2015 BASE YEAR

Cost Market Report Provincial Parks

Assessment Services Division

Revised November 30, 2017 Table of Contents Introduction ...... 3 Procedures Used...... 4 Sales Verification ...... 4

Summary of Land Sales ...... 5

Summary of Improved Sales ...... 6

Improved Sale Values by Location ...... 6

Change in Park Land Values ...... 7

Determining Base Land Rates ...... 7 Lakefront rate ...... 8

Back row Rate ...... 9

Battlefords PP ...... 13 Cypress Hills PP ...... 16 Duck Mountain PP ...... 19 Good Spirit PP ...... 23 Greenwater PP ...... 25 Lac La Ronge PP ...... 29 Lovering Lake Recreation Site ...... 32 Meadow Lake PP ...... 36 Moose Mountain PP ...... 42 Narrow Hills PP ...... 50 Pike Lake PP ...... 55 Sask Landing PP ...... 61 Appendix A - Park Totals/ Summary of Value Change ...... 65

Introduction This analysis will update provincial park land values to a base date of January 1, 2015. Leased sale transactions provided to SAMA were scrutinized and verified in order to determine a list of vacant land sales or demolition sales that could be used to determine new land rates. The previous analysis had 15 vacant land indicators and 190 improved lease transfers. This valuation is conducted using 30 vacant land transfers and 148 improved lease transfers.

There were two approaches used: 1) Sales Comparison Method- Used where there are sufficient vacant land sales to determine a base land rate. This was supplemented by the use of Demolition Sales where the demolition or removal of all improvements caused the land to become vacant, and used as an alternative to vacant land sales.

2) Comparable Neighborhood Method- In cases where there are no vacant land sales, or too few to derive a market land rate the comparable neighbourhood method is used. These comparable rates may be from subdivisions adjacent to the provincial park or from another provincial park in the province. The comparable neighbourhood method is referenced in the SAMA 2015 Cost Guide (section 2.2, page 1) for situations where there are insufficient land sales in the neighbourhood to determine a reliable base land rate.

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Procedures Used

Sales Verification A list of all land transactions was received for each provincial park, identifying the purchaser and vendor, subdivision, lot and block. The sales were screened to remove all family transfers or cases where the purchaser and vendor were related parties. An attempt was made to contact either the purchaser or vendor for each transfer. In some cases a phone number or email address was included in the information provided from the ministry. In other cases we attempted to find a phone number, however this is difficult having no idea where the owners permanent residence is located. The park managers were contacted to help us confirm the sales that were transfers of vacant land only or where the existing structures were demolished immediately after purchase. Demolition sales were adjusted for the costs involved with the removal of the structure and clean up of the site. In cases where the purchasers provided us these values, and they seemed reasonable we used the values. We also had cases where purchasers would tell us they did the work themselves so it didn't cost anything or they don't remember the costs. In these cases we made an adjustment based on the provincial median.

Provincial Park TAXMAP Date Sale Price Demo Cost Moose Mountain AC-505004350 July 14, 2014 69,000 5,000 Moose Mountain CH-505003000 Aug.9,2013 50,000 3,500 Greenwater GR-505001250 Dec. 10, 2014 315,500 7,500 Greenwater GR-505004100 Oct. 7, 2011 140,000 6,000 Greenwater GR-505052400 Aug. 17, 2011 285,000 15,000 me dian 6,000.00 While these transfers are lease transfers and not titled lots, they can be transferred or sold as any titled lot. SAMA has other jurisdictions where lease sales are used to determine land values and jurisdictions where titled lot sales are used as comparables for the leased lots in the absence of sales. There is very little to no evidence to suggest there should be an adjustment made for lots being leased versus owned.

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Summary of Land Sales Provincial Park Subdivision Location Size Adj_Sale Price Unit_price Cypress Hills Ben Vannoch Lakefront-obs 10500 206500 19.67 Duck Mountain Benito Lakefront 9415 270000 28.68 Duck Mountain Jubilee Backrow 6270 136500 21.77 Greenwater Lake Greenwater Backrow 6600 131500 19.92 Greenwater Lake Greenwater Backrow 8712 146000 16.76 Greenwater Lake Greenwater Lakefront 9000 323000 35.89 Greenwater Lake Uskatik Lakefront-PR 5211 300000 57.58 Meadow Lake Kimball Backrow 10263 216500 21.09 Moose Mountain Acoose Backrow 7350 42000 5.71 Moose Mountain Acoose Backrow 8400 74000 8.81 Moose Mountain Beaver Backrow 7371 100000 13.57 Moose Mountain Beaver Backrow 6993 45500 6.51 Moose Mountain Beaver Backrow 6930 58000 8.37 Moose Mountain Chechisip Backrow 7800 90000 11.54 Moose Mountain Chechisip Backrow 8450 61500 7.28 Moose Mountain Chechisip Backrow 6750 53500 7.93 Moose Mountain Chechisip Backrow 7800 30000 3.85 Moose Mountain Chechisip Backrow 8258 50000 6.05 Moose Mountain Horse Shoe Bay S of Kenosee Dr 7500 90000 12 Moose Mountain Sandy Bay S of Kenosee Dr 7395 100000 13.52 Moose Mountain Sunny Bank S of Kenosee Dr 11250 230000 20.44 Moose Mountain Sunny Bank S of Kenosee Dr 11250 150000 13.33 Pike Lake Lakeside Backrow 7200 44500 6.18 Pike Lake Lakeside Lakefront 10643 156500 14.7 Pike Lake Lakeside Lakefront 10890 100000 9.18 Pike Lake Lakeside Lakefront 10423 170250 16.33 Pike Lake Lakeside Lakefront 5919 160000 27.03 Pike Lake Lakeside Lakefront 8083 160000 19.8 Pike Lake Moose Woods Lakefront 4895 150000 30.64 Saskatchewan Landing Omache Bay Backrow 10193 95000 9.32

