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Edmonton 0% Down Home Buying Program

Keylo — Mon, 22 Sep 2025 19:45:50 +0000

The Complete Guide to Buying a Home in Edmonton With 0% Down

By Ryan Mracek — Realtor & Broker, Keylo.ca · Founder, BuyMyHomie.com

Edmonton rents jumped ~17% in 2024. If you’re renting a 2-bedroom, you might be paying $1,500–$1,800/mo.
For a similar monthly budget, you could own a condo — even if you don’t have a 5% down payment saved.
This guide explains how our 0% Down Program works, the real catches, and a live local example.

How the 0% Down Program Works (plain English)

Short version: we provide the down payment. You own the home from day one. The down payment is converted into an option recorded on title so we share market upside — you keep all the monthly equity you build.

We provide up to 5% down at closing.
Your name goes on title — you’re the homeowner from day one.
We hold an option to capture a share of future upside instead of a conventional payback.
Your mortgage payments build equity, just like any other owner.

This is not rent-to-own. It’s not a predatory flex-down scheme. You’re the owner. We just structure the down payment differently so you can buy now instead of saving for years.

See what you can afford in 3 seconds (just input your rent in our affordability calculator) →

Real Edmonton homes — not rent-to-own composites

Two claim-safe examples under Keylo’s 0% down program framing: a York multi-level listing at $219,999, and the original downtown condo at $195K. Eligibility and monthly carry depend on qualification — run the calculator before you assume numbers.

York multi-level $219,999 · 3 bd Downtown condo $195K · 2 bd

209 Village On The Green NW — $219,999 · MLS® E4498143 · York (near Londonderry Mall)
View live photos & 3D tour on BuyMyHomie →

Featured · Townhouse-style

Case Study — A Real $219,999 Multi-Level Home

209 Village On The Green NW, Edmonton, AB
3 bed / 1 bath — MLS® E4498143 — York (near Londonderry Mall)

This is a real active listing, not a composite. Multi-level, townhouse-style living: rooms upstairs, bonus space below, green space behind the home, and two underground parking stalls. Some listing photos may be virtually staged — always check the live BuyMyHomie page for current photos and price.

Meet Alex (illustrative)

Alex rents a 3-bedroom place in Edmonton and has little saved for a down payment. They’re tired of rent climbing and want to know if owning could work — without a rent-to-own scheme.

For qualified buyers, Keylo’s 0% down program supplies the 5% down so you can go on title and build equity. Eligibility depends on income, credit, lender, and the property — we do not claim this specific home works for every buyer until you’re qualified.

Rent vs. own (illustrative — run your numbers)

Asking rent ≠ achieved rent. City-wide Edmonton panel — not York-specific. Not an offer to rent this home. Buy column uses calculator-only until founder approves payment math.

Renting (illustrative)	Owning with 0% down (qualified buyers)
Damage deposit (typical): ~1 month rent	Down payment at closing: $0 — program supplies 5% for qualified buyers
Monthly rent + insurance: $2,200–$2,475/mo City-wide asking rent, 3-bed houses (mid ~$2,300)	Monthly carry: Depends on rate, tax, insurance & fees Run calculator →
Condo / strata fee: N/A (rental)	Condo / HOA fee: See listing — amount not verified
Equity built (5 years): $0	Equity built (5 years): Builds with each payment — Run calculator →
Equity built (25 years): $0	Equity built (25 years): Depends on appreciation & paydown — Run calculator →
Rent increases: asking rents tend to rise over time	Fixed-rate mortgage: payment stable; equity grows over time

See what you could afford in 3 seconds → Open 209 listing

Example note: Real homes vary. List price, fees, and program eligibility vary. This is not a mortgage approval or an offer to lend.

Original condo example — kept for comparison

2 bed / 2 bath condo — list price $195,000

Original example · Condo

Case Study — A Real $195,000 Downtown Condo

Address: #104, 10046 110 St, Edmonton, AB

Meet Sarah (example)

Sarah rents a comparable 2-bedroom downtown for about $2,075/month (illustrative city-wide asking-rent estimate for 2-bed condos — not this unit’s rent). She has no down payment saved, and every year her rent climbs.
With the 0% Down Program she qualifies for a mortgage, we supply the 5% down, and she moves in as the owner.

Asking-rent estimate $2,025–$2,275/mo · n=30 · as of 2026-07-16 — not achieved rent.

Quick numbers (illustrative)

Renting today: $2,075 / month → $24,900 / year (gone and rents increase each year).
Buying with 0% down: ~$1,336 / month — similar or slightly less monthly cost (landlords need a profit margin)
After 5 years: Sarah has roughly $25k–$30k in equity instead of throwing money away on rent.

Run your rent on the calculator →

Example note: We select real homes to show that each home is unique. In this case, the condo price is lower, but the fees are higher. There is no landlord profit margin.

Rent Total: $2040	Buy Total: $2100 @ 4% OAC
Damage Deposit $2000	Down Payment $0000
Rent/Insurance: $2040	Mortgage/Ins/Tax/CMHC/Legal: $1336
Condo Fee: $0000	Condo Fee: $789
Equity Built 5 Years: $0000	Equity Built 5 Years: $27,279
Equity Built 25 Years: $0000	Equity Built 25 Years: $195,000
Rent Increase Per Year: 3%	Rent – Buy 25 Year Savings: $175,590

Who Qualifies (and who this isn’t for)

This program helps people who can qualify for a standard mortgage but don’t have the down payment saved. It is not a handout.
Typical requirements:

Mortgage approval with a Tier 1 or Tier 2 lender (we vet and coach you through underwriting).
Credit score normally 650+ (each file is unique — bring documentation).
Stable income (we’ve helped hourly workers, immigrants, and business owners).

Won’t work if: recent bankruptcies, no income, or zero credit history. If you don’t qualify right now, we’ll help you get there.

Check qualification now

The Catch — and why it’s fair

Instead of repaying the down payment loan directly, the structure uses an option recorded on title.
If prices rise, the buy-back cost includes the original loan + appreciation (example: original 5% + 5% appreciation = ~10%).
If prices fall, you don’t owe us extra — the downside is on our side.

You can buy back part or all of the option once a year at market value, and you keep all value from any renovations you make. The only real trade-off is sharing upside, which is upside you didn’t have as a renter.

Rent vs Buy — Edmonton (2025 snapshot)

Renting a Home: ~$2,500+
Value of that rental: $450,000
Monthly payment difference: often only a small gap, depending on condo fees, taxes, and current mortgage rates

Just 4 steps to calculate what you can afford and look at homes: BuyMyHomie affordability calculator.

Edmonton, St. Albert, Sherwood Park. Any neighbourhood where these deals make sense.

Why this is NOT rent-to-own

Most rent-to-own setups profit when buyers fail. They often never let the tenant truly own the home, and I honestly hate them. This program was born out of H.O.M.E Home Ownership Mentoring Experts, a not-for-profit in real estate. We realized that a for-profit model can help people actually buy a home today! With this program:

You are on title from the start.
Your monthly payments build equity.
If you sell, you keep your share; if you move, you keep your built equity.

