Loss of Rental Income
The PVP Program provides two options for filing a claim for loss on sale.
Simplified Route
The Simplified Route is available to owners of properties in areas where the potential for PHAI recognized, project impacts, such as construction noise, have been identified. These areas are identified in Compensation Frameworks as having a potential impact of greater than zero per cent. This route offers a quick and cost-free option for filing a claim.
To file a claim under the Simplified Route, a claimant must establish a loss on rental income by providing an appraisal that demonstrates the unaffected fair market value of the property (rental unit) or accepting an appraisal commissioned by the PVP Program.
For more information, please click below:
- User Guide – Loss of Rental Income Simplified Route
- Claim Form – Loss of Rental Income Simplified Route
Standard Route
The Standard Route is available to all owners of properties in the designated PVP Zone.
To establish that of a loss on rental income occurred due to a PHAI-related impact, a claimant must provide evidence showing:
a) The unaffected fair market rent of the property (rental unit) as of the day before a specific PHAI Project Event
b) The change in value between the PHAI Project Event date and the rental date in the subject and baseline communities
c) That the loss on rental value was caused by the PHAI Project and no other factors
The claimant’s evidence, when weighed against the PHAI evidence, must prove on a balance of probabilities that the PHAI caused the loss claimed.
To establish that a loss has occurred due to a site-specific PHAI project-related impact, a claimant must provide evidence of:
a) The Unaffected Fair Market Rent (UFMR) of the property (rental unit) as of the day before a specific PHAI project event;
b) The change in value between the PHAI project event date and the rental date in the subject and baseline communities; and
c) The PHAI project and no other factors causing the diminution.
A Claimant must introduce their own evidence that, when weighed against the PHAI evidence, proves on a balance of probabilities that the PHAI Project caused the loss claimed.
For more information, please click below: