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DEPOSITS ON NEW CONDOS
A slew of changes affecting the way developers handle purchase agreements, trust funds and much more took effect due to the passage of the Condominium Property Amendment Act and supporting regulations. These changes were introduced to tackle numerous issues faced by new condominium buyers, one of which was developers going bankrupt without adequate protection of the purchasers’ deposit.
Effective April 1, 2018, if a purchaser buys a new condominium in Alberta, their deposit must be held in trust while the condominium is being built. All trust funds must be held by a prescribed trustee, who must be a lawyer who is an active member of the Law Society of Alberta. That means, a developer must deposit the purchasers’ deposit into their lawyer’s trust account within 3 business days of receipt. Once the builder’s lawyer receives the deposit, they have 10 days to notify the buyer that the funds are in their trust account. Alternatively, a buyer may elect to get their own lawyer to hold the deposit in trust, given the developer approves. Again, the buyer’s lawyer has 10 days to notify the developer that funds are in their trust account.
However, Service Alberta states that purchase deposits that are covered under a Purchaser’s Protection Plan approved by the Minister of Service Alberta, or that are held as security in relation to the unit under another enactment, are not required to be held in a trust account. For example, deposits covered under a Protection Plan offered with Alberta New Home Warranty Program, Aviva Insurance Company of Canada, The Guarantee Company of North America and Travelers Insurance Company of Canada do not need to be held in a developer’s lawyer’s trust account. To confirm whether a builder has deposit protection from an approved Protection Plan, it is best for a buyer or their representative to reach out to the builder and get that confirmation in writing.
Lawyers can release a purchasers’ deposit from trust in any of the following circumstances:
- Title to the unit is transferred to a purchaser and the common property is substantially complete;
- The deposit money is secured by an approved Purchaser’s Protection Plan;
- The deposit money is secured by a security provided under another statute or regulation;
- The purchaser cancels the purchase agreement for a reason allowed under the Condominium Property Act;
- A condition imposed by the purchaser in the agreement has not been satisfied or removed in time, as allowed in the agreement;
- The developer terminates the purchase agreement according to that agreement;
- The purchaser and developer mutually agree to the release of the deposit;
- Money paid to a trustee in error; or
- Court order or where money is paid into court.
If you have any questions concerning the payment of deposits during a new condominium build, please don’t hesitate to contact Khemka Law or counsel of your choosing. If there’s a topic you’d like us to cover, please let us know! We are always here to assist you. Thank you for taking time to read this Thursday Tidbit.
Sincerely,
Pranav Khemka
Pranav Khemka, Barrister & Solicitor T: (403) 457-9577 | F: (403) 457-9578 E: pkhemka@khemkalaw.com
LEGAL: The Thursday Tidbit provides general information and does not constitute legal advice. Circumstances may vary and no lawyer-client relationship is established from the use and reliance of this information. You are strongly advised to seek any legal advice by directly contacting Khemka Law or counsel of your choosing. Khemka Law does not warrant or guarantee the quality, accuracy or completeness of any information found within this Thursday Tidbit.
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ALL LUXURY TOWNHOUSES & APARTMENTS
All Luxury Townhouses & Apartments
All Luxury Calgary Condo Townhouses & Apartments for Sale with information updated daily.
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501 8155 8th Ave in Calgary: West Springs Row/Townhouse for sale : MLS®# A2212458
501 8155 8th Ave Calgary T3H 6H9 
$1,249,000Residential- Status:
- Active
- MLS® Num:
- A2212458
- Bedrooms:
- 3
- Bathrooms:
- 3
- Floor Area:
- 1,967 sq. ft.
Presenting a unique opportunity to own this highly sought-after unit in the most ideal location within the West District Townhome development by Truman. This exceptional, newly built 3-bedroom end unit boasts a generous rooftop terrace that provides stunning views of the Rocky Mountains, overlooking Radio Park and adjacent to a lush grove of trees. Located in the vibrant West District community, this area skillfully combines natural elements with modern amenities, including fine cafes, restaurants and retail shops. At the center of this public space lies Radio Park, an 8.4-acre treasure designed to host family-oriented events throughout the year. It boasts an outdoor amphitheater for festivals, playgrounds, parks, picturesque walking paths, and a pond ideal for ice skating during the winter months. This neighbourhood seamlessly integrates the beauty of nature with the comforts of contemporary living. The townhome’s open-concept layout is enhanced by luxurious finishes, including elegant wide plank flooring and lofty ceilings. The main level balcony, facing southwest, allows for abundant sunlight, creating a bright and welcoming atmosphere. The lower level of the home, which can be reached via the front entrance or through the attached double-heated garage, includes a flex room that is ideal for use as a home office or as an additional bedroom. The primary living space on the main level contains an impressive kitchen that includes floor to ceiling ergonomic TRUspace cabinets, soft-close door & drawer technology, a gas range, refrigerator, built-in microwave, and an island breakfast bar enhanced with elegant quartz countertops. Flanking the kitchen, on one side is the refined dining area that also leads out to the balcony, while the opposite side features a living room accentuated by a 50-inch electric fireplace. The upper level includes two large bedrooms, both equipped with ample walk-in closets and private ensuite bathrooms. Additionally, there is the convenience of laundry facilities located on this floor. This unit is one of the few limited offerings in this development that features rooftop patios. Located in the southernmost section of Radio Park, this end unit guarantees both privacy and tranquility. Take pleasure in summer barbecues and sunsets from this expansive patio area boasting 270° views, perfect for entertaining friends and family. This residence is newly constructed, has never been occupied, and is currently unfurnished More detailsListed by ComFree- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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826 81 Street SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2197999
826 81 Street SW Calgary T3H 6B1
$883,999Residential- Status:
- Active
- MLS® Num:
- A2197999
- Bedrooms:
- 3
- Bathrooms:
- 3
- Floor Area:
- 1,845 sq. ft.
