New Consultation: Proposed Modification to the Residential Measurement Standard
| August 01, 2019
RECA has opened a consultation on proposed modifications to the Residential Measurement Standard (RMS).
Background
Earlier this year, RECA completed a consultation about the Consequences of the Current Methodology for Measuring Semidetached and Attached Properties.
The feedback Council received from this consultation ranged considerably, but several key consequences were identified. These included the potential for underinsured, under-valued, and under-appraised properties, that some properties may be refused financing, and that there was a lack of clarity and consistency for consumers.
“Creating a consistent measurement standard so that all Albertans can trust the measurements in a property advertisement has been a complex process,” said Joseph Fernandez, RECA’s Director of Education Programs.
“RECA acknowledges the concerns that have been brought forward by industry professionals, consumers, and other industries that use RMS data as we aim to strike the right balance in the public interest.”
At their April 17, 2019 meeting, Council reviewed the feedback from the previous consultation and moved to create an ad hoc committee to consolidate the methodology of the measurement of detached, semi-detached and attached homes. The Committee met on May 27, 2019 and June 18, 2019.
Proposed Amendments to the RMS
At the July 17, 2019 Council meeting, the ad hoc committee recommended the following amendments to the RMS:
- Proposed amendment 1
Measure all properties, except for apartment-style/stacked condominium units, using the exterior wall at foundation. - Proposed amendment 1a
Below grade measurement may be reported. If it’s reported it must be calculated using the exterior wall at foundation. - Proposed amendment 2
For apartment-style/stacked condominium units measure the interior perimeter walls (paintto-paint) at floor level. An additional area representation may be made assuming exterior measurements. - Proposed amendment 2a
Below grade measurement for apartment-style/stacked condominiums may be reported. If it’s reported it must be calculated using the interior perimeter walls (paint-to-paint) at floor level.
Council is now asking for stakeholder input on these proposed amendments.
Council also wants industry feedback on how these amendments would be implemented if approved. This consultation includes a section on the proposed transition process.
For more background information about the RMS, and on these proposals, read the consultation paper. Please read the paper in its entirety before providing feedback.
The consultation will be open until September 16, 2019.
RECA would like to thank everyone who took the time to provide input on the last consultation.
