Condominium properties represent a large number of sales in all Alberta markets every year [about 30%], and the issues that surround the purchase and sale of condominium properties are specific and intrinsically linked to the condominium documents. It is widely understood that condominium ownership provides a carefree lifestyle option, but confusion over condominiums can be expensive. Let's take a few minutes to think through some of the high points.

Legislative landscape

As you would expect, the Real Estate Act of Alberta as well as the Real Estate Act Rules, govern the transaction of condominium properties, because condominium is a form of owning real property. As an additional complexity, condominiums are also governed by the Condominium Properties Act of Alberta which relates to the running of the condominium corporation itself, as well as specifics about how condominiums are bought and sold.

Condominium clarity

One of the biggest misconceptions about condominiums is what exactly a ...

October 2021: Market continues to favour the Seller

Residential sales totalled 2,186 in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages.

“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® chief economist Ann-Marie Lurie.

Read the full report on the CREB website.

The following data is a comparison between October 2021 and October 2020 numbers, and is current as of November 2021.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

In the last year there has been a pent-up demand in buyers looking to buy a home in the Calgary market. With some sellers still hesitant to let prospective homebuyers in their homes, there remains an undersupply of homes. You’ve probably seen homes which are selling within hours, or within a day or two of being on the market. Or you hear of an agent bragging that a home they listed for sale for "over asking price." This brings us to the first mistake to avoid in selling your home: Don’t undervalue your home! A home that sells immediately has almost always been underpriced. A good rule of thumb is that homes should sell in 1 month. Don’t fall for the current artificially created sellers' market that we appear to be in.

The second mistake to avoid is not getting your Real Property Report (RPR) updated BEFORE you list your home for sale. The number one issue that lawyers have in real estate transactions are issues with real property reports not being current. As a realtor,...

City of Calgary, Nov. 1, 2021 – There were 2,186 sales in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages.

“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® Chief Economist Ann-Marie Lurie.

“Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending-rate environment.”

New listings have improved relative to last year, but stronger sales caused further easing in inventory levels, which remain 16 per cent lower than last year and longer-term averages for the month. Supply levels have struggled to keep pace with demand, but...