This exquisite 3-Bedroom End Unit Townhome is ideally located in the vibrant West District, a neighborhood that seamlessly combines the beauty of nature with the convenience of modern living. Surrounded by lush parks, scenic pathways, and premium shopping, it offers both a sense of community and unmatched accessibility. The home is thoughtfully designed, featuring 3 spacious Bedrooms, 2.5 Bathrooms, and an attached double-heated Garage. The main floor showcases a versatile Flex Room, perfect for a home office or additional living space. Inside, the open-concept layout is enhanced by sophisticated finishes, including sleek wide plank flooring and soaring ceilings that create an airy, expansive feel. The kitchen is a culinary masterpiece, equipped with full-height cabinetry, soft-close doors, a gas range, fridge, built-in microwave, and a convenient pantry. The impressive Eat-Up Bar, adorned with elegant Quartz countertops, provides an ideal space for casual dining or entertaining guests. The Owner’s Suite offers a tranquil retreat with a generous walk-in closet and a refined 3-piece Ensuite. The upper floor also includes two additional Bedrooms, a chic 4-piece Main Bathroom, and the added convenience of upper-floor laundry. Bright, elegant, and move-in ready, District Towns offer a lifestyle of sophistication and comfort. Don’t miss the opportunity to own this remarkable residence. Explore our photo gallery of similar homes today. More detailsListed by RE/MAX Real Estate (Central)- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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1712 19 Avenue SW in Calgary: Bankview Row/Townhouse for sale : MLS®# A2204524
1712 19 Avenue SW Calgary T2T 5N4
$839,900Residential- Status:
- Active
- MLS® Num:
- A2204524
- Bedrooms:
- 3
- Bathrooms:
- 3
- Floor Area:
- 2,108 sq. ft.
Indulge in an enviable lifestyle with this timeless designer townhome in the inner city. Ideally located and beautifully maintained, this functional space is an investment that truly encompasses modern living. Central to countless amenities, this end unit is flooded with natural light from abundantly placed windows, and each of the high quality finishings incorporated throughout remain in pristine condition. Enter through the foyer and ascend an open riser and glass framed staircase into the vast second floor living space. Indulge in 9' ceilings, on-site refinished Walnut flooring, and a metal framed gas fireplace set against the bright, freshly painted walls. From here access one of the exclusive outdoor patio spaces with a gas line for BBQing. The open concept layout connects seamlessly into the chef's kitchen, featuring built-in stainless steel appliances and meticulously crafted millwork with shelving, a sleek metal backslash, and accompanying quartz counters. Truly an entertainer's dream; with optimal space for hosting and storage, including the breathtaking large kitchen island with contemporary hanging light fixture above. A nearby powder room with stone backslash and quartz counters is conventiely tucked away and completes the second level. Up on the third floor two large secondary bedrooms can be found, one with an adjoining balcony for a peaceful and private escape. Enjoy the flexibility to convert these spaces according to your lifestyle, whether as a home office, workout area or guest quarters. A spacious 5-piece bathroom connects to both, and features dual vessel sinks, premium tiled flooring, deep soaker tub and a standup glass enclosed shower. The nearby dedicated laundry room includes built-in shelving, with a subtle open-to-below detail above the stairs working with light reflecting in from the windows to further illuminate the space. Up on the fourth level, a versatile bonus room at the top connects onto an expansive balcony with sweeping views of the city to the east. The luxurious primary retreat features floor-to-ceiling windows on all sides and its own private balcony access, along with a walk-in closet adorned with built-in shelving and storage. The 6-piece ensuite consists of a large walk-in tiled shower room with extra long product niche and dual shower heads, a bidet, and dual vessel sinks with a skylight above flooding the entire space with natural light. Experience the true epitome of convenient condo living with a single attached garage with driveway and ample storage space available on the lower level. With chilly A/C for those hot summer days, and part of a healthy condo with low fees and is fully self-managed. Favourably situated amongst endless parks and inner city attractions in a charming pedestrian-oriented community. Commute anywhere in minutes and visit boutiques, restaurants, and coffeeshops steps from your front door, including the many shops along 17th Avenue Retail and Entertainment District. More detailsListed by CIR Realty- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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834 81 Street SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2224914
834 81 Street SW Calgary T3H 6B1
$804,900Residential- Status:
- Active
- MLS® Num:
- A2224914
- Bedrooms:
- 3
- Bathrooms:
- 3
- Floor Area:
- 1,845 sq. ft.
