<br \/>\nque la d\u00e9marche est remplie d\u2019erreurs.<\/p>\n<p>\u00c0 titre d\u2019illustration, j\u2019ai \u00e9valu\u00e9 ma<br \/>\nmaison \u00e0 partir des ventes effectu\u00e9es<br \/>\napr\u00e8s le 1er janvier 2017, dans des culs-<br \/>\nde-sac similaires de mon voisinage. Le<br \/>\ngraphique 1 est le nuage statistique des<br \/>\ndonn\u00e9es de vente selon la superficie en<br \/>\npieds carr\u00e9s des maisons \u00e0 vendre.<\/p>\n<p>La ligne rouge est la moyenne des<br \/>\ndonn\u00e9es de vente, \u00e0 258,09 $ le pied carr\u00e9<br \/>\nde maison. La ligne bleue est un lisseur<br \/>\nLowess. Comme ce nom l\u2019indique, il est<br \/>\nutilis\u00e9 pour lisser, ou aplanir, la forme des<br \/>\ndonn\u00e9es. Mais, le lisseur n\u2019est pas si lisse,<br \/>\ncar il montre une forme de donn\u00e9es tr\u00e8s <\/p>\n<p>erratique. La moyenne est tir\u00e9e par deux<br \/>\ngroupes de donn\u00e9es. L\u2019un est repr\u00e9sent\u00e9 par<br \/>\nles ventes survenues bien en dessous de la<br \/>\nmoyenne et les quelques ventes au-dessus.<br \/>\nCe sont des valeurs aberrantes et les<br \/>\npersonnages essaient de tirer la moyenne \u00e0<br \/>\nleur avantage. Nous pouvons dire que notre<br \/>\nmoyenne est en difficult\u00e9, parce que les<br \/>\ndonn\u00e9es sont tr\u00e8s asym\u00e9triques.<\/p>\n<p>Certains avocats plaideraient que les<br \/>\nventes sont plus anciennes et qu\u2019elles<br \/>\ndoivent \u00eatre ajust\u00e9es en fonction du<br \/>\ntemps. Nous pouvons nous tourner vers<br \/>\nles statistiques publi\u00e9es par les services <\/p>\n<p>interagences (SI) sur les prix moyens des<br \/>\nmaisons vendues \u00e0 London en 2017, 2018,<br \/>\n2019 et 2020. Avec cette information, nous<br \/>\npouvons d\u00e9terminer une augmentation<br \/>\nannuelle moyenne du prix des maisons qui<br \/>\npeut s\u2019appliquer \u00e0 la superficie en pieds<br \/>\ncarr\u00e9s de toutes les ventes. Naturellement,<br \/>\non aurait absolument tort d\u2019utiliser la<br \/>\nmoyenne d\u2019une base de donn\u00e9es d\u2019un SI. La<br \/>\nraison en est que, dans quelques ann\u00e9es, il<br \/>\npourrait y avoir d\u2019autres maisons vendues<br \/>\ndont le prix est plus bas que plus \u00e9lev\u00e9, ce<br \/>\nqui affecterait la moyenne pour cette ann\u00e9e-<br \/>\nl\u00e0. Le probl\u00e8me se complique d\u2019une ann\u00e9e \u00e0 <\/p>\n<p>Il ne fait aucun doute que la moyenne de toute s\u00e9rie de nombres est importante. Dans son article, intitul\u00e9 The Strange Power of the Idea of Average [L\u2019\u00e9trange pouvoir de l\u2019id\u00e9e<br \/>\nd\u2019une moyenne], publi\u00e9 dans le Financial<br \/>\nTimes du 2 ao\u00fbt 2019, Tim Harford d\u00e9clare :<br \/>\n\u00ab C\u2019est l\u2019op\u00e9ration statistique la plus radicale<br \/>\njamais imagin\u00e9e\u2026 La moyenne poss\u00e8de un<br \/>\npouvoir \u00e9trange sur notre fa\u00e7on de penser,<br \/>\net pas toujours un pouvoir b\u00e9nin. \u00bb<\/p>\n<p>Nul ne sait qui a invent\u00e9 la moyenne<br \/>\narithm\u00e9tique. Elle a beaucoup servi \u00e0<br \/>\nmesurer les observations et \u00e0 \u00e9liminer les<br \/>\nerreurs dans les donn\u00e9es de quelqu\u2019un.<br \/>\nD\u00e8s les ann\u00e9es 1800, simplement utiliser<br \/>\nune moyenne \u00e9tait consid\u00e9r\u00e9 comme<br \/>\nun pi\u00e8ge, puisque toutes les autres<br \/>\nobservations dans une s\u00e9rie particuli\u00e8re de<br \/>\ndonn\u00e9es n\u2019\u00e9taient pas n\u00e9cessairement des<br \/>\nerreurs ou sans importance. En d\u2019autres<br \/>\nmots, il existe une valeur \u00e0 comprendre<br \/>\nla moyenne d\u2019une s\u00e9rie de nombres, <\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 27<\/p>\n<p>Return to CONTENTS<\/p>\n<p>l\u2019autre, car ces ann\u00e9es peuvent voir des ventes<br \/>\nde maisons haut de gamme et vice versa.<br \/>\nL\u2019asym\u00e9trie des s\u00e9ries de donn\u00e9es est toujours<br \/>\npr\u00e9sente, m\u00eame si nous avons un plus gros<br \/>\nvolume de ventes. Au bout du compte, nous ne<br \/>\nsommes pas plus avanc\u00e9s d\u2019utiliser des ventes<br \/>\nnon normalis\u00e9es pour \u00e9valuer ma maison.<\/p>\n<p>D\u2019autres pourraient dire que le<br \/>\nprobl\u00e8me, c\u2019est que les donn\u00e9es ne sont pas<br \/>\nventil\u00e9es normalement. Qu\u2019est-ce que \u00e7a<br \/>\nsignifie concernant les donn\u00e9es de vente et<br \/>\nla moyenne ?<\/p>\n<p>Le terme ventilation normale r\u00e9f\u00e8re \u00e0<br \/>\nune s\u00e9rie de donn\u00e9es qui sont parfaitement<br \/>\nrefl\u00e9t\u00e9es de chaque c\u00f4t\u00e9 de leur moyenne.<br \/>\nElle a \u00e9t\u00e9 invent\u00e9e par Carl Gauss \u00e0 la fin<br \/>\ndes ann\u00e9es 1800 et on l\u2019appelle \u00e9galement<br \/>\ncourbe en cloche. Le graphique 2 montre la<br \/>\nventilation normale des donn\u00e9es.<\/p>\n<p>La ventilation normale des donn\u00e9es a des<br \/>\npropri\u00e9t\u00e9s \u00e9tonnantes. La moyenne, le mode<br \/>\net la m\u00e9diane des donn\u00e9es sont \u00e9gaux dans<br \/>\nla ventilation. Ils peuvent servir efficacement<br \/>\npour l\u2019estimation, alors que les joueurs de<br \/>\ncartes fran\u00e7ais sont connus depuis longtemps<br \/>\npour les utiliser afin d\u2019augmenter leurs<br \/>\nchances de gagner. La courbe ne touche pas le<br \/>\nbas du graphique parce qu\u2019elle est \u00e0 l\u2019infini.<\/p>\n<p>Si les donn\u00e9es de vente \u00e9taient<br \/>\nnormalement ventil\u00e9es, l\u2019asym\u00e9trie serait<br \/>\n\u00e9limin\u00e9e et je pourrais donc utiliser la valeur<br \/>\nmoyenne de ma maison. Le probl\u00e8me, c\u2019est<br \/>\nque les donn\u00e9es qui forment la ventilation<br \/>\nnormale ne sont pas les m\u00eames que celles<br \/>\nde la propri\u00e9t\u00e9 vis\u00e9e. Les donn\u00e9es de vente<br \/>\ndoivent \u00eatre ajust\u00e9es pour les diff\u00e9rences<br \/>\nr\u00e9sultant du temps, de la grandeur de la<br \/>\nmaison, de la grandeur du terrain, de la<br \/>\ncondition, etc. La seule fa\u00e7on de contourner<br \/>\nce probl\u00e8me, c\u2019est de faire en sorte que les<br \/>\nventes formant la ventilation normale soient<br \/>\nune r\u00e9plique exacte de la propri\u00e9t\u00e9 vis\u00e9e. Il y<br \/>\na bien peu de chances que cela se produise.<\/p>\n<p>\u00c0 prime abord, l\u2019utilisation de la moyenne<br \/>\ndes prix de vente des comparables soul\u00e8ve<br \/>\ntrop de probl\u00e8mes. La conclusion que l\u2019on<br \/>\npourrait tirer est qu\u2019elle n\u2019a pas sa place<br \/>\ndans le processus d\u2019\u00e9valuation. Toutefois,<br \/>\nce n\u2019est pas vrai. Par exemple, si nous<br \/>\nvoulons utiliser la moyenne dans l\u2019unit\u00e9<br \/>\nde comparaison ajust\u00e9e des ventes des<br \/>\ncomparables, nous devons comprendre<br \/>\nle r\u00f4le que jouent deux autres termes<br \/>\nstatistiques, soit la d\u00e9viation standard et<br \/>\nle coefficient de variation. Nous devons en<br \/>\noutre conditionner notre emploi de ces deux<br \/>\noutils \u00e0 une s\u00e9rie de ventes ajust\u00e9e.<\/p>\n<p>Conna\u00eetre la moyenne de quoi que ce<br \/>\nsoit n\u2019est pas tr\u00e8s instructif, car on ne<br \/>\nconna\u00eet pas la ventilation ou l\u2019\u00e9talement<br \/>\ndes nombres qui ont produit la moyenne.<br \/>\nSi nous disions que le prix moyen d\u2019une<br \/>\nmaison \u00e0 London, Ontario, est de 525 000<br \/>\n$, alors que la maison la moins ch\u00e8re s\u2019y<br \/>\nest vendue pour 10 000 $ est la plus ch\u00e8re<br \/>\npour 6 500 000 $, alors la moyenne ne<br \/>\nveut rien dire. Dans la m\u00eame veine, si la<br \/>\nmoyenne \u00e9tait de 525 000 $, alors que le<br \/>\nprix de vente le plus bas \u00e9tait de 475 000 $<br \/>\net le plus \u00e9lev\u00e9 de 575 000 $, la moyenne<br \/>\nnous en dirait alors plus sur le mod\u00e8le<br \/>\nde ventilation des donn\u00e9es. Cela devient<br \/>\nplus r\u00e9aliste.<\/p>\n<p>C\u2019est \u00e0 Gauss que nous devons la<br \/>\nd\u00e9viation standard. Une citation tir\u00e9e de<br \/>\nla page 460 de l\u2019ouvrage d\u2019Anders Hald,<br \/>\nA History of Mathematical Statistics from<br \/>\n1750 to 1930 [Une histoire des statistiques<br \/>\nmath\u00e9matiques, de 1750 \u00e0 1930] dit<br \/>\nceci : \u00ab Le terme Der mittlere Fehler<br \/>\n(ainsi forg\u00e9 par Gauss \u2013 en fran\u00e7ais<br \/>\nL\u2019erreur moyenne) est devenue standard<br \/>\nen Allemagne, tandis qu\u2019en Grande-<br \/>\nBretagne, aucune terminologie commune<br \/>\nn\u2019a \u00e9volu\u00e9 avant que K. Pearson (1894) ne<br \/>\npropose le terme \u2039 d\u00e9viation-standard \u203a,<br \/>\najoutant entre parenth\u00e8ses en guise<br \/>\nd\u2019explication \u2039 erreur du carr\u00e9 moyen \u203a.<br \/>\nUne erreur \u00e9tait remplac\u00e9e par d\u00e9viation<br \/>\nquand l\u2019application des m\u00e9thodes<br \/>\nstatistiques s\u2019\u00e9tendait aux sciences<br \/>\nsociales et biologiques. \u00bb<\/p>\n<p>L\u2019un des probl\u00e8mes avec les termes<br \/>\nstatistiques comme d\u00e9viation standard est<br \/>\nqu\u2019ils tendent \u00e0 cr\u00e9er de la confusion. En<br \/>\ntermes tr\u00e8s simples, la d\u00e9viation standard<br \/>\nest \u00ab la distance autour de la moyenne<br \/>\nqui capture la majorit\u00e9 des ventes dans<br \/>\nla s\u00e9rie de donn\u00e9es \u00bb. On peut facilement<br \/>\ncalculer la d\u00e9viation standard avec un<br \/>\ntableur Excel. Voici un exemple. Le prix de<br \/>\nvente moyen des comparables que j\u2019allais<br \/>\nutiliser pour \u00e9valuer ma maison \u00e9tait de<br \/>\n258,10 $. La d\u00e9viation standard entourant<br \/>\nce montant est de 72,85 $. Cela signifie<br \/>\nque la plupart des ventes tombaient entre<br \/>\n258,10 $ &#8211; 72,85 $ = 185,25 $ et 258,10 $<br \/>\n+ 72,85 $ = 330,95 $. Tout un \u00e9talement.<br \/>\nUtiliser la d\u00e9viation standard sur les<br \/>\ndonn\u00e9es brutes est un bon indicateur<br \/>\nque l\u2019\u00e9valuateur aura fort \u00e0 faire pour<br \/>\nexpliquer et r\u00e9duire la variation dans la<br \/>\ns\u00e9rie de donn\u00e9es.<\/p>\n<p>L\u2019autre terme employ\u00e9 avec la<br \/>\nmoyenne est coefficient de variation (CdV).<br \/>\nCoefficient signifie que le nombre et la<br \/>\nvariation sont simplement la diff\u00e9rence ou<br \/>\nl\u2019\u00e9talement. Nous pouvons calculer le CdV<br \/>\nen prenant la d\u00e9viation standard x 100 %<br \/>\net en la divisant par la moyenne. Dans<br \/>\nnotre cas, le pourcentage du coefficient<br \/>\nde variation (CdV %) est de 28,22 %. Le<br \/>\nCdV % cristallise la moyenne et la d\u00e9viation<br \/>\nstandard dans un nombre particulier. Des<br \/>\nplus critiques, ce nombre peut \u00eatre utilis\u00e9<br \/>\ncomme point d\u2019appui pour l\u2019\u00e9valuation<br \/>\ndans la MCD.<\/p>\n<p>10     20    30    40    50    60    70     80    90    100   110   120   130   140<\/p>\n<p>\u00ab Courbe en cloche \u00bb<\/p>\n<p>Ventilation<br \/>\nnormale<\/p>\n<p>80<\/p>\n<p>70<\/p>\n<p>60<\/p>\n<p>50<\/p>\n<p>40<\/p>\n<p>30<\/p>\n<p>20<\/p>\n<p>10<\/p>\n<p>   GRAPHIQUE 2<\/p>\n<p>Return to CONTENTSCanadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 28<\/p>\n<p>Return to CONTENTS<\/p>\n<p>Dans l\u2019analyse des points de qualit\u00e9<br \/>\n(PQ), toute la MCD se focalise sur le CdV.<br \/>\nVoici un exemple tir\u00e9 de l\u2019\u00e9valuation<br \/>\nr\u00e9cente d\u2019un bureau converti. Le graphique<br \/>\n3 montre le prix de vente ajust\u00e9 par pied<br \/>\ncarr\u00e9 de b\u00e2timent par point.<\/p>\n<p>Dans le tableur des PQ, la moyenne, la<br \/>\nd\u00e9viation standard et le CdV sont calcul\u00e9s<br \/>\nautomatiquement, montrant que le CdV %<br \/>\nest descendu \u00e0 4 %. Comme l\u2019\u00e9tendue non<br \/>\nnormalis\u00e9e des prix de vente pour les<br \/>\nventes \u2039 entrant \u203a dans l\u2019analyse \u00e9tait de<br \/>\n55 %, notre mod\u00e8le d\u2019\u00e9valuation avec un<br \/>\nCdV % de 4 % para\u00eet bien alors.<\/p>\n<p>Le graphique 4 d\u00e9montre en outre<br \/>\ncomment la valeur marchande de la<br \/>\npropri\u00e9t\u00e9 vis\u00e9e \u00e9tait calcul\u00e9e en employant<br \/>\nla moyenne et la d\u00e9viation standard.<\/p>\n<p>La d\u00e9viation standard est le nombre qui<br \/>\ncr\u00e9\u00e9 l\u2019\u00e9tendue autour de la moyenne apr\u00e8s<br \/>\nles ajustements. C\u2019est logique, puisqu\u2019il doit<br \/>\ny avoir une certaine \u00e9tendue dans les valeurs <\/p>\n<p>potentielles de la propri\u00e9t\u00e9, \u00e9tant donn\u00e9 que<br \/>\nles acheteurs \u00e9ventuels n\u2019offriront pas tous<br \/>\nle m\u00eame prix.<\/p>\n<p>Il est \u00e0 noter que la d\u00e9viation standard<br \/>\nautour de la moyenne n\u2019a rien \u00e0 voir avec<br \/>\nles probabilit\u00e9s. Elle capture simplement<br \/>\nla distance autour de la moyenne o\u00f9<br \/>\ntombe la majorit\u00e9 des prix de vente des<br \/>\ncomparables (apr\u00e8s ajustements). Plus<br \/>\nle CdV est bas autour de cette moyenne,<br \/>\nmieux c\u2019est, parce que \u00e7a signifie que<br \/>\nl\u2019\u00e9tendue des prix de vente ajust\u00e9s est<br \/>\nplus serr\u00e9e.<\/p>\n<p>Le CdV comme test de fiabilit\u00e9 pour<br \/>\nutiliser le prix de vente ajust\u00e9 moyen des<br \/>\ncomparables est un nombre critique.<br \/>\nPar exemple :<\/p>\n<p>Le prix de vente ajust\u00e9 par pied carr\u00e9 de<br \/>\nb\u00e2timents commerciaux est de 100,00 $ &#8211;<br \/>\n120,00 $ &#8211; 135,00 $ &#8211; 150,00 $.<\/p>\n<p>La moyenne est de 126,25 $ et la d\u00e9viation<br \/>\nstandard est de 18,49 $. En utilisant le CdV %, <\/p>\n<p>\u00e7a donne 14,64 %. Nous conseillerions \u00e0<br \/>\nl\u2019\u00e9valuateur de retourner \u00e0 la planche \u00e0<br \/>\ndessin pour voir s\u2019il peut r\u00e9duire encore plus<br \/>\nla variation des prix de vente ajust\u00e9s.<\/p>\n<p>Mais, que se passe-t-il si le prix de<br \/>\nvente ajust\u00e9 par pied carr\u00e9 de b\u00e2timents<br \/>\ncommerciaux est de 120,00 $ &#8211; 125,00 $ &#8211;<br \/>\n124,00 $ &#8211; 122,00 $ &#8211; 126,00 $ ? La moyenne<br \/>\nest de 123,40 $ avec un CdV % de 2,15 %.<\/p>\n<p>Maintenant, cet \u00e9valuateur dispose d\u2019un<br \/>\nmod\u00e8le d\u2019\u00e9valuation plus fiable et peut<br \/>\nemployer la moyenne de 123,40 $ comme<br \/>\nune fa\u00e7on d\u2019\u00e9valuer, plus et moins le 2,15<br \/>\n%. La valeur de la propri\u00e9t\u00e9 tomberait<br \/>\nquelque part dans cette fourchette.<\/p>\n<p>Nous ne devrions pas limiter l\u2019usage<br \/>\nde la moyenne \u00e0 la MCD. Elle peut aussi<br \/>\ns\u2019appliquer aux taux de capitalisation<br \/>\nglobaux et au multiplicateur de revenu brut<br \/>\n(MRB). Cependant, ce dernier doit \u00eatre<br \/>\nutilis\u00e9 pour rendre \u00e9gaux les attributs la<br \/>\npropri\u00e9t\u00e9 vis\u00e9e et ceux des ventes.