Book 1 - Appraisal Institute of Canada
Book 1 - Appraisal Institute of Canada Book 1 - Appraisal Institute of Canada
Member profilevaluations he performs. However, unlike Cunningham and Lebow,Fedynak is continuing to focus on mortgage valuation, a business he hasworked hard to build over 30 years, and within which he has developed aspecialization for higher end executive homes.He points out that CRAs trained by the AIC place a strong emphasis onquality. “Our code of conduct is comprised of high ethical standards,” he says.“We run our firm as a professional organization.” Halvorsen Fedynak’s residentialappraisers conduct a thorough inspection of properties before signing off onimpartial valuations based on detailed notes and in-depth market research.Fedynak notes that fees set by Halvorsen Fedynak & Company reflectthe quality and high standards of appraisals that will stand up to scrutiny“We are continuing to educate the bankersat the local level as to why they shoulduse AIC appraisers – high ethicalstandards, best professional organizationin Canada, quality appraisals, etc.”Kevin Fedynak“There is so much more for an appraiserto do and with higher fees than themortgage business.”Barry Lebowand legal challenge. “The banks know that a quality job will be done,” heexplains. “We will always be honest with them and it will be a true value.”At the same time, Fedynak is one of the few appraisers in theEdmonton market specializing in executive homes above the one milliondollar mark. These are valuable skills he has honed over his 30 years in theindustry, skills he believes will continue to be in demand as the marketadjusts fees to align with the quality of the product.For this readjustment to occur, it is essential that CRAs educate the banksas to the advantages of having a valuation performed by reputableAIC-accredited appraisers. The Institute welcomes advocacy efforts byappraisers such as Fedynak who continue to express their concerns. “We arecontinuing to educate the bankers at the local level as to why they shoulduse AIC appraisers – high ethical standards, best professional organizationin Canada, quality appraisals, etc.,” says Fedynak. “The driver for the AMCsand for major financial institutions should be the quality of appraisal reportsinstead of price. In addition, I believe the AIC should continue to promote ourorganization to the AMCs and major financial institutions at the national level.”“You have to look for opportunities if youwant to stay in business, if you want tomake a living. That is true for any business.The market is always evolving. Those whoadapt the best, survive the best.”Dave Cunninghamhttp://www.notarius.com/en/clientele_ICDE_en.htmlFor more information cantact Notarius at514-281-1442 of toll free 1-800-567-6703In fact, earlier this year, the AIC met with both the AMCs and the lenders todiscuss these issues. But working with the AMCs and lenders is only one prongin the AIC’s approach to supporting the CRAs in continuing to be successfulwithin the ever-changing marketplace of residential valuation. The other pronginvolves ensuring that CRAs are aware of the tools and resources they need toadapt to what the future will bring. As Cunningham so aptly explains, “You haveto look for opportunities if you want to stay in business, if you want to make aliving. That is true for any business. The market is always evolving. Those whoadapt the best, survive the best.” In fact, they even thrive.16Canadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canadaclick here to return to table of contents
Legal news & viewsBy Ludmila Herbst, LL.B., Farris, Vaughan, Wills & Murphy LLP, Vancouver, British ColumbiaEvolving courtrules on expert evidenceAppraisers providing expert evidence inseveral Canadian courts – includingthe Ontario Superior Court, the NovaScotia Supreme Court and (as of July 1, 2010) theBC Supreme Court – face changes in the courtrules which govern expert witnesses’ reportsand roles. The changes to these trial courts’ rulesinclude (1) new requirements for expert witnessesto state in their reports that their evidenceis given objectively or in accordance with aduty to assist the court (the wording varies byprovince), with this prevailing over obligationsto the party by whom they are retained; and (2)in some jurisdictions, particularly in BC, greaterencouragement for opposing litigants to jointlyretain a single expert. Both types of change areintended to reduce the cost and acrimony associatedwith ‘battles of experts’ and to make expertevidence more helpful to the courts in which thechanges are instituted.Court rules requiring acknowledgment ofexperts’ duties may alter little in the substantiveapproach of those witnesses who belong toprofessional organizations (such as the AppraisalInstitute of Canada) which set standards thatalready encourage objectivity and, indeed,provide for written certifications of impartiality.The new judicial requirement may have a greaterinfluence on the content of reports in previouslyless regulated fields or fields where a ‘hired gun’mentality seems to be widespread; in thosefields, experts required to acknowledge theirobjectivity may think twice about their approach.More broadly, it is possible that partisanshipby an expert witness in breach of his orher written commitment to be objective or toassist the court could now expose that witnessto sanctions directly from the court, rather thansimply from the professional organization, ifany, to which the expert belongs. The case law inthe absence of these court rules has traditionallypermitted courts to take a less direct approach,where they may (1) ‘punish’ the litigant whoseexpert has been partial, by refusing to admitthe expert’s report into evidence or giving littleweight to it (thus leaving a gap in that litigant’scase); and/or (2) criticize experts for lack ofobjectivity in the course of reasons for judgementon the broader issues. What additional steps, ifany, that the courts will take