COVID 19 PROTOCOLS:
In response to recommendations by the Appraisal Institute of Canada, commencing on April 1, 2020 and continuing until such time that the COVID-19 Pandemic measures by Federal and Provincial authorities are rescinded, Verragroup Valuation affiliates have implemented the following protocols.
A) To continue to provide the highest quality reports, while prioritizing health and safety. Interior Site Visits will be undertaken at the joint discretion of the client and appraiser for valuation assignments where buildings are:
i) vacant (no owners or occupants present);
ii) under construction (including for progress inspections); or
iii) able to be inspected while following all recommendations from governing health authorities including social distancing.
B) Exterior Site Visits
Site visits will be undertaken with no personal interactions with owners/occupants. Exterior inspections will include:
i) Full inspection of building exteriors and site improvements.
ii) Measurements of all improvements, where required.
iii) Exterior photographs of buildings, site and environment.
C) Valuations and Assignments Undertaken without Interior Inspection:
In compliance with Public Health Authority directives for social distancing and self-isolation, full in-person on-site inspection will not be completed at this time.
While property inspection is mandatory under the CUSPAP 2020 valuation standard, is may be excluded subject to an Extraordinary Limiting Condition (CUSPAP 2020 7.5.1.ii, 7.9.4).
In such an instance where the property interior cannot be inspected, reliance will be placed upon prior inspections and familiarity, as well as verified information to be provided by the client or property owner, which may include up to date or as-built building plans, a virtual video tour, current photographs, etc. The appraiser will provide you with a full list of materials to be provided.
COVID 19 Frequently Asked Questions:
Are Verragroup professional continuing with assignments during the Covid 19-crisis?
Yes. Assignments continue to be completed with reference to the special protocols referenced above.
What data will be employed in the analysis?
Valuation reports will reference all market data available at the report date. Special attention will be given to the ‘firm’ date of transactions, or the date when the consummated transaction was agreed to. This is relevant with respect to the commencement of significant economic impact from the Covid-19 Crisis in Canada, which occurred around mid-March 2020.
We recognize that there is potential for negative market impact which may differ from sector to sector, however without market data to measure such impact, quantification may not be possible at the present time. Accordingly, reports will be undertaken with reference to all data currently available, and updated at a later date, if required, and for a reasonable update fee.
How is Verragroup monitoring market impact?
Principals associated with the affiliate offices are meeting virtually on a regular basis to discuss and monitor economic and real estate sector impact on a sector by sector basis. The group is undertaking daily environmental scans of content generated during the crisis from public and private sector institutions, to allow better understanding of market impact and direction.
Will Verragroup be providing economic and market sector updates during the crisis?
Yes. Economic information from reputable sources (governments, lending institutions, established private sector entities, etc.) may be referenced in valuation reports completed during the crisis, for the purpose of identifying potential future impact, risk and market direction. Areas of risk associated with specific sectors will also be addressed, however qualified with a certain level of uncertainty pending the end of the crisis, recommencement of economic activity, and the emergence of post-crisis market data.