Appraisal News

Where is Spring? So another 3 months have come and gone. Best meme I’ve seen during that time was that of a ground hog on Ground Hog Day. He predicted an early spring here in Calgary but looking closer, he was already experimenting with the new government sold cannabis. Winter doesn’t look like it will let go here across Canada. So how is this weather impacting the market? Typically the market begins to move and get better as the grass pushes through the snow and greens the landscape. Total sales are down year over year however prices are relatively flat. CREB has stated the Benchmark price is down 0.17% from the same time last year. Detached housing was up about ½ a percent while attached dwellings were down about a 10 th of a percent but apartments still saw an almost 3% drop. Speaking to realtors and others in the market all suggest the weather is having an impact on the market. Now not as much as you think but enough for people to put off buying and selling decisions. Just lik

Information regarding our New AIC 2018 Forms What if a client requires a stand-alone Market Rent Report on a specific property. How do I use the 0118 Form? If a stand-alone Market Rent report on an identifiable property is required, the Market Rent report must comply with the Real Property Appraisal Standard. To comply, AIC Members must: Complete relevant sections of the Full Residential Appraisal Form – 0118 and a Market Rent Addendum. Comparable sales are not required, only comparable rents. *Please note that the one-page Market Rent Addendum alone will not comply with the Real Property Appraisal Standard. Tick off “To Estimate Market Rent” in the Assignment section of the report (do not tick off “to Estimate Market Value”) Indicate that the Market Rent Addendum is attached in the Certification Section Can two values be provided on the 0118 Form for an assignment that requests both an “as-is” value and “as-if-complete” value of a property? Scenario 1: RENOVATIONS- A borrower is seeki

2017 was a whirlwind of excitement. Definitely a year much better than 2016. What’s Happened? 2015 and 2016 saw property values in the Calgary region drop on the average. However, each segment dropped more than others. The drop was mainly due to a significant decrease in demand.  In the 2008-2009 drop we saw demand significantly drop, yet supply remained fairly constant. Thus by basic supply and demand, values dropped significantly. This time supply dropped at the same time demand dropped. This again is broken down a bit more (benchmark): Detached Dwellings:                       $505,345 or up 0.67% Apartment Units:                             $264,000 or down 4% Attached Dwellings:                        $332.528 or down 0.16% Semi-Detached Dwellings:              $420,964 or up 4.1% Row Housing:                                  $299,573 or down 3.1% All sectors of the apartment units saw decreases in values. For the most part property values have been reasonab