SANDSTONE CITY

A series looking at the people, architecture and culture of Calgary?s sandstone glory days

A9

SECONDARY SUITES

Housing option seeing increasing support

MUNICIPAL A7

MOVING MARKET

More supply coming to city

COMMERCIAL A8

HANG YOUR CHRISTMAS LIGHTS

It?s not too late to deck your home with some holiday cheer

HOW TO A11

real estate news from industry experts

FREE dec 12 to dec 18 2014 issue 04-49 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca

CURE FOR CONDOS?

New bill could mean added security for Alberta condo buyers and owners

First-time homebuyer Mario DeMarco is one of many Alberta condo owners who could see greater protection should the provinces Condo Property Amendment Act come to fruition. CODY STUART managing editor Alberta condo owners could soon have more protection thanks to a new bill being proposed by the province. The bill, which includes more than 50 amendments to the decades-old Condo Act, would strengthen rules related to occupancy dates, purchase agreements, warranty information and conflict resolution. The new rules would regulate more than 8,000 condominium corporations that exist in Alberta, and provide protection for an increasingly large portion of the province?s homebuyers. ?It?s a good thing that they?re going to make it so condo owners know more about the financials of condo boards and more about repairs and that sort of thing,? said Mario Demarco, who purchased his first condo in downtown Calgary earlier this year. ?My condo board was very good about providing information to my REALTOR®, but I have heard stories of it taking a long time.? Calgary condo owner Bryan Humphrys, who was hit with a $60,000 special levy last year after engineers found $2 million worth of repairs at his downtown complex, welcomes the possibility of more protection. ?They gave me a notice and a month later they wanted money,? said Humphrys, who was forced to remortgage his home after receiving the notice. ?When I got notified, it was just a letter that said ?Special assessment, $2,000,000 worth of repairs. Owners are responsible for the costs,? and how much each owner owed.? Changes included in the proposed bill limit the circumstances in which a condo board may impose special assessments or levies that occur when unexpected shortfalls or expenditures occur in the budget that can?t be covered by the reserve fund. The bill would also require boards to provide owners with key information, in advance, pertaining to an impending levy. ?[The bill] sets some parameters around levies and compels boards to provide owners with key info about the levy. To be more specific, this amendment defines why special levies would be issued and not just how they would be issued,? said Scott Seymour, public affairs officer for Service Alberta. CONDO ACT A3 BILL 9: CONDOMINIUM PROPERTY AMENDMENT ACT

KEY POINTS FOR CONSUMERS

? Limiting the circumstances in which a board may impose a special assessment and requiring boards to provide owners key information, in advance, pertaining to an impending levy. ? Requiring boards to hold a special general meeting if requested by 15 per cent or more of owners, at which point owners would have the ability to remove or replace board directors. ? By regulation, clarifying insurance, maintenance and repair obligations of the corporation and unit owners. ? Giving RECA authority to licence and regulate condominium managers and to establish licensing requirements including education and training requirements. CODY STUART, Managing Editor ? Enhancing dispute resolution by establishing the framework for a new tribunal that will hear and settle a variety of disputes. The tribunal would be an affordable and efficient forum for certain types of condominium disputes between boards owners, occupants and other interested parties.

SINGLE FAMILYMLS

®

2586 1859 2075 2048 2727 2977 3311 3199 2917 2791 2789 2705

NOV12 DEC12 JAN13 FEB13 MAR13 APR13 MAY13 JUN13 JUL13 AUG13 SEP13 OCT13 NOV13 DEC13 JAN14 FEB14 MAR14 APR14 MAY14 JUN14 JUL14 AUG14 SEP14 OCT14 NOV14

*All statistics based on monthly data compiled by CREB ® via MLS ® activity.

2171

MONTH END INVENTORY*

NOV ?12 ? NOV ?14

1515 1671 1894 2052 2445 2919 3128 3056 3021 2961 2780 2373

CALGARY TO GROW OUT SLOWER: REPORT

CREB® STAFF

Calgary?s

population will continue to grow, though at a slower rate than seen historically, suggests a report from economic and demographic analysts Urban Futures. In the report, Urban Futures said the next 28 years would see the Calgary region welcome more than 750,000 new residents reaching a population of 2.16 million in 2041. POPULATION A3

CONTENTS

NEWS BRIEFS

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COMMUNITY

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EVENT LISTING

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WEEKLY FEED

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MORTGAGE RATES

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A10

MAP

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OPEN HOUSES

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B19

@crebnow /crebnow crebnow.com Just Listed

Lee Edwards

403-540-0540

Set in the heart of some of the most scenic countryside in Alberta $1,499,000 This beautiful log home takes full advantage of its setting, with a verandah spanning the front of the home, a deck spanning the back, and a prow off the great room with two and a half storey windows leading up to the centre vault, and looking out to the meadow that opens up on this side. There are also 2 private balconies off the upper level, as well as an upper loft that takes advantage of the prow windows. With over 5500 sq. ft. on 3 levels, the rooms are spacious - even all of the 6 bedrooms and 5.5 baths. Hardwood floors cover the main living areas. The kitchen features a large centre island, granite countertops, and stainless steel appliances. The bright walkout level with in-floor heating has a large recreation area, as well as 2 bedrooms and a flex area that has been roughed-in as a summer kitchen. This home offers privacy, space, a great floor plan, and spectacular views. MLS ® C3643897 CANYON CREEK

lee@braggcreekrealestate.com

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