A Strategic Approach to Municipal Real Estate

This article was originally published in the March/April 2016 issue of Right of Way magazine. Carefully balancing a city’s social, cultural, environmental and financial objectives Maximizing the value of a city’s real estate assets can be a challenge for any municipality. However, through strategic real estate initiatives, the City of Ottawa has emerged as a leader in this area, demonstrating success in...

EXPROPRIATION: ‘SPECIAL ECONOMIC ADVANTAGE’ REVISITED

  When property is expropriated, several jurisdictions in Canada expressly provide that the owner is to be compensated for ‘special economic advantage’ incidental to the use of the property that is not otherwise captured in the market value of the property. However, there are very few cases that a claim for such compensation has succeeded. One might ask why. A case...

CUSPAP 2016

The Appraisal Institute of Canada (AIC) continues to be at the forefront of the changing trends facing our valuation profession. Providing Members with the tools they need to uphold public trust is a key priority. We are the leading valuation organization in Canada and are well respected internationally because our Members understand the importance of maintaining strong standards. The...

Valuing Solar Energy (Part 2)

Solar Panel

Engaging individuals, property owners and communities in generating clean energy to sell to the grid is a win-win for everyone. Cleaner energy, contributing to the greenness of the planet and getting paid to do it – it does not get much better than this. Drawing from the microFIT and FIT programs in Ontario, this two-part article discusses the program...

CUSPAP, the Ontario Expropriations Act and Jurisdictional Exception

CUSPAP

All appraisals completed in Canada by members of the Appraisal Institute of Canada (AIC) must comply with the AIC’s standards presented in the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). All members of the AIC must receive regular instruction on CUSPAP compliance as a prerequisite for maintaining accreditation and membership status. The entirety of CUSPAP is subject to...

KPIs: Valuable insights or just more paperwork?

Key Performance Indicators

Key Performance Indicators (KPIs) are metrics or measures that can be used to determine and grade performance of just about anything. In business, KPIs represent the numbers that can be used to determine how an individual or an organization is performing. Organizational success depends on management’s ability to identify KPIs and pay careful attention to what the information is telling...

CRA DIVERSIFICATION

CRA Diversification

Here is an example of how a CRA has successfully diversified his practice. Leigh Walker is a Managing Partner with LawrensonWalker Real Estate Appraisers in Vancouver, British Columbia and specializes in residential appraisals He has worked in the real estate industry since 1993 and is a designated CRA appraiser with the Appraisal Institute of Canada (AIC). He is also a...

Best practices – examples from the field

Best Practices

Owner-supplied information: proceed with caution In providing their services (appraisal, review, consulting and reserve fund studies) members of the Appraisal Institute of Canada (AIC) often rely on owner-supplied information (this could also read ‘client-supplied information’ when the client is not the owner). The information in question will generally pertain to the subject property and may include a summary of rental...

Limited Market, Special Purpose Valuation Revisited

Limited Market Specialist

Abiding by a legal requirement to render an opinion of market value (e.g., real property assessment) for limited market, special purpose properties presents a difficult challenge for the appraisal community. If there are no buyers and sellers for a special purpose property, what can form the basis of the market value opinion? Until 2004, the unequivocal answer throughout Canada was...

Injurious Affection and HVTL corridors

A study of quantification of value loss related to expropriation Introduction In 2007, Altus Group undertook a study of injurious affection (loss in value to the remainder of property after takings by expropriation) related to the Bruce to Milton 500-kV transmission line reinforcement in Ontario. That study concluded that there was only nominal property value loss to properties. In 2011, Altus...