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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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  • 24 Greenwich Heath NW in Calgary: Greenwood/Greenbriar Row/Townhouse for sale : MLS®# A2231165

    24 Greenwich Heath NW Greenwood/Greenbriar Calgary T3B 6P4
    Main Photo: 24 Greenwich Heath NW in Calgary: Greenwood/Greenbriar Row/Townhouse for sale : MLS®# A2231165

    24 Greenwich Heath NW Calgary T3B 6P4 Greenwood/Greenbriar

    $1,400,000
    Residential
    Status:
    Active
    MLS® Num:
    A2231165
    Bedrooms:
    3
    Bathrooms:
    4
    Floor Area:
    3,002 sq. ft.
    Welcome to 24 Greenwich Heath NW, where classic brownstone charm meets modern Calgary living—without compromise and without condo fees. Fronting onto the canal, this brand-new luxury townhome offers a front-row seat to nature’s gentle rhythm year-round. Whether it's the shimmer of morning light on the water or the quiet hush of a snowfall, the setting is as serene as it is stunning. From the outside, the architecture speaks of timeless elegance, traditional brownstone style, with a stately grand foyer to welcome you home. Inside, a contemporary world awaits, where every detail is designed to reflect your unique taste. With award-winning architect Michelle Vant Erve guiding the process, you’ll have the rare opportunity to personalize every inch of your interior. Build your dream without starting from scratch with completion in just 6 to 8 months - your new home is closer than you think. Thoughtfully designed for today’s needs and tomorrow’s possibilities, the floor plan includes a grand front entry and a versatile main-floor flex space—ideal for a home office, gym, or even a private bedroom for multi-generational living. Thanks to the personal elevator that connects every level, it’s easy to age in place or accommodate loved ones of all ages with comfort and ease. The open-concept living offers a bright, airy feel with triple-pane windows, a cozy gas fireplace, and a spacious dining area that flows seamlessly onto a private deck—perfect for summer evenings or morning coffee. The kitchen is equipped with premium appliances and high-end finishes that come standard in every home. Comfort is key, with air conditioning throughout and heated floors in the luxurious primary ensuite. Choose between a three-bedroom, 3.5-bath layout or an optional dual primary plan. And for the grand finale, a bonus loft space with a built-in wet bar and access to your rooftop patio, complete with a hot tub rough-in. The ultimate space for entertaining or unwinding. The heated double garage, finished with epoxy floors, offers both convenience and curb appeal, rounding out this truly exceptional residence. Beyond your doorstep, Greenwich offers a rare balance of urban accessibility and natural beauty. You’re just 15 minutes from downtown Calgary and 45 minutes from the Rocky Mountains and Kananaskis Country. Stroll the pathway that leads directly to Bowness Park, or explore nearby shops, restaurants, the Calgary Farmers’ Market, and a range of recreation facilities just minutes away. With walking trails, sports courts, playgrounds, and more, this vibrant community is only getting better. This is a home where luxury meets low-maintenance. Where you can lock and leave with peace of mind, age in place with convenience, and enjoy comfort, style, and ease—every single day. More details
    Listed by Century 21 Masters
    LISTING DETAILS
    Stewart J Lowe

  • 501 8155 8th Ave in Calgary: West Springs Row/Townhouse for sale : MLS®# A2212458

    501 8155 8th Ave West Springs Calgary T3H 6H9
    Main Photo: 501 8155 8th Ave in Calgary: West Springs Row/Townhouse for sale : MLS®# A2212458

    501 8155 8th Ave Calgary T3H 6H9 West Springs

    $1,249,000
    Residential
    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 details
    Listed by ComFree
    LISTING DETAILS
    Stewart J Lowe

  • 108 Na'a Heights SW in Calgary: Medicine Hill Row/Townhouse for sale : MLS®# A2224829

    108 Na'a Heights SW Medicine Hill Calgary T3H 6C4
    Main Photo: 108 Na'a Heights SW in Calgary: Medicine Hill Row/Townhouse for sale : MLS®# A2224829

