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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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  • 40 Greenwich Heath NW in Calgary: Greenwood/Greenbriar Row/Townhouse for sale : MLS®# A2260693

    40 Greenwich Heath NW Greenwood/Greenbriar Calgary T3B 6P3
    Main Photo: 40 Greenwich Heath NW in Calgary: Greenwood/Greenbriar Row/Townhouse for sale : MLS®# A2260693

    40 Greenwich Heath NW Calgary T3B 6P3 Greenwood/Greenbriar

    $1,249,500
    Residential
    Status:
    Active
    MLS® Num:
    A2260693
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    3,047 sq. ft.
    Welcome to 40 Greenwich Heath NW, an architectural masterpiece and one-of-a-kind four-story Modern Brownstone by Partners, located in the prestigious community of Upper Greenwich. As Calgary’s only Modern Brownstone fronting a canal, this residence offers a lifestyle defined by tranquility, sophistication, and captivating water views. Drawing inspiration from the timeless elegance of 19th-century brownstone architecture and blending it seamlessly with modern design, this no-condo-fee home reflects unmatched craftsmanship and a remarkable location. Steps from the Bow River, Calgary Farmers’ Market West, and countless amenities, it offers both urban connectivity and natural serenity. Currently under construction, the home provides the rare opportunity to collaborate with an award-winning designer. Purchasers are invited to personalize interior selections while being guided to create a curated living space tailored to their vision. Every level of this home showcases Partners’ renowned attention to detail. A private elevator, rooftop patio, and oversized heated rear-attached double garage are only the beginning. The expansive entryway opens to a flexible office or bedroom, complete with a full bathroom and mudroom. The main living floor is an entertainer’s dream with soaring 10-foot ceilings, oversized windows, a chef-inspired kitchen, generous dining space, and a fireplace-anchored living room that flows seamlessly to a rear deck with enclosed storage. A powder room with floating vanity adds an elegant touch. The third floor is designed for rest and retreat. The primary suite offers a spa-like ensuite with in-floor heating, dual vanities, a fully tiled glass shower, and a freestanding soaker tub. Two additional bedrooms, a full bathroom, and a thoughtfully designed laundry room complete this level. The top floor is built for entertaining and relaxation, featuring a wet bar with beverage fridge and access to a private rooftop patio with hot tub rough-in, providing the perfect vantage point to enjoy the canal views. Advanced mechanical systems ensure energy efficiency and year-round comfort, while the surrounding master-planned community of Upper Greenwich enhances everyday living. Residents enjoy walking paths, sports courts, playgrounds, and convenient shops and dining, with WinSport only minutes away and the Rocky Mountains within a 45-minute drive. 40 Greenwich Heath NW is more than a home. It is a statement of design, location, and lifestyle, and a rare opportunity to own Calgary’s only waterfront Modern Brownstone. More details
    Listed by eXp Realty
    LISTING DETAILS
    Stewart J Lowe (Stu)

  • 16 Greenwich Heath NW in Calgary: Greenwood/Greenbriar Row/Townhouse for sale : MLS®# A2260575

    16 Greenwich Heath NW Greenwood/Greenbriar Calgary T3B 6P4
    Main Photo: 16 Greenwich Heath NW in Calgary: Greenwood/Greenbriar Row/Townhouse for sale : MLS®# A2260575

    16 Greenwich Heath NW Calgary T3B 6P4 Greenwood/Greenbriar

    $1,219,700
    Residential
    Status:
    Active
    MLS® Num:
    A2260575
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    3,047 sq. ft.
    Welcome to 16 Greenwich Heath NW, a one-of-a-kind, four-story Modern Brownstone meticulously crafted by Partners in the new NW community of Upper Greenwich. As Calgary’s only Modern Brownstone fronting a canal, you’ll wake up to the gentle flow of water, surrounded by tranquility and breathtaking views. Blending the timeless elegance of classic 19th-century brownstone architecture with modern sophistication, this no-condo-fee residence showcases unparalleled craftsmanship and an unbeatable location, just steps from the Bow River and Calgary Farmers’ Market West. Currently under construction, it also gives you the rare opportunity to collaborate with an award-winning designer, allowing you to select finishes and add your own personal touch while being guided to create a home that is uniquely yours. Every detail reflects Partners’ reputation for quality, with standout features including a private elevator, rooftop patio, and an oversized heated rear-attached double garage. The expansive foyer opens to a versatile office or bedroom, a full bathroom, and a mudroom, while the main living level is an open-concept showpiece with 10’ ceilings, oversized windows, a chef-inspired kitchen, spacious dining area, elegant living room anchored by a fireplace, and a rear deck with enclosed storage. A powder room with floating vanity completes this floor. Upstairs, the primary suite feels like a retreat, offering a spa-inspired ensuite with in-floor heating, dual vanities, a fully tiled glass shower, and a freestanding soaker tub. Two additional bedrooms, a full bathroom, and a well-planned laundry room complete this level. The fourth floor is dedicated to entertaining, with a wet bar, beverage fridge, and access to a private rooftop patio with a hot tub rough-in, where you can take in the serene water views. Designed with cutting-edge mechanical systems for efficiency and year-round comfort, this residence is perfectly located within Upper Greenwich, a master-planned community that balances beauty and functionality. With walking paths, sports courts, playgrounds, and nearby shops and restaurants, plus WinSport at your doorstep and the Rocky Mountains just 45 minutes away, Upper Greenwich offers a vibrant, urban, walkable lifestyle paired with endless recreation. A truly one-of-a-kind home, ready to be made your own. More details
    Listed by eXp Realty
    LISTING DETAILS
    Stewart J Lowe (Stu)

