APPRAISAL REPORT OF: Silverthorn Mill of Meadowvale Village · The value estimates herein for the “as-if-completed” reflects actual gross sale price of the sold homes, exclusive

APPRAISAL REPORT OF:

Silverthorn Mill of Meadowvale Village

Located at

6811 Second Line West,

Mississauga, Ontario

Effective Date: January 19, 2015

Prepared for:

http://fullerllp.com/

March 31, 2015

The Fuller Landau Group Inc. in its capacity as court-appointed Monitor of Hush Homes

Inc., Hush Inc., 2122763 Ontario Inc., 2142301 Ontario Inc. and 2164566 Ontario Inc.

As Proposed Monitor or the Hush Applicant 151 Bloor Street West, 12th Floor

Toronto, ON

M5S 1S4

ATTENTION: Mr. Gary Abramson

Re: Silverthorn Mill Development

Located at 6811 Second Line West, Mississauga, Ontario

Property of Hush Homes Inc.

Our File No. 60000490

Dear Mr. Abramson:

In accordance with your request, we hereby submit an appraisal report of the property

located at 6811 Second Line West, Mississauga, Ontario. The purpose of the appraisal

is to estimate a) “as-is” and b) “as-if completed” market values for the Silverthorn Mill of

Meadowvale Village (Silverthorn Mill) housing development. We understand the

appraisal will serve to assist a CCAA court ordered function.

The appraisal report has been developed in accordance with the Canadian Uniform

Standards of Professional Appraisal Practice (“The Standards”) as developed by the

Standards Board of the Appraisal Institute of Canada. A copy of the corporate curriculum

vitae is included in Appendix A.

This is a Narrative Appraisal Report, and as such it presents a detailed and concise

description of the appraisal process with supporting documentation concerning the data,

reasoning and analysis also retained in the appraiser’s file. Definitions of Appraisal

Terms and Explanations are included in the Addendum as Appendix B. The depth of

discussion contained in this report is specific to the needs of the client and is for the

intended use as stated in the report. The report is for the sole use of our client, The

Fuller Landau Group Inc. in its capacity as court-appointed Monitor of Hush Homes Inc.,

Hush Inc., 2122763 Ontario Inc., 2142301 Ontario Inc. and 2164566 Ontario Inc.

/…1

Page 2

Mr. Abramson

March 31, 2015

As a result of our investigations and analysis, it is our opinion that estimated market

value of the subject property as at the effective date of January 19, 2015 (date of initial

order date made by Justice Penny), is estimated as follows:

"As-Is" Estimate of Value $6,930,000

"As-If Complete" Estimate of Value $12,200,000

Final Estimates of Market Value (Rnd.)

HYPOTHETICAL LIMITING CONDITION & EXTRAORDINARY ASSUMPTION

The market value estimates contained herein are made on the Hypothetical Conditions and

Extraordinary Assumptions as follows:

1. In the completion of this appraisal assignment we have relied on product and

financial information supplied by HUSH Homes Inc., as it relates to Agreements of

Purchase and Sale, project budget costs, costs to complete, housing product type

standard finishes, etc.; and,

2. The unsold vacant residential building lots are assumed to have full services at the

site boundary (water, sanitary and storm) and development charges paid; and,

3. That the proposed home building works are completed in a proper workmanship

like manner in accordance with the plans, specifications and budget provided by

Hush Homes Inc.;

4. The “as-if-completed” value is an aggregate total based on an overall average rate

per square foot and does not include any upgrades or premiums that is common

with custom homes; and,

5. The value estimates herein for the “as-if-completed” reflects actual gross sale

price of the sold homes, exclusive of deposits; and,

6. We did not obtain an opinion on the state of title or any of the encumbrances, and

are not qualified in these legal matters and have not read the documents registered

against title; and,

7. That the subject site is free and clear of any environmental contamination.

Any variance from these assumptions and the development specifics provided to us could

alter the market value opinion contained herein; and as such, we retain the right to alter

our final estimate of value if this assumption is later proven inaccurate.

Details of our investigation and analysis are set out in the following report. If further

information is required we would be pleased to furnish it upon request.

Respectfully submitted,

Gus Dal Colle, AACI, MRICS, PLE

TABLE OF CONTENTS

Summary of Salient Facts ............................................................................................ 1

Regional Overview ........................................................................................................ 3

Site Description ........................................................................................................... 12

Silverthorn Mill Development ..................................................................................... 13

Project “Snapshot” – As of January 19, 2015 ........................................................... 14

Site Plan Outlining Remaining and Sold Inventory .................................................. 15

Photographs of the Subject Property ........................................................................ 18

Architect Rendering / Picture of Partially Completed Dwelling and Floor

Plans............................................................................................................................. 25

Land Use Policy .......................................................................................................... 34

Highest and Best Use ................................................................................................. 36

Approach to Value ...................................................................................................... 45

Direct Comparison Approach – “As-Is Market Value” ............................................. 46

Direct Comparison Approach – “As-If Completed”.................................................. 55

Final Estimate of Value ............................................................................................... 63

Certification ................................................................................................................. 64

Assumptions and Limiting Conditions ...................................................................... 65

Scope of the Appraisal ............................................................................................... 68

Addendum ................................................................................................................... 69

Addendum

Appendix A Corporate Curriculum Vitae

Appendix B Definitions of Appraisal Terms and Explanations

6811 Second Line West (Silverthorn Mill), Oakville

www.antecappraisals.com 1

SUMMARY OF SALIENT FACTS

Client:

Municipal Address:

Effective Date:

Date of Inspection:

PIN:

Legal Description:

Owner of Record:

Purpose of Appraisal:

Function of Appraisal:

Property Rights Appraised:

Exposure Time: 4 to 8 months

Location:

History:

Easement/Right of Way:

Configuration:

Greenbelt:

Official Plan:

Zoning:

Existing Use

Highest & Best Use (as if

vacant)

Highest & Best Use (as

improved)

Serve a CCAA court ordered function

Residential Low Density I

Infill single family residential development

Infill single family residential development

Not Applicable

Located on the north corner of Second Line West and Silverthorn Mill Avenue, in

the City of Mississauga

Multiple Easements noted within subject property

Mix of irregular and rectangular shaped parcels

Not applicable

We understand the owner assembled the subject site through the purhase of four

seperate parcels of land from June 2008 to May 2010 for a total consideration of

$4,156,900. Hush Homes Inc. proposed the development of thirteen detached

dwelling lots for the site, 7 on a private condominium road. Hush Homes Inc. has

since sold, built and closed on four of the parcels leaving the remaining 9 parcels

and roadway (Loganberry Court) that make up the current subject property.

Property Details

Property Description

Land Use Control

Highest & Best Use

Lots 3-11 and Block 14, Plan 43M1843; Subject to an easement over Part 7 on

43R34120 in favour of Lots 4-10, and Block 14, Plan 43M1843, as in PR2230395;

Subject to an easement in gross as in PR2027968; Subject to an easement as in

PR1819804, PR2027968, PR2027975 & PR2118369; Part 7 on 43R34120, as in

PR2230395; Subject to an easement in gross over Parts 3, 4, 8 on 43R34120 &

Block 14, Plan 43M1843, as in PR2243868; City of Mississauga.

The Fuller Landau Group Inc. in its capacity as court-appointed Monitor of Hush

Homes Inc., Hush Inc., 2122763 Ontario Inc., 2142301 Ontario Inc. and 2164566

Ontario Inc.

6811 Second Line West, Mississauga

January 19, 2015

February 5, 2015

To estimate current market value

13213-4628, -4269, -4270, -4271, -4272, -4273, -4274, -4275 & -4276

Hush Homes Inc.

R2-53 & R16-7

Fee Simple



AERIAL MAP



REGIONAL OVERVIEW

The City of Mississauga is one of three municipalities comprising the Region of Peel. The

others are the City of Brampton and the Town of Caledon. The Region and the three

municipalities were created in 1974. The Region is located immediately west and northwest of

Toronto and covers an area of 485 square miles, of which the City of Mississauga covers 111

square miles. It borders with the Towns of Oakville and Milton to the west, the City of Brampton

to the north and the former City of Etobicoke, now the City of Toronto, to the east. The City of

Mississauga has shown rapid growth over the past two decades and has now developed into a

strong business and housing rival to the municipalities within the Greater Toronto Area (GTA).

The Meadowvale North Business Park continues to improve as infill properties are developed

and the neighbourhood matures.

REGIONAL LOCATION MAP:



ECONOMIC AND DEMOGRAPHIC PROFILE – CITY OF MISSISSAUGA

Population 713,443 (2011 Census)

Average Household Income $71,393 (2006 Census)

Labour Force 411,000 (2010 Census)

Unemployment Rate 6.5% (2011 Census)

Number of Employees 418,990 (2010 Census)

Private Households 234,580 (2011 Census)

Tax Rates (2013) Residential – 0.926648%

Multi-Residential – 1.483202%

Commercial – 2.154999%

Industrial – 2.521798%

Largest Employers AECL/Atomic Energy Canada, Air Canada, Bell Mobility,

GlaxoSmithKline, Honeywell, RBC Financial Group, RBC Insurance Services Inc., TD Bank

Financial Group, Wal-Mart Canada Inc.

INFRASTRUCTURE

The City of Mississauga is the only city in the GTA serviced by seven major highways (Highway

No. 401, The Queen Elizabeth Way, Highway No. 403, Highway No. 409, Highway No. 410,

Highway No .427 and Highway No. 407).

Highway No. 401 passes through Mississauga with five interchanges within the City. In the

south, The Queen Elizabeth Way (QEW) connects the Greater Toronto Area with the

international border at Niagara. The QEW provides entry to U.S.A. at Lewiston, Niagara Falls

and Buffalo and passes through Mississauga en route to downtown Toronto. Highway No. 403

is a multiple lane freeway, which connects the QEW with Highway No. 401 and provides an

east/west freeway link through the centre of Mississauga.

Highway No. 409 provides a direct link from Highway Nos. 401 and 427 to Pearson International

Airport. Highway No. 410 provides a link northwards from Highway No. 401 through

Mississauga to the City of Brampton. Highway No. 427 is a north/south freeway system linking

Toronto with Mississauga and areas to the north. Finally, Highway No. 407 runs east/west

linking Peel Region in the west with York and Durham Regions in the east.

Both CN and CP railways serve the City. GO Transit operates three train lines and three GO

bus lines through Mississauga. Trains travel from points of origin in Georgetown and Milton to

downtown Toronto. Public transit is by surface bus linking with the Toronto Transit Commission

(TTC), Brampton Transit, Oakville Transit and all GO Transit stations. Mississauga is home of

Canada’s largest and busiest airport, Lester B. Pearson International Airport.



NEIGHBOURHOOD MAP



Neighbourhood Profile









Neighbourhood Uses and Trends

Meadowvale is a neighbourhood located in the northwestern part of the City of Mississauga.

The rough boundaries of Meadowvale are; Ninth Line, Mississauga Road, Highway 401 and

Britannia Road. The village of Meadowvale was established in the 1820’s and the main industry

was milling with the mills drawing power from the Credit River. Gooderham and Worts owned

and operated many businesses and mills in the Village during the 1860’s and 1870’s. In

recognition of its many historical buildings, Meadowvale Village was recognized as Ontario’s

first Heritage Conservation District in 1980. To reduce traffic through the village, the Derry Road

by-pass was built in the mid-1990s. Located about one kilometer north of the Old Derry Road,

the new Derry Road is a major east-west traffic artery running from Mississauga Road to Mavis

Road.

Meadowvale Village is located adjacent to the largest business park area in Mississauga with

the second largest being located in between Meadowvale Village and Meadowvale along the

Highway 401 corridor, where numerous major corporations have recently located their offices,

factories and research and development facilities, including; Wal-Mart Canada, Chrysler

Canada, Siemens, GlaxoSmithKline, Magna International, Microsoft, Tech Data, Biovail,

Dupont, among other notable companies.

The immediate area is comprised of single family detached homes of a typical suburban

standard. The balance of the area is scattered with high end residential dwellings and estates

along Second Line and parts of Old Derry Road. There has not been much in the way of

significant development in Meadowvale Village for a number of years. New development must

adhere to local heritage conservation policies that are in place to maintain the rural historic

nature of the past. Meadowvale Village is considered a much sought after residential area in the

west part of the Toronto Region with the overall character and pricing of homes above a typical

suburban standard.