Quick Video: How 0% Down Works

More Guides:

- Is Rent To Own A Scam?

FAQ — quick answers

Is 0% down really legal in Canada?

Yes — in our structure, the down payment is provided and converted into an option. This is compliant with lender & provincial rules when done correctly.

Can I renovate the house?

Yes. You own the home. Normal renovations are fine — you keep the value from improvements you make above maintenance.

What if the market drops?

You don’t owe us additional money. The downside risk is on our side.

Can I refinance or take a HELOC?

Not while the option is in place — the option is recorded on title. If you buy it out, you can refinance normally.

Do I need to pay off the down payment?

If you are living in the home, you don’t have to pay off the option. If you move, sell, or die, then yes, the option needs to be purchased from the proceeds of the sale.

Can I buy it back?

Yes, once a year, you can buy some or all of it back at the current market rate. We suggest you use the First Time Homebuyers Savings Account and use the first year tax savings to buy back a portion of the first year.

Can I use this for investment properties or a second home?

No, at this time the program only works with 5% down payments where it’s your primary residence and you actively live in the home. In the future we will expand to uninsured or investment properties.

Ready to see if you qualify?

I’m a local Edmonton realtor and broker — I’ll help you whether you use the program or not. If you need the backstop.
This program removes the biggest barrier: the down payment.

See what you can afford in 3 seconds (just input your rent in our affordability calculator) →

Disclosure: The program requires mortgage approval. Terms, eligibility, and costs vary. All numbers in this guide are illustrative — contact us for a personal assessment. Keylo.ca is a real estate brokerage and does not supply the funds (we help buy or sell).

The post Edmonton 0% Down Home Buying Program appeared first on Keylo.ca.

Buying-and-Renovating

Keylo — Thu, 01 May 2025 07:06:47 +0000

How To Renovate It Yourself or Hire It Out When Buying?

Buying a home that needs work can be a smart move—or a stressful misstep—depending on how well you plan. Whether you’re a hands-on fixer or want the place done right before moving in, the key question is:

Should you take on the renovation yourself, or hire it out to the pros?

Ryan’s Renovation Matrix

This decision matrix helps you quickly see how hands-on you should be based on skills, goals, and budget.

Renovation Size	Skill Level	Recommended Approach
2% of Purchase Price	Beginner	DIY (paint, flooring, minor updates)
5% of Purchase Price	Some Experience	DIY with trade support
10% or More	Advanced / Contractor	Hire out or treat as a flip

Rule of thumb: Renovations over 10% of purchase price are like flipping a home—for yourself. Plan accordingly.

Scenario 1: Renovate Before You Move In

Do all the work while the home is empty, then move in—cleaner and faster if planned well.

Checklist

Talk to your mortgage broker before you shop.
Confirm purchase-plus-improvement or construction loan options.
Ensure you meet the 5% downpayment and LTV requirements.
Request detailed contractor quotes during the conditional period.
Verify contractor start date aligns with closing.
Allow 15–25% contingency in your budget.
Set a realistic move-in target with 1–2 months buffer.
Make major layout and finish selections early.

Scenario 2: Renovate After You Move In

Live in the home and renovate in stages—more flexible but slower and messier.

Checklist

Discuss renovation plans with your broker before closing.
Plan for a renovation mortgage or HELOC post-equity build.
Prioritize rooms and schedule work in phases.
Obtain multiple detailed contractor quotes.
Prepare for dust, noise, and limited space.
Decide on DIY vs pro tasks per phase.
Agree on payment draws and lien waiver schedule.
Reevaluate scope and budget after each phase.

Deep Dive: Questions to Ask

Questions for Your Mortgage Broker

Can I use a Purchase Plus Improvements mortgage? What’s the maximum LTV?
Is a staged draw construction loan better for my scope?
How are draws released, and are any holdbacks required per provincial lien laws?
What downpayment do I need, and what timelines apply (e.g., 90–120 days to complete)?
What documentation (quotes, permits, plans) must be submitted before closing?
How do I get holdback funds released after final inspection or appraisal?
Are there provincial rebates or warranty requirements for my renovation type?

Questions for Your Contractor

Do you carry full licensing, insurance, and WSIB coverage? Can I see certificates?
What’s your availability, and can you meet my conditional-period quote deadline?
Can you provide a detailed, itemized quote and contract with milestone draws?
Will you manage permits, inspections, and code compliance?
What payment schedule and lien waiver process do you require?
Can you share references and examples of similar completed projects?
How will you handle dust control, daily cleanup, and living arrangements?
What warranty and after-service support do you offer upon completion?

Note: Specific requirements can vary by province, especially for permits and lien holdbacks. Always double-check local building codes and financing rules in your area.

Detailed Timeline & Cost Summary

Below is a quick-reference matrix for 20 common renovation types in Edmonton, AB. See the detailed descriptions that follow for more context.

Project	Timeline	Cost (Contractor)	Cost (DIY)	Permits?	Estimated ROI
Kitchen Remodel	2–24 weeks	$15K–$45K	$10.5K–$42.5K	Yes (layout/plumbing)	50–80%
Bathroom Upgrade	4–8 weeks	$8K–$20K	$1K–$5K	Yes	70%
Basement Dev.	2–12+ weeks	$35–$150+/ft²	20–30% savings	Yes	70%
Interior/Exterior Paint	1–14 days	$2K–$6K	$100–$300	No	60%+
Flooring	1–14 days	$2–$15/ft²	30–50% savings	No	70%+
Roof Replacement	1–2 weeks	$7K–$12K	Materials only	No	70%
HVAC Update	1–3 days	$6K–$12K	N/A	Yes	50%+
Window & Door	1–5 days	$500–$2500/window	$400–$1500/window	No	75–80%
Siding	1–2 weeks	$5K–$15K+	Modest DIY	No	70–80%
Insulation	1–3 days	$1K–$3K	$200–$500	No	70–90%
Deck (Open)	1–2 weeks	$3K–$12K	$1K–$6K	Usually	50–70%
Deck (Enclosed)	3–6 weeks	$10K–$30K	N/A	Yes	50–60%
Landscaping	Days–weeks	$1K–$20K+	$500–$5K	No	100%+
Fencing	3–7 days	$20–$50/ft	$10–$25/ft	No	50–60%
Detached Garage	4–8 weeks	$20K–$60K	N/A	Yes	60–80%
Garage Suite	3–6 months	$50K–$100K+	N/A	Yes	70–100%
Home Extension	3–6+ months	$150–$300/ft²	N/A	Yes	50–70%
Driveway/Pad	1–2 weeks	$2.5K–$10K	N/A	Development	50–70%
Plumbing Update	1 day–1 week	$200–$10K	N/A	Yes	N/A
Electrical Panel	1 day	$1.5K–$3K	N/A	Yes	N/A
Energy Retrofits	Days–weeks	Varies	Varies	Yes*	70–90%+

Critical Path Timeline Overview

Every renovation project follows a critical path—key milestones that must happen in sequence to stay on schedule. Below is the high-level flow for an Edmonton home renovation:

Home Search & Offer: Identify properties and submit offers. Track acceptance date (Day 0).
Inspections & Financing Conditional Period (Days 1–14): Conduct home and contractor inspections simultaneously; gather initial quotes. Secure renovation financing approval from your mortgage broker.
Waive Conditions & Close (Days 14–60): Finalize financing, remove conditions, and set possession date (typically 30–60 days post-offer).
Detailed Planning & Permits (Days 0–14 Post-Possession): Finalize designs and budgets immediately after possession. Submit permit applications—Edmonton issues simple permits in ~1–2 weeks.
Order Long-Lead Items (Weeks 1–6): Place orders for custom cabinetry, windows, appliances—these often take 2–6 weeks to arrive.
Demolition & Rough-In (Weeks 2–6): Remove old materials, then complete rough framing, plumbing, electrical, and HVAC. Schedule mid-project inspections.
Finish Work (Weeks 6–12): Install drywall, flooring, fixtures, trim, and final finishes. Precision work happens here—painting, tiling, cabinetry installation.
Final Inspections & Punch List (Weeks 12–14): Arrange city inspections to close permits. Contractor addresses any minor fixes.
Move-In & Follow-Up (Week 14+): Return furniture and décor. Conduct a warranty check at 30 and 90 days post-completion to ensure everything settles well.

Project Details & Tips

Kitchen Remodel

Full gut renovations can take 12–24 weeks from permit to finish; minor refreshes (cabinets/counters) often wrap in 2–6 weeks. Permits apply whenever you move walls, run new plumbing, or alter electrical. DIY saves 15–30% on labor but requires skill and time. Examples:

Refreshing cabinets with paint and hardware (no permit) in 3–4 weeks costs ~$12K (contractor) vs. ~$4K (materials DIY).
Reconfiguring layout—moving sink and installing an island—requires plumbing and electrical permits, ~16 weeks, \$30K–\$45K.
Adding built-in pantry and quartz surfaces: 10–14 weeks, \$20K–\$35K (contractor), yields ~75% ROI.

Bathroom Upgrade

Mid-range baths (~\$13.5K average) finish in 4–8 weeks. Full plumbing relocation mandates permits. Examples:

Swapping fixtures and retile shower (no layout change) in 2–3 weeks: \$8K (contractor) vs. \$2K (DIY plumbing/tiling).
Adding a soaker tub and double vanity—requires plumbing permit—6–8 weeks, \$18K–\$22K.
Installing heated tile flooring and custom cabinetry: 8–10 weeks, \$20K–\$28K, ~65% ROI on sale.

Basement Development

Finishing a basement adds valuable living space and often requires egress windows and permits. Typical scope for a 1,000 ft² area:

Basic refresh (paint, flooring, lighting) in 2–4 weeks: \$35–\$60/ft² contractor vs. 20–30% savings DIY.
Adding a 3-piece bathroom and wet bar (permits required) in 6–10 weeks: \$60–\$90/ft², ~70% ROI.
Legal suite conversion (separate entrance, full kitchen) over 12 weeks: \$90–\$150+/ft², rental income potential.

Flooring

Updating floors modernizes a home and can often be done room-by-room. Key examples:

Installing engineered hardwood in main living areas (500 ft²) in 1 week: \$8–\$12/ft² installed vs. \$4–\$6/ft² DIY materials.
Luxury vinyl plank in high-traffic zones in 3–5 days: \$3–\$5/ft² installed; DIY saves ~40% on materials.
Heated ceramic tile in bathrooms/kitchen (150 ft²) in 1–2 weeks: \$10–\$18/ft², elevates comfort and resale appeal.

Window & Door Replacement

New windows and doors improve energy efficiency and curb appeal. Examples:

Vinyl window swap (10 windows) in 3–5 days: \$500–\$2500 each installed vs. \$300–\$1500 DIY.
Front entry door upgrade to insulated fiberglass in 2 days: \$1,500–\$2,500 installed, boosts security and style.
Sliding glass patio door replacement in 1 day: \$2,500–\$4,000 installed, enhances natural light and flow.

Siding Replacement

Refreshing exterior siding revitalizes a home’s look and protection. Typical jobs:

Vinyl to vinyl re-siding (1,500 ft²) in 1–2 weeks: \$5–\$8/ft² installed; minimal permit requirements.
Upgrading to fiber cement board in 2 weeks: \$8–\$12/ft², higher durability and aesthetic value.
Accent stone or brick veneer application (200 ft²) in 1 week: \$15–\$25/ft², focal detail on façade.

Insulation Upgrades

Improving insulation increases comfort and reduces bills. Key examples:

Attic insulation top-up (1,200 ft²) in 1–2 days: \$1,200–\$2,500 installed vs. \$300–\$600 DIY batts.
Spray foam wall insulation in 2–4 days: \$3–\$5/ft², seals drafts and maximizes thermal performance.
Basement rim joist insulation in 1 week: \$2,000–\$4,000 installed, eliminates cold spots and moisture issues.

Open Deck Construction

A backyard deck extends living areas outdoors and typically follows these scenarios:

Pressure-treated wood deck (200 ft²) in 1 week: \$30–\$45/ft² installed vs. \$15–\$25/ft² DIY materials.
Composite decking option in 1–2 weeks: \$45–\$60/ft², low maintenance, ~60% ROI.
Custom built-in seating and planters add \$1,500–\$3,000 in 3–4 days to project cost, enhances functionality.

Detached Garage Build

Building a garage adds storage and parking. Phases include foundation, framing, and finish:

Single-car garage (12×20 ft) in 4–6 weeks: \$20K–\$30K, basic shell only; permit and site prep add \$2K–\$5K.
Two-car garage (24×24 ft) in 6–8 weeks: \$35K–\$60K, includes insulation and basic electrical.
Insulated & heated garage option adds \$5K–\$10K and 1–2 weeks, improves usability year-round.

Looking for buying and renovating edmonton? Browse our Edmonton home buyers hub or try the free affordability calculator.

The post Buying-and-Renovating appeared first on Keylo.ca.

Rent To Own

Keylo — Tue, 30 Jan 2024 03:54:52 +0000

Rent To Own: Scam or Real?

Rent-to-own is a type of agreement that allows a potential buyer to rent a property for a certain period of time, with the option to purchase it at the end of the term. While this may sound like a convenient way to achieve homeownership, it is often fraught with risks and pitfalls that can cost you a lot of money and frustration. Here are some reasons why rent-to-own takes advantage of you and how to avoid falling for it.