<\/p>\n<p>CONCLUSION<br \/>\nUtiliser les prix de vente non ajust\u00e9s des<br \/>\nventes comparables, peu importe leur<br \/>\nperfection apparente, est une mauvaise<br \/>\nfa\u00e7on d\u2019\u00e9valuer l\u2019immobilier. On doit<br \/>\ntoujours tenir compte des diff\u00e9rences entre<br \/>\nles ventes et la propri\u00e9t\u00e9 vis\u00e9e. Aussi, la<br \/>\nmajorit\u00e9 des variations entre les ventes<br \/>\nn\u2019est pas toujours visible en surface et c\u2019est<br \/>\npourquoi un ordinateur est n\u00e9cessaire au<br \/>\nprocessus d\u2019ajustement.<\/p>\n<p>Nous pouvons utiliser la moyenne<br \/>\ncomme un nombre fiable, \u00e0 ces<br \/>\ntrois conditions :<br \/>\n1. L\u2019unit\u00e9 de mesure moyenne est apr\u00e8s <\/p>\n<p>les ajustements.<br \/>\n2. Le CdV % doit \u00eatre un faible nombre, <\/p>\n<p>disons en dessous de 5 %.<br \/>\n3. L\u2019\u00e9tendue des valeurs de la propri\u00e9t\u00e9 <\/p>\n<p>sera +\/- le CdV % autour de la m\u00e9diane<br \/>\nou de la moyenne.<\/p>\n<p>Des commentaires re\u00e7us d\u2019autres<br \/>\n\u00e9valuateurs sont \u00e0 l\u2019effet que le CdV %<br \/>\nne peut \u00eatre inf\u00e9rieur \u00e0 10 %. Est-ce<br \/>\nqu\u2019il existe un certain nombre standard<br \/>\nautour de la moyenne qui pourrait \u00eatre<br \/>\nun indicateur de ventes bien ajust\u00e9es ? La<br \/>\nr\u00e9ponse est non. Si l\u2019on ne peut obtenir<br \/>\nun CdV % de moins de 5 %, cela pourrait<br \/>\nsignifier qu\u2019on utilise les mauvais<br \/>\ncomparables, que les ajustements sont<br \/>\nincorrects ou, peut-\u00eatre, vu la raret\u00e9 de<br \/>\nla propri\u00e9t\u00e9 \u00e9valu\u00e9e, qu\u2019un CdV % autour<br \/>\nde 10 % est acceptable. <\/p>\n<p>R\u00e9sultats du prix de vente ajust\u00e9<\/p>\n<p>Moyenne 12,25 $<\/p>\n<p>D\u00e9viation standard 0,51 $<\/p>\n<p>Coefficient de variation exprim\u00e9 en pourcentage 4 %<\/p>\n<p>12,19 $ 12,22 $ PPSF 11,35 $ 12,79 $ 12,69 $<\/p>\n<p>   GRAPHIQUE 3<\/p>\n<p>Pr\u00e9diction de l\u2019\u00e9tendue des valeurs pour la propri\u00e9t\u00e9 vis\u00e9e<\/p>\n<p>Les prix par qualit\u00e9 de point par prix de vente par pied carr\u00e9 de b\u00e2timent des indices<br \/>\n\u00e9taient entre 11,35 $ et 12,72 $ et sont analys\u00e9s pour leur tendance centrale en employant<br \/>\nla moyenne. Cela cr\u00e9e un prix moyen par point de qualit\u00e9 par prix de vente par pied carr\u00e9<br \/>\nde b\u00e2timent de 12,25 $. Une d\u00e9viation standard r\u00e9sultait dans une diff\u00e9rence de 0,51 $ par<br \/>\nrapport \u00e0 la moyenne. En d\u2019autres mots, la moyenne (12,25 $) pourrait aussi avoir un taux<br \/>\nde (12,25 $ + 0,51 $ = 12,76 $ ou 12,25 $ &#8211; 0,51 $ = 11,74 $). Le score total pond\u00e9r\u00e9 de la<br \/>\npropri\u00e9t\u00e9 vis\u00e9e (23,60) est alors appliqu\u00e9 contre le prix moyen par pied carr\u00e9 de b\u00e2timent<br \/>\npar point pour pr\u00e9dire une valeur de la propri\u00e9t\u00e9 vis\u00e9e.<\/p>\n<p>Le score de la <\/p>\n<p>propri\u00e9t\u00e9 vis\u00e9e<\/p>\n<p>Prix de vente par pied <\/p>\n<p>carr\u00e9 de b\u00e2timent par <\/p>\n<p>point de qualit\u00e9<\/p>\n<p>Grandeur du b\u00e2timent <\/p>\n<p>de la propri\u00e9t\u00e9 vis\u00e9e<br \/>\nArrondi \u00e0<\/p>\n<p>23,60 X 11,74 $ X 1172 = 325 000 $<br \/>\n23,60 X 12,25 $ X 1172 = 339 999 $<br \/>\n23,60 X 12,76 $ X 1172 = 353 000 $<\/p>\n<p>   GRAPHIQUE 4<\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 29<\/p>\n<p>Return to CONTENTS<\/p>\n<p>What is your educational background and work experience?<\/p>\n<p>NJ: I hold a diploma of Urban Land Economics and a Bachelor of<br \/>\nBusiness in Real Estate from the University of British Columbia.<br \/>\nI also hold a license of real estate trading services. <\/p>\n<p>What motivated you to choose the appraisal profession? <\/p>\n<p>NJ: Throughout university, it was apparent that my interests<br \/>\nleaned more toward the analytical side of real estate. While many<br \/>\nof my peers focused on real estate development and commercial<br \/>\nbrokerage, I was looking for an opportunity within real estate that<br \/>\nwould allow me to apply my critical thinking and decision-making<br \/>\non a routine basis. Going into my fourth year of university, I was<br \/>\nexposed to the appraisal profession through a summer internship.<br \/>\nThis internship continued into the semester and ultimately<br \/>\nresulted in me becoming a Candidate member for the Appraisal<br \/>\nInstitute of Canada (AIC).  <\/p>\n<p>Nicholas Jang,<br \/>\n3rd Year Candidate Member<br \/>\nMotivated by the profession\u2019s critical thinking<br \/>\nand decision-making opportunities<\/p>\n<p>appraisal reports. This has provided me the opportunity to work<br \/>\non a variety of asset classes that are not limited to industrial,<br \/>\nretail, and multi-family residential properties.   <\/p>\n<p>What do you enjoy most about  <\/p>\n<p>working in the real estate valuation profession? <\/p>\n<p>NJ: I absolutely love the new challenge that a project file<br \/>\npresents. No two properties are alike, which makes valuing<br \/>\neach of them a very unique experience. The diversity in the<br \/>\nscope of my work allows me to learn something new every day<br \/>\nand expand my critical thinking skills.<\/p>\n<p>Which AIC designation are you pursuing  <\/p>\n<p>and what is your timeline for achieving that goal?  <\/p>\n<p>NJ: I hope to earn my AACI, P.App designation by early 2023. All<br \/>\nI have left to complete is the demo, work product review, exam,<br \/>\nand interview. I became a Candidate member of the AIC in 2019<br \/>\nfollowing my third year in university. If all goes well, completing<br \/>\nthe entire process will have taken me under four years.<\/p>\n<p>What challenges does the designation process present <\/p>\n<p>for you from both a work and personal perspective? <\/p>\n<p>NJ: One of the most significant challenges throughout the<br \/>\nprocess is the time management constraint. Since most<br \/>\nCandidates are employed in full time jobs, while also working<br \/>\nto complete the educational requirements to earn their<br \/>\ndesignation, it can be difficult to meet course deadlines and<br \/>\nmaintain a healthy work\/life balance. <\/p>\n<p>From your own personal experience,  <\/p>\n<p>how would you evaluate the designation process?  <\/p>\n<p>NJ: I feel that I have been truly blessed to have had the <\/p>\n<p>I was looking for an opportunity<br \/>\nwithin real estate that would allow<br \/>\nme to apply my critical thinking and<br \/>\ndecision-making on a routine basis.<\/p>\n<p>What is your current position in the  <\/p>\n<p>industry and what does your job entail? <\/p>\n<p>NJ: I currently work at Garnett Wilson Realty Advisors in<br \/>\nVancouver as an appraisal associate. In this role, my primary<br \/>\nresponsibility revolves around assisting with the preparation of <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 30<\/p>\n<p>Return to CONTENTS<\/p>\n<p>THE FUTURE IS BRIGHT<\/p>\n<p>opportunity to combine the educational requirements of the<br \/>\nAACI designation and the course requirements of my Bachelor<br \/>\ndegree. This combination allowed me to get a head start on the<br \/>\ndesignation process prior to starting a full-time job. <\/p>\n<p>How do you feel the designation process  <\/p>\n<p>is preparing you to meet the challenges of your career? <\/p>\n<p>NJ: The entire designation process is a comprehensive<br \/>\nlearning journey that strongly prepares Candidates to meet the<br \/>\nchallenges they will face in their careers. The robust nature of<br \/>\nthe program ensures that Candidates receive objective third-<br \/>\nparty feedback on their work. This provides a unique perspective<br \/>\nthat is invaluable.  <\/p>\n<p>Looking back, was there anything you  <\/p>\n<p>would have done differently throughout the process? <\/p>\n<p>NJ: The only thing I would have done differently would be to start<br \/>\nthe work product review earlier in my candidacy. Getting a head<br \/>\nstart on my work product review would allow me to have more<br \/>\ntime to work on my demo assignment. <\/p>\n<p>Who has helped or is still helping you on your career <\/p>\n<p>journey in a mentorship capacity? What has been the <\/p>\n<p>impact of having such a mentor or mentors? <\/p>\n<p>NJ: Having experienced professionals guide me along the way has<br \/>\nbeen absolutely critical to my success. I would like to personally<br \/>\nthank the team at LW Property Advisors for giving me a chance<br \/>\nas a keen, third-year university student. Without that summer<br \/>\ninternship, I would have never been introduced to the appraisal<br \/>\nprofession and the many learning opportunities it has brought.<\/p>\n<p>Another group of mentors that I have had the honor of<br \/>\nmeeting and working with is the AIC-BC Board of Directors and<br \/>\nthe AIC-BC Membership Engagement Committee. Volunteering<br \/>\nwith AIC-BC has helped me grow both professionally<br \/>\nand personally. <\/p>\n<p>Going forward, what are your career aspirations? <\/p>\n<p>NJ: A primary focus of mine is to gain broad experience across<br \/>\nvarious asset classes. In terms of a specific organization<br \/>\nthat I would like to see myself working for, there is not a<br \/>\nset destination. Personally, the biggest thing I look for in an<br \/>\norganization is having continual opportunities to learn and<br \/>\ndevelop yourself. <\/p>\n<p>What motivates you to succeed? <\/p>\n<p>NJ: My primary motivation is my desire for personal growth.<br \/>\nHoning my craft as an appraiser goes a lot further than simply<br \/>\nadvancing my career. The satisfaction I get from overcoming<br \/>\nchallenges to complete a difficult appraisal file pushes me to<br \/>\npower through and finish the reports. <\/p>\n<p>The diversity in the scope of my<br \/>\nwork allows me to learn something<br \/>\nnew every day and expand my<br \/>\ncritical thinking skills.<\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 31<\/p>\n<p>Return to CONTENTS<\/p>\n<p>THE FUTURE IS BRIGHT<\/p>\n<p>What are the biggest challenges  <\/p>\n<p>you see facing the profession in general? <\/p>\n<p>NJ: The biggest challenge I see is an aging work force and a<br \/>\ncorresponding lack of recruitment. I believe campus recruitment<br \/>\nof the next generation of appraisers should be a priority for<br \/>\nthe profession. <\/p>\n<p>What are the biggest challenges  <\/p>\n<p>facing people entering the profession? <\/p>\n<p>NJ: The biggest challenges facing prospective appraisers are the<br \/>\neducational requirements needed to obtain their designations.<br \/>\nCandidates who do not have an undergraduate degree in<br \/>\nbusiness\/commerce are at a significant disadvantage when it<br \/>\ncomes to career progression.<\/p>\n<p>Do you participate in AIC events or serve on committees <\/p>\n<p>and, if so, do you see this ongoing during your career? <\/p>\n<p>NJ: I volunteer on the AIC-BC Board of Directors as the provincial<br \/>\ncandidate representative as well as on the Membership<br \/>\nEngagement Committee. These two experiences have been<br \/>\nextremely rewarding for me and I hope to continue volunteering<br \/>\nwith the AIC in the future. <\/p>\n<p>I feel that I have been truly blessed to have had the opportunity to combine<br \/>\nthe educational requirements of the AACI designation and the course<br \/>\nrequirements of my Bachelor degree.<\/p>\n<p>One of the main benefits volunteering<br \/>\nhas given me is the opportunity to<br \/>\nnaturally expand my network. By<br \/>\nexpanding our networks, we may find<br \/>\nopportunities or partnerships that<br \/>\nwe otherwise would not have known<br \/>\nexisted. It is also a great way to give<br \/>\nback to the profession.<\/p>\n<p>Do you see this kind of involvement  <\/p>\n<p>as an important part of an appraiser\u2019s career <\/p>\n<p>development? What do you feel are the benefits of this? <\/p>\n<p>NJ: I believe that this type of involvement plays an extremely<br \/>\nimportant role in an appraiser\u2019s career development. One of the<br \/>\nmain benefits volunteering has given me is the opportunity to<br \/>\nnaturally expand my network. By expanding our networks, we may<br \/>\nfind opportunities or partnerships that we otherwise would not have<br \/>\nknown existed. It is also a great way to give back to the profession.<\/p>\n<p>Do you have any advice or suggestions  <\/p>\n<p>for people entering the profession? <\/p>\n<p>NJ: Do not be afraid to put yourself out there and get out of your<br \/>\ncomfort zone. That is how you stretch yourself and expand your<br \/>\nexperiences and your capabilities. <\/p>\n<p>How do you spend your personal time away from work? <\/p>\n<p>NJ: I really enjoy trying out new restaurants, binging Netflix,<br \/>\nand traveling. <\/p>\n<p>We\u2019re hiring!<\/p>\n<p>G R E AT E R  VA N C O U V E R ,  G R E AT E R  V I C T O R I A ,<br \/>\nO K A N A G A N ,  P E A C E  R E G I O N  A N D  A L B E R TA<\/p>\n<p>We need more boots on the ground.<br \/>\nNow hiring Appraisers, Appraisal Inspectors <\/p>\n<p>and Report Writers. Apply now.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 32<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"MOl03nsNkD\"><p><a href=\"https:\/\/lawrensonwalker.com\/\">Home Page<\/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 Page&#8221; &#8212; Lawrenson Walker - Real Estate Appraisers\" src=\"https:\/\/lawrensonwalker.com\/embed\/#?secret=HG9NbmPhOP#?secret=MOl03nsNkD\" data-secret=\"MOl03nsNkD\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Return to CONTENTS<\/p>\n<p>Quel est votre parcours scolaire  <\/p>\n<p>et votre exp\u00e9rience professionnelle?  <\/p>\n<p>NJ: Je suis titulaire d\u2019un dipl\u00f4me en \u00e9conomie des terres<br \/>\nurbaines et d\u2019un baccalaur\u00e9at en affaires immobili\u00e8res de<br \/>\nl\u2019Universit\u00e9 de la Colombie-Britannique. Je suis \u00e9galement<br \/>\ntitulaire d\u2019une licence de services d\u2019agence immobili\u00e8re.   <\/p>\n<p>Qu\u2019est-ce qui vous a incit\u00e9  <\/p>\n<p>\u00e0 choisir la profession d\u2019\u00e9valuateur?   <\/p>\n<p>NJ: Tout au long de mes \u00e9tudes universitaires, il \u00e9tait<br \/>\n\u00e9vident que mes int\u00e9r\u00eats penchaient davantage vers<br \/>\nle c\u00f4t\u00e9 analytique de l\u2019immobilier. Alors que beaucoup<br \/>\nde mes pairs se concentraient sur le d\u00e9veloppement<br \/>\nimmobilier et le courtage commercial, je cherchais<br \/>\nplut\u00f4t une opportunit\u00e9 dans le domaine de l\u2019immobilier<br \/>\nqui me permettrait de mettre en pratique, sur une base<br \/>\nr\u00e9guli\u00e8re, ma pens\u00e9e critique et ma capacit\u00e9 \u00e0 prendre des<br \/>\nd\u00e9cisions. Au d\u00e9but de ma quatri\u00e8me ann\u00e9e d\u2019universit\u00e9,<br \/>\nj\u2019ai d\u00e9couvert la profession d\u2019\u00e9valuateur gr\u00e2ce \u00e0 un stage<br \/>\nd\u2019\u00e9t\u00e9. Ce stage s\u2019est poursuivi pendant le semestre et m\u2019a<br \/>\npermis de devenir membre stagiaire de l\u2019Institut canadien<br \/>\ndes \u00e9valuateurs (ICE).   <\/p>\n<p>Quel est votre poste actuel dans <\/p>\n<p> l\u2019industrie et en quoi consiste votre travail?<\/p>\n<p>NJ: Je travaille actuellement chez Garnett Wilson Realty<br \/>\nAdvisors \u00e0 Vancouver en tant qu\u2019associ\u00e9 en \u00e9valuation.<br \/>\nDans ce r\u00f4le, ma principale responsabilit\u00e9 consiste \u00e0<br \/>\naider \u00e0 la pr\u00e9paration des rapports d\u2019\u00e9valuation. Cela m\u2019a<br \/>\ndonn\u00e9 l\u2019occasion de travailler sur une vari\u00e9t\u00e9 de cat\u00e9gories<br \/>\nde biens, notamment les propri\u00e9t\u00e9s industrielles,<br \/>\ncommerciales et r\u00e9sidentielles multifamiliales.  <\/p>\n<p>Nicholas Jang,<br \/>\nmembre stagiaire de 3e ann\u00e9e<br \/>\nMotiv\u00e9 par les possibilit\u00e9s de r\u00e9flexion critique<br \/>\net de prise de d\u00e9cision de la profession<\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 33<\/p>\n<p>Return to CONTENTS<\/p>\n<p>L&rsquo;AVENIR S&rsquo;ANNONCE BIEN<\/p>\n<p>Qu\u2019est-ce qui vous pla\u00eet le plus  <\/p>\n<p>dans le m\u00e9tier de l\u2019\u00e9valuation immobili\u00e8re?   <\/p>\n<p>NJ: J\u2019adore le nouveau d\u00e9fi que repr\u00e9sente un dossier de<br \/>\nprojet. Il n\u2019y a pas deux propri\u00e9t\u00e9s identiques, ce qui fait de<br \/>\nl\u2019\u00e9valuation de chacune d\u2019entre elles une exp\u00e9rience tr\u00e8s<br \/>\nunique. La diversit\u00e9 de mon travail me permet d\u2019apprendre<br \/>\nquelque chose de nouveau chaque jour et de d\u00e9velopper<br \/>\nmes comp\u00e9tences en r\u00e9flexion critique.<\/p>\n<p>Quelle d\u00e9signation de l\u2019ICE poursuivez-vous et quel  <\/p>\n<p>est votre calendrier pour atteindre cet objectif?  <\/p>\n<p>NJ: J\u2019esp\u00e8re obtenir la d\u00e9signation d\u2019AACI, P. App., au<br \/>\nd\u00e9but de 2023. Il ne me reste plus qu\u2019\u00e0 passer la d\u00e9mo,<br \/>\nl\u2019examen du produit du travail, l\u2019examen et l\u2019entrevue. Je<br \/>\nsuis devenu membre stagiaire de l\u2019ICE en 2019 \u00e0 la suite<br \/>\nde ma troisi\u00e8me ann\u00e9e d\u2019universit\u00e9. Si tout se passe bien,<br \/>\nterminer l\u2019ensemble du processus m\u2019aura pris moins de<br \/>\nquatre ans.<\/p>\n<p>Quels d\u00e9fis le processus de  <\/p>\n<p>d\u00e9signation repr\u00e9sente-t-il pour vous  <\/p>\n<p>dans une optique professionnelle et personnelle? <\/p>\n<p>NJ: L\u2019un des d\u00e9fis les plus importants, tout au long du<br \/>\nprocessus, est la contrainte de la gestion du temps.<br \/>\n\u00c9tant donn\u00e9 que la plupart des stagiaires occupent un<br \/>\nemploi \u00e0 temps plein tout en s\u2019effor\u00e7ant de satisfaire aux<br \/>\nexigences de formation pour obtenir leur d\u00e9signation, il<br \/>\npeut \u00eatre difficile de respecter les \u00e9ch\u00e9ances des cours et<br \/>\nde maintenir un bon \u00e9quilibre entre vie professionnelle et<br \/>\nvie priv\u00e9e.   <\/p>\n<p>D\u2019apr\u00e8s votre exp\u00e9rience personnelle,  <\/p>\n<p>comment \u00e9valuez-vous le processus de d\u00e9signation?  <\/p>\n<p>NJ: Je pense que j\u2019ai eu la chance de pouvoir combiner les<br \/>\nexigences d\u2019\u00e9tudes en vue de l\u2019obtention de la d\u00e9signation<br \/>\nAACI avec les exigences de cours de mon baccalaur\u00e9at. <\/p>\n<p>Cette combinaison m\u2019a permis de prendre une longueur d\u2019avance<br \/>\nsur le processus de d\u00e9signation avant de commencer un emploi \u00e0<br \/>\ntemps plein.   <\/p>\n<p>Comment pensez-vous que le processus de d\u00e9signation <\/p>\n<p>vous pr\u00e9pare \u00e0 relever les d\u00e9fis de votre carri\u00e8re? <\/p>\n<p>NJ: L\u2019ensemble du processus de d\u00e9signation est un parcours<br \/>\nd\u2019apprentissage complet qui pr\u00e9pare bien les stagiaires \u00e0 relever<br \/>\nles d\u00e9fis auxquels ils seront confront\u00e9s au cours de leur carri\u00e8re.<br \/>\nLa nature robuste du programme garantit que les stagiaires<br \/>\nre\u00e7oivent une r\u00e9troaction objective d\u2019une tierce partie sur leur<br \/>\ntravail. Cela leur apporte une perspective unique et inestimable.   <\/p>\n<p>Avec le recul, y a-t-il quelque chose que vous  <\/p>\n<p>auriez fait diff\u00e9remment tout au long du processus?   <\/p>\n<p>NJ: La seule chose que j\u2019aurais faite diff\u00e9remment aurait \u00e9t\u00e9<br \/>\nde commencer l\u2019examen du produit du travail plus t\u00f4t dans<br \/>\nmon stage. En prenant de l\u2019avance sur l\u2019examen du produit du<br \/>\ntravail, j\u2019aurais eu plus de temps pour travailler sur mon projet<br \/>\nde d\u00e9monstration.  <\/p>\n<p>Qui vous a aid\u00e9 ou vous aide encore dans  <\/p>\n<p>votre parcours professionnel en tant que mentor?  <\/p>\n<p>Quel a \u00e9t\u00e9 l\u2019impact de ce ou ces mentors? <\/p>\n<p>NJ: Le fait d\u2019avoir des professionnels exp\u00e9riment\u00e9s pour me<br \/>\nguider tout au long de mon parcours a \u00e9t\u00e9 absolument essentiel<br \/>\n\u00e0 ma r\u00e9ussite. Je tiens \u00e0 remercier personnellement l\u2019\u00e9quipe<br \/>\nde LW Property Advisors pour m\u2019avoir donn\u00e9 une chance en tant<br \/>\nqu\u2019\u00e9tudiant enthousiaste de troisi\u00e8me ann\u00e9e d\u2019universit\u00e9. Sans<br \/>\nce stage d\u2019\u00e9t\u00e9, je n\u2019aurais jamais pu d\u00e9couvrir la profession<br \/>\nd\u2019\u00e9valuateur et les nombreuses possibilit\u00e9s d\u2019apprentissage<br \/>\nqu\u2019elle m\u2019a apport\u00e9es. <\/p>\n<p>Je cherchais plut\u00f4t une<br \/>\nopportunit\u00e9 dans le domaine de<br \/>\nl\u2019immobilier qui me permettrait<br \/>\nde mettre en pratique, sur une<br \/>\nbase r\u00e9guli\u00e8re, ma pens\u00e9e<br \/>\ncritique et ma capacit\u00e9 \u00e0<br \/>\nprendre des d\u00e9cisions.<\/p>\n<p>La diversit\u00e9 de mon travail me<br \/>\npermet d\u2019apprendre quelque chose<br \/>\nde nouveau chaque jour et de<br \/>\nd\u00e9velopper mes comp\u00e9tences en<br \/>\nr\u00e9flexion critique.<\/p>\n<p>Un autre groupe de mentors que j\u2019ai eu l\u2019honneur de rencontrer<br \/>\net avec lequel j\u2019ai travaill\u00e9 est le Conseil d\u2019administration de<br \/>\nl\u2019ICE-BC et le Comit\u00e9 d\u2019engagement des membres de l\u2019AIC-BC. Le<br \/>\nb\u00e9n\u00e9volat au sein de l\u2019AIC-BC m\u2019a permis de m\u2019\u00e9panouir tant sur<br \/>\nle plan professionnel que personnel.   <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 34<\/p>\n<p>Return to CONTENTS<\/p>\n<p>L&rsquo;AVENIR S&rsquo;ANNONCE BIEN<\/p>\n<p>Pour l\u2019avenir, quelles sont  <\/p>\n<p>vos aspirations professionnelles? <\/p>\n<p>NJ: L\u2019un de mes principaux objectifs est d\u2019acqu\u00e9rir une vaste<br \/>\nexp\u00e9rience dans diverses cat\u00e9gories de biens. En termes<br \/>\nd\u2019organisation sp\u00e9cifique pour laquelle j\u2019aimerais travailler,<br \/>\nil n\u2019y a pas de destination fixe. Personnellement, ce que je<br \/>\nrecherche le plus dans une organisation, c\u2019est d\u2019avoir des<br \/>\nopportunit\u00e9s permanentes d\u2019apprendre et de me perfectionner.   <\/p>\n<p>Je pense que j\u2019ai eu la chance de pouvoir combiner les exigences d\u2019\u00e9tudes<br \/>\nen vue de l\u2019obtention de la d\u00e9signation AACI avec les exigences de cours de<br \/>\nmon baccalaur\u00e9at.<\/p>\n<p>L\u2019un des principaux avantages<br \/>\nque le b\u00e9n\u00e9volat m\u2019a apport\u00e9s<br \/>\nest la possibilit\u00e9 d\u2019\u00e9largir<br \/>\nnaturellement mon r\u00e9seau. En<br \/>\n\u00e9largissant nos r\u00e9seaux, nous<br \/>\npouvons trouver des opportunit\u00e9s<br \/>\nou des partenariats dont<br \/>\nnous n\u2019aurions pas soup\u00e7onn\u00e9<br \/>\nl\u2019existence. C\u2019est aussi un excellent<br \/>\nmoyen de rendre \u00e0 la profession<br \/>\nce qu\u2019elle nous a donn\u00e9.<\/p>\n<p>le recrutement sur le campus de la prochaine g\u00e9n\u00e9ration<br \/>\nd\u2019\u00e9valuateurs devrait \u00eatre une priorit\u00e9 pour la profession.  <\/p>\n<p>Quels sont les principaux d\u00e9fis auxquels sont  <\/p>\n<p>confront\u00e9s les nouveaux venus dans la profession? <\/p>\n<p>NJ: Les plus grands d\u00e9fis auxquels sont confront\u00e9s les \u00e9valuateurs<br \/>\npotentiels sont les exigences en mati\u00e8re d\u2019\u00e9tudes pour obtenir leurs<br \/>\nd\u00e9signations. Les stagiaires qui n\u2019ont pas un dipl\u00f4me de premier<br \/>\ncycle en affaires\/commerce sont tr\u00e8s d\u00e9savantag\u00e9s lorsqu\u2019il s\u2019agit<br \/>\nde progresser dans leur carri\u00e8re. <\/p>\n<p>Participez-vous aux \u00e9v\u00e9nements  <\/p>\n<p>de l\u2019ICE ou faites-vous partie de comit\u00e9s et,  <\/p>\n<p>dans l\u2019affirmative, est-ce quelque chose que vous avez <\/p>\n<p>l\u2019intention de poursuivre au cours de votre carri\u00e8re? <\/p>\n<p>NJ: Je suis b\u00e9n\u00e9vole au Conseil d\u2019administration de l\u2019AIC-BC<br \/>\nen tant que repr\u00e9sentant des stagiaires provinciaux ainsi qu\u2019au<br \/>\nComit\u00e9 d\u2019engagement des membres. Ces deux exp\u00e9riences ont \u00e9t\u00e9<br \/>\nextr\u00eamement enrichissantes pour moi et j\u2019esp\u00e8re continuer \u00e0 faire<br \/>\ndu b\u00e9n\u00e9volat pour l\u2019ICE \u00e0 l\u2019avenir. <\/p>\n<p>Consid\u00e9rez-vous ce type d\u2019engagement comme  <\/p>\n<p>une partie importante du d\u00e9veloppement de la carri\u00e8re  <\/p>\n<p>d\u2019un \u00e9valuateur? Quels en sont, selon vous, les avantages?   <\/p>\n<p>NJ: Je pense que ce type d\u2019engagement joue un r\u00f4le extr\u00eamement<br \/>\nimportant dans le d\u00e9veloppement de la carri\u00e8re d\u2019un \u00e9valuateur.<br \/>\nL\u2019un des principaux avantages que le b\u00e9n\u00e9volat m\u2019a apport\u00e9s est la<br \/>\npossibilit\u00e9 d\u2019\u00e9largir naturellement mon r\u00e9seau. En \u00e9largissant nos<br \/>\nr\u00e9seaux, nous pouvons trouver des opportunit\u00e9s ou des partenariats<br \/>\ndont nous n\u2019aurions pas soup\u00e7onn\u00e9 l\u2019existence. C\u2019est aussi un<br \/>\nexcellent moyen de rendre \u00e0 la profession ce qu\u2019elle nous a donn\u00e9. <\/p>\n<p>Avez-vous des conseils ou des suggestions \u00e0  <\/p>\n<p>donner aux personnes qui entrent dans la profession? <\/p>\n<p>NJ: N\u2019ayez pas peur de vous lancer et de sortir de votre zone de<br \/>\nconfort. C\u2019est ainsi que l\u2019on peut se d\u00e9passer et \u00e9largir ses exp\u00e9riences<br \/>\net ses capacit\u00e9s. <\/p>\n<p>Comment occupez-vous votre temps libre en dehors du travail? <\/p>\n<p>NJ: J\u2019aime beaucoup essayer de nouveaux restaurants, me saturer<br \/>\nde Netflix et voyager. <\/p>\n<p>Qu\u2019est-ce qui vous motive \u00e0 r\u00e9ussir? <\/p>\n<p>NJ: Ma principale motivation est mon d\u00e9sir de croissance<br \/>\npersonnelle. Le perfectionnement de mon m\u00e9tier d\u2019\u00e9valuateur<br \/>\nva bien au-del\u00e0 du simple avancement de ma carri\u00e8re. La<br \/>\nsatisfaction que j\u2019\u00e9prouve lorsque je surmonte les difficult\u00e9s pour<br \/>\nmener \u00e0 bien un dossier d\u2019\u00e9valuation difficile me pousse \u00e0 foncer<br \/>\nbout et \u00e0 terminer les rapports. <\/p>\n<p>Quels sont les plus grands d\u00e9fis que  <\/p>\n<p>vous voyez pour la profession en g\u00e9n\u00e9ral? <\/p>\n<p>NJ: Le plus grand d\u00e9fi que je vois est le vieillissement de la main-<br \/>\nd\u2019\u0153uvre et le manque de recrutement correspondant. Je pense que  <\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 35<\/p>\n<p>Return to CONTENTS<\/p>\n<p>De facto expropriation<br \/>\nsoon to be revisited<\/p>\n<p>BY JOHN SHEVCHUK<\/p>\n<p>Barrister &#038; Solicitor, C.Arb, AACI(Hon), RI<\/p>\n<p>Under Canadian law, there is a presumption that, when the state takes private property, compensation will be paid. In opposition to this general principle, there is the power of the state,<br \/>\nparticularly local government, to strip away property rights<br \/>\nand associated value through land use regulation without<br \/>\ncompensating the owner. One recognized, but not a particularly<br \/>\nsuccessful avenue for challenging impairment of property rights<br \/>\nthrough land-use regulation, is to claim compensation under the<br \/>\nprinciple of de facto expropriation.  <\/p>\n<p>In the coming months, the Supreme Court of Canada will<br \/>\nrevisit the law regarding de facto expropriation1 and so it is timely<br \/>\nto consider what is currently required to establish this cause of<br \/>\naction in anticipation of the court\u2019s fresh look on the matter.  <\/p>\n<p>De facto expropriation was considered by the Supreme Court<br \/>\nof Canada in Canadian Pacific Railway v. Vancouver (City), 2006<br \/>\nSCC 5 [CPR]. CPR owned a land corridor that was no longer<br \/>\nused in its rail service. The City of Vancouver council passed an<br \/>\nOfficial Development Plan by-law designating the corridor for<br \/>\nuse as a public thoroughfare for transportation and uses such<br \/>\nas heritage walks, nature trails, and cycling paths. Development<br \/>\ncontrary to the plan was prohibited. Use as a rail line was not<br \/>\nprohibited, but it was uneconomic to do so. The court noted<br \/>\nthat \u201cThe effect of the by-law was to freeze re-development<br \/>\npotential of the corridor and to confine CPR to uneconomic uses<br \/>\nof the land.\u201d CPR sought to have the by-law struck down or to be<br \/>\ncompensated for the restrictions on the use of the corridor. CPR<br \/>\nwas unsuccessful on both grounds.<\/p>\n<p>Concerning the claim for compensation, CPR relied upon<br \/>\nthe presumption noted above that a property owner is to be<br \/>\ncompensated when the state takes its property. CPR asserted<br \/>\nthat the City\u2019s by-law was a de facto expropriation because the <\/p>\n<p>by-law was effectively a taking preventing re-development for<br \/>\nany profitable purpose. The Supreme Court of Canada held that<br \/>\nde facto expropriation claims require the claimant to prove two<br \/>\nelements: 1) acquisition of a beneficial interest in the property<br \/>\nor flowing from it, and 2) removal of all reasonable uses of<br \/>\nthe property. The court held that CPR had not proved either<br \/>\nelement. First, the City had not acquired a beneficial interest,<br \/>\nbut merely some assurance that the land would be used or<br \/>\ndeveloped consistent with the by-law. Second, the by-law did<br \/>\nnot remove all reasonable uses of the property. The court noted<br \/>\nthat the inquiry is not concerned with the highest and best use<br \/>\nof the property. Rather, the inquiry is into the nature of the<br \/>\nland and the range of reasonable uses to which the property<br \/>\nhad been put. The by-law did not prevent CPR from operating<br \/>\na railway along the corridor. The fact that running the railway<br \/>\nwould be uneconomic was not determinative of the question.