Meadowvale is accessed via Highway 401 via Winston Churchill Boulevard, Mississauga Road,

or Mavis Road. Winston Churchill Blvd., Erin Mills Parkway and Mavis Road are major north-

south roads that connect Meadowvale to the rest of Mississauga. Derry and Britannia Roads are

major east-west roads.

http://en.wikipedia.org/wiki/Heritage_Conservation_District

http://en.wikipedia.org/w/index.php?title=Old_Derry_Road&action=edit&redlink=1

http://en.wikipedia.org/w/index.php?title=Mississauga_Road&action=edit&redlink=1

http://en.wikipedia.org/wiki/Mavis_Road

http://en.wikipedia.org/wiki/Mavis_Road

http://en.wikipedia.org/wiki/Highway_401_(Ontario)

http://en.wikipedia.org/wiki/Winston_Churchill_Boulevard



ADJACENT USES MAP:

North: Single Family Residential

South: Single Family Residential

East: Single Family Residential

West: Single Family Residential

Adjacent Uses



SITE DESCRIPTION

Location:

Municipal Address(es):

PIN(s):

Legal Description:

Ownership:

Site Configuration: Irregular

Adjacent Land Uses:

Lot Access Points:

Lot Nos. on Private Road: 4, 5, 6, 7, 8, 9, & 10

Lots Nos. Public Road: 3 & 11

Topography:

Easements/Rights-of-way:

Environmental:

Building Improvements:

Current Use:

Zoning:

Street Surface: Paved Hydro: Yes

Sidewalks: Yes Well: No

Street Lights: Yes Septic: No

Municipal Water: Yes Sanitary Sewer: Yes

Comments

Hush Homes Inc.

The subject is an infill residential development site which initially consisted of 13 lots to be developed with single

family detached dwellings. Of the initial 13 lots, 4 lots were sold, built and are now occupied. These parcels have

transferred to new ownership and are not part of the valuation of the subject property. As at the Effective Date the

subject consists of the 9 remaining lots, 4 of which have been sold and partially built with detached dwellings. The

remaining 5 lots are vacant and unsold. We understand that the lots which only have access from Loganberry

Court are part of a Condominium Corporation; while the lots accessible from Second Line West and Silverthorn Mill

Avuenue are considered independent sites.

General Description

Services

Located on the north corner of Second Line West and Silverthorn Mill Avenue, in the

City of Mississauga

The site is generally and at grade with the surrounding roads and properties

Single family residential

6811 Second Line West, Mississauga

13213-4628, -4269, -4270, -4271, -4272, -4273, -4274, -4275 & -4276

Second Line West & Silverthorn Mill Avenue

None noted - See Assumptions and Limiting Conditions

R2-53 & R16-7

Multiple easements registered on title

Lots 3-11 and Block 14, Plan 43M1843; Subject to an easement over Part 7 on

43R34120 in favour of Lots 4-10, and Block 14, Plan 43M1843, as in PR2230395;

Subject to an easement in gross as in PR2027968; Subject to an easement as in

PR1819804, PR2027968, PR2027975 & PR2118369; Part 7 on 43R34120, as in

PR2230395; Subject to an easement in gross over Parts 3, 4, 8 on 43R34120 &

Block 14, Plan 43M1843, as in PR2243868; City of Mississauga.

Residential

Ranges from vacant lots to partially completed dwellings



SILVERTHORN MILL DEVELOPMENT

Silverthorn Mill is a luxury custom home infill housing development approved for 13 residential

building lots. As at the effective date, only nine lots remain of which four have been sold and

contain homes that are partially built. The remaining five lots are serviced, but not sold and

vacant. The lots that have access from Loganberry Court are part of a Condominium

Corporation (Lots 4, 5, 6, 7, 8, 9 & 10); while lots 3 & 11 fronting Silverthorn Mill Avenue and

Second Line West, respectively, are public roads and not part of the Condominium Corporation.

A summary of the development is tabled below:

LOT DETAILS

Lot # SoldLot Frontage

(Ft.)

Avg. Lot

Depth (Ft.)

Lot Area

(Sq. Ft.)

Sale

Status

1 Yes 73.6 84.2 7,863 Closed

2 Yes 62.3 114.8 7,158 Closed

3 Yes 78.3 115.8 7,111 Sold

4 No 77.8 116.1 8,078 For Sale

5 No 69.3 100.1 7,140 For Sale

6 No 28.5 122.0 8,059 For Sale

7 Yes 65.6 95.6 7,483 Sold

8 Yes 72.5 110.3 8,900 Sold

9 No 68.2 89.2 7,124 For Sale

10 No 77.5 109.7 8,084 For Sale

11 Yes 74.7 111.9 8,727 Sold

12 Yes 67.3 111.9 7,477 Closed

13 Yes 67.9 111.9 7,549 Closed

Low 28.5 84.2 7,111

High 78.3 122.0 8,900

Average 68.0 107.2 7,750

Silverthorn Mill Lot Details

We note that of the 13 building lots, four lots (No.’s 1, 2, 12 and 13) are sold, built and ownership transferred

to the respective home owner(s). As such, these four lots do not form part of this appraisal and market value

estimate.

Building lots 3, 7, 8 and 11 have been sold; however, construction of these homes has not been

completed and therefore forms part of the subject property and market value estimates made

herein. As per our site visit and discussions with the Site Supervisor, we understand that these

four lots have been sold but not closed and are in varying stages of construction.



PROJECT “SNAPSHOT” – AS OF JANUARY 19, 2015

Below provides a current “snapshot” of the Silverthorn Mills project, including the sold lots which have closed.

Lot # Sold PurchaserDwelling Size

(Sq. Ft.)

Asking/Selling

Price

Deposit

(HUSH)

Deposit

(KMB)

Total

DepositsSale Date

Closing

Date

Construction

Status

Sale

Status

1 YesTwahira Mohammed &

Haleemuh Muhammed3,730 $1,311,375 $196,706 - $196,706 30-Apr-12 31-Aug-12 Complete Closed

2 Yes Lily Woo & Raymond 3,505 $980,900 $91,590 - $91,590 8-Apr-11 30-Jul-12 Complete Closed

3 Yes Venkat Royalpad 3,164 $1,085,000 $162,750 - $162,750 29-Feb-12 TBD Roof Sold

4 No - 4,450 $1,995,900 - - $0 - - - For Sale

5 No - 3,543 $1,755,900 - - $0 - TBD - For Sale

6 No - 2,896 $1,795,900 - - $0 - TBD - For Sale

7 YesJohn Olarte & Raquel

Zapata4,655 $1,287,800 $193,170 - $193,170 29-Feb-12 TBD Brick Sold

8 Yes Adel and Mona Kalil 4,948 $1,545,000 $40,000 $191,750 $231,750 1-Mar-12 TBD Roof Sold

9 No - 3,497 $1,747,900 - - $0 - TBD - For Sale

10 No - 3,750 $1,995,900 - - $0 - TBD - For Sale

11 YesNavneet Dhami & Ranvir

Rai4,450 $1,100,900 $110,090 - $110,090 17-May-11 TBD Finishing Sold

12 YesAcilio Almeida & Julia

Domingos3,885 $1,011,500 $101,150 - $101,150 27-May-11 25-Jul-12 Complete Closed

13 Yes Stefica Latkovic 3,600 $1,079,900 $147,990 - $147,990 7-Apr-11 5-Dec-11 Complete Closed

Totals 50,073 $18,693,875 $1,043,446 $191,750 $1,235,196

Silverthorn Mill, Mississauga, ONSales & Deposit Summary

We note that of the 13 building lots, four lots (No.’s 1, 2, 12 and 13) are sold, built and ownership transferred to the respective home owner(s). As such, these four

lots do not form part of this appraisal and market value estimate.



SITE PLAN OUTLINING REMAINING AND SOLD INVENTORY

1

3

10

9

8 7 6

4

11

2

5

13

12

Sold & Closed

Sold (not finished)

For Sale



ARCHITECTURAL RENDERING OF SITE PLAN OUTLINING REMAINING AND SOLD INVENTORY



Detailed Description of Remaining Inventory

Lot # Address Roll NumberAssessment

(2015)

Lot

Frontage

Lot Area

(Sq. Ft.)

Lot

Configuration

Construction

StatusLot Character

3951 Silverthorn Mill

Ave210504009612166 $320,250 78.3 7,111 Irregular

Partially

Completed

(Roof)

Generally level and fronting onto

Silverthorn Mill Avenue


Ave210504009612168 $331,750 77.8 8,078 Irregular Vacant

Generally level and at grade with both

Silverthorn Mill Avenue and Loganberry

Court. Has two street frontages.



Generally level with and fronting onto

Loganberry Court.




Loganberry Court. The site is a longer

slight awkward shaped parcel.


Ave210504009612174 $325,000 65.6 7,483 Irregular

Partially

Completed

(Brick)


Loganberry Court.


Ave210504009612176 $341,250 72.5 8,900 Irregular

Partially

Completed

(Roof)


Loganberry Court.




Loganberry Court



Generally level and at grade with both

Silverthorn Mill Avenue and Loganberry

Court. Has two street frontages.

116803 Second Line

West210504009612182 $335,000 74.7 8,727 Irregular

Partially

Completed

(Finishing)

Generally level and at road grade with

Silverthorn Mills Avenue and Second

Line West. Has two street frontages.

Detailed Lot Descriptions



PHOTOGRAPHS OF THE SUBJECT PROPERTY

Lot #3 – Partially Constructed

Lot #3 – Interior

Lot #4

Lot #5

Lot #6





Lot #7 – Interior


Lot #8 Interior

Lot #9

Lot #10





Lot #11 – Interior

Loganberry Court Looking North

Silverthorn Mill Ave. Looking East

Silverthorn Mill Ave. Looking West



PHOTOGRAPHS OF COMPLETED INVENTORY

(SOLD, CLOSED AND NOT PART OF THE APPRAISAL)

Lot #1

Lot #2

Lot #12

Lot #13



SILVERTHORN PROJECT INVENTORY AND STATUS OVERVIEW AS AT EFFECTIVE DATE

The table below provides a detailed inventory overview and status, as at the effective date, of

the Silverthorn Mill housing development:

Lot # Sold PurchaserAsking/Selling

Price

Dwelling Size

(Sq. Ft.)

# of

Beds

# of

Baths

Frontage

(Ft.)

Lot Area

(Sq. Ft.)

Price Per

Sq. Ft.

Price Per

Front Foot

Sale

Status

3 Yes Venkat Royalpad $1,085,000 3,164 n/a n/a 78.3 7,111 $343 $13,849 Sold

4 No - $1,995,900 4,450 4 5 77.8 8,078 $449 $25,658 For Sale

5 No - $1,755,900 3,543 4 4 69.3 7,140 $496 $25,329 For Sale

6 No - $1,795,900 2,896 4 4 28.5 8,059 $620 $62,918 For Sale

7 YesJohn Olarte &

Raquel Zapata$1,287,800 4,655 n/a n/a 65.6 7,483 $277 $19,626 Sold

8 Yes Adel and Mona Kalil $1,545,000 4,948 n/a n/a 72.5 8,900 $312 $21,308 Sold

9 No - $1,747,900 3,497 5 4 68.2 7,124 $500 $25,626 For Sale

10 No - $1,995,900 3,750 4 4 77.5 8,084 $532 $25,756 For Sale

11 YesNavneet Dhami &

Ranvir Rai$1,100,900 4,450 n/a n/a 74.7 8,727 $247 $14,743 Sold

Low $1,085,000 2,896 28.5 7,111 $247 $13,849

High $1,995,900 4,948 78.3 8,900 $620 $62,918

Average $1,590,022 3,928 68.1 7,856 $420 $26,090

Silverthorn Mill, Mississauga, ON

Project Status as at Effective Date

The table above outlines the standard square footage and floor plans of the development. For

the purpose of this appraisal, we will value the development, “as-if completed,” based on the

above noted home size (square footage), No. of beds, No. of baths and standard finishes.

We have included the standard home features and finishes that are offered by the current home

builder to a potential home buyer. The standard finishes appear to be typical for this type of

custom home offering. We note that the standard finish does not include a finished basement or

upgrades that are typical with this type of luxury and custom home project.

The standard features and finishes are provided in the following pages.



STANDARD HOME FEATURES AND FINISHES





ARCHITECT RENDERING / PICTURE OF PARTIALLY COMPLETED DWELLING AND

FLOOR PLANS

LOT 3 – SOLD

Main Floor Plan:

Second Storey Floor Plan:



LOT 4 – FOR SALE

Main Floor Plan: Second Storey Floor Plan:



LOT 5 – FOR SALE

Main Floor Plan:




LOT 6 – FOR SALE




LOT 7 – SOLD

Main Floor Plan:




LOT 8 – SOLD




LOT 9 – FOR SALE




LOT 10 – FOR SALE




LOT 11 – SOLD

Main Floor Plan:




LAND USE POLICY MISSISSAUGA OFFICIAL PLAN

The subject property is designated Residential Low Density I in accordance with the City of Mississauga Official Plan, as identified below:

The Residential Low Density I designation is meant to preserve the character of the lands. The designation generally permits detached single family

residential dwellings.



ZONING

According to the City of Mississauga Zoning By-law, the subject property is zoned “R2-53 &

R16-7” – Residential.

The subject site is currently being developed with single family detached dwellings, which is

permitted within the R2 & R16 zoning classifications.



HIGHEST AND BEST USE

The foundation of market value rests on the Highest and Best use defined as:

"The reasonably probable and legal use of vacant land or of an improved property, which is

physically possible, appropriately supported, financially feasible, and that results in the highest

value"

Source: The Dictionary of Real Estate Appraisal, Third Edition, 1993, Appraisal Institute

The four criteria that the Highest and Best use must meet are:

1. Legally permissible

2. Physically possible

3. Financially feasible

4. Maximally productive

LEGALLY PERMISSIBLE

In determining the Highest and Best Use of a property, it is important for the appraiser to

ascertain the range of uses that are legally permissible. In cases where modifications to Zoning

By-law and Official Plan designations are likely, these uses should also be considered.

Consideration should also be given to public planning initiatives and economic and political

conditions that affect planning decisions. These considerations will assist the appraiser in

determining whether amendments to official plan and/or zoning designations are probable.

The subject is designated and is zoned to permit the current use.

PHYSICALLY POSSIBLE

The proposed use for a site cannot be considered its highest and best use unless that use is

physically and functionally possible and adaptable to the characteristics of the site. The size,

shape, area, topography and soil conditions may affect the potential uses that can be

developed. The physical possibility of development for the Subject also reasonably expects that

development can occur without additional costs above those of a typical vacant site. In cases

where there are unusual costs associated with development (e.g. soil clean, demolition, external

costs, etc.) these costs should be deducted from market value. We have assumed the site is

free and clear of contaminants and has soil bearing capacity to accommodate development.



The subject is irregular in configuration with frontage and exposure to both Second Line West

and Silverthorn Mill Road. The site is assumed to have full services (water, sanitary and storm

sewers). Overall, there does not appear to be any physical impediments for development.

FINANCIALLY FEASIBLE

The estimate of market value is based on the market demand for residential development,

expecting that the purchasers have rationalized a positive financial benefit or utility for the basis

of an acquisition. There is strong evidence in the market for similar residential infill acquisitions

motivated for custom home development. We have outlined both lots sales acquired for custom

home development and completed custom home sales

MAXIMALLY PRODUCTIVE

A use cannot be considered a site's highest and best use unless it's anticipated earnings ability

is sufficient to generate a reasonable return on costs of acquisition and development. This

aspect of highest and best use inherently involves a cost benefit analysis whereby the use that

generates the highest profit or greatest return logically represents the highest and best use. In

order to estimate the maximum productivity and market demand for residential development

use, we have reviewed current economic market conditions and housing market conditions that

are likely have an effect on developments for such uses.



ECONOMIC OVERVIEW

CURRENT TRENDS UPDATE — CANADA

Update – January 23, 2015 (RBC Ecotrend)

OVERVIEW

October GDP increased a solid 0.3%, which built

further onto to the 0.4% jump recorded in September.

Employment dipped marginally in December by 4,300

following on November's 10,700 decline but only

denting the quarter's increase which still stood at

28,100.

On a volumes basis, overall retail sales in November

rose by a robust 0.8% after unchanged activity in

October.

Housing starts fell by 6.5% to an annualized 180,600

in December 2014 from a revised 193,200 in

November (was 195,000).

The Canadian merchandise balance deteriorated to a $0.6 billion deficit in November from a

downwardly revised $0.3 billion shortfall (previously a $0.1 billion surplus) in October.

Canada’s headline consumer price index fell by 0.7% in December 2014, thereby reflecting a

5.0% drop in energy prices, which was a larger decline than market expectations for a 0.6%

decline.

CANADIAN OCTOBER GDP RISES 0.3%

Latest available: October

Release date: December 23, 2014

October GDP increased a solid 0.3%, which built

further onto to the 0.4% jump recorded in

September. Activity was boosted by robust gains in

mining (1.2%) and manufacturing (0.7%). Service-

producing industries also contributed to the gain,

rising 0.3% boosted by a 2.6% jump in educational

services output. The increase in October GDP

builds further onto the strong gain in September

and bodes well for annualized Q4 growth remaining

at an abovepotential rate. Beyond the end of this

year, the above-potential pace is projected to be

maintained into 2015. As the economic data provide confirmation that this solid pace of growth

is being sustained, the Bank of Canada is expected to start to return to tightening mode in mid-

2015.



CANADIAN EMPLOYMENT DIPPED IN NOVEMBER

Latest available: December

Release date: January 9, 2015

Canadian employment surprised to the downside

with the economy losing 4,300 jobs in December

2014 as forecasters looked for a 10,000 increase.

The unemployment rate held steady at 6.6%.

Losses were concentrated in the services sector

where employment fell by 26,400, while goods-

producing industries showed a 22,100 rise in the

month. The unemployment rate ended 2014 at

6.6%; the participation rate inched downward to

65.9%.

CANADIAN NOVEMBER RETAIL SALES RISE 0.4% IN THE MONTH

Latest available: November


Nominal retail sales in November 2014

unexpectedly increased by 0.4% in the month

following unchanged activity in October. Higher

sales occurred despite declines in sales at gasoline

stations (0.8%) and motor vehicle dealerships

(0.3%). Excluding the auto and gasoline station

components, so called core sales rose by a much

stronger than expected 1.0%, thereby building

further on a 0.5% gain in October. On a volumes

basis, overall retail sales in November rose by a

robust 0.8% after unchanged activity in October.

CANADIAN HOUSING STARTS FALL TO A NINE-MONTH LOW IN DECEMBER



Housing starts fell by 6.5% to an annualized 180,600

in December 2014 from a revised 193,200 in

November (was 195,000). Market expectations had

been for a modest decline to 192,000 in December.

The drop in overall housing starts reflected declines

in both urban single-unit (-4.8%) and urban multiple-

unit (-7.0%) starts. Rural starts also declined (-9.8%)

in the month. Weakness was concentrated in the



Prairies (-10.2%), Quebec (-17.6%), and in Atlantic Canada (-19.4%). In contrast, strength in the

multiples component drove an overall increase in Ontario (2.0%) while starts in British Columbia

also rose (1.9%) to provide some offset.

CANADA TRADE BALANCE POSTED A $0.6 BILLION DEFICIT IN NOVEMBER

Latest available: November


The Canadian merchandise balance posted a

$0.6 billion deficit in November 2014, which

was down from a revised $0.3 billion shortfall

(previously reported as a $0.1 billion surplus)

in October. Market expectations had been for a

$0.2 billion deficit in November. Nominal

exports declined by 3.5% after falling 0.2%

(previously up 0.1%) in October. Imports fell by

2.7% in November to retrace a revised 1.2%

(was 0.5%) increase in October. Controlling for

the effect of prices, the volume of exports, in

chained 2007 dollars, declined by 2.2%.

Imports declined as well but by a moderate 1.6%, thereby resulting in a fourth consecutive

monthly deterioration in the real trade balance.

CANADIAN HEADLINE INFLATION RATE DROPPED ON LOWER ENERGY PRICES IN DECEMBER; CORE

MEASURE TICKED UP RELATIVE TO DECEMBER 2013



Canada’s headline consumer price index fell by

0.7% in December 2014, thereby reflecting a

5.0% drop in energy prices, which was a larger

decline than market expectations for a 0.6%

decline. Prices were 1.5% higher than a year

earlier, which was a slower pace than

November’s 2.0%. The Bank of Canada’s core

measure slipped by 0.3% in December, thereby

meeting market expectations. The annual core

rate inched upward to 2.2% from 2.1% in

November.



COMMENTARY

The indicators are mixed with some signs of stability, with Real GDP recovering strongly in the

second quarter of 2014 with the economy growing at an annualized 3.1% rate then

unexpectedly dropping by 0.1% in August. The second-quarter gain was firmer than the Bank of

Canada’s projection; however, combined with the downgrade of first quarter’s growth rate to

0.9% from 1.2% and the recent drop in August of 0.1%, the net result was that economic growth

seems to be declining. Canadian employment surprised to the downside with the economy

losing 4,300 jobs in December 2014 as forecasters looked for a 10,000 increase. The Canadian

merchandise balance posted a $0.6 billion deficit in November 2014, which was down from a

revised $0.3 billion shortfall (previously reported as a $0.1 billion surplus) in October.

Weakening oil prices may be cited as a factor weighing on growth; however, it is not expected to

significantly alter the Bank’s annual forecast for real GDP growth of 2.2% in 2014 and 2.4% in

2015. The real estate market, from the standpoint of investment remains reasonably attractive.

The lack of investment product on the market is a main reason as investors remain very active

in the pursuit of real estate investments and debt capital remains abundantly available at low

rates with inflation rates expected to remain close to the lower end of the Bank of Canada’s

0.75% target.

Source: http://www.rbc.com/economics/market/pdf/ecotrend.pdf

http://www.rbc.com/economics/market/pdf/ecotrend.pdf



RESIDENTIAL MARKET OVERVIEW

A synopsis of the current trends affecting the housing market as examined by economist Will

Dunning is as follows:

“The housing market impacts of plunging oil prices will play out in phases. The initial impact

(tied to stock market volatility) may be increased caution by home buyers, due to fear and

uncertainty. For the GTA, mid-term and longer-term impacts should be positive overall. Job

creation will be supported by a weaker dollar, lower business costs, and more discretionary

income for consumers; there will be less pressure for interest rates to rise.”

A précis from the Will Dunning Inc. Housing Market Digest (January 2015) is presented as

follows

The December employment numbers caught

Dunning by surprise, with drops for both Toronto

CMA (minus 11,100 month-over-month) and

Canada (minus 4,300). Year-over-year growth is

negative for Toronto (-0.6%) and weak for

Canada (1.0%). In drawing conclusions about

“artifacts”, one of the things I consider is the

“labour force participation rate” (the percentage of

adults that are either employed or looking for

work). As shown in this chart, the data is highly

volatile. It fell again in December - Dunning was

expecting it to rebound from the big drop that occurred six months earlier.

Interest Rates

Bond yields have plunged further during the

past month. It appears that mortgage interest

rates are now starting to follow (probably to

3.00%). During the past month, the Canadian

dollar has dropped by 3-3.5 cents US (currently

below 83 cents US per $Canada, or more than

$1.20 Canada per USD). The TSX index has

been wild, which is adding to uncertainty. It is

down by about 1,300 points (9%) from the

record high reached during the summer.



Resale Market

Sales slowed in December, to a rate of 88,600 (based on 4,446 actual sales). TREB’s mid-

month rate for January hints at a similar rate (close to 90,000). Price growth remains very rapid.

The average price for December - $556,602 - is up by 6.0% year-over-year. However, CREA’s

seasonal adjustment of the price data hints that the price trend is flattening.

For all of Canada, the seasonally-adjusted sales rate also dipped in December (sales have

plunged in Alberta). Price growth is decelerating. For December the year-over-year increase

was 3.8%, down from 7% just six months ago (again, this change is centered in Alberta).

New Homes Market

New home sales were at a healthy rate in December (39,800, based on 1,991 actual sales).

Low-rise activity was at 16,000 (815 actual sales). Sales rates have been below the trend for

two months. There just aren’t enough new project openings. It is also possible that the effect of

low interest rates is starting to wear off. The high-rise rate remains very high, at 23,800 (1,176

actual sales).



The Outlook

The Dunning forecast is summarized in the table below:

Source: Will Dunning Inc. Economic Research

HIGHEST& BEST USE CONCLUSION

The Highest and Best Use is deemed to be the current use.



APPROACH TO VALUE

METHOD OF VALUATION

The most common approaches used to value land are namely; The Direct Comparison

Approach, The Abstraction Method, The Subdivision Development Method and Land Residual

Method. Either approach is typically used in conjunction with the Direct Comparison Approach in

estimating market value for land.

The Cost Approach and Income Approach to value have also been considered, but are not

deemed appropriate to value land.