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Summary of Improved Sales 2010 2015 Provincial Park Count Median Sale Price Count Median Sale Price Cypress Hills 21 165000 6 215000 Duck Mountain 17 165000 10 275000 Good Spirit Lake 9 110000 18 140000 Greenwater Lake 13 175000 11 280000 Meadow Lake 9 145000 19 275000 Moose Mountain 65 50000 56 122500 Narrow Hills 5 182000 5 120000 Pike Lake 17 120000 16 220000 Saskatchewan Landing 4 393750 5 535000 The Battlefords 1 161000 2 299250 Lovering Lake 3 55000 0 Lac La Ronge 27 110000 19 166000

Improved Sale Values by Location

Provincial Park Location # of sales Median Sale Price Cypress Hills Lakefront 2 250000 Backrow 4 215000 Duck Mountain Lakefront 1 260000 Lakefront_PR 1 275000 Backrow 8 281250 Good Spirit Lakefront 4 226000 Backrow 14 126500 Greenwater Lakefront_PR 3 360000 Backrow 8 260000 Lac La Ronge Island 19 166000 Meadow Lake Lakefront 10 420000 Lakefront-obs 1 275000 Lakefront - Road & PR 1 200000 Backrow 6 233500 Backrow-traffic 1 180000 Moose Mountain S of Kenosee Dr 12 218000 S of Kenosee Dr - Traffic 1 90000 Backrow 43 91500 Narrow Hills Lakefront 2 137500 Backrow 3 120000 Pike Lake Lakefront 16 220000 Saskatchewan Landing Lakeview 2 578000 Backrow 3 235000 The Battlefords Lakefront 2 299250

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Change in Park Land Values PARK Count FLV_2011 FLV_2015 Change Cypress 203 $ 30,435,700 $ 41,599,300 1.37 Duck Mountain 325 $ 34,898,000 $ 67,402,200 1.93 Good Spirit 153 $ 6,429,300 $ 9,526,600 1.48 Greenwater 198 $ 20,327,300 $ 39,841,900 1.96 Lac La Ronge 253 $ 6,274,500 $ 11,988,600 1.91 Lovering 17 $ 208,300 $ 593,200 2.85 Meadow Lake 238 $ 28,498,300 $ 41,915,400 1.47 Moose Mountain 450 $ 15,565,000 $ 33,428,800 2.15 Narrow Hills 95 $ 5,369,000 $ 10,284,500 1.92 Pike Lake 138 $ 16,628,700 $ 20,984,300 1.26 Sask Landing 50 $ 6,982,100 $ 7,724,200 1.11 The Battlefords 42 $ 3,144,000 $ 3,837,500 1.22 Totals 2162 $ 174,760,200 $ 289,126,500 1.65

Determining Base Land Rates In provincial parks where there is enough sales evidence the sales comparison method is used to determine the base land rate, standard size and land size multiplier curve (LSM). The sales are stratified into groups based on their location - in this case proximity to lake (lakefront/back row), subdivision etc. Base Land Rate: Each sale has a calculated price per square foot. Sales are plotted on a chart to determine at which point the rate per square foot begins to decrease. The median rate per square foot of all the sales up to this point is used as the base land rate.

Standard Size: Determined from the sales, the point at which the price paid for additional units of size begins to decrease LSM: The purpose for this is to measure what effect size has on the value of a parcel of land. After identifying the point at which the values start to decrease as the size of the lot increases; we need to determine the rate at which it decreases. The graph contains a logarithm that reduces the value of the parcel to match the decreasing value of the lot as the size increases. LSM's differ based on the fact we are matching what the market is indicating.

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In many of the parks there were not enough sales to develop individual rates, therefore they were combined to determine one main lakefront rate and one back row rate.

