The Vancouver valuation Accord is a not-for-profit association established in response to the evolving importance of sustainability and the need for its implication to be understood in valuations and appraisals.
It comprises a formal memorandum originally signed on 2nd March 2007 at the Westin Bayshore Hotel and Resort in Vancouver, Canada, by Gordon Campbell, the Premier of British Columbia, as well as an international conglomerate of bodies responsible for appraisals and valuation. It signals a declaration of the importance of cementing sustainability in business practices and represents a formal commitment by signatories to advance understanding, knowledge, educational capacity and practices about valuation and sustainability.
At the Vancouver Valuation Summit in 2007, valuation leaders launched an undertaking to improve valuation standards with regards sustainability.
The summit's focus was the link between sustainability and valuation and received presentations from representatives of governments, agencies, individuals, professions and companies from a multitude of backgrounds and countries.
It broke new ground in a number of key areas at the time, including:
1. Highlighting the importance of sustainability to economic prosperity and social cohesion;
2. Describing the nature of linkages between valuation and sustainability
3. Profiling how sustainability factors can add value to property
4. Emphasising the importance of the rigour of valuation and the professional capacity of valuers; and
5. Identifying opportunities for valuation and sustainability practitioners to work together to advance understanding and knowledge.
The original Accord was signed by Gordon Campbell, the Premier of British Columbia, as well as an international conglomerate of bodies responsible for appraisals and valuation, signalling a declaration of the importance of cementing sustainability in business practices.
Also signing the original Accord were The Appraisal Institute and The Appraisal Institute of Canada, The Royal Institution of Chartered Surveyors, World Green Building Council, Canada Green Building Council, Building Owners and Managers Association, US Green Building Council, Union of Pan American Valuers, Centre of Advanced Property Economics, BC Hydro, BLJC Workplace Solutions Inc. and the Town of View Royal.