Annual Update (2012-2013) - Appraisal Institute of Canada

2012/13Annual UpdateBuilding RelationshipsMember Growth and DevelopmentThe Appraisal Institute of Canadacontinues to position itself as theleading source of professionalexpertise within the real propertyindustry. It has strengthened itsstrategic alliances with severalorganizations to promote AICMembers across Canada.Key highlights include :• Hosting Sir David Tweedie, Chair of the InternationalValuation Standards Committee (IVSC), along withvaluation partners, the Royal Institute of CharteredSurveyors (RICS) and the Canadian Institute ofChartered Business Valuators (CICBV) in Toronto.Over 100 representatives from government, financialinstitutions, and Corporate Canada gathered to learnabout Sir David’s vision for International ValuationStandards and the impact on the real propertyindustry in Canada.• Lecturing on mortgage fraud at the Canadian PoliceCollege during a week-long course on investigation ofmortgage fraud.• Promoting AIC at key national conferences, includingthe 2012 (CAAMP) in Vancouver.• Working with industry stakeholders to develop the2013 AIC Residential Form.• Advertising AIC Members’ services within tradepublications within the mortgage, legal, andreal estate industries.• Distributing up to $1500 per province for regionalinitiatives that promoted AIC members, such as Home& Garden shows, Business events, advertising withinlocal publications, and more.• Advertising on on-line business school sites anddistributing up to $1000 per province for promotionalinitiatives that promote the appraisal profession withinpost-secondary institutions.• Ensuring greater access to information in both officiallanguages within our publications.To maintain a high level of public trust in professionalappraisal practice and to ensure that the AppraisalInstitute of Canada’s designations remain the mostrecognized and respected professional designationswithin the real estate industry, AIC continues to exploreways that our education program remains leading edgethroughout the whole cycle of our membership – fromobtaining an AIC designation to continuing professionaldevelopment activities.Standards of professional appraisal practice,mentorship, peer review, enriching volunteerexperiences and professional practice initiatives arejust a few of the key initiatives that help AIC membersgain the skills and knowledge they need to respondto evolving industry requirements.Key highlights include:• Releasing the 2012 CUSPAP and working diligently todraft the CUSPAP 2014 version.• Revising the AIC Consolidated Regulations to accountfor improved processes, namely as they relate tothe Disciplinary Process.The two options offer cost-effective alternatives tomembers all the while maintaining the quality of thesession. The two-day seminar is in the process ofbeing redeveloped and is expected to be launched inthe second half of 2013.• Implementing a one-year pilot-project in Québecthat allows AIC members to co-sign qualified non-AIC members with appropriate professional liabilityinsurance coverage.• Conducting research that benchmarked thecompensation of AIC members and future demand fordesignated appraisers.• Hosting the annual AIC Conference in Ottawa with afull program of educational and topical discussionsfor member development. Over 350 AIC membersattended this year’s conference, one of the highestattendances in AIC history.• Implementing new communication toolssuch as webinars to improve communicationwith our members.• Meeting with Federally Regulated Financial Institutions(FRFIs) and Appraisal Management Companies (AMCs)to learn more about their appraisal requirements andneeds as well as sharing our members’ concerns andsolutions to issues.• Presenting at a Canadian Mortgage and HousingCorporation (CMHC) discussion on fraud preventionin real estate valuation at Canadian Association ofAccredited Mortgage Professionals (CAAMP) FraudSummits in Toronto and Calgary.• Providing enriching volunteer opportunities forlocal members through a community sponsorshipof Habitat for Humanity. This year, our Nova Scotiaaffiliate participated in a build within their owncommunity helping two young families to obtainadequate housing.• Continually working with our provincial affiliates andvolunteers to advance our common goals to ensurethe optimum delivery of member services.• Increasing communication to members onprofessional practice matters and key topical issuesimpacting the day-to-day practice through regularcolumns in the Canadian Property Valuation Magazine,Communiqués, and consumer/industry guides.• Introducing a new one-day Professional PracticeSeminar geared towards Designated Members that willbe delivered in both classroom and webinar formats.• Offering a Behavioural Descriptive Interview (BDI)refresher webinar for AIC’s volunteers to ensure costefficienciesand convenience for members.• Continually improving the Complaint ResolutionProcess by focusing on member education andpreventing the reoccurrence of complaints. A numberof initiatives have also been implemented to ensureefficient and timely resolution.www.AICanada.ca5 6