Reason 1: You pay more than the market value

One of the biggest drawbacks of rent-to-own is that you end up paying more than the market value of the property. This is because the rent-to-own contract usually includes a higher monthly rent, a nonrefundable option fee, and a premium price for the home. The monthly rent is typically 10% to 15% above the market rate, and a portion of it goes toward the purchase price of the home. The option fee is a lump sum that you pay upfront to secure the right to buy the home later, and it is usually 3% to 5% of the home’s value. The premium price is the agreed-upon purchase price of the home, which is often inflated to account for the appreciation of the property over time.

All these extra costs add up to a significant amount of money that you could have saved or invested elsewhere. For example, if you rent-to-own a home worth $300,000 for three years, you may end up paying $36,000 in option fees, $54,000 in rent credits, and $330,000 in purchase price, for a total of $420,000. That is $120,000 more than the original value of the home, and it does not include interest, taxes, insurance, or maintenance costs.

Reason 2: You have no ownership rights or protections

Another reason why rent-to-own is a scam is that you have no ownership rights or protections until you buy the home. This means that you are still a tenant, not a homeowner, and you are subject to the landlord’s rules and regulations. You are also responsible for paying rent on time, maintaining the property, and complying with the terms of the lease. If you fail to do any of these things, you may lose your option to buy the home and forfeit all the money you have paid toward it.

Furthermore, you have no control over what happens to the property or the landlord during the rental period. The landlord may decide to sell the home to someone else, default on the mortgage, or face foreclosure. The home may also suffer from damage, depreciation, or legal issues that affect its value or title. In any of these scenarios, you may end up losing your chance to buy the home or having to deal with a lot of hassle and uncertainty.

Reason 3: You may not qualify for a mortgage at the end of the term

The final reason why rent-to-own is a scam is that you may not qualify for a mortgage at the end of the term. Rent-to-own contracts usually last for one to three years, during which you are supposed to improve your credit score, save for a down payment, and secure a mortgage. However, this may not be as easy as it sounds, especially if you are paying a high rent and have other financial obligations. You may also face challenges in finding a lender who is willing to finance a rent-to-own deal, as some lenders may not accept the rent credits as part of the down payment or may require a higher interest rate or stricter underwriting standards.

If you are unable to get a mortgage at the end of the term, you have two options: either extend the contract or walk away from the deal. Extending the contract may mean paying more fees, rent, and purchase price, and it may not guarantee that you will qualify for a mortgage later. Walking away from the deal may mean losing all the money you have paid toward the home and having to start over from scratch.

Not sure rent-to-own is right for you? Many Edmonton renters qualify for a standard mortgage with 0% down through Keylo — you own from day one; it is not rent-to-own.

See how Edmonton 0% down works → | Run affordability calculator →

Reason 4: There is another way

Instead of having the option to buy a home in years. Simply buy the home now, usually with a smaller down payment then rent to own. It’s a special program we like to call

XRent. Learn more

How to avoid rent-to-own scams

Rent-to-own is not a scam in itself, but it is a risky and complicated way to buy a home. Therefore, you should be very careful and cautious before entering into such an agreement. Here are some tips on how to avoid rent-to-own scams and protect yourself:

Do your research. Before you sign anything, make sure you understand the terms and conditions of the contract, the market value and condition of the home, and the reputation and background of the landlord. You should also consult with a real estate agent, a lawyer, and a financial advisor to get professional advice and guidance.
Do your due diligence. Before you move in, inspect the home thoroughly, get a home appraisal and a title search, and verify the landlord’s ownership and mortgage status. You should also check the zoning, taxes, insurance, and HOA fees of the property, and make sure there are no liens, encumbrances, or legal issues that could affect the sale.
Do your homework. During the rental period, work on improving your credit score, saving for a down payment, and getting pre-approved for a mortgage. You should also keep track of your rent payments and receipts, and maintain the home in good condition. You should also monitor the market trends and the home’s value, and be prepared to negotiate or cancel the deal if necessary.

Conclusion

Rent-to-own may seem like a convenient and affordable way to achieve homeownership, but it is often a scam that can cost you a lot of money and trouble. Rent-to-own contracts usually involve paying more than the market value of the home, having no ownership rights or protections, and not qualifying for a mortgage at the end of the term. To avoid rent-to-own scams, you should do your research, due diligence, and homework at BuyMyHomie.com before and during the rental period, and seek professional help and advice. Alternatively, you may want to consider other options, such as saving for a down payment, applying for a low-down-payment mortgage, or buying a cheaper home.

The post Rent To Own appeared first on Keylo.ca.

Mortgages 101 in Alberta

Keylo — Tue, 07 Nov 2023 20:51:26 +0000

Talk to a mortgage broker now. (click on get approved)

Most Common Questions

Broker Vs Bank

Is a bank or broker better? 99% of the time a broker is better. The reason is simple. One bank = one product. A mortgage broker can access 50+ institutions. It’s like getting a personal shopper that does nothing but mortgages all day every day. Even better, it’s usually FREE (the bank pays them). A bank is trying to maximize their profits, a broker is a go between that has no financial interest in making you pay more! The 1% where a bank can be better is specific products like bridge loans, lines of credit, or construction financing if you have a great relationship already.

Paperwork

This resource page has most of the items you’ll need to prepare for a mortgage pre-approval. Resources

Credit Scores

Credit scores matter and they are mostly hidden until you need to buy something. Take back that power by learning more. What is a good score? 700 or above is a good score but don’t worry. Keylo’s not for profit has a program all about improving your score and lowering your interest rates (call and ask us). Start with the basics from the government of Canada HERE.

Pre-Qualified Vs Pre Approval Vs Approval

Let’s be honest. Pre-qualified doesn’t mean much and is based on whatever you say may be true. Consider it a ballpark of what could happen. Did you know a pre-approval doesn’t mean you can go out and buy any home? Pre-Approval means a conditional commitment. The bank will approve a home under certain conditions like an appraisal. Pre-approval can tell you what amount you qualify for and what rate but it doesn’t guarantee any home. This is why you often see a financing condition on offers to purchase a home. That condition let’s you find out if you are actually approved.

What is underwritting?

The bank wants to know how risky you are. In their eyes they want to lend money to people who will always pay them back. Underwriting is when they look at your application and decide if it’s worth it to them to approve or deny you. This also includes approving or denying the property you want to buy. The specific property matters to them because they want their money back in case you default.

If you’re here you are probably at step 1 in your financial timeline. Your timeline in BuyMyHomie.com is how Keylo guides you step by step to buy a home so read this article then check it out (it’s on the left on desktop or bottom left account/timeline on mobile). Did you know, just by reading this post you can earn points?

Mortgages 101

Canadians love real estate and hate talking about anything financial. Can you imagine being at a party and everyone at the table suddenly asked “How much do you make at your job” or “what’s your credit rating”. You’d pretty quickly avoid the topic or leave. This causes a lot of people to skip the pre-approval and start looking at homes. DON”T!!!! Trying to buy a home without a pre-approval is like trying to land a plane and get the flying lessons later. It usually leads to disaster. Buying a home takes a plan and the budget is a key to starting off looking at homes you can afford.

