Real Estate Portfolio Management

The City's Real Estate section focuses on:

Acquisition

• Acquisition for city capital infrastructure programs such as roads, sewers, storm water facilities, airport expansion, parkland and open space development

Appraisal Services

• Internal and peer review of external appraisal reports
• Market valuations for cash-in-lieu of parkland, parking and patio licences.

Approval Process 

• Purchases and sales up to $250,000 can be approved by the City Manager within 2 weeks.
• Purchases and sales up to $150,000 can be approved by the General Manager or designate within 2 weeks.
• Sales over $250,000 require City Council approval which takes 6 to 8 weeks or more depending on their complexity and Council’s reporting cycle.

Land Sales

• Land sales of industrial business parks, residential or commercial properties, and road closures

Leasing

• Long and short term leasing of city-owned properties
• Securing long and short term leases for City use

The City is required to optimize the use of its properties by:

• Purchasing properties planned for future municipal use when they becoming available.
• Leasing these properties for short terms until development can start.
• Charging fair market rates for property leases.
• Leasing space for program use from other agencies instead of purchasing property.

Portfolio Management

• Asset rationalization of municipal assets 
• Identifying and disposing of non-core municipal assets