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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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  • 98 Royal Elm Green NW in Calgary: Royal Oak Row/Townhouse for sale : MLS®# A2198427

    98 Royal Elm Green NW Royal Oak Calgary T3G 0G8
    Main Photo: 98 Royal Elm Green NW in Calgary: Royal Oak Row/Townhouse for sale : MLS®# A2198427

    98 Royal Elm Green NW Calgary T3G 0G8 Royal Oak

    $998,550
    Residential
    Status:
    Active
    MLS® Num:
    A2198427
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    1,846 sq. ft.
    PANORAMIC RAVINE VIEWS | DEVELOPED WALK-OUT BASEMENT | Ravines of Royal Oak by Janssen Homes offers unmatched quality & design, located on the most scenic & tranquil of sites in the mature NW community of Royal Oak. This 4BR, 3.5 bath with over 2,700sf of developed living space (1,846sf RMS above grade) 2-storey, townhouse with fully developed walkout basement & double attached garage boasts superior finishings. Main floor open-concept-plan features grand kitchen with full-height cabinets, soft close doors/drawers & full extension glides, quartz counters, undermount Silgranit sink, plus S/S appliances including gas range with decorative back-splash & chimney hood-fan opening onto both dining area with access to rear balcony with panoramic ravine views & spacious living room with chic linear fireplace. Upper level includes roomy master retreat, luxurious 5-pce ensuite with heated tile floor, soaker tub, separate walk-in tiled shower, dual sinks, walk-in closet & extra built-in storage, full-size laundry room with sink & quartz folding table, an additional 4-pce bath, & two more bedrooms; one with spacious walk-in closet. Fully-finished walk-out basement adds an additional 852sf of developed living space with roomy rec space, 4th bedroom, 4-pce bath, and private back patio with lovely greenspace access. Double garage with additional full-length driveway for extra parking completes the package. Ravines of Royal Oak goes far beyond typical townhome offerings; special attention has been paid to utilizing high quality, maintenance free, materials to ensure long-term, worry-free living. Acrylic stucco with underlying 'Rainscreen' protection, stone, & Sagiwall vertical planks (ultra-premium European siding) ensure not only that the project will be one of the most beautiful in the city, but that it will stand the test of time with low maintenance costs. Other premium features include triple-pane, argon filled low-e, aluminum clad windows, premium grade cabinetry with quartz countertops throughout, 9' wall height on all levels, premium Torlys LV Plank flooring, 80-gal hot water tank, a fully insulated & drywalled attached garage that includes a hose bib & smart WiFi door opener, among other features. Condo fees include building insurance, exterior building maintenance & long-term reserve/replacement fund, road & driveway maint., landscaping maint., driveway & sidewalk snow removal, landscaping irrigation, street & pathway lighting, garbage/recycling/organics service. Bordered by ponds, natural ravine park, walking paths & only minutes to LRT station, K-9 schools, YMCA & 4 major shopping centres. A solid investment - visit today! Note - photos from a similar model in the complex. More details
    Listed by RE/MAX Real Estate (Central)
    LISTING DETAILS
    Stewart J Lowe

  • 826 81 Street SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2197999

    826 81 Street SW West Springs Calgary T3H 6B1
    Main Photo: 826 81 Street SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2197999

    826 81 Street SW Calgary T3H 6B1 West Springs

    $883,999
    Residential
    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 details
    Listed by RE/MAX Real Estate (Central)
    LISTING DETAILS
    Stewart J Lowe

  • 826 81 Street SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2198570

    826 81 Street SW West Springs Calgary T3H 6B1
    Main Photo: 826 81 Street SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2198570

