The federal government’s Public Works department has signed a new five-year deal with Ottawa-based Appraisal Institute of Canada for professional real estate and related advisory services.
It’s a renewal of an agreement that has been in force since 1996, the association said in a press release. No financial details were released.
The association will assist with observing, monitoring and contributing to policy decisions, helping with decisions to outsource and maintaining best practices, AIC said.
"A key component of all real estate decisions is based on the market value of the property,” said Gérard D'Aoust, acting chief appraiser of Public Work’s valuation program, in the statement.
“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 two sides are working together on a guide to estimating the market rent for parking spaces, which will be published in the fall.
The federal government, Canada’s largest property owner, has a number of unique properties that “add significant complexity to the valuation services required”, the statement read. Examples include research stations in the Arctic, as well as historical sites.
The agreement comes as Public Works looks to expand the number of services it receives from the private sector when it comes to finding office space for its departments.