DIRECT COMPARISON APPROACH

The Direct Comparison Approach, based on the Principle of Substitution, is more common and

uses a comparison of transactions that have occurred, involving similar vacant land, and acting

as a proxy for the Subject property. The approach is successfully applied where there is a

reasonable volume of transactions and/or listings having similar characteristics when compared

to the Subject property. According to the principle, a buyer would not pay more for one property

than for another that was equally desirable.

SUBDIVISION DEVELOPMENT METHOD

The Subdivision Development Approach (also referred to as the Cost of Development Approach

or land Development approach) is based on a proposed development of the land, where the

costs (hard & soft) of construction and development profit are deducted from the expected

market value or revenue of the completed project. The residual value is that price which the

developer would pay for the “raw” land.

The Appraisal Institute's The Appraisal of Real Estate, Canadian Edition, (1992) states at p. 297

that;

“... bona fide sales data provide a better indication of value than a subdivision development

prospectus. The reliability of the approach is determined by the accuracy of the lot yield, absorption rate,

sale prices, servicing costs and soft cost estimates.”

CONCLUSION

We have undertaken the Direct Comparison Approach in valuing the subject building lots and

homes.



DIRECT COMPARISON APPROACH – “AS-IS MARKET VALUE”

The Direct Comparison Approach studies the interaction of buyers and sellers in the market

place. This approach has also been traditionally referred to as the comparative approach and

involves a process of comparing the subject property in all respects to similar properties.

The “as-is” market value comprises 9 lots of which five are serviced, vacant and not yet sold.

The remaining four lots have been sold and partially built. However, each of the partially

completed dwellings has an Agreement of Purchase and Sale in place. As such, for the “as-if

complete” value for these four lots, we have used the contractual price. The Silverthorn Mill

project status, as of the effective date, is detailed below:

Lot # Sold PurchaserAsking/Selling

Price

Dwelling Size

(Sq. Ft.)

# of

Beds

# of

Baths

Frontage

(Ft.)

Lot Area

(Sq. Ft.)

Price Per

Sq. Ft.

Price Per

Front Foot

Sale

Status

3 Yes Venkat Royalpad $1,085,000 3,164 n/a n/a 78.3 7,111 $343 $13,849 Sold

4 No - $1,995,900 4,450 4 5 77.8 8,078 $449 $25,658 For Sale

5 No - $1,755,900 3,543 4 4 69.3 7,140 $496 $25,329 For Sale

6 No - $1,795,900 2,896 4 4 28.5 8,059 $620 $62,918 For Sale

7 YesJohn Olarte &

Raquel Zapata$1,287,800 4,655 n/a n/a 65.6 7,483 $277 $19,626 Sold

8 Yes Adel and Mona Kalil $1,545,000 4,948 n/a n/a 72.5 8,900 $312 $21,308 Sold

9 No - $1,747,900 3,497 5 4 68.2 7,124 $500 $25,626 For Sale

10 No - $1,995,900 3,750 4 4 77.5 8,084 $532 $25,756 For Sale


Ranvir Rai$1,100,900 4,450 n/a n/a 74.7 8,727 $247 $14,743 Sold

Low $1,085,000 2,896 28.5 7,111 $247 $13,849

High $1,995,900 4,948 78.3 8,900 $620 $62,918

Average $1,590,022 3,928 68.1 7,856 $420 $26,090

Silverthorn Mill, Mississauga, ON

Project Status as at Effective Date

We have provided a breakdown of the subject site based on units sold vs. units available below:

Frontage

(Ft.)

Lot Area

(Sq. Ft.)

Price Per

Sq. Ft.

Frontage

(Ft.)

Lot Area

(Sq. Ft.)

Price Per

Sq. Ft.

Minimum 65.6 7,111 $247 28.5 7,124 $449

Maximum 78.3 8,900 $343 78 8,084 $620

Average 72.8 8,055 $295 64.3 7,697 $519

Current Project Status StatisticsSold Available

MARKET VALUE ESTIMATE FOR UNSOLD VACANT LOTS

The “as-is” contains a combination of serviced and vacant residential building lots and partially

constructed dwellings. As such, a two part analysis has been undertaken to determine the

current “as-is” market value. First, we will present sales of comparable residential lots, acquired

for luxury custom home development. Second, we will subtract the estimated cost (as supplied

by Hush Inc.) to complete each dwelling from each of the partially completed dwellings

contractual sales prices. The total of the two estimates of value are combined to form the total

“as-is” market value estimate for the subject.



Sales of comparable residential lots are gathered, analyzed and adjusted for differences such

as time of sale, size, location and site condition (e.g. demolition, availability of services). The

comparable vacant lot sales are presented in the following pages.

VACANT LOT VALUATION – “AS-IS”

VACANT LOT UNIT RATE

The unit of comparison relied upon for the vacant building lots is the price expressed as a rate

per building lot.

VACANT LOT DETAILS

Lot # SoldLot Frontage

(Ft.)

Avg. Lot

Depth (Ft.)

Lot Area

(Sq. Ft.)

4 No 77.8 116.1 8,078

5 No 69.3 100.1 7,140

6 No 28.5 122.0 8,059

9 No 68.2 89.2 7,124

10 No 77.5 109.7 8,084

Low 28.5 89.2 7,124

High 77.8 122.0 8,084

Average 64.3 107.4 7,697

Vacant Lot Details

Sales of comparable lots are provided for on the following page. We have identified 8 residential

land sales. Due to a lack of recent residential lot activity within the area, we also looked at

smaller redevelopment plays. As such, we identified the sales of 5 residential lot sales and 3

redevelopment sales. For the purpose of this report, we broke down the redevelopment sales on

a per lot basis by dividing the total sale price by the proposed number of lots.



VACANT LOT COMPARABLES

Sale

No. Address Nearest Intersection

Sale

Date

Total

Area

(Sq. Ft.)

Total Area

per Lot

(Sq. Ft.)

Total

Frontage

(Ft)

Frontage

per Lot

(Ft)

Depth

(Ft)

Private or

Public

Road

Total Price Price / LotPrice /

Sq. Ft.

Price/Front

FootComments

16680 McLaughlin

Road

Second Line West /

Old Derry RoadDec-14 N/A N/A N/A N/A N/A Public $2,750,000 $392,857 N/A N/A

Infill development site that totals over

10 acres; however, mostly open

space. Planning approved for 7

separate lots on net developable

acreage. Currently improved with a

single detached dwelling. Requires

an internal road.

21050 Old Derry

Road

Second Line West /

Old Derry RoadOct-14 17,160 17,160 130 130 132 Public $562,500 $562,500 $33 $4,327

Property was improved with an older

bungalow dwelling; however, value

was in the land.

36985 Second Line

West

Second Line West /

Old Derry RoadJun-14 28,314 28,314 131 131 215 Public $800,000 $800,000 $28 $6,119

Property was improved with an older

bunaglow dwelling; however, value

was in the land.

41075-1083 Haig

Boulevard

Haig Boulevard /

Lakeshore Road

East

May-14 29,969 9,990 150 50 200 Public $1,450,000 $483,333 $48 $9,667

Sale of three separate parcels, each

improved with a single family

dwelling. We understand the land

was aquired for the development of 3

custom homes.

56894 Campbell

Settler Court

Second Line West /

Old Derry RoadApr-14 16,760 16,760 59 59 N/A Public $700,000 $700,000 $42 $11,945

Vacant building lot located on the

north side of Cempbell Settler Court.

Irregular shaped large parcel.

66830 Second Line

West

Second Line West /

Old Derry RoadMay-13 13,315 13,315 59 59 229 Public $775,000 $775,000 $58 $13,136

Large vacant building lot located on

the west side of Second Line West,

south of Old Derry Road. Deep lot.

76827 Second Line

West

Second Line West /

Old Derry RoadDec-11 6,710 6,710 60 60 112 Public $480,000 $480,000 $72 $8,000

Property was improved with a

dwelling at the time of sale; however,

dwelling was demolished for the

development of a custom home.

84583, 4589 & 4601

Mississauga Road

Mississauga Road /

Eglinton Ave WFeb-11 91,746 8,341 N/A N/A N/A Public $5,250,000 $477,273 $57 N/A

Large parcel purchased for the

development of 11 custom homes.

Requires an internal Road.

Average 14,370 82 178 $583,870 $48 $8,866

Comparable Lot Sales



COMPARABLE LOT SALES MAP

Subject

Subject



MAJOR VARIABLES IMPACTING VALUE

A comparison of the transaction activity has been made having regard to the following market

variables that are likely to have the greatest impact on market value (the weight (%) is not

necessarily distributed evenly amongst the variables of comparison):

a) Time of Sale

b) Location

c) Size

d) Site Character (configuration, mid-block, corner, adjacent uses,

demolition required, etc.)

e) Planning (Official Plan, Zoning)

TIME OF SALE

The date of the market activity is clearly an important factor to consider with more current

transactions typically offering the best insight to value.

LOCATION

Location is clearly a major variable affecting market value. Transactions in close proximity to the

subject are thus more relevant. Our research has focussed on similar lot sales within the

subject neighbourhood. It is noted that generally lots south of Lakeshore Road, similar to the

subject lots, are considered to have a superior overall location within the district area.

DEPTH, FRONTAGE & SIZE

As we are valuing the lots on a total per lot basis, lots with larger depths, frontages & sizes will

trade at a higher rate per lot.

TOPOGRAPHY / SITE CHARACTER

Intrinsic features of each comparable property are reviewed such as configuration, site features

(trees, ravine, privacy, etc.), development area, street exposure, access, nature of adjoining

properties, demolition if required.

PRIVATE VS. PUBLIC ROAD

Through discussions with local real estate professionals, we understand that private roads are

seen as a positive attribute with respect to this type of custom home development.

Maintenance, garbage pick up, landscaping and snow removal are contracted to a private

company. As such, buyers are more confident in the services they will receive when purchasing

on a private road and are willing to pay a slight premium for it.



COMPARABLE LOT SALES ANALYSIS

We have undertaken an overall comparative rating with comparable residential lot transactions

detailed herein in order to arrive at a market value for the Subject. Our review and overall rating

is tabled on the following page (note: not all variables are given similar weight).

Comp. # PropertySale Price

Per LotTime Location Frontage Depth

Total Lot

Area

Topography /

Site

Character

Private vs.

Public Road

Overall

Comparison

Adjustment

16680 McLaughlin

Road$392,857 Similar ↑ ↔ ↔ ↔ ↓ ↑ ↑

21050 Old Derry

Road$562,500 Similar ↑ ↓ ↓ ↓ Similar ↑ ↑

36985 Second Line

West$800,000 Similar Similar ↓ ↓ ↓ ↓ ↑ ↓

41075-1083 Haig

Boulevard$483,333 Similar ↑ ↑ ↓ ↓ Similar ↑ ↑

56894 Campbell

Settler Court$700,000 Similar Similar Similar ↔ ↓ ↓ ↑ ↓

66830 Second Line

West$775,000 ↑ Similar Similar ↓ ↓ ↓ ↑ ↓

76827 Second Line

West$480,000 ↑ Similar Similar Similar Similar Similar ↑ ↑

84583, 4589 & 4601

Mississauga Road$477,273 ↑ ↑ ↔ ↔ ↔ ↓ ↑ ↑

Comparable Lot Sales Adjustment Grid

Lot Transactions Compared with the Subject Property

The foregoing adjustments have been made to the common unit of comparison - rate per acre. Not all variables have been given equal weight

The comparable transactions range in price from $392,857 to $800,000 per lot. The price range

is necessarily broad given the differences in sizes, site features, locations and development

potential. The overall average rate derived from the market transactions is $583,870 per lot.

The low end of the range is reflected by Comparable No.’s 1, 4 and 8, which represent the

sales of infill development sites. These sales represent the acquisition of larger parcels that will

be split into smaller single family detached lots. Further to the adjustments accounted for in the

above table, they require upward adjustments for planning, servicing, internal road

development, etc. These sales are not at the same point of development readiness as the

subject lots, but have been included to set the lower limit of value. Overall, all of these

comparables per lot rates require significant upward adjustments.

The high end of the range is reflected by Comparable No.’s 3 and 8 at $800,000 and $775,000

per lot, respectively. Both of these lots are in similar overall locations, being on Second Line

West; however, they are significantly larger compared to the subject lots. Their lot sizes, site

features and site character are also considered superior compared to the subject lots as they

lend themselves to larger custom dwelling developments. Overall, these sales require

downward adjustments.

