2015 BASE YEAR Cost Market Report Saskatchewan 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. 3 | Page 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. 4 | Page 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 5 | Page 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 6 | Page Change in Park Land Values PARK Count FLV_2011 FLV_2015 Change Cypress 203 $ 30,435,700 $ 41,599,300