Fort McMurrays Real Estate Blog

Condominiums are a great alternative to home ownership. If you're looking to buy your first home, or want to downsize, chances you are considering buying a condominium. There are a few things that you should know first before signing on the dotted line.

It's often said that buying a condominium is buying a lifestyle. What does that mean?

Condominium living is different from owning or renting a detached house because condominiums have a dual nature. Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium (or Strata Property as known in BC).

There are many advantages to condominium ownership. It may be less expensive than other types of home ownership. It can provide an "instant" sense of community. While someone else is shovelling the snow, you could be enjoying a swim in the shared warm water swimming pool.

However, condominiums are not everyone's cup of tea. Condominium corporations (or Strata Corporation) may set restrictions on things such as owning pets or having an outdoor barbeque.

How is the condominium managed?
A Board of Directors (or Strata Councils), elected by the owners, manages the condominium association (or Strata corporation). Major  decisions are voted on at owners' general meetings.  Participation in community decision-making is a benefit of condominium living.

Conditions and Restrictions
Condominiums are governed by a set of rules called Covenants, which are enforced by the condominium association. Condominium Conditions and Restrictions (CC&Rs) vary from one development to another. The CC&Rs may impose restrictions on noise levels, renovation projects, pet ownership and renting.

As a potential condominium owner, you should be comfortable living within the rules and restrictions of the condominium association and living in close proximity to others.

Condo Fees (or Strata Fees)
The condo or owners association budgets and determines the fees for all units, usually based on the size of each unit, the number of units occupied and the projected expenses for maintenance and repair.

Every condo owner pays fees to help maintain the building, pay the salaries of concierges, handymen or groundskeepers, and provide facilities such as a pool, gym or gardens. The fees are paid monthly and are subject to change.

Special assessments could be made when an unexpected repair or planned modification exceeds the cost of the condo fees collected.

Questions to ask!
It's absolutely critical that you read and understand the documents given to you when you are purchasing a condo. The association is required to give you all documents affecting the use of your property. These documents will tell you absolutely everything you need to know, what you can do and what you cannot do. If you don't have a clear understanding of the information provided in the documents, ask for clarification so that you know what you are getting into.

Request copies of minutes from the past two years from the Board of Directors' meetings. If there are any major problems with the condominium association, this is where you'll find it. The association is required to have regular meetings and make the minutes available. Be absolutely sure to do this so that you are aware of any major problems with the bureaucracy of the condominium association that would make living in the condo undesirable.

Ask owners for comments or complaints about the association's (or council's)  activities and reputation.  Find out if there any plans to add to the facilities, such as a swimming pool or gym? Such projects can mean a rise in fees. The minutes of the condo association meetings should reveal any such plans.

Be aware of the marketing hype

If you are thinking of buying a pre-construction condominium unit, be aware of the marketing hype, and bear in mind you are buying a "Fish in the Water". You may be surprised to learn that the beautiful rooms you saw in the model suites are not necessarily like the ones you'll live in once your building is complete.

The den on your floor plans may become a walk-in closet by the time you move in. And the fantastic view you see in the building model, may soon get distracted by the following phases of the project. Your dream condo may turn out to be "Dog Suite" and you may not get what you paid for. Click here to watch a recent CBC report on new Condos Market

On the other hand, if you get a "Prime Suite", you could make a few thousand dollars in profit by the time you receive your condo keys.

Your real estate agent can help you avoid the pre-construction sale pitfalls and help you make the right decision.

P.S In the province of British Columbia, Condominiums are called Strata Property and are governed by the Strata Property Act of BC, they are managed by Strata Corporation which is elected by Strata Council.

New federal laws and regulations designed to prevent money laundering and anti-terrorist financing went into effect June 23, 2008. Realtors must obtain proof of identity from all parties in any real estate transaction, even if one of the parties is not represented by a real estate agent. Realtors must also track the source of funds received during the course of a real estate transaction, such as the deposit. If the client is a corporation, corporate documentation and the names of the corporation directors must be provided and the corporation must disclose if a third party is involved in the transaction.