    108 Na'a Heights SW Calgary T3H 6C4 Medicine Hill

    $850,000
    Residential
    Status:
    Active
    MLS® Num:
    A2224829
    Bedrooms:
    3
    Bathrooms:
    3
    Floor Area:
    1,951 sq. ft.
    Imagine living amongst the Paskapoo Slopes, with the relaxation or adventure that comes with having 160-acres of natural reserve at your doorstep to explore at any moment. Nestled in The Village at Trinity Hills, this impeccably designed end-unit 3-bedroom townhome occupies one of the community's most sought-after lots, offering unparalleled privacy and stunning west-facing views onto a treed ravine. Spanning 1,951 sq ft of thoughtfully planned interior space, this home boasts 2.5 bathrooms and an attached 19’ x 18’8” double garage, complete with a finished epoxy floor. The welcoming foyer level provides direct access to a fenced west-facing backyard and features a versatile flex room – perfect as a home office or gym. Designed for open concept living, the main floor has a spacious living room with central fireplace and access to the maintenance free deck overlooking the ravine and exceptional Win Sport views. The sleek kitchen features a waterfall quartz island, Kohler workstation sink, reverse osmosis water system, ceiling height shaker cabinetry and stainless steel appliance package. Off the kitchen is the large dining space, perfect for hosting friends and family. The upper level primary retreat is perfectly designed to enjoy the ravine views and hosts a spa-inspired four-piece ensuite bathroom with heated floors.  Bedrooms two and three are also situated on the upper level and are outfitted with Roller Altex blinds, built-in closet organizers and share a generously sized four piece bath with heated floors, while a thoughtful laundry space with storage and hanging space rounds out the upper level.  Other features of this executive townhome are a Kinetico water purification system, full driveway for additional private parking, visitor parking, seasonal landscaping and snow removal services.  Embrace an exceptional lifestyle in this beautifully designed townhome! Enjoy unparalleled access to outdoor adventures with nearby biking and hiking trails, the convenience of walkable amenities, the vibrant Calgary Farmer's Market just across Highway 1, and the excitement of downtown Calgary and the majestic Rocky Mountains all within easy reach - an incredible place you'll never tire of! More details
    Listed by Sotheby's International Realty Canada
    LISTING DETAILS
    Stewart J Lowe

  • 1712 19 Avenue SW in Calgary: Bankview Row/Townhouse for sale : MLS®# A2204524

    1712 19 Avenue SW Bankview Calgary T2T 5N4
    Main Photo: 1712 19 Avenue SW in Calgary: Bankview Row/Townhouse for sale : MLS®# A2204524

    1712 19 Avenue SW Calgary T2T 5N4 Bankview

    $839,900
    Residential
    Status:
    Active
    MLS® Num:
    A2204524
    Bedrooms:
    3
    Bathrooms:
    3
    Floor Area:
    2,108 sq. ft.
    OPEN HOUSE Sunday June 22nd 2-4PM! Indulge in an enviable lifestyle with this 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 by 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 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 cafes steps from your front door, including the many shops along 17th Avenue Retail and Entertainment District. More details
    Listed by CIR Realty
    LISTING DETAILS
    Stewart J Lowe

  • 4907 Bowness Road NW in Calgary: Montgomery Row/Townhouse for sale : MLS®# A2214310

    4907 Bowness Road NW Montgomery Calgary T3B 1H1
    Main Photo: 4907 Bowness Road NW in Calgary: Montgomery Row/Townhouse for sale : MLS®# A2214310

    4907 Bowness Road NW Calgary T3B 1H1 Montgomery

    $730,000
    Residential
    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 details
    Listed by RE/MAX House of Real Estate
    LISTING DETAILS
    Stewart J Lowe

  • 24 1710 28 Avenue SW in Calgary: South Calgary Row/Townhouse for sale : MLS®# A2230486

    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®# A2230486

    24 1710 28 Avenue SW Calgary T2T 1J6 South Calgary

    $716,000
    Residential
    Status:
    Active
    MLS® Num:
    A2230486
    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 twocar 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, some New Build warranties still available. More details
    Listed by The Real Estate District
    LISTING DETAILS
    Stewart J Lowe
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Data was last updated June 20, 2025 at 12:05 AM (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.