Don’t worry though. Talking to a mortgage broker doesn’t wreck your credit or make you vulnerable. It’s a lot like brushing your teeth. It’s not exciting but it’s necessary and it will ultimately save you money. You don’t have to be ready to buy a home today. In fact, Keylo has a whole not for profit dedicated to solving home affordability and that starts with education and fixing your credit score (ask us).

Want to know your monthly payments? Go to www.BuyMyHomie.com and see what an actual home you like costs per month (fill in the data with some guesses to start).

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What is a Comparative Market Analysis?

Keylo — Mon, 31 Oct 2022 10:00:00 +0000

You are thinking about making a bid on a house you found whilst shopping or listing your house on the market, but want to figure out the fair market value. You may have heard of a comparative market analysis before and what to do one, but have no idea where to start. We heard your questions and we are breaking it down for you here!

What is it?

A comparative Market Analysis – or CMA – is an evaluation of the market value for a specific property based on recent or historic sales, trends and values represented by homes of similar nature. This is typically used for both people looking to buy and sell a home. When you are shopping for a house it is ideal to look at home’s value to assess if you are getting bang for your buck or drastically over paying. Conversely, before you list your house, you should be appropriately evaluating the current market to price it effectively and ultimately get the most optimal sale.

Check out an example on Investopedia.com

The comparative market analysis differs from a professionally conducted appraisal in that an appraisal will set a value on the home defined by a predetermined set of criteria as opposed to a CMA that would give an objective value according to the current position of the market.

When doing a CMA, you would use the comparable criteria and make adjustments to accommodate unique features and aspects of your individual property. Perhaps you have a pool and a neighbor’s house does not or maybe a similar property recently renovated their kitchen and you have original fixtures. These things will affect the final price value consideration.

It is typically recommended that you use both a comparative market analysis and professional appraisal in tandem to efficiently price a home. Most real estate professionals will be able to assist you in finding the ultimate sweet spot to get an accurate property value.

How do you do a Comparative Market Analysis?

There are numerous online resources that will calculate a comparative market analysis using available online data such as; Honest Door, Zillow or our own online CMA tool (we are currently working on shiny new software that will make this process much more simple… but you will have to stay tuned for that).

While these online resources can give you a general idea, they are mostly just rough estimates. You will need to dive a lot deeper to get an accurate comparative market analysis, which becomes a lot easier with an experienced professional to guide you through the mountains of information. So, how do you actually calculate a comparative market analysis?

1. Look at the property

The first thing you need to do is assess the property itself to create a general outline that can be used for comparison. This will include the size of both the building and lot, construction age, number of bedrooms and bathrooms, amenities, features and any recent upgrades. You will also want to look at the community, including the proximity to shops, schools, transit, etc.

2. Comparables

Search homes that are approximately within a 5 km radius of the property to compare with. You will want to find at least 3 that are currently listed with specifications similar to what you summarized in the first step. The listing price may or may not determine the current property value depending on the housing market. In a sellers market, you can expect the prices to be inflated where a buyers market can deflate prices.

In addition, you should look at a handful of homes that have recently sold in the same area to add to your list of comparables. Houses that have sold within the last 3 month will be a more accurate depiction of their respective market value. Looking at pending and expired listings will also be valuable information to find the appropriate value in your comparative market analysis – pending houses are an insight into the current market trends and expired listings may mean that property was priced too high.

When finding houses to use in your comparative market analysis, be careful to include as many similar criteria components as possible – it goes without saying that the more similar the houses, the more relevant the data will be. If you are calculating a CMA for a townhouse, only look at other townhouses. Look at properties that have equivalent lot and floor sizes – you cannot reasonably compare a 1,500 square foot home to one that is hundreds of square feet larger. This same logic applies to rooms, age and all other specific amenities.

3. Adjust the value

No two properties are exactly the same, unless you are living in cookie cutter suburbia, which means you may need to make adjustments to the number derived from your comparables. Consider other factors that may change the market value of the property you are assessing. Elements that might increase value can include renovations, new appliances, additions, and landscaping. In comparison, elements that could decrease value may be lack thereof any of the previously listed, structural damage, undesirable curb appeal or missing amenities.

It is also necessary to access any information about the house that may be pertinent to a valuation. Pull any relevant building permits, tax information and look at the complete sold history. These may affect this individual home’s market value. The City of Edmonton website can help you locate some assessment information.

4. Determine the condition

Inspect the property thoroughly in it’s entirety to establish the overall condition. You can walk through yourself to get a general idea or get a professional opinion. Contracting a professional appraiser or a home inspector will out exactly what the current health of the home looks like and give you more comparable data to use. The information you receive from either an inspection or appraisal will be applied best when working in tandem with your comparative market analysis research to find the most appropriate current market value.

Comparative Market Analysis

Outline the approximate value of the house you are assessing by consolidating the results you collected in your research. Compile the data from all of the comparables you located and reference the rest of the information accumulated that is impactful to make a reasonable rough number. For a bit more accuracy, you can divide the cost of the comparable houses by their square footage to get a cost per square foot, which can then be translated into a formula to calculate your total amount.

Through all of this, you can appropriately determine a reasonable estimate of a homes value by conducting a comparative market analysis. With all of that said, it is always recommended that you request help and information from a professional when dealing with such a large price evaluation. An experienced agent can guide you through this process and utilize their years of knowledge and awareness of market trends to find an amount that will accommodate all of these moving parts. If you are looking for a hand, as always, we are happy to help!

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Why are Eavestroughs Important

Keylo — Thu, 29 Sep 2022 17:17:49 +0000

If you are a homeowner, you may or may not be aware of your eavestroughs. Aware is good, but what does that mean? Did you recognize the word? Do you know what it does? What about their current condition? When was the last time you cleaned them? A common question that homeowners ask is “are eavestroughs really that important?”. At Keylo, we are here to answer your real estate and home related questions, so let’s break it down.

What are Eavestroughs?

Like the name suggests, an eavestrough is a trough or narrow channel system that runs along the perimeter of your roof, commonly referred to as gutters. To break it down, eaves are the section of your roof that extends out past the walls of your home and a trough is a conduit used to transport liquid. The general function of a eavestrough is proper water drainage for your roof.

Eavestrough Anatomy

Your water drainage elements will usually be constructed out of aluminum, but are occasionally made using vinyl, wood or other metals. In tandem with the passages bordering your roof, your eavestrough system will also include:

Downspouts

These are pipes that run from your roof to the ground. These will carry the water that collects in your gutters to the ground and away from your house’s foundation.

Soffit

This is a plate that is placed underneath the outside edge of your roof’s overhang. This element adds protection, improves aesthetics and promotes proper ventilation in your attic.

Fascia

Like the soffit, the fascia is a plate that will protect your roof and foundation. The waterproof cover in between your eavestrough and soffit prevents leaking of rain, snow and debris from penetrating your houses foundation.

What Do They Do?

Your eavestroughs are an essential component in preventing property damage to your home by draining water collection from rain or snowfall off of your roof and away from your house. So, why is this so important and what could happen to your house without proper drainage.

Drain water off your Roof

Without adequate ability for drainage, excess moisture and water can seep in between your shingles or weigh down the integrity if they accumulate in certain areas. This can result in rot or mold to your roof’s structural material, fascia, soffit or shingles. Roof rotting poses a risk to your health from chemicals that the mold produces should they circulate in your air ventilation and living areas. Eventually, this rotting can weaken your roof enough to give out or cave in, which can be dangerous and very costly to repair.

Prevent water accumulation in your Yard

If you have appropriately sloped roofing that doesn’t allow for sitting water, without gutters to catch the liquid, it will fall sporadically or potentially only in one area. Not only could this pose a safety risk if large amounts of water are dropping from your roof, it can also erode or oversaturate the soil surrounding your home. This can result in damage to your grass or even structural damage to your underground walls.

In circumstances of heavy rain pour or quick changes from cold to hot weather where snow melts rapidly, the water directed off your roof and into your yard might end up flooding if the ground drainage is not equipped to handle large volumes at once. Using troughs and multiple downspouts will facilitate the direction, placement and speed of the water to prevent flooding.

Uphold Structural Integrity

In addition to damage from your roof caving in or from water eroding your home from soil oversaturation, there are other potential ways water can compromise the integrity of your home’s structure and foundation. Water that is heavily pouring off your roof or pooling in areas along your build, can leak in through windows, doors or other entry points. This pooling causes exterior materials to erode, weaken or rust. Your foundation might crack or rot, especially in extreme changes in weather conditions where water freezes and melts repetitively. Water leaking into your home also means potential rot or mold growth throughout the interior and even flooding in your basement.

Property and Possessions

What else could be at risk, right? Well, the consequences of poor drainage, oversaturation and flooding have adverse effects on other areas of your property. Soil erosion and oversaturation impact your grass, trees and garden. Plant roots can drown in water, causing them to die, causing lawn deterioration, flowers to wilt, inedible vegetable harvests, and branches to break off your tree. Furthermore, damage can occur to your deck or patio, driveway, sidewalk and property grading.

Unfavourable Outcomes

Outside of the likely damage that threatens your home from inadequate eavestrough systems (or lack thereof), you can be facing unwelcomed attacks if your drainage is out of control. Yes, attacks… Specifically, on two different fronts.

Legal – Not only can damage occur to your yard, foundation and structure, but also your neighbours. If water is collecting in your yard, the overflow can spill into bordering properties. More trouble can be caused if your lot is situated on higher elevation or if your roof overhang is in close proximity to that of your neighbor. Some individuals may take you court if this happens, and substantial property damage may translate into substantial settlements.
Critter invasion – Rotting and structural damage can allow safe passage for bugs to infest your home through gaps and cracks. Moreover, bugs (especially mosquitos) breed in stagnant water. The mosquito epidemic has consumed Edmonton in recent years, an accidental swamp can turn your backyard into a mosquito incubator and the ultimate swarm home base.

The Verdict?

Water drainage systems are one of the most fundamental safeguards you can use to protect from property damage, preserve your AQI, avoid unnecessary spending on repair and prevent unwelcome bug infestations. Maintaining your home keeps the house occupants as well as your real estate investment and checkbook safe. Whether this is your forever home that you want to be comfortable in and proud of or you are planning on selling in the future, preserving the appearance and integrity of the house will determine the longevity of your home or its ability to eventually sell.

Install your eavestroughs!

If you own a property that does not come with gutters or have old, damaged ones that are no longer working, it is paramount that you look at installing a eavestrough system as soon as possible. Considering the best system for your home will depend on your budget, your desired durability and the level of maintenance you can reasonably perform. This will determine the material, shape, longevity and efficacy of the drainage system.

Maintenance

Besides ensuring a reliable and well installed eavestrough, your water drainage will need to be properly upkept. Neglecting the cleaning and/or maintenance can become just as harmful to your house and property as not having them at all. Regular care includes cleaning and clearing obstructions. Autumn leaves or other debris could clog a channel. Heavy icicles can bend or break the material. On top of the regularly occurring servicing you conduct, yearly inspections should be performed to assess for any minor repairs that may be required.

This can mean resealing seams, adjusting sloping, tightening loosened adherents or replacing a segment. The small repairs that you encounter in an inspection can be a product of normal wear and tear, harsh weather conditions or maintenance neglect.

Are your eavestroughs important? Irrefutably, yes. Why are they important? Whether you have optimally functioning eavestroughs or not is going to be consequential in the protection or deterioration of your property. Implementing and sustaining suitable water drainage may seem like a needless hassle, an optional choice or a nonessential expense, but doing so can rescue you from the risk of catastrophic repercussions.

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10 Secrets to Selling Your Home Faster

Keylo — Mon, 26 Sep 2022 09:00:00 +0000

Selling your home quickly not only allows you to move on with your life, it also means fewer days of keeping your home in pristine condition and leaving every time your agent brings prospective buyers for a tour. You may be looking to buy a new property and can’t make an offer until your old home is sold, freeing up your mortgage.

So how can you lower your stress and increase your likelihood to sell quickly? Here are 10 secrets to a quick property sale:

#10 Time Your Listing

You don’t always have control over when you list your home. If a new job comes up at Christmas, you probably won’t wait for months to accept because you think a spring market will be better to sell.

However, if you do have a choice, March to May have historically resulted in shorter sales times across Canada than any other period. Given the choice, try to list in the Spring or summer and avoid the dead of winter. Your house will look better with summer sunlight than sub zero snow.

#9 Think National, Act Local

Your local market doesn’t always follow national historic averages. It is important to check with a local REALTOR® to determine what is happening in your market.

For example, January 2018 saw a dramatic national drop in new listings. However, there were pockets across the country that saw increases. Talk to a professional and get informed. Ask for objective and unbiased data that will indicate whether now is the right time for you to sell.

#8 The Price is Right

Selling your home isn’t a game show so don’t gamble on it. Pricing a house right from the start can make the difference to both the speed and price you get. Price a house too high and it may sit, requiring you to lower it later. People who see a lowered price may wonder what is wrong with your property or come in with low-ball offers which actually undervalue your property.

A REALTOR® can do a Comparative Market Analysis so you understand the proper value of your home. If you really want an accurate price, speak with a professional valuator. They cost a few hundred dollars but could save you thousands not to mention your time.

When you are considering selling your home with Keylo Care, you will be provided a free home valuation as part of our services, plus expert recommendations on the appropriate pricing strategy.

#7 Clean Your House

Wiping down the counters and throwing out the garbage are obvious ways to help your house sell. What is less obvious is removing clutter.

