Selena News February 2021 Edition
ISSUE: 140
Busy Month
February is a busy month. From the above pictures you can guess Chinese New Year on the 12th, Valentines Day on the 14th and Family Day on the 15th. So there is a lot to celebrate in February, plus we will squeeze in a birthday by the end of the month. Something else that is busy in February is the Edmonton Real Estate market.
Busy Market
The market here in Edmonton had a strong finish to 2020 and that momentum has carried through into 2021. Perhaps there is truth in saying Real Estate is a 7 year cycle. Remember 2007, that was quite the boom. How about 2014? It was actually a strong market until oil price collapsed in December. Adding 7 more years we have 2021. While hindsight will will show how the market plays out in 2021, some of the indicators are positive.
January is the green dot on the left representing 1171 sales, or 46% increase compared to January 2020 sales. As well as more sales, prices have been going up too. The average residential price for January moved up slightly from December and 3.7% compared to the previous year. It might not be much but it is certainly nice to see even a small improvement so early in the year and will be interesting to see what will happen by spring market.
Title Insurance For Condos
I have known Charles (Carl) since 2005, even before I got my Realtor license. When I buy property, he is the lawyer I use and he has helped hundreds and hundreds of our clients buy too, so when a buyer recently asked if you need Title Insurance when you are buying a Condo, of course I am going to ask the expert. The following is his answer.Although the possible coverage situations are not as numerous as a residential home, there are several good reasons to purchase title insurance if you are buying a condominium.
Title insurance is a one-time cost when you purchase a condominium which provides you with peace of mind without worrying about certain potential financial pitfalls.
Here are a few financial issues that can arise after the purchase which may be covered by title insurance:
1) In cases of Fraud or Forgery, title insurance will cover you in the event that the party selling to you fraudulently signs a transfer by impersonating the seller or one of the sellers (ie a spouse in the middle of a matrimonial dispute sells the condo with an accomplice impersonating the other spouse).
2) You purchase the condominium and at a future date, someone fraudulently impersonates you and obtains a mortgage on your title without your knowledge.
3) Tax and utility arrears – we conduct property tax searches when completing a purchase but if the records of the municipality are not up-to-date, condominium insurance covers the new owner for unpaid assessments.
4) Lack of permits or outstanding work orders with the municipality – title insurance protects you if the municipality contacts you to indicate that the previous owners completed improvements or changes without the proper permits and you are required to fix the improvements and obtain permits.
5) Liens – the previous owner had work completed on the condo and did not pay the contractor. Under the Builder’s Lien Act, the contractor can file a lien on title 45 days after the work is completed, which might be after your purchase has been completed.
6) Assessments by the Condominium Corporation – if the condominium corporation fails to disclose in the Information Statement, as required by law, a future assessment on the unit and then seeks to obtain payment of such assessment from the new owner.
The cost of title insurance (typically around $200.00) is a small price relative to the purchase price of a condominium and we always recommend our clients purchase a policy and our offices will handle the purchase of the policy on behalf of our clients.
Charles Bosecke
Bosecke Law LLP
Latest Sales Data
Every Month the Edmonton Real Estate Board gathers the latest sales figures sorted by property type, price ranges, listed and Sold. Click the above link to download a copy from our website.
Legal Suites
Some time ago we mentioned the City of Edmonton changed the laws around legal suites and as we have several clients with questions about suites this month, we feel it is time for a refresher.
So changes to Zoning Bylaw 12800 were approved and came into effect on August 20, 2018. That link will show you the full zoning bylaw which can be difficult to wade through if you don’t know what you are looking for, so the highlights of the changes as they relate to suites are as follows:
1) Allowing secondary suites in semi-detached and duplex housing wherever these housing forms are allowed.
2) Allowing secondary suites in row housing wherever these housing forms are allowed.
3) Removing the minimum lot size requirement for secondary suites, creating opportunities for secondary suites on narrow or smaller lots across the city.
4) Adjusting maximum floor area for secondary suites built above grade, or partially above grade, to increase flexibility in interior layout.
So that has really opened up the the number of properties where you can have a legal suite however you will still have to follow all the guidelines for code compliance.
For more details about legal suites, refer to the City of Edmonton FAQ page
Fionna Unicorn
I am always so amazed with my little one and her many creative ways of playing. A couple days ago she found a long icicle on the furnace vent pipe which she broke off and turned into a unicorn horn. It is important that the icicles are removed so the vent doesn’t block and stop the furnace working. I don’t think that will be an issue for us as we have a little helper.
Disclaimer: Not intended to solicit buyers or properties under contract.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Service®, and the associated logos are controlled by
The Canadian Real Estate Association (CREA) and identify real estate professionals
who are members of CREA or identify the quality of
services provided by Real Estate professionals who are members of CREA
Copyright © 2019 Wealthyhome. All rights reserved.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Service®, and the associated logos are controlled by
The Canadian Real Estate Association (CREA) and identify real estate professionals
who are members of CREA or identify the quality of
services provided by Real Estate professionals who are members of CREA
Copyright © 2019 Wealthyhome. All rights reserved.