<\/p>\n<p>It is timely to consider what is<br \/>\ncurrently required to establish this<br \/>\ncause of action in anticipation of the<br \/>\ncourt\u2019s fresh look on the matter.<\/p>\n<p>If de facto expropriation was not available in CPR, then when<br \/>\nwill it be available? Three examples might serve to clarify. The<br \/>\nfirst example, Manitoba Fisheries Ltd. v. The Queen, [1979] 1<br \/>\nSCR 101 (SCC) [Manitoba Fisheries], does not expressly speak<br \/>\nof de facto expropriation, but it does discuss the concepts of<br \/>\ngovernment \u201ctaking\u201d and expropriation, and it reinforces the <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 36<\/p>\n<p>Return to CONTENTS<\/p>\n<p>LEGAL MATTERS<\/p>\n<p>presumption of no taking of property without compensation.<br \/>\nIn Manitoba Fisheries, the appellant had owned and operated<br \/>\na fish exporting business until the federal government passed<br \/>\nlegislation giving a Crown corporation a monopoly on such<br \/>\nactivities and thereby wiping out the appellant\u2019s business. The<br \/>\nappellant successfully sued for compensation.  Mr. Justice<br \/>\nRitchie, writing for the Supreme Court of Canada stated in part:<br \/>\n It will be seen that, in my opinion, the Freshwater Fish <\/p>\n<p>Marketing Act and the Corporation created thereunder<br \/>\nhad the effect of depriving the appellant of its goodwill as<br \/>\na going concern and consequently rendering its physical<br \/>\nassets virtually useless, and that the goodwill so taken<br \/>\naway constitutes property of the appellant for the loss of<br \/>\nwhich no compensation whatever has been paid. There is<br \/>\nnothing in the Act providing for the taking of such property<br \/>\nby the government without compensation and, as I find<br \/>\nthat there was such a taking, it follows, in my view, that<br \/>\nit was unauthorized having regard to the recognized rule<br \/>\nthat \u201cunless the words of the statute clearly so demand, a<br \/>\nstatute is not to be construed so as to take away the property<br \/>\nof a subject without compensation\u201d per Lord Atkinson in<br \/>\nAttorney-General v. De Keyser\u2019s Royal Hotel, supra. <\/p>\n<p>In R. v. Tener, [1985] 1 SCR 533 (SCC) [Tener], the British Columbia<br \/>\ngovernment decided that it would no longer issue permits<br \/>\nallowing miners to work their Crown-granted mineral claims in<br \/>\nWells Gray Park, so that the land was enhanced as a public park.<br \/>\nThe Supreme Court of Canada found that a de facto expropriation<br \/>\nhad occurred. The court held that the government had, in<br \/>\neffect, taken back what it had granted in the mineral claims<br \/>\nby preventing the very use for which the mineral claims had<br \/>\nbeen granted. Further, there was a corresponding benefit through<br \/>\nthe enhancement of the public park.<\/p>\n<p>In Casamiro Resources Corp. v. British Columbia (Attorney<br \/>\nGeneral) 1991 CarswellBC 86 (BCCA), the British Columbia Court<br \/>\nof Appeal applied Tener to another situation involving mineral<br \/>\nrights affected by the creation of Strathcona Park. A combination<br \/>\nof legislation prevented owners of mineral rights from exercising<br \/>\nthose property rights. Madam Justice Southin, writing for the<br \/>\ncourt, stated that a particular Order-in-Council prohibiting the<br \/>\nissuance of permits for mineral claims was an expropriation on<br \/>\nthe basis that the Crown grants became \u201cmeaningless pieces of<br \/>\npaper.\u201d In her reasons for judgment, her ladyship wrote in part:<br \/>\n &#8230; The fact that the Lieutenant Governor in Council does not call <\/p>\n<p>his act an expropriation and has not followed the procedures <\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 37<\/p>\n<p>Return to CONTENTS<\/p>\n<p>LEGAL MATTERS<\/p>\n<p>laid down in the Expropriation Act, does not deprive the owner<br \/>\nof the rights given to owner by ss. 9 and following of the<br \/>\nExpropriation Act &#8230;<\/p>\n<p>The three examples above demonstrate the possibility of a<br \/>\nclaim for compensation without a physical taking of property,<br \/>\nbut it is very difficult to overcome the strong judicial authority<br \/>\nin favour of land use regulation even though the courts have<br \/>\nlong recognized that land use regulation can be detrimental to<br \/>\nthe financial interests of landowners. For example, in Mariner<br \/>\nReal Estate Ltd. v. Nova Scotia (Attorney General), 1999 NSCA 98<br \/>\n(N.S.C.A.) [Mariner], at paragraph 42 Cromwell, J.A. wrote:<br \/>\n 42 In this country, extensive and restrictive land use regulation is <\/p>\n<p>the norm. Such regulation has, almost without exception, been<br \/>\nfound not to constitute compensable expropriation. It is settled<br \/>\nlaw, for example, that the regulation of land use which has the<br \/>\neffect of decreasing the value of the land is not an expropriation<br \/>\n&#8230; I would refer, as well, to the following from E.C.E. Todd, The<br \/>\nLaw of Expropriation in Canada, (2nd, 1992) at pp. 22-23: <\/p>\n<p>      Traditionally the property concept is thought of as a bundle<br \/>\nof rights of which one of the most important is that of user &#8230;<\/p>\n<p>      Today the principal restrictions on land use arise from<br \/>\nthe planning and zoning provisions of public authorities.<br \/>\nBy the imposition, removal or alteration of land use controls<br \/>\na public authority may dramatically increase, or decrease,<br \/>\nthe value of land by changing the permitted uses which<br \/>\nmay be made of it. In such a case, in the absence of express<br \/>\nstatutory provision to the contrary an owner is not entitled<br \/>\nto compensation or any other remedy notwithstanding that<br \/>\nsubdivision approval or rezoning is refused or development<br \/>\nis blocked or frozen pursuant to statutory planning powers<br \/>\nin order, for example, to facilitate the future acquisition of<br \/>\nthe land for public purposes. \u201cOrdinarily, in this country, the<br \/>\nUnited States and the United Kingdom, compensation does<br \/>\nnot follow zoning either up or down &#8230; (but) a taker may not,<br \/>\nthrough the device of zoning, depress the value of property<br \/>\nas a prelude to compulsory taking of the property for a<br \/>\npublic purpose.: &#8230; (emphasis added)<\/p>\n<p>This juxtaposition of expropriation and land use regulation<br \/>\nwas in issue in Halifax Regional Municipality v. Annapolis<br \/>\nGroup Inc. 2021 CarswellNS 4, leave to appeal to the<br \/>\nSupreme Court of Canada allowed, 2021 CarswellNS 455\/456<br \/>\n[Annapolis]. Annapolis is the vehicle by which the Supreme<br \/>\nCourt of Canada will review the law of de facto expropriation.<br \/>\nThe Halifax Regional Municipality (HRM) passed a planning<br \/>\nstrategy to guide development. Two designations applied<br \/>\nto the owner\u2019s land: 1) Urban Settlement allowing urban<br \/>\nforms of development over a 25-year period, and 2) Urban<br \/>\nReserve identifying land that could be developed beyond the<br \/>\n25-year horizon. The plan included conceptual boundaries<br \/>\nfor a regional park. The development required resolution by<br \/>\nHRM Regional Council and amendment of a land-use by-law.<br \/>\nThe owner wanted to develop what necessitated an HRM<br \/>\nsecondary planning phase for the property, but, in the end,<br \/>\nHRM passed a resolution refusing to initiate the secondary<br \/>\nplanning process. Further, HRM was actively supporting and<br \/>\npromoting the use of Annapolis\u2019 property by the public for<br \/>\nrecreational purposes. Annapolis commenced a lawsuit taking<br \/>\nthe position that the land had been de fact expropriated.<\/p>\n<p>The Nova Scotia Court of Appeal acknowledged the<br \/>\nlegal principle that, unless there is express language in<br \/>\nthe legislation to the contrary, the legislation is not to<br \/>\nbe interpreted as allowing the taking of property without<br \/>\ncompensation. Nevertheless, the court, relying on CPR and<br \/>\nthe de facto expropriation case law before CPR held that the<br \/>\ntwo-part test had not been made out.  <\/p>\n<p>In coming to its conclusion, the Nova Scotia Court of<br \/>\nAppeal referred to a line of case authority that will be an<br \/>\nimportant part of Annapolis\u2019 argument at the Supreme Court<br \/>\nof Canada hearing.  The concept of  \u201cdisguised expropriation\u201d<br \/>\nhas been developing in Canada, particularly under the Civil <\/p>\n<p>Realize<br \/>\nyour<br \/>\npotential<\/p>\n<p>350+<br \/>\nappraisers | economists | market researchers <\/p>\n<p>advisors | planners<\/p>\n<p>View exciting<br \/>\nopportunities in our<br \/>\nResearch, Valuation,<br \/>\nAdvisory, and Data<br \/>\nSolutions team<\/p>\n<p>Learn more at altusgroup.com\/careers and follow us on <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 38<\/p>\n<p>http:\/\/altusgroup.com\/careers<\/p>\n<p>Return to CONTENTS<\/p>\n<p>LEGAL MATTERS<\/p>\n<p>Code in Quebec. The Supreme Court of Canada recognized<br \/>\nthe concept in Lorraine (Ville) v. 2646-8926 Qu\u00e9bec inc., 2018<br \/>\nSCC 35 [Lorraine]. The Court of Appeal\u2019s view of the \u201cdisguised<br \/>\nexpropriation\u201d is captured in paragraphs 78 to 82 of Annapolis:<br \/>\n 78 The civil case of Lorraine &#8230; does not dictate a contrary <\/p>\n<p>conclusion. In that case, the plaintiff claimed a series of<br \/>\nremedies including a declaration that the by-laws were<br \/>\na nullity and the Municipality\u2019s action was a disguised<br \/>\nexpropriation. Only the timeliness of the action came before<br \/>\nthe Supreme Court. However, in dismissing the claim,<br \/>\nthe Court noted that the disguised expropriation claim<br \/>\ncould continue.<\/p>\n<p>      79 The Motions Judge here referred to the following<br \/>\nexcerpt from the opening two paragraphs of the Supreme<br \/>\nCourt of Canada\u2019s decision:<\/p>\n<p>      35 As for de facto or constructive expropriation, the<br \/>\nconcept is addressed by the Supreme Court of Canada in<br \/>\nChief Justice Wagner\u2019s opening paras. in Lorraine &#8230;:<\/p>\n<p>      1 The concept of expropriation concerns the power<br \/>\nof a public authority to deprive a property owner of the<br \/>\nenjoyment of the attributes of his or her right of ownership.<br \/>\nBecause of the importance attached to private property in<br \/>\nliberal democracies, the exercise of the power to expropriate<br \/>\nis strictly regulated to ensure that property is expropriated<br \/>\nfor a legitimate public purpose and in return for a just<br \/>\nindemnity. In Quebec, the Expropriation Act, CQLR, c. E-24,<br \/>\nlimits the exercise of this power and lays down the procedure<br \/>\nto be followed in this regard.<\/p>\n<p>      2 When property is expropriated outside this legislative<br \/>\nframework for an ulterior motive, such as to avoid paying an<br \/>\nindemnity, the expropriation is said to be disguised. Where<br \/>\na municipal government improperly exercises its power<br \/>\nto regulate the uses permitted within its territory in order<br \/>\nto expropriate property without paying an indemnity, two<br \/>\nremedies are therefore available to aggrieved owners. They<br \/>\ncan seek to have the by-law that resulted in the expropriation<br \/>\ndeclared either to be null or to be inoperable in respect of<br \/>\nthem. If this option is no longer open to them, they can claim<br \/>\nan indemnity based on the value of the property that has been<br \/>\nwrongly taken from them. [emphasis in original]<\/p>\n<p>      80 The statement that property expropriated outside of the<br \/>\nlegislative framework for an ulterior motive is \u201cdisguised\u201d<br \/>\ndoes not mean that the two branches of the legal test for de<br \/>\nfacto expropriation do not need to be met.<\/p>\n<p>      81 This was recently affirmed in Ville de Qu\u00e9bec c. Rivard,<br \/>\n2020 QCCA 146 (C.A. Que.). After referencing Lorraine, the<br \/>\nCourt stated:<\/p>\n<p>      63 It has been long recognized that, in order to be<br \/>\ndeemed disguised expropriation, legislation must be to<br \/>\nsuch a degree restrictive that it makes impossible the <\/p>\n<p>exercise of the right of ownership, and be tantamount to a<br \/>\nconfiscation, insofar as the zoning is deployed to expropriate<br \/>\nwithout compensation.<\/p>\n<p> 82 With respect, Lorraine (Ville) does not expand the well-<br \/>\nsettled criteria for establishing de facto expropriation.<br \/>\nMotive is not a material fact in the context of a de facto<br \/>\nexpropriation claim.<\/p>\n<p>We shall soon see if the current understanding of de facto<br \/>\nexpropriation will prevail, whether the two-part test set<br \/>\nout in CPR will remain unaltered and what role \u201cdisguised<br \/>\nexpropriation\u201d may have in protecting property rights. <\/p>\n<p>End note<br \/>\n1 Annapolis Group Inc. v. Halifax Regional Municipality, <\/p>\n<p>Supreme Court of Canada File No. 39594<\/p>\n<p>This article is provided for the purposes of generating<br \/>\ndiscussion. It is not to be taken as legal advice. Any questions<br \/>\narising from this article in particular circumstances should be<br \/>\nput to qualified legal and appraisal practitioners. <\/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>Volume 65 | Book 4 \/ Tome 4 | 2021 39<\/p>\n<p>mailto:KatjaK@verityclaims.ca<\/p>\n<p>Return to CONTENTS<\/p>\n<p>PAR JOHN SHEVCHUK<\/p>\n<p>avocat-procureur, C.Arb, AACI(Hon), RI<\/p>\n<p>L\u2019expropriation de facto<br \/>\nsera bient\u00f4t revue<\/p>\n<p>Dans le droit canadien, il existe une pr\u00e9somption \u00e0 l\u2019effet que, si l\u2019\u00c9tat saisit une propri\u00e9t\u00e9 priv\u00e9e, une indemnit\u00e9 sera pay\u00e9e. \u00c0 l\u2019inverse de ce principe g\u00e9n\u00e9ral, il existe un pouvoir de l\u2019\u00c9tat, notamment des administrations<br \/>\nlocales, d\u2019infirmer les droits de propri\u00e9t\u00e9 et la valeur associ\u00e9e en<br \/>\nr\u00e9glementant l\u2019utilisation des terres sans indemniser le propri\u00e9taire.