Your Guide to Closing A Pre-Construction Property In Calgary

Closing A Pre-Construction Property in Calgary

This guide 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.

I have helped over 150 people to close on their pre-construction properties in Calgary - including 4 of my own personal properties! Learn from my experience and mistakes!

I am here to help, so contact me anytime.

SECTION 1

Preparing for Closing

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1) Insider Tips
1) Insider Tips

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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2) Your Expert Team
2) Your Expert Team

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

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3) Construction Progress
3) Construction Progress

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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4) Notice of Possession
4) Notice of Possession

The Notice of Possession provides your specific closing date and starts the official closing process.

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5) Closing Costs
5) Closing Costs

The fees to close a property in Alberta are shockingly low and it is one of the most affordable provinces to close in.

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SECTION 2

Required for Closing

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6) Lawyer
6) Lawyer

You need a strong quarterback behind you, so hire an Alberta-based lawyer to coordinate your property closing remotely.

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7) Mortgage
7) Mortgage

Mortgages are the trickiest part of closing a property and the #1 reason people don’t close on time.

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8) Insurance
8) Insurance

Insurance is your secret weapon to protect your investment and for peace of mind.

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9) Utilities
9) Utilities

Before closing, landlords must set up utility accounts which may electricity, gas, and water.

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10) Appraisals
10) Appraisals

The fees to close a property in Alberta are shockingly low and it is one of the most affordable provinces to close in.

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SECTION 3

30 Days Before Closing

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11) Property Management
11) Property Management

Hiring a local property management company in Calgary ensures your investment runs smoothly by handing operations over to a local professional.

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12) Property Taxes
12) Property Taxes

Calgary property taxes are 0.64861% of the assessed value annually and are the responsibility of the landlord.

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13) Condo Fees
13) Condo Fees

Each condo building has its own management company that handles maintenance and automatically collects condo fees.

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14) Holdco Registration
14) Holdco Registration

If you bought under a holding company, it must be registered in Alberta prior to closing.

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SECTION 4

Closing Week

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15) Closing Paperwork
15) Closing Paperwork

Get ready to print, sign via Zoom, and courier a large package of documents - make sure your printer is working!

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16) Funds Transfer
16) Funds Transfer

Make sure your closing funds are ready in a major bank account at least a week in advance, as wire transfer is the only accepted payment method.

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17) Possession Walkthrough
17) Possession Walkthrough

The inspection is typically done on the closing day in Calgary. and this is your opportunity to inspection the property and identify any deficiencies.

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18) Closing Day
18) Closing Day

The day you have waited for is finally here and this thrilling journey culminates in you becoming the proud owner of a prime real estate investment.

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SECTION 5

After Closing

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19) Renting Your Unit
19) Renting Your Unit

In Calgary properties are rented by property management companies, not real estate agents and there are significant differences in landlord-tenant laws.

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20) Rental Guarantee
20) Rental Guarantee

The day you have waited for is finally here and this thrilling journey culminates in you becoming the proud owner of a prime real estate investment.

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21) GST Rebate
21) GST Rebate

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

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22) Deficiencies & Warranty
22) Deficiencies & Warranty

Every new home in Alberta comes with a mandatory 10-year warranty, covering any defects in construction.

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23) Short-Term Rentals
23) Short-Term Rentals

Short-term rentals can be lucrative, but they must be licensed, require extra furnishing investments, and are impacted by some external factors.

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24) Income & Taxes
24) Income & Taxes

Taxes are unavoidable but taking a few steps can significantly lower how much you have to pay on your investment property.

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SECTION 6

Maximizing Your Investment

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25) Assignments
25) Assignments

An assignment means selling your purchase agreement before closing and is a way to get out of your contract before closing.

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26) Selling Your Property
26) Selling Your Property

Selling a property is about more than just listing it—it’s about maximizing your return with a seamless, stress-free process and that’s where I can help.

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27) Growing Your Portfolio
27) Growing Your Portfolio

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 for the next 30 years.

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28) Get In Touch
28) Get In Touch

Let’s start your journey to becoming a Condo Millionaire - get in touch today!

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Your Trusted Investment Expert

I am here to help so don’t hesitate to reach out.

🏡 Local market knowledge to find the best opportunities
📈 Expert insights to maximize your returns
😇 Honest, unbiased advice
🤝 Personalized support from start to finish
🛠️ Network of professionals for everything you need

Start your journey to become a Condo Millionaire!

Kyle Dovigi | Trusted Real Estate Investment Expert