"Real estate agents have had legal obligations under the federal government's push to prevent criminal activity and terrorism since 2001, when Canada's first comprehensive laws to combat money laundering and terrorist financing were introduced," says RAHB President, Ann Cosens. "Real estate agents were required to report only suspicious transactions or transactions involving more than $10,000 in cash."

These new regulations are part of federal legislation (Bill C-25) passed in 2007 that requires a number of industries, including real estate, to do more to help stop money laundering and terrorist financing. The regulations are enforced by the federal agency known as the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC.

As part of the new rules, Realtors are required to keep all identification and the receipt of funds report on file for at least five years and provide it to FINTRAC. Realtors are also required to complete a report on the receipt of all funds received during a real estate transaction.

Also, under the new FINTRAC regulations, real estate agents dealing with clients they never meet must also verify identification. The broker office involved can do this with a service agreement with an agent or mandatary in the area where the client is located. The agent or mandatary must then meet the client, verify the identification of the client, and provide the information to the broker office handling the real estate transaction.

To comply with the new regulation, real estate agents will need to get more acquainted with their clients.

A compost bin can be a perfect addition to your organic garden and making a bin doesn't have to be expensive. There are many excellent reasons to use a compost bin. Composting is a great way to give back to the environment. Compost is a wonderful addition to the soil of your existing garden and helps to replenish the soil when rotating crops. The most important reason to compost is to reduce your garbage- which will cut down on your greenhouse gas emissions.

If you are a do-it-yourself (DIY) person, you can convert an old garbage bin into a compost bin. The garbage bin must be dark and have locking handles-the sturdier the bin, the better. Using a drill, puncture holes all over the garbage bin and make sure the holes are large and completely cover the sides of the bin. You can also find more creative compost bin plans at www.rrfb.com/pages/compost/Complan.html.

You can also purchase a compost bin and there are several different types available at hardware or home-renovation stores. Most common are large rectangular shaped bins made of black plastic, which are also sold by local municipalities at a discounted price-usually about $25 each.

Place your compost bin on higher ground in your yard. If it's in a low area, water will pool and make your compost too wet. Try to place the bin in an area that is sunny or partly sunny to avoid attracting slugs.

Four ingredients are needed for a good compost:

1. Browns - are carbon rich and include paper, dried twigs, fall leaves, straw, sawdust, shredded newspaper or wood chips.
2. Greens - are nitrogen rich and include freshly cut grass, pruned plants, used coffee grounds, tea leaves or vegetables and peelings.
3. Air.
4. Water.

Do not add meat, oil or dairy products to you compost as they can attract rodents.

Start using your compost bin by collecting your kitchen waste in a small container. Whenever your kitchen container gets full, take it to your compost bin, and dump it in. Add some "browns" and "greens". Aim for a 1/3 "greens" to 2/3 "browns" ratio in the compost bin. For the browns, you can collect dry leaves in the fall and keep them in a container near your compost bin. You can also use straw, dead plants and sawdust.

Don't worry too much about your mixture percentage. Beneficial critters such as earthworms, grub worms, friendly bacteria and fungi will find their way into the compost bin and the compost will break down over time. If your percentages are off, it will just take a bit longer to break down. Don't worry about the smell either. Yes, at certain times of the cycle, the bin will give off a slight odour, but it is much less than you would expect. If the bin is too smelly, chances are you have too many "greens" or not enough "browns".

Keep your compost moist, but not soaking wet, and turn it occasionally. If your composter is a drum, you just turn the handle. If it's a bin or a pile, use a shovel and turn over the compost manually. Over time, by some miracle of nature, you will have roughly the right ratio of nitrogen to carbon, and you'll have great compost.

Depending on your mixture percentage and the outside temperature, you will have a fresh batch of compost in about 1-3 months. Once your bin is full, don't add anything else until you are ready to start again. You will know that your compost is complete when the contents of the bin are a dark brownish black and will look like an expensive bag of soil sold at garden centres. Now, simply apply the compost to your garden and enjoy the impressive results!

Composting naturally recycles nutrients back into the soil and boosts healthy plant growth. It helps sandy soil retain nutrients and water. Composting reduces our use of chemical fertilizers and keeps our local waterways clean. Composting may also significantly reduce the amount of harmful greenhouse gases that are known to be a contributor to global warming. Do your part on saving mother earth and start your compost bin today.