Background

BOUNDARY FLOOD RECOVERY PROGRAM

Introduction

Keystone Appraisals Inc, a long-term local provider of real estate appraisal services, has been engaged by the City of Grand Forks to provide real estate valuation services. The assignment relates to the Boundary Flood Recovery Program and Keystone has been contracted to provide opinions of value on approximately 125 properties.

The properties that are included in the appraisal assignment are a mixture of residential and commercial properties located in a portion of the flood areas that were impact by the 2018 Floods. Most of the properties are located in the Ruckle and Johnston’s Flats neighbourhoods, as illustrated in the linked appraisal map.

The Purpose of the Appraisal

The goal of the assignment is to provide the Boundary Flood Recovery Organization a comprehensive understanding of the impact on value by the floods on these homes in support of grant applications. A separate appraisal report will be developed on each property that considers two opinions of value:

  • Retrospective Opinion of Value (Pre-flood) as of October 31st, 2017
  • Current Opinion of Value as of the date of inspection. (Post-flood)

A portion of the appraisal assignments involve determining an unimproved partial parcel value, where dikes or drainage works may require rights of ways or acquisitions. Please contact the City of Grand Forks if you have specific questions related to the potential rights of ways or acquisitions related to these proposed works.

What is an Appraisal?

Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value, for real property (usually homes, vacant lands or commercial properties). It is an independent analysis that results in an opinion of value of the property. A variety of factors are considered such as property size, age and condition and other contributory factors that the market will consider when purchasing or selling a property. The home being valued is compared with similar properties that have sold and adjustments are made for any significant differences.

The appraisal, often referred to as an assignment, is carried out by an independent professional qualified to complete the work. All Keystone appraisers are regulated by the Appraisal Institute of Canada (AIC) the premier appraisal profession in Canada. The opinion of value is provided in a written, signed report that meets specific and stringent standards. The report and the contents are only provided to the “Intended Users” who are specified within the report. It is a breach of the AIC standards to discuss the contents of the report with anyone else.

What is the Appraisal Process?

The appraiser and support staff collect relevant and available information on the property from a variety of sources including on-line data published by the government and private sources. This information can include tax records, former listings and BC Assessment records. The next step is to inspect the property and record a variety of information in relation to the size, condition and configuration. It is very helpful for the appraiser to understand the various building components such as flooring, wall coverings, number of bedrooms, bathrooms, quality of kitchen and mechanical components. If there are other improvements such as finished basements, garages, sheds, landscaping, etc., these will also be included.

The scope and scale of this current assignment raises several unique challenges for the appraisers. Many homes have been destroyed or damaged beyond repair. Others that were impacted less still sustained substantial damage and a few, little or no damage at all. Often when damage has occurred (such as fire), the appraiser works with the home owner to establish the state and condition of the home before the damage occurred. It allows for the owner to participate in creating an accurate understanding of the home.

Keystone has developed an Owners Property Disclosure Form  to assist the home owners in providing this information. This is a voluntary requirement intended only to assist the appraisal process and if required, our staff will assist you in the completion of the form. Any information helps and if you are unable or simply do not want to complete the form that is entirely your choice. If you would prefer to call to discuss the property with us, or meet with us during our inspection days, then we will make ourselves available to you.

Once we have collected the available information the appraiser will then complete a report for the client based upon well established analytical techniques. We do not discuss the contents of the report until after the report is completed and only with the intended user. In this instance the intended user will be the Boundary Flood Recovery Organization (City of Grand Forks and Regional District of Kootenay Boundary). We appreciate this may seem unfair, but we have no flexibility on this issue. Our professional standards demand the highest degree of confidentiality.

Properties Impacted

Please find below mapping provided by the Boundary Flood Recovery Organization that shows the appraisal sites highlighted in yellow. If you believe your property is included within the identified areas please contact us and we will confirm from our comprehensive list of addresses.

What next?

Please contact our offices as per the contact details below and set up an appointment with our staff for an appraiser to inspect the property. You can download the Owners Property Disclosure Form at the link below and copies are also available to pick of at the City of Grand Forks reception. The appraiser is available to assist you in completing the form if you prefer. We can also fill out the form with you during the inspection.

The completed forms can be emailed back to us or dropped off at the City of Grand Forks reception.

Keystone staff will be in contact with you in the next week to set up an inspection date and time. Please make sure that we have your up to date contact details.

If you are unsure whether your home will be included in the assignment, please call us and we will confirm whether your property is on the list, or alternatively, contact the City of Grand Forks.

Inspection Dates

Wednesday November 28th 8.00 am to 6.00 pm
Thursday November 29th 8.00 am to 6.00 pm
Friday November 30th 8.00 am to 3.00 pm
Thursday December 6th 8.00 am to 6.00 pm
Friday December 7th 8.00 am to 6.00 pm
Saturday December 8th 8.00 am to 3.00 pm

Owner Property Disclosure Forms

To download Property Owners Disclosure Form:  Click here.

Copies can be obtained from Reception at the City of Grand Forks.

If you would like assistance in completing the form please contact us below.

Keystone Appraisals Contact Details:

Website:

www.keystoneappraisals.ca

Email:

admin@keystoneappraisals.ca

Phone:

Grand Forks: 250 442 0024
Nelson: 250 352 6855
Trail: 250 368 6855
Cranbrook: 778 517 8808