Off-Market legal suite investments in the most RENTABLE areas in Calgary
Welcome! I’m Joshua Clark, a real estate agent born and raised in Calgary, Alberta. With a deep-rooted connection to this vibrant city, our team is dedicated to helping you discover the best investment opportunities in Calgary and beyond. Whether you’re looking for a cashflow positive investment, a property to hold and sell, or anything in between, we have you covered.
At New Homes Alberta, we pride ourselves on being more than just a real estate team; we are your neighbors, your community members, and your best guide to the Alberta real estate market. Born and raised right here in Alberta, our team embodies a deep-rooted understanding of the local landscape, offering insights and expertise that can only come from true locals.
The majority of New Build and Pre Construction real estate teams are based out of province, with Toronto being a prominent location for most of these agents. However, in order to invest in the right preconstruction project to maximize return and enjoyment, it is essential to work with a team of agents who not only are in the location in which you plan on investing in, but also knows the area market inside and out.
We know a property with potential when we see one.
Get our insights on the property features, possible updates, and surrounding area that translate to more value.
Get a better picture of the value of your investment.
Leverage our knowledge of the local Calgary market – like demographics, building and zoning regulations, nearby developments, etc.
We run the numbers on rent, repairs, maintenance, vacancy, proformas, and more.
Be better prepared and feel more confident in your investment’s performance.
Check out all the top pre construction projects coming to Edmonton!
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Select the area you are most interested! For more details on the different areas, you can check out our “Guide” page.
Investing from out of province works the same as if you were standing in Calgary in-person yourself and everything can be done remotely, including management of the unit! You never have to go to Calgary or even see the unit you purchased.
Once you’ve decided on a unit, simply submit a Suite Reservation Form or “Worksheet” containing necessary details such as your legal name, address, contact information, occupation, employer, and a valid identification photo (usually a driver’s license or passport). This aids the developer in preparing the purchase agreement and helps me keep track of additional preferences like parking, locker purchase, multiple purchasers, or the inclusion of a Holding Company in the agreement.
In some cases, time is of the essence, requiring swift action within minutes to secure your unit. Pre-submitting a unit registration form allows for instant reservation, bypassing potential delays associated with waiting for form submission. The process is quick, taking less than 5 minutes to complete. Access the form here:
Upon receipt of your submitted information, the developer promptly generates your purchase agreement, often completing the Agreement of Purchase and Sale (APS) within 24 hours due to its largely automated nature. It’s crucial to sign the agreement within 24 hours of receiving it, as failure to do so may result in the developer voiding the contract and reclaiming the unit. This practice helps sift out individuals who are not genuinely committed to the purchase process and initiates the “clock” for the 10-day cooling period.
In the fast-paced world of real estate, some developments can sell out within mere hours, leaving little time for thorough due diligence. Thankfully, Alberta law provides a safety net in the form of a 10-day cooling period, allowing buyers to back out of a deal without penalty for any reason. This 10-day period, which includes weekends and holidays, begins the day you sign the agreement. Should you choose to exercise this option, simply send an email to the builder to inform them of your decision to withdraw from the purchase – no complicated forms required.
While not mandatory for purchasing a pre-construction property, engaging a lawyer at closing is advisable. It’s prudent to have your purchase agreement reviewed within the cooling-off period to ensure there are no deal-breaking clauses or terms you find unacceptable. Despite limited room for negotiation, legal insight can be invaluable, given that contracts typically favor the developer’s interests.
In Alberta, where nuances in real estate law vary from other provinces, a lawyer familiar with local regulations can provide essential guidance. For instance, terms like “duplex” and “occupancy” may carry different meanings across jurisdictions. Additionally, to facilitate property closure, your lawyer must have access to the province’s land titles registration system. If you already have legal representation, it’s worth confirming their capabilities; otherwise, I can assist in referring you to a suitable lawyer.
When purchasing a pre-construction unit, securing a mortgage is only necessary at the closing stage, not during the initial purchase. In Alberta, the mortgage application process mirrors that of other provinces, with major banks and financial institutions operating nationwide.
Although an actual mortgage is obtained at closing, many developers require a mortgage pre-approval within the cooling-off period. This preliminary approval assesses your financial status, including employment, income, debts, and real estate holdings, without conducting a credit score check.
Obtaining a mortgage pre-approval should be your first step before exploring properties, as it determines your borrowing capacity and budget. It’s crucial to align your property search with your financial capabilities to avoid disappointment.
The actual mortgage financing is contingent upon your financial situation at closing, which could be several years away. Due to Covid-related delays, banks may experience backlog, underscoring the importance of early mortgage organization to avoid penalties and fees.
While not all mortgage brokers can facilitate mortgages in Alberta, I collaborate with trusted partners who can assist seamlessly. Feel free to reach out for a referral if needed.
It’s important to note that for traditional mortgages from any bank in Canada, a minimum 20% down payment is required for rental properties. If you’ve put down a 10% deposit with the developer, you’ll need to provide an additional 10% at closing, as all deposits count towards the 20% requirement. Any claims of less than 20% down payment typically apply to owner-occupied homes requiring CHMC insurance or may be misleading.
While some developers may accept post-dated personal cheques, in most cases, deposits must be made using one of the following methods:
Wire Transfer: Visit your local bank to wire the funds directly to the developer’s lawyer, incurring approximately a $50 fee.
Bank Draft (MOST COMMON): Obtain a bank draft from your local bank and deposit it into the developer’s lawyer’s bank account, typically BMO or TD, with a cost of about $8.
Deposits are safeguarded by provincial law and held in-trust by the developer’s lawyer. In the event of building cancellation or developer bankruptcy, your deposits are protected, ensuring their return.
Please Note: I am not a tax expert, so I recommend consulting with your accountant for personalized advice.
In Alberta, buyers from other provinces do not incur any special taxes or fees. Alberta offers several advantages for real estate investment:
• NO FOREIGN BUYER TAX: Regardless of residency, Canadian citizens and permanent residents can purchase real estate in Alberta without paying any special “foreign” taxes.
• NO LAND TRANSFER TAX: Unlike in provinces like BC and Ontario, Alberta does not impose specific taxes related to real estate transactions. This results in significant savings, such as avoiding the hefty $32,950 tax on a $1M property sale in Toronto. There is only a nominal Property Registration Fee, typically a few hundred dollars.
• NO DEVELOPMENT CHARGES: Unlike other regions, Alberta, particularly Calgary, does not levy development charges, which are essentially taxes imposed by local municipalities to fund infrastructure projects.
• NO PROVINCIAL SALES TAX: Alberta imposes only a 5% sales tax on goods and services purchased, making it an attractive location for buyers.
Regarding income taxes on property appreciation upon sale, the rules are determined by the Canada Revenue Agency (CRA), a federal entity. The treatment of income and capital gains is uniform across provinces.
All new homes in Alberta are covered by the Alberta New Home Warranty Program – this provides coverage for a 10 year period:
• 1 YEAR – MATERIALS & LABOUR: Coverage for defects in materials and labour (baseboards, flooring, trim, and paint).
• 2 YEAR – DELIVERY & DISTRIBUTION SYSTEMS: Coverage for defects in materials/labour related to delivery & distribution systems (heating, electrical and plumbing systems).
• 5 YEAR – BUILDING ENVELOPE: Coverage for defects in the system of components that separate the conditioned space from unconditioned space (roof, exterior walls).
• 10 YEAR – STRUCTURAL: Coverage for the load-bearing parts of the home (frame, foundation).
Prior to closing on the unit, there will also be an Occupancy Inspection to walkthrough the property to inspect for any deficiencies. You can do this yourself, you can send someone anyone to do it on your behalf, or you can have a building designate walk you through the inspection remotely on a Zoom call. There are always “deficiencies” that the builder will fix and touch up and some seasonal items and exterior work may not be able to be completed until later (e.g. pouring concrete, landscaping, etc.)
Many of my clients invest in units located outside their residing cities. While some opt to manage their units independently, the convenience of online ordering makes this feasible, especially for condos where issues typically involve a plumber or locksmith.
For remote investors, hiring a property management company is often the wisest choice. These professionals handle tenant communications, payments, compliance with statutory regulations, maintenance, repairs, and day-to-day management, requiring your involvement only for major decisions or invoice payments.
In Alberta, property management fees typically amount to 10% of gross rent plus GST, although rates as low as 6% are not uncommon. I advise using 10% for financial analysis purposes.
For clients who prefer a hands-on approach, I suggest initially managing the unit independently for a few months to gauge feasibility. Should challenges arise, you can always enlist the services of a property manager later.
In Alberta, rental units are primarily managed by property management companies, unlike Ontario and BC where real estate agents often handle rentals. These companies oversee the listing, advertising, and coordination of showings, as well as conduct due diligence on prospective tenants, including employment verification, reference checks, social media screening, and credit score assessment. The standard charge for their services is typically 1/2 of a month’s rent plus GST, whereas in the Greater Toronto Area (GTA), it’s typically a full month’s rent.