Lakefront rate The lakefront rate is based on two sales at Greenwater Lake provincial park, where the lot and cabin were purchased and the cabin demolished in order to rebuild a new cabin. Demolition costs were provided by the purchasers. A third sale from Duck Mountain was identified as being purchased with the intent to demolish the cabin. The purchaser confirmed the price paid would have been higher if the cabin had been removed as it will cost a minimum of $10,000 to haul to dump and clean up lot. The lakefront rate derived from these three sales is $35.89/sq ft, with a standard size of 9,000 sq ft and a non-adjusted curve of 185%. The non-adjusted curve results in lots smaller than the standard size getting a higher rate per square foot, as identified in the sales sample. The smaller sale has a location code of Lakefront- public reserve yet it had a higher selling price per square foot than the sale coded Lakefront. This one sale of Lakefront-public reserve was not enough evidence to remove the 15% adjustment they have historically been receiving. The $35.89 rate developed will be applied to all lakefront and the reduced rate of $30.51 will be applied to all lakefront-public reserve lots. This rate is being applied to the following provincial parks: Cypress, Duck Mountain, Greenwater and Saskatchewan Landing.

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Back row Rate The back row rate is derived from sales in 4 different provincial parks. Again these sales are demolition sales, one was quoted from the purchaser as $6,000 and the median demolition cost of $6,000 was applied to the others. The 5 sales range in size from 6,270 sq ft to 10,500 sq ft with very little variance in the unit prices. The median value of $19.85/sq ft will be applied to the standard size of 10,500 sq ft with the historical 180% LSM curve. The Cypress Hills sale is coded as Lakefront-obs, however it fits in with these back row sales in this sales pool. This rate is developed from sales in and will be applied to the following provincial parks: Cypress Hills, Duck Mountain, Greenwater Lake and Meadow Lake.

In the provincial parks not mentioned in the two scenarios above there were either enough sales to develop a separate rate or the trend was different than these curves and a different comparable used.

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Summary of Rates

Prov Park Location Sales Comp. Prev Prev Prev Current Current Current Current Current Count Unit Std LSM Land Std LSM Land Median COD Size Rate Size Rate ASR

The Aquadeo/ 170%, Battlefords LF 0 8,712 180% $20.66 6,000 $24.17 468 resorts Adj PP The Aquadeo/ 166%, Battlefords BR 0 9,111 120% $10.43 6,000 $16.65 468 resorts Adj PP 185% Cypress LF 0 8,712 180% $20.66 9,000 NON $35.89 1.00 7.1% Hills PP ADJ Cypress LF -obs/ 180% 1 8,712 180% $17.56 10,500 $19.85 1.00 6.8% Hills PP BR ADJ Duck 185% Mountain LF 1 8,712 180% $20.66 9,000 NON $35.89 1.00 7.1% PP ADJ Duck 185% LF-Road & Mountain 0 8,712 180% $17.56 9,000 NON $30.51* PR PP ADJ Duck 180% Mountain BR 1 9,111 120% $10.43 10,500 $19.85 1.00 6.8% ADJ PP 274CA- Good Spirit 150% LF 0 Canora 9,580 180% $9.79 6,914 $14.08 1.00 PP Beach ADJ VL sales 274CA- Good Spirit 180% BR 0 Canora 7,200 180% $4.55 7,405 $7.02 1.00 PP Beach ADJ Backrow 185% Greenwater LF 1 8,712 180% $20.66 9,000 NON $35.89 1.00 7.1% PP ADJ 185% Greenwater LF-PR 1 8,712 180% $17.56 9,000 NON $30.51* 1.00 7.1% PP ADJ Greenwater 180% BR 2 9,111 120% $10.43 10,500 $19.85 1.00 6.8% PP ADJ

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Lac La 180% Island Rate 0 Napatak 7,200 180% $3.18 12,039 $4.27 Ronge PP ADJ

Lac La Remote 180% 0 Napatak 7,200 180% $2.38 12,039 $3.20 Ronge PP Leases ADJ 104GA - Gaumond Lovering 180%, LF 0 Bay/ 074TP 7,381 180% $2.38 8,000 $6.77 Lake PP ADJ - Thompson Lake Meadow Greig Lake/ 196% LF 0 8,712 180% $20.66 9,000 $27.62 Lake PP 588GR ADJ LF Meadow Greig Lake/ 196% Block 3 0 8,712 180% $18.594 9,000 $24.86 Lake PP 588GR ADJ Jeannette

Meadow 196% LF-PR 0 Greig Lake/ 8,712 180% $17.56 9,000 $23.48 Lake PP ADJ 588GR Meadow 180% BR 1 9,111 120% $10.43 10,500 $19.85 1.00 6.8% Lake PP ADJ Meadow 180% BR-traffic 0 9,111 120% $8.87 10,500 $16.87* Lake PP ADJ Moose South of 130% Mountain 4 7,500 130% $9.16 11,250 $13.43 1.00 11.9% Kenosee Dr ADJ PP Moose 130%, Mountain Traffic Adj 0 7,500 130% $7.79 11,250 $11.41* Adj PP

Moose South of Kenosee 190% Mountain Dr- 0 7,500 130% $9.16 7,800 $7.93 ADJ PP Sunnybank block 4 & 5 Moose 190% Mountain Back row 10 7,381 100% $1.95 7,800 $7.93 0.99 28.5% ADJ PP Narrow East Trout/ 180% LF 0 8,712 180% $20.66** 6,750 $23.85** 1.00 Hills PP Little Bear ADJ

Narrow East Trout/ 180% LF-road 0 8,712 180% $17.56** 6,750 $23.85** 1.00 Hills PP Little Bear ADJ