    826 81 Street SW Calgary T3H 6B1 West Springs

    $883,888
    Residential
    Status:
    Active
    MLS® Num:
    A2198570
    Bedrooms:
    3
    Bathrooms:
    3
    Floor Area:
    1,845 sq. ft.
    Welcome to this exquisite 3-Bedroom End Unit Townhome, perfectly situated in the vibrant West District. This thriving neighbourhood is surrounded by parks, pathways, and top-notch shopping, combining convenience with a sense of community. This elegantly designed residence features 3 spacious Bedrooms, 2.5 Bathrooms, and an attached double heated Garage. On the main floor, a versatile Flex Room awaits, ideal for a home office or additional living space. Inside, you'll be greeted by sophisticated finishes, including sleek wide plank flooring and soaring ceilings that enhance the open-concept layout. The kitchen is a culinary dream, equipped Height Cabinetry, Soft-Close Doors, Gas Range, Fridge, Built-in Microwave, and a convenient pantry. The expansive Eat-Up Bar, adorned with stunning Quartz Countertops, is perfect for casual dining or entertaining guests. Retreat to the Owner's Suite, a private oasis featuring a generous Walk-in Closet and a stylish 3-piece Ensuite Bathroom. The upper floor also offers two additional Bedrooms, a chic 4-piece Main Bathroom, and the convenience of upper-floor Laundry. Bright, airy, and move-in ready, District Towns present a sophisticated lifestyle where you can truly thrive. Don’t miss your opportunity to own this remarkable home! View our photo gallery of similar homes. More details
    Listed by RE/MAX Real Estate (Central)
    LISTING DETAILS
    Stewart J Lowe

  • 8163 8 Avenue SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2198568

    8163 8 Avenue SW West Springs Calgary T3H 6B1
    Main Photo: 8163 8 Avenue SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2198568

    8163 8 Avenue SW Calgary T3H 6B1 West Springs

    $852,900
    Residential
    Status:
    Active
    MLS® Num:
    A2198568
    Bedrooms:
    4
    Bathrooms:
    3
    Floor Area:
    1,843 sq. ft.
    District Towns by TRUMAN – Experience upscale living in this stunning 3-Bedroom Townhome, ideally located in the growing and vibrant West District. Surrounded by parks, pathways, and premium shopping, this dynamic neighborhood offers both convenience and community. This beautifully crafted residence features 3 spacious Bedrooms, 2.5 luxurious Bathrooms, and an attached Double Heated Garage. On the main floor, you'll find a versatile Flex Room perfect for a home office. Inside, elegant finishes abound, including sleek wide plank flooring and soaring ceilings that enhance the open-concept design. The Kitchen is a culinary masterpiece with Full-Height Cabinetry, Soft-Close Doors, Gas Range, Fridge, Built in Microwave, and a convenient Pantry. The large Eat-Up Bar, accented with Quartz countertops, is ideal for casual dining or entertaining guests. The Primary Suite is a private oasis, boasting a generous walk-in closet and a 3-piece Ensuite. The upper floor also includes two additional Bedrooms, a stylish 4-piece Main Bathroom, and the convenience of an upper-floor laundry. Bright, airy, and move-in ready, District Towns offer a sophisticated lifestyle where you can truly live better. Don’t miss your chance to own this remarkable home! Photo Gallery of Similar Home* More details
    Listed by RE/MAX Real Estate (Central)
    LISTING DETAILS
    Stewart J Lowe

  • 1906 10A Street SW in Calgary: Lower Mount Royal Row/Townhouse for sale : MLS®# A2207763

    1906 10A Street SW Lower Mount Royal Calgary T2T 3K1
    Main Photo: 1906 10A Street SW in Calgary: Lower Mount Royal Row/Townhouse for sale : MLS®# A2207763

    1906 10A Street SW Calgary T2T 3K1 Lower Mount Royal

    $749,900
    Residential
    Status:
    Active
    MLS® Num:
    A2207763
    Bedrooms:
    3
    Bathrooms:
    2
    Floor Area:
    1,934 sq. ft.
    Welcome to 1906 10A Street SW. A beautifully renovated 3-storey townhome nestled in Calgary's prestigious Lower Mount Royal neighborhood., this residence offers the perfect blend of modern upgrades and timeless charm. Freshly Updated Interior: Enjoy the crisp feel of a home that's been completely repainted, featuring new flooring on the stairs and all upper rooms. Gourmet Kitchen: Culinary enthusiasts will appreciate the brand-new kitchen equipped with top-of-the-line appliances, including a Samsung gas range, superior Samsung over-the-stove microwave with hood fan, Bosch dishwasher, wine fridge, and a high-end Samsung refrigerator. Elegant Entrances: Make a statement with a new front door and a stylish new back French door, enhancing both curb appeal and interior ambiance. Check out the amazing private patio area within the complex The third floor is your oasis with a huge ensuite, walk in closet and a bonus area for a nice home office. The second floor contains a full 4 pc bath, a large bedroom and a flex room can be a bedroom or entertainment /games room your choice. Ample space on the main level for your entertaining and enjoyment, the pass through kitchen is a nice addition to the renovation. All new flooring on stairs and upper levels with low maintenance high quality laminate. Imagine having a double car garage in the Beltline!! Prime Location: Situated in the heart of Lower Mount Royal, you're just steps away from vibrant 17th Avenue SW, renowned for its eclectic mix of boutiques, cafes, and restaurants. Lower Mount Royal is a sought-after community known for its rich history and urban lifestyle. Residents enjoy close proximity to downtown Calgary, picturesque parks, and top-rated schools. The neighborhood's walkability and access to public transit make commuting a breeze Don't miss this opportunity to own a turnkey property in one of Calgary's most desirable districts. Schedule your private viewing today and experience the allure of 1906 10A Street SW firsthand! More details
    Listed by CIR Realty
    LISTING DETAILS
    Stewart J Lowe

