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A real estate appraisal is an estimate of value of real property on a specific date. It is an estimate of market value of a whole interest but could be a partial interest such as an easement.
Appraisals and/or valuation advice are required by the City to support decision making related to issues involving real property assets, including:
- Acquisition of land for municipal projects
- Sale of surplus municipal property (required by the City’s Sale of Land Policy By-law No. 14-204)
- Land valuations for calculating cash-in-lieu of parkland dedication and parking
- Land valuations to support the storm water management facility component of developments charges
- Valuation advice to other City departments as an input in their planning and budgeting for municipal projects such as Class Environmental Assessments which include proposed roads, storm drainage, rapid transit, etc.
- Estimating market lease rates to assist in negotiating office space leases.
- Appraisals are undertaken by City appraisal staff as well as independent fee appraisers. When independent opinions are submitted to the City, staff fullfill a due diligence function by reviewing the independent appraisals regardless of whether the client who ordered the appraisal is the City or a property owner/developer.
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