District Townhomes – This exceptional 2-bedroom townhome is ideally located in the vibrant West District, just steps away from Radio Park, where nature’s beauty effortlessly merges with the convenience of modern living. Surrounded by lush parks, scenic pathways, and premium shopping, the neighborhood offers both a sense of community and unmatched accessibility. This thoughtfully designed home features 2 spacious bedrooms, each with its own ensuite, and an attached double-heated garage. The main floor is highlighted by a versatile flex room, perfect for a home office or additional living space. The open-concept layout is complemented by sleek wide-plank flooring, soaring painted ceilings, and high-end finishes that enhance the bright, airy atmosphere. The gourmet kitchen is a true standout, featuring full-height cabinetry, soft-close doors, a gas range, built-in microwave, and an integrated Fisher & Paykel fridge. A custom-built pantry provides luxury storage, while the elegant quartz countertops and matching quartz backsplash create a seamless and stylish cooking space. The stunning eat-up bar is perfect for casual dining or entertaining guests. The primary bedroom is a serene retreat, offering a large walk-in closet with custom built-in cabinetry and a luxurious 5-piece ensuite, including a standalone tub, dual vanities, and a tile shower. The second bedroom also features its own ensuite, providing ultimate privacy and convenience. The upper floor also includes the added convenience of upper-floor laundry. Additional features include window coverings throughout and an electric fireplace, adding both warmth and style to the living space. Bright, elegant, and move-in ready, District Townhomes offer a lifestyle of sophistication and comfort. Don’t miss the opportunity to own this remarkable residence—browse our photo gallery of similar homes today. More detailsListed by RE/MAX Real Estate (Central)- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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2823 Erlton Street SW in Calgary: Erlton Row/Townhouse for sale : MLS®# A2219492
2823 Erlton Street SW Calgary T2S 2W4
$799,000Residential- Status:
- Active
- MLS® Num:
- A2219492
- Bedrooms:
- 2
- Bathrooms:
- 3
- Floor Area:
- 1,955 sq. ft.
Contemporary townhome in Erlton Bluffs, these sought after properties rarely become available. Located at one of Calgary’s highest viewpoints with city and mountain views in a very private quiet setting. This unit was the original show home and offers many upgrades including hardwood floors, large windows, skylights, & high ceilings throughout. The freshly painted open floorplan features a sophisticated dining room that flows seamlessly into the fantastic open kitchen with high end appliances, granite counter tops and a large island to visit with guests as you prepare meals together. The living room is exceptionally large with a inviting gas fireplace, and access to your private backyard featuring a new deck and perennial garden ready for the summer sun. The upstairs office has custom built in cabinetry and lots of room to work comfortably from home. The primary bedroom at the back of the home is spacious and inviting with a private balcony, walk-in closet, ensuite and stacked laundry. The upstairs is complete with a second bedroom and 4-piece bath. The basement has a terrific flex room to use as a home gym, recreation room or a guest suite. The basement offers another 4 -piece bath. The double underdrive garage provides convenience and security. Close to downtown, Elbow River pathways, off-leash area, Saddledome & all Mission has to offer, you have found convenience, style and functionality at its best! A Community That Feels Like Home! Erlton combines the best of both worlds: an intimate, community-oriented feel with the vibrancy and amenities of city life. Erlton is a perfect choice if you're buying your first home, investing in real estate, or looking to settle in a serene yet central location where heritage meets modern living. Now is the time to explore your next chapter in one of Calgary’s most sought-after inner-city communities. More detailsListed by Real Estate Professionals Inc.- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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4907 Bowness Road NW in Calgary: Montgomery Row/Townhouse for sale : MLS®# A2214310
4907 Bowness Road NW Calgary T3B 0B6
$770,000Residential- Status:
- Active
- MLS® Num:
- A2214310
- Bedrooms:
- 2
- Bathrooms:
- 4
- Floor Area:
- 1,748 sq. ft.
