New Regulations Measure Up
Thursday, June 23rd, 2016
Most home buyers would agree that one of the first details they look for in an MLS listing is the square footage of a property. This information alone can lead a buyer to read on or move along to a more appropriately sized home. This is self evident, and so it may come as a surprise to learn that, until recently, no real estate regulator in Canada has had a Residential Measurement Standard (RMS). That changed this past May, when the Real Estate Council of Alberta (RECA) approved an RMS in our province.
Following extensive consultations, RECA developed an RMS that, in the words of Council Chair Krista Bolton, will allow consumers to, “be confident in the measurements stated within residential real estate listings, and they can use those measurements to compare different properties to determine if they suit their needs.”
In addition to Realtors and their clients, RECA notes that the RMS benefits appraisers, mortgage brokers, financial institutions, and insurers.
RECA has published on its website a quite comprehensive Guide to the Residential Measurement Standard in Alberta, but the basics are that single detached properties are to be measured on the outside surface of the exterior walls at floor level, while duplexes, townhouses, condominiums, and apartments should be measured ‘paint-to-paint’ at floor level. Only floors that are entirely above grade are measurable as part of the RMS; partially below ground levels, such as those in a split, may be measured and noted in the listing but not as part of the RMS number.
Proper measurement is vital, and inaccurate work can cause some serious hardships, so long before this new standard was even being discussed, I started using the services of a professional measurement company for all my listings. It costs me money to provide this service for each listing, but the peace of mind and unquestionable accuracy are well worth it to me.
If you have any questions about the new RMS, please contact me!
On a separate note, the Calgary Home + Design Show is only three months away, and I have a special Father’s’ Day promo code to pass along. Click here and use the promo code DAD to get two-for-one tickets! (Offer expires June 24th at 11:59pm)