Your role in the rental process should mainly involve reviewing the due diligence provided by the property management company for prospective tenants and giving your approval.
At the time of closing, all associated activities can be conveniently conducted remotely, including signing paperwork with the lawyer, coordinating the mortgage with the broker, organizing insurance, and taking possession of the unit and keys.
Closing costs, which encompass the fees and expenses linked to transferring legal title to your name, vary significantly between Ontario/BC and Alberta. Below is a comparison of closing costs for a $500,000 one-bedroom pre-construction condo in Calgary versus Toronto:
TYPICAL CLOSING COSTS IN CALGARY:
CLOSING COSTS IN TORONTO:
** Upon renting out the unit for at least a one-year term in Ontario, you can apply for the HST Rebate, and it’s common to receive the full $24k rebate, making it more of a cash flow issue than a true expense.
Without a current, up-to-date database for new builds and preconstruction homes in Calgary, it can be nearly impossible for home buyers to find the perfect new home for them! Recognizing this challenge, we serve as a comprehensive hub for all the latest projects, providing clients with detailed, easily accessible information without the hassle of contacting every developer in the city. We streamline the home buying process by offering up-to-date listings, extensive project details, and expert insights, ensuring our clients have everything they need to make informed decisions about their future homes.
Are you looking for investment properties? We have you covered! We save you the time and effort for the top rated investment properties based on your needs.
Perhaps you are looking to buy a brand new home to live in with your family? If that's the case, we have all the best options for families looking to find their dream home.
We understand the challenges of moving to a place you may have never even visited! We have team members who specialize in taking care of the ins and outs of your relocation.
Search homes for sale in your local area by price, amenities, or other features. We’ll show you the sales history and provide helpful advice.
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Please quote property reference
New Homes for sale in Alberta -
Buy or sell your home with Our agents. Our agents are knowledgeable, professional and dedicated to everyone’s satisfaction!
Get immediate access to find the best homes for sale, information on market trends, open houses and homes-in-progress.
Compare listings
ComparePlease enter your username or email address. You will receive a link to create a new password via email.
alberta, calgary, edmonton, real estate agent, multiple listing service, property, royal lepage, lethbridge, condominium, grande prairie, acre, westlock, new homes calgary alberta, construction, infrastructure, price, highway, lake, bridge, métis, university of alberta, renovation, building material, medicine hat, energy, rocky mountains, edmonton police service, oil sands, fort mcmurray, mining, sand, trail, sherwood park, fort saskatchewan, prairie, manufacturing, saskatchewan, edmonton international airport, spruce grove, deer, treaty 6, strathcona county, chestermere, building, press release, industrial construction, skip to content, okotoks, rocky mountain house, village
Can foreigners buy property in Alberta?
Yes, foreigners can purchase property in Alberta. There are no restrictions on foreign ownership of residential real estate in the province, and the process is similar to that for Canadian citizens.
Can I sue my new home builder?
Here is a concise response without commentary: If you have issues with your new home, you may be able to take legal action against the builder. Review your contract, warranty, and local laws to understand your rights and options for pursuing a lawsuit against the builder.
What are Albertas new construction regulations?
Here are the key points about Alberta's new construction regulations: Alberta does not impose development charges or fees on new construction projects. All new homes in Alberta are covered by the Alberta New Home Warranty Program, providing 10 years of coverage. There is a 36% GST rebate available on new home purchases up to $450,000.
How to find new Alberta construction projects?
Search real estate websites and new home developers' websites for listings of new construction projects in Alberta. Reach out to local real estate agents or brokers who specialize in new construction and pre-sales. Attend local home and real estate shows to learn about upcoming Alberta construction projects. Sign up for email newsletters or alerts from builders and developers to stay informed about new projects.
What are the latest trends in Albertas new homes?
The latest trends in Alberta's new homes include a focus on energy efficiency, smart home technology, open-concept layouts, and growing demand for townhomes and duplex-style properties in both urban and suburban areas.
How to finance a new home in Alberta?
Here are the key steps to financing a new home in Alberta: Secure pre-approval for a mortgage by providing financial information to a lender. Make a deposit, typically 10-20% of the purchase price, through wire transfer or bank draft. Arrange final financing at closing, meeting the 20% down payment requirement. Consider property management services to handle tenant relations, maintenance, and finances.
