2015 BASE YEAR. Cost Market Report Saskatchewan Provincial Parks. Assessment Services Division

Transcription

1 2015 BASE YEAR Cost Market Report Saskatchewan Provincial Parks Assessment Services Division Revised November 30, 2017

2 Table of Contents Introduction... 3 Procedures Used... 4 Sales Verification... 4 Summary of Land Sales... 5 Summary of Improved Sales... 6 Improved Sale Values by Location... 6 Change in Park Land Values... 7 Determining Base Land Rates... 7 Lakefront rate... 8 Back row Rate... 9 Battlefords PP Cypress Hills PP Duck Mountain PP Good Spirit PP Greenwater PP Lac La Ronge PP Lovering Lake Recreation Site Meadow Lake PP Moose Mountain PP Narrow Hills PP Pike Lake PP Sask Landing PP Appendix A - Park Totals/ Summary of Value Change... 65

3 Introduction This analysis will update provincial park land values to a base date of January 1, Leased sale transactions provided to SAMA were scrutinized and verified in order to determine a list of vacant land sales or demolition sales that could be used to determine new land rates. The previous analysis had 15 vacant land indicators and 190 improved lease transfers. This valuation is conducted using 30 vacant land transfers and 148 improved lease transfers. There were two approaches used: 1) Sales Comparison Method- Used where there are sufficient vacant land sales to determine a base land rate. This was supplemented by the use of Demolition Sales where the demolition or removal of all improvements caused the land to become vacant, and used as an alternative to vacant land sales. 2) Comparable Neighborhood Method- In cases where there are no vacant land sales, or too few to derive a market land rate the comparable neighbourhood method is used. These comparable rates may be from subdivisions adjacent to the provincial park or from another provincial park in the province. The comparable neighbourhood method is referenced in the SAMA 2015 Cost Guide (section 2.2, page 1) for situations where there are insufficient land sales in the neighbourhood to determine a reliable base land rate. 3 Page

4 Procedures Used Sales Verification A list of all land transactions was received for each provincial park, identifying the purchaser and vendor, subdivision, lot and block. The sales were screened to remove all family transfers or cases where the purchaser and vendor were related parties. An attempt was made to contact either the purchaser or vendor for each transfer. In some cases a phone number or address was included in the information provided from the ministry. In other cases we attempted to find a phone number, however this is difficult having no idea where the owners permanent residence is located. The park managers were contacted to help us confirm the sales that were transfers of vacant land only or where the existing structures were demolished immediately after purchase. Demolition sales were adjusted for the costs involved with the removal of the structure and clean up of the site. In cases where the purchasers provided us these values, and they seemed reasonable we used the values. We also had cases where purchasers would tell us they did the work themselves so it didn't cost anything or they don't remember the costs. In these cases we made an adjustment based on the provincial median. Provincial Park TAXMAP Date Sale Price Demo Cost Moose Mountain AC July 14, ,000 5,000 Moose Mountain CH Aug.9, ,000 3,500 Greenwater GR Dec. 10, ,500 7,500 Greenwater GR Oct. 7, ,000 6,000 Greenwater GR Aug. 17, ,000 15,000 median 6, While these transfers are lease transfers and not titled lots, they can be transferred or sold as any titled lot. SAMA has other jurisdictions where lease sales are used to determine land values and jurisdictions where titled lot sales are used as comparables for the leased lots in the absence of sales. There is very little to no evidence to suggest there should be an adjustment made for lots being leased versus owned. 4 Page

5 Summary of Land Sales Provincial Park Subdivision Location Size Adj_Sale Price Unit_price Cypress Hills Ben Vannoch Lakefront-obs Duck Mountain Benito Lakefront Duck Mountain Jubilee Backrow Greenwater Lake Greenwater Backrow Greenwater Lake Greenwater Backrow Greenwater Lake Greenwater Lakefront Greenwater Lake Uskatik Lakefront-PR Meadow Lake Kimball Backrow Moose Mountain Acoose Backrow Moose Mountain Acoose Backrow Moose Mountain Beaver Backrow Moose Mountain Beaver Backrow Moose Mountain Beaver Backrow Moose Mountain Chechisip Backrow Moose Mountain Chechisip Backrow Moose Mountain Chechisip Backrow Moose Mountain Chechisip Backrow Moose Mountain Chechisip Backrow Moose Mountain Horse Shoe Bay S of Kenosee Dr Moose Mountain Sandy Bay S of Kenosee Dr Moose Mountain Sunny Bank S of Kenosee Dr Moose Mountain Sunny Bank S of Kenosee Dr Pike Lake Lakeside Backrow Pike Lake Lakeside Lakefront Pike Lake Lakeside Lakefront Pike Lake Lakeside Lakefront Pike Lake Lakeside Lakefront Pike Lake Lakeside Lakefront Pike Lake Moose Woods Lakefront Saskatchewan Landing Omache Bay Backrow Page

