AREA Advocacy continues to be involved in critical discussions with the provincial government, representing you and your clients on issues of importance to the real estate industry.
It has been a good week for Alberta REALTORS® with two major successes!
- The continued prevention of a provincial land transfer tax; and
- Improved condo regulations to support the protection of your clients.
No Land Transfer Tax in the Provincial Budget
In a letter to AREA advocacy staff this week, Minister of Service Alberta Stephanie McLean confirmed government is not considering any legislation to implement a land transfer tax in the province. This was confirmed today in the provincial budget, and represents a decision maintaining housing affordability in the province.
AREA continues to advocate against the provincial government granting municipalities the authority to implement land transfer tax through amendments to the Municipal Government Act or the city charter process.
In addition to the continued prevention of a land transfer tax, AREA was pleased to see the budget include a small business tax cut from 3% to 2%, which will be a benefit to those who are incorporated.
Greater Consumer Protection Re: Occupancy Delays in New Condominiums
In response to AREA Advocacy efforts, Service Alberta confirmed this week that two clauses related to the availability of labour and materials were eliminated from the list of legitimate causes for final occupancy delays in the Condominium Property Act Regulations.
AREA noted these clauses pose a risk for consumers, offering developers an easy out from the contract and the ability to transfer blame, with little recourse available for purchasers to contest or prove otherwise.
Clearer regulations around the sale of new condominiums will allow REALTORS® representing buyers to provide clients with more accurate advice related to occupancy and to monitor developers’ adherence to schedules.