Comparable No. 2 at $562,500 is the sale of an improved parcel that was purchased for its land

value. The lot is larger in size, but located in a slightly inferior location on the south side of Old



Derry Road. There is also an added cost to demolish the current improvements not accounted

for in the sale price. Upward adjustments are required for location and being on a public road,

while downward adjustments are warranted for lot frontage, depth and area. Overall, we expect

to achieve a higher rate per lot for the subject due to its superior location, private road and the

added cost of demolishing the developments on the comparable.

Comparable No. 5 at $700,000 is the sale of a lot located a short distance from the subject

property on Campbell Settler Court in a similar overall location. The lot has a similar frontage

compared to the subject lots; however, it is much larger in overall size at 13, 315 sq. ft. An

upward adjustment is required for private vs. public road, while downward adjustments are

required for total lot area and site character. Overall, this sale requires downward adjustments.

Comparable No. 7 at $480,000 is an older sale of an abutting lot located on the east side of

Second Line West, directly north of lot 13 of the subject development (no longer part of the

subject property). This comparable is similar in location, size, frontage, depth and total site area.

As such, it is considered most similar to the subject lots; however, upward adjustments are

required for time and private vs. public road. As such, we expect to achieve a higher rate per lot

for the subject.

Through this analysis, it is clear that the main variable attributed to lot value is the lot size.

Smaller lots sell at much lower rates compared to larger lots. For demonstrative purposes, we

have included the below chart to demonstrate that there is a clear positive correlation between

lot size and sale price. It is noted that comparable No.’s 1 and 8 are not included in the below

chart as the individual lot sizes for these parcels are not known.

The subject’s lots are superior with respect to location and road type (private vs. public) to most

of the comparables above. However, their smaller lot sizes are clearly a limiting factor. As such,

the majority of the adjustment weight has been focused on lot size, while the remaining

adjustment factors were used to refine the lot estimates.

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

0 5,000 10,000 15,000 20,000 25,000 30,000

Pri

ce

Size



ESTIMATE OF LOT VALUES – “AS-IS”:

Having regard to the above noted market activity; it is our opinion, that the subject property’s

lots would be likely fall within the range of $575,000 to $625,000 per lot. Differences in lot prices

have been made due to private vs. public road (Lots 3 & 11), location within the subdivision and

lot size/character. Our estimated market value for each of the subject’s remaining vacant

building lot is estimated as follows:

Lot # Estimated Lot Value

4 $575,000

5 $600,000

6 $625,000

9 $600,000

10 $575,000

Total $2,975,000

Estimated Lot Market Values

PARTIALLY BUILT DWELLING VALUATION – “AS-IS”

As at January 19, 2015, four of the lots within the subject development are improved with

partially completed dwellings and under Agreements of Purchase and Sale. As such, the “as-if

complete” value for these four lots reflects the contractual sale price in the Agreement of

Purchase and Sale.

AS-IS ESTIMATE OF VALUE

Four of the parcels were improved with partially completed dwellings that were sold at

contractual rates. In order to estimate their current values based upon the Agreement of

Purchase and Sale prices, we must subtract the estimated cost to complete each dwelling from

the contractual sale price. It is noted, that the cost to complete each dwelling has been supplied

to us by the owner, Hush Homes Inc. We have relied upon and assumed these estimates to be

accurate; if this assumption is later proven inaccurate, we retain the right to alter our final

estimate of value. Hush Homes Inc.’s estimates to complete construction on each of the

dwellings are provided below:

Lot # Sold PurchaserDwelling Size

(Sq. Ft.)

Contractual

Sale PriceBudget

Work

Invoiced

Work

Competed

Cost to

Finish

3 Yes Venkat Royalpad 3,164 1,085,000 $431,075 $181,832 $172,531 $258,544

7 YesJohn Olarte &

Raquel Zapata4,655 1,287,800 $494,036 $205,067 $202,668 $291,368

8 Yes Adel and Mona Kalil 4,948 1,545,000 $529,017 $257,413 $252,492 $276,525


Ranvir Rai4,450 1,100,900 $547,676 $332,316 $308,864 $238,812

Totals 17,217 5,018,700 $2,001,804 $936,555 $1,065,249

Sold Lots (Lots 3, 7, 8 & 11)Budget vs. Work Completed (As supplied by Hush Homes Inc.)



For the purpose of this report, we have only focused on work actually completed within each site

and not work invoiced.

ESTIMATE OF PARTIALLY IMPROVED/SOLD LOTS – “AS-IS”:

Our estimates of value for the partially completed/sold lots (lots 3, 7, 8 & 11) are based upon the

Agreement of Purchase and Sale prices (Contractual Sale Price) less the cost to finish each

dwelling. As of the effective date of this report, January 19, 2015, our current estimate of value

of the partially improved lots is:

Lot #Contractual Sale

Price

Less:

Cost to Finish

Estimated Value of

Partially Built Lots

3 $1,085,000 $258,544 $826,456

7 $1,287,800 $291,368 $996,432

8 $1,545,000 $276,525 $1,268,475

11 $1,100,900 $238,812 $862,088

Totals $5,018,700 $1,065,249 $3,953,451

Current "As-is" Market Value of Partially Built Lots

FINAL ESTIMATE OF VALUE – “AS-IS”

The estimate for the “as-is” market value as of the effective date, January 19, 2015, is:

Estimated Lot Market Values $2,975,000

Estimated Value of Partially Built Lots $3,953,451

Total $6,928,451

Rounded To: $6,930,000

Total "As-Is" Estimate of Value



DIRECT COMPARISON APPROACH – “AS-IF COMPLETED”

The “as-if completed” value is determined through the Direct Comparison Approach by

comparing new custom home sales and re-sales win the subject’s neighbourhood. The focus of

our research for new homes and re-sales is centered within the Meadowvale and immediate

area. Adjustments to the comparables sales are made for time, location, house size, finishes,

No. of beds, No. of baths and lot size. We have considered the subjects standard finishes, as

preciously outlined, for the bases of comparison with the market transaction activity presented

herein.

NEW CUSTOM HOME SALES

The unit of comparison relied upon for the homes is the price expressed on a per square foot of

dwelling living area, excluding the basement area. It is noted that the sold subject lots are at

different stages of construction; however, they have been sold at a previously contracted price.

As such, for the purpose of this report, these pre-determined prices will be viewed as their

current market values.

The following is a summary of the new home market transactions researched as well as an

analysis of the market data and conclusion of market value.



NEW HOME MARKET ACTIVITY - SOLD LOT COMPARABLES (IMPROVED) – “AS-IS”

Builder: Hush

Development Name: Estates of Silverthorn Mills Meadowvale Village

Location: south of Derry Road, east of Second Line West

Municipality: Mississauga

Site Status: Active

Tenure: Freehold

Product Type: Detached

Lot Size (ft): 68

Lot Type: Traditional

Opening Date: N/A

First Occupancy Date: 2012-Aug

Available Home Sizes (sf): 2,896 to 4,948

Available Home Prices: $980,900 to $1,995,900

Avg Size (Sold): 3,992

Avg Price (Sold): $1,232,809

Avg $/PSF (Sold): $308

Exterior: Brick, Stone, Stucco

Avg. Bedrooms: 4

Type:

Model DESCRIPTION ELEVATION # OF BEDROOMS HOME TYPE SIZE (SF) PRICE PRICE/SF STATUS

1. The Alders Brick/Stone lot 1 N/A 2 Storey 3,730 $1,311,375 $352 closed

2. The Bayberry Brick/Stone lot 2 N/A 2 Storey 3,505 $980,900 $280 closed

3. The Silverberry Brick/Stone/Stucco lot 3 N/A 2 Storey 3,164 $1,085,000 $343 sold

7. The Cherry Birch Brick/Stone/Stucco lot 7 N/A 2 Storey 4,655 $1,545,000 $332 sold

8. The Rosebay Stone/Stucco lot 8 N/A 2 Storey 4,948 $1,747,900 $353 sold

11. The Redwood Brick/Stone lot 11 N/A 2 Storey 4,450 $1,100,900 $247 sold

12. The Elderberry Brick/Stone lot 12 N/A 2 Storey 3,885 $1,011,500 $260 closed

13. The Willows Stone/Stucco lot 13 N/A 2 Storey 3,600 $1,079,900 $300 closed

3,992 $1,232,809 $308

Luxury Detached Dwelling Comparables - MISSISSAUGA

Silverthorn Mills (Subject Property)



Builder: Dunsire Developments

Development Name: Crown Collection in Gooderham Estates

Location: south of Derry Road, west of Mavis Road


Site Status: Active

Tenure: Freehold


Lot Size (ft): 45


Opening Date: 9/13/2014

First Occupancy Date: 2015-09


Available Home Prices: $1,075,000 to $1,285,000

Avg Size: 3,340

Avg Price: $1,175,833

Avg $/PSF: $358


Bedrooms: 4

Type:

2014 Jan-15

SALES SALES

LOTS RELEASED EACH MONTH 0 0

TOTAL LOTS RELEASED 10 10

MONTHLY/ANNUAL SALES 6 0

CUMULATIVE SALES 6 6

TOTAL REMAINING LOTS 4 4

MODEL DESCRIPTION ELEVATION # OF BEDROOMS HOME TYPE SIZE (SF) PRICE PRICE/SF STATUS

1. Imperial Estate Stone English Manor 4 bdrm 2 Storey 3,888 $1,275,000 $328 available

Stone/Stucco French Chateau 4 bdrm 2 Storey 3,888 $1,285,000 $331 available

2. Majestic Estate Brick/Stone English Manor 4 bdrm 2 Storey 3,479 $1,150,000 $331 available


3. Royal Estate Brick/Stone English Manor 4 bdrm 2 Storey 2,652 $1,075,000 $405 available


3,340 $1,175,833 $358

Dunsire Developments

SALES HISTORY -DETACHED - 45' - FREEHOLD



Builder: Di Blasio Homes

Development Name: 1955 Vintages Select

Location: south of Derry Road West, west of McLaughlin Road


Site Status: Active

Tenure: Freehold


Lot Size (ft): 50


Opening Date: 6/7/2008

First Occupancy Date: 2009-09



Avg Size: 5,097

Avg Price: $1,618,969

Avg $/PSF: $319


Bedrooms: 4-May

2008 2009 2010 2011 2012 2013 2014 2015

SALES SALES SALES SALES SALES SALES SALES SALES

LOTS RELEASED EACH MONTH 0 0 0 0 0 0 0 0

TOTAL LOTS RELEASED 11 11 14 14 14 14 14 14

MONTHLY/ANNUAL SALES 0 0 0 0 0 0 1 0

CUMULATIVE SALES 0 0 0 1 3 5 6 6

TOTAL REMAINING LOTS 11 11 14 13 11 9 8 8

MODEL DESCRIPTION ELEVATION # OF BEDROOMS HOME TYPE SIZE (SF) PRICE PRICE/SF STATUS

1. Allegro Stone/Stucco A lot 7 4 bdrm 2 Storey 4,856 $1,597,500 $329 available

Stone/Stucco Allegro 4 bdrm 2 Storey 4,856 $1,200,000 $247 sold out

Stone/Stucco B lot 8 4 bdrm 2 Storey 4,856 $1,597,500 $329 available

2. Beaumont Stone/Stucco A lot 3 4 bdrm 2 Storey 5,090 $1,799,000 $353 sold out


Stone/Stucco B lot 9 4 bdrm 2 Storey 5,090 $1,497,000 $294 sold out

Stone/Stucco Beaumont 4 bdrm 2 Storey 5,090 $1,250,000 $246 sold out

3. Chianti Stone/Stucco A lot 4 5 bdrm 2 Storey 5,458 $1,749,500 $321 available


Stone/Stucco Chianti 5 bdrm 2 Storey 5,458 $1,325,000 $243 sold out

4. Lot 12 - 6656 Brick/Stone 6656 5 bdrm 2 Storey 4,381 $1,749,500 $399 sold out

5. Lot 27 - 6639 Brick/Stone 6639 5 bdrm 2 Storey 5,030 $1,629,500 $324 sold out

6. Lot44 - 6473 Brick/Stone 6473 5 bdrm 2 Storey 5,745 $1,650,000 $287 available

7. Lot68 - 6469 Brick/Stone 6473 5 bdrm 2 Storey 5,025 $1,845,000 $367 available

8. Ripasso Stone/Stucco A lot 11 N/A 2 Storey 5,034 $1,897,500 $377 sold out

Stone/Stucco B lot 10 N/A 2 Storey 5,034 $1,937,500 $385 available

5,097 $1,618,969 $319

SALES HISTORY -DETACHED - 50' - FREEHOLD

Di Blasio Homes



Builder: Hush

Development Name: Schoolhouse Vale

Location: south of Derry Road, west of Second Line West


Site Status: Active

Tenure: Freehold


Lot Frontage (ft): N/A


Opening Date: N/A

First Occupancy Date: 2012-Mar



Avg Size (Sold): 4,180

Avg Price (Sold): $1,534,750

Avg $/PSF (Sold): $365


Avg. Bedrooms: 4

Model DESCRIPTION ELEVATION # OF BEDROOMS HOME TYPE SIZE (SF) PRICE PRICE/SF STATUS

3. Westminster Brick, Stone and/or Stucco lot 3 4 to 5 2 Storey 5,040 $1,900,000 $377 closed

4. Eton Brick, Stone and/or Stucco lot 4 4 to 5 2 Storey 6,626 $2,400,000 $362 closed

5. Winchester Brick, Stone and/or Stucco lot 5 4 to 5 2 Storey 4,190 $1,712,500 $409 closed

6. Cambridge Brick, Stone and/or Stucco lot 6 4 to 5 2 Storey 3,550 $1,239,900 $349 closed

7. Stowe Brick, Stone and/or Stucco lot 7 4 to 5 2 Storey 3,838 $1,289,900 $336 closed

8. Lyndon Brick, Stone and/or Stucco lot 8 4 to 5 2 Storey 3,530 $1,350,000 $382 closed

9. Mayfield Brick, Stone and/or Stucco lot 9 4 to 5 2 Storey 3,250 $1,074,900 $331 closed

10. Cavendish Brick, Stone and/or Stucco lot 10 4 to 5 2 Storey 3,975 $1,289,900 $325 closed

11. Sussex Brick, Stone and/or Stucco lot 11 4 to 5 2 Storey 3,340 $1,199,900 $359 closed

12. Guildford Brick, Stone and/or Stucco lot 12 4 to 5 2 Storey 4,462 $1,890,500 $424 closed

4,180 $1,534,750 $365

Schoolhouse Vale



COMPARABLE NEW HOME ACTIVITY ANALYSIS

We have analysed sales of new homes from four different development infill sites (including the

subjects own development. These sales are considered most similar to the subject. An overview

of the comparables sales are provided for below:

Development NameAvg. Lot

Size (Ft.)

Dwelling Avg.

Size (Sq. Ft.)

Avg. Asking /

Selling Price

Avg. Price

/ Sq. Ft.

Silverthorn Mills Meadowvale Village 68 3,992 $1,232,809 $308

Dunsire Developments 45 3,340 $1,175,833 $358

Di Blasio Homes 50 5,097 $1,614,625 $319

Schoolhouse Vale N/A 4,180 $1,534,750 $365

Averages 54 4,143 $1,341,089 $328

Comparable New Dwelling Sales Overview

SILVERTHORN MILLS (SUBJECT DEVELOPMENT)

We have also considered sold homes within the subject development. The sales are considered

relevant and provide a reasonable perspective to market value. There are four closed sales and

three pending sales, which are set to close upon completion of the home(s). The seven older

sales occurred between April 2011 and April 2012 and had an overall averaged $317 per sq. ft.

Overall; these sales present the best comparison to the subject property “as-if complete.”

DUNSIRE - CROWN COLLECTION

This custom home infill development is located a short distance to the north of the subject

property in a slightly inferior location on the east side of Second Line West, directly south of

Derry Road West. The average lot frontages are smaller compared to the subject property;

however, construction quality, dwelling features and finishes are considered similar. Overall,

these sales all require slight upward adjustments.

DI BLASIO HOMES – 1955 VINTAGES SELECT

This custom home infill development is located in an inferior location on the west side of

McLaughlin Road, south of Derry Road West in an inferior overall neighbourhood. Furthermore,

the development has inferior features and finishes compared to the subject. As such, these

sales require significant overall upward adjustments.

SCHOOLHOUSE VALE

This custom home infill development is located a short distance to the north of the subject

property on the west side of Second Line West. It is a slightly older development with most

sales occurring between 2009 and 2010 and closing in 2012; however, as there is limited new

sale activity within the immediate area and is of similar quality as the subject, we included it in

our analysis. All of these sales clearly require upward adjustments for time.



CUSTOM HOME RE-SALE COMPARABLES

We have also analysed re-sales of luxury custom homes in the immediate neighbourhood.

These sales are considered most similar to the subject. An overview of the comparable re-sales

is provided for below:

Sale

No. Address Type

Sale

Date

Dwelling

Area

(Sq. Ft.)

PricePrice per

Sq. Ft.

No. of

Bedrooms

No. of

BathroomsComments

16828 Golden Hills

Way, Mississauga

Detached

2- storeyMar-15 4,100 $1,000,000 $244 4 4.5

Custom home; 4 bedrooms;

finished basement with

separate entrance; 2nd

kitchen; cathedral ceilings;

attached 4 car garage.

26788 Golden Hills

Way, Mississauga

Detached

2- storeyJul-14 3,900 $1,020,000 $262 5 4

Custom home; hardwood

flooring throughout; attached 2

car garage; custom kitchen;

large driveway.

36685 Rothschild

Trail, Mississauga

Detached

2- storeyJun-14 3,775 $1,129,000 $299 5 4

Custom home; hardwood

flooring throughout; unfinished

basement; 2 years old;


46741 Golden Hills

Way, Mississauga

Detached

2- storeySep-14 4,000 $1,130,000 $283 5+1 5

Newer built executive home;

custom kitchen; hardwood

throughout; finished basement

with walk-out; ravine lot; built-

in 2 car garage.

5

496 Ramonet

Drive,

Mississauga

Detached

2- storeyAug-14 3,500 $980,000 $280 4+2 5

Custom built executive home;

hardwood throughout; inground

saltwater pool; 2 baster

bedrooms; finished basement

with two bedrooms & kitchen;


6

6721 Blackheath

Ridge,

Mississauga

Detached

2- storeyMar-15 3,100 $949,500 $306 4+1 3.5


custom kitchen; hardwood

throughout with ceramic floors

in kitchen; dual sided

fireplace; attached 2 car

garage.

L1

6880 Second Line

West,

Mississauga

Detached

2- storeyListing 4,274 $1,599,000 $374 4 4.5


harwood throughout; finished

basement; 3 beds with ensuite

baths; attahced 2 car garage;

2nd kitchen in basement.

Average 3,807 $1,115,357 $292

DWELLING RESALE ACTIVITY IN THE NEIGHBOURHOOD



COMPARABLE RE-SALES ACTIVITY

We have researched 6 re-sales and 1 listing of similar newer custom homes in the subject

neighbourhood. These comparable home re-sales were deemed most similar with respect to the

subjects design, features and finishes. They range in size from 3,100 to 4,274 sq. ft. and sold at

prices between $949,500 and $1,599,000, representing a range per square foot of living area

from $244 to $374, with an average of $292 per sq. ft. It is noted that most of the higher end

comparables have finished basements and include upgrades, thus resulting in a higher rate per

square foot of dwelling living area. Nonetheless, the re-sale comparables provide a reasonability

check for new custom home prices in the area.

FINAL ESTIMATE OF VALUE – “AS-IF COMPLETED”

Having regard to the above noted market activity and research; it is our opinion, that the likely

range of value for vacant building lots at the subject development would likely fall within the

range of $375 to $425 per square foot of living area, not including basement area. The lower

end of the range is for the larger homes and the upper end of the range is for the smaller

homes.

We have estimated rates in this range for each of the subject’s homes “as-if completed” and

also included the partially completed and sold homes based on the contracted Agreement of

Purchase and Sale price. A chart outlining the “As-If Completed Value Estimate” is provided for

below:

Lot #Dwelling

Size (Sq. Ft.)

Estimated

Price / Sq. Ft.Estimate of Value

3 3,164 A of P & S Price $1,085,000

4 4,450 $375 $1,668,750

5 3,543 $400 $1,417,200

6 2,896 $425 $1,230,800

7 4,655 A of P & S Price $1,287,800

8 4,948 A of P & S Price $1,545,000

9 3,497 $400 $1,398,800

10 3,750 $390 $1,462,500

11 4,450 A of P & S Price $1,100,900

Totals 35,353 $398 $12,196,750

Rounded To: $12,200,000

"As-if Completed" - Estimate of Values



FINAL ESTIMATE OF VALUE

Based upon the data, analysis and conclusions contained herein, it is our opinion that the

estimated market value of the subject property, located at 6811 Second Line West (Silverthorn

Mill), Mississauga, Ontario, as at the effective date of January 19, 2015, is estimated to be:




HYPOTHETICAL LIMITING CONDITION & EXTRAORDINARY ASSUMPTION

The market value estimates contained herein are made on the Hypothetical Conditions and

Extraordinary Assumptions as follows:

1. In the completion of this appraisal assignment we have relied on product and financial

information supplied by HUSH Homes Inc., as it relates to Agreements of Purchase and

Sale, project budget costs, costs to complete, housing product type standard finishes,

etc.; and,

2. The unsold vacant residential building lots are assumed to have full services at the site

boundary (water, sanitary and storm) and development charges paid; and,

3. That the proposed home building works are completed in a proper workmanship like

manner in accordance with the plans, specifications and budget provided by Hush Homes

Inc.;

4. The “as-if-completed” value is an aggregate total based on an overall average rate per

square foot and does not include any upgrades or premiums that is common with custom

homes; and,

5. The value estimates herein for the “as-if-completed” reflects actual gross sale price of the

sold homes, exclusive of deposits; and,

6. We did not obtain an opinion on the state of title or any of the encumbrances, and are not

qualified in these legal matters and have not read the documents registered against title;

and,

7. That the subject site is free and clear of any environmental contamination.

Any variance from these assumptions and the development specifics provided to us could alter

the market value opinion contained herein; and as such, we retain the right to alter our final

estimate of value if this assumption is later proven inaccurate.



CERTIFICATION

Based upon the data, analysis and conclusions contained herein, the market value of the

subject property identified as 6811 Second Line West (Silverthorn Mill), Mississauga, Ontario,

as of January 19, 2015, is estimated as follows:




1. To the best of my knowledge and belief the statements of fact contained in this report are true.

2. The reported analyses, opinions and conclusions are limited only by the reported assumptions

and limiting conditions, and are my personal, unbiased professional analyses, opinions and

conclusions.

3. I have no present or prospective interest in the property that is the subject of this report, and I

have no personal interest or bias with respect to the parties involved.

4. My compensation is not contingent upon the reporting of a predetermined value or direction in

value that favours the cause of the client, the amount of the value estimate, the attainment of a

stipulated result, or the occurrence of a subsequent event.

5. My analyses, opinions and conclusions were developed, and this report has been prepared, in

conformity with the “Canadian Uniform Standards of Professional Appraisal Practice” of the

6. As of the date of this report, the undersigned has fulfilled the requirements of the Appraisal

Institute of Canada Continuing Professional Development Program for designated members.

7. I have the knowledge and experience to complete the assignment competently.

8. Gus Dal Colle made a personal inspection of the property that is the subject of this report on

February 5, 2015.

………………………………..................………..


Dated: March 31, 2015



ASSUMPTIONS AND LIMITING CONDITIONS

RELIABILITY

This report was prepared by Mr. Gus Dal Colle, AACI, MRICS, PLE of Antec Appraisal Group Inc. at the

request of The Fuller Landau Group Inc. in its capacity as court-appointed Monitor of Hush Homes

Inc., Hush Inc., 2122763 Ontario Inc., 2142301 Ontario Inc. and 2164566 Ontario Inc. for the purpose

of estimating the fee simple market value to assist in a court ordered CCAA function. The market value in

it reflects Mr. Gus Dal Colle’s best judgment in light of the information available to him at the time of

preparation. It is not reasonable for any other person or corporation other than The Fuller Landau Group

Inc. in its capacity as court-appointed Monitor of Hush Homes Inc., Hush Inc., 2122763 Ontario

Inc., 2142301 Ontario Inc. and 2164566 Ontario Inc. to rely upon this appraisal. The appraisal report

was prepared for the Monitor in order to convey independence between the Company (Hush Homes Inc.)

and the appraiser named herein. The appraiser will be used by the company in drafting its CCAA plan.

Any use which a third party makes of this report, or any reliance on or decision to be made based on it,

are the responsibility of such third parties. Mr. Gus Dal Colle, AACI and Antec Appraisal Group Inc.

accept no responsibility for damages, if any, suffered by any third party as a result of decisions made or

actions based upon this report.