6 Summary of Improved Sales Provincial Park Count Median Sale Price Count Median Sale Price Cypress Hills Duck Mountain Good Spirit Lake Greenwater Lake Meadow Lake Moose Mountain Narrow Hills Pike Lake Saskatchewan Landing The Battlefords Lovering Lake Lac La Ronge Improved Sale Values by Location Provincial Park Location # of sales Median Sale Price Cypress Hills Lakefront Backrow Duck Mountain Lakefront Lakefront_PR Backrow Good Spirit Lakefront Backrow Greenwater Lakefront_PR Backrow Lac La Ronge Island Meadow Lake Lakefront Lakefront-obs Lakefront - Road & PR Backrow Backrow-traffic Moose Mountain S of Kenosee Dr S of Kenosee Dr - Traffic Backrow Narrow Hills Lakefront Backrow Pike Lake Lakefront Saskatchewan Landing Lakeview Backrow The Battlefords Lakefront Page

7 Change in Park Land Values PARK Count FLV_2011 FLV_2015 Change Cypress 203 $ 30,435,700 $ 41,599, Duck Mountain 325 $ 34,898,000 $ 67,402, Good Spirit 153 $ 6,429,300 $ 9,526, Greenwater 198 $ 20,327,300 $ 39,841, Lac La Ronge 253 $ 6,274,500 $ 11,988, Lovering 17 $ 208,300 $ 593, Meadow Lake 238 $ 28,498,300 $ 41,915, Moose Mountain 450 $ 15,565,000 $ 33,428, Narrow Hills 95 $ 5,369,000 $ 10,284, Pike Lake 138 $ 16,628,700 $ 20,984, Sask Landing 50 $ 6,982,100 $ 7,724, The Battlefords 42 $ 3,144,000 $ 3,837, Totals 2162 $ 174,760,200 $ 289,126, Determining Base Land Rates In provincial parks where there is enough sales evidence the sales comparison method is used to determine the base land rate, standard size and land size multiplier curve (LSM). The sales are stratified into groups based on their location - in this case proximity to lake (lakefront/back row), subdivision etc. Base Land Rate: Each sale has a calculated price per square foot. Sales are plotted on a chart to determine at which point the rate per square foot begins to decrease. The median rate per square foot of all the sales up to this point is used as the base land rate. Standard Size: Determined from the sales, the point at which the price paid for additional units of size begins to decrease LSM: The purpose for this is to measure what effect size has on the value of a parcel of land. After identifying the point at which the values start to decrease as the size of the lot increases; we need to determine the rate at which it decreases. The graph contains a logarithm that reduces the value of the parcel to match the decreasing value of the lot as the size increases. LSM's differ based on the fact we are matching what the market is indicating. 7 Page

8 In many of the parks there were not enough sales to develop individual rates, therefore they were combined to determine one main lakefront rate and one back row rate. Lakefront rate The lakefront rate is based on two sales at Greenwater Lake provincial park, where the lot and cabin were purchased and the cabin demolished in order to rebuild a new cabin. Demolition costs were provided by the purchasers. A third sale from Duck Mountain was identified as being purchased with the intent to demolish the cabin. The purchaser confirmed the price paid would have been higher if the cabin had been removed as it will cost a minimum of $10,000 to haul to dump and clean up lot. The lakefront rate derived from these three sales is $35.89/sq ft, with a standard size of 9,000 sq ft and a non-adjusted curve of 185%. The non-adjusted curve results in lots smaller than the standard size getting a higher rate per square foot, as identified in the sales sample. The smaller sale has a location code of Lakefront- public reserve yet it had a higher selling price per square foot than the sale coded Lakefront. This one sale of Lakefront-public reserve was not enough evidence to remove the 15% adjustment they have historically been receiving. The $35.89 rate developed will be applied to all lakefront and the reduced rate of $30.51 will be applied to all lakefront-public reserve lots. This rate is being applied to the following provincial parks: Cypress, Duck Mountain, Greenwater and Saskatchewan Landing. 8 Page