  • 512 8155 8 Avenue SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2256548

    512 8155 8 Avenue SW West Springs Calgary T3H 6B1
    Main Photo: 512 8155 8 Avenue SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2256548

    512 8155 8 Avenue SW Calgary T3H 6B1 West Springs

    $1,159,900
    Residential
    Status:
    Active
    MLS® Num:
    A2256548
    Bedrooms:
    2
    Bathrooms:
    3
    Floor Area:
    1,969 sq. ft.
    Experience the perfect blend of sophistication, style, and convenience at District Towns in Calgary’s vibrant West District. This beautifully designed 2-bedroom, 2.5-bathroom townhome combines modern architecture with timeless interiors, all enhanced by an expansive rooftop terrace overlooking Radio Park—a rare feature that truly sets this home apart. Thoughtfully crafted across three levels, this residence is ideal for those seeking a refined urban lifestyle. The main floor features a versatile flex room, perfect for a home office, fitness space, or creative studio, along with direct access to the attached double heated garage for ultimate convenience. The main living level is bright and inviting, with soaring ceilings, wide-plank flooring, and an open-concept layout designed for modern living. The chef-inspired kitchen is a showpiece, featuring full-height cabinetry with soft-close doors, a gas range, integrated refrigerator, built-in microwave, and a spacious pantry. A large eat-up quartz island anchors the space—perfect for casual dining, hosting friends, or enjoying a quiet morning coffee. Upstairs, you’ll find two generously sized bedrooms, each with its own private ensuite for maximum comfort and privacy. The primary suite is a true retreat, featuring a walk-in closet and a stunning 5-piece spa ensuite complete with a freestanding soaker tub, tiled shower, dual vanities, and elegant designer finishes. The second bedroom offers its own stylish ensuite, making it ideal for guests or family. A conveniently located upper-floor laundry adds to the home’s thoughtful design. Crowning this residence is the spectacular rooftop terrace, offering sweeping views of Radio Park and the West District skyline. This private outdoor space is perfect for summer barbecues, evening cocktails, or simply unwinding under the stars. Situated steps away from parks, pathways, boutique shops, and premium dining, District Towns deliver a connected, walkable lifestyle in one of Calgary’s most exciting new communities. With TRUMAN’s renowned craftsmanship and attention to detail, this home is more than a place to live—it’s where you can truly Live Better More details
    Listed by RE/MAX First
    LISTING DETAILS
    Stewart J Lowe (Stu)

  • 3044 85 Street SW in Calgary: Springbank Hill Row/Townhouse for sale : MLS®# A2259791

    3044 85 Street SW Springbank Hill Calgary T3H 6C7
    Main Photo: 3044 85 Street SW in Calgary: Springbank Hill Row/Townhouse for sale : MLS®# A2259791

    3044 85 Street SW Calgary T3H 6C7 Springbank Hill

    $980,000
    Residential
    Status:
    Active
    MLS® Num:
    A2259791
    Bedrooms:
    3
    Bathrooms:
    4
    Floor Area:
    1,500 sq. ft.
    Welcome to effortless luxury in the community of Springbank Hill. This modern three-storey townhome offers over 2,500 sq ft of thoughtfully designed living space, perfectly blending style, comfort, and everyday function. Perched at the top of the hill, this home enjoys incredible views—sunsets over the Rocky Mountains to the west and a tranquil greenspace backdrop. With an east-west orientation and oversized windows, natural light floods every level, creating a warm and inviting atmosphere throughout the day. The main floor makes a striking first impression with 9’ ceilings, luxury vinyl plank flooring, and designer lighting. The open-concept kitchen features stainless steel appliances—including a gas range—sleek quartz counters, and direct access to the dining area. Just beyond, a generous deck with elegant glass railings extends your living space outdoors, perfect for morning coffee or relaxed dinners with a view. Upstairs, the primary suite offers a private 4-piece ensuite and a large walk-in closet. Two additional bedrooms share a full bathroom and convenient upper laundry, making this level ideal for family living. The fully finished walkout level is designed for entertaining and relaxation, complete with a large rec/media room that opens to a covered lower deck of over 400 sq ft, framed with glass railings to maximize the surrounding natural views. A flexible den and third full bathroom complete this level, offering space for guests or a home office. Additional highlights include an oversized heated garage, a private elevator servicing all levels, and turnkey convenience that supports both an active lifestyle today and the ability to “age in place” tomorrow. All of this, just minutes from shops, great restaurants, schools, and everyday amenities—with quick access to Stoney Trail for a seamless commute downtown or an easy escape to the mountains. This is executive living in Springbank Hill—sophisticated, functional, and designed for the way you want to live. More details
    Listed by eXp Realty
    LISTING DETAILS
    Stewart J Lowe (Stu)

