IMA On-Demand & FTDP

Challenges with Application of the Cost Approach

The Cost Approach remains a foundational valuation method in property assessment, particularly for unique and special-purpose properties. However, its effective application presents a range of challenges that require both technical understanding and sound judgment. This session will explore key concepts, practical issues, and common obstacles associated with the cost approach in property assessment contexts. Participants will review the basic theory behind the approach and how it is applied to support equitable assessments. The webinar will delve into the distinctions between reproduction cost new and replacement cost new, and how each affects value conclusions. The session will also focus on identifying and quantifying different forms of depreciation, with particular attention to functional and economic obsolescence. Attendees will gain insight into how these elements can be recognized, measured, and supported within a valuation, helping to ensure more accurate and defensible assessments.

• Type: Webinar
• CPD Credits: IMA 1.5 Learning
• Organized By: IMA/IPTI

Speakers

Peter Dim

Senior Appraisal and Market Specialist, MPAC
Canada
Designations: MRICS‍

Peter began his career as an appraiser in the Greater Toronto Area, specializing in the Cost Approach to Valuation with a technical focus on concrete structures. He holds a diploma in Civil Engineering Technology from Seneca College and later attended Western University, studying Urban Development. Peter joined MPAC in 2014 as a Property Inspector before advancing to the role of Property Valuation Analyst, where he was responsible for the assessment of industrial properties in the Brantford market. He later served as a Property Valuation Specialist within MPAC’s Centralized Heavy Industrial Group until 2019. He currently holds the position of Senior Appraisal and Market Specialist in MPAC’s Research and Advisory Services Cost group, where his work is centered on Building Construction Costs and related market analysis. Peter is a member of the Royal Institution of Chartered Surveyors.

John T. Glen

Appraiser
Canada
Designations: MA, AACI, FRICS, MIMA

John is well-known for his expertise in real estate valuation in respect to complex properties including multi-purpose commercial centres, hospitality properties, multi-residential, recreation, industrial and special purpose properties as well as his expansive knowledge of appraisal techniques and methodologies. John has been called upon to provide expert witness testimony in an extensive number of valuation cases before various courts and tribunals, assisting in precedent setting matters in many jurisdictions. John continues in his role at York University, where he teaches various real estate related courses under the Department of Administrative Studies. He is a sought-after speaker who routinely presents at government and industry events/educational forums on valuation techniques and methodologies. His knowledge is apparent and well documented in the various articles and publications he has written on valuation methodology; assessment training manuals and valuation issues such as obsolescence or market affects.