9 Back row Rate The back row rate is derived from sales in 4 different provincial parks. Again these sales are demolition sales, one was quoted from the purchaser as $6,000 and the median demolition cost of $6,000 was applied to the others. The 5 sales range in size from 6,270 sq ft to 10,500 sq ft with very little variance in the unit prices. The median value of $19.85/sq ft will be applied to the standard size of 10,500 sq ft with the historical 180% LSM curve. The Cypress Hills sale is coded as Lakefront-obs, however it fits in with these back row sales in this sales pool. This rate is developed from sales in and will be applied to the following provincial parks: Cypress Hills, Duck Mountain, Greenwater Lake and Meadow Lake. In the provincial parks not mentioned in the two scenarios above there were either enough sales to develop a separate rate or the trend was different than these curves and a different comparable used. 9 Page

10 Summary of Rates Prov Park Location Sales Count Comp. Unit Std Size LSM Land Rate Std Size LSM Land Rate Median ASR COD The Battlefords PP LF 0 Aquadeo/ 468 resorts 8, % $ , %, Adj $24.17 The Battlefords PP BR 0 Aquadeo/ 468 resorts 9, % $ , %, Adj $16.65 Cypress Hills PP LF 0 8, % $ , % NON $ % Cypress Hills PP LF -obs/ BR 1 8, % $ , % $ % Duck 185% Mountain LF 1 8, % $ ,000 NON $ % PP Duck Mountain PP LF-Road & PR 0 8, % $ , % NON $30.51* Duck Mountain PP BR 1 9, % $ , % $ % Good Spirit PP Good Spirit PP Greenwater PP LF 0 BR 0 274CA- Canora Beach VL sales 274CA- Canora Beach Backrow 9, % $9.79 6,914 7, % $4.55 7,405 LF 1 8, % $ , % 180% 185% NON $ $ $ % Greenwater PP LF-PR 1 8, % $ , % NON $30.51* % Greenwater PP BR 2 9, % $ , % $ % 10 Page

11 Lac La Ronge PP Island Rate 0 Napatak 7, % $ , % $4.27 Lac La Ronge PP Remote Leases 0 Napatak 7, % $ , % $ GA - Lovering Lake PP LF 0 Gaumond Bay/ 074TP - Thompson 7, % $2.38 8, %, $6.77 Lake Meadow Lake PP LF 0 Greig Lake/ 588GR 8, % $ , % $27.62 Meadow Lake PP LF Block 3 Jeannette 0 Greig Lake/ 588GR 8, % $ , % $24.86 Meadow Lake PP LF-PR 0 Greig Lake/ 588GR 8, % $ , % $23.48 Meadow Lake PP BR 1 9, % $ , % $ % Meadow Lake PP BR-traffic 0 9, % $ , % $16.87* Moose Mountain PP South of Kenosee Dr 4 7, % $ , % $ % Moose Mountain PP Traffic Adj 0 7, % $ , %, Adj $11.41* Moose Mountain PP Moose Mountain PP South of Kenosee Dr- Sunnybank block 4 & 5 0 7, % $9.16 7,800 Back row 10 7, % $1.95 7, % 190% $7.93 $ % Narrow Hills PP LF 0 East Trout/ Little Bear 8, % $20.66** 6, % $23.85** 1.00 Narrow Hills PP LF-road 0 East Trout/ Little Bear 8, % $17.56** 6, % $23.85** Page

12 Narrow Hills PP Pike Lake PP Pike Lake PP Pike Lake PP Sask Landing PP Sask Landing PP BR 0 East Trout/ Little Bear 9, % $10.43** 7,290 LF 6 7, % $ ,407 BR *** 7, % $7.29 5,407 BR-remote 1**** 345 (120) 7, % $7.29 5,005 LF 0 8, % $ ,000 BR 1**** Mistusinne 8, % $ , % 195%, non-adj 195%, non-adj 176%, non-adj 185% NON 180% $13.25** 1.00 $ % $14.42 $7.22 $ % $11.41 *15% traffic/topography/obsl/public reserve adjustment carried over from previous analysis, applied where there was no proof to remove the adjustment. **ious market report indicates this rate, however assessment list from parks shows lakefront lots at $82,600 and back row lots at $41,300 - plot value. These values were the result of an appeal decision, applied $20.66 and $10.43 as a plot value at 4000 sq ft. ***50% ratio applied as in previous analysis ****comparable land rate used, cannot use one sale to determine a market value. 12 Page

