A 20 minute drive from downtown Calgary, well positioned and accessible to many regional destinations, Chelsea is a 316 acre master planned community on the westerly edge of the City of Chestermere. At completion, it will be home to over 5,400 residents in a variety of housing types near schools, parks, neighbourhood shopping, pathways and an eco-park.
If you are interested in securing a unit, the next step is to fill out a worksheet at truecondos.com/worksheet with all your information and your top-3 suite choices.
Demand is very high, units are selling quickly and will sell out soon – get your worksheet filled out right away.
Questions? Call 647-371-0110
The guaranteed rental amount is listed on the financial analysis.
The Rental Guarantee begins when you take occupancy of your home.
All our units have positive cash flow. Based off a 20% down payment with a mortgage based on 30-year amortization, and today’s mortgage rates of around 2.00%.
The property manager will be a third-party accredited property management company in Calgary which successfully manages hundreds of rental units in Alberta.
Up to two (2) are permitted to go on as purchasers on one contract.
Yes, you can assign. The assignment fee is 2% of the price, but this fee is waived if the purchaser selects the Flex or Extended deposit plan.
There are 3 options for deposit starting at just 5%. For more details see the investor package files.
Estimated occupancy is mid 2025.
Your total closing cost will be around $1,500 dollars for a legal representative to convey your purchase in Alberta. They do not need to be physically located in Alberta but must be licensed to practice in Alberta. We have also partnered with Kahane Law to provide you unmatched service and unbeatable rates in Calgary should you want to use a local representative.
A 10-day cooling off period is required by law in Alberta. Anytime within and up to the 10th day, if you wish to cancel your offer you are able to, with any monies received by the developer being refundable back to you.
No. There are no hidden costs such as levies or transfer taxes.
Yes. All paperwork will provided through secured document signing app DocUsign, DotLoop or NexOne.
The property tax rate in Calgary is very low!
For 2020 the residential rate in Calgary is approximately 0.75% (of assessed value).
So that means that on a $300k (purchase price) unit you are looking at approximately $2250/year or $187/month in property taxes.
Same as in Ontario, you will need a lawyer at closing to close the property, and the lawyer has to be licensed in Alberta.
When the time comes we can put you in touch with a few lawyers in Calgary who can handle the transaction for you.
The cost will be approximately $1000-2000 for a lawyer.
Yes, you will have a 10 calendar day cooling period after signing just like in Ontario. If you wish to cancel your offer during the 10 days you can with no penalty.
In Alberta the HST/GST is handled differently than Ontario.
In Ontario, as an investor, you pay approx 8% of the price (to a max of $24,000) on final closing and you apply for a rebate to get the HST back, and in most cases you get most of it back.
The HST in Ontario is money you have to pay on closing out of your own pocket. You cannot use a mortgage to pay for it.
This 8% (max $24,000) in Ontario is in addition to the $30-40k in closing costs you have to pay out of pocket and cannot roll into a mortgage.
In Alberta, you pay 5% of the price which is the GST portion on final closing.
The good news is that the 5% is included in your mortgage in Alberta!
As an investor, there is a program where you can apply to get a portion of the GST you paid rebated back to you. The maximum you get back is 36%.
If the price is up to $350k, you get back 36% of the GST you paid.
If the price is between $350k-$450k, it’s a sliding scale where the 36% rebate shrinks down to zero by the time you hit $450k.
The GREAT news about GST in Alberta is you can roll it into your mortgage, you DO NOT have to pay this money on closing out of your own pocket!
So for example (all figures approximates):
Purchase price $250,000 – you pay $12,500 in GST. you get a rebate back for $4500.
Actual total GST paid = $8000
Purchase price $350k – you pay $17,500 in GST. you get a rebate back for $6300.
Actual total GST paid = $11200
Purchase price $400k – you pay $20k in GST. you get rebate back for $3100.
Actual total GST paid = $16,900
Purchase price of $450k – you pay $22,500 in GST, nothing rebated back.
Thankfully getting a mortgage in Alberta is easy, we have a great banking system in Canada that works coast to coast – it’s all the same whether you are in Ontario or Alberta or anywhere in Canada.
No, everything from purchasing to closing in 3 years time can be done remotely without ever having to go to Calgary. Of course you are welcome to go visit the property if you want and check it out at any time.
If you have more questions please email me at andrew@truecondos.com or call/text 647-371-0110
Andrew la Fleur
Truecondos.com
Sales Representative, Remax Condos Plus
