New Alberta New Home Buyer Protection Act Is Now In Effect
You know what folks, I know I’ve said this before but we are very lucky to be living in Alberta right now. Even more so to be living in The City of Edmonton. Our economy is strong, our city is full of opportunities, and our housing market is booming. Best of all, we have a government that recognizes our attractive housing market and has put legislations in effect to protect consumers.I’m talking about the Alberta New Home Buyer Protection Act— an act that has been in the works for a while now and has finally taken effect last month (February 2014).
So here’s how it works…first of all, it’s mandatory. That means every single builder operating in the province is required to provide warranty coverage on every Alberta home they construct. Home builders also have to pay to register each of their properties into the online public registry of homes. This registry is managed by the Alberta Government’s department of New Home Buyer Protection and available to future buyers. Basically, you’re just a click away from checking the warranty status on newer Alberta properties! Now get this, the warranty purchased by builders must be between $1,700 and $2,000 on an average home before they are even eligible for a building permit! How great is that?
If you’re still not impressed with the Alberta New Home Buyer Protection Act, consider the following…before this act came into effect, the coverage for new homes was 1 year and 5 years. Now its 1 year, 2 years, 5 years, and 10 years! For more information on the breakdown of each type of warranty, read this blog.
As an existing or future Edmonton homeowner, your role is to learn as much about the process as possible. Educate yourself by researching the builders you are working with, their history, as well as the process if you ever need to file a claim.
Thankfully, when you select Team Paranych to help you with your Edmonton home buying process, we are committed to you every step of the way. We gladly serve as your ambassador and representative when dealing with builders. We also provide you with information on the Alberta New Home Buyer Protection Act and your role during the process.
Contact us and request a complimentary Edmonton Home Buyers Consultation. This consultation will give us an opportunity to listen to your needs, your wants, and your lifestyle. We then help you work with a builder to construct a beautiful new home— or find you a property that’s in move-in ready condition!
Give us a call today and start packing.
For more information feel free to visit the Alberta Government website.