13 Battlefords PP Summary of Land Rate changes NBHD Sales Count Comp. Unit (identify units) Std LSM Land Std LSM Land Median COD Size Rate Size Rate ASR Lakefront Aquadeo/468 resorts 8, % $ , %, Adj $ % Back row Aquadeo/468 resorts 9, % $ , %, Adj $ % Comparable There were no qualified vacant land sales in The Battlefords Provincial Park. The previous analysis used the comparable neighbourhood method and applied the same rates that were applied to Duck Mountain, Meadow Lake, Cypress Hills and Greenwater parks. There are two lakefront improved sales at The Battlefords provincial park that indicate the lakefront rate developed from sales at these parks will have lots valued higher or near the value of the lot with a cabin. The Delorme subdivision in The Battlefords provincial park consists of a row of lakefront lots with 8 lots further set back but unobstructed views of the lake. The more reasonable comparable would be the rates developed for the resort areas nearby; Aquadeo, Cochin, Metinota, Meota and 468 resorts. These municipalities have a lakefront rate and a secondary lakefront for lots with large reserve between the front row lot and the lake. The lots in the "secondary lakefront" analysis are very comparable to the 8 lots that were deemed back row. 13 Page

14 Map of Subdivision 14 Page

15 Assessment Changes Lakefront Back row Most of the lakefront lots range in size from 2,114 sq ft to 4,992, with two lots at 6,724 sq ft. The 8 back row lots vary from 5,907 sq ft to 6,787 sq ft. The lakefront lots will see an increase of 16.99% on lots up to 6,000 sq ft and the two lots at 6,724 sq ft will increase by 8%. The back row lots will increase by 47-59%. Some of these lots will be valued higher than lakefront lots due to the size differences. A 6,724 sq ft lot would be valued at $150,062 on the lakefront and $103,845 in the back row. 15 Page

16 Cypress Hills PP Summary of Land Rate changes NBHD Sales Count Std LSM Land Std LSM Land Median COD Size Rate Size Rate ASR Lakefront 3 8, % $ ,000 Lakefront-obs Back row 7 8, % $ , % NON 180% $ % $ % Analysis The previous analysis had combined the lakefront-obs and back row rates, based on the selling price of the back row sale at that time. There was one sale in Cypress Hills, a lakefront-obs property that fit in with the back row sales in the grouped provincial park sales pool. Properties are deemed lakefront-obs are lots 1-22 in Ben Vannoch subdivision due to proximity to the lake and leases with water issues. Lots 10, 12-18, 28, 31 and 38 in Ben Nevis receive the lakefrontobs rate due to flooding and/or steepness. Map of Sale/ Subdivision lot 11, sale 2014 VA $206,500, $19.67/sf 16 Page

17 Assessment Changes Lakefront 17 Page

18 Lakefront - Obs/ Back row 18 Page

19 Duck Mountain PP Summary of Land Rate changes NBHD Sales Count Comp Unit Std LSM Land Std LSM Land Median COD (identify units) Size Rate Size Rate ASR Lakefront Lakefront- Road & PR 3 8, % $ ,000 8, % $ ,000 Back row 7 9, % $ ,500 *15% reduction based on previous analysis 185% NON 185% NON 180% $ % $30.51* $ % Analysis There is one vacant lakefront sale in Duck Mountain, Benito Subdivision. This sale was combined with the two lakefront sales from Greenwater Provincial Park. The lots in Duck Mountain that are identified as lakefront - road & PR are different than the two lots that sold in Greenwater, whereas the road is the main access to the property. The 15% reduction to the lakefront rate will remain as there is no sales evidence in Duck Mountain to remove it. There is one vacant land backrow sale in Duck Mountain. This sale was combined with back row sales from Greenwater Provincial Park, Good Spirit Lake Provincial Park, Saskatchewan Landing Provincial Park and Meadow Lake Provincial Park to determine one backrow rate. 19 Page

20 LakefrontSale Lot 7, 2014 sale BEN $270,000 - $28.68/sf BackrowSale Lot 3, 2013 sale JU $136,500 - $21.77/sf 20 Page

21 Assessment Changes Lakefront Lakefront - road & PR 21 Page

22 Back Row 22 Page

23 Good Spirit PP Summary of Land Rate changes NBHD Sales Count Comp. Unit Std LSM Land Std LSM Land Median COD (identify units) Size Rate Size Rate ASR Lakefront Back row 274CA- Canora Beach VL sales 274CA- Canora Beach Backrow 9,580 7, % 180% $9.79 6,914 $4.55 7, % 180% $14.08 $7.02 Analysis The values at Good Spirit Provincial Park are derived using the comparable neighbourhood method since there were no qualified vacant land sales. There are private resorts on this lake, the most comparable being Canora Beach. This is the same comparable as used in the past. Assessment Changes Lakefront 23 Page

