Book 1 - Appraisal Institute of Canada

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NewsON THE MOVEOlscamp promoted in PEIPaul J. Olscamp, AACI, P. App (Fellow) has recently been promoted and isnow responsible for the management of the Real Property Assessmentfunction for the Province of Prince Edward Island, which provides a centralizedassessment and collection system for real property taxation. Paulcomes to this position with 28 years of experience specializing in propertyassessment and administration.Turmel receives awardIn November 2009, AIC member Marie-Josée Turmel, AACI, P. App ofMontreal received CREW’s Women of Action Award for demonstrationof continued support of the organization and ongoing facilitation of theadvancement of women in commercial real estate.CREW Montreal is the Quebec chapter of CREW Network (CommercialReal Estate Women), a North American commercial real estate organizationconnecting 8,000 members across 68 major markets. United by the goal to advance the success ofwomen in commercial real estate, CREW Network continues to grow in Canada. There are Canadianchapters in Vancouver, Toronto and Montreal.AIC memberscarry the torchAppraisal Institute of Canada (AIC) membersStephanie Anglehart, AACI, P. App (right) fromCampbellton, New Brunswick and Brent Williams,CRA (left) from Meaford, Ontario were proud to jointhe ranks of Canadians chosen as torchbearers of theOlympic flame in its cross-Canada odyssey.Stephanie says that “it was thrilling when Ireceived my invitation email from among thousandsand thousands of applicants to participatein this Olympic Torch Relay.” On the day of theevent “nothing will ever compare to the feeling Igot…. the cheers from the crowd; children whowere waiting patiently for this moment. I felt likea rock star!!!”Brent was also stirred by the experience andsays “it was an awe inspiring event that fostered ourpride in Canada and in the goals and dreams we allcarry. It was a moment that I will not soon forget!”38Canadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canadaclick here to return to table of contents
Possiblevaluationissues withLifeleasehousingBy Jane Londerville, AACI (Hon), Associate Professor and Interim Chair,Marketing and Consumer Studies Department, University of Guelphife lease housing is a relativelynew form of tenure in Canada, but a rapidlygrowing one in Ontario and the westernprovinces. It is widely used by the non-profitsector to increase the range of housing optionsfor the 55+ market. A life lease is a legalagreement that permits the purchaser to occupya residence for life (or until they no longer wantto or are capable of living there) in exchangefor an initial lump sum payment. They are alsoresponsible for monthly payments to cover theongoing operating expenses (similar to a condofee) and, in some cases, rent, depending on thesize of the initial payment.Life lease is a hybrid type of tenure. In someaspects, life lease holders appear to be owners.They are responsible for repairs to their ownunits, providing their own appliances and payingthe property taxes associated with their unit. Themonthly maintenance fee they pay is used tofund operating costs for the common areas andto put aside a reserve fund for capital replacements.In other ways, life lease residents are likerenters. The operating budget is set by the ownerof the building and may be presented to theresidents, but they have little input into how thebuilding is managed. Most complexes in Ontarioare set up as condomnium corporations, but theBoard of Directors is chosen by the developer andfrequently does not have any residents on it. Theowner of the building itself is still the developer,since the residents have only purchased the rightto occupy a unit, not title to the unit itself.Residents of life lease developments areactive and healthy seniors; these are notcomplexes for seniors who need help withdaily living. There are not extensive servicesoffered in most complexes (no meals or healthprofessionals on staff usually). If residentseventually need some additional personal careto function in their unit, they need to hire thisassistance privately.click here to return to table of contentsCanadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canada 39
Page 2 and 3: Get Started with CRAL2010CRAL2010 o
Page 4 and 5: Volume 54, Book 1, 2010Published by
Page 7 and 8: President’s MessageLe temps - Una
Page 9 and 10: The Institute and its members must
Page 11 and 12: • offrir soutien, conseils strat
Page 13 and 14: AIC’s 2010ConferenceCanada’s ga
Page 15 and 16: To avoid falling into this situatio
Page 17 and 18: Legal news & viewsBy Ludmila Herbst
Page 19: into the mix, however, care must be
Page 22 and 23: Professional AffairsTaking ownershi
Page 24 and 25: InvestigatingBy Mike Schulkowsky, A
Page 26 and 27: AppealCandidates anduse of the term
Page 28 and 29: International Valuation StandardsBy
Page 30 and 31: Learning AdvisorySpotlight on Conti
Page 32 and 33: PGCV gradsenhance career opportunit
Page 34 and 35: Designations/Candidates/StudentsAIC
Page 36 and 37: NewsResearch and Development FundTh
Page 40 and 41: “Given theprojected growthin the
Page 42 and 43: Strategic asset management (real pr
Page 44 and 45: the building (mould or asbestos), c
Page 46: Calendar of EventsAICBCAB2010 Appra

Book 1 - Appraisal Institute of Canada

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