2012/13Annual UpdateMember Growth and Development• Working to redefine the competencies that will betterequip our members to progress into the next decade.This strategic review will allow AIC to continue toposition itself as THE professional association of choicefor appraisers in Canada and this competency mappingprocess involves the development of:• new competency profiles for AACIs and CRAs;• a map of the current AIC program of studiescompared to the newly defined AACI and CRAcompetency profiles; and,• a revamped competency based examinationensuring that our Candidates meet the newcompetency profiles (AACI and CRA).• Being the best-in-class professional association forappraisers in Canada by ensuring AIC’s accreditationprocess measures up against other similar professionalassociations. To do this AIC is benchmarking itsprograms and policies relating to its accreditationprocess. This includes examining the overall candidacyjourney and the continued professional developmentprocess. We will be identifying the strengths andweakness of our accreditation process as well as areaswhere improvements are needed and new opportunitiesexist, then developing industry best practices. During thereview we will focus on:• AIC’s accreditation process for AACIs andCRAs (candidacy journey);• AIC’s Continuing Professional Development(CPD) program; and• AIC’s related policies including thereinstatement policy.• Developing a process by which all Candidates would berequired to submit three (3) co-signed reports for peerreview during their applied experience program. Thisinitiative is meant to be a positive learning experienceproviding guidance and support to the Candidate whileoffering an opportunity to educate the co-signer and thementor and, thus, ensure a higher quality of appraisalreports by AIC members.• Developing mentoring guidelines for the appliedexperience program to assist all parties involved in thementoring process: Candidate, mentor and co-signer.2012/13 New Designations,Candidates and Student MembersABBCMBNBNLNSNTNUONPEQCSKYTINTNew AACIDesignations12102101002213501NewCandidates492140001920300New CRADesignations2832174570010642501Grand Total 58 44 211 46New Students496032001902100www.AICanada.ca7 8

2012/13Annual UpdateMember Growth and DevelopmentGovernance & Management2012/13 New Designations,Candidates and Student Members211465844CANSTUAACICRA2011/12 New Designations,Candidates and Student Members185357579CANSTUAACICRAThe Appraisal Institute of Canadacontinues to update its policies andprograms to ensure efficient andcost-effective operations.Key initiatives include:• Updating the AIC By-laws and Articles of Continuanceto comply with Industry Canada’s new Not-for-profitCorporations Act.• Creating a Policy & Procedure manual in collaborationwith our provincial affiliates to ensure that the roles &responsibilities are clearly outlined between partners toensure seamless service to our members.• Implementing a new committee and sub-committeestructure to streamline our governance modelto become much more effective and to reduceduplication. New terms of reference have been draftedto outline objectives, responsibilities and committeerequirements. New technologies are being utilized tominimize the operational costs for each committee.www.AICanada.ca9 10

2012/13Annual UpdateKnowledge & AuthorityThe AIC continues to position itselfas “the” authority for real propertyknowledge within Canada andaround the world.Key initiatives include:• Submitting a response on behalf of the AICmembership to the Office of the Superintendantof Financial Institution’s (OSFI) proposed MortgageGuidelines leading to the “Residential MortgageUnderwriting Practices and Procedures (B-20)” whichwas implemented in June 2012.• Providing AIC-Member representation on theInternational Valuation Standards Committee (IVSC)as part of the IVSC Advisory Forum which providesguidance to the IVSC Professional Board and the IVSCStandards Board.• Participating and moderating a session oninternational valuation issues during the PanPacific Congress in Melbourne Australia.• Working with Public Works and Government ServicesCanada (PWGSC) as the Developmentof a Guideline for the valuation of parking ratesas well as “green” buildings.• Delivery presentations to Scouts Canada nationalleadership on understanding the fundamentals of realestate valuation and advising them on valuation issuesrelated to their properties across Canada.• Providing expert advice within a Canadian financialinstitution’s customer e-newsletter on the subject ofmaking “smart” choices to improve the value ofa home renovation.• Providing media commentary to mainstreamtelevision and national print publications on the roleof financial regulatory systems in protection of theCanadian economy. Furthermore, conducting mediainterviews on the value of home renovations.www.AICanada.ca11