24 Back row 24 Page

25 Greenwater PP Summary of Land Rate changes NBHD Sales Count Comp. Unit Std LSM Land Std LSM Land Median COD (identify units) Size Rate Size Rate ASR Lakefront 2 8, % $ ,000 Lakefront- PR Greenwater - having a road in front Uskatik blocks 5, 7, 9 1 8, % $ , % Non Adj 185% Non Adj $ % $ % Back row 5 9, % $ , % $ % Analysis There are 4 vacant land sales in Greenwater provincial park; 1 lakefront, 1 lakefront-public reserve and 2 back row. The lakefront sale has a calculated sale price per square foot of $35.89 and the lakefront - public reserve sale has a rate of $57.58 per square foot. These two properties were physically inspected, both have public reserve with a road allowance between the lot and the lake. The lot in the Greenwater subdivision has more of a view of the lake but the road allowance appears to be used as a walking and bike path. The lot in the Uskatik subdivision has a heavily treed public reserve area with a path through the bush for lake access. The lake is visible from the road on the high point of the lot but there is a decline toward the lake. These two sales were combined with one sale from Duck Mountain to determine the lakefront rate that will be applied to other provincial parks - Meadow Lake, Cypress, Good Spirit, and Saskatchewan Landing. Although the lakefront-public reserve sale did indicate a higher rate per square foot, the 15% reduced rate of $30.51 will continue to be applied in the Uskatik subdivision for blocks 5, 7 and 9. The 2 back row sales were combined with the back row sales from other provincial parks. 25 Page

26 Map of Sales Uskatik Subdivision lot 6 sale GR $300,000 - $57.58/sf 26 Page

27 Greenwater Subdivision lot 10 sale GR $323,000 - $35.89/sf lot 9 sale GR $146,000 - $16.76/sf lot 15 sale GR $125,000 - $18.94/sf Assessment Changes Lakefront 27 Page

28 Lakefront - PR Back row 28 Page

29 Lac La Ronge PP Summary of Land Rate changes NBHD Sales Count Comp. Unit Std LSM Land Std LSM Land Median COD (identify units) Size Rate Size Rate ASR Island 0 Napatak 7, % $ ,039 Island-obs 0 Napatak 7, % $ ,039 *25% reduction for leases that are more remote. 180% 180% $4.27 $3.20* Comparable There were no qualified vacant land transactions in Lac La Ronge PP. The previous analysis used Good Spirit Provincial Park as a comparable. The market values of these leases are likely more comparable to a northern area municipality. The closest comparables would be Wadin Bay, Missinipe and Nemebein Lake, with Napatak being further away, south of La Ronge. Using the land rate from the closest comparables would value the leased island lots of 11,250 sq. ft. at $97,900. The leases at Lac La Ronge provincial park are unique compared to the other provincial parks. The leases are not located in sub-divisions and not accessible by road, meaning access is limited in types of transportation and when the seasons and weather permit. These attributes would deem them less marketable that Wadin Bay. Based on this analysis the lower lakefront rate from Napatak will be used as a comparable, with the continued use of the 25% reduction for the remote leases on the far east side of the lake. 29 Page

30 Map of Area 30 Page

31 Assessment Changes Island 31 Page

32 Island-OBS Lovering Lake Recreation Site Summary of Land Rate changes NBHD Sales Count Comp. Unit Std LSM Land Std LSM Land Median COD (identify units) Size Rate Size Rate ASR 104GA - Gaumond Lakefront 0 Bay/ 074TP - 7, % $2.38 8, %, $6.77 Thompson Lake Comparable There were no qualified vacant land transactions in Lovering Lake Recreation Site and no sales of cottages either. Lovering Lake is a recreation site with only one row of lakefront lots with 17 cottages. The land rates being applied to Lovering Lake will be taken from the comparable neighbourhood of Gaumond Bay/Thomson Lake Regional Park. This determination was made based on the similarities in regards to the layout of the lots being mostly lakefront, located on a small lake, less amenities than the other provincial parks and proximity to larger centers. 32 Page

