Overview

Seneca offers courses which contribute to the Appraisal Institute of Canada's CRA and AACI designations, as well as the University of British Columbia's (UBC) Diploma in Urban Land Economics. Successful completion of the AIC course components of the program also earn students 50-60 degree credits toward the Bachelor of Business in Real Estate Program (BBRE) offered by the University of British Columbia (UBC) and Thompson Rivers University (TRU).

Seneca does not conduct transcript reviews. Student taking AIC courses at Seneca are encouraged to have their post-secondary transcripts reviewed by the Real Estate Division, UBC for possible exemptions according to the Real Estate Division's policies and fee schedules. (See http://www.sauder.ubc.ca/Programs/Real Estate Division/Credit Programs and Professional Development Courses/Overview/Equivalencies and Transcript Reviews.aspx). Upon completion of the transcript reviews, students will receive a program plan indicating which courses (if any) they are exempt from and which are required to achieve an AIC designation.

This AIC program is designed for highly motivated people seeking to join the real property valuation profession as well as for valuation practitioners already employed in the industry who want to upgrade their education.

Property appraisers perform real property appraisals. Appraisers provide an opinion of value for various reasons such as current value for purchase and sale of property, future value of real property, value for lending purposes, value of property to be expropriated by government, litigation, and value for determining property assessment levels and property tax appeals. They use the most current and reliable data sources and systems to properly analyze markets. The AIC offerings cover principles of real estate economics, the role of capital markets, relevant principles of real estate law, real estate mathematics, residential property analysis and statistical and computer applications in valuation.

Information Session

New students are invited to attend an information session.

Career Opportunities

Persons with the Appraisal Institute of Canada's CRA (Canadian Residential Appraiser) designation find employment as residential appraisers in financial institutions, insurance companies, private appraisal firms, corporate real estate branches, property tax agency firms and in the public sector such as for municipalities, various government ministries and assessment offices.

Those with the AACI (Accredited Appraiser Canadian Institute) find employment in similar areas outlined above, with a focus on commercial and industrial appraisals.

Entry Requirements

  • A background in real estate, urban planning or economics is an asset, however the program is designed for individuals looking to join the real property valuation profession.
  • Students enrolling in these courses should be aware that the courses prescribed by AIC & UBC are University level courses.
  • Program materials for all AIC courses such as the course manual, assignments and projects are reflective of this.
  • Instructors provide the theory and students apply this theory in their projects through each course.

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Courses

AIC100
Micro Foundations of Real Estate Economics
Availability
 

This course introduces the basic principles of microeconomics and applies these concepts to current real estate issues. Topics covered include opportunity costs, supply and demand, elasticity, market equilibrium, efficiency and equity, the role of the government, consumer choice, externalities, imperfect competition, and monopolies.




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AIC101
Capital Markets and Real Estate
Availability
 

Prerequisite(s):

AIC100/BUSI 100

This course examines the impact of current monetary and fiscal policies on real estate investment decisions. The overall quality of production and the overall price level are used to monitor developments in the economy as a whole. The monetary system is studied as a crucial element in determining the long-run behaviour of price levels, the inflation rate, and other nominal variables. Monetary and fiscal policy is analyzed through open and closed economies.




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AIC Core for CRA & AACI Designations

AIC112
Canadian Real Property Law and Real Estate Ethics
Availability
 

This course is designed to provide students with an introduction to the law of real property. Topics include the Canadian legal system, contract and tort law, the nature of estates and interests in land, registration of land interests, mortgage law, tenancies, condominium law, and ethical issues in the real estate profession.




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AIC330
Foundations of Real Estate Appraisal
Availability
 

Prerequisite(s):

None

Introduction to concepts and techniques for appraising the value of real estate. This course begins with an introduction to the appraisal profession in Canada and summarizes the appraisal process. The three classic approaches to value are presented and analyzed as they may be applied to single-family and small, multi-family residential properties.




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AIC400
Residential Property Analysis
Availability
 

This course is designed to give real estate professionals, particularly appraisers, a working knowledge of the physical aspects of residential properties. The course covers how houses are sited, designed, and constructed in Canada, as well as how factors such as design, material selection, and construction type affect their value. Also covered are the identification and evaluation of problems due to design, construction, or deterioration, their effect on value, and how problems should be reported.