Discover modern comfort and convenience in this brand-new townhouse, ideally located in a vibrant inner-city community. The ground-level entry welcomes you into a thoughtfully designed foyer, offering access to the single attached garage and a self-contained studio—perfect for guests, a home office, or additional rental income. Upstairs, a stylish vinyl plank staircase leads to the open-concept main floor, where you’ll find a bright, well-appointed kitchen featuring floor-to-ceiling cabinetry, stainless steel appliances, quartz countertops, and a built-in buffet for extra storage. A cozy dining nook complements the space, ideal for casual meals and entertaining. The main living area is spacious and filled with natural light from two large windows, and includes a convenient two-piece guest bathroom. The upper floor features two generously sized primary bedrooms, each complete with a four-piece ensuite and ample closet space. A dedicated laundry area is also located on this level for added convenience. Just steps from local shops, cafes, and services, with quick access to the Trans-Canada Highway, Stoney Trail, Shouldice Park, and the Bow River, this is an exceptional opportunity to enjoy the best of Calgary’s west end. Move-in ready and awaiting your personal touch! More detailsListed by RE/MAX House of Real Estate- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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24 1710 28 Avenue SW in Calgary: South Calgary Row/Townhouse for sale : MLS®# A2208979
24 1710 28 Avenue SW Calgary T2T 1J6
$716,000Residential- Status:
- Active
- MLS® Num:
- A2208979
- Bedrooms:
- 3
- Bathrooms:
- 4
- Floor Area:
- 1,450 sq. ft.
This exceptional three-bedroom, three-and-a-half-bathroom townhome seamlessly blends modern sophistication with timeless New York City vintage-inspired design. Nestled in the highly sought-after South Calgary/Marda Loop neighbourhood, this meticulously crafted residence offers a refined urban lifestyle in one of Calgary"s most vibrant communities. The lower level provides direct access to the side-by-side two-car garage, additional storage, and a generously sized bedroom complete with its own ensuite. On the main level, an inviting open-concept layout is enhanced by luxury vinyl plank flooring and expansive windows that fill the space with natural light. The living area showcases a striking fireplace with a tile surround and mantle, creating a warm and inviting focal point. Flowing seamlessly from the living room, the chef-inspired kitchen features stone countertops, a spacious breakfast bar, ample white cabinetry, pot drawers, and premium stainless steel appliances, including a wall oven and gas cooktop. A Juliet balcony with a gas line provides added convenience for outdoor cooking, while a stylish two-piece powder room completes the level. The upper floor is designed for comfort and privacy, offering two primary bedrooms, each with their own walk-in closet and elegantly appointed ensuite bathroom. A conveniently located laundry area enhances the home's functionality. The private rooftop patio serves as the ultimate retreat, offering breathtaking views. The perfect setting for relaxation or entertaining. Located just steps from parks, recreation facilities, boutique shops, and some of Calgary's best dining options along 14th Street and 33rd Avenue, this townhome offers the perfect balance of urban convenience and neighbourhood charm. A rare opportunity to own an architecturally stunning home in a prime inner-city location. This townhome was the builder show home so you will see all the extras in this home. More detailsListed by Real Broker- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
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36 Gladstone Gardens SW in Calgary: Glamorgan Row/Townhouse for sale : MLS®# A2224014
36 Gladstone Gardens SW Calgary T3E 7E4
$709,000Residential- Status:
- Active
- MLS® Num:
- A2224014
- Bedrooms:
- 2
- Bathrooms:
- 3
- Floor Area:
- 1,376 sq. ft.
For more information, please click Brochure button. Located in the heart of SW Calgary, this beautifully renovated 2-bedroom, 3-bathroom bungalow townhouse blends modern design with everyday comfort. Featuring radiant heated floors in all three bathrooms and solid oak hardwood floors throughout, this home offers luxury and warmth. The vaulted ceilings in the living room showcase sleek glass railings and a linear high-efficiency gas fireplace, creating a stylish and inviting space. The modern galley kitchen is outfitted with quartz countertops, a pull-out pantry, and stainless steel appliances. Custom storage solutions, including a wall closet and a walk-in closet in the primary bedroom, add both function and flair. Step outside to your private back patio complete with power awning and natural gas BBQ hookup - perfect for evening entertainment. Recent major upgrades include a new furnace (2024), hot water tank (2022), and all windows (2020). Nestled in the quiet, tree-lined complex of Gladstone Garden Estate in Glamorgan, just a short walk to Westhills and Signal Hill shopping districts, this is low-maintenance bungalow living at its finest. More detailsListed by Easy List Realty- Stewart J Lowe
- Real Estate Professionals Inc
- 1 (403) 850 0669
- info@calgarydreamhomes.com
Data was last updated May 29, 2025 at 06:05 AM (UTC)
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