33 Lovering Lake Satellite Imagery 33 Page

34 Lovering Lake Location Location of comparable 34 Page

35 Assessment Changes Lakefront 35 Page

36 Meadow Lake PP Summary of Land Rate changes NBHD Sales Count Comp. Unit (identify units) Std Size LSM Land Rate Std Size LSM Land Rate Median ASR COD Lakefront Lakefront - block 3 Jeannette Lakefrontobs/topo/ road & PR Greig/ 588GR Greig/ 588GR Greig/ 588GR 8, % $ ,000 8, % $18.594* 9,000 8, % $ ,000 Back row 7 9, % $ ,500 Back row- Traffic 0 9, % $ , % 196% 196% 180% 180% $27.62 $24.86 $23.48 $ % $16.87** *this rate is not documented in previous market report but is applied for assessment values. Appears to be 10% reduction to lakefront. **15% reduction for traffic carried over from previous analysis Analysis There is only one back row sale that was a demolition sale. This sale is indicating a rate of $21.05/sf. This sale was combined with other provincial park back row sales. All other sales were improved, park manager stated they have very few properties that are vacant lots. A comparison was done using the provincial lakefront rates versus the rates developed for Greig Lake and surrounding resort hamlets, not in the provincial park cottaging system. There are leased lots adjacent to titled lots in some subdivisions and the provincial park lakefront rate would have created an inequity assessing the leased lots higher. 36 Page

37 The rates developed by SAMA for Greig Lake, 588GR (Greig North resort) and 622LL (Lauman's Landing) will be applied to the lakefront lots in the Meadow Lake provincial park and the backlots will get the provincial rate where the one sale was used. The lakefront rate of $27.62 sq ft will be applied to all properties with the lakefront location. A 10% reduction will continue to be applied to block 3 in the Jeanette subdivision. This is an appeal decision that reduces the rate to $24.86/sq ft. The 15% reduction for obsolescense, topography, road and public reserve reduces the rate to $23.48/ sq ft. 37 Page

38 Greig North - provincial park subdivision Greig Lake - SAMA jurisdiction Greig South - provincial park subdivision 38 Page

39 Map of Sales Lot sale KI $216,000, $21.09/sf Assessment Changes Lakefront 39 Page

40 Lakefront - road & PR, obsl, topo Lakefront - block 3 Jeanette subdivision 40 Page

41 Back row Back row - Traffic 41 Page

42 Moose Mountain PP Summary of Land Rate changes NBHD Sales Count Comp. Unit (identify units) Std Size LSM Land Rate Past Overall COD Std Size LSM Land Rate Median ASR COD South of Kenosee Dr. 4 7, % $ , % Adj $ % South of Kenosse Dr - 7, % $ , %, Adj $11.41* Traffic Adj South of Kenosee Dr Sunnybank 7, % $9.16 7, %, Adj $7.93 Block 4 and 5 Back Row 10 7, % $1.95 7, %, *15% adjustment based on previous analysis Adj $ % Analysis There were 14 vacant land sales in the Moose Mountain Provincial Park; 4 were in the South of Kenosee Dr. land grouping and 10 were back row sales. The sales South of Kenossee Drive developed a rate of $13.43 per sq ft, with a 11,250 sq ft standard size and 130% adjusted LSM curve. 42 Page

43 The 10 back row sales combined derive a rate of $7.93 per sq ft, with 7,800 sq ft standard size and a 170% LSM curve. 43 Page

44 Mapping of Sales Location - S of Kenosee Dr Horseshoe Bay Lot 6 sale HO $90,000- $12.00/sf Sandy Bay Lot 23 sale SA $100,000- $13.52/sf 44 Page

45 Sunny Bank Lot 23 sale SU $150,000- $13.33/sf Lot 23 sale SU $230,000- $20.44/sf Location - Backrow Acoose Lot 10 sale AC $74,000 $8.81/sf Lot 3 sale AC $42,000 $5.71/sf 45 Page

46 Beaver Lot 27 sale BE $58,000 $8.37/sf Lot 17 sale BE $100,000 $13.57/sf Lot 8 sale BE $45,500 $6.51/sf Chechisip Lot 6 sale CH $50,000- $6.05/sf Lot 18 sale CH $90,000- $11.54/sf Lot 6 sale CH $61,500- $7.28/sf Lot 17 sale CH $30,000- $3.85/sf Lot 8 sale CH $53,500- $7.93/sf 46 Page

47 Assessment Changes South of Kenossee Dr. The same curve for the past values and new values results in fairly stable rates of change. The largest amount of change results once a lot is larger than 11,250 sq ft, impacting less than 10 properties. South of Kenosee Dr - Traffic Adjustment 47 Page