under the new rulesremains to be seen.Certain of the new court rules also address thejoint appointment by parties of a single expertto opine on particular issues. The Nova Scotiarules provide for joint appointment on agreementof the parties. The BC rules go further, both insetting out a detailed protocol for joint appointmentsand in providing that the BC SupremeCourt will have the power to order that the expertevidence on one or more issues be given by onejointly instructed expert, even if neither partyhas requested that such an order be made. Intheory, the appointment of a single expert shouldreduce the expense to parties, as they will be ableto share costs. Given the requirement even forexperts retained by a single party to be impartialrather than to serve as the retaining party’sadvocate, the conclusions in the jointly procuredreport should also, in theory, be the same as inreports which were separately obtained. However,concerns have been raised over how well thistheory will translate into practice, and indeed theconcept of joint appointment has not found itsway into the new Ontario rules (although theydo encourage party agreement on the selectionof court-appointed experts, a different issue).Concerns include that parties’ resources may beconsumed in fighting between themselves on theselection of a jointly appointed expert and theinstructions to be given to the expert, or in retaining‘shadow’ experts (whose evidence cannot,however, be filed on the same point withoutleave of the court) to review the jointly appointedexpert’s conclusions. It will be interesting to seehow the practice develops in this regard.click here to return to table of contentsCanadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canada 17
- Page 2 and 3: Get Started with CRAL2010CRAL2010 o
- Page 4 and 5: Volume 54, Book 1, 2010Published by
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- Page 15: To avoid falling into this situatio
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- Page 24 and 25: InvestigatingBy Mike Schulkowsky, A
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Member pr<strong>of</strong>ilevaluations he performs. However, unlike Cunningham and Lebow,Fedynak is continuing to focus on mortgage valuation, a business he hasworked hard to build over 30 years, and within which he has developed aspecialization for higher end executive homes.He points out that CRAs trained by the AIC place a strong emphasis onquality. “Our code <strong>of</strong> conduct is comprised <strong>of</strong> high ethical standards,” he says.“We run our firm as a pr<strong>of</strong>essional organization.” Halvorsen Fedynak’s residentialappraisers conduct a thorough inspection <strong>of</strong> properties before signing <strong>of</strong>f onimpartial valuations based on detailed notes and in-depth market research.Fedynak notes that fees set by Halvorsen Fedynak & Company reflectthe quality and high standards <strong>of</strong> appraisals that will stand up to scrutiny“We are continuing to educate the bankersat the local level as to why they shoulduse AIC appraisers – high ethicalstandards, best pr<strong>of</strong>essional organizationin <strong>Canada</strong>, quality appraisals, etc.”Kevin Fedynak“There is so much more for an appraiserto do and with higher fees than themortgage business.”Barry Lebowand legal challenge. “The banks know that a quality job will be done,” heexplains. “We will always be honest with them and it will be a true value.”At the same time, Fedynak is one <strong>of</strong> the few appraisers in theEdmonton market specializing in executive homes above the one milliondollar mark. These are valuable skills he has honed over his 30 years in theindustry, skills he believes will continue to be in demand as the marketadjusts fees to align with the quality <strong>of</strong> the product.For this readjustment to occur, it is essential that CRAs educate the banksas to the advantages <strong>of</strong> having a valuation performed by reputableAIC-accredited appraisers. The <strong>Institute</strong> welcomes advocacy efforts byappraisers such as Fedynak who continue to express their concerns. “We arecontinuing to educate the bankers at the local level as to why they shoulduse AIC appraisers – high ethical standards, best pr<strong>of</strong>essional organizationin <strong>Canada</strong>, quality appraisals, etc.,” says Fedynak. “The driver for the AMCsand for major financial institutions should be the quality <strong>of</strong> appraisal reportsinstead <strong>of</strong> price. In addition, I believe the AIC should continue to promote ourorganization to the AMCs and major financial institutions at the national level.”“You have to look for opportunities if youwant to stay in business, if you want tomake a living. That is true for any business.The market is always evolving. Those whoadapt the best, survive the best.”Dave Cunninghamhttp://www.notarius.com/en/clientele_ICDE_en.htmlFor more information cantact Notarius at514-281-1442 <strong>of</strong> toll free 1-800-567-6703In fact, earlier this year, the AIC met with both the AMCs and the lenders todiscuss these issues. But working with the AMCs and lenders is only one prongin the AIC’s approach to supporting the CRAs in continuing to be successfulwithin the ever-changing marketplace <strong>of</strong> residential valuation. The other pronginvolves ensuring that CRAs are aware <strong>of</strong> the tools and resources they need toadapt to what the future will bring. As Cunningham so aptly explains, “You haveto look for opportunities if you want to stay in business, if you want to make aliving. That is true for any business. The market is always evolving. Those whoadapt the best, survive the best.” In fact, they even thrive.16Canadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au <strong>Canada</strong>click here to return to table <strong>of</strong> contents
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