The Annex Condos in Calgary
The Annex Condos is a new condo in Calgary developed by Minto Communities currently under construction at 9A Street NW, Calgary, AB.
About The Annex Condos in Calgary
Minto’s The Annex in Calgary is comprised of 108 one and two-bedroom suites. Just steps from the Sunnyside LRT, it features a spacious rooftop multi-amenity space designed by the award-winning landscape architect, 02 Planning and Design.
The Annex in Calgary Condos is registered for Leadership in Energy and Environmental Design (LEED) and targeting Gold certification— a testament to Minto’s commitment to exceptional design and high performance, that not only reduces consumer costs but creates a sustainable living for generations to come.
| Address | 9A Street NW, Calgary | ||
| Developer | Minto Communities | Occupancy | 2021 |
| Area | Calgary | Deposit | 5% |
| Storeys | TBA | Maint. Fees | $0.38 psf/m |
| Units | 108 | Prices | mid $300,00s |
Andrew interviews local Calgary real estate expert Jeremy Tomalin-Reeves who shares some startling statistics about the Calgary market and how investors can take advantage of current and future rental trends.
The Annex Condos in Calgary Location
The 9-storey Annex building is located in Kensington, one of Calgary’s trendiest neighbourhoods. You’re only a 10-minute walk or 1 LRT stop away from your new home if you work downtown, or want to enjoy any of the amazing entertainment options available in the core.
Outdoor recreation is easy living at The Annex Condos: there are kilometres of extensive cycling and pedestrian pathways along the Bow River, with direct access to Prince’s Island Park and the business district.
Incredible neighbourhood amenities, including shops, restaurants, pubs, cafes, theatres, grocery and more.
WHY CALGARY?
- Most livable city in North America for 2 consecutive years
- Lowest cost of living of Canadian cities and 9th lowest in North America
- Fourth most livable city in the world, for stability, healthcare, culture, education, and infrastructure
- Located at the foothills of the Canadian Rockies, flanked by the Bow and Elbow Rivers, Calgary has loads of green spaces and interconnecting trails
- Top 5 of The Economist Intelligence Unit’s Global Livability Index, for 10 consecutive years!
WHERE URBAN MEETS NATURE
- Sunniest City in Canada with an average of 2,300 sun filled hours
- Cyclists paradise! The most extensive outdoor pathway and urban bike network in North America
- Ranked 2nd for healthiest lifestyle and life satisfaction of major cities in Canada
PERFECTLY SITUATED FOR THOSE WHO LOVE THE GREAT OUTDOORS
- 5 world class ski resorts within 2 hours of Calgary
- over 200 hiking trails in Banff National Park
- Just a 90 minute drive to Banff
THE ANNEX CONDOS IS ALL ABOUT CONNECTIVITY
- 1 minute walk to Sunnyside C-Train
- 10 minute walk to Downtown Calgary and Business District
- 5 min bike ride to St. Patrick’s Island Park and Prince’s Island Park
- Nearby two post secondary institutions: 1 LRT stop to Southern Alberta Institute of Technology & Mount Royal Royal University
- 5 min walk to Riley Park
- 5 min walk to the Bow River & Pathways
THE QUEEN WEST OF CALGARY, WELCOME TO KENSINGTON!
- Multi-culturally rich and diverse, approximately 25% of Calgarians are foreign born, bringing with them a large variety of fun, cultural activities and events, many of which are held in Kensington
- Kensington is is over 100 years old, with beautiful historic buildings and homes and paired with modern architecture, it maintains a cool and whimsical village feel
- Living in Kensington means you’ll enjoy an artsy, eclectic and tight-knit community, full of great boutique city shopping, eateries, public art and transit
9A Street Northwest
Walker’s Paradise
The Annex Condos in Calgary Amenities
The Annex Condos is equipped with a spacious roof-top patio that’s complete with a dog run, fireplace, communal barbecues, a community garden, a group game set-up and ample seating areas for residents to socialize.
– Secured access via an electronic encrypted security fob for building, bike storage, underground parking and lockers.
– Convenient surface visitor parking at the rear of the building
– Solid core suite entry doors with safe lock deadbolt & lever
The Annex Condos in Calgary Features and Finishes
Choose from three contemporary finish packages: Industrial, Mid Mod or Urban. Each package features the following designer selected finishes:
• Maintenance-free, luxury vinyl plank(LVP) flooring with integrated acoustic underlay
• Roller shade window coverings
• 9’ ceilings on floors one and nine, 8’-6” ceilings on floors two through eight
• Style-inspired LED lighting including package-specific kitchen pendants
• Modern flat profile with square edge 4” baseboard and 2.5” door casing
KITCHENS FEATURES
• Modern design kitchen cabinetry highlighting a functional sitting, eat-in island with soft close door and drawer hardware
• Quartzcountertopswithwaterfallislandsonfloorstwo through nine
• Full-height tile kitchen backsplash
• Stainless steel appliances
• Stainless steel under-mount sink with single lever faucet and convenient pullout spray
• ENERGYSTAR® front loading white washer and dryer vented to exterior
• Decor lightswitches and dedicated USB charging outlet
• Lever-style contemporary door hardware
• Spacious patios and balconies with convenient gas BBQ hook-up
• Phone and data jacks in the bedroom(s)and living rooms, in-wall cable conduit & outlet with future TV backing in living rooms and pre-wiring for high-speed internet in the bedroom(s), den and living room
BATHROOM FEATURES
• Tile flooring
• Floating vanity cabinets which coordinate with the kitchen cabinetry and feature soft-close hardware
• Quartz countertops
• White under-mount sink with style-inspired faucet
• Sleek,style-inspired faucets, fixtures and accessories
• Style-inspired, vanity wall sconce
• Contemporary-style acrylic soaker bathtub and/or acrylic shower base with full height tile surround
• The hand-held shower head in ensuite walk-in showers only
• Glass shower door for all walk-in showers
About the Developer
MINTO COMMUNITIES
After much success in Ottawa, Toronto, and Florida since our beginning in 1955, The Minto Group decided to expand its business into Western Canada and Minto Properties first entered the Calgary market in July 2012.
