High Rise Building

High Rise Building

Building Type: High Rise Building

Location: Toronto, ON

Year Built: 2015

Client: Property Manager and Directors

This reinforced concrete high-rise apartment development has 396 residential units in 2 towers. Each tower has 33 storeys with 3 elevators serving all levels, and their own multi-level parkade. They share common facilities including a recreation centre with meeting room, lounge, pool, jacuzzi, gym, a rooftop garden with a pond and water feature.  Each unit also has their own fireplace and high-end finishes and appliances.

In addition to costing out equipment and furniture for the common facilities, our appraisers also consider the location of this complex. Being in downtown Toronto, demolition and removal fees will be inflated due to required permits and close proximity to other buildings. There might also be higher professional fees, and perhaps stricter municipality bylaws to account for.

Bareland Property

Bareland Property

Building Type: Bareland / Common Elements Property

Location: Ottawa, ON

Year Built: 1997

Client: Board of Directors

Bare land or common elements insurance appraisal reports look at all the common property improvements and elements of the residential development. Structures within the condo lots are typically not included as part of the replacement cost report, but may be requested.  This common elements property consists of 162 lots, a pool house, outdoor swimming pool, outdoor hot tub, fire pit, street lights, signs, mechanical rooms, common washrooms, and common property improvements.  

It is important to investigate all of the potential inclusions by carefully reviewing the condo bylaws and checking with the condo board. Most of the valuation is made up of hard and soft landscaping and underground site services. What can be challenging is determining all of the underground services, such as plumbing and electrical, and which elements are common versus which are the responsibility of the homeowners. Items that typically require review are fencing, gates, retaining walls, roadways, lighting, sewage, etc.