Real Estate Services
Real Estate Services is responsible for the execution and coordination of real estate transactions for the City’s 5,600 properties, worth approximately $12 billion. Services include property acquisition, disposal, appraisal, leasing, and portfolio management on behalf of the City.
As part of the City-wide real estate model which will launch in 2018, Real Estate Services, the Facilities Management division, and a new real estate agency will manage the City’s real estate portfolio, develop City buildings and lands for municipal purposes, and deliver client-focused real estate solutions to City divisions, agencies and corporations.
Portfolio Management maintains and manages the City’s real estate information by coordinating asset reviews to meet existing portfolio needs, unlocking potential value of property, conducting portfolio reviews to prepare assets for sale and managing the surplus property sale process.
When City Council approves a report recommending the acquisition of a building or property to meet a City service requirement, the Acquisition & Expropriation Unit takes the lead by contacting property owners to discuss the purchase of real estate.
City staff seek to recommend fair and reasonable prices to City Council for properties being acquired by commissioning market value appraisals. Property owners are offered market value for their real estate, which is the amount that would be exchanged between any prospective purchaser and seller.
Once negotiations are complete with the property owner, a report is prepared by City staff for consideration by Government Management Committee and then ultimately to City Council for approval. Meetings occur on a monthly basis as scheduled by the City Clerk’s office. City Council has the ultimate authority to determine whether to acquire the property and the value to be paid, and can refer any report back to staff for changes to terms of the agreement or further clarification.
Typically it can take from nine to 12 months to complete an acquisition from initial contact to closing, depending on the complexity of the transaction.
Policy and Appraisal staff provide appraisal services, real estate-related project management and advice on all types of property interests to the City.
The Appraisal Services team provides valuation and consulting services to the City’s agencies, boards, commissions and divisions. Valuations are completed in acquisition, disposition and leasing activities as well as Planning Act matters, for example, cash lieu of parkland.
The Policy and Project Management team lead the management and delivery of complex and high profile City projects. The team is responsible for strategic planning and policy development as it relates to the mandate of Real Estate Services.
Leasing and Site Management performs the following activities:
- acquires leased properties (land and buildings) to meet clients’ requirements
- leases-out City-owned properties for interim use by third parties
- manages financial and landlord/tenant functions
- coordinates property management activities on all City sites
Development and Portfolio Planning produces high level strategic planning for the City’s property portfolio and detailed physical and financial planning for selected City properties. The team also specializes in stakeholder management and engagement.