To Date, Minto has rental properties in Calgary. We have a pipeline of 3500+ units and 5 properties in Calgary. East Hills (500 units), Grandview (2,500 units), The Annex (108 units), Era (180 units), Era II (30 units), The Annex II (100 units).
Future Minto Communities Projects
Community of 500 townhomes and mid-rise condos located in Calgary’s South East, across from Easthills Shopping Centre with 1 million square feet of retail, only 15 mins to downtown. Master-planned Community of 2500 single-family detached, semi-detached, townhomes and condos in Airdrie, located 30 minutes North of downtown Calgary.
For more than 60 years, Minto Communities Canada has been building new homes, master-planned communities and condominiums, one home and one relationship at a time.
From condos to single family homes, Minto Communities Canada offers homes in master-planned communities and condominiums for individuals, couples and families at almost every stage of life.
The Annex Condos in Calgary FAQs
I’m interested in buying a unit, what do I do next?
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.
How much are Parking and Lockers?
Parking is $39,900 – available for all 2 bedrooms. Available with the more expensive 1 bedrooms.
Bike storage avialable (first come first serve)
Can I assign my unit?
Yes you can assign your unit (sell before it is finished).
How does the 5% deposit option work?
The regular deposit is 10%.
In order to buy with only 5% deposit, you have to apply to Travellers Insurance for their deposit bond program.
Essentially they do a credit check on you, and they evaluate you based on your income and your assets.
How will I know if I will qualify for the 5%?
From what Travellers has told me, if you own a property with at least $100k of equity in it, and you earn income of at least $80-100k, you should have no problem qualifying.
Is there a cost to pay Travellers for the 5% bond program?
Yes, the fee is $100 plus a small percentage of the amount of the actual 5% bond.
So the fee will be approximately $300-600.
How much is the Rental Guarantee for?
The amount is a simple calculation of 6% of the price paid (not including GST) multiplied by 6% to get the annual amount, and then divide by 12 to get the monthly.
For example $350k purchase price *6% = $21000/12 = $1750/month.
Will these units be positive cash flow?
Most of these units are projected to be break even cash flow.
This is based on 20% total down payment at closing, 30 year amortization, and today’s mortgage rates of around 2.7-2.9%.
How many units can I purchase with 5% deposit?
You can buy 1 unit per name.
So if you want 3 units you have to have 3 names. And each person has to apply to Travellers and each person has to qualify.
If you put down 10% deposit you can buy as many units as you want in the building.
When does the Rental Guarantee start?
The rental guarantee starts as soon as the condo is ready for occupancy. So you start earning right away, no negative cash flow time when you are bleeding money each month with your condo sitting empty.
There is an occupancy period before final closing in Alberta with condos just like in Ontario.
What are the closing costs in Alberta on a new condo?
The closing costs in Alberta are VERY different from Ontario. There are no development charges, educational levies, section 37 charges, or other various municipal charges.
In Toronto the average closing costs are around $30,000 in a new condo today in 2019.With Era in Calgary your closing costs are basically only going to be your lawyer fees plus your home warranty fees. So all in you are looking at $2000 or less based on 2019 estimates for closing in 2023.
What happens after the 2 year Guarantee is up? Can I keep using the property management company?
Yes, after the 2 years of free property management is finished, you can hire the property management company (currently expected to be “Asset West Management”), you can hire them to keep it going. Estimated costs will be $500 for placing a new tenant and $75/m for ongoing property management.
By the way, if you are a non-resident of Canada, Asset West Management will do all the necessary CRA filings on your behalf too.
How much is property tax in Calgary?
The property tax rate in Calgary is very low! For 2019 is 0.665% of assessed values. So that means that on a $300k unit you are looking at approximately $2000/year or $166/month in property taxes. Of course in Alberta just like in Ontario the assessed values usually come in significantly lower than the market values so taxes will likely be even less than this estimate.
Do I need a lawyer in Alberta to buy?
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 $1000-1500 for a lawyer.
Is there a 10-day cooling period after I buy like in Ontario?
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.
How does HST/GST work in Alberta?
In Alberta the HST/GST is handled differently than Ontario.
In Ontario, as an investor, you pay approx 8% of the price 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.
In Alberta, you pay 5% of the price which is the GST portion on final closing.
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 $300k – you pay $15k in GST. you get a rebate back for $5400. Actual total GST paid = $9600
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. you get zero back.
How do I get a mortgage for a property in Alberta if I live in Ontario (or anywhere else)?
Thankfully getting a mortgage in Alberta is easy, we have national banks in Canada and it’s all the same whether you are in Ontario or anywhere. Canada is the best country in the world and we have the best banking system in the world!
I have other questions that I don’t see the answer to here...
If you have more questions please email me at andrew@truecondos.com or reach me at 416-371-2333
Andrew la Fleur
Sales Representative, Remax Condos Plus
