Since January 2024, in collaboration with CREB®, we have been refining the interpretation of “New Construction” to ensure consistency across our market regions. This adjustment aims to align our guidelines, recognizing that both our memberships deal with similar new developments and revitalization projects.
We’ve received many inquiries from members about whether their listings are exempt from this policy. To ensure clarity and due diligence, we have defined the interpretation of New Construction that will be exempt from the REALTORS® Cooperation Policy as follows:
“New Construction listings (for this rule) are new, never occupied properties for sale by a builder in a neighborhood with two or more new, never occupied properties for sale by a builder. Ex: spec. homes in a new neighborhood, an infill in a neighborhood with more than one infill for sale by a builder, bare lots for sale by a builder – intended for a future dwelling in a neighborhood where various bare lots are for sale by builders.”
For a more detailed breakdown of definitions and a backgrounder, please see below:
CREA exemption states, “The policy does not apply to… new construction listings in developments with multiple properties or units,”, which were broken down to mean:
In summary, it states, “The policy does not apply to properties that are being listed for sale, have never been occupied before, and are built by a builder in communities or neighborhoods with at least two pieces of real estate that meet these criteria. These properties may or may not be condominiums.”
The City of Edmonton defines a Neighbourhood to be “a logical subarea within an Area Structure Plan whose population supports a range of housing, services and amenities to make a complete residential community, and is considered to be an integrated planning unit by either natural or created boundaries”. In principle, it was agreed that a neighborhood:
It was also agreed that a neighborhood is not:
