an impact study - high voltage transmission lines (hvtl) and … · 2017. 6. 1. · presentation to...
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An Impact Study - High Voltage Transmission Lines (HVTL) and
Injurious Affection
Presentation to the Valuing Diversity ConferenceParksville, BC – May 7,2016Daniel Doucet, AACI, P. App
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2Purpose of the Impact Study
To provide Altus Group practitioners with the tools
necessary to estimate Injurious Affection on properties
being acquired for the Bruce to Milton HVTL
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3Components of an Impact Study
Literature review
Tribunal case law review
Consultation with stakeholders (owners, buyers, sellers, appraisers and real estate agents)
Time trending resale analysis of impacted properties
Paired Sales analysis of on-line vs. off-line sales
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4Valuation Issues
Severance damages
Interference with operations on the remaining property
Owner entitled to compensation for rights taken and loss in value to the remainder (Injurious affection)
Difficult to estimate the loss attributable to IA due to the lack of quantifiable valuation methods and procedures.
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5The Bruce-Milton HVTL Corridor
The Bruce Power Nuclear Facility in Kincardine, Ontario
The project is lead by Hydro One, a Crown Corporation of the Government of Ontario, Canada
Project was announced on March 23, 2007
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6The Bruce-Milton HVTL Corridor
350 parcels of predominantly agricultural land
benchmark appraisals, negotiation appraisals, section 25 expropriation appraisals, IA arbitrations
The projected operational date was December 1, 2012
Expropriation and arbitration process completed by late 2015
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11The Altus Group HVTL Impact Study
Examined the issue of potential loss in property value arising from proximity to High Voltage Transmission Lines (“HVTL”).
Study was prepared by senior practitioners in the Altus Group for Hydro One
The authors examined the issue of IA by reference to:
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12The Altus Group Technical Paper
Prior work performed by RVA Right of Way and Expropriation Group (Altus Group Limited.)
Case Studies: Paired Sales Analysis and Time Trending Resale Analysis of On-Line properties
Surveying published literature on HVTL and corridor development of other public utilities
Tribunal Case Review
Consultation with landowners, appraisers and real estate agents.
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13Hypothesis
The HVTL path through the property may impact the land’s utility
The placement of HVTL infrastructure can interfere with farm operations
Public perception is that the proximity to HVTL per se, is detrimental to property values
HVTL infrastructure can be a visual intrusion with potential to negatively impact property values
The impacts associated with HVTLs, however, are subject to empirical paired sales analysis, and such analyses indicate that the impacts are often less than common perceptions would suggest
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14Literature Review
The published studies generally rely on:
– Statistical Analysis (Regression)
– Paired Sales Analysis
– Interviews with owners and other parties
Primary Factors influencing Property Value:
– The specific path of the HVTL corridor
– Visual Impairment
– Proximity of HVTL infrastructure to site improvements
Literature shows that there is no quantifiable health risk
The perceived risk can have an effect on property values according to market participants.
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15Case Law Review
Province Operator Owner Decision
HVTL and Commercial Farm Operations
1 Ontario Municipal Board (OMB) Ontario Bauer v. Ontario Hydro 03/12/1993 8% 5% 5%
2 Land Compensation Board Ontario Ruddell v. Ontario Hydro 05/31/1983 0% 5% 0%
Impacts to Vacant Land
3 County Court Kootenay BC Hyhill Land Ltd. v BC Hydro and Power Authority 04/11/1983 2.5% 7% 5%
4 Alberta Surface Rights Board Alberta AltaLink Management Ltd. v. Royal West Property Corp. 03/20/2014 0% 10% & 25% 5%
5 Alberta Surface Rights Board Alberta AltaLink Management Ltd. v. Soorya Investments Ltd. 03/21/2014 0% 10% 5%
6 Alberta Surface Rights Board Alberta AltaLink Management Ltd. v. Yaltho 03/20/2014 0% 10% & 25% 5%
HVTL Impact on Rural Residential -Recreational Uses
7 Ontario Municipal Board (OMB) Ontario Lazar v. Hydro One Networks Inc. 06/11/2002 0% 30% to 54%. 30%
8 Ontario Land Compensation Board Ontario Wilson v. Ontario Hydro 04/01/1982 0% 15% 5%
9 Ontario Land Compensation Board & OMB Ontario Toad Hall Farms Inc. v. Ontario Hydro 08/16/1982 0% 20% 3%
10 Alberta Surface Rights Board Alberta ATCO Electric Ltd v. Serink 11/09/2015 N/A* 5% 0%
11 Alberta Surface Rights Board Alberta Montana Alberta Tie Ltd. v. KERCP Farms Incorporated 07/21/2014 0% 20% 14%
* The operators (ATCO) did not state compensation for Injurious Affection.
INJURIOUS AFFECTION PERCENT ON REMAINING LANDS
No. Board Citation Date
Compensation Percentage
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16Case Law Review
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17Case Law Review
Claimants are usually successful in pursuing compensation for injurious affection before the Board, Court or Tribunal.
There is a potential for efficiency losses on agricultural properties where the lines run across the farmed area.
“Unsightliness” is said to have a damaging effect on the enjoyment of a property.
The claimed loss of value for visual impairment generally lacks the objective test of market data.
Usually based on an owner’s perception of use and value
No cases identified where IA given on commercial/industrial properties
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18Stakeholder Interviews
Market Participant Interviews
Perception of IA changes.
Towers as impediment.
Proximity and Changes in HABU
Market Support/Examples.
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19
Stakeholder Interviews
Appraiser Interviews
Is there impact on farming operations?
Injurious Affection due to Diagonal Crossing ?
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20
Stakeholder Interviews
Appraiser Interviews
Property type most affected?
Opinion of value loss?
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21
Stakeholder Interviews
Broker Interviews
Who is least susceptible?
Who is most susceptible?
Is house price a factor?
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22
Stakeholder Interviews
Broker Interviews
Value Loss Impacts
Marketing Time Impacts
Financing Impacts.
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23
Stakeholder Interviews - Conclusions
Conclusions
Effect on farming
Diagonal Crossings
Rural Residential
Appraiser’s adjustments
Broker’s adjustments
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24Paired Sales Analysis
• Paired Sales Analysis (“PSA”)
– Compares sales of properties with transmission lines (“on line properties”) to similar properties without lines (“off line properties”) .
• Direct Comparison Approach
• Uses current transactions from a functioning market.
• Consistent with Market Value definition.
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25Paired Sales Analysis
• MPAC Propertyline was searched for sales of similar type properties using a date range of approximately 18 months before and after the date of the “on line sale”.
• Search refined to a price range +/‐ $200,000 on either side of the subject (on-line)sale price
• Geowarehouse, MPAC Detailed Property Report
• One to six pairings per “on-line” sale
• All properties were inspected (drive by)
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26Paired Sales Analysis
• 77 “on line” property sales paired with sales of 210 similar “off line” properties.
• All sales contemporaneous with the BxM Project.
• Timing ensures current market conditions considered.
• No transactions involved HONI.
• Bulk of the data (50 on/150 off) from BxM Corridor; other corridors also considered for trends/validation of results.
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27
CASE STUDY - PAIRED SALES ANALYSIS VACANT PROPERTY
TOWN OF LAKESHORE ES1-VA-AG Lakeshore Road 105
Index Sale A On Line Sale B Off Line Sale C Off Line Sale D Off Line
Address Lakeshore Road 105, Lakeshore
1076 Lakeshore Road 103,
Lakeshore
6950 9th Concession Road,
Tecumseh
3500 Rochester Townline,
Lakeshore
PIN 750110190 750110075 752300010 750650112
Date of Sale 15-Aug-07 15-Apr-09 15-Jan-08 26-Sep-07Sale Price $600,000 $414,000 $500,000 $425,000Time 'Adjusted Price $600,000 $366,735 $486,667 $421,458Total Parcel Area (ac) 73.07 47.45 50.83 53.51
Cleared 73.07 47.45 50.83 53.51Wooded 0.00 0.00 0.00 0.00
Zoning A A A ASoil Class Class 2 Class 2 Class 2 Class 2Easement
Location Road Crossing None None NoneOrientation perpendicular
AdjustmentsCleared land size adjustment 215,033 $186,664 $164,170Woodland size adjustment $0 $0 $0Land quality adjustment $0 $0 $0Adjusted Price $600,000 $581,768 $673,331 $585,629
Difference -3.1% 10.9% -2.5%
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28Comments on Pairing
The crossing was a perpendicular road crossing.
The intervening land is cultivated therefore there is no screening of the lines.
Land size adjustment is based on market derived land rates adjusted to the date of the “on-line sale”
-3.1%, 10.9% and -2.5%, averaging 1.8%.....A nominal amount!.
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29Observations
IA inversely related to separation distance between house and HVTL
Negative perception highest at time of active project
Stigma decreases over time
Vacant agricultural land is least affected
Rural residential small holdings are the most affected due to short separations
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30Key Variables
Separation distance
Property type
Crossing type
Location
Physical Features (size, topography, screening)
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31Separation Distance
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32Separation Distance
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33Property Type
Vacant agricultural land is least affected.
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34Property Type
Rural Residential most affected
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35Crossing Type
Categories included Side or Edge Clipping, Diagonal, Mid, Rear and Side crossings
Only Diagonal and Rear crossings were sufficiently numerous to yield a useful sample.
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36Crossing Type
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37Sensitivity Analysis
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38Paired Sales Analysis Conclusion
Based on the data reviewed we conclude that Injurious Affection ranges between a high of 25% at relatively close quarters down to a nominal range of 3% to 5% at distances beyond about 1,000 feet.
The paired sales analysis has provided a market perspective on HVTL impact on property values.
This is considered the “best” method to determine injurious affection.
The results of the paired sales analysis validate the conclusions, opinions, decisions from the other sources of data presented in this paper.
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39Re-Sales Analysis
Object of Research
Approach
Standardized Survey Instrument
Comparison
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40Re-Sales Analysis
Object of Research
Approach
Standardized Survey Instrument
Comparison
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41Re-Sales Analysis
Off Line Resale Study – 12% per annum
Conclusion
the resale activity of on‐line properties would seem to be in tandem with the market for off‐line properties.
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42Conclusions
The specific HVTL path can result in a loss of value
The alignment is the most important variable for farming operations
Residential uses are mainly concerned with visual impairment and proximity issues
Perception of property value loss appears to be mainly qualitative without direct market support
Tribunals and courts generally found some level of compensation for owners claiming loss attributable to injurious affection.
Certain valuation benchmarks can be made from the findings
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43
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44IA Arbitration Conclusion
E
E
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45Actual IA Arbitration Conclusion
Baseball style arbitration
We are dealing with a parcel which will now have a 195 ft. wide rear corridor which is exactly that much closer than the existing portion of the 230 kV corridor on the subject and adjacent property, still 1100 ft. + or – from the edge of the woodlot.
Both appraisers agree that there is injurious affection, and agree that the distance of the new corridor from an improvement is key. In this circumstance there is potential for a dwelling in the woodlot.
There is significant screening available for any development in that location.
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46IA Arbitration Conclusion
The arbitrator accepted the proximity categories based on the analysis of four corridors over ten years involving separation distances and crossing types.
The local paired sales analysis although giving the lowest average of all analysis, generally is support for a low range.
Overall the combination and broader perspective of analysis involving the initial technical paper, the study of separation distances and types of crossing impacts, a broader overall paired analysis supports the IA% conclusion
4% as proposed by HONI’s expert was awarded.
December 20, 2013
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47More Information
Altus Group Limited: www.altusgroup.com
Bruce to Milton Project: http://www.hydroone.com/projects/brucetomilton/Pages/Default.aspx
Expropriations Act: http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_90e26_e.htm
Ontario Municipal Board Decisions. http://www.omb.gov.on.ca/english/eDecisions/eDecisions.html