When shopping for a condo, it is important to ensure that you are comparing the size of Builder represented condos in the same way as MLS (Realtor®) represented condos.
In Alberta, Developers have a great deal of leniency in what can be included in their advertised size, such as the inclusion of wall thickness, storage areas, parking spots and balconies.
Alternatively, condos which are listed on the MLS are required to be measured using guidelines known as Residential Measurement Standards (RMS). RMS Guidelines were developed to protect the consumer and ensure that all condos listed on the MLS are comparable using the same measuring standards. Basically, in regards to condos, RMS measurements include the total heated indoor living area 9known as paint-to-paint) and does not include separate storage units, parking, balconies or other similar areas.
This difference in measuring can mean that Developers are misrepresenting the size of their condos by 20% or more.
When buying a new condo, as with all new construction, the best way to ensure you are getting what you pay for is to enlist the services of a licensed real estate agent. Using an agent doesn’t cost you anything because the Developers (sellers) are the ones who pay the Buyers agent, and you will have the reassurance that there is someone representing you (and only you) in the transaction.
For more information on any real estate related questions, please feel free too contact me at 403-837-1195 or firstname.lastname@example.org.
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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
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