48 Back row This neighbourhood is seeing a 400% increase to the base land rate. The LSM curve is changing from 100% (no adjustment for size) to a 170% curve. The lots range in size from 5,174 sq ft to 10,179 sq ft in these subdivisions. The cottage owners association president brought up concerns about the lots in block 4 and 5 in Sunnybank subdivision being valued the same as south of Kenosee Drive. These lots would not be considered lakefront or lakeview due to the layout of the blocks and are more comparable to 48 Page

49 lots is Acoose, Beaver and Chechisip subdivision. The sales used to develop the lots in the South of Kenosee drive area were all first or second row back. Therefore we agree that it would be reasonable that the lots in block 4 and 5 are given the back row rate, however no further deduction would be given for a traffic adjustment. The change for these lots would be as follows: 49 Page

50 Narrow Hills PP Summary of Land Rate changes NBHD Sales Count Comp. Unit Std LSM Land Std LSM Land Median COD (identify units) Size Rate Size Rate ASR Lakefront 0 Lakefront- RD 0 Back row 0 East Trout/ Little Bear East Trout/ Little Bear East Trout/ Little Bear 8, % $20.66* 6,750 8, % $17.56* 6,750 9, % $10.43* 7, % 180% 180% $23.85** $23.85** $13.25** *ious market report indicates this rate, however assessment list from parks shows lakefront (and lakefront-road) lots at $82,600 and back row lots at $41,300 - plot value. These lot values were implemented on appeal, using the same rates with a 4,000 sq ft lot size. **These are the rates as applied in East Trout and Little Bear. A plot value calculates as $159,100 for lakefront and $78,600 for back row. See below. Comparable Neighbourhood There are no qualified vacant land transactions. iously the same rates as Duck Mountain and Meadow Lake have been applied as a comparable rate. The values applied to this park were changed by an appeal board in The case was made that lots in this park sell for a plot value rather than by size. The provincial lakefront rate was used and calculated the value of a 4,000 sq ft lot that was then applied consistently to all lakefront properties in both subdivisions and the back row lots received a value at 50% of the lakefront lots regardless of size. Lower Fishing Lake subdivision consists of lakefront and back row lots. The 10 lakefront lots range in size from 5,984 to 9,391 sq ft. The back row lots are similar in range from 5,495 to 14,797 sq ft. 50 Page

51 The Moen/Upper subdivision consists of 25 lakefront lots between 4,000 and 4,500 sq ft with one at 6,104 sq ft. 51 Page

52 Narrow Hills Provincial Park is surrounded by the resort areas of Little Bear, East Trout Lake and Whelan Bay. The rates applied in these municipalities are very similar. The land values from East Trout Lake and Little Bear will be applied in the park. Map of Location A plot value applies the same value to the lots regardless of size. In order to maintain this application we calculate the median sale price for lakefront lots and back row lots in the comparable neighbourhood of East Trout Lake and Little Bear. 52 Page

53 Lake front lots = $159,100 Back row lots = $78, Page

54 Assessment Changes Lakefront 2011 Value 2015 Value % change $82,600 $159, % Back row 2011 Value 2015 Value % change $41,300 $78, % 54 Page

55 Pike Lake PP Summary of Land Rate changes NBHD Sales Count Comp. Unit (identify units) Std Size LSM Land Rate Std Size LSM Land Rate Median ASR COD Lakefront 6 7, % $ ,407 Back row 0 7, % $7.29 5, (120) Back row 0 Pippen - remote Subd. 7, % $7.29 5, %, NON 195%, non-adj 176%, NON $ % $14.42 $7.22 Analysis There are 6 vacant lakefront sales and one back row sale. Since the one sale cannot be used to determine a rate the comparable neighbourhood method will be used. The 6 lakefront sales were used to determine a base land rate of $28.84 per sq ft with a standard size of 5,407 sq ft and a non-adjusted LSM curve of 195%. A non-adjusted curve indicates that the smaller lots sell for a higher unit price than larger lots and a steep curve at 195% means that value increase per unit of measure is minimal. There are only 11 back row properties at Pike Lake, in the Lakeside Subdivision. There is one vacant backlot sale, parcel K, that is further back from the back lots in block 2 and 6. Since there is only one vacant back row sale, a rate cannot be determined, but it can be used as an indicator of value. The sale was a 7,200 sq ft lot that sold for $38,000, plus $6,000 demolition costs. The previous analysis had the back row lots valued at 50% of the lakefront, using this method the sale property would be valued at $79,093. The Pippen subdivision in RM 345 is adjacent to Pike Lake Provincial Park, consisting of back lots and some "view" lots. The rate developed here is $7.22 per sq ft with a standard size of 5,005 sq ft and a non-adjusted curve of 176%. Applying this rate to the back row sale property results in a value of $39,432. The comparable neighbourhood method will be used to apply the RM nbhd 120 rate to parcel K in Pike Lake Provincial Park, while blocks 2 and 6 will continue to have a 50% ratio to the lakefront rate applied. 55 Page

