The Real Estate Council of Alberta (RECA) has approved a new Residential Measurement Standard (RMS) in Alberta. All real estate professionals must use the RMS when measuring residential property in Alberta.
The standard “gives consumers and real estate professionals accurate and consistent property measurements,” says council chair Krista Bolton. “Consumers can be confident in the measurements stated within residential real estate listings, and they can use those measurements to compare different properties to determine if they suit their needs.”
The RMS is the result of RECA’s extensive consultation with stakeholders, including real estate and appraisal professionals, industry associations and property measurement companies.
“The establishment of the Residential Measurement Standard puts in place a consistent method of measuring properties, and benefits any person or organization who relies on the accuracy of property size such as real estate appraisers, mortgage brokers, financial institutions and mortgage insurers,” says Bolton.
When advertising a residential property’s size, Alberta real estate professionals must communicate that size according to the RMS. They can also communicate additional information beyond the RMS, as long as they disclose what the additional measurement is, and how they arrived at it.
RECA is the first Canadian real estate regulator to introduce a residential measurement standard for real estate professionals.