RIGHT OF PUBLICATION

Neither possession of this report nor a copy of it carries with it the right of publication. All copyright is

reserved to the author and is considered confidential by the author and his client. It shall not be disclosed,

quoted from or referred to, in whole or in part, or published in any manner, without the express written

consent of the appraiser. This is subject only to confidential review by the Appraisal Institute of Canada

as provided in the Ethics Standard of the Canadian Uniform Standards of Professional Appraisal Practice.

LEGAL ASPECTS

While expert in appraisal matters, the author is not qualified and does not purport to give legal advice. It

is assumed that:

• the legal description as set out herein is correct;

• title to the property is good and marketable;

• there are no encroachments, encumbrances, restrictions, leases or covenants that

• would in any way affect the valuation, except as expressly noted herein;

• the existing use is a legally conforming use which may be continued by any

purchaser from the existing owner; and

• rights of way, easements, or encroachments over other real property and leases

or other covenants noted herein are legally enforceable.

Because these assumptions have been made, no investigation, legal or otherwise, has been undertaken

which would verify these assumptions, except as expressly noted herein. It is assumed that title to the

property is good and marketable and there are no encumbrances which cannot be cleared through the

regular processes. The appraiser cannot accept any responsibility for matters which are of a legal nature,

nor is any opinion on the title of the property rendered herewith.



SURVEYS AND DRAWINGS

The author is not a qualified surveyor and a site plan concerning the subject has been provided. Other

sketches, drawings, diagrams, photographs, etc., are presented in this report for the limited purpose of

illustration and are not to be relied upon in themselves.

ENVIRONMENTAL

The appraiser has no knowledge of the existence of hazardous substances, and is not qualified to

comment on environmental issues that may affect the market value of the property appraised including

without limitation toxic wastes, polychlorinated biphenyls, petroleum leakage, agricultural chemicals,

radon gas, pollution or contamination of land, buildings, water, groundwater or air, which may be present

on or in the property, or other environmental conditions.

Unless expressly stated, the property is assumed to be free and clear of pollutants and contaminants,

including but not limited to moulds or mildews or the conditions that might give rise to either, and is in

compliance with all regulatory environmental requirements, government or otherwise, and is free of any

environmental condition, past, present or future, that might affect the market value of the property

appraised. If the party relying on this report requires information about environmental issues then that

party is cautioned to retain an expert qualified in such issues. We expressly deny any legal liability

relating to the effect of environmental issues on the market value of the property appraised.

MUNICIPAL DATA

No investigation has been undertaken with the local zoning office, the fire department, the building

inspection, the health department, the municipal tax department or any other government regulatory

agency unless such investigations are expressly represented to have been made in this report. The

subject property must comply with such government regulations and, if it does not comply, its non-

compliance may affect market value. To be certain of compliance, further investigations may be

necessary.

Archaeological

It is assumed for the purpose of this appraisal that there is no archaeological significance to the subject

property and that there are no costs or delays in relation to archaeological investigations or matters.

NATIVE CLAIMS

It is assumed that there are no First Nations Claims to the property.

MARKET DATA

Market data has been obtained, in part, from documents at the Land Registry office, or as reported by the

Real Estate Board. As well as using such documented and generally reliable evidence of market

transactions, it was necessary to rely on hearsay evidence. Except as noted herein, a reasonable

attempt has been made to verify all such information.

MARKET CONDITIONS

Because market conditions, including economic, social and political factors, change rapidly and, on

occasion, without warning, the market value expressed as of the date of this appraisal cannot be relied

upon to estimate the market value as of any other date except with further advice of the appraiser.



COMPENSATION

The compensation for services rendered in this report does not include a fee for court preparation or court

appearance, which must be negotiated separately. However, neither this nor any other of these limiting

conditions is an attempt to limit the use that might be made of this report should it properly become

evidence in a judicial proceeding. In such a case, it is acknowledged that it is the judicial body which will

decide the use of the report which best serves the administration of justice.

ENGINEERING AND CONSTRUCTION

The author is not qualified to give engineering advice. It is assumed that there are no patent or latent

defects in the subject improvements. The physical condition of any improvements described herein was

based on visual inspection only. It is not possible for practical reasons to inspect those parts of the

building which are inaccessible or covered; therefore no opinion can be expressed as to the physical

condition of these areas. Electrical, heating, cooling, plumbing, sewer and/or septic system, mechanical

equipment and water supply were not specifically tested, but were assumed to be in good working order,

and adequate, unless otherwise specified. No liability is assumed for the soundness of structural

members, since no engineering tests were made of same. The roof of structures described herein is

assumed to be in good repair unless otherwise noted. The existence of potentially hazardous material

used in the construction or maintenance of the building or deposited, such as urea formaldehyde foam

insulation and/or asbestos insulation, which may or may not be present in the property, has not been

considered. The appraiser is not qualified to detect such substances and suggests the client seek an

expert opinion, if desired.

FIRE AND SMOKE DETECTORS

It is imperative that the reader or any other interested party be aware that the appraiser did not inspect

the premises for fire detection or smoke detection systems, or for the presence of carbon monoxide

detectors, nor did the appraiser inspect the condition of such equipment, if present. The appraiser takes

no responsibility whatsoever for the lack of, or condition of, detection devices that may be located on the

premises, nor does the appraiser warrant compliance in any manner of such equipment, if present.

FINANCING

The reader should be aware that when preparing an appraisal for financing purposes, appraisers do not

investigate if the prospective loan and applicant satisfy prudent loan underwriting criteria. Consequently,

we assume no responsibility for losses on loans involving our appraisal efforts that result from the

lender’s failure to do proper due diligence regarding creditworthiness of the borrower or their ability to

service or repay the loan.

VALIDITY

This report is only valid if it bears the original signature of the author.



SCOPE OF THE APPRAISAL

The scope of the appraisal encompasses the necessary research and analysis to prepare a report in

accordance with “The Standards” which involved the following steps:

• The subject property was inspected and photographed on February 5, 2015.

• Property data including site and building information was obtained by a personal inspection of the

subject, review of the assessment data and examination of other material provided by the client

(e.g. site plans, Agreements of Purchase and Sale, architectural renderings, budget costs, etc.).

• Development trends, economic and real estate market conditions in relation to the subject

property existing as of the effective date were considered; reviewed and analyzed the sales

history of the subject.

• The physical, functional and economic characteristics of the subject property were considered.

• Municipal data was based on information obtained from various sources including government

publications, municipal economic development departments and real estate publications.

• Did not complete a search of the title records, but confirmed ownership using Geowarehouse

records.

• Appropriate documents including current zoning designation were reviewed but did not discuss

the land use controls with Planning Department officials.

• Highest and Best Use of the property was considered and analyzed.

• Market research was conducted with regard to comparable sales, vacancy, overall capitalization

rates and rents.

• Sales data was obtained from the local real estate board, Geowarehouse, Realtrack, discussions

with real estate agents, other appraisers and our files.

• In considering the purpose and intended use of the appraisal, we utilized the Income and Direct

Comparison approaches to value.

• After assembling and analyzing the data, a final estimate of value was determined.

ADDENDUM

Appendix A Corporate Curriculum Vitae

Appendix B Definitions of Appraisal Terms and Explanations

APPENDIX A

CORPORATE C.V. ANTEC APPRAISAL GROUP INC.

I. BACKGROUND AND OVERVIEW

Based in Hamilton, Toronto, Waterloo and Durham, serving the GTA and, South, Central and Eastern Ontario, Antec Appraisal Group is a leader in real estate valuation and consulting services. We deliver a broad range of valuation, consulting and property tax services to our clients. Antec Appraisal Group has a professional staff of seven Accredited Appraisers of the Canadian Institute (AACI); three Canadian Residential Appraisers (CRA), five Candidate Member Appraisers, as well as support staff. We offer many years of combined experience, providing our valued clients with real estate appraisals and consulting services for all property types: residential, commercial, industrial, investment and development land in our coverage area. In addition, we offer various extensive consulting services which require valuation and analyses of property interests; appearances before courts, boards, and tribunals to provide expert testimony in order to settle compensation or damage claims; consulting services in relation to site assemblies, transfers, trades, and sales; valuations, analyses and compensation studies required to satisfactorily resolve issues arising from the extension or widening of highway projects, the acquisition of facilities and/or sites, and urban renewal projects.

http://www.antecappraisals.com/services.html

II. REAL ESTATE SERVICES Antec Appraisal Group offers a wide range of consulting services to meet the needs of our diverse clientele. Over the years we have been recognized by the level of professional support provided/extended to our many client groups. The Business Community

Real property valuations, reviews, analyses and recommendations to realize the greatest possible benefit from corporate real estate assets;

Financial Institutions Real property valuations, reviews, analyses and recommendations that will assist lenders in their mortgage underwriting;

The Residential Market Providing quick, effective response to requests for appraisals to confirm lending levels, insurance requirements or to support buy/sell decisions;

The Legal Profession Assisting counsel with comprehensive property analysis and reports, backed by expert testimony, if required;

The Development Sector Professional assistance that covers all aspects of the development process from feasibility and land use studies to marketing and confidential brokerage services;

Trustees, Receivers, Accountants Valuation analysis to assist in marketing decisions, financial restructuring, estate planning, and tax planning;

Government Agencies Valuation reports and feasibility studies necessary for the responsible and effective management of public property; valuations to assist in the acquisition/disposition process including full buyouts or partial property requirements;

Private Institutions Carrying out property utilization studies for insurance damage claims, acquisition or disposition strategies;

Agricultural & Rural Community

Valuations as they affect working farms, hobby farms and rural residences for capital gains calculations, development potential, or rezoning considerations.

http://www.antecappraisals.com/srv_business.html

http://www.antecappraisals.com/srv_financial.html

http://www.antecappraisals.com/srv_resident.html

http://www.antecappraisals.com/srv_legal.html

http://www.antecappraisals.com/srv_develop.html

http://www.antecappraisals.com/srv_trustee.html

http://www.antecappraisals.com/srv_gover.html

http://www.antecappraisals.com/srv_private.html

http://www.antecappraisals.com/srv_rural.html

III. THE PROFESSIONAL TEAM

Hamilton Office Toronto Office Waterloo Office East Office (Durham)

Kevin Antonides, AACI

Managing Partner

Scott Stamford

Managing Partner

David deVries, AACI

Managing Partner

Brett Puckrin, AACI

Managing Partner

Eugene Catania, CRA

Managing Partner

Gus Dal Colle, AACI,

Managing Partner

David Castle

Candidate Member, AIC

Shanna James, AACI

Managing Partner

Nathan Stienstra, AACI

Appraiser

Jonathan Kowalski


Wendy Evelyn

CRA

Janine Haanstra, AACI

Appraiser

Cindy Morey


Vonny Gunawan, CRA

Appraiser

Sheena Christie


Carolyn Grift


Dina Schuurman

Office Manager

Rosemary Gringhuis

Bookkeeper

Bruno Iacurti

Research Associate

Serguei Kaminski

Research Associate

Rebecca Woudstra

Junior Appraiser

Rachel Vanderbrugghen

Research Assistant

Meaghan Blancher

Administrative Assistant

Elena McGill

Office Administrator

Tanya Latreille

Office Administrator

Research & Administrative Team

ANTEC APPRAISAL GROUP INC.

IV. OFFICES Antec Appraisal Group - Hamilton

20 Hughson Street South, Suite 612

Hamilton, ON L8N 2A1

Tel: (905) 777-1225

Janine Haanstra, B.A., AACI

[email protected]

ext. 120

Kevin Antonides, B.E.S., AACI, PLE, R/W - AC

[email protected]

ext. 106

Bruno Iacurti, B.A.