If you have a lot of ‘stuff’ in your home it feels smaller and closed in. If you can’t do without all of the things in your life, consider renting a small storage locker where you can put some of them out of sight. Make sure your closets and storage spaces are only half full and well organized; potential buyers will feel like there is extra storage space. Clean out the junk, even if it means hiring a professional cleaning company.

#6 Let There Be Light!

People love spaces that are light and bright. The best way to show off your home is to let the sun shine in. Always open blinds and shades and turn on lights in a dark room. Even when a kitchen has natural light, it is worth turning on lights.

It is okay to make a buyer wait outside while you or your agent turns on all the lights. You want the first impression to be a great one. An entrance with a ‘WOW’ because you can see down the halls and into open space is better than a dark, unknown void.

#5 Smells like Teen Spirit

Some people may like the smell of cookies, other people may like cinnamon. What everyone can agree is that nobody likes a bad smelling house.

If you have a musty basement, find out the cause and fix it so that your potential buyer doesn’t wrinkle their nose when they walk downstairs. Have teenagers with bedrooms that smell worse than a gym locker? Clean everything and let the fresh air in.

Remember: odorless is better than what you think smells nice. Nobody is offended by odorless. Don’t start guessing at a buyer’s favourite smell and avoid heavy chemicals as some people may think you’re hiding something.

#4 Walk the Dog

Do not have pets around when your house is shown. Also, remove (or hide) extras that accompany pet ownership like food dishes or litter boxes.

You may love your pet dog, cat or rattlesnake, but others may be afraid of them. You want a buyer’s visit to your home to be exceptional from start to finish. A chance pet encounter could scare off what would otherwise be a potential offer. A prospective buyer shouldn’t even know that a pet lives in the home if you can help it.

#3 Spread the Word

Your REALTOR® can list your home on MLS but your friends and neighbours are exceptional resources when trying to sell your home. Friends will rave about the backyard bbq you had together last summer while neighbours will preach the values of the neighbourhood (hopefully since they live there).

A few social media posts and a neighbourhood invitation to your open house can go a long way to spreading the word about your home. A comprehensive, custom marketing plan is created for you when you sign up with Keylo Care, but even then … You should be marketing yourself as well.

#2 Avoid Excess Upgrades

Some quick fixes like a fresh coat of paint are worth the investment. Others, like completely renovating your basement, may not. Consider replacing door handles, cabinet hardware, closet doors, curtains and faucets. These are easy to do and can be low cost.

The only exception to this rule may be your kitchen. The kitchen is the centre of any home and a place where most people will spend a lot of time. If your kitchen looks old and worn, you may want to consider some upgrades like painting, new cabinet hardware (even replacing loose handles can help) or changing counter tops.

#1 Curb Appeal

You never get a second chance to make a first impression. If people think your house looks great when they walk to the front door they’re more likely to make an offer. A few low cost shrubs and flowers will usually get a 100% return on investment and set the tone for when buyers walk in. Make buyers feel welcome and safe before they walk in the front door.

If you want to learn more about how to stage your home for a sale, check out our staging 101 with these, and more tips to break down want you should do to attract potential buyers.

Follow these 10 secrets to impress buyers and your home will sell faster. And if you’re looking for a great agent to help you sell your home, click here and we’ll get you started.

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What to expect in a Home Inspection

Keylo — Mon, 19 Sep 2022 15:32:07 +0000

Fallen in love with a new house? Well, before you buy it, you probably have to sell yours and in order to do that whoever buys your home is probably going to want a home inspection. Now, this can be frustrating to those who believe they have a keen eye and are able to tell the buyer of any issues with the home – after all, you’ve lived there for years, you know the ins and outs of that place! While you might have a keen eye, these professionals are trained and experienced in checking out the pros and cons of a home. You can find all the home buying steps in the timeline on BuyMyHomie.com.

What is a Home Inspection

A home inspection is an important part of the buying process which is not meant to criticize the property in question, but provide the buyer with the opportunity to learn more things about it that will help them determine whether it’s the right fit for their family. If you want to learn more want a home inspection might look like here in Alberta or want to find an inspector to talk to, Check out Alberta Home Inspection.

“The purpose of a home inspection is to check for any major defects on the property and not nitpick at minor things.” – Lorne Cooper of Century 21 in Newmarket, ON

What a Home Inspector Does

So, what exactly are the things that your inspector will check during a home inspection? A good inspector for will check the physical structure and internal system of the house including the following;

Structure

An inspector will asses the foundation walls, floor beams, rafters, windows and doors. The foundation and framing should be sturdy enough to face different weather conditions.

Roofing

Are there any issues with the shingles, drainage, skylight, and chimney? This is important to rule out any potential leaks that could cause further damage to the home.

Plumbing

Your inspector will point out things like rusty pipes and weak water pressure which might spell problems for in the future.

Electrical

This includes inspection of things like the breakers, conductors, switches and light fixtures. Inadequate amperage or improper wiring could lead to dangerous implications.

HVAC System

Are the vents clean? Is the installed equipment working well enough? Unsafe exhaust or malfunctioning controls are potential deadly circumstances.

Exterior

The home inspector will check if the gate, driveway, patio, and windows are in good condition. They will ensure proper grading and evaluate the health of your gutters. Avoiding any potential water damage or cause for structure impairment is crucial.

Interior

Your chosen house’s doors, walls, ceiling, flooring, permanent cabinets, stairs, and railing should be in good working condition as well.

Ventilation and Insulation

Is the exhaust working properly in areas like the kitchen and bathroom? Are the attic and other rooms well insulated?

Appliances

The inspection will also include the installed appliances like smoke and carbon monoxide detectors.

One of the things that you must remember during the home inspection is that instead of aesthetics, an inspector is a hired professional whose job is to focus on the overall state of the house. He also won’t be able to inspect areas like the septic tank which aren’t accessible to him. Moreover, while the inspector will try his best to find out about the presence of rats, mold, fungus, termites, asbestos and hazardous waste, there are other professionals that have the proper training for this.

The Home Inspection Report

After the home inspection, the buyer can expect to receive an extensive but easy to read report which includes checklists and summaries of the different sections of the house. Hopefully, this will help them to decide whether you should commit to buying the house. Should you go forward with the house purchase, the report will guide you on what improvements need to be done to your chosen home.

Don't get stressed out

Many first time sellers get stressed out when a potential buyer wants a home inspection done, but it really is not something to get too worried about. While you might find the odd person who uses it as a way to back out of a sale, most people are simply protecting themselves and money. It is understandable to want to know what kind of issues are likely to arise in the coming months or years. Remember, if you have any hesitations or questions about a home inspection your REALTOR® will be able to provide you with some more insight and information as to what is going to happen.

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Real Estate Fees

Keylo — Thu, 15 Sep 2022 09:00:00 +0000

Ever notice that no one talks about this? Even talking about the basics is confusing. At Keylo, we believe in honesty and transparency… So, let’s talk about it. Here is the breakdown of what you need to know about real estate fees!

