The costs associated with selling a home

Deciding to sell your home is a big decision, so it's always good to remind yourself of what that decision entails, including the associated costs you might incur. Many real estate industry groups have resources available to the public on the home-selling process, such as the Real Estate Council of Alberta's Home Seller's Guide. However, most resources don't specify selling costs, in part because they can vary greatly depending on the individual property and circumstances of the sale. To provide a frame of reference, here is a summary of costs associated with selling a typical $500,000 home in Calgary:

RECA recognized for education, communication

The Real Estate Council of Alberta (RECA) was recently recognized for its educational and communications efforts with two awards from the Association of Real Estate License Law Officials (ARELLO).

RECA, a non-government agency responsible for governing the industry under Alberta's Real Estate Act, won an education award for its pre-licensing education course, the Practice of Rural Real Estate, and a communications award for the 2016 edition of the Advertising Guidelines.

The awards were presented at ARELLO's annual conference in late September in Vancouver.

Former CREB® president Kevin Clark recalls robust activity in 2006 created new set of challenges

To an outsider today, 2006 was an enviable year for real estate in Calgary. Nine to 10 offers on a house was commonplace, sales activity hit an all-time high with 26,975 transactions and prices skyrocketed year over year by more than 40 per cent to $336,408.

But for Kevin Clark, who was CREB® president that year, he doesn't long for those days.

Clark describes the market in 2006 as volatile. He recalls Calgary's housing industry that year as one overrun with inventory fluctuations that came with their own set of challenges.

Buyers, sellers encouraged to do their research before picking a real estate professional

Purchasing a home will be one of the biggest financial decisions most of us will ever make in our lifetimes. Getting it right can mean the difference between moving into your dream home and living in a house of horrors.

Whether a first-time buyer/seller or not, the first step is to find the right real estate professional or service to help you on your journey to homeownership, said CREB® president Cliff Stevenson. A good place to start is through referral.

"If there was an analysis done on the largest referral source, it's probably from people you know and come across. It's word-of-mouth referral," said Stevenson, adding online searches are also important tools for buyers and sellers when looking for a real estate professional or service. "But they're looking for some type of social proof and social validation out there as well."

Former CREB® president Ron Stanners recalls local housing industry slows down slightly in 2007 after break-neck speed years prior

Over the past five decades, Calgary's real estate industry has been bare to it all – from double-digit interest rates to densification. As part of an ongoing series, CREB®Now continues to weave together an incredible narrative of how the local housing industry has evolved through the unique perspectives of CREB®'s 30 remaining past presidents.

Following two "absolutely crazy" years in Calgary's real estate market, Ron Stanners almost looked forward to the slightly slower pace when he became CREB® president in 2007.

"It was a good year, but it was not the boom of the years before," he said.

"The first half of the year had good, solid sales. Then, sales did slowdown in the latter half. That's normal, but they slowed more than normal."

RECA emphasizes top priority is consumer protection

The Real Estate Council of Alberta (RECA) is reminding real estate professionals in the province to always discuss deposit arrangements with their clients in response to one Calgary brokerage recently closing and another one winding down operations.

The provincial regulatory body also advised professionals in the province to continue showing sellers' listings, even if they are listed by a brokerage that is shutting down, and to let buyers into their listings.

RECA communications manager Natalie Scollard said the organization's primary role when a brokerage shuts down is consumer protection.

Real estate profession sees little fluctuations during market volatility

Fluctuations in Calgary's housing market over the last several years have not yet significantly impacted the number of real estate professionals practicing in the industry, say officials.

"It's interesting because in down economies we actually see some additions. Professionals in other industries who have lost their jobs often choose to come into our industry instead," said CREB® president Cliff Stevenson. "It keeps everything pretty well balanced. We don't see tremendous fluctuations year over year."

Last year, CREB® reported 5,253 members who record 18,830 sales. That's in comparison with 5,188 members and 25,543 MLS® sales in 2014.

This year, CREB® is reporting 5,277 members so far, and forecasting 18,416 sales by year's end.

Homebuyers still cautious in signing mandatory agreements

Get it in writing – that's now the industry standard governing the relationship between buyers and their real estate professionals.

Yet while buyer's agreements have been a regulatory requirement since July 1, 2015, many buyers are still taken aback when presented with what are considered to be legally binding contracts, and often reluctant to sign even though these agreements are beneficial for consumers and the industry alike, said Charles Stevenson, director of professional standards at the Real Estate Council of Alberta (RECA).

Experts warn Alberta a hot spot for land-title fraud

Calgary homeowners are being warned to protect themselves from land title fraudsters who are targeting active real estate markets across the country.

"Ontario, B.C. and Alberta are the hot spots for fraud in Canada," said Marie Taylor, director and national underwriter for title insurance company First Canadian Title.

Land title fraud, also known as fraud for title, happens when a person's identity is stolen and used to create fake documents and identification – which are, in turn, used to take out a mortgage loan on the victim's home.

When the bank approves the mortgage application, the fraudster will take the money and run, leaving the victim with another large debt on his or her home.