Welcome friends, family & clients alike to the November edition of this month newsletter.

 This edition is especially important as we will begin to cover a number of topics that will hopefully leave you better prepared to face the Real Estate market.

 Whether you aspire to purchase a property which suits your needs, or when trying to sell one of your very own, our intent is to support you along the way.

On the buying side, the focus will be on the upcoming (and dreaded) hike in interests rates, and what these proposed changes could mean to your bottom line.

 Winter is also fast approaching and we will try our best to ease you into the cold with a few tips. Whether preparing your home for the season, or when looking at properties under heaps of snow, there are always things to keep in mind and be aware of!

For sellers, it would appear as though higher levels of inventory will continue to be the trend in the forseeable future. The expected increase in interest rates will ultimately leave fewer people with the buying power they have under our current favorable rates.

 This would suggest that while we are in a buyers’ market, the consequent rise in interest rates will force certain buyers to reassess how much can be borrowed and which opportunities to pursue.

 The good news is for those who are already locked into reasonable rates, and great news still for those who get pre-approved in the limited time available before these mortgage changes are likely put into effect.



Real Estate News

A highly noteworthy and modern piece of legislation known as The Condominium Property Amendment Act (CPAA) will officially go into affect as of January 18th, 2018. It was initially passed in December 2014, but has undergone a period of consultation (open as well to the public until November 10t of this month).

It is described as having the intended purpose of supporting “responsible self-governance of vibrant condominium communities and to protect owners of condominiums.”

The following excerpts can be found at:, as they relate to the three summarized phases of their plans.


Phase 1 focused on new protections for buyers of newly-built and conversion condominiums. Albertans were consulted in 2015 on:

  • better purchase disclosures at the point-of-sale, including occupancy date for their unit
  • realistic operating budget and estimated condo fees
  • trust money safeguards
  • cancellation rights for certain long term contracts entered into by the developer

Phase II addresses how condo boards govern themselves, including:

  • insurance requirements
  • voting procedures
  • reserve fund plans

Phase III will establish a condominium dispute tribunal that is intended to be an affordable and efficient forum to resolve condo disputes between condo boards, owners, occupants, and other interested parties. Once available, it will provide a lower-cost alternative to the courts for condo owners.

More detailed information can also be found at: This is a must read for those who own, or seek to own a condominium unit(s). It is an empowering piece of legislation which will only aid and protect the best interests of condo owners and their associated partners/stakeholders.


 / Most purchase contracts have conditions, and contracts fall through when buyers do not meet and waive conditions by the agreed upon condition date. Regardless of the type of condition (financing, property inspection, buyer’s existing home sale, etc.), if the buyer doesn’t waive the condition, the deal is finished.

But what happens when both parties want to still reach a deal, and they agree to extend the condition date AFTER it expired? You can adjust the dates on the existing contract, as long as both parties agree, right?

Wrong. When a condition expiry date passes, the contract is null and void. You cannot amend a contract that no longer exists.

What to do if the deadline passes

When a condition removal deadline passes without satisfying or waiving the condition, neither party is bound to continue with the deal.

If both parties want to continue, you must draft a new purchase contract for the sellers to accept.

It may be tempting to simply amend a contract to a point where both sides are happy, but legally the contract is void as soon as the condition date passes. If you proceed with such a contract, you and your clients may run into legal trouble in the future if there are any issues with the purchase.

In the event a conditional removal date passes and buyers did not waive their conditions, it is a best practice to have your clients sign a mutual release. This can help reduce the potential for any misunderstandings in the event one party believed they had an ongoing agreement.

When can I amend contracts?

If your client needs or wants to extend a conditional removal deadline, they can amend the existing offer to purchase if they and the seller agree to an extension in writing, and if the agreement to amend occurs before the deadline.

Real estate professionals need to make sure their clients understand the consequences of these deadlines before they pass. If a client doesn’t think they will meet a condition by the expiry date, they should let you know as soon as possible so you can discuss amending the purchase contract before it’s too late. Have these important conversations with your clients.

It is your responsibility as a real estate professional to give timely advice and take timely action. Make sure your clients understand the consequences of condition expiry dates, and the need to write a new purchase contract if they wish to continue negotiating after an expiry date.




Faye Afshar, CFP- SENIOR EXECUTIVE FINANCIAL CONSULTANT INVESTORS GROUP FINANCIAL SERVICES INC., I.G. INSURANCE SERVICES INC. B.A., CFP, RRC Future interest rate hikes are inevitable and mean certain people will not qualify for as big of a house as they previously sought to buy. Nevertheless, the new federal "stress test" will provide safeguards to help mortgage holders weather the changes. Under the measures introduced last October, a borrower had to be approved against a rate of 4.64 per cent for a five-year loan. This was the case even though many lenders are offering much lower rates. As of now, that rate is now 4.84 per cent. Should you even be thinking of buying a house, please do not wait until it is too late. You may at least get your qualification in place to secure the current rates. You have 3 months to decide after if buying is the right move for you or not. Please contact me at 780-953-0723

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