Announcements

Archived Announcements

2024/2025 AIC-BC President, Andy Pham, P. App., AACI

ANDY PHAM, AACI, P.APP. ELECTED

AIC-BC congratulates Andy Pham, P.App, AACI of Vancouver, BC on his election as President of the British Columbia Association of the Appraisal Institute of Canada. A Press Release was sent out in November 2024 advising of Andy’s accomplishment.

Newly Designated Members – January – December 2022.

AIC-BC wishes to congratulate the following AIC-BC Members for earning use of their AACI™ and CRA™ designations in 2021:

AACI, P.App
Bo Lott
Adrian Zaldivar
Morgan Stewart
Michelle Wang
Leah Rivard
Julia Burgess
Chris Morgan
Whitney Purvis
Megan Low
Conrad MacDonald
Stuart Slaven
Greg Hengel

CRA, P.App
Richard Rabnett
Frank Scott
Sandra osterby
Judith Leeming

Industry Alerts

From affordable housing issues, to speculation tax, to tighter mortgage rules, to spikes and drops in housing prices, the British Columbia real estate market continues to be under the microscope. Under these circumstances, while it is an opportune time for increased appraisal demand, it is also a time to exercise caution. The AIC-BC will use this forum to share fraud-related notices as they are made available and would like to take this opportunity to share best practices and additional information about how AIC-BC Members can protect themselves and the public.

Industry Alerts

Fraud Alert: Land title fraud involving owners living outside of Canada

For general mortgage broker inquiries, call:
Office of the Registrar of Mortgage Brokers
BC Financial Services Authority
Phone: 604-660-3555 | 866-206-3030 (toll free) | Fax: 604-660-3365
2800 – 555 West Hastings Street | Vancouver, BC | V6B 4N6
Email: | Website: www.bcfsa.ca

AIC Fraud Prevention Tips:

Know your client.
Know your market – heated markets are hubs for fraud.
Exercise due diligence in your research — property flips, sales/listing history and exposure time can tell a story.
Issue letters of engagement with every assignment but particularly with unfamiliar clients.
Password-protect your reports and only give the password to your client.
Decline if it doesn’t feel right – providing a reliance letter to a new intended user is not a mandatory requirement; you have the right to decline – it is an extension of risk.

If you suspect that your report has been altered or compromised, you should immediately*:

Advise your client, if appropriate, of the suspected activity;
Report suspected fraudulent activity to the Appraisal Institute of Canada – BC Association Executive Director, Christina Bhalla, to request that an email broadcast be sent out to the AIC-BC Membership;
Report any suspected fraudulent activity to the Appraisal Institute of Canada’s Director – Professional Practice, Shelley Poirier. Information will be held on record should a related claim or complaint arise;
Report suspected activity to appropriate lending associations such as MIABC, CMBA-BC, and MPC;
Contact BCFSA at brokerconduct @bcfsa.ca or 604-660-3555 to advise of the suspected activity;
Alert your local police to advise of suspected activity and obtain a case number.

*These recommendations are for general information purposes only and should not be construed as legal advice. AIC-BC urges Members to contact AIC’s Director of Professional Practice with specific questions or for additional guidance.

For more information, please refer to the following AIC publications:
Protecting Yourself Against Valuation Fraud
Mortgage Fraud Red Flags and Warning Signs for Valuation Experts
Avoiding Mortgage Fraud is Everyones Business

AIC-BC Responds to Housing Cooling-off Period Announcement

FOR IMMEDIATE RELEASE

AIC-BC Responds to Housing Cooling-off Period Announcement

April 6th, 2022 (Vancouver, British Columbia) – The British Columbia Association of the Appraisal Institute of Canada (AICBC) responded to Minister of Finance Selina Robinson’s recent announcement of the creation of a cooling-off period for house purchases by British Columbians.

“We would like to thank the government and the Minister for consulting with AIC-BC and other stakeholders on the cooling-off period. It is essential for appraisers to be involved in the cooling-off period process to ensure the housing market in British Columbia can remain stable,” began Edwina Nearhood, President of AIC-BC.

Appraisers are unique and essential participants in the real estate transaction, as they offer a real time, third party, independent opinion of value. This plays a vital role in helping the public make informed decisions during housing buying and selling, and also helps to ensure that the housing and lending markets remain stable.

“The details of the cooling-off period will be important to ensure that unintended consequences are limited; the time frame should be long enough to allow for an appraisal to be done for financing purposes or to provide perspective to the purchaser. Furthermore, the government needs to make it easier for appraisers to access data, to ensure that buyers are well informed,” continued Nearhood.

Important data, such as public records of land registry and assessment, ownership and sales data, and other key data points to effectively authenticate properties continues to be challenging to access for Appraisers. The lack of reliable financial information puts many in a real estate transaction at risk due to potential inaccurate information.

“AIC-designated Appraisers have been and continue to be an essential component of British Columbia’s housing market.

By integrating them in this new policy, the government can ensure that both home buyers and sellers are protected throughout the process,” concluded Nearhood.

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The Appraisal Institute of Canada – British Columbia (AIC-BC) is the provincial association of the Appraisal Institute of Canada (AIC) within British Columbia and Yukon Territory. Established in 1973, AIC-BC represents approximately 1,200 members and delivers AIC’s member programs and
services within the region.

Media Contact:
Christina Bhalla
Executive Director | BC Association Appraisal Institute of Canada
Telephone: 604-284-5515
Email: