Edmonton Condo Glossary

Amortization

The total time it takes to pay off a mortgage. Insured mortgages are usually 25 years; first-time buyers and buyers of new builds can choose 30 years, which lowers the monthly payment but increases total interest. First-time buyer programs →

Bare land condominium

A condo where each unit is a defined parcel of land, and the owner usually owns and maintains the building on it. Fees are typically lower than in a conventional condo. Bare land vs. conventional condos →

Benchmark price (MLS® HPI)

The price of a "typical" home with the same features each month, calculated by the MLS® Home Price Index. It tracks real price change better than the average price, which can be pulled up or down by a few unusual sales. Edmonton condo market reports →

Board of directors

Owners elected to manage the condominium corporation's affairs, usually with help from a property management company. The board sets budgets, enforces bylaws and plans major repairs.

Bylaws

The rules a condominium corporation operates under, covering topics such as pets, rentals, renovations, noise and who maintains what. Bylaws can only be changed by a special resolution of owners.

Common property

Everything in a condo development that isn't part of a unit, such as hallways, elevators, the roof, the parkade, grounds and amenities. Owners share it, and its upkeep is paid for through condo fees.

Condo fees (contributions)

Monthly payments each owner makes to the condominium corporation to cover operating costs and reserve fund savings. Your share is set by your unit factor. Edmonton condo fees explained →

Condo plan

The registered plan that defines each unit's boundaries, its unit factor, and any titled parking stalls or storage. It is the document that settles what you actually own.

Condominium corporation

The legal entity created when a condo plan is registered. Every owner is a member; the corporation owns no units but manages the common property and collects condo fees.

Conditions (on an offer)

Terms an offer depends on, such as financing, a home inspection and review of the condo documents. Edmonton buyers typically have 5 to 10 business days to satisfy or waive them.

Conventional condominium

A condo where units are defined by walls, floors and ceilings, and the structure, roof and exterior are common property maintained and insured by the corporation. Most apartment condos are conventional. Bare land vs. conventional condos →

Days on market

How long a home takes to sell after it is listed. In September 2026, homes of all types in Greater Edmonton took an average of 44 days to sell.

Estoppel certificate

A document from the condominium corporation confirming a unit's account status: whether condo fees are paid, any arrears, and the current monthly contribution. Lenders require it before closing. Condo document review →

First Home Savings Account (FHSA)

A registered account for first-time buyers: contributions of up to $8,000 a year ($40,000 lifetime) are tax-deductible, and qualifying withdrawals for a first home are tax-free. First-time buyer programs →

Home Buyers' Plan (HBP)

A federal program that lets first-time buyers withdraw up to $60,000 from their RRSPs tax-free toward a home, repaid over 15 years.

Land Titles registration fees

Fees paid in Alberta to register the transfer of title and the mortgage. Alberta has no land transfer tax, so these fees are far lower than the taxes buyers pay in Ontario or British Columbia. Closing costs →

Months of supply

How long it would take to sell every home on the market at the current pace of sales. Lower numbers favour sellers; higher numbers favour buyers. Greater Edmonton had 4.1 months of supply in September 2026.

Mortgage default insurance

Insurance required when your down payment is under 20%. The premium, roughly 2.8% to 4.0% of the mortgage, is usually added to the mortgage balance.

Pre-sale (pre-construction)

Buying a condo before the building is finished, usually with a deposit schedule over the construction period. New homes in Alberta come with mandatory warranty coverage, and GST applies. Pre-sale condos →

Reserve fund

Money a condominium corporation saves for major repairs and replacements, such as roofs, windows, elevators and parkade membranes. Part of every condo fee goes into it.

Reserve fund study and plan

An engineer's or specialist's report on what common property will need replacing, when, and what it will cost, plus the plan for funding it. In Alberta, the study must be updated every five years. Condo document review →

Sales-to-new-listings ratio

Sales divided by new listings in a month. By a common rule of thumb, under 40% suggests a buyer's market, 40% to 60% a balanced market, and over 60% a seller's market. Edmonton condo market reports →

Special assessment (special levy)

A one-time charge to owners when a condo corporation needs more money than its reserve fund holds, for example for an unexpected repair. It is usually split by unit factor. Special assessments explained →

Stress test

The federal mortgage qualification rule: you must qualify at the higher of your contract rate plus 2% or 5.25%, even though you pay the actual contract rate.

Titled vs. assigned parking

A titled stall is its own piece of property you own, shown on the condo plan. An assigned (or licensed) stall is common property the board lets you use, and the assignