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High Rise

IDENTIFICATION of MODEL AREA

The Multi-Residential model is an income model that values all the multi-residential properties in Regina.  Multi-residential properties include non-condominium properties with four or more units, and apartment units typically located on upper floors of office and retail properties.

The Multi-Residential model is a city-wide model in application.  There are seven distinct multi-residential neighbourhoods located within the City of Regina municipal boundaries, each with varying types and ages of multi-residential buildings, land sizes and locational characteristics.  These neighbourhoods are defined on the enclosed map and are individually described below.

 

Zoning Descriptions

Properties valued by the Multi-Residential model reflect numerous zoning classifications, including contract zoning, commercial zoning and the majority reflecting residential zoning.  The following are the predominant residential zonings found throughout the various multi-residential neighbourhoods in Regina.  These are cursory generalized descriptions only and not meant to reflect complete details concerning these classifications:

  • R1/R1A/R2 – Residential Detached; Residential Older Neighbourhood – Detached and Residential Semi-Detached; planned group of dwelling units
  • R3/R4 – Residential Older Neighbourhood; planned group of dwelling units
  • R4A – Residential Infill Housing; planned group of dwelling units; low rise apartments; seniors assisted living low rise apartments
  • R6 – Residential Multiple Housing; apartments, low rise apartments, high rise apartments, seniors assisted living – low and high rise apartments

 

Neighbourhood 2610

Neighbourhood 2610 is located in Northwest Regina and is bordered on its south side by 9th Avenue North between Pasqua Street and Courtney Street, and by CP tracks between Courtney Street and the western municipal boundary of the city.  Between Pasqua Street and Albert Street, the south boundary lies behind the subdivision known as Argyle Park; between Albert Street and Winnipeg Street, the south boundary wraps around north boundary of the Uplands subdivision.  The east boundaries are Pasqua Street, 12th Avenue North and the city’s municipal boundaries north of 9th Avenue North; south of 9th Avenue North, the east boundary is Courtney Street.  The north and west boundaries are the city’s municipal boundaries.

There are 19 multi-residential developments in this neighbourhood, just over half falling under the residential zoning R6, the remainder falling under commercial zoning PUD or MS.  The majority of these developments are low rise apartment buildings (89%), with the remaining being townhouse developments.  These buildings were constructed between 1977 and 2014, reflecting an average year built of 1997.  Developments range in size from 12 units to 78 units, with an average unit count of 43.

 

Neighbourhood 2620

Neighbourhood 2620 encompasses properties located in north and west Regina.  This neighbourhood is located east and south of Neighbourhood 2610 and is bordered on its south side by the CP tracks west of Lewvan Drive to Courtney Street, and the CN tracks east of Lewvan Drive to Winnipeg Street.  The west boundaries are Catherwood Crescent south to 12th Avenue North, then Pasqua Street south to 9th Avenue North, then Courtney Street from 9th Avenue North south to the CP tracks.  The east boundary is Winnipeg Street from Kowalchuk Crescent south to the CN tracks and then Lewvan Drive from there to the CP tracks.

There are 158 multi-residential developments in this neighbourhood, predominantly falling under residential zoning, the majority of which is R6.  The vast majority of these developments are low rise apartment buildings (85%), with a scattering of townhouse developments (15%).  These buildings were constructed between 1950 and 2012, reflecting an average year built of 1969.  Developments range in size from 4 units to 224 units, with an average unit count of 22.

 

Neighbourhood 2630

Neighbourhood 2630 encompasses properties located in north central Regina.  This neighbourhood is located east and south of Neighbourhood 2620 and is best described in three parts.  One part lies west of Broad Street to Lewvan Drive, bordered on the south by Saskatchewan Drive and on the north by the CN tracks.  The second part lies between Broad and Winnipeg Street, bordered by Victoria Avenue to the south and the CN tracks to the north.  The third part lies east of Winnipeg Street, with McDonald Street being the east boundary, again between Saskatchewan Drive and 4th Avenue.

There are 51 multi-residential developments in this neighbourhood, predominantly falling under residential zoning, the majority of which is R4A.  Approximately 75% of these developments are low rise apartment buildings, with the remaining being townhouse developments.  These buildings were constructed between 1909 and 2013, reflecting an average year built of 1974.  Developments range in size from 4 units to 51 units, with an average unit count of 14.

 

Neighbourhood 2640

Neighbourhood 2640 encompasses properties located in central Regina, encompassing the downtown area, the Cathedral area and the Transitional area.  This neighbourhood is bordered on the south side by Wascana Lake and Wascana Creek, which also provide the west boundary to Saskatchewan Drive.  The north boundary is Saskatchewan Drive between Wascana Creek and Broad Street, then Victoria Avenue from Albert Street to Winnipeg Street, which is the east boundary for the neighbourhood.

There are 150 multi-residential developments in this neighbourhood, predominantly falling under residential zoning, the majority of which is R4A.  The vast majority of these developments are low rise apartment buildings (73%); the remaining 28% is fairly evenly split between townhouse developments and high rise developments.  These buildings were constructed between 1910 and 2013, reflecting an average year built of 1961.  Developments range in size from 4 units to 320 units, with an average unit count of 33.

 

Neighbourhood 2650

Neighbourhood 2650 lies immediately east of central Regina.  This neighbourhood is bordered on the south side by Wascana Lake between Winnipeg Street and the Ring Road, and Victoria Avenue East from the Ring Road to Brown Street

The north boundary is the CP tracks, the west boundary is Winnipeg Street, and the east boundary is the Ring Road from Wascana Creek to Victoria Avenue East and Brown Street from Victoria Avenue East to the CP tracks.

There are 71 multi-residential developments in this neighbourhood, all falling under residential zoning. The vast majority of these developments are low rise apartment buildings (89%); the remaining 11% are townhouse developments.  These buildings were constructed between 1945 and 2015, reflecting an average year built of 1969.  Developments range in size from 3 units to 150 units, with an average unit count of 21.

 

Neighbourhood 2670

Neighbourhood 2670 is located in south Regina and is bordered entirely on the north side by Wascana Lake and Wascana Creek.  The city’s municipal boundary forms both the south and east boundaries of this neighbourhood.  The west boundary is Lewvan drive from the creek to 25th Avenue, and thereafter the city’s municipal boundaries.

There are 163 multi-residential developments in this neighbourhood, all falling under the residential zone R6.  The vast majority of these developments are low rise apartment buildings (98%); the remaining 2% are townhouse developments.  These buildings were constructed between 1954 and 2015, reflecting an average year built of 1963.  Developments range in size from 3 units to 170 units, with an average unit count of 20.

 

Neighbourhood 2680

Neighbourhood 2680 is located in southeast Regina and is bordered on the north by Victoria Avenue East from the Ring Road to Brown Street, and the CP tracks from Brown Street to the city’s municipal boundaries.  The south boundary is Wascana Creek and the city’s municipal boundaries.  The west boundary is the Ring Road from Wascana Creek to Victoria Avenue East and then Brown Street from Victoria Avenue East to the CP tracks.  The east boundary is the city’s municipal boundaries.

There are 15 multi-residential developments in this neighbourhood, predominantly falling under the residential zone R6, with the remaining development falling under an institutional or commercial zone.  The majority of these developments are low rise apartment buildings (60%); the remaining are townhouse developments.  These buildings were constructed between 1977 and 2014, reflecting an average year built of 1991 Developments range in size from 4 units to 96 units, with an average unit count of 41.

 

MAP

 

EXECUTIVE SUMMARY

Multi-Residential Model

Appraisal Cycle Date – January 1, 2017 to December 31, 2020

Effective Date of Valuation – January 1, 2015

Date of Report – May 17, 2018

High Rise Rent Model                                                

Vacancy                                          

 

Overall Effective Gross Income Multipliers

Effective Gross Income Multiplier: 11.028
Study Area 2650: -0.978
Effective Year Built less than or equal to 1950: -2.603

Assessment to Sale Ratio Summary Results

Ratio Statistics for Assessment/Adjusted Price  
Number of Sales: 62
Median: 1.01
Coefficient of Dispersion: 9.8%

 

SCOPE of DATA and ANALYSIS

Prior to 2016, the City Assessor requested copies of 2012, 2013, 2014 and 2015 rent rolls for all non-residential properties.  The data for the development of the mass appraisal net rent model came from these returned rent rolls. 

A total of 10,653 multi-residential rents were analyzed using multiple regression analysis. The rent model is an additive model that predicts rents based on the type of unit and other factors such as the effective age of the building, location of the building, location of the unit within the building. 

 

Multi-Residential Summary Results

 

The following table provides specific breakdown of the High Rise rents along with statistical measurements.

High Rise Rent Model

Vacancy

The typical 2015 vacancy was estimated from the returned rent rolls and indicated an adjustment of 6.9% for the inner city; 5.1% for the suburbs (Study Area 2610;2620;2670;2680)

 

Gross Income Multiplier and Adjustments

Gross income multipliers were estimated by dividing the predicted 2015 gross rental income generated from the rent model by adjusted sale prices.  The 62 sales used in the analysis occurred between January 1, 2011 and December 31, 2014.  The sales were verified by mailing questionnaires to both vendors and purchasers.  Sales were adjusted for chattels as reported; an analysis of 49 sales reporting chattels indicated an average of 1%, which was then applied to those sales where no adjustment was reported.  The sales were also adjusted to reflect the market as of the base date January 1, 2015. 

The reconciliation process for the resulting income multipliers involved reviewing multiple regression analysis results and reviewing results based on actual reported incomes.

The effective gross income multiplier analysis involved 62 sales, detailed in the following table.