<br \/>\nUn moyen reconnu, mais pas particuli\u00e8rement efficace de s\u2019opposer<br \/>\n\u00e0 l\u2019infirmation des droits de propri\u00e9t\u00e9 par la r\u00e9glementation de<br \/>\nl\u2019utilisation des terres, est de r\u00e9clamer une indemnit\u00e9 sous le<br \/>\nprincipe de l\u2019expropriation de facto (ou expropriation de fait).<\/p>\n<p>Dans les prochains mois, la Cour supr\u00eame du Canada r\u00e9visera<br \/>\nla loi concernant l\u2019expropriation de facto1 et il est donc opportun<br \/>\nde consid\u00e9rer ce qui est pr\u00e9sentement requis pour \u00e9tablir cette<br \/>\ncause d\u2019action en pr\u00e9vision d\u2019une nouvelle perspective des<br \/>\ntribunaux sur la question.<\/p>\n<p>L\u2019expropriation de facto a \u00e9t\u00e9 prise en consid\u00e9ration par la Cour<br \/>\nsupr\u00eame du Canada, dans Chemin de fer Canadien Pacifique c.<br \/>\nVancouver (Ville), 2006 CSC 5 [CP]. CP poss\u00e9dait un corridor terrestre<br \/>\nqui n\u2019\u00e9tait plus utilis\u00e9 dans son service ferroviaire. Le conseil de la<br \/>\nVille de Vancouver a adopt\u00e9 par r\u00e8glement un plan d\u2019am\u00e9nagement<br \/>\nofficiel qui d\u00e9signait le corridor comme voie publique r\u00e9serv\u00e9e au<br \/>\ntransport ou \u00e0 des fins telles des sentiers patrimoniaux, des sentiers<br \/>\nd\u2019interpr\u00e9tation de la nature et des pistes cyclables. L\u2019am\u00e9nagement<br \/>\ncontraire au plan \u00e9tait interdit. L\u2019usage comme voie ferr\u00e9e n\u2019\u00e9tait pas<br \/>\ninterdit, mais il \u00e9tait non rentable. La cour notait : \u00ab Le r\u00e8glement a eu<br \/>\npour effet d\u2019emp\u00eacher d\u2019exploiter le potentiel de r\u00e9am\u00e9nagement du<br \/>\ncorridor et de confiner CP \u00e0 des utilisations non rentables du terrain. \u00bb<br \/>\nCP a tent\u00e9 de faire casser le r\u00e8glement ou d\u2019\u00eatre indemnis\u00e9 pour les<br \/>\nrestrictions sur l\u2019utilisation du corridor. CP a \u00e9chou\u00e9 dans les deux cas.<\/p>\n<p>En ce qui touche la demande d\u2019indemnisation, CP s\u2019est<br \/>\nappuy\u00e9e sur la pr\u00e9somption indiqu\u00e9e ci-dessus que le<br \/>\npropri\u00e9taire d\u2019un bien doit \u00eatre indemnis\u00e9 lorsque l\u2019\u00c9tat saisit sa <\/p>\n<p>Il est donc opportun de consid\u00e9rer<br \/>\nce qui est pr\u00e9sentement requis<br \/>\npour \u00e9tablir cette cause d\u2019action en<br \/>\npr\u00e9vision d\u2019une nouvelle perspective<br \/>\ndes tribunaux sur la question. <\/p>\n<p>propri\u00e9t\u00e9. CP faisait valoir que le r\u00e8glement de la Ville constituait<br \/>\nune expropriation de facto puisque le r\u00e8glement emp\u00eachait<br \/>\neffectivement le r\u00e9am\u00e9nagement pour toute exploitation rentable.<br \/>\nLa Cour supr\u00eame du Canada croyait que les r\u00e9clamations<br \/>\npour expropriation de facto requ\u00e9raient que la demanderesse<br \/>\nprouve deux \u00e9l\u00e9ments : 1) l\u2019acquisition d\u2019un int\u00e9r\u00eat b\u00e9n\u00e9ficiaire<br \/>\ndans la propri\u00e9t\u00e9 ou d\u00e9coulant de celle-ci, et 2) l\u2019\u00e9limination<br \/>\nde toutes les utilisations raisonnables de la propri\u00e9t\u00e9. La cour<br \/>\n\u00e9tait d\u2019avis que CP n\u2019avait prouv\u00e9 ni l\u2019un ni l\u2019autre. D\u2019abord, la<br \/>\nVille n\u2019avait pas acquis d\u2019int\u00e9r\u00eat b\u00e9n\u00e9ficiaire, mais seulement<br \/>\nune certaine assurance que le terrain serait utilis\u00e9 ou am\u00e9nag\u00e9<br \/>\nconform\u00e9ment au r\u00e8glement. Ensuite, le r\u00e8glement n\u2019\u00e9liminait<br \/>\npas tous les usages raisonnables de la propri\u00e9t\u00e9. La cour notait<br \/>\nque l\u2019instruction ne consid\u00e8re pas l\u2019utilisation optimale de la<br \/>\npropri\u00e9t\u00e9, mais plut\u00f4t la nature du terrain et l\u2019\u00e9tendue des<br \/>\nutilisations raisonnables attribu\u00e9es \u00e0 la propri\u00e9t\u00e9. Le r\u00e8glement<br \/>\nn\u2019emp\u00eachait pas CP d\u2019exploiter un chemin de fer le long du<br \/>\ncorridor. Le fait qu\u2019exploiter un chemin de fer serait non rentable<br \/>\nn\u2019avait aucun poids dans l\u2019examen de la question.<\/p>\n<p>Si l\u2019expropriation de facto n\u2019\u00e9tait pas disponible dans CP,<br \/>\nalors quand le sera-t-elle ? Trois exemples pourraient servir \u00e0<br \/>\nclarifier cela. Le premier exemple, Manitoba Fisheries Ltd. c. <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 40<\/p>\n<p>Return to CONTENTS<\/p>\n<p>QUESTIONS JURIDIQUES<\/p>\n<p>La Reine, [1979] 1 RCS 101 (CSC) [Manitoba Fisheries], ne traite<br \/>\npas sp\u00e9cifiquement de l\u2019expropriation de facto, mais il aborde<br \/>\nquand m\u00eame les notions de \u00ab saisie \u00bb et d\u2019expropriation par le<br \/>\ngouvernement et il renforce la pr\u00e9somption que l\u2019on ne saisit<br \/>\npas une propri\u00e9t\u00e9 sans indemnisation. Dans Manitoba Fisheries,<br \/>\nl\u2019appelante avait poss\u00e9d\u00e9 et exploit\u00e9 une entreprise d\u2019exportation<br \/>\nde poisson jusqu\u2019\u00e0 ce que le gouvernement f\u00e9d\u00e9ral adopte une<br \/>\nloi donnant \u00e0 un Office f\u00e9d\u00e9ral l\u2019exclusivit\u00e9 de telles activit\u00e9s,<br \/>\nsupprimant du coup l\u2019entreprise de l\u2019appelante. Celle-ci a poursuivi<br \/>\navec succ\u00e8s et obtenu une indemnisation. Le juge Ritchie, \u00e9crivant<br \/>\npour la Cour supr\u00eame du Canada, d\u00e9clarait en partie :<br \/>\n A mon avis, la Loi sur la commercialisation du poisson d\u2019eau <\/p>\n<p>douce et l\u2019Office qu\u2019elle \u00e9tablit ont eu pour effet de priver<br \/>\nl\u2019appelante de l\u2019achalandage attach\u00e9 \u00e0 son entreprise en<br \/>\nactivit\u00e9 et ont, \u00e0 toutes fins pratiques, rendu inutiles ses biens<br \/>\ncorporels; en outre, l\u2019achalandage constitue un bien pour<br \/>\nla perte duquel l\u2019appelante n\u2019a jamais \u00e9t\u00e9 indemnis\u00e9e. Rien<br \/>\ndans la Loi n\u2019autorise le gouvernement \u00e0 prendre possession<br \/>\nd\u2019un tel bien sans verser d\u2019indemnit\u00e9 et, puisque je conclus<br \/>\nqu\u2019il y a effectivement eu d\u00e9possession, je dois conclure que<br \/>\ncelle-ci n\u2019\u00e9tait pas autoris\u00e9e vu la r\u00e8gle bien \u00e9tablie que<br \/>\n[traduction] \u00ab sauf si ses termes l\u2019exigent, une loi ne doit pas<br \/>\n\u00eatre interpr\u00e9t\u00e9e de mani\u00e8re \u00e0 d\u00e9poss\u00e9der une personne de<br \/>\nses biens sans indemnisation \u00bb (lord Atkinson, dans l\u2019arr\u00eat <\/p>\n<p>Attorney-General v. De Keyser\u2019s Royal Hotel, pr\u00e9cit\u00e9).<br \/>\nDans R. c. Tener, [1985] 1 RCS 533 (CSC) [Tener], le gouvernement de<br \/>\nla Colombie- Britannique avait d\u00e9cid\u00e9 qu\u2019il n\u2019\u00e9mettrait plus de permis<br \/>\naux mineurs pour qu\u2019ils puissent effectuer des travaux d\u2019exploration<br \/>\ndans les claims miniers conc\u00e9d\u00e9s par Sa Majest\u00e9 et situ\u00e9s dans le<br \/>\nparc provincial Wells Gray; alors, le terrain a \u00e9t\u00e9 am\u00e9lior\u00e9 comme<br \/>\nun parc public. La Cour supr\u00eame du Canada concluait qu\u2019une<br \/>\nexpropriation de facto \u00e9tait survenue. La Cour consid\u00e9rait que le<br \/>\ngouvernement avait, de fait, repris ce qu\u2019il avait accord\u00e9 dans les<br \/>\nclaims miniers en emp\u00eachant l\u2019utilisation m\u00eame pour laquelle<br \/>\nles claims avaient \u00e9t\u00e9 accord\u00e9s. Qui plus est, il y avait un b\u00e9n\u00e9fice<br \/>\ncorrespondant engendr\u00e9 par l\u2019am\u00e9lioration du parc public.<\/p>\n<p>Dans Casamiro Resources Corp. v. British Columbia (Attorney<br \/>\nGeneral) 1991 CarswellBC 86 (BCCA), la Cour d\u2019appel de la Colombie-<br \/>\nBritannique appliquait Tener \u00e0 une autre situation impliquant des droits<br \/>\nminiers affect\u00e9s par la cr\u00e9ation du parc Strathcona. Une combinaison<br \/>\nde lois emp\u00eachait les d\u00e9tenteurs de droits miniers d\u2019exercer ces droits<br \/>\nde propri\u00e9t\u00e9. La juge Southin, \u00e9crivant pour la cour, d\u00e9clarait qu\u2019un<br \/>\nd\u00e9cret particulier interdisant l\u2019\u00e9mission de permis pour des claims<br \/>\nminiers constituait une expropriation parce que les concessions de la<br \/>\nCouronne \u00e9taient devenues \u00ab des documents d\u00e9nu\u00e9s de sens \u00bb. Dans<br \/>\nses raisons pour le jugement, Son Honneur \u00e9crivait en partie :<br \/>\n \u2026 Le fait que le lieutenant-gouverneur en conseil ne qualifie pas <\/p>\n<p>cet acte d\u2019expropriation et qu\u2019il n\u2019ait pas suivi les proc\u00e9dures <\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 41<\/p>\n<p>Return to CONTENTS<\/p>\n<p>QUESTIONS JURIDIQUES<\/p>\n<p>\u00e9dict\u00e9es dans l\u2019Expropriation Act ne prive pas le propri\u00e9taire<br \/>\ndes droits accord\u00e9s \u00e0 un propri\u00e9taire par les parag. 9 et<br \/>\nsuivants de l\u2019Expropriation Act\u2026<\/p>\n<p>Les trois exemples ci-dessus d\u00e9montrent la possibilit\u00e9 d\u2019une<br \/>\ndemande d\u2019indemnisation sans la saisie physique d\u2019une propri\u00e9t\u00e9,<br \/>\nmais il est tr\u00e8s difficile de l\u2019emporter sur une forte autorit\u00e9<br \/>\njudiciaire en faveur d\u2019une r\u00e9glementation sur l\u2019utilisation des<br \/>\nterres, m\u00eame si les tribunaux reconnaissent depuis longtemps<br \/>\nque cette r\u00e9glementation peut \u00eatre pr\u00e9judiciable aux int\u00e9r\u00eats<br \/>\nfinanciers des propri\u00e9taires fonciers. Par exemple, dans Mariner<br \/>\nReal Estate Ltd. v. Nova Scotia (Attorney General), 1999 NSCA 98<br \/>\n(N.S.C.A.) [Mariner], au parag. 42. J.A. Cromwell \u00e9crivait :<br \/>\n 42 Dans ce pays, la r\u00e9glementation g\u00e9n\u00e9ralis\u00e9e et restrictive <\/p>\n<p>sur l\u2019utilisation des terres est la norme. \u00c0 quelques exceptions<br \/>\npr\u00e8s, cette r\u00e9glementation est consid\u00e9r\u00e9e comme ne<br \/>\nconstituant pas une expropriation indemnisable. C\u2019est un<br \/>\nprincipe juridique \u00e9tabli, par exemple, que la r\u00e9glementation de<br \/>\nl\u2019utilisation des terres qui a pour cons\u00e9quence de diminuer la<br \/>\nvaleur d\u2019un terrain ne constitue pas une expropriation\u2026 Je veux<br \/>\n\u00e9galement citer le texte suivant de l\u2019auteur E.C.E. Todd, dans<br \/>\nson ouvrage The Law of Expropriation in Canada, (2e, 1992),<br \/>\npages 22-23 :<\/p>\n<p>      Historiquement, la notion de propri\u00e9t\u00e9 est per\u00e7ue comme<br \/>\nun faisceau de droits, dont l\u2019un des plus importants est celui<br \/>\nde l\u2019utilisateur\u2026<\/p>\n<p>      Aujourd\u2019hui, les principales restrictions sur l\u2019utilisation des<br \/>\nterres proviennent des dispositions cr\u00e9\u00e9es par les autorit\u00e9s<br \/>\npubliques sur la planification et le zonage. Par l\u2019imposition,<br \/>\nl\u2019\u00e9limination ou l\u2019alt\u00e9ration des contr\u00f4les de l\u2019utilisation des<br \/>\nterres, une autorit\u00e9 publique peut faire augmenter ou diminuer<br \/>\nconsid\u00e9rablement la valeur des terrains en modifiant les<br \/>\nutilisations permises qui peuvent en d\u00e9couler. Dans un tel cas,<br \/>\nen l\u2019absence d\u2019une disposition l\u00e9gislative expresse du contraire,<br \/>\nun propri\u00e9taire n\u2019a pas droit \u00e0 une indemnisation ou \u00e0 tout autre<br \/>\nrecours, nonobstant le fait que l\u2019approbation de subdivision ou<br \/>\nle zonage soit refus\u00e9(e) ou que l\u2019am\u00e9nagement soit bloqu\u00e9 ou<br \/>\ngel\u00e9, conform\u00e9ment aux pouvoirs l\u00e9gislatifs de planification de<br \/>\nmani\u00e8re, par exemple, \u00e0 faciliter l\u2019acquisition future du terrain<br \/>\npour des fins publiques. \u00ab D\u2019ordinaire dans ce pays, aux \u00c9tats-<br \/>\nUnis et au Royaume-Uni, l\u2019indemnisation ne suit pas le zonage \u00e0<br \/>\nla hausse ou \u00e0 la baisse \u2026 (mais) un preneur ne peut se servir du<br \/>\nzonage pour d\u00e9pr\u00e9cier la valeur d\u2019une propri\u00e9t\u00e9 comme pr\u00e9lude<br \/>\n\u00e0 la saisie obligatoire de la propri\u00e9t\u00e9 pour une fin publique. \u2026<br \/>\n(c\u2019est nous qui soulignons)<\/p>\n<p>Cette juxtaposition de l\u2019expropriation et de la r\u00e9glementation<br \/>\nde l\u2019utilisation des terres \u00e9tait un enjeu dans Halifax Regional<br \/>\nMunicipality v. Annapolis Group Inc. 2021 CarswellNS 4,<br \/>\nautorisation d\u2019interjeter appel aupr\u00e8s la Cour supr\u00eame du<br \/>\nCanada, 2021 CarswellNS 455\/456 [Annapolis]. Annapolis est<br \/>\nle v\u00e9hicule qu\u2019utilisera la Cour supr\u00eame du Canada pour revoir <\/p>\n<p>la loi sur l\u2019expropriation de facto. La Municipalit\u00e9 r\u00e9gionale<br \/>\nd\u2019Halifax (MRH) a adopt\u00e9 une strat\u00e9gie de planification pour<br \/>\nencadrer le d\u00e9veloppement. Deux d\u00e9signations s\u2019appliquaient<br \/>\nau terrain du propri\u00e9taire : 1) \u00c9tablissement urbain permettant<br \/>\ndes formes urbaines d\u2019am\u00e9nagement sur une p\u00e9riode de 25<br \/>\nans, et 2) R\u00e9serve urbaine identifiant les terres pouvant \u00eatre<br \/>\nd\u00e9velopp\u00e9es au-del\u00e0 de l\u2019horizon de 25 ans. Le plan comprenait<br \/>\nles limites conceptuelles d\u2019un parc r\u00e9gional. Le d\u00e9veloppement<br \/>\nexigeait une r\u00e9solution du conseil r\u00e9gional de la MRH et<br \/>\nl\u2019amendement d\u2019un r\u00e8glement sur l\u2019utilisation des terres. Le<br \/>\npropri\u00e9taire voulait d\u00e9velopper ce qui n\u00e9cessitait une phase de<br \/>\nplanification secondaire pour la propri\u00e9t\u00e9 effectu\u00e9e par la MRH,<br \/>\nqui a \u00e9ventuellement adopt\u00e9 une r\u00e9solution refusant d\u2019initier<br \/>\nle processus de planification secondaire. De surcro\u00eet, la MRH<br \/>\nappuyait activement et promouvait l\u2019utilisation publique de<br \/>\nla propri\u00e9t\u00e9 d\u2019Annapolis \u00e0 des fins de loisir. Annapolis lan\u00e7ait<br \/>\nune poursuite en justice, all\u00e9guant que le terrain avait \u00e9t\u00e9<br \/>\nexpropri\u00e9 de facto.<\/p>\n<p>La Cour d\u2019appel de la Nouvelle-\u00c9cosse a reconnu le principe<br \/>\njuridique voulant que, \u00e0 moins d\u2019un langage express du<br \/>\ncontraire dans la l\u00e9gislation, celle-ci ne peut \u00eatre interpr\u00e9t\u00e9e<br \/>\ncomme permettant de saisir une propri\u00e9t\u00e9 sans indemnisation.<br \/>\nPourtant, la cour, s\u2019appuyant sur CP et sur la jurisprudence en<br \/>\nmati\u00e8re d\u2019expropriation de facto existant avant CP a conclu que<br \/>\nle test \u00e0 deux volets n\u2019avait pas \u00e9t\u00e9 dress\u00e9.