  • 8163 8 Avenue SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2256252

    8163 8 Avenue SW West Springs Calgary T3H 6B1
    Main Photo: 8163 8 Avenue SW in Calgary: West Springs Row/Townhouse for sale : MLS®# A2256252

    8163 8 Avenue SW Calgary T3H 6B1 West Springs

    $799,900
    Residential
    Status:
    Active
    MLS® Num:
    A2256252
    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 First
    LISTING DETAILS
    Stewart J Lowe (Stu)

  • 102 West Glen Crescent SW in Calgary: Westgate Row/Townhouse for sale : MLS®# A2262515

    102 West Glen Crescent SW Westgate Calgary T2W 3R6
    Main Photo: 102 West Glen Crescent SW in Calgary: Westgate Row/Townhouse for sale : MLS®# A2262515

    102 West Glen Crescent SW Calgary T2W 3R6 Westgate

    $795,000
    Residential
    Status:
    Active
    MLS® Num:
    A2262515
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    1,543 sq. ft.
    Beautifully designed and brand new, this 3+1 bedroom townhome built by Huber Homes in desirable Westgate offers over 2300 sq. ft. of developed living space with high-end finishes and modern comforts throughout! The open main level showcases, recessed lighting and a bright, airy floor plan. The kitchen is a true highlight, featuring a central island with eating bar, sleek cabinetry, stainless steel appliances and a stylish dry bar. A spacious dining area and inviting living room with gas fireplace complete the main floor — the perfect layout for everyday living and entertaining alike. Upstairs you’ll find 3 comfortable bedrooms, including a relaxing primary retreat with walk-in closet and spa-inspired ensuite with double sinks and contemporary finishes. Two good sized bedrooms, a full bath and conveniently located laundry room complete this level. The fully finished basement extends your living space with a generous family/media room, a fourth bedroom and a full bath — ideal for guests, teens or a home office setup. Additional highlights include a front deck with BBQ gas line, a single detached garage, and thoughtful design inside and out. Located just steps from schools, shopping, parks and transit, this home combines style, function and location in one of Calgary’s sought-after southwest communities. More details
    Listed by RE/MAX First
    LISTING DETAILS
    Stewart J Lowe (Stu)

  • 42 Wheatland Avenue SW in Calgary: Westgate Row/Townhouse for sale : MLS®# A2263264

    42 Wheatland Avenue SW Westgate Calgary T3C 2W9
    Main Photo: 42 Wheatland Avenue SW in Calgary: Westgate Row/Townhouse for sale : MLS®# A2263264

    42 Wheatland Avenue SW Calgary T3C 2W9 Westgate

    $765,000
    Residential
    Status:
    Active
    MLS® Num:
    A2263264
    Bedrooms:
    3
    Bathrooms:
    4
    Floor Area:
    1,582 sq. ft.
    Welcome to a brand-new 3-bedroom, 3.5-bath townhouse built by Huber homes in the heart of Westgate, offering over 2500 sq ft of developed living space. Built in 2025, this home reflects modern design, functionality and finishings throughout. Step into an open-concept main floor that features recessed lighting and a bright layout ideal for both everyday living and entertaining. The stylish kitchen is a standout — with a central island, breakfast bar, sleek cabinetry and stainless steel appliances. Flow seamlessly from the kitchen to the adjacent dining area perfect for gatherings and living room with a gas fireplace, creating a warm and inviting hub. Upstairs, you’ll find two well-sized bedrooms. The primary suite is a tranquil retreat, complete with custom closet organizers and a spa-style ensuite with a double vanity and contemporary finishes. A second full bathroom with ensuite bathroom and a conveniently located laundry room complete this level. The fully finished basement extends your living space with a generous family/media room, a dry bar, a third bedroom and another full bathroom — perfect for guests, teens, or a home office. Thoughtfully designed, this home also includes a deck with BBQ gas line, a detached single garage, and full fencing for privacy and outdoor enjoyment. Located just steps from schools, shopping, parks and transit, this home presents an exceptional opportunity to combine style, convenience and modern design in one of Calgary’s sought-after southwest neighbourhoods. More details
    Listed by RE/MAX First
    LISTING DETAILS
    Stewart J Lowe (Stu)
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Data was last updated October 10, 2025 at 10:05 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.