The Appraisal Section is an important part of the Realty Services Division that is responsible for:
The appraisal team liaises with other City Departments, local and regional authorities, consultants, and engineers.
In-House Market Value Appraisals
The staff appraisal team prepares the majority of market value appraisals. The appraisals form the basis for Realty Division’s land acquisition and disposition programs. The appraisal process includes (but is not limited to) site inspections, neighbourhood description, market data research and analysis, consultation with planners and other real estate professionals, highest and best use analysis and the preparation of Inter-Office Memos (the in-house reporting standard).
There are occasions when a private appraisal is required:
- When the real estate transaction is greater than $500,000
- When the property owner requests that the appraisal be prepared by an independent appraiser
- When negotiations stall, a private appraisal often helps free the gridlock
- When expropriation action is needed, the Expropriation Act requires that an independent appraisal be made
Our appraisal team reviews & critiques appraisals submitted by independent real estate appraisal firms. An in-house appraisal review and approval are prerequisite to negotiations when an independent appraisal is made.
5% Cash-in-Lieu Appraisals
The Local Government Act permits the city to collect 5% of the market value of undeveloped land upon approval (PLA) of a new subdivision. The 5% cash is in lieu of the parkland dedication requirement.
Consideration for real estate is based on fair market value. The City's intent in acquiring or disposing of real estate is to be fair and reasonable.