What guarantees do Alberta new home builders offer?
All new homes in Alberta are covered by the Alberta New Home Warranty Program, providing 10-year coverage for materials, labor, and major structural defects.
Are there eco-friendly new homes in Alberta?
Yes, there are several eco-friendly new home developments in Alberta, such as Sage Walk Condos and Arris Residences, which feature energy-efficient designs and sustainable building materials.
How to ensure quality in new Alberta constructions?
Adhere to building codes and regulations to ensure structural integrity and safety. Use high-quality materials and skilled labor to minimize defects and maintain durability. Implement rigorous quality control measures throughout the construction process. Obtain necessary certifications and warranties from developers to protect homebuyers. Conduct regular inspections by third-party professionals to identify and address issues.
What are the newest communities in Alberta?
Arbour Lake Townhomes in Calgary Fireside Duplex in Cochrane Rangeview - Laned Homes with 2 Bedroom Legal Suites in Calgary Wolf Willow Duplexes in Alberta
How to choose a new home builder in Alberta?
When choosing a new home builder in Alberta, consider their reputation, experience, quality of construction, customer service, and financial stability. Research online reviews, ask for references, and compare quotes from multiple builders to find the right fit.
What are the zoning requirements for Albertas new constructions?
In Alberta, new construction projects are required to comply with municipal zoning regulations, which typically cover factors such as land use, building height, setbacks, and parking requirements. These standards aim to ensure orderly development and compatibility within the local community.
How to navigate Albertas new home warranty program?
All new homes in Alberta are covered by the Alberta New Home Warranty Program, which provides 10 years of coverage: 1 year for materials and labor, 2 years for delivery and distribution systems, 5 years for major structural components, and 10 years for structural integrity.
What are the property taxes for new homes in Alberta?
In Alberta, new homes are not subject to development charges or property taxes. Homeowners only pay land title registration fees, legal fees, and a 36% GST rebate on homes under $450,000.
How to get permits for new construction in Alberta?
To obtain permits for new construction in Alberta: Submit a completed permit application form to the local municipality or county. Provide detailed construction plans, drawings, and specifications for the proposed project. Pay the required permit fees, which vary based on the scope and location of the construction. Obtain any additional approvals or inspections required by local regulations.
What are the energy efficiency standards for new Alberta homes?
All new homes in Alberta must meet the requirements of the Alberta Building Code, which sets minimum energy efficiency standards for insulation, windows, heating systems, and ventilation to reduce energy consumption and environmental impact.
Can non-residents get a mortgage for an Alberta new home?
Yes, non-residents can obtain a mortgage for purchasing a new home in Alberta. However, they may face additional requirements compared to residents, such as providing a larger down payment or meeting stricter income and credit criteria.
What are the inspection protocols for Albertas new constructions?
New homes in Alberta are covered by the Alberta New Home Warranty Program, which provides coverage for a 10-year period. The warranty covers defects in materials and labor for the first year, as well as structural defects for up to 10 years. Developers are responsible for ensuring compliance with building codes and regulations during the construction process.
new homes for sale in alberta, calgary legal suites, best legal suites in calgary, calgary homes with legal suites, detached homes with legal suites, calgary homes with legal suites for sale, cheapest legal suite homes in calgary, preconstruction legal suite homes, new construction alberta, calgary suited homes for sale, legal homes, legal homes for sale, homes for sale legal alberta, garage suite calgary, houses with legal suites calgary, garage suites calgary, pre construction homes alberta, leo listings calgary
Are you looking to invest in real estate in Calgary and maximize your returns with cashflow positive properties? Look no further than our team at New Homes Alberta. We offer top legal suite options in Calgary, providing you with detailed information on potential monthly cashflow projections and investment analysis to help you make informed decisions.
With our local expertise and deep understanding of the Calgary housing market, we can guide you through the process of investing in preconstruction homes with legal suites. From reserving a unit to navigating closing costs and property management, we are here to support you every step of the way.
Explore our featured preconstruction projects in Calgary, such as Arbour Lake Townhomes, Fireside Duplex in Cochrane, Rangeview Laned Homes, Wolf Willow Duplexes, and more. With options starting at different price points and offering various amenities, you can find the perfect property to suit your investment goals and preferences.
Whether you are interested in townhouses, duplexes, or condos, we have a wide range of projects to choose from. Contact us today to learn more about these exciting opportunities and take the first step towards building your real estate investment portfolio in Calgary.