About The Alberta New Home Buyer Protection Act

Tue, 04 Mar by Terry Paranych

New Alberta New Home Buyer Protection Act Is Now In Effect

Alberta New Home Buyer Protection ActYou know what folks, I know I’ve said this before but we are very lucky to be living in Alberta right now. Even more so to be living in The City of Edmonton. Our economy is strong, our city is full of opportunities, and our housing market is booming. Best of all, we have a government that recognizes our attractive housing market and has put legislations in effect to protect consumers.I’m talking about the Alberta New Home Buyer Protection Act— an act that has been in the works for a while now and has finally taken effect last month (February 2014).

So here’s how it works…first of all, it’s mandatory. That means every single builder operating in the province is required to provide warranty coverage on every Alberta home they construct. Home builders also have to pay to register each of their properties into the online public registry of homes. This registry is managed by the Alberta Government’s department of New Home Buyer Protection and available to future buyers. Basically, you’re just a click away from checking the warranty status on newer Alberta properties! Now get this, the warranty purchased by builders must be between $1,700 and $2,000 on an average home before they are even eligible for a building permit! How great is that?

Alberta New Home Buyer Protection Act 2If you’re still not impressed with the Alberta New Home Buyer Protection Act, consider the following…before this act came into effect, the coverage for new homes was 1 year and 5 years. Now its 1 year, 2 years, 5 years, and 10 years! For more information on the breakdown of each type of warranty, read this blog.

As an existing or future Edmonton homeowner, your role is to learn as much about the process as possible. Educate yourself by researching the builders you are working with, their history, as well as the process if you ever need to file a claim.

Thankfully, when you select Team Paranych to help you with your Edmonton home buying process, we are committed to you every step of the way. We gladly serve as your ambassador and representative when dealing with builders. We also provide you with information on the Alberta New Home Buyer Protection Act and your role during the process.

Contact us and request a complimentary Edmonton Home Buyers Consultation. This consultation will give us an opportunity to listen to your needs, your wants, and your lifestyle. We then help you work with a builder to construct a beautiful new home— or find you a property that’s in move-in ready condition!

Give us a call today and start packing.

Cheers,

Terry Paranych

For more information feel free to visit the Alberta Government website.

Edmonton Condos & Estoppel Certificates

Tue, 04 Feb by Terry Paranych

 Edmonton-Condos-Estoppel-Certificate

Edmonton Condos: What Is An Estoppel Certificate?

Being an Edmonton condo owner certainly has its perks: lock-and-leave security, closeness with your neighbours, and (in some cases) zero property maintenance requirements! If this is the type of lifestyle you want, we can help you get it! Before you begin the condo buying process, we recommend you become familiar with condo-related terminology and paperwork. Not only will this help you make an educated decision when buying a condo; but, it will also help you better manage your Edmonton property as an owner. One of the words you’ll hear during the condo buying process is: Estoppel Certificate.

“Estoppel Certificate [e’stapel]: A signed agreement form from the condo corporation or condo board that certifies the information provided is correct.”

Edmonton Condos: Why Do Estoppel Certificates Matter?

Signing or not signing?According to Service Alberta, an Estoppel Certificate tells you:

  • The monthly or yearly schedule for paying the condominium contribution (condo fees).
  • Whether the previous owner has paid their share of the contribution, what remains unpaid, and the amount of interest owing.
  • The amount of condominium contribution (condo fees) assessed to the unit.

A Real Estate Purchase Contract requires sellers to provide buyers with an Estoppel Certificate. Financial institutions will then request the information listed on an Estoppel Certificate, along with a copy of the document itself. It is also important to note, some condo boards can charge an Estoppel Certificate Fee of up to $100.

Estoppel Certificates & Renting An Edmonton Condo

Estoppel Certificates should be used by potential buyers to make an educated decision about the property, as they contain information about the unit. They do however, have certain limitations when renting an Edmonton condo:

  • Estoppel Certificates cannot amend the lease.
  • They cannot alter or contradict specific information written on a lease.
  • They cannot create rights at a contractual level that would not exist on a lease.

When it comes to purchasing an Edmonton condo, trust in Team Paranych. We consist of trained professionals who are dedicated to you. We’ll help you understand condo buying aspects such as: Estoppel Certificates, Condo Fees, Condo Boards, and more! We’ll also sit down with you to sort through the paperwork and make buying an Edmonton condo a breeze.
To get started, contact us and request a free home buyers consultation!

RE/MAX 2014 Forecast

Tue, 07 Jan by Terry Paranych

RE/MAX Housing Market Outlook 2014

There are great things ahead for the Canadian real estate industry in 2014! RE/MAX recently released the 2014 Housing Market Outlook which featured a series of forecasts on the Canadian real estate market. The optimism surrounding RE/MAX’s forecasts could be triggered by Canada’s strong economic growth and steady flow of residents seeking homeownership. Whatever the reasons, RE/MAX of Canada has predicted home sales will climb 2% to 475,000 units during the next 12 months! Other note-worthy predictions include:

REMAX 2014 Forecast

  1. The value of an average Canadian home will increase 3% to $390,000.
  2. Canadian residential housing market will stay in a “clear balanced territory” with a few exceptions.
  3. Canada is expected to be the second top-performing economy of the G7 Countries in 2014.