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AIC443
Real Property Assessment Administration
Availability
 

Prerequisite(s):

Recommended: AIC330/BUSI 330

This course consists of core topics directly related to the real property taxation system and its administration. Topics include assessment law, organizational structure, records and data systems, quality assurance, and mapping.




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Canadian Residential Appraiser (CRA) Designation

AIC121
Foundations of Real Estate Mathematics
Availability
 

(BUSI 121) This course introduces the techniques of investment and statistical analysis in a real estate context. Topics include: statistical techniques, cash flow analysis, discounting, compounding, and the mathematics of real estate finance and investment analysis. There is also a brief overview of graphing and surveying. A personal computer with spreadsheet software is required.




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AIC344
Statistical and Computer App. in Valuation
Availability
 

Prerequisite(s):

None

Explores creative, practical uses of statistical and computer applications in determining and analyzing real estate value. Through case studies and hands-on computer work (e.g., using SPSS, NCSS, Excel), students learn the fundamentals of exploratory data analysis and appraisal valuation modeling (AVMs).




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AACI Accredited Appraiser Canadian Institute (AACI)

AIC121
Foundations of Real Estate Mathematics
Availability
 

(BUSI 121) This course introduces the techniques of investment and statistical analysis in a real estate context. Topics include: statistical techniques, cash flow analysis, discounting, compounding, and the mathematics of real estate finance and investment analysis. There is also a brief overview of graphing and surveying. A personal computer with spreadsheet software is required.




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AIC331
Real Estate Investment Analysis and Advanced Income Appraisal
Availability
 

Prerequisite(s):

AIC121 and AIC330

The Real Estate Investment Analysis and Advanced Income Appraisal course AIC331 is intended to build upon the foundations of appraisal learned in previous courses. Students will be introduced to the theory and techniques involved in the appraisal and analysis of income real estate investments. The course will provide students with detailed information on cash flow analysis, leasing, taxation, appraisal, and risk management.




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AIC401
Commercial Property Analysis
Availability
 

The Commercial Property Analysis course is intended to give the real estate practitioner student a working knowledge of the design, construction, and inspection of commercial properties. The course will provide you with detailed information on building design, construction, materials, components, and systems for office, apartment, retail, industrial, and agricultural properties. The material is intended to be introductory in nature; it is important to keep in mind that study of this course by itself does not certify the reader as a qualified building inspector or developer of commercial properties. The purpose of this course is not to make you an expert in the design, construction, and post construction evaluation of commercial properties - experts and specialists offer each of these services and can provide much more in-depth knowledge of this area than would ever be required of a real estate professional. This course will instead offer a practical overview of what architects, engineers, and other specialists must consider when they are designing and constructing commercial properties, and offer insight into how these factors affect the value of the real estate asset.




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Past graduates of AIC444 (BUSI 444) will receive credit towards the AIC344 (BUSI 344) requirement.

Program Outcomes

Upon successful completion of this program, students are able to:

  • Apply a working knowledge of mass appraisal techniques
  • Understand and apply the necessary requirements for an Appraisal Report
  • Apply basic principles of microeconomics to real estate
  • Analyze monetary and fiscal policies and their impact on real estate investment decisions
  • Apply knowledge of real property law and real estate ethics
  • Apply investment and statistical analyses to a real estate context
  • Appraise the value of real estate
  • Use statistical and computer applications to determine and analyze real estate value
  • Apply a working knowledge of the physical aspects of residential properties to valuation and reporting

AIC Membership

Admission to become a Candidate Member will only be open to those who hold at least two years of post-secondary studies. To qualify for Candidate membership, you must be of legal age and have successfully completed:

  1. Foundations of Real Estate Appraisal course (AIC330),
  2. The Appraisal Institute's 3 Hour Webinar (AIC 101); and
  3. The Introduction to Professional Practice (ITPP)

For information about AIC membership, candidacy, and designation requirements, please refer to the AIC's website and under the heading "Become an Appraiser" at the bottom of the webpage, select "Path to AIC Designation".

AIC Designations

Students taking AIC courses at Seneca or UBC are encouraged to have their post-secondary transcripts reviewed for possible exemptions which are conducted by the Real Estate Division, UBC according to the Real Estate Division's policies and fee schedules. (See http://www.sauder.ubc.ca/Programs/Real Estate Division/Credit Programs and Professional Development Courses/Overview/Equivalencies and Transcript Reviews.aspx ) Upon completion of the transcript reviews, students will receive a program plan indicating which courses (if any) they are exempt from and which are required to achieve an AIC designation.

Core Courses - For CRA and AACI Designations

Pre-Core Courses Seneca Equivalent
BUSI 100 Microeconomics AIC100
BUSI 101 Macroeconomics AIC101
AIC Core Courses (For CRA and AACI Designations)  
BUSI 112 Canadian Real Property Law and Real Estate Ethics (3 credits) AIC112
BUSI 330 Foundations of Real Estate Appraisal AIC330
BUSI 400 Residential Property Analysis AIC400
BUSI 443 Foundations of Real Property Assessment and Mass Appraisal AIC443

CRA Designation

CRA Designation - Canadian Residential Appraiser Seneca Equivalent
BUSI 121 Foundations of Real Estate Mathematics AIC121
OR BUSI 344 Statistical and Computer Applications in Valuation AIC344
BUSI 352 Case Studies in Residential Appraisal - Offered through UBC
Professional Designation Requirements
BUSI 398 Residential Property Guided Case Study - Offered through UBC
Applied Experience and Mentoring Program work experience, oral and written examination - through AIC Provincial Office
The Introduction to Professional Practice (ITPP) - Offered through UBC
Appraisal Institute's AIC 101 – Introduction to the Appraisal Profession - Offered through AIC

AACI Designation

AACI Designation - Accredited Appraiser Canadian Institute Seneca Equivalent
BUSI 121 Foundations of Real Estate Mathematics AIC121
BUSI 293 Introduction to Financial Accounting ACC120
BUSI 300 Urban and Real Estate Economics - Offered through UBC
BUSI 331 Real Estate Investment Analysis and Advanced Income Appraisal AIC331
BUSI 344 Statistical and Computer Applications in Valuation AIC344
BUSI 401 Commercial Property Analysis AIC401
BUSI 442 Case Studies in Appraisal I - Offered through UBC
BUSI 452 Case Studies in Appraisal II - Offered through UBC
BUSI 460 Critical Analysis and Forecasting in Real Estate - Offered through UBC
Professional Designation Requirements
BUSI 497 Agricultural Guided Case Study - Offered through UBC
OR BUSI 499 Income Property Guided Case Study - Offered through UBC
Applied Experience and Mentoring Program work experience, oral and written examination - through AIC Provincial Office
The Introduction to Professional Practice (ITPP) - Offered through UBC
Appraisal Institute's AIC 101 – Introduction to the Appraisal Profession - Offered through AIC

Faculty Profiles

Armando Barragan, MA, MSc

Armando Barragan teaches Micro Foundations of Real Estate Economics in the Appraisal Institute of Canada (AIC) program, as well as microeconomics and macroeconomics at Seneca College. He holds a MA in Development Economics from York University, and a MSc in International Economics Banking and Finance from Cardiff University. Armando has an extensive experience as a consultant in international trade (trade remedies investigations), and he has participated in bilateral and multilateral trade agreement negotiations.

 

Alexander Tyutyunnik, DULE, University of British Columbia; M.I.M.A., Accredited Member of Institute of Municipal Assessors.

Since 2006, Alexander Tyutyunnik's has worked within the real property valuation industry. He has gained substantial experience as a private-sector residential property appraiser with Paul Harris Appraisal Services and has worked as a commercial and industrial property valuation analyst with the Municipal Property Assessment Corporation (MPAC). Additionally, Alexander served as a senior property officer/appraiser and property coordinator with the City of Hamilton.

In conjunction with his professional experience, Alexander completed the related certificate and diploma programs with the Sauder School of Business's Real Estate Division at the University of British Columbia.

Program Contacts

Contact us via this form or using the information below it.





Chris Kandelas
Part-time Program Coordinator
Chris.Kandelas@senecacollege.ca


John Wong
Academic Program Manager

416-491-5050 ext.26630


Information Session

New students are invited to attend an information session.