Gerritsen Brooks Appraisals Ltd

Reserve Fund Planning & Real Estate Appraisal

Knowledge Integrity Trust

Serving Vancouver Island & Beyond

Residential Appraisals

A residential appraisal aims to determine the market value of a property at a specific date. The valuation involves several key elements, including a comprehensive property description based on interior and exterior inspections, an analysis of market conditions and comparable sales, and the inclusion of maps, bylaw information and property photographs.

Residential property types considered in these appraisals encompass single-family homes, duplexes, triplexes, and four-plexes as well as strata-titled apartment or townhouse units and vacant residential building lots.

The completion of a residential appraisal serves various purposes, such as mortgage financing, purchase/sale transactions, division of assets, estate settlement, accounting, and litigation proceedings.

Commercial Appraisals

A commercial real estate appraisal is a professional evaluation of a commercial property's value on a specific date. It involves analyzing factors like location, size, condition, amenities, zoning, market trends, income, expenses, and comparable sales.

The valuation section of the report uses the following methods of the ‘Cost Approach, Income Approach, and Direct Comparison Approach’ that are selected based on the individual property type and assignment.

Commercial properties include retail, office, industrial, multi-family, development land, and special purpose properties. Commercial appraisals serve purposes, such as financing, transactions, consulting, accounting, feasibility studies, lease analysis, and legal matters.

Reserve Fund Studies

A reserve fund study also known in BC as a Depreciation Report is an assessment or analysis conducted to determine the amount of money that should be set aside in a reserve fund for future repairs, replacements, or maintenance of a property or asset.

The study typically involves: An inventory of major components, a timeline for replacement or repair, cost estimates for repairs or replacements based on current market conditions and a financial plan to ensure sufficient funds are accumulated in the reserve fund over time.

By conducting a reserve fund study, strata corporations can plan for future expenses, avoid sudden financial burdens, and maintain the property's value while ensuring no unexpected high costs.

Insurance Replacement

A real estate insurance appraisal is an accurate estimate of a property’s replacement cost, for the purpose of determining its insurable value. Insurance appraisals are typically requested by property owners, strata corporations or insurance companies to establish the appropriate coverage amount for insurance policies.

The primary goal of a real estate insurance appraisal is to determine the cost of rebuilding or replacing the property to current building codes and standards, in the event of a loss or damage covered by an insurance policy.

This value is often different from the property's market value, which reflects the price it would sell for on the open market. An accurate replacement cost estimate will ensure the property is adequately covered and not over or under insured.

The Gerritsen Brooks Team

Sheila Gerritsen, B.Mgt P.App AACI

Sheila began her career in Real Estate Appraisal in 2003 after completing a Bachelor of Management degree from the University of Lethbridge. In 2007, she received her AACI designation with the Appraisal Institute of Canada.

Sheila has many years of experience completing valuations for commercial and residential properties in the Comox Valley area. She has also spent several years as a professional appraiser in Yellowknife specializing in unique, remote property valuations across the Northwest Territories and Nunavut.

"Having grown up in a family of real estate professionals, real estate has always been an integral part of my life. I am so excited to serve the Comox Valley in providing real property appraisals and consulting along side Lee and Jeff who share my passion for this industry."

Lee M. Brooks, B.Comm P.App AACI

Lee started her journey to become a certified commercial real estate appraiser in 2021 and has been working in the appraisal industry since the start of 2022 receiving her AACI designation in 2024.

Lee previously completed her Bachelor of Commerce degree in 2015 and worked in nonprofit leadership roles before embarking on her dream career.

"My passion has always been everything 'Real Estate' so I am absolutely thrilled and feel so fortunate to live and work in the Comox Valley alongside Sheila, Jeff and Coel as part of one amazing appraisal team."

Jeff Frumento, BA.Econ P.App AACI

Jeff graduated from UBC in 1991 with a Bachelor of Arts in Economics. In 1998, while working in Campbell River at the local pulp and paper mill, Jeff was taking courses to transition into the real estate property appraisal sector.

Jeff became a candidate with the Appraisal Institute of Canada in 2012 and achieved his full professional appraisal designation in 2019. Jeff specializes in commercial, industrial, and investment properties in the Campbell River and North Island areas. With a strong economics background,

Jeff is a leader in commercial appraisal and consultation assignments providing a high level of expertise in real estate investment decisions, purchase and sale strategies, feasibility studies, insurance reports and legal assignments.

Coel Palmer, B.Comm AIC Candidate

Coel Palmer formerly served as a project manager for a local construction company in the Comox Valley, where he played a key role in planning, estimating, and supervising new construction projects.

He brings a wealth of experience and a fresh perspective to the Gerritsen Brooks Team. We are thrilled to share our real estate appraisal expertise with him and eager to learn from his vast construction background.

Appraisal or Reserve Fund Study Order Form

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The Comox Valley

Located in the Beautiful Comox Valley on Vancouver Island

250-465-8148 250-650-3335

sheila@gerritsenbrooksappraisals.ca