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Narrow East Trout/ 180% BR 0 9,111 120% $10.43** 7,290 $13.25** 1.00 Hills PP Little Bear ADJ Pike Lake 195%, LF 6 7,713 115% $14.57 5,407 $28.84 1.01 12.5% PP non-adj Pike Lake 195%, BR *** 7,713 115% $7.29 5,407 $14.42 PP non-adj Pike Lake 345 176%, BR-remote 1**** 7,713 115% $7.29 5,005 $7.22 PP (120) non-adj 185% Sask LF 0 8,712 180% $20.66 9,000 NON $35.89 1.00 7.1% Landing PP ADJ Sask 180% BR 1**** 8,777 140% $13.32 7,800 $11.41 Landing PP ADJ *15% traffic/topography/obsl/public reserve adjustment carried over from previous analysis, applied where there was no proof to remove the adjustment. **Previous market report indicates this rate, however assessment list from parks shows lakefront lots at $82,600 and back row lots at $41,300 - plot value. These values were the result of an appeal decision, applied $20.66 and $10.43 as a plot value at 4000 sq ft. ***50% ratio applied as in previous analysis ****comparable land rate used, cannot use one sale to determine a market value.

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Battlefords PP Summary of Land Rate changes

Sales Comp. Unit Prev Prev Prev Current Current Current Current Current NBHD Count (identify units) Std LSM Land Std LSM Land Median COD Size Rate Size Rate ASR

Aquadeo/468 170%, Lakefront 8,712 180% $20.66 6,000 $24.17 1.00 13.9% resorts Adj Aquadeo/468 166%, Back row 9,111 120% $10.43 6,000 $16.65 1.00 11.4% resorts Adj

Comparable There were no qualified vacant land sales in The Battlefords Provincial Park. The previous analysis used the comparable neighbourhood method and applied the same rates that were applied to Duck Mountain, Meadow Lake, Cypress Hills and Greenwater parks. There are two lakefront improved sales at The Battlefords provincial park that indicate the lakefront rate developed from sales at these parks will have lots valued higher or near the value of the lot with a cabin. The Delorme subdivision in The Battlefords provincial park consists of a row of lakefront lots with 8 lots further set back but unobstructed views of the lake. The more reasonable comparable would be the rates developed for the resort areas nearby; Aquadeo, Cochin, Metinota, and 468 resorts. These municipalities have a lakefront rate and a secondary lakefront for lots with large reserve between the front row lot and the lake. The lots in the "secondary lakefront" analysis are very comparable to the 8 lots that were deemed back row.

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Map of Subdivision

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Assessment Changes Lakefront

Back row

Most of the lakefront lots range in size from 2,114 sq ft to 4,992, with two lots at 6,724 sq ft. The 8 back row lots vary from 5,907 sq ft to 6,787 sq ft. The lakefront lots will see an increase of 16.99% on lots up to 6,000 sq ft and the two lots at 6,724 sq ft will increase by 8%. The back row lots will increase by 47-59%. Some of these lots will be valued higher than lakefront lots due to the size differences. A 6,724 sq ft lot would be valued at $150,062 on the lakefront and $103,845 in the back row.

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Cypress Hills PP Summary of Land Rate changes

Sales Prev Prev Prev Current Current Current Current Current NBHD Count Std LSM Land Std LSM Land Median COD Size Rate Size Rate ASR

185% Lakefront 3 8,712 180% $20.66 9,000 $35.89 1.00 7.1% NON ADJ Lakefront-obs 180% 7 8,712 180% $17.56 10,500 $19.85 1.00 6.8% Back row ADJ Analysis The previous analysis had combined the lakefront-obs and back row rates, based on the selling price of the back row sale at that time. There was one sale in Cypress Hills, a lakefront-obs property that fit in with the back row sales in the grouped provincial park sales pool. Properties are deemed lakefront-obs are lots 1-22 in Ben Vannoch subdivision due to proximity to the lake and leases with water issues. Lots 10, 12-18, 28, 31 and 38 in Ben Nevis receive the lakefront- obs rate due to flooding and/or steepness.

Map of Sale/ Subdivision

lot 11, sale 2014 VA-505000550 $206,500, $19.67/sf

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Assessment Changes Lakefront

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Lakefront - Obs/ Back row

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Duck Mountain PP Summary of Land Rate changes

Sales Comp Prev Prev Prev Current Current Current Current Current NBHD Count Unit Std LSM Land Std LSM Land Median COD (identify Size Rate Size Rate ASR units) 185% Lakefront 3 8,712 180% $20.66 9,000 NON $35.89 1.00 7.1%

ADJ 185% Lakefront- 8,712 180% $17.56 9,000 NON $30.51* Road & PR ADJ 180% Back row 7 9,111 120% $10.43 10,500 $19.85 1.00 6.8% ADJ *15% reduction based on previous analysis Analysis There is one vacant lakefront sale in Duck Mountain, Benito Subdivision. This sale was combined with the two lakefront sales from Greenwater Provincial Park. The lots in Duck Mountain that are identified as lakefront - road & PR are different than the two lots that sold in Greenwater, whereas the road is the main access to the property. The 15% reduction to the lakefront rate will remain as there is no sales evidence in Duck Mountain to remove it.

