STICKS, NOT STONE City looks to raise cap on wood-frame condos CONDOS A6
Lake Living Feature
ERNIE GARDY 403-651-3093
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A8 – A12
HOUSE OF REAL ESTATE
FREE aug 8 to aug 14 2014 issue 04-31 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca
real estate news from industry experts
THE STIGMA
ENIGMA Dealing with real estate’s S word CODY STUART
managing editor
C
algary’s real estate industry has come under the microscope recently, with some questioning the degree to which professionals are obliged to reveal perceived flaws in properties up for sale. While CREB® President Bill Kirk acknowledges there is a “grey area” that exists with stigmatized properties — a point brought to light last week when a Brentwood home that was the scene of Calgary’s worst mass killing went up for sale – he emphasized reactions to such homes are as varied as the circumstances surrounding them. “The stigmatization question is a significant issue for many REALTORS®,” he said. “After five or six years in the business, most professionals will have encountered a number of buyers who have very specific reactions to stigmatization.” For example, Kirk argues many buyers, in fact, don’t have any concerns when approaching a home that has fallen under the cloud of stigmatization. Secure in the knowledge the home is structurally sound, they proceed in the same fashion as any other homebuyer. For others, however, Kirk acknowledges buying or selling a stigmatized home can lead to some difficult questions. Whereas a typical home purchase comes down to hard facts and figures, such as asking price or square
SINGLE FAMILY 49 41
STIGMA A3
CREB® President Bill Kirk says the question of stigmatization when it comes to buying a home is a significant issue for many real estate agents.
CODY STUART, Managing Editor
MLS® AVERAGE DAYS ON MARKET* JUL ‘12 – JUL ‘14
footage, questions surrounding stigmatized homes can involve a little more explanation. Under Canadian common law, sellers and their agents, REALTORS®, have an obligation to reveal material latent defects they are aware of. What constitutes a material latent defect, varies, but generally is something that’s not visible under a normal inspection by an average person – it can refer to something that makes a property dangerous or potentially dangerous, unfit to live in, unfit for the buyer’s purpose. A material latent defect can also be something that is expensive to repair, has been identified for remediation by a local government or authority of if a seller does not have appropriate building or other permits for the property. Conversely, a patent defect is one that is readily seen, and therefore does not need to be disclosed because it is obvious. “The issue with a stigmatized property is where there is no requirement to disclose because there is no defect with the property,” said Kirk, noting examples of stigmatized issues can include a property that was the scene of a major crime, was previously vandalized or a former grow-op that has been remediated. “It has no effect on the property in a real sense. So the seller’s instruction [to the REALTOR®] could very well be, ‘You will not disclose this stigmatization. You will not disclose the fact that this situation arose on this property because it’s been repaired and has nothing to do with the property.’”
LION AWARDS CONTENTS SHOWCASE CALGARY’S HERITAGE
NEWS BRIEFS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A3
TRANSPORTATION. . . . . . . . . . . . . . . . . . . . . . . . . A4 New bus facility
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MUNICIPAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A5
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Transit rolls out real-time
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CREB® STAFF
WEEKLY FEED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A6
T
he Calgary Heritage Authority has recognized 16 recipients at the 2014 Lion Awards, which recognizes those working toward preserving the city’s heritage. “There was a tremendous response to this year’s Lion Awards from Calgarians who are helping build and preserve our community heritage,” said Calgary Heritage Authority chair Scott Jolliffe.
*All statistics based on monthly data compiled by CREB® via MLS® activity.
EVENT LISTING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A6
HERITAGE A3
MORTGAGE RATES . . . . . . . . . . . . . . . . . . . . . . . . A13 MLS® STATISTICS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . A5 July 2014
COMMERCIAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A15 MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B1 OPEN HOUSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B23 @crebnow
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ANIBAL
RODRIGUES Phone 403.512.1930
$459,900
$349,900
$368,500
$599,900
764 130 AVE SW | Canyon Meadows
201 2384 SAGEWOOD GA SW | Airdrie
3054 28A ST SE | West Dover
2528 10 AV SE | Albert Park
Bi-level with recent upgrades to doors, hot water heater, roof and furnace. 3 bedrooms, 1 full and 2 - ½ bathrooms. Huge yard! Desirable location. MLS®C3622613
Very private 1500 sq. ft. townhome. Large living room with gas burning fireplace and kitchen w/espresso stained cabinets with black appls. Walkout basement. MLS®C3620328
Recently renovated 3 bdrm bungalow w/lower level suite. Main level offers spacious kitchen and a large FR. Separate entrance to lower suite includes 2 bdrms & 3 pc bath. MLS®C3624234
2 storey Brand NEW infill with great inner city location close to transit, shopping, schools and downtown. 3 +1 bedrooms, 3.5 bathrooms. Fully developed. MLS®C3620718
www.calgarybuysellhomes.ca
RUI
TORNEIRO Phone 403.510.3358
Sutton Group Canwest (Vista)