As for the Edmonton real estate market, the RE/MAX Housing Market Outlook for 2014 was also filled with positive predictions. If you’re still on the fence about buying or selling an Edmonton real estate home, perhaps the following market predictions will sway your decision:

  1. First-time buyers will drive sales of homes between $300,000 – $370,000.
  2. Move-up market will seek properties priced between $400,000 – $600,000.
  3. Edmonton Luxury real estate properties (homes priced over $750,000) are growing in popularity.
  4. The projected number of residential sales is 19,400 units by the end of 2014.

“The city’s commitment to higher-density living has led to the serious redevelopment in Edmonton’s downtown core. The conversion areas—traditionally appealing to the hipster crowd—have started to attract the attention of empty nesters who want to be close to the new shops, restaurants, and amenities. The success of recent revitalization projects is likely to ripple into other areas of the core, leading to a vibrant downtown lifestyle.”

To view the full report click here.

Whether you’re looking to invest in the Edmonton real estate market, want to buy an Edmonton home for sale, or sell your Edmonton home—Terry Paranych and his team of experts are here for you!

New To Canada? Tips To Build Your Credit and Buy an Edmonton Home

Tue, 03 Dec by Terry Paranych

Are You A Newcomer Thinking Of Buying An Edmonton Home?

Canada is known for being a multicultural nation, with thousands of people immigrating to Canada and moving to Edmonton each year. Some of the struggles newcomers could face is navigating the Canadian banking system and establishing a credit history. TeamParanych® believes that with the right advice and support, any Edmonton resident can buy a real estate property or rent an Edmonton home. Below are some tips for newcomers or current residents to help you build your credit.

Family with boxes moving into new home smiling1) Obtain A Secured Credit Card
The main difference between a secure credit card and a regular credit card is that a secured credit card requires you set aside a certain amount of money. This gives the lending institution greater peace of mind knowing you will make timely payments. Over time you can build a strong credit history simply by making credit card payments when required. After you are confident with their credit rating, you can apply for an unsecured credit card.

2) Make Timely Bill Payments
Unfortunately, tardy bill payments could have a negative effect on your credit rating. If you have to make multiple payment on various bills, consider setting up an automatic transfer or automatic withdrawl for your recurring payments. Keep in mind that it’s just as important to pay the full amount of your bill. So even if you have to pay the minimum amount required, you’re still making the full payment.

3) Check Before Applying For A Mortgage.
If you’re a newcomer considering purchasing an Edmonton real estate property, TeamParanych® recommends checking your credit score 6 months before applying for a mortgage. That way you will have plenty of time to correct any imperfections in your credit. A good thing to keep in mind when you are thinking of applying for a mortgage is that you may need to invest up to 18 months to develop a strong enough credit to qualify for a mortgage.

When trying to build your credit history and credit rating, remember that it takes time. Be patient when building your credit history and educate yourself on the banking system. If you feel that you need additional help, ask a financial services representative. Many banking institutions would be more than happy to sit down with you to answer any questions and help you create a financial plan.

If you’re a newcomer thinking about buying a home in Edmonton, give Terry Paranych a call. Through a complimentary Home Buyers Consultation, Terry can assess your property needs and connect you with knowledgeable business affiliates such as Mortgage Advisors. Terry enjoys connecting people with their dream home so they can start a better life!

Presenting South Edmonton Real Estate!

Tue, 08 Oct by Terry Paranych

The unveiling of South Edmonton Real Estate

When we created North Edmonton Real Estate, it only seemed right that we pair the site with its polar opposite to make searching for real estate properties in the Southern half of the city even easier! Presenting South Edmonton Real Estate, your next real estate solution.

This exclusive website is powered by Team Paranych , who were motivated by the ongoing residential developments south of the river. Their vision was to create a resource hub for people who are searching for real estate properties, but want to live within a specific area. South Edmonton Real estate features: South Edmonton Real Estate

  • Education. Area information, market statistics, communities, and entertainment options can be found here, along with many more tools for your convenience.
  • Property Searches. Whether you’re searching Southeast Edmonton for homes for sale, buying a Southwest Edmonton property, or looking for a South Edmonton rental property- this website has everything to make your house hunting experience a positive one.
  • Buying & Selling Links. South Edmonton Real Estate has links to guide you when buying a home, moving to South Edmonton, or selling a home.

If you’re thinking about moving to arguably one of Edmonton’s preferred real estate areas, don’t delay!

Visit South Edmonton Real Estate or contact Terry Paranych at (780) 457-4777 today and start packing.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
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