These guides have been prepared in order to answer frequently asked questions as well as simply outline some of the processes we employ as our services cater to your needs. We invite you to use the menu on the right side for quick access to certain topics.

Appraisals: Determining What My Property is worth.

An Appraisal is a written impartial opinion or estimation of value (of an adequately described property) for a specific date, with a presentation and analysis of relevant data that supports it.

Most of wealth lies in private, corporate, and public real estate. It is important to the economic well-being of society to regularly determine and asses its’ value. The professional appraiser’s job is to determine these values through data collection and analysis, then applying the information on how it pertains to the property.

The professional opinion of the appraiser (based from their extensive training and knowledge) can be used to influence the decisions of the people who own, sell, buy, invest, manage or lend the real estate.

The appraiser is an impartial third party in the real estate process. He serves as a vital "system checker," protecting Real Estate buyers from the dangers of overpaying for property, as well as lenders from over financing buyers.

What an Appraiser does:

They are also referred as a consultant or as a valuation specialist.They provide their expertise on:

• The current property value being bought or sold
• The future value of property being built.
• Lending purposes or value for mortgage.
• A property’s value to assist in investment decisions.
• Determining the value of property involved in a legal dispute.
• A property’s value to properly measure property tax assessments, capital gains and other taxes.
• A property’s value of property to determine compensation when property is expropriated.
• Consulting - feasibility studies, lease & rental rate analysis, and, Highest & Best Use studies.

What an Appraisal Report includes
 

• Value estimation
• The effective appraisal date
• The certification and signature
• The purpose of the appraisal
• The qualifying conditions
• The neighborhood's condition
• Property identification and its ownership
• The assumptions, analysis and interpretation of the data
• The data processing by one or more of the three approaches to value
• Maps, plans, charts, photographs and other descriptive support material

Reserve Fund Studies: Long-term Common Element Replacement Planning

What is a Reserve Fund?

Any fund set aside for a specific purpose is a reserve fund. In this case it would be for the repair and replacement of building elements and its facilities.

What is a Reserve Fund Study?

An independent study performed to calculate the amount of money that should be kept in the reserve fund, in order to be sustainable and adequate for its stated purpose.

What about Condominium Properties?

The Ontario Condominium Act states that it is mandatory that each condominium must have one or more reserve funds that provide funding for future major repairs and replacements of common elements.

Every Condominium must have performed an independent reserve fund study at its time of construction, and must be updated or reassessed every three years. Condominium Reserve Fund Studies must project a period of over 30 years of costs and contributions. The Condominium Declaration sets out what belongs to the units and what are considered Common Elements. The Common Elements are those parts of the Condominium in common, which are not part of any unit. We include a schedule of Common Elements as an integrated part of the Study.

What about Non-Condominium Properties?

Longer-term planning is also needed for Non-Condominium Properties though is not subjected to the Condominium Act. However they still may wish to create a Reserve Fund. Each Condominium may choose what elements it wants to include in a Reserve Fund Study. Each property may choose the time period to be covered, and any other relevant parameters.

What additional, related services do we provide?
 

• Operating Cost Analysis
  Information that is particularly interesting to the Condominium Owners are the levels and trends of future Condominium Fees. We can determine long-term trends by revisiting past operating expenses. Those trends are incorporated into the future projections (in a projection table) as identifiable and discrete elements. This allows the calculation of future condominium fees. This approach may also be beneficial to non-condominium property owners as well.
• Valuation for Insurance Purposes
  The Corporation is usually responsible to ensure that their coverage is adequate when co-insurance is a feature of their insurance policy. This requires periodic independent valuations.

Expropriation: What Is It? What Are My Options?

What Does Expropriation Mean In Ontario?

The power of an authorized authority (municipal, provincial, and federal government agency or public service companies) to take private property for public use upon payment is called Expropriation.

This could be all or part of your land(s) or the rights-of-use for the same. These expropriation rights (powers) have been delegated to these agencies by legislation, in Ontario it is the Expropriations Act, R.S.O. 1990, c. E.26.

Some examples of expropriation are as follows:
 

• Taking a portion of your front yard for a road widening.
• Using your property for underground utilities, or for overhead hydro transmission lines.
• Temporary easements for construction staging.

Can I Stop The Expropriation?

Simply put it, most of the time the answer is "No". You can request a “hearing of necessity”, in order to question the legitimacy of the expropriation, but in most cases you would be unsuccessful. Due to its legislative authority, the government and public service (utilities, etc.) agencies have the authority to expropriate.

What Are My Options?
 

• Negotiation with the “expropriating authority” directly is an option. You can also hire a council to negotiate on your behalf. However, even after filing a resolution, they can proceed with the expropriation.
• The “Expropriations Act” in Ontario, requires the authority to provide you with compensation under specific categories, including the payment for most of the “reasonable” costs to support your claim of compensation (appraisals, legal fees, etc.)
• An owner can go to the Ontario Municipal Board (OMB) and inquire for a hearing to decide or arbitrate matters of compensation.

How Can We "The Appraiser" Help?
 

• Under the direction of either the owner and/or their legal representative, an expert is prepared to determine:
  • Fair market value for the property taken
  • Loss in value to any remaining land and buildings (known as Injurious Affection)
  • Disturbance damages: The losses, costs or expenses involved in the expropriation and for any inconvenience suffered
  • Business losses.
• You will work with the Appraiser works to insure all reasonable issues are addressed and quantified, to have an effective submission for a claim for compensation.
• Any reports or claims by the “expropriating authority”, to counter any omissions or unsound aspects of their position is also analyzed by the Appraiser.
• As a part of your team, The Appraiser makes sure that you receive adequate & appropriate compensation.