British Columbia Association of The Appraisal Institute of Canada Celebrating 50 Years Of Service
British Columbia Association of the Appraisal Institute of Canada members appraise all types of properties
BRITISH COLUMBIA – How much is a property worth? Members of the British Columbia Association of the Appraisal Institute of Canada (AIC-BC) have been calculating those important values for five decades now.
“Appraisers help to build communities, because they’re an integral part of that process. . .they’re a vital link in the chain,” says Executive Director Christina Bhalla. “This year is special for us, as it’s our 50th anniversary of incorporation. While our Members have been active in Canada for over 80 years, the AIC-BC was established in 1973 and since then, we’ve grown to approximately 1,200 members across the province, serving BC and the Yukon.”
Executive Director Christina Bhalla
The BC association hosted the national Appraisal Institute of Canada conference in June, welcoming over 400 delegates to the Sheraton Wall Centre. The AIC-BC will celebrate its five decades of achievement with a gala event in the lower mainland in November.
Appraisals are often required by lending institutions before purchases can be completed.
“Everybody knows that when you purchase a home, an appraisal is prepared for financing,” Christina explains. “A professional appraiser provides opinions of a property’s market value, and those are based on comprehensive research of market data.
“Many don’t realize that valuation goes beyond personal home ownership, as appraisals also help business owners, investors and governments,” she adds. “Our scope of practice ranges from residential, commercial such as office, retail, and hotels, industrial, as well as land development appraisals.”
AIC-BC members are important in the real property market because they provide unbiased opinions to the value of all types of properties.
Professional appraisers offer specialized real estate knowledge across many service areas such as market analysis, feasibility study, expert testimony, insurance, expropriation and taxation.
“There is a whole gamut of areas where an appraiser can lend their expertise in a real estate project,” Christina states. “We have professional standards that range from appraisal reports, review, consulting, reserve fund planning, machinery and equipment and mass appraisal evaluations.”
“Governments require that strata corporations hold a contingency reserve fund, and our members are available to help consumers with this aspect of property ownership,” she notes.
“As part of the real property, there’s a standard within our practice that means members who are qualified can provide evaluations within buildings for equipment and other machines.”
One of their standards involves providing depreciation reports and modelling, and planning valuations for strata corporations and councils.
“The government is making changes so that these reports are mandatory, and our members are available to help consumers with this aspect of property ownership,” she notes.
The AIC is well respected worldwide by financial institutions and governments, and offers members two designations: the Accredited Appraiser Canadian Institute (AACI™), and the Canadian Residential Appraiser (CRA™). Being a member includes the benefit of holding the Professional Appraiser (P.App) designation, and they also offer professional liability insurance.
Christina believes the BC Association still has room for growth in terms of membership.
“There are lots of opportunities to build a career here because we have a membership that is looking for new professionals to help them with their businesses, as they’re either aging out or retiring,” she explains. “There are real opportunities to build a business or assume a business from a more seasoned member.”
By Mark MacDonald