There is one vacant land backrow sale in Duck Mountain. This sale was combined with back row sales from Greenwater Provincial Park, Good Spirit Lake Provincial Park, Saskatchewan Landing Provincial Park and Meadow Lake Provincial Park to determine one backrow rate.

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LakefrontSale

Lot 7, 2014 sale BEN-505001200 $270,000 - $28.68/sf

BackrowSale

Lot 3, 2013 sale JU-505002100 $136,500 - $21.77/sf

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Assessment Changes Lakefront

Lakefront - road & PR

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Back Row

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Good Spirit PP Summary of Land Rate changes

Sales Comp. Prev Prev Prev Current Current Current Current Current NBHD Count Unit Std LSM Land Std LSM Land Median COD (identify Size Rate Size Rate ASR units) 274CA- 180% 150% Lakefront Canora 9,580 $9.79 6,914 $14.08 Beach ADJ ADJ VL sales 274CA- 180% 180% Back row Canora 7,200 $4.55 7,405 $7.02 Beach ADJ ADJ Backrow

Analysis The values at Good Spirit Provincial Park are derived using the comparable neighbourhood method since there were no qualified vacant land sales. There are private resorts on this lake, the most comparable being Canora Beach. This is the same comparable as used in the past. Assessment Changes Lakefront

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Back row

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Greenwater PP Summary of Land Rate changes

Sales Comp. Prev Prev Prev Current Current Current Current Current NBHD Count Unit Std LSM Land Std LSM Land Median COD (identify Size Rate Size Rate ASR units) 185% Lakefront 2 8,712 180% $20.66 9,000 $35.89 1.00 7.1% Non Adj Lakefront- PR Greenwater - 185% having a 1 8,712 180% $17.56 9,000 $30.51 1.00 7.1% Non Adj road in front Uskatik blocks 5, 7, 9 Back row 5 9,111 120% $10.43 10,500 195% $19.85 1.00 6.8%

Analysis There are 4 vacant land sales in Greenwater provincial park; 1 lakefront, 1 lakefront-public reserve and 2 back row. The lakefront sale has a calculated sale price per square foot of $35.89 and the lakefront - public reserve sale has a rate of $57.58 per square foot. These two properties were physically inspected, both have public reserve with a road allowance between the lot and the lake. The lot in the Greenwater subdivision has more of a view of the lake but the road allowance appears to be used as a walking and bike path. The lot in the Uskatik subdivision has a heavily treed public reserve area with a path through the bush for lake access. The lake is visible from the road on the high point of the lot but there is a decline toward the lake. These two sales were combined with one sale from Duck Mountain to determine the lakefront rate that will be applied to other provincial parks - Meadow Lake, Cypress, Good Spirit, and Saskatchewan Landing. Although the lakefront-public reserve sale did indicate a higher rate per square foot, the 15% reduced rate of $30.51 will continue to be applied in the Uskatik subdivision for blocks 5, 7 and 9. The 2 back row sales were combined with the back row sales from other provincial parks.

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Map of Sales

Uskatik Subdivision

lot 6 sale - 2011 GR-505052400 $300,000 - $57.58/sf

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Greenwater Subdivision

lot 10 sale - 2014 GR-505001250 $323,000 - $35.89/sf

lot 15 sale - 2011 GR-505002900 $125,000 - $18.94/sf lot 9 sale - 2014 GR-505004100 $146,000 - $16.76/sf

Assessment Changes Lakefront

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Lakefront - PR

Back row

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Lac La Ronge PP Summary of Land Rate changes

Sales Comp. Prev Prev Prev Current Current Current Current Current NBHD Count Unit Std LSM Land Std LSM Land Median COD (identify Size Rate Size Rate ASR units) 180% Island 0 Napatak 7,200 180% $3.18 12,039 $4.27 ADJ 180% Island-obs 0 Napatak 7,200 180% $2.38 12,039 $3.20* ADJ *25% reduction for leases that are more remote. Comparable There were no qualified vacant land transactions in Lac La Ronge PP. The previous analysis used Good Spirit Provincial Park as a comparable. The market values of these leases are likely more comparable to a northern area municipality. The closest comparables would be Wadin Bay, Missinipe and Nemebein Lake, with Napatak being further away, south of La Ronge. Using the land rate from the closest comparables would value the leased island lots of 11,250 sq. ft. at $97,900. The leases at Lac La Ronge provincial park are unique compared to the other provincial parks. The leases are not located in sub-divisions and not accessible by road, meaning access is limited in types of transportation and when the seasons and weather permit. These attributes would deem them less marketable that Wadin Bay. Based on this analysis the lower lakefront rate from Napatak will be used as a comparable, with the continued use of the 25% reduction for the remote leases on the far east side of the lake.

