Your Guide On How To Closing A Condo In Calgary.jpg

This is the complete guide on how to close a pre-construction property in Calgary, Alberta and is designed to make the closing process as simple and stress-free, and to protect your investment. I’ll walk you through every step—what to expect, what to prepare, and how to ensure a seamless closing from start to finish.

Key steps in the closing process
How to work with your lawyer and secure mortgage financing
Financial tips to stay organized and on budget
What to expect on closing day—and how to prepare
Tips for turning your unit into a successful rental

I have helped 150 of my clients to close on their pre-construction properties in Calgary to date and I have even closed on 4 properties of my own in May 2025 - now that’s stressful! Leverage our collective experience (and mistakes) to make sure you don’t miss anything!

Need Help With Anything? Get in touch and I would be happy to help.

Ultimate Closing Checklist

Closing does not need to be stressful if you take the right actions in a timely manner but I have received countless phone calls from people who were not being advised properly and waited to long before taking action. Don’t be one of those people and download my Ultimate Closing Checklist for step-by-step actions you need to take to ensure you don’t miss a thing:

SECTION 1

Preparing for Closing

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Preparing for Closing

1) Insider Tips

Preparing for Closing

Closing on a pre-construction property doesn’t need to be stressful and with the right preparation, you can ensure a smooth closing, and protect your investment.

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Preparing for Closing

2) Your Expert Team

Preparing for Closing

Work with an all-star team of professionals to assist you with every aspect of your closing - trust experience.

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Preparing for Closing

3) Construction Progress

Preparing for Closing

Developers provide periodic updates to keep you informed of construction progress and key milestones so that you can be ready for your closing.

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Preparing for Closing

4) Notice of Possession

Preparing for Closing

The Notice of Possession provides your specific closing date and starts the closing process. Expect to receive this 30-90 days before closing.

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Preparing for Closing

5) Closing Costs

Preparing for Closing

There are extra fees involved with closing any property that you need to have cash to cover. Closing costs in Alberta are shockingly low and it is one of the most affordable provinces to close in.

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Preparing for Closing

SECTION 2

Required for Closing

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Required for Closing

6) Lawyer

Required for Closing

A lawyer is required for your closing and you need a strong quarterback behind you, so hire one in Alberta to coordinate your property closing–the good news is that everything can be done remotely and you never need to go to Calgary.

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Required for Closing

7) Mortgage

Required for Closing

Mortgages are the trickiest part of closing a property and the #1 reason people don’t close on time. With enough time, any issue can be fixed, so start early!

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Required for Closing

8) Insurance

Required for Closing

Insurance is your secret weapon to protect your investment and for peace of mind, but it’s also typically a requirement of your mortgage.

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Required for Closing

9) Utilities

Required for Closing

Buyers must set up utilities and provide proof to the developer before their closing and may include electricity, gas, and water accounts.

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Required for Closing

10) Appraisal

Required for Closing

An appraisal is the determination of the current market value of your property by an independent third-party and is generally a requirement of your mortgage lender.

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Required for Closing

SECTION 3

30 Days Before Closing

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30 Days Before Closing

11) Property Management

30 Days Before Closing

If you are a remote investor then hiring a processional local property management company to handle the day-to-day operations of your unit and communicate with your tenant is generally a good idea.

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30 Days Before Closing

12) Property Taxes

30 Days Before Closing

Calgary property taxes based on the assessed value annually and are the responsibility of the landlord.

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30 Days Before Closing

13) Condo Fees

30 Days Before Closing

Each condo hires a management company to handle the maintenance and upkeep of the building. Condo fees are collected by the company to pay for unmetered utilities and contributions to the reserve fund.

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30 Days Before Closing

14) Holdco Registration

30 Days Before Closing

If you bought your property under a holding company and it was formed in another province, it must be reregistered in Alberta prior to closing. If you bought the property in your personal name, then this doesn’t apply to you.

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30 Days Before Closing

SECTION 4

1-2 Weeks Before Closing

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Closing Week

15) Closing Paperwork

Closing Week

Get ready to print, sign via Zoom, and courier a large package of documents to your lawyer in Calgary so make sure your printer is working with lots of paper and ink!

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Closing Week

16) Funds Transfer

Closing Week

A wire transfers is the only method accepted for fund transfers. Make sure your closing funds are available in a major bank account at least a week before your closing.

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Closing Week

17) Possession Walkthrough

Closing Week

An inspection of the property is typically done on your closing day in Calgary and this is your opportunity to learn about the property and identify any deficiencies that need to be fixed.

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Closing Week

18) Closing Day

Closing Week

Congratulations–the day you have waited for is finally here and this thrilling journey culminates in you becoming the proud owner of new property!

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Closing Week

SECTION 5

After Closing

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After Closing

19) Renting Your Unit

After Closing

In Alberta, properties are rented by property management companies, not real estate agents like in Ontario & BC. The landlord-tenant laws are also much more balanced with significant differences laws.

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After Closing

20) Rental Guarantee

After Closing

A Rental Guarantee was a popular incentive that was offered by many developers as part of your purchase and is a great way to make your investment completely hands-off.

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After Closing

21) GST Rebate

After Closing

When you buy a pre-construction property, you may be eligible for a GST Rebate of up to $6,300.

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After Closing

22) Deficiencies & Warranty

After Closing

Every new home in Alberta comes with a mandatory 10-year warranty, covering defects in construction and issues that may arise according to a set schedule.

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After Closing

23) Short-Term Rentals

After Closing

Short-term rentals like Airbnb & VRBO can be lucrative, but they must be licensed, require extra furnishing investments, and are impacted by government policy and external factors–approach with caution.

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After Closing

24) Income & Taxes

After Closing

Taxes are unavoidable but taking a few steps can significantly lower your income and the taxes you have to pay on your investment property.

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After Closing

SECTION 6

Maximizing Your Investment

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Maximizing Your Investment

25) Assignments

Maximizing Your Investment

An assignment simply means to sell your unit to someone else before closing–you assign your purchase rights to another party who steps into the transaction “in your shoes”.

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Maximizing Your Investment

26) Selling Your Property

Maximizing Your Investment

Selling a property is about more than just listing it—it’s about getting top dollar for your property with a seamless, stress-free process and that’s where I can help!

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Maximizing Your Investment

27) Growing Your Portfolio

Maximizing Your Investment

I’m not just another agent trying to sell you something—I’m your long-term real estate partner, here to help you build and scale your investment portfolio over the next 30 years.

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Maximizing Your Investment