<\/p>\n<p>En arrivant \u00e0 sa conclusion, la Cour d\u2019appel de la Nouvelle-<br \/>\n\u00c9cosse a invoqu\u00e9 un ensemble de cas faisant jurisprudence<br \/>\nqui deviendront une partie importante de l\u2019argumentaire sur<br \/>\nAnnapolis \u00e0 l\u2019audience judiciaire de la Cour supr\u00eame du Canada.<br \/>\nLe concept d\u2019\u00ab expropriation d\u00e9guis\u00e9e \u00bb s\u2019est d\u00e9velopp\u00e9 au<br \/>\nCanada, notamment dans le Code civil du Qu\u00e9bec. La Cour<br \/>\nsupr\u00eame du Canada reconnaissait le concept dans Lorraine<br \/>\n(Ville) c. 2646-8926 Qu\u00e9bec inc., 2018 CSC 35 [Lorraine].<br \/>\nL\u2019opinion de la Cour d\u2019appel sur l\u2019\u00ab expropriation d\u00e9guis\u00e9e \u00bb est<br \/>\ncaptur\u00e9e dans les paragraphes 78 \u00e0 82 d\u2019Annapolis :<br \/>\n 78 L\u2019affaire au civil Lorraine&#8230; ne dicte pas une conclusion <\/p>\n<p>contraire. Dans ce cas, le demandeur r\u00e9clamait une s\u00e9rie de<br \/>\nrecours, incluant une d\u00e9claration \u00e0 l\u2019effet que les r\u00e8glements<br \/>\n\u00e9taient une nullit\u00e9 et que l\u2019action de la Municipalit\u00e9 constituait<br \/>\nune expropriation d\u00e9guis\u00e9e. Seule la pr\u00e9sentation rapide de<br \/>\nl\u2019action en justice \u00e9tait devant la Cour supr\u00eame. Cependant,<br \/>\nen rejetant la r\u00e9clamation, la Cour notait que la r\u00e9clamation<br \/>\npour expropriation d\u00e9guis\u00e9e pouvait se poursuivre.<\/p>\n<p>      79 Le juge des requ\u00eates s\u2019est r\u00e9f\u00e9r\u00e9 ici \u00e0 l\u2019extrait suivant<br \/>\ndes deux paragraphes d\u2019introduction de la d\u00e9cision de la Cour<br \/>\nsupr\u00eame du Canada :<\/p>\n<p>      35 Concernant l\u2019expropriation de facto ou l\u2019expropriation<br \/>\nde fait, le concept est abord\u00e9 dans les paragraphes<br \/>\nd\u2019introduction de l\u2019affaire Lorraine r\u00e9dig\u00e9s par le juge en chef<br \/>\nWagner de la Supr\u00eame Court du Canada :<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 42<\/p>\n<p>Return to CONTENTS<\/p>\n<p>QUESTIONS JURIDIQUES<\/p>\n<p>      1 La notion d\u2019expropriation r\u00e9f\u00e8re au pouvoir, pour une<br \/>\nautorit\u00e9 publique, de priver un propri\u00e9taire de la jouissance<br \/>\ndes attributs de son droit de propri\u00e9t\u00e9 sur un bien. Compte<br \/>\ntenu de l\u2019importance accord\u00e9e \u00e0 la propri\u00e9t\u00e9 priv\u00e9e dans les<br \/>\nd\u00e9mocraties lib\u00e9rales, l\u2019exercice du pouvoir d\u2019exproprier est<br \/>\nstrictement encadr\u00e9 afin de veiller \u00e0 ce que les expropriations<br \/>\nsoient accomplies pour des fins publiques l\u00e9gitimes et<br \/>\nmoyennant une juste indemnit\u00e9. Au Qu\u00e9bec, la Loi sur<br \/>\nl\u2019expropriation, RLRQ, c. E-24, limite l\u2019exercice de ce pouvoir et<br \/>\n\u00e9dicte la proc\u00e9dure \u00e0 suivre \u00e0 cet \u00e9gard.<\/p>\n<p>      2 Dans les cas o\u00f9 une expropriation est effectu\u00e9e en dehors<br \/>\nde ce cadre l\u00e9gislatif, pour des motifs obliques, notamment afin<br \/>\nd\u2019\u00e9viter le paiement d\u2019une indemnit\u00e9, on dit alors qu\u2019il s\u2019agit<br \/>\nd\u2019une expropriation d\u00e9guis\u00e9e. Ainsi, lorsqu\u2019une administration<br \/>\nmunicipale exerce abusivement son pouvoir de r\u00e9glementer<br \/>\nles usages permis sur son territoire dans le but de proc\u00e9der<br \/>\n\u00e0 une expropriation sans verser d\u2019indemnit\u00e9, deux modes de<br \/>\nr\u00e9paration s\u2019offrent alors au propri\u00e9taire l\u00e9s\u00e9. Il peut demander<br \/>\nque la r\u00e9glementation qui a entra\u00een\u00e9 l\u2019expropriation soit d\u00e9clar\u00e9e<br \/>\nnulle ou inopposable \u00e0 son \u00e9gard. Dans l\u2019\u00e9ventualit\u00e9 o\u00f9 cette<br \/>\navenue ne lui \u00e9tait plus ouverte, il lui est loisible de r\u00e9clamer le<br \/>\npaiement d\u2019une indemnit\u00e9 correspondant \u00e0 la valeur du bien dont<br \/>\nil est spoli\u00e9. [soulignement dans l\u2019original]<\/p>\n<p>      80 La d\u00e9claration \u00e0 l\u2019effet que la propri\u00e9t\u00e9 expropri\u00e9e<br \/>\nen dehors du cadre l\u00e9gislatif pour des motifs obliques est \u00ab<br \/>\nd\u00e9guis\u00e9e \u00bb ne signifie pas que les deux volets du crit\u00e8re juridique<br \/>\npour l\u2019expropriation de facto n\u2019aient pas besoin d\u2019\u00eatre remplis.<\/p>\n<p>      81 On l\u2019a affirm\u00e9 r\u00e9cemment dans Ville de Qu\u00e9bec c. Rivard,<br \/>\n2020 QCCA 146 (C.A. Qu\u00e9.). Apr\u00e8s avoir invoqu\u00e9 Lorraine, la<br \/>\nCour d\u00e9clarait :<\/p>\n<p>      63 Il est depuis longtemps reconnu que pour constituer<br \/>\nde l\u2019expropriation d\u00e9guis\u00e9e, la r\u00e9glementation doit \u00eatre \u00e0<br \/>\nce point restrictive qu\u2019elle rend impossible l\u2019exercice du<br \/>\ndroit de propri\u00e9t\u00e9 et qu\u2019elle \u00e9quivaut \u00e0 une confiscation,<br \/>\ndans la mesure o\u00f9 le zonage est utilis\u00e9 pour exproprier<br \/>\nsans indemniser.<\/p>\n<p>      82 Avec respect, Lorraine (Ville) n\u2019\u00e9tend pas les crit\u00e8res<br \/>\nbien \u00e9tablis pour la d\u00e9termination de l\u2019expropriation de facto.<br \/>\nLes motifs ne sont pas des faits substantiels dans le contexte<br \/>\nd\u2019une r\u00e9clamation pour expropriation de facto.<\/p>\n<p>Nous verrons bient\u00f4t si l\u2019interpr\u00e9tation actuelle de l\u2019expropriation<br \/>\nde facto pr\u00e9vaudra, si le test \u00e0 deux volets mentionn\u00e9 dans CP<br \/>\ndemeurera inchang\u00e9 et quel r\u00f4le l\u2019\u00ab expropriation d\u00e9guis\u00e9e \u00bb<br \/>\npeut jouer dans la protection des droits de propri\u00e9t\u00e9.<\/p>\n<p>Note de fin<br \/>\n1 Annapolis Group Inc. c. Municipalit\u00e9 r\u00e9gionale d\u2019Halifax,  <\/p>\n<p>Cour supr\u00eame du Canada, registre 39594<\/p>\n<p>Cet article est fourni dans le but d\u2019alimenter la discussion. Il<br \/>\nne doit pas \u00eatre consid\u00e9r\u00e9 comme un avis juridique. Toutes les<br \/>\nquestions relatives aux situations abord\u00e9es ici devraient \u00eatre<br \/>\npos\u00e9es \u00e0 des praticiens qualifi\u00e9s dans les domaines du droit et<br \/>\nde l\u2019\u00e9valuation. <\/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>Vol 65 | Book 4 \/ Tome 4 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>AVERAGE AND ITS ROLE IN<br \/>\nREAL ESTATE APPRAISAL<br \/>\nLa moyenne et son<br \/>\nr\u00f4le dans l\u2019\u00e9valuation<br \/>\nimmobili\u00e8re<\/p>\n<p>DE FACTO<br \/>\nEXPROPRIATION SOON<br \/>\nTO BE REVISITED<br \/>\nL\u2019expropriation de facto<br \/>\nsera bient\u00f4t revue<\/p>\n<p>2021 FEDERAL<br \/>\nELECTION UPDATE<br \/>\nMise \u00e0 jour sur les<br \/>\n\u00e9lections f\u00e9d\u00e9rales 2021<\/p>\n<p>THE<\/p>\n<p>OF BIG CITIES<br \/>\nLE<\/p>\n<p>DES GRANDES VILLES<\/p>\n<p>Immobili\u00e8re au Canada<\/p>\n<p>Canadian Property<\/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>Vol 65 | Book 4 \/ Tome 4 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>AVERAGE AND ITS ROLE IN<br \/>\nREAL ESTATE APPRAISAL<br \/>\nLa moyenne et son<br \/>\nr\u00f4le dans l\u2019\u00e9valuation<br \/>\nimmobili\u00e8re<\/p>\n<p>DE FACTO<br \/>\nEXPROPRIATION SOON<br \/>\nTO BE REVISITED<br \/>\nL\u2019expropriation de facto<br \/>\nsera bient\u00f4t revue<\/p>\n<p>2021 FEDERAL<br \/>\nELECTION UPDATE<br \/>\nMise \u00e0 jour sur les<br \/>\n\u00e9lections f\u00e9d\u00e9rales 2021<\/p>\n<p>THE<\/p>\n<p>OF BIG CITIES<br \/>\nLE<\/p>\n<p>DES GRANDES VILLES<\/p>\n<p>Immobili\u00e8re au Canada<\/p>\n<p>Canadian Property<\/p>\n<p>Vol 65 | Book 4 \/ Tome 4 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>AVERAGE AND ITS ROLE IN<br \/>\nREAL ESTATE APPRAISAL<br \/>\nLa moyenne et son<br \/>\nr\u00f4le dans l\u2019\u00e9valuation<br \/>\nimmobili\u00e8re<\/p>\n<p>DE FACTO<br \/>\nEXPROPRIATION SOON<br \/>\nTO BE REVISITED<br \/>\nL\u2019expropriation de facto<br \/>\nsera bient\u00f4t revue<\/p>\n<p>2021 FEDERAL<br \/>\nELECTION UPDATE<br \/>\nMise \u00e0 jour sur les<br \/>\n\u00e9lections f\u00e9d\u00e9rales 2021<\/p>\n<p>THE<\/p>\n<p>OF BIG CITIES<br \/>\nLE<\/p>\n<p>DES GRANDES VILLES<\/p>\n<p>Immobili\u00e8re au Canada<\/p>\n<p>Canadian Property<\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 43<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"4A1BAJAA6G\"><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=NbtQbUtbZo#?secret=4A1BAJAA6G\" data-secret=\"4A1BAJAA6G\" 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<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>Return to CONTENTS<\/p>\n<p>2021 federal election update<\/p>\n<p>On September 20, 2021, Canadians elected a second consecutive federal minority government, the Liberal Party<br \/>\nof Canada, led by Justin Trudeau.<\/p>\n<p>At the time of this advocacy update, we were<br \/>\nstill several weeks away from the newly-elected<br \/>\nor re-elected Members of Parliament (MPs)<br \/>\ngetting settled on Parliament Hill, as well as<br \/>\nwitnessing the Governor-General swearing in a<br \/>\nnew cabinet. <\/p>\n<p>That said, the Appraisal Institute of<br \/>\nCanada (AIC) began planning and preparing<br \/>\nthe groundwork to approach all levels of<br \/>\ngovernment and MPs of all political stripes in<br \/>\nlate November and early December. The AIC<br \/>\nExecutive Committee, Advocacy Committee<br \/>\nand Communications Committee will be<br \/>\nmeeting (virtually) with several dozen MPs to<br \/>\nintroduce them to the AIC and the important<br \/>\nrole appraisers play in the real estate market,<br \/>\nas well as to discuss specific housing-related<br \/>\ninitiatives. The first Canadian Property Valuation<br \/>\nmagazine of 2022 will provide an overview of<br \/>\nthose meetings.<\/p>\n<p>Some of the groundwork in approaching<br \/>\nMPs commenced during the election campaign<br \/>\nthat occurred from mid-August to mid-<br \/>\nSeptember as several hundred letters were<br \/>\nsent by AIC Members to their local candidates<br \/>\nby using the digital grassroots advocacy<br \/>\nplatform that the AIC launched. These letters<br \/>\nwere an attempt to ensure that appraisers are<br \/>\ncontinuously consulted when housing policies<br \/>\nand decisions are made.<\/p>\n<p>The last several years (three years to be<br \/>\nprecise) of lobbying on Parliament Hill have <\/p>\n<p>allowed us to build strong relationships with<br \/>\nre-elected MPs and our increased credibility and<br \/>\nbrand awareness will allow us to forge new ones<br \/>\nwith newly-elected MPs.<\/p>\n<p>As we await the look of the new cabinet, here is<br \/>\na reminder of the housing-related commitments<br \/>\nmade by Prime Minister Justin Trudeau and<br \/>\nthe Liberal Party of Canada during the election<br \/>\ncampaign. We will make every attempt to ensure<br \/>\nthe interests of AIC Members, as well as the<br \/>\npublic, are well represented as the federal<br \/>\ngovernment implements these various initiatives<br \/>\nover the next several months and years.<\/p>\n<p>\u2022 Introducing a Home Buyers&rsquo; Bill of Rights<br \/>\nthat will, amongst other things, ban blind<br \/>\nbidding, introduce a publicly accessible<br \/>\nBeneficial Ownership Registry (previously<br \/>\nrecommended by the AIC), establish a legal<br \/>\nright to a home inspection.<\/p>\n<p>\u2022 Introducing a tax-free First Home Savings<br \/>\nAccount, which will allow Canadians under<br \/>\n40 to save up to $40K toward their first home.<\/p>\n<p>\u2022 Making the First-Time Home Buyer Incentive<br \/>\nmore flexible to give Canadians the option of<br \/>\na deferred mortgage loan.<\/p>\n<p>\u2022 Doubling the First-Time Home Buyers Tax<br \/>\nCredit from $5,000 to $10,000.<\/p>\n<p>\u2022 Utilizing the Housing Accelerator Fund<br \/>\nin order to make $4 billion available to<br \/>\nchallenge the country\u2019s largest cities to<br \/>\naccelerate their housing plans.<\/p>\n<p>\u2022 Permanently increasing funding to the<br \/>\nNational Housing Co-investment Fund<br \/>\nfor a total of $2.7 billion over 4 years.<\/p>\n<p>\u2022 Converting empty office space into<br \/>\nhousing.<\/p>\n<p>\u2022 Introducing the Multi-generational<br \/>\nHome Renovation Tax Credit to support<br \/>\nfamilies looking to add a secondary unit<br \/>\nto their homes.<\/p>\n<p>\u2022 Introducing an anti-flipping tax on<br \/>\nresidential properties, requiring properties<br \/>\nto be held for at least 12 months.<\/p>\n<p>\u2022 Banning new foreign ownership of<br \/>\nCanadian houses for the next two years.<\/p>\n<p>The entire list of measures can be viewed at:<br \/>\nhttps:\/\/lnkd.in\/gjgQ-dSa.<\/p>\n<p>To provide feedback or comments on any<br \/>\nof the above, please contact the AIC Advocacy<br \/>\nTeam at comments@aicanada.ca. <\/p>\n<p>ADVOCACY<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 44<\/p>\n<p>https:\/\/lnkd.in\/gjgQ-dSa<br \/>\nmailto:comments@aicanada.ca<\/p>\n<p>Return to CONTENTS<\/p>\n<p>Mise \u00e0 jour sur les<br \/>\n\u00e9lections f\u00e9d\u00e9rales 2021<\/p>\n<p>Le 20 septembre 2021, les Canadiens \u00e9lisaient un second gouvernement f\u00e9d\u00e9ral minoritaire cons\u00e9cutif, celui du Parti lib\u00e9ral du<br \/>\nCanada, dirig\u00e9 par Justin Trudeau.<\/p>\n<p>Au moment d\u2019actualiser cet article<br \/>\nsur la d\u00e9fense des int\u00e9r\u00eats, il restait<br \/>\nplusieurs semaines avant que les d\u00e9put\u00e9s<br \/>\nnouvellement \u00e9lus ou r\u00e9\u00e9lus ne s\u2019installent<br \/>\nsur la Colline du Parlement et que l\u2019on<br \/>\nn\u2019assiste \u00e0 l\u2019assermentation d\u2019un nouveau<br \/>\ncabinet par la gouverneure g\u00e9n\u00e9rale.<\/p>\n<p>C\u2019est pourquoi l\u2019Institut canadien des<br \/>\n\u00e9valuateurs (ICE) a commenc\u00e9, fin novembre<br \/>\net d\u00e9but d\u00e9cembre, \u00e0 planifier et pr\u00e9parer les<br \/>\nefforts d\u00e9ploy\u00e9s pour contacter tous les ordres<br \/>\nde gouvernement ainsi que les d\u00e9put\u00e9s de<br \/>\ntoutes les all\u00e9geances politiques. Le Comit\u00e9<br \/>\nex\u00e9cutif, le Comit\u00e9 de d\u00e9fense des int\u00e9r\u00eats<br \/>\net le Comit\u00e9 des communications de l\u2019ICE<br \/>\nse r\u00e9uniront (virtuellement) avec plusieurs<br \/>\ndouzaines de d\u00e9put\u00e9s pour leur pr\u00e9senter l\u2019ICE<br \/>\net leur expliquer le r\u00f4le important que jouent<br \/>\nles \u00e9valuateurs dans le march\u00e9 immobilier,<br \/>\nen plus de parler d\u2019initiatives particuli\u00e8res en<br \/>\nmati\u00e8re de logement. Le premier num\u00e9ro de<br \/>\nla revue \u00c9valuation immobili\u00e8re au Canada en<br \/>\n2022 donnera un aper\u00e7u de ces r\u00e9unions.