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Map of Area

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Assessment Changes Island

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Island-OBS

Lovering Lake Recreation Site Summary of Land Rate changes

Sales Comp. Prev Prev Prev Current Current Current Current Current NBHD Count Unit Std LSM Land Std LSM Land Median COD (identify Size Rate Size Rate ASR units) 104GA - Gaumond Bay/ 180%, Lakefront 0 7,381 180% $2.38 8,000 $6.77 074TP - ADJ Thompson Lake

Comparable There were no qualified vacant land transactions in Lovering Lake Recreation Site and no sales of cottages either. Lovering Lake is a recreation site with only one row of lakefront lots with 17 cottages. The land rates being applied to Lovering Lake will be taken from the comparable neighbourhood of Gaumond Bay/Thomson Lake Regional Park. This determination was made based on the similarities in regards to the layout of the lots being mostly lakefront, located on a small lake, less amenities than the other provincial parks and proximity to larger centers.

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Lovering Lake Satellite Imagery

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Lovering Lake Location

Location of comparable

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Assessment Changes Lakefront

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Meadow Lake PP Summary of Land Rate changes

Comp. Prev Prev Prev Current Current Current Current Sales Unit Std LSM Land LSM Current Std Land Median NBHD Count (identify Size Rate COD Size Rate ASR units)

196% Lakefront Greig/ 8,712 180% $20.66 9,000 $27.62 ADJ 588GR Lakefront Greig/ 196% - block 3 8,712 180% $18.594* 9,000 $24.86 588GR ADJ Jeannette Lakefront- Greig/ 196% obs/topo/ 8,712 180% $17.56 9,000 $23.48 588GR ADJ road & PR 180% Back row 7 9,111 120% $10.43 10,500 $19.85 1.00 6.8% ADJ Back row- 180% 0 9,111 120% $8.87 10,500 $16.87** Traffic ADJ *this rate is not documented in previous market report but is applied for assessment values. Appears to be 10% reduction to lakefront. **15% reduction for traffic carried over from previous analysis Analysis There is only one back row sale that was a demolition sale. This sale is indicating a rate of $21.05/sf. This sale was combined with other provincial park back row sales. All other sales were improved, park manager stated they have very few properties that are vacant lots. A comparison was done using the provincial lakefront rates versus the rates developed for Greig Lake and surrounding resort hamlets, not in the provincial park cottaging system. There are leased lots adjacent to titled lots in some subdivisions and the provincial park lakefront rate would have created an inequity assessing the leased lots higher.

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The rates developed by SAMA for Greig Lake, 588GR (Greig North resort) and 622LL (Lauman's Landing) will be applied to the lakefront lots in the Meadow Lake provincial park and the backlots will get the provincial rate where the one sale was used. The lakefront rate of $27.62 sq ft will be applied to all properties with the lakefront location. A 10% reduction will continue to be applied to block 3 in the Jeanette subdivision. This is an appeal decision that reduces the rate to $24.86/sq ft. The 15% reduction for obsolescense, topography, road and public reserve reduces the rate to $23.48/ sq ft.

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Greig North - provincial park subdivision

Greig Lake - SAMA jurisdiction

Greig South - provincial park subdivision

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Map of Sales

Lot 16 - 2011 sale KI-505000800 $216,000, $21.09/sf

Assessment Changes Lakefront

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Lakefront - road & PR, obsl, topo

Lakefront - block 3 Jeanette subdivision

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Back row

Back row - Traffic

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Moose Mountain PP Summary of Land Rate changes

Comp. Prev Prev Prev Current Past Current Current Current Sales Unit Std LSM Land LSM Current Overall Std Land Median NBHD Count (identify Size Rate COD COD Size Rate ASR units) South of 130% 130% Kenosee 4 7,500 $9.16 11,250 $13.43 1.00 11.9% ADJ Adj Dr. South of Kenosse 130% 130%, 7,500 $7.79 11,250 $11.41* Dr - ADJ Adj Traffic Adj South of Kenosee Dr 130% 170%, 7,500 $9.16 7,800 $7.93 Sunnybank ADJ Adj Block 4 and 5

Back Row 10 7,381 100% $1.95 7,800 170%, $7.93 1.00 28.1% Adj *15% adjustment based on previous analysis Analysis There were 14 vacant land sales in the Moose Mountain Provincial Park; 4 were in the South of Kenosee Dr. land grouping and 10 were back row sales.

The sales South of Kenossee Drive developed a rate of $13.43 per sq ft, with a 11,250 sq ft standard size and 130% adjusted LSM curve.

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The 10 back row sales combined derive a rate of $7.93 per sq ft, with 7,800 sq ft standard size and a 170% LSM curve.

