|By Marketwired .||
|August 27, 2013 10:00 AM EDT|
OTTAWA, ON--(Marketwired - August 27, 2013) - The Appraisal Institute of Canada (AIC) and Public Works and Government Services Canada (PWGSC) signed a five-year Memorandum of Understanding (MOU) during AIC's recent 2013 Annual Conference. This MOU renews a long-standing partnership that provides professional real estate and related property advisory services for the Government of Canada.
"As a real property service provider, PWGSC is entrusted with exercising sound stewardship through maintaining and maximizing value of buildings, properties, and an extremely wide range of assets," explains Gérard D'Aoust, Acting Chief Appraiser of the Valuation Program at PWGSC.
"A key component of all real estate decisions is based on the market value of the property. We also require the market context which can identify the risks associated with these investment decisions. Having professional, objective, high quality appraisals from AIC-Designated Members is critical before any of decision can be made."
The Government of Canada is the largest property owner in Canada. Many of its properties are unique and add significant complexity to the valuation services required, such as; the High Arctic Research Stations, historical sites, national parks, and international infrastructures that result from trade agreements such as the North American Free Trade Agreement. Over the past five years alone, PWGSC issued more than 1900 appraisal/valuation contracts, valued at more than $10.5M.
The AIC and PWGSC partnership has been a successful program since 1996 that leverages the expertise of the private sector to benefit the valuation of Canada's real property assets. Some of the key areas that AIC assists PWGSC include: observing, monitoring and contributing to policy decisions; assisting in outsourcing decisions; and developing best practices and guidelines for government agencies and organizations.
One of the projects that is currently underway includes Guidelines to Estimating the Market Rent of Parking Spaces which will provide guidance and best practices to industry practitioners on the estimation of market rent for parking spaces. This Guide will be released in the Fall 2013.
AIC is recognized by the Federal Government as a key national organization representing professional appraisers in Canada and internationally. With over 4,800 members across the country, its ethics and Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) set the bar high for the professional appraisal industry and is a foundation for quality appraisal services, both nationally and internationally.
"AIC is pleased to continue our strong partnership with PWGSC," states Keith Lancastle, CEO of the Appraisal Institute of Canada. "This relationship reflects the commitment of both organizations to work together to make the best real property decisions that will benefit all Canadians."