<\/p>\n<p>Une partie du travail pr\u00e9paratoire pour<br \/>\ncontacter les d\u00e9put\u00e9s a d\u00e9but\u00e9 durant la<br \/>\ncampagne \u00e9lectorale, qui s\u2019est d\u00e9roul\u00e9e<br \/>\nde mi-ao\u00fbt \u00e0 mi-septembre, alors que les<br \/>\nmembres de l\u2019ICE ont fait parvenir plusieurs<br \/>\ncentaines de lettres \u00e0 leurs candidats locaux,<br \/>\nen utilisant la plate-forme num\u00e9rique de<br \/>\nrevendication communautaire inaugur\u00e9e par<br \/>\nl\u2019Institut. Le but de ces lettres \u00e9tait d\u2019assurer <\/p>\n<p>que les \u00e9valuateurs soient toujours consult\u00e9s<br \/>\nlorsque l\u2019on \u00e9tablit des politiques sur le<br \/>\nlogement ou que l\u2019on prend des d\u00e9cisions en<br \/>\nla mati\u00e8re.<\/p>\n<p>Les quelques derni\u00e8res ann\u00e9es (trois<br \/>\nans pour \u00eatre pr\u00e9cis) de lobbying exerc\u00e9 sur<br \/>\nla Colline du Parlement nous ont permis<br \/>\nde construire des relations solides avec les<br \/>\nd\u00e9put\u00e9s r\u00e9\u00e9lus, alors que notre plus grande<br \/>\ncr\u00e9dibilit\u00e9 et la popularit\u00e9 croissante de notre<br \/>\nmarque nous permettront d\u2019en forger d\u2019autres<br \/>\navec les d\u00e9put\u00e9s nouvellement \u00e9lus.<\/p>\n<p>En attendant la composition du nouveau<br \/>\ncabinet, voici un rappel des engagements sur<br \/>\nle logement qu\u2019ont pris le premier ministre<br \/>\nJustin Trudeau et le Parti lib\u00e9ral du Canada<br \/>\ndurant la campagne \u00e9lectorale. Nous ferons<br \/>\ntout en notre pouvoir pour assurer que les<br \/>\nint\u00e9r\u00eats des membres de l\u2019ICE, ainsi que<br \/>\nceux du public, soient bien repr\u00e9sent\u00e9s<br \/>\nquand le gouvernement f\u00e9d\u00e9ral implantera<br \/>\nles diverses initiatives ci-dessous au cours<br \/>\ndes mois et des ann\u00e9es \u00e0 venir.<\/p>\n<p>\u2022 Instaurer une Charte des droits des<br \/>\nacheteurs d\u2019une propri\u00e9t\u00e9 qui, entre<br \/>\nautres choses, interdira les offres \u00e0<br \/>\nl\u2019aveugle, \u00e9tablira un Registre national<br \/>\nde la propri\u00e9t\u00e9 b\u00e9n\u00e9ficiaire accessible au<br \/>\npublic (recommand\u00e9 ant\u00e9rieurement<br \/>\npar l\u2019ICE) et instaurera un droit l\u00e9gal \u00e0<br \/>\nl\u2019inspection technique des propri\u00e9t\u00e9s.<\/p>\n<p>\u2022 Cr\u00e9er un Compte d\u2019\u00e9pargne pour l\u2019achat<br \/>\nd\u2019une premi\u00e8re propri\u00e9t\u00e9, libre d\u2019imp\u00f4t,<br \/>\nqui permettra aux Canadiens de moins de<br \/>\n40 ans d\u2019\u00e9conomiser jusqu\u2019\u00e0 40 000 $ en<br \/>\nvue de l\u2019achat d\u2019une premi\u00e8re propri\u00e9t\u00e9.<\/p>\n<p>\u2022 Assouplir l\u2019Incitatif \u00e0 l\u2019achat d\u2019une <\/p>\n<p>premi\u00e8re propri\u00e9t\u00e9 pour donner<br \/>\naux Canadiens l\u2019option d\u2019un pr\u00eat<br \/>\nhypoth\u00e9caire diff\u00e9r\u00e9.<\/p>\n<p>\u2022 Doubler le Cr\u00e9dit d\u2019imp\u00f4t pour l\u2019achat<br \/>\nd\u2019une premi\u00e8re propri\u00e9t\u00e9, qui passera de<br \/>\n5 000 \u00e0 10 000 $.<\/p>\n<p>\u2022 Cr\u00e9er un Fonds acc\u00e9l\u00e9rateur du<br \/>\nlogement, qui allouera la somme de 4<br \/>\nmilliards de dollars pour lancer aux plus<br \/>\ngrandes villes du pays le d\u00e9fi d\u2019acc\u00e9l\u00e9rer<br \/>\nleurs plans de logements.<\/p>\n<p>\u2022 Augmenter constamment le financement<br \/>\ndu Fonds national de co-investissement<br \/>\npour le logement pour un total de<br \/>\n2,7 milliards de dollars sur quatre ans.<\/p>\n<p>\u2022 Transformer les espaces de bureaux<br \/>\nvides en logements.<\/p>\n<p>\u2022 Instaurer le Cr\u00e9dit d\u2019imp\u00f4t au<br \/>\ntitre de la r\u00e9novation d\u2019habitations<br \/>\nmultig\u00e9n\u00e9rationnelles pour aider les<br \/>\nfamilles qui souhaitent ajouter une<br \/>\nunit\u00e9 d\u2019habitation compl\u00e9mentaire \u00e0<br \/>\nleurs propri\u00e9t\u00e9s.<\/p>\n<p>\u2022 Cr\u00e9er une taxe anti-flip immobilier sur<br \/>\nles immeubles r\u00e9sidentiels, en exigeant<br \/>\nque de tels immeubles soient conserv\u00e9s<br \/>\npendant au moins 12 mois.<\/p>\n<p>\u2022 Interdire l\u2019achat immobilier aux<br \/>\n\u00e9trangers de propri\u00e9t\u00e9s canadiennes<br \/>\npendant les deux prochaines ann\u00e9es.<\/p>\n<p>La liste compl\u00e8te de mesures est ici :<br \/>\nhttps:\/\/liberal.ca\/wp-content\/uploads\/<br \/>\nsites\/292\/2021\/08\/en-chez-soi-pour-tous.pdf.<\/p>\n<p>Pour offrir vos r\u00e9troactions ou vos<br \/>\ncommentaires sur l\u2019un ou plusieurs des points<br \/>\nci-dessus, veuillez contacter l\u2019\u00c9quipe de<br \/>\nd\u00e9fense de l\u2019ICE, \u00e0 comments@aicanada.ca. <\/p>\n<p>D\u00c9FENSE<\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 45<\/p>\n<p>https:\/\/liberal.ca\/wp-content\/uploads\/sites\/292\/2021\/08\/en-chez-soi-pour-tous.pdf<br \/>\nmailto:comments@aicanada.ca<br \/>\nhttps:\/\/liberal.ca\/wp-content\/uploads\/sites\/292\/2021\/08\/en-chez-soi-pour-tous.pdf<\/p>\n<p>Return to CONTENTS<\/p>\n<p>AIC\u2019s education and accreditation process, leading to the AACI or CRA designation, is one of<br \/>\nour core strengths. Members who have<br \/>\nearned their designation can be proud<br \/>\nof their accomplishment \u2013 knowing that,<br \/>\nas an AACI or CRA, they are among the<br \/>\n\u201cprofessionals of choice\u201d in real property<br \/>\nvaluation.  Candidates are the future of<br \/>\nour appraisal industry and should be both<br \/>\nprotected and provided every opportunity<br \/>\nto learn.  <\/p>\n<p>Before becoming a Designated<br \/>\nMember, Candidates learn through the<br \/>\nApplied Experience Program (AEP) to<br \/>\napply Canadian Uniform Standards of<br \/>\nProfessional Appraisal Practice (CUSPAP)<br \/>\nrequirements, First Principles, and best<br \/>\npractices.  The program is instrumental<br \/>\nin increasing quality and decreasing the<br \/>\nrisk of liability.  Candidates\u2019 Designated<br \/>\nCo-signers often have valuable experience<br \/>\nfrom prior clients, complaints, frivolous<br \/>\nor costly claims and can offer advice to<br \/>\nCandidates.  Their Co-signers have taken<br \/>\non new challenges over the years and can<br \/>\ncoach Candidates to meet the challenges<br \/>\ncreated by ongoing industry disruptors in<br \/>\nthe health, finance, technology, and real<br \/>\nestate sectors.  <\/p>\n<p>While Candidates have the opportunity<br \/>\nto learn from their Co-signers, the Work<br \/>\nProduct Review (WPR) program gives <\/p>\n<p>Work Product Review<\/p>\n<p>Candidates an additional opportunity<br \/>\nto learn from experienced, designated<br \/>\nWPR volunteers.  The Applied Experience<br \/>\nProgram (AEP) and WPR programs continue<br \/>\nto be critical to our Candidate Members\u2019<br \/>\nprogress towards designation.  In June<br \/>\n2021, the AIC Board approved a revision of<br \/>\nthe Candidate\u2019s WPR program. Since 2014,<br \/>\nover 3000 reports have been received and<br \/>\npeer review has been a practical part of the<br \/>\ndesignation requirements to demonstrate<br \/>\nan appraiser\u2019s competencies. In 2020<br \/>\nalone, over 444 reports were reviewed by<br \/>\nAIC volunteers.<\/p>\n<p>WPR has been streamlined from<br \/>\na requirement to submit three work<br \/>\nproducts down to two, but both work<br \/>\nproducts must be deemed acceptable<br \/>\nbefore the next work product can be<br \/>\nsubmitted.  This will provide Candidates<br \/>\nwith an opportunity to shorten their<br \/>\ncandidacy if their work product meets<br \/>\nexpectations and does not have to be<br \/>\nresubmitted. It is in the Candidate\u2019s best<br \/>\ninterest to submit examples of their best<br \/>\nwork each time.  The program previously<br \/>\nrequired a different property type for<br \/>\neach work product and will continue<br \/>\nto require Candidates to demonstrate<br \/>\ndiversification in their practice.  They<br \/>\nare discouraged from submitting two<br \/>\nreports on the same property type e.g.,<br \/>\ntwo single-family dwellings, or two<br \/>\ntownhouse condominiums, <\/p>\n<p>Candidates should demonstrate :<br \/>\n\u00fc challenging properties<br \/>\n\u00fc different CUSPAP standards<br \/>\n\u00fc multiple approaches or techniques<br \/>\n\u00fc intended uses other than forms <\/p>\n<p>and mortgage financing, such as<br \/>\nmatrimonial matters, property<br \/>\ntax, estate settlements, \u2018V-day\u2019<br \/>\nappraisals, etc.<\/p>\n<p>Co-signers are required to assist<br \/>\nin the professional growth of<br \/>\nevery Candidate.  A Candidate can<br \/>\nconsider filing a complaint in the<br \/>\nevent a Co-signer refuses to provide<br \/>\nreasonable supervision. <\/p>\n<p>The program continues to be<br \/>\nflexible to allow non-fee appraisers<br \/>\n(e.g., internal appraisers, assessors in<br \/>\nmass appraisal) to submit specialized<br \/>\nwork provided that Candidates can<br \/>\ndemonstrate best practices, First<br \/>\nPrinciples compliance with CUSPAP.<\/p>\n<p>Candidates and Designated<br \/>\nMembers looking for more details<br \/>\nabout the work product review program<br \/>\nor who may be interested in reading<br \/>\nmore about common mistakes found<br \/>\nin co-signed work should visit:<br \/>\nhttps:\/\/www.aicanada.ca\/members-<br \/>\nhome\/path-to-designation\/work-<br \/>\nproduct-review. <\/p>\n<p>If you are interested in sharing<br \/>\nhigh calibre samples or templates of<br \/>\nyour work as a model for Candidates<br \/>\nto follow, please contact the AIC.<br \/>\nAll Members, including Retired,<br \/>\nare welcome.<\/p>\n<p>Are you interested in becoming<br \/>\na WPR Reviewer? To advance the<br \/>\nprofession, the AIC is always welcoming<br \/>\nexperienced appraisers, especially non-<br \/>\nfee or Retired Members in all areas.<br \/>\nVolunteer reviews are flexible for your<br \/>\nschedule and you will earn CPDs. <\/p>\n<p>Work Product Review (WPR) \u2013 program goals:<\/p>\n<p>\u00fc to provide a learning experience for the Candidate and Co-signers;<br \/>\n\u00fc to ensure Candidates continued to be mentored from Co-signers and fellow <\/p>\n<p>appraisal experts across the country;<br \/>\n\u00fc to prepare the Candidate for the AE exam and the Professional Competency <\/p>\n<p>Interview (PCI); and<br \/>\n\u00fc to promote the highest quality Candidates at the end the designation journey.<\/p>\n<p>EDUCATION<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 46<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"w9zWfFgErf\"><p><a href=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/\">Work Product Review<\/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;Work Product Review&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/embed\/#?secret=cSgtOOTWHX#?secret=w9zWfFgErf\" data-secret=\"w9zWfFgErf\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"w9zWfFgErf\"><p><a href=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/\">Work Product Review<\/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;Work Product Review&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/embed\/#?secret=cSgtOOTWHX#?secret=w9zWfFgErf\" data-secret=\"w9zWfFgErf\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"w9zWfFgErf\"><p><a href=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/\">Work Product Review<\/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;Work Product Review&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/embed\/#?secret=cSgtOOTWHX#?secret=w9zWfFgErf\" data-secret=\"w9zWfFgErf\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"w9zWfFgErf\"><p><a href=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/\">Work Product Review<\/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;Work Product Review&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/embed\/#?secret=cSgtOOTWHX#?secret=w9zWfFgErf\" data-secret=\"w9zWfFgErf\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"w9zWfFgErf\"><p><a href=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/\">Work Product Review<\/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;Work Product Review&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/fr\/accueil-des-membres\/voie-menant-a-la-designation\/work-product-review\/embed\/#?secret=cSgtOOTWHX#?secret=w9zWfFgErf\" data-secret=\"w9zWfFgErf\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Return to CONTENTS<\/p>\n<p>Examen du produit du travail<\/p>\n<p>Examen du produit du travail (EPT) \u2013 objectifs du programme : <\/p>\n<p>\u00fc fournir une exp\u00e9rience d\u2019apprentissage aux stagiaires et aux cosignataires;<br \/>\n\u00fc assurer que les stagiaires continuent d\u2019\u00eatre encadr\u00e9s par des cosignataires et des <\/p>\n<p>coll\u00e8gues experts en \u00e9valuation \u00e0 travers le pays;<br \/>\n\u00fc pr\u00e9parer le stagiaire \u00e0 l\u2019examen d\u2019EA et \u00e0 l\u2019entrevue de comp\u00e9tence professionnelle (ECP); <\/p>\n<p>et<br \/>\n\u00fc accueillir les stagiaires de la plus haute qualit\u00e9 \u00e0 la fin du parcours menant \u00e0 la d\u00e9signation.<\/p>\n<p>Le processus de formation et d\u2019accr\u00e9ditation de l\u2019ICE, qui m\u00e8ne \u00e0 la d\u00e9signation d\u2019AACI ou de CRA, est l\u2019une de nos principales forces.<br \/>\nLes membres qui ont obtenu leur d\u00e9signation<br \/>\npeuvent \u00eatre fiers de leur accomplissement<br \/>\n&#8211; sachant qu\u2019en tant qu\u2019AACI ou de CRA, ils<br \/>\nfont partie des \u00ab professionnels de choix \u00bb en<br \/>\nmati\u00e8re d\u2019\u00e9valuation de biens immobiliers.<br \/>\nLes stagiaires sont l\u2019avenir de notre secteur<br \/>\nde l\u2019\u00e9valuation et doivent \u00eatre prot\u00e9g\u00e9s et avoir<br \/>\ntoutes les chances d\u2019apprendre.    <\/p>\n<p>Avant de devenir un membre d\u00e9sign\u00e9, les<br \/>\nstagiaires apprennent, gr\u00e2ce au programme<br \/>\nd\u2019exp\u00e9rience appliqu\u00e9e (PEA), \u00e0 appliquer les<br \/>\nexigences des Normes uniformes de pratique<br \/>\nprofessionnelle en mati\u00e8re d\u2019\u00e9valuation au<br \/>\nCanada (NUPPEC), les Premiers principes<br \/>\net les meilleures pratiques.  Ce programme<br \/>\npermet d\u2019accro\u00eetre la qualit\u00e9 et de r\u00e9duire le<br \/>\nrisque de responsabilit\u00e9.  Les cosignataires<br \/>\nd\u00e9sign\u00e9s des stagiaires ont souvent une<br \/>\nexp\u00e9rience pr\u00e9cieuse acquise aupr\u00e8s de clients<br \/>\nant\u00e9rieurs, de plaintes, de r\u00e9clamations frivoles<br \/>\nou co\u00fbteuses et peuvent offrir des conseils<br \/>\naux stagiaires.  Leurs cosignataires ont relev\u00e9<br \/>\nde nouveaux d\u00e9fis au fil des ans et peuvent<br \/>\naider les stagiaires \u00e0 relever les d\u00e9fis cr\u00e9\u00e9s<br \/>\npar les perturbateurs industriels actuels dans<br \/>\nles secteurs de la sant\u00e9, des finances, de la<br \/>\ntechnologie et de l\u2019immobilier.  <\/p>\n<p>Si les stagiaires ont la possibilit\u00e9<br \/>\nd\u2019apprendre de leurs cosignataires, le<br \/>\nProgramme d\u2019examen des produits du travail <\/p>\n<p>(EPT) leur donne une occasion suppl\u00e9mentaire<br \/>\nd\u2019apprendre, dans le cadre de l\u2019EPT, de b\u00e9n\u00e9voles<br \/>\nexp\u00e9riment\u00e9s et d\u00e9sign\u00e9s.  Les programmes<br \/>\nExp\u00e9rience appliqu\u00e9e (PEA) et EPT continuent<br \/>\nd\u2019\u00eatre essentiels \u00e0 la progression de nos membres<br \/>\nstagiaires vers la d\u00e9signation.  En juin 2021, le<br \/>\nconseil d\u2019administration de l\u2019ICE a approuv\u00e9<br \/>\nune r\u00e9vision du programme EPT des stagiaires.<br \/>\nDepuis 2014, plus de 3000 rapports ont \u00e9t\u00e9 re\u00e7us<br \/>\net l\u2019examen par les pairs a constitu\u00e9 une partie<br \/>\npratique des exigences de d\u00e9signation pour<br \/>\nd\u00e9montrer les comp\u00e9tences d\u2019un \u00e9valuateur. Au<br \/>\ncours de la seule ann\u00e9e 2020, plus de 444 rapports<br \/>\nont \u00e9t\u00e9 examin\u00e9s par des b\u00e9n\u00e9voles de l\u2019ICE. <\/p>\n<p>L\u2019EPT a \u00e9t\u00e9 all\u00e9g\u00e9, passant d\u2019une obligation<br \/>\nde soumettre trois produits de travail \u00e0 deux,<br \/>\nmais les deux produits de travail doivent \u00eatre jug\u00e9s<br \/>\nacceptables avant que le produit de travail suivant<br \/>\npuisse \u00eatre soumis.  Les stagiaires auront ainsi<br \/>\nla possibilit\u00e9 d\u2019\u00e9courter leur stage si leur produit<br \/>\nde travail r\u00e9pond aux attentes et n\u2019a pas \u00e0 \u00eatre<br \/>\nsoumis \u00e0 nouveau. Il est dans l\u2019int\u00e9r\u00eat du stagiaire<br \/>\nde soumettre \u00e0 chaque fois des exemples de son<br \/>\nmeilleur travail.  Le programme exigeait auparavant<br \/>\nun type de propri\u00e9t\u00e9 diff\u00e9rent pour chaque produit<br \/>\nde travail et continuera \u00e0 demander aux stagiaires<br \/>\nde d\u00e9montrer la diversification de leur pratique.<br \/>\nOn leur recommande de ne pas soumettre deux<br \/>\nrapports sur le m\u00eame type de propri\u00e9t\u00e9, par<br \/>\nexemple deux maisons unifamiliales ou deux<br \/>\nmaisons en copropri\u00e9t\u00e9. <\/p>\n<p>Les stagiaires doivent pr\u00e9senter :<br \/>\n\u00fc des propri\u00e9t\u00e9s difficiles \u00e0 \u00e9valuer<br \/>\n\u00fc des normes NUPPEC diff\u00e9rentes<\/p>\n<p>\u00fc des approches ou techniques multiples<br \/>\n\u00fc des utilisations pr\u00e9vues autres que <\/p>\n<p>les formulaires et le financement<br \/>\nhypoth\u00e9caire, telles que les affaires<br \/>\nmatrimoniales, les imp\u00f4ts fonciers, les<br \/>\nr\u00e8glements de succession, les \u00e9valuations<br \/>\ndu \u00ab jour V \u00bb, etc.<\/p>\n<p>Les cosignataires sont tenus de contribuer<br \/>\n\u00e0 la croissance professionnelle de chaque<br \/>\nstagiaire.  Un stagiaire peut envisager de<br \/>\nd\u00e9poser une plainte si un cosignataire refuse<br \/>\nd\u2019assurer une supervision raisonnable.<\/p>\n<p>Le programme reste souple afin de<br \/>\npermettre aux \u00e9valuateurs r\u00e9mun\u00e9r\u00e9s<br \/>\n(par exemple, les \u00e9valuateurs internes, les<br \/>\n\u00e9valuateurs dans le cadre de l\u2019\u00e9valuation<br \/>\nde masse) de soumettre des travaux<br \/>\nsp\u00e9cialis\u00e9s, \u00e0 condition que les stagiaires<br \/>\npuissent d\u00e9montrer qu\u2019ils respectent les<br \/>\nmeilleures pratiques, les Premiers principes<br \/>\net les NUPPEC. <\/p>\n<p>Les stagiaires et les membres d\u00e9sign\u00e9s<br \/>\nqui souhaiteraient en savoir plus de d\u00e9tails<br \/>\nsur le programme d\u2019examen du produit<br \/>\ndu travail ou sur les erreurs courantes<br \/>\nrencontr\u00e9es dans les travaux cosign\u00e9s<br \/>\npeuvent visiter : https:\/\/www.aicanada.ca\/fr\/<br \/>\naccueil-des-membres\/voie-menant-a-la-<br \/>\ndesignation\/work-product-review.<\/p>\n<p>Si vous souhaitez partager des<br \/>\n\u00e9chantillons ou des mod\u00e8les de haut niveau<br \/>\nde votre travail afin de servir de mod\u00e8le<br \/>\naux stagiaires, veuillez contacter l\u2019ICE. Tous<br \/>\nles membres, y compris les retrait\u00e9s, sont<br \/>\nles bienvenus.<\/p>\n<p>\u00cates-vous int\u00e9ress\u00e9 \u00e0 devenir un<br \/>\nexaminateur de l\u2019EPT? Afin de faire<br \/>\nprogresser la profession, l\u2019ICE accueille<br \/>\ntoujours des \u00e9valuateurs exp\u00e9riment\u00e9s,<br \/>\nen particulier des membres r\u00e9mun\u00e9r\u00e9s<br \/>\nou retrait\u00e9s dans tous les domaines. Les<br \/>\nexamens par des b\u00e9n\u00e9voles tiennent compte<br \/>\nde votre emploi du temps et vous permettent<br \/>\nde gagner des cr\u00e9dits de PPC.  <\/p>\n<p>\u00c9DUCATION<\/p>\n<p>Volume 65 | Book 4 \/ Tome 4 | 2021 47<\/p>\n<p>https:\/\/www.aicanada.ca\/fr\/accueil-des-members\/voie-menant-a-la-designation\/work-product-review<br \/>\nhttps:\/\/www.aicanada.ca\/fr\/accueil-des-members\/voie-menant-a-la-designation\/work-product-review<br \/>\nhttps:\/\/www.aicanada.ca\/fr\/accueil-des-members\/voie-menant-a-la-designation\/work-product-review<\/p>\n<p>Return to CONTENTS<\/p>\n<p>NEWS\/NOUVELLES<\/p>\n<p>  SAVE<br \/>\nTHE DATE!<\/p>\n<p>R\u00c9SERVEZ<br \/>\nLA DATE !<\/p>\n<p>Important dates<br \/>\n\u2022 December 31, 2021 \u2013 Deadline to complete 2020-2021 <\/p>\n<p>CPD Cycle Requirements<br \/>\n\u2022 January 1, 2022 \u2013 CUSPAP 2022 goes into effect<br \/>\n\u2022 January 15, 2022 \u2013 Professional Liability Insurance: <\/p>\n<p>Deadline for payments before a late fee applies<br \/>\n\u2022 January 31, 2022 \u2013 Professional Liability Insurance: <\/p>\n<p>Final date for payments before coverage is cancelled<\/p>\n<p>Dates importantes<br \/>\n\u2022 31 d\u00e9cembre 2021 \u2013 Date limite pour remplir les exigences du <\/p>\n<p>cycle de PPC 2020-2021<br \/>\n\u2022 1er janvier 2022 \u2013 Entr\u00e9e en vigueur des NUPPEC 2022<br \/>\n\u2022 15 janvier 2022 \u2013 L\u2019assurance de responsabilit\u00e9 professionnelle :  <\/p>\n<p>Date limite de paiement de avant l\u2019application de frais de retard<br \/>\n\u2022 31 janvier 2022 \u2013 L\u2019assurance de responsabilit\u00e9 professionnelle : <\/p>\n<p>Date limite de paiement avant l\u2019annulation des couvertures <\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 48<\/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 to take your career where you want it to go. Enjoy <\/p>\n<p>workplace flexibility with tremendous scale\u2014in an inclusive, collaborative environment <\/p>\n<p>with supportive teammates. Work on an industry-leading national team that provides <\/p>\n<p>unmatched client service by leveraging best in class research, superior technology and <\/p>\n<p>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>mailto:paul.morassutti@cbre.com<br \/>\nhttp:\/\/www.cbre.ca\/vas<\/p>\n<p>Return to CONTENTS<\/p>\n<p>The following AIC Members have passed away. On behalf of everyone connected<br \/>\nwith the Institute and the profession, we extend our sincerest sympathies to their<br \/>\nfamilies, friends and associates. <\/p>\n<p>In Memoriam \/ En memoire<\/p>\n<p>Les membres suivants de l&rsquo;ICE sont d\u00e9c\u00e9d\u00e9s. Au nom de tous ceux qui<br \/>\noeuvrent de pr\u00e8s ou de loin au sein de l\u2019Institut et de la profession, nous<br \/>\nexprimons nos plus sinc\u00e8res condol\u00e9ances \u00e0 leurs familles, amis et associ\u00e9s.<\/p>\n<p>Canadian Property Valuation  |  \u00c9valuation Immobili\u00e8re au Canada 50<\/p>\n<p>DESIGNATIONS CANDIDATES STUDENTS \/ D\u00c9SIGNATIONS STAGIAIRES \u00c9TUDIANTS<\/p>\n<p>The Appraisal Institute of Canada (AIC),<br \/>\ntogether with the provincial associations<br \/>\nand the provincial bodies affiliated with the<br \/>\nAIC, commend the following Members who<br \/>\ncompleted the rigorous requirements for<br \/>\naccreditation as a Designated Member of<br \/>\nthe AIC during the period July 27, 2021 to<br \/>\nOctober 27, 2021:<\/p>\n<p>L\u2019Institut canadien des \u00e9valuateurs (ICE),<br \/>\nen collaboration avec les associations<br \/>\nprovinciales et les organismes provinciaux<br \/>\naffili\u00e9s \u00e0 l\u2019ICE, f\u00e9licitent les membres<br \/>\nsuivants qui ont compl\u00e9t\u00e9 le programme<br \/>\nrigoureux d\u2019accr\u00e9ditation \u00e0 titre de<br \/>\nmembre d\u00e9sign\u00e9 de l\u2019ICE durant la p\u00e9riode<br \/>\ndu 27 juillet, 2021 au 27 octobre, 2021 :<\/p>\n<p>AIC designations granted \/ D\u00e9signations obtenues de l\u2019ICE<\/p>\n<p>AIC welcomed the following new Candidate members during the period<br \/>\nJuly 27, 2021 to October 27, 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 27 juillet, 2021 au 27 octobre, 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<br \/>\nDeanne Coish<br \/>\nDevin Palmer<\/p>\n<p>British Columbia \/<br \/>\nColombie-Britannique<br \/>\nAmanda Lidster<\/p>\n<p>Manitoba<br \/>\nMeghann Jackson<\/p>\n<p>Newfoundland<br \/>\nand Labrador \/<br \/>\nTerre-Neuve et Labrador<br \/>\nTyler Zack Coley<\/p>\n<p>Nova Scotia \/<br \/>\nNouvelle-\u00c9cosse<br \/>\nZac Skebo Waverley<\/p>\n<p>Nova Scotia \/<br \/>\nNouvelle-\u00c9cosse<br \/>\nJohn McNally<\/p>\n<p>Ontario<br \/>\nSteven Gomes<\/p>\n<p>Saskatchewan<br \/>\nRene Steinhauer<br \/>\nBraydon Hunter Johis<\/p>\n<p>Alberta<br \/>\nMark A. Ambach<br \/>\nStephen John Blanchette<br \/>\nCarlee Leliuk<br \/>\nZhi Li<br \/>\nKevin Adrian Kong Yu Lim<br \/>\nJonathan Licong Lim-Bentley<br \/>\nYuseina Nasser<br \/>\nQuang Nhan<br \/>\nJoshua Oswald<br \/>\nMatthew Sandler<br \/>\nLiam Thomas<br \/>\nMisi Zhang<\/p>\n<p>British Columbia \/<br \/>\nColombie-Britannique<br \/>\nRaymond J. Adensamer<br \/>\nVictor Cheer<br \/>\nScott William Clement<br \/>\nEmilie De Rome<br \/>\nBradley Elliot<br \/>\nWilliam (Ben) Bennett Fisher<br \/>\nConny-Maud Groenevelt<br \/>\nJeremiah Grypstra<br \/>\nAndrew Kerr Harper<br \/>\nBradley Robert Hersack<br \/>\nJim Huang<br \/>\nSteven Craig Johnson<br \/>\nTiffany Hilda Rose Marie Keen<br \/>\nJenny Zhenyi Liang<br \/>\nShi Bo Liu<br \/>\nErin McGregor<br \/>\nGraydon Glenn McPherson<br \/>\nAnoosheh Mohtadi Haghighi<br \/>\nManson Royal Parks<br \/>\nArash Pouran<\/p>\n<p>Branden Quon<br \/>\nTamara Shipton<br \/>\nArondeep Singh Sull<br \/>\nRoman Fernando Tagliafierro<br \/>\nBarbara-Anne Wakeman<br \/>\nSze Wai Wong<br \/>\nEva Yi Hua Xu<\/p>\n<p>Manitoba<br \/>\nVictoria Ho<br \/>\nCarissa Alex Standing<\/p>\n<p>New Brunswick<br \/>\nPaige Chapman<br \/>\nSteven Hildebrand<br \/>\nSarah Leech<\/p>\n<p>Newfoundland and<br \/>\nLabrador \/ Terre-Neuve<br \/>\net Labrador<br \/>\nCarol Kean<br \/>\nJoshua Wade Oake<\/p>\n<p>Northwest Territories \/<br \/>\nTerritoires du Nord-Ouest<br \/>\nQuinton Jordan Weir<\/p>\n<p>Nova Scotia \/<br \/>\nNouvelle-\u00c9cosse<br \/>\nDylan Gray<br \/>\nNathan Johnson<\/p>\n<p>British Columbia \/<br \/>\nColombie-Britannique<br \/>\nVirginia Lynne Coverdale<br \/>\nBraiden Kentala<br \/>\nAllan James Parson<br \/>\nCallista Stavnitzky<\/p>\n<p>Students \/ \u00c9tudiants<br \/>\nThis category of membership serves as the first step on the path to designation for those<br \/>\ncompleting their requirements for Candidate membership. Students considering the<br \/>\nappraisal profession as a career option are also welcomed to this category 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 stagiaire.<br \/>\nLes \u00e9tudiants qui contemplent une carri\u00e8re comme \u00e9valuateur professionnel sont<br \/>\nacceuillis dans cette cat\u00e9gorie de membres.<\/p>\n<p>Ontario<br \/>\nChristian Athanasiou<br \/>\nRohan Bhatia<br \/>\nCassandra Marie Bradshaw<br \/>\nFraser Brandon-Sutherland<br \/>\nJohn Alexander Carney<br \/>\nDaljeet Singh Chahal<br \/>\nMildred Chan<br \/>\nAayush Chouhan<br \/>\nTania Coletta<br \/>\nRyan Crits<br \/>\nAliane Cyuzuzo<br \/>\nLuc Espaillard<br \/>\nRussell Friesen<br \/>\nCarmen Gerasolo<br \/>\nTeresa Godglick<br \/>\nEhsan Hassani<br \/>\nKaili Hilkewich<br \/>\nRichie Ho<br \/>\nChristopher Hopf<br \/>\nMonica Hui<br \/>\nHannah Jakob<br \/>\nAko Jamaati<br \/>\nCarson James<br \/>\nAllison Jaspers-Fayer<br \/>\nJustin Johnson<br \/>\nNalan Kanagasabapathy<br \/>\nGursimran Kaur<br \/>\nSimon Richard Kentner<br \/>\nKimberly Knobel<br \/>\nHye Gi (Mitchell) Kwon<br \/>\nBrian Leung<br \/>\nLoong Liang<br \/>\nDavid Anthony Lopes<br \/>\nNicholas Lumia<\/p>\n<p>Ontario<br \/>\nCarly Demontigny<br \/>\nAnna Everett<br \/>\nAmandeep Kaur<br \/>\nGautam Mahindru<br \/>\nMuhammad Usman Tariq<br \/>\nCindy Tu<br \/>\nAdam B. Watamaniuk<\/p>\n<p>Quebec \/ Qu\u00e9bec<br \/>\nReza Shahcheragh<\/p>\n<p>Ontario<br \/>\nRay Bessette<br \/>\nLuis F. Castro Avila<br \/>\nDan R. Gilliland<br \/>\nIgor Konon<br \/>\nByoung Ki Park<br \/>\nRajeshkumar Patel<br \/>\nMudasser Piracha<br \/>\nMarc Smith<\/p>\n<p>William G. R. Gosset, AACI<br \/>\nVancouver, BC<\/p>\n<p>Carl Johnson, CRA Retired<br \/>\nFonthill, ON<\/p>\n<p>Robert Joudrey, AACI<br \/>\nLunenburg County, NS<\/p>\n<p>Jacob Mac MacDougall<br \/>\nMadison McCorkle<br \/>\nColeman McDonald<br \/>\nCindy McKay<br \/>\nDivyeshkumar Sanjaybhai Patel<br \/>\nAlexander John Powell<br \/>\nPatrick Joseph Prendergast<br \/>\nLinda B. Rawson<br \/>\nPaul Reidt<br \/>\nNatalie Roz<br \/>\nAdeyemi Salami<br \/>\nBella Schwetz<br \/>\nLoralee Schyven<br \/>\nMalav Shah<br \/>\nNathaniel Mason Slik<br \/>\nDevashish Soni<br \/>\nNiloofar Tavakolzadeh<br \/>\nKandarp Trivedi<br \/>\nDana E. Valliquette<br \/>\nVuth Vann<br \/>\nChang Xuan Wang<br \/>\nMuchen Wang<br \/>\nMercedes Weber<br \/>\nGillian Mary Witkowicz<br \/>\n(Mark) Hyun Joon Yoon<br \/>\nKorhan Yuksel<br \/>\nLi Zhang<\/p>\n<p>Prince Edward Island \/<br \/>\n\u00cele-du-Prince-\u00c9douard<br \/>\nChris Johnston<br \/>\nDeidra A. MacLeod<\/p>\n<p>Saskatchewan<br \/>\nAllison Cey<\/p>\n<p>File name: CG3022_15th Cake Ad_8.25&#215;10.75 Client: TRISURA<\/p>\n<p>Size: Custom Created: July 9, 2021<\/p>\n<p>Trim: 8.25\u201d W x 10.75\u201d H Modified: 26 July 2021 12:46 PM<\/p>\n<p>Colour Mode: CMYK Resolution: at least 300 DPI<\/p>\n<p>Thank you for making us a part of your story,<br \/>\nand for being a part of ours.<\/p>\n<p>You take the cake<\/p>\n<p>http:\/\/valueconnect.ca<\/p>\n","protected":false},"featured_media":91324,"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-91330","issue","type-issue","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue\/91330","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\/91324"}],"wp:attachment":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media?parent=91330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}