[email protected]

ext. 122

Eugene Catania, CRA

[email protected]

ext. 107

Vonny Gunawan, CRA

[email protected]

ext. 101

Nathan Stienstra, B.B.A., AACI, P. APP

[email protected]

ext. 103

Carolyn Grift, Junior Appraiser

[email protected]

ext. 123

Antec Appraisal Group - Toronto

4550 Highway 7, Suite 225

Woodbridge, ON L4L 4Y7

Tel: (647) 427-4114

Scott Stamford

[email protected]

ext. 301


[email protected]

ext. 302

Jonathan Kowalski, Junior Appraiser

[email protected]

ext. 303

Antec Appraisal Group - Waterloo

656 Colby Drive, Suite 202

Waterloo, ON N2V 1A2

Tel: (519) 342-3056

David Castle, Junior Appraiser

[email protected]

ext. 403

David deVries BA, AACI, P.APP

[email protected]

ext. 401

Rebecca Woudstra, Junior Appraiser

[email protected]

ext. 402

Antec Appraisal Group – East

170 Water Street

Port Perry, ON L9L 1C4

(905) 985-6291

Wendy Evelyn, CRA

[email protected]

ext. 506

Brett Puckrin, AACI, P.App, PLE

[email protected]

ext. 500

Cindy Morey, Junior Appraiser

[email protected]

ext. 507

Shanna James, B.Comm, AACI, P.App, PLE

[email protected]

ext. 503

Sheena Christie, Junior Appraiser

[email protected]

ext. 504

V. PARTIAL CLIENT L IST

FINANCIAL INSTITUTIONS

AGF Trust

Alterna Savings

Bank of Montreal

Bank of China

Business Development Bank

Canada ICI Mortgage Services

Central One Credit Union

CIBC

CIT Financial

Citizens Bank

Community Trust

Cooperators Trust

Effort Trust

Equitable Trust

First National Financial

First Ontario Credit Union

GE

Hald-Nor Credit Union

Home Trust

HSBC

Invis Bank

Laurentian Bank

Manulife Financial

MCAP

Meridian Credit Union

Montrose Mortgage Corporation

Mortgage Intelligence

Mortgage Architects

National Bank of Canada

Pacific & Western Bank

Penmore Mortgage Capital

Peoples Trust

Royal Bank of Canada

Scotiabank

Sunlife Financial

TD Canada Trust

Teachers Credit Union

Verico One Mortgage

Your Neighbourhood Credit Union

LEGAL FIRMS

Cassels Brock

Fogler Rubinoff LLP

Gowlings

Haber Associates

Heenan Blaikie

Miller Thomson

Osler Hoskin Harcourt

Ross McBride

Simpson Wigle

Sullivan-Mahoney

Weir Foulds

McCarthy Tetrault

GOVERNMENT AGENCIES

Public Works & Government

Services Canada

CMHC

Environment Canada

Hydro One

The Fuller Landau Group Inc (GO

Transit)

Ministry of Transportation

Infrastructure Ontario

Region of Halton

Region of Niagara

Region of Peel

Region of Waterloo

Region of York

County of Norfolk

City of Vaughan

County of Oxford

County of Renfrew

City of Brampton

City of Brantford

City of Burlington

City of Hamilton

City of Cambridge

City of Woodstock

Town of Grimsby

Town of Lincoln

Town of Oakville

Bruce Trail Conservancy

Nature Conservancy

McMaster University

University of Waterloo

City of Markham

DEVELOPMENT GROUPS/ OTHER

Agellan Capital

Avis Budget Group

Blair Blanchard Stapleton

CanFirst Capital

CBS Corporation

CNR Counsel Corporation

CPR

Emshih Developments

Fengate

First Gulf Development Corporation

Forum Equity Partners

CREIT

Enbridge Gas

King Sturge, LLP

Landmart Homes

Mattamy Homes

New Horizon Homes

Pizza Hut

Pizza Pizza

Redcliff

Shell Canada

Shoppers Drug Mart

Union Gas

ZZEN Group of Companies

Zentil Group of Companies

Mantella Corporation

APPENDIX B

DEFINITION OF MARKET VALUE

"Market Value" is defined as the "most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming that the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing the title from seller to buyer under conditions whereby:

1) buyer and seller are typically motivated;

2) both parties are well informed or well advised, and acting in what they consider their best interests;

3) a reasonable time is allowed for exposure in the open market;

4) payment is made in terms of cash in Canadian Dollars or in terms of financial arrangements comparable thereto; and

5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales or concessions granted by anyone associated with the sale."

MARKET VALUE – EXPROPRIATIONS ACT Market Value is also defined by the Expropriation’s Act R.S.O. 1990 as follows: 14(1)

(1) The term “Market Value” of land expropriated is defined as the amount that the land might be expected to realize if sold in the open market by a willing seller and a willing buyer.

(2) Where the land expropriated is devoted to a purpose for such nature that there is no

general demand or market for land for that purpose, and the owner genuinely intends to relocate in similar premises, the market value shall be deemed to be the reasonable cost of equivalent reinstatement.

(3) Where only part of the land of an owner is taken and such part is of a size, shape or

nature for which there is no general demand or market, the market value and the injurious affection caused by the taking may be determined by determining the market value of the whole of the owner’s land and deducting therefrom the market value of the owner’s land after the taking.

(4) In determining the market value of land, no account shall be taken of,

(a) the special use to which the expropriating authority will put the land; (b) any increase or decrease in the value of the land resulting from the

development in respect of which the expropriation is made or from any expropriation or imminent prospect of expropriation; or

(c) any increase in the value of the land resulting from the land being put to use that could be retrained by an court or is contrary to law or is detrimental to the health of the occupants of the land or to the public health.

Market Value, as estimated in this report, reflects cash and/or terms or financial arrangements equivalent to cash.

VALUE-IN-CONTRIBUTION

The amount that the property/easement to be conveyed (a) contributes to / detracts from the market value of the subject property and (b) contributes to the market value of the applicant’s property / ownership, (including savings in development costs / enhanced development, if applicable).

OTHER TYPES OF VALUES

Other types of value are also considered in real estate: use value, investment value, going-concern value, insurable value, and assessed value. Use Value focuses on the real estate’s contributory value to the enterprise of which it is a part, without regard to the property’s highest and best use. (Limited-market properties may be appraised for market value based on their current use or most likely alternative use.) Investment Value is the value of an investment to a particular investor, based on his or her investment requirements. Going-Concern Value is the value created by a proven property operation in which the physical real estate assets are an integral part of an ongoing business. Insurable Value is the portion of value that is covered by casualty insurance. Assessed Value refers to the property’s value for property tax purposes, according to the requirements of the relevant provincial act.

EFFECTIVE DATE OF VALUE OPINION

A current value opinion refers to an effective date that is contemporaneous with the date of the report, or a date that is within a reasonable period of the date of inspection.

A retrospective value opinion refers to an effective date that is prior to the date of the report. Since the client has requested a retrospective value, the appraiser will gather and analyze market date pertinent to the retrospective date.

A prospective value opinion refers to an effective date following the date of the report. The prospective value opinion is intended to reflect the current perceptions of market participants as to the future. The appraisal is made in accordance to conditions pertaining at the date of the inspection.

It is assumed that no significant changes in economic / real estate conditions would occur between now and the estimated effective date of this report that would have any impact on value therefore the appraiser is not responsible for unforeseeable events that alter market conditions prior to the effective date.

PROPERTY RIGHTS APPRAISED

Fee Simple can be defined as the highest form of real property ownership, an absolute fee without limitations to a particular class of heirs; however, subj3ct to the restriction of eminent domain, escheat, police power and taxation.

The Leased Fee estate or interest is similar to the Fee Simple Estate in that title belongs to the landlord, but some of the Bundle of Rights, including the right of use and occupancy, have been conveyed to others by a lease for a definite period of time.

A Condominium, or Strata title, is a form of fee ownership of spate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real property. A condominium unit is a separate ownership, and title is held by an individual owner. The unit may be separately leased, sold or mortgaged. A condominium owner also has title to a partial interest in the total project, whether it is a residential or commercial property. The owner possesses a three-dimensional space within the outer walls, roof or ceiling, and floors and, along with other owners, has an undivided interest in common areas; e.g., the land, the public portions of the building, the foundation, the outer walls and the spaces provided for parking and recreation. The owners of units in a condominium project usually form an association to

manage commonly held real estate in accordance with adopted by-laws that are based on the minimum requirements of provincial legislation. The expenses of management and maintenance are divided pro rata among the owners, who pay a monthly fee.

REASONABLE EXPOSURE TIME

Exposure time precedes the effective date of the appraisal. It may be defined as:

The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. This estimate is based upon an analysis of past events assuming a competitive and open market.

The estimated time may be expressed as a range and can be based on one or more of the following:

• Statistical information about days on market;

• Information gathered through sales verification; and

• Interviews of market participants

The reasonable exposure period is a function of price, time and use, not an isolated estimate of time alone. Exposure time is different from various types of real estate and under various market conditions.

ASSESSMENT & TAXES

The Provincial Government, through the Ministry of Revenue, Assessment Division, has the authority to administer and establish the assessed value of all properties in Ontario. All municipalities in the Province are now assessed on a “Current Value” basis with a valuation date of June 30, 2005.

The amount of realty taxes levied against a property is calculated using the assessment, multiplied by the locally established appropriate tax rate (Residential, Multi-Residential, Commercial or Industrial):

$ Assessment X Tax rate = Property Taxes

Assessment Data has been included for information purposes only and is not to be construed as indicative of the property’s market value.

OFFICIAL PLAN

The Official Plan is defined in the Planning Act as follows:

“A document approved by the Minister of Municipal Affairs and Housing, containing objectives and policies established primarily to provide guidance for the physical development of a municipality while having regard to relevant social, economic and environmental matters.”

The Purpose of the Official Plan is to provide a formally adopted text of public policies and standards as guidelines for the future development of the community. It is a projection of anticipated growth and planning needs.

The Official Plan consists of the texts and maps describing such programs and policies, approved by the Minister of Municipal Affairs from time to time as provided in The Planning Act.

Requirements change from year to year and it is often necessary for the municipality to reassess the relevance of their plan to the supply and demand situation. There is, therefore, provision for amendments to the Official Plan, where reasonable grounds exist.

The Official Plan does not directly regulate the use of private lands and therefore must be supported by Zoning By-Laws. The Zoning By-Laws implement the policies established by the Official Plan.

ZONING

While the Official Plan sets out the framework for future change and development, Zoning By-Laws put such plans into effect and provide for the day-to-day administration of planning.

A Zoning By-Law defines what can take place on an area of land and how structures are to be located on a property. Restrictions on use are designed to separate incompatible uses, for instance, prohibiting factories in residential areas.

In Zoning By-Laws, zone regulations normally include:

The height, floor area and location of any building or structure, the floor area ratio, the size, frontage and depth of the lot on which the buildings or structures are location, the front, side and rear yards on such lots, the maximum coverage and the number and location of off-street parking spaces.

HIGHEST AND BEST USE

Real estate is valued in terms of its highest and best use. Highest and best use is defined as:

The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability

Source: The Dictionary of Real Estate Appraisal

Third Edition, 1993

Appraisal Institute

To properly analyse highest and best use, two determinations must be made. First, the highest and best development of the site as though vacant and available for use is made. Second, the highest and best use of the property as improved is analysed and estimated. The highest and best use of both the land as though vacant and the property as improved must meet four criteria: physically possible, legally permissible, financially feasible, and maximally productive. Of the uses that satisfy the first three tests, the use that produces the highest price or value consistent with the rate of return warranted by the market is the maximally productive use.

The four criteria that the Highest and Best use must meet are:

LEGALLY PERMISSIBLE

In determining the Highest and Best Use of a property, it is important for the appraiser to ascertain the range of uses that are legally permissible. In cases where modifications to Zoning By-law and Official Plan designations are likely, these uses should also be considered. Consideration should also be given to public planning initiatives and economic and political conditions that affect planning decisions. These considerations will assist the appraiser in determining whether amendments to official plan and/or zoning designations are likely.

PHYSICALLY POSSIBLE

The proposed use for a site cannot be considered its highest and best use unless that use is physically and functionally possible and adaptable to the characteristics of the site. The size, shape, area, topography and soil conditions may affect the potential uses that can be developed. The physical possibility of development for the Subject also reasonably expects that development can occur without additional costs above those of a typical vacant site. In cases where there are unusual costs associated with development (e.g. soil clean, demolition, external costs, etc.) these costs should be deducted from market value.

FINANCIALLY FEASIBLE

The estimate of market value is based on the market demand for properties similar to that of the subject, expecting that the purchasers have rationalized a positive financial benefit or utility for the basis of an acquisition. There is strong evidence in the market for acquisitions, as outlined in the valuation section of the report.

MAXIMALLY PRODUCTIVE

A use cannot be considered a site's highest and best use unless it's anticipated earnings ability is sufficient to generate a reasonable return on costs of acquisition and development. This aspect of highest and best use inherently involves a cost benefit analysis whereby the use that generates the highest profit or greatest return logically represents the highest and best use.

Documents

APPRAISAL REPORT OF: Silverthorn Mill of Meadowvale Village · The value estimates herein for the “as-if-completed” reflects actual gross sale price of the sold homes, exclusive