  • 148 Greenbriar Way NW in Calgary: Greenwood/Greenbriar Row/Townhouse for sale : MLS®# A2207451

    148 Greenbriar Way NW Greenwood/Greenbriar Calgary T3B 6J1
    Main Photo: 148 Greenbriar Way NW in Calgary: Greenwood/Greenbriar Row/Townhouse for sale : MLS®# A2207451

    148 Greenbriar Way NW Calgary T3B 6J1 Greenwood/Greenbriar

    $724,800
    Residential
    Status:
    Active
    MLS® Num:
    A2207451
    Bedrooms:
    2
    Bathrooms:
    3
    Floor Area:
    1,379 sq. ft.
    Shows pride of ownership from top to bottom, inside and out! Stunning townhome in the popular community of Greenbriar. One owner condo with over 1,700 sqft of luxury living space. All three levels professionally finished by the Builder, with gorgeous engineered hardwood flooring, custom tile and designer finishings - over $95,000 in additional upgrades! Main floor offers an open floor plan with 9’ ceilings and an abundance of windows bringing loads of natural light. West exposure, triple pane, Low-E windows keep the afternoon heat out and allow you to enjoy the gorgeous sunsets. Comfortable living room, open to the kitchen, is perfect for family gatherings or entertaining. Your new dream kitchen has every upgrade available: full length custom cabinets and drawers, HanStone Quartz countertops, oversized feature island with seating for 4, sub-zero fridge, gas cooktop and upgraded plumbing and lighting. Full size dining area and a garden door to your private oasis and covered deck. A conveniently located guest bath completes the main floor. The 2nd level offers a laundry room with folding counter and hanging rack, two bedrooms both with full ensuites. The primary bedroom spa-inspired ensuite is stunning with dual basins, fully tiled 5’ step-in shower with rainfall shower and handheld body spray. Oversized walk-in closet has custom designed cabinets, drawers, storage and shelving. The lower level, which is only a few feet below grade at the front and grade level garage access from the back, offers an additional 330 sqft of space. The entrance foyer is open with a custom coat rack, room for a bench and shoe cupboard. A spacious flex room is perfect for a home office or gym. Upgraded heated tile flooring throughout the lower level. The most recent upgrade is the addition of central air conditioning installed in 2024. (Extensive list of builder and owner upgrades in supplements.) The location is on a quiet street on the outside of Hudson West with additional street parking for guests and great sunset views. Greenbriar has a wonderful location – walk to the amazing Calgary Farmer’s Market, minutes to the Foothills and Children’s Hospitals, downtown and direct access west to the mountains. Pet friendly (1 pet/unit) with Board approval. Pick your possession date and move right in. Unbeatable value! Truly an investment in both real estate and lifestyle! More details
    Listed by The Home Hunters Real Estate Group Ltd.
    LISTING DETAILS
    Stewart J Lowe

  • 24 1710 28 Avenue SW in Calgary: South Calgary Row/Townhouse for sale : MLS®# A2208979

    24 1710 28 Avenue SW South Calgary Calgary T2T 1J6
    Main Photo: 24 1710 28 Avenue SW in Calgary: South Calgary Row/Townhouse for sale : MLS®# A2208979

    24 1710 28 Avenue SW Calgary T2T 1J6 South Calgary

    $716,000
    Residential
    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 details
    Listed by Real Broker
    LISTING DETAILS
    Stewart J Lowe
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Data was last updated April 15, 2025 at 02:05 PM (UTC)
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.