ACC ID ADDRESS Sale Month Sale Year Adjusted Price Potential Effective Gross Income Effective
Gross
Income
Multiplier
10012338 45 SHEPPARD ST 11 2013 1,997,982 183,586 10.88
10012833 443 N LORNE ST*
(2250 7th/2235 8th)*
5 2012 5,960,074 446,057 13.36
10013287 331 N BROAD ST 7 2014 1,846,983 180,500 10.23
10017121 445 RETALLACK ST*
(2630 6th Ave N)*
2 2013 6,718,032 639,425 10.51
10017614 295 MCINTYRE ST 7 2011 356,058 43,274 8.23
10023604 1108 EMPRESS ST 1 2013 515,432 42,318 12.18
10024082 4741 4TH AVE 9 2014 562,995 40,450 13.92
10024083 4731 4TH AVE 9 2012 384,942 40,450 9.52
10024087 4641 4TH AVE 3 2013 409,209 40,450 10.12
10024772 1434 PASQUA ST 3 2012 752,913 63,099 11.93
10025655 1418 QUEEN ST 8 2013 371,247 36,622 10.14
10026389 1276 RAE ST 9 2013 1,179,989 102,648 11.50
10026667 1450 ANGUS ST 1 2011 894,230 99,118 9.02
10031594 1560 ALEXANDRA ST*(1530 Alexandra)* 1 2013 2,302,546 218,741 10.53
10031594 1560 ALEXANDRA ST*(1530 Alexandra)* 7 2013 2,375,979 218,741 10.86
10033320 1686 TORONTO ST 3 2012 384,032 36,175 10.62
10033405 1601 BROAD ST 11 2011 1,269,230 205,107 6.19
10033405 1601 BROAD ST 10 2013 1,807,714 205,107 8.81
10036875 2131 ANGUS ST*
(2115 Angus St)*
2 2013 3,972,854 337,897 11.76
10036897 2175 RAE ST*
(2410  15th Ave)*
2 2013 3,581,566 281,255 12.73
10036900 2141 RAE ST 5 2011 2,520,394 210,548 11.97
10037066 2078 GARNET ST 5 2014 849,884 95,576 8.89
10037418 2221 ROBINSON ST 2 2012 1,856,642 172,250 10.78
10037630 2216 14TH AVE 6 2013 1,197,889 94,850 12.63
10037630 2216 14TH AVE 5 2013 1,056,486 94,850 11.14
10037677 2079 HAMILTON ST 4 2013 1,619,945 187,768 8.63
10037692 2116 ROSE ST 1 2013 2,407,613 224,289 10.73
10037792 2302 CORNWALL ST 9 2011 1,818,180 168,630 10.78
10037865 2275 LORNE ST 12 2013 1,767,684 203,241 8.70
10037877 2205 SMITH ST 6 2013 1,460,486 147,616 9.89
10037960 2277 OSLER ST 3 2012 754,615 88,929 8.49
10037974 2218 HALIFAX ST 8 2011 1,615,383 154,419 10.46
10038085 1222 15TH AVE 7 2011 617,715 77,176 8.00
10038276 1424 COLLEGE AVE 9 2013 815,993 74,551 10.95
10040117 27 VAUGHN ST 7 2013 2,624,976 285,757 9.19
10040153 142 FROOM CRES 12 2011 515,151 52,598 9.79
10041254 2709 CORONATION ST 9 2011 697,552 57,874 12.05
10041254 2709 CORONATION ST 5 2014 700,694 57,874 12.11
10041380 3806 REGINA AVE 1 2013 1,390,715 117,479 11.84
10041383 3824 REGINA AVE 3 2013 663,412 57,874 11.46
10041383 3824 REGINA AVE 9 2012 492,143 57,874 8.50
10041384 3832 REGINA AVE 1 2013 1,048,609 103,255 10.16
10041384 3832 REGINA AVE 9 2012 874,492 103,255 8.47
10043874 421 E 17TH AVE 10 2012 593,751 66,161 8.97
10043885 2440 ABBOTT RD 11 2011 715,384 85,533 8.36
10043899 2479 FRANCIS S 2 2014 554,495 42,275 13.12
10043988 407 E COLLEGE AVE 6 2012 1,073,000 91,096 11.78
10043988 407 E COLLEGE AVE 4 2012 827,595 91,096 9.08
10044353 2627 LACON ST*
(2647 Lacon St)*
2 2013 2,686,503 265,802 10.11
10046660 3211 PORTNALL AVE 5 2013 2,294,874 244,888 9.37
10047441 10 MICHENER DR* (Portfolio - 4 complexes)* 9 2014 41,153,435 3,506,274 11.74
10053172 3975 ROBINSON ST 6 2013 508,995 67,178 7.58
10053172 3975 ROBINSON ST 10 2013 693,994 67,178 10.33
10053174 2912 PARLIAMENT AVE 5 2013 672,309 65,663 10.24
10053197 3919 RETALLACK ST 11 2013 587,995 44,083 13.34
10053208 3820 RETALLACK ST 7 2014 494,996 44,083 11.23
10053224 3919 ROBINSON ST 7 2013 577,165 44,083 13.09
10053235 3848 ROBINSON ST 6 2013 567,995 44,083 12.88
10053239 3005 26TH AVE 1 2014 476,496 46,417 10.27
10053241 3930 ROBINSON ST 9 2013 1,821,984 185,089 9.84
10053327 127 PROCTER PLC 12 2013 2,689,976 254,863 10.55
10056419 4730 PASQUA ST 8 2014 16,799,949 1,401,977 11.98

The reconciliation process for determining economic gross income multiplier strata primarily involved multiple regression analysis, supported by a consultation process with individuals active in the Regina real estate market.  Recognized published gross income multiplier data were also reviewed.  The economic gross income multipliers are as follows:

Effective Gross Income Multiplier: 11.028
Study Area 2650: -0.978
Effective Year Built less than or equal to 1950: -2.603

 

MODEL TESTING

In mass appraisal, the most effective means of evaluating the accuracy of appraisals is a ratio study.  A ratio study compares the appraised values produced by the valuation models to arm’s length sale transactions in the marketplace.

The legislated statistical requirement affecting the assessment of multi-residential properties in Saskatchewan is for the median ratio of a city-wide assessment-to-sale ratio study to be within the range of 0.95 to 1.05.

The median assessment-to-sale ratio and Coefficient of Dispersion for this Multi-Residential model is provided below:

Ratio Statistics for Assessment/Adjusted Price  
Number of Sales: 62
Median: 1.01
Coefficient of Dispersion: 9.8%