All Fees are Negotiable

All fees are negotiable. This is technically true but a brokerage may decide to set their real estate fees and stick to that. For example, you may see an advertisement to sell your home for $10,000 and that fee is set. Also, any specific real estate agent may or may not negotiate with you. What is true is there is no required or set fee from a real estate board or regulator.

What does that mean for Keylo? We work on a few basic principles. In this case, it’s trust and partnership. We could give you a typical response like “If we just give you a discount, how do you think we’ll do when it comes time to negotiate your home” or “O.k. what services would you like me to exclude?” but what we’ll do instead is give you the honest answer. We concentrate entirely on meeting your personal goals and selling your house for the highest amount by investing in you from day one. We are not a discount brokerage. This means we work hard for what you get in your pocket at the end of a sale.

7% / 3% is common in Alberta but this is not set by any board or council

So this is something we can’t simply answer as a short statement and there is a simple reason why. Commissions aren’t published publicly (not yet anyway). Keylo would love to give you an aggregated graph of every home commission from real estate fees so you can see what’s out there. More information is good for everyone. Real estate agents that add value shouldn’t be scared of telling people.

So what can we tell you? In western Canada it is common to see commissions posted with two rates. The first number applies to the first $100,000 of the sales price. So 7/3 split would be $7000 on the first $100,000. The second number applies to the remainder. So if it’s a $400,000 home, the remaining $300,000 (after the first $100,000) has the second rate applies (in this case 3% or $9000).

The seller pays for both the buyer's and seller's agents

Yes, you read that correctly. The seller pays for both agents. So is the buyer’s fee negotiable? Yes, all real estate fees are negotiable including these. The exact fee split between seller and buyer is written into your contract for listing your home. It’s common to see this split 50/50 between seller and buyer.

What about Keylo. We want to answer a simple question. If you reduce the buyers fee do you get less for your home? Most people will tell you this is true. Intuitively it makes sense that offering less will motivate fewer people to come to see it but Keylo is about facts not anecdotes. We are working on getting this information to you but we may never be allowed to show this to the public. In the meantime, we can work on the whole buyers and sellers process to make it better which should lower the fees as we scale up in size.

Keylo Care is a better option!

Why choose Keylo? Let’s start with the evidence. We sell homes for 2% more on average in 2022 vs an independent third-party appraisal in Edmonton. Instead of cutting real estate fees we invest in you and tools that help you. Let’s make an example. If your home is worth $500,000 and you pay 7/3 split it’s 3.5/1.5 to Keylo (the other half goes to the other real estate agent). That works out to a flat fee of almost 2%. If Keylo can save you 2% on average (this is not a guarantee) and you pay us just under 2%, we are essentially free to you in the end.

We keep constantly investing in technology and processes to keep ourselves ahead of the curve. Buyers ultimately set the price for a home but we find ways to ensure we get access to qualified buyers and maximize what your specific home could get.

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REALTOR vs Real Estate Agent vs Broker

Keylo — Mon, 05 Sep 2022 09:00:00 +0000

Are you considering buying, selling or investing in Edmonton real estate and find yourself wondering …

Is there a difference between a REALTOR® or a Real Estate Agent or a Broker?

Most of us are looking for a person to handle our buying or selling Edmonton real estate needs in a professional, courteous and expeditious manner. Do good REALTORS® do this? Yes. Do good Brokers do this? Yes. Do good Real Estate Agents do this? Yes, but there is a difference between the three and it may matter to you.

Real Estate Agent

A Real Estate Salesperson, Sales Representative, often erroneously called a Real Estate Agent, will have completed the basic education requirements for Edmonton real estate and will have passed the licensing exam. They will be employed by an Edmonton real estate broker-of-record to act as an intermediary between the buyer and seller.

It is confusing but important to look at the term agent. Often this is used to describe the real estate professional that is helping you. This isn’t a technically correct usage of the term. Legally, the brokerage (the company) that represents you is the “agent”. By signing a buyer representation agreement or a typical listing agreement you formalize an agency relationship.

REALTOR®

To be a REALTOR® you must be a member of CREA (The Canadian Real Estate Association). To become a member, after completing the basic real estate agent education requirements and passing the licensing exam, you must complete up to two years of supervised employment with a real estate broker.

As a member of CREA, as with most professional associations, you agree to a standard of conduct and to continue to update your education. In exchange you can use the professional designation, REALTOR®, and have access to the Board’s MLS Systems.

Edmonton Real Estate Sales Representatives can become REALTORS® by completing the appropriate licensing requirements. Because of associated costs, education time commitments or part-time work, Sales Representatives may choose not to do this.

Broker

Who is a broker? Broker-of-record? Registered broker? What is a brokerage?

What is a brokerage?

This is a company that is authorized to trade in real estate on behalf of another person. The brokerage hires or appoints sales representatives to perform the normal functions in the Edmonton real estate trading process.

Who is a broker?

The specific requirements to become a broker differ slightly in each province. Generally, a sales representative can become an Edmonton real estate broker by completing further education and taking a broker course.

Do all brokers become broker/owners?

No. They are legally recognized as brokers but often choose to remain employed by another brokerage rather than start their own company.

What does the term broker-of-record mean?

The broker-of-record is the person responsible for ensuring that the brokerage complies with government requirements. For example, in Ontario the government law is called REBBA (the Real Estate and Business Brokers Act). In British Columbia it is called the Real Estate Services Act. The Real Estate Act of Alberta regulates Edmonton Real Estates and is administered by RECA (Real Estate Council Alberta). The aim of every province is to protect the public when buying and selling real estate and it is the broker-of-record’s job to ensure that this happens. In most circumstances you will deal with the Sales Representative or the REALTOR® you have chosen, not the broker-of-record, although he will be in the background managing the business and making sure that you are satisfied with their service.

Which Should I Choose?

Do the differences between a REALTOR® and Real Estate Salesperson and a Broker matter to me?

They may. The Broker has extensive education. He may or may not also be a REALTOR®. The REALTOR® belongs to a professional organization, has committed to a code of conduct and usually has continued more intensive education. He also has access to MLS systems. He may or may not be a Broker. The Real Estate Agent is backed by the knowledge and professionalism of the broker-of-record who employs him/her.

Choose an Edmonton Real Estate Expert that is the right fit.

When deciding who you want to work with, consider other variables in addition to the individuals credentials. For example, as a resident here, you want to hire a person who has fundamental knowledge of the Edmonton real estate market. Additionally, a person that focuses on commercial Edmonton real estate may not be the best option to sell your private home.

There are benefits to working with a professional and many of them revolve around protecting you as the consumer. The Broker, the REALTOR® and the Real Estate Salesperson should have the knowledge, maintain the professional standard and offer the deposit insurance protection that you will need to meet your needs.

Ryan Mracek, the founder of Keylo Inc is a registered REALTOR® and broker. If you have any questions, concerns or are looking for a full service Edmonton real estate solution, get in touch with him today!

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