56 56 Page

57 Map of Sales Lakeside Subdivision Blk K sale LA $38,000- $6/sf Lot 6 sale LA $156,500- $14.70/sf Lot 4 sale LA $170,250- $16.33/sf Lot 10 sale LA $100,000- $9.18sf Lot 10 sale LA $160,000- $27.03/sf Lot 19 sale LA $160,000- $19.80/sf 57 Page

58 Moose Woods Subdivision Lot 20 sale MO $150,000- $30.64sf 58 Page

59 59 Page

60 Assessment Changes Lakefront Back row 60 Page

61 Sask Landing PP Summary of Land Rate changes NBHD Sales Count Comp. Unit (identify units) Std Size LSM Land Rate Std Size LSM Land Rate Median ASR COD Lakeview 8, % $ ,000 Back row Mistusinne 8, % $ , % NON 180% $30.51* $11.41 *changed to 15% reduction for LF-PR (lakeview), see notes below Analysis There is only one qualified vacant land sale, indicating a rate of $9.32. This sale is lower than the grouped provincial park back row sales and Good Spirit, but higher than Pike Lake and Moose Mountain. The comparable neighbourhood of Mistusinne will be used. Mistusinne is a resort village on the same river system just outside the Douglas Provincial Park. Using the land rate from this comparable derives a value of $93,900 for lot 5, which sold for $95,000. Beaver Flat is also a nearby resort area that could have been used as a comparable, however it would have valued the lot that sold at $147,600. Based on the sale evidence available we determined Mistusinne to be the best comparable for the back row values and continued to use the provincial lakefront rate. There was also concern about the lakeview lots being valued the same as lakefront lots in this subdivision. In other parks we have applied a 15% reduction for public reserve, topography, traffic and other items. The satellite imagery and mapping show that these lots don't have direct access to the lake and the area is being used by the public. The Beaver Flat lakefront rate is $30.99, which is very similar to the provincial park lakefront rate with the 15% deduction. Saskatchewan Landing lakeview rate will be $30.51/ sq ft. 61 Page

62 Map of Sales/Subdivision Lot 5, 2012 sale OB $95,000 - $9.32/sf 62 Page

63 Location of Comparable Assessment Changes Lakeview 63 Page

64 Back row 64 Page

65 Appendix A - Park Totals/ Summary of Value Change PARK # of properties 2011 Park Total 2011 Median Assmt % Change 2015 Park Total 2015 Median Assmt Cypress 203 $ 30,435,700 $ 142,100 37% $ 41,599,300 $ 166,800 Duck Mountain 325 $ 34,898,000 $ 87,000 93% $ 67,402,200 $ 166,400 Good Spirit 153 $ 6,429,300 $ 33,800 48% $ 9,526,600 $ 53,300 Greenwater 198 $ 20,327,300 $ 90,900 96% $ 39,841,900 $ 172,900 Lac La Ronge 253 $ 6,274,500 $ 25,000 91% $ 11,988,600 $ 48,000 Lovering 17 $ 208,300 $ 11, % $ 593,200 $ 33,900 Meadow Lake 238 $ 28,498,300 $ 117,300 47% $ 41,915,400 $ 183,450 Moose Mountain 450 $ 15,565,000 $ 15, % $ 33,428,800 $ 61,900 Narrow Hills 95 $ 5,369,000 $ 41,300 92% $ 10,284,500 $ 78,600 Pike Lake 138 $ 16,628,700 $ 106,050 26% $ 20,984,300 $ 158,150 Sask Landing 50 $ 6,982,100 $ 127,750 11% $ 7,724,200 $ 93,850 The Battlefords 42 $ 3,144,000 $ 68,900 22% $ 3,837,500 $ 85,750 Totals 2162 $ 174,760,200 65% $ 289,126,500 *previous assessment info from Parks Size Comparison file 65 Page