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Mapping of Sales Location - S of Kenosee Dr Horseshoe Bay

Lot 6 sale - 2014 HO-505002550 $90,000- $12.00/sf

Sandy Bay

Lot 23 sale - 2011 SA-505001150 $100,000- $13.52/sf

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Sunny Bank

Lot 23 sale - 2013 SU-505001200 Lot 23 sale - 2012 $230,000- $20.44/sf SU-505001200 $150,000- $13.33/sf

Location - Backrow Acoose

Lot 10 sale - 2014 AC-505004350 $74,000 $8.81/sf

Lot 3 sale - 2011 AC-505004000 $42,000 $5.71/sf

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Beaver

Lot 27 sale - 2011 BE-505003250 $58,000 $8.37/sf

Lot 17 sale - 2013 BE-505002700 $100,000 $13.57/sf

Lot 8 sale - 2012 BE-505002200 $45,500 $6.51/sf

Chechisip

Lot 6 sale - 2013 CH-505001600 $50,000- $6.05/sf

Lot 18 sale - 2013 CH-505002200 $90,000- $11.54/sf

Lot 6 sale - 2012 CH-505001200 $61,500- $7.28/sf

Lot 17 sale - 2011 CH-505004850 $30,000- $3.85/sf

Lot 8 sale - 2013 CH-505003000 $53,500- $7.93/sf

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Assessment Changes South of Kenossee Dr.

The same curve for the past values and new values results in fairly stable rates of change. The largest amount of change results once a lot is larger than 11,250 sq ft, impacting less than 10 properties.

South of Kenosee Dr - Traffic Adjustment

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Back row

This neighbourhood is seeing a 400% increase to the base land rate. The LSM curve is changing from 100% (no adjustment for size) to a 170% curve. The lots range in size from 5,174 sq ft to 10,179 sq ft in these subdivisions.

The cottage owners association president brought up concerns about the lots in block 4 and 5 in Sunnybank subdivision being valued the same as south of Kenosee Drive. These lots would not be considered lakefront or lakeview due to the layout of the blocks and are more comparable to 48 | Page lots is Acoose, Beaver and Chechisip subdivision. The sales used to develop the lots in the South of Kenosee drive area were all first or second row back. Therefore we agree that it would be reasonable that the lots in block 4 and 5 are given the back row rate, however no further deduction would be given for a traffic adjustment. The change for these lots would be as follows:

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Narrow Hills PP Summary of Land Rate changes

Sales Comp. Prev Prev Prev Current Current Current Current Current NBHD Count Unit Std LSM Land Std LSM Land Median COD (identify Size Rate Size Rate ASR units) East Trout/ 180% Lakefront 0 8,712 180% $20.66* 6,750 $23.85** Little ADJ Bear East Lakefront- Trout/ 180% 0 8,712 180% $17.56* 6,750 $23.85** RD Little ADJ Bear East Trout/ 180% Back row 0 9,111 120% $10.43* 7,290 $13.25** Little ADJ Bear *Previous market report indicates this rate, however assessment list from parks shows lakefront (and lakefront-road) lots at $82,600 and back row lots at $41,300 - plot value. These lot values were implemented on appeal, using the same rates with a 4,000 sq ft lot size. **These are the rates as applied in East Trout and Little Bear. A plot value calculates as $159,100 for lakefront and $78,600 for back row. See below. Comparable Neighbourhood There are no qualified vacant land transactions . Previously the same rates as Duck Mountain and Meadow Lake have been applied as a comparable rate. The values applied to this park were changed by an appeal board in 2009. The case was made that lots in this park sell for a plot value rather than by size. The provincial lakefront rate was used and calculated the value of a 4,000 sq ft lot that was then applied consistently to all lakefront properties in both subdivisions and the back row lots received a value at 50% of the lakefront lots regardless of size. Lower Fishing Lake subdivision consists of lakefront and back row lots. The 10 lakefront lots range in size from 5,984 to 9,391 sq ft. The back row lots are similar in range from 5,495 to 14,797 sq ft.

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The Moen/Upper subdivision consists of 25 lakefront lots between 4,000 and 4,500 sq ft with one at 6,104 sq ft.

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Narrow Hills Provincial Park is surrounded by the resort areas of Little Bear, East Trout Lake and Whelan Bay. The rates applied in these municipalities are very similar. The land values from East Trout Lake and Little Bear will be applied in the park.

Map of Location

A plot value applies the same value to the lots regardless of size. In order to maintain this application we calculate the median sale price for lakefront lots and back row lots in the comparable neighbourhood of East Trout Lake and Little Bear.

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Lake front lots = $159,100

Back row lots = $78,600

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Assessment Changes

Lakefront 2011 Value 2015 Value % change $82,600 $159,100 92.62%

Back row 2011 Value 2015 Value % change $41,300 $78,600 90.31%

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Pike Lake PP Summary of Land Rate changes

Comp. Prev Prev Prev Current Current Current Current Sales Unit Std LSM Land LSM Current Std Land Median NBHD Count (identify Size Rate COD Size Rate ASR units) 195%, Lakefront 6 7,713 115% $14.57 5,407 NON $28.84 1.01 12.5% ADJ 195%, Back row 0 7,713 115% $7.29 5,407 $14.42 non-adj 345 (120) 176%, Back row 0 Pippen 7,713 115% $7.29 5,005 NON $7.22 - remote Subd. ADJ

Analysis There are 6 vacant lakefront sales and one back row sale. Since the one sale cannot be used to determine a rate the comparable neighbourhood method will be used. The 6 lakefront sales were used to determine a base land rate of $28.84 per sq ft with a standard size of 5,407 sq ft and a non-adjusted LSM curve of 195%. A non-adjusted curve indicates that the smaller lots sell for a higher unit price than larger lots and a steep curve at 195% means that value increase per unit of measure is minimal. There are only 11 back row properties at Pike Lake, in the Lakeside Subdivision. There is one vacant backlot sale, parcel K, that is further back from the back lots in block 2 and 6. Since there is only one vacant back row sale, a rate cannot be determined, but it can be used as an indicator of value. The sale was a 7,200 sq ft lot that sold for $38,000, plus $6,000 demolition costs. The previous analysis had the back row lots valued at 50% of the lakefront, using this method the sale property would be valued at $79,093. The Pippen subdivision in RM 345 is adjacent to Pike Lake Provincial Park, consisting of back lots and some "view" lots. The rate developed here is $7.22 per sq ft with a standard size of 5,005 sq ft and a non-adjusted curve of 176%. Applying this rate to the back row sale property results in a value of $39,432. The comparable neighbourhood method will be used to apply the RM 345 - nbhd 120 rate to parcel K in Pike Lake Provincial Park, while blocks 2 and 6 will continue to have a 50% ratio to the lakefront rate applied.

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Map of Sales Lakeside Subdivision

Blk K sale - 2011 Lot 6 sale - 2012 LA-505011050 LA-505000300 $38,000- $6/sf $156,500- $14.70/sf

Lot 4 sale - 2011 LA-505001200 $170,250- $16.33/sf

Lot 10 sale - 2011 LA-505001500 $100,000- $9.18sf

Lot 10 sale - 2014 LA-505003500 $160,000- $27.03/sf

Lot 19 sale - 2011 LA-505003950 $160,000- $19.80/sf

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Moose Woods Subdivision

Lot 20 sale - 2013 MO-505001000 $150,000- $30.64sf

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Assessment Changes Lakefront

Back row

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Sask Landing PP Summary of Land Rate changes

Prev Prev Prev Current Comp. Unit Current Current Current Sales Std LSM Land LSM Current (identify Std Land Median NBHD Count Size Rate COD units) Size Rate ASR

185% Lakeview 8,712 180% $20.66 9,000 NON $30.51* ADJ

180% Back row Mistusinne 8,777 140% $13.32 7,800 $11.41 ADJ *changed to 15% reduction for LF-PR (lakeview), see notes below Analysis There is only one qualified vacant land sale, indicating a rate of $9.32. This sale is lower than the grouped provincial park back row sales and Good Spirit, but higher than Pike Lake and Moose Mountain. The comparable neighbourhood of Mistusinne will be used. Mistusinne is a resort village on the same river system just outside the Douglas Provincial Park. Using the land rate from this comparable derives a value of $93,900 for lot 5, which sold for $95,000. is also a nearby resort area that could have been used as a comparable, however it would have valued the lot that sold at $147,600. Based on the sale evidence available we determined Mistusinne to be the best comparable for the back row values and continued to use the provincial lakefront rate. There was also concern about the lakeview lots being valued the same as lakefront lots in this subdivision. In other parks we have applied a 15% reduction for public reserve, topography, traffic and other items. The satellite imagery and mapping show that these lots don't have direct access to the lake and the area is being used by the public. The Beaver Flat lakefront rate is $30.99, which is very similar to the provincial park lakefront rate with the 15% deduction. Saskatchewan Landing lakeview rate will be $30.51/ sq ft.

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Map of Sales/Subdivision

Lot 5, 2012 sale OB-505000250 $95,000 - $9.32/sf

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Location of Comparable

Assessment Changes Lakeview

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Back row

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Appendix A - Park Totals/ Summary of Value Change # of 2011 Median 2015 Park 2015 Median PARK properties 2011 Park Total Assmt % Change Total Assmt Cypress 203 $ 30,435,700 $ 142,100 37% $ 41,599,300 $ 166,800 Duck Mountain 325 $ 34,898,000 $ 87,000 93% $ 67,402,200 $ 166,400 Good Spirit 153 $ 6,429,300 $ 33,800 48% $ 9,526,600 $ 53,300 Greenwater 198 $ 20,327,300 $ 90,900 96% $ 39,841,900 $ 172,900 Lac La Ronge 253 $ 6,274,500 $ 25,000 91% $ 11,988,600 $ 48,000 Lovering 17 $ 208,300 $ 11,900 185% $ 593,200 $ 33,900 Meadow Lake 238 $ 28,498,300 $ 117,300 47% $ 41,915,400 $ 183,450 Moose Mountain 450 $ 15,565,000 $ 15,200 115% $ 33,428,800 $ 61,900 Narrow Hills 95 $ 5,369,000 $ 41,300 92% $ 10,284,500 $ 78,600 Pike Lake 138 $ 16,628,700 $ 106,050 26% $ 20,984,300 $ 158,150 Sask Landing 50 $ 6,982,100 $ 127,750 11% $ 7,724,200 $ 93,850 The Battlefords 42 $ 3,144,000 $ 68,900 22% $ 3,837,500 $ 85,750 Totals 2162 $ 174,760,200 65% $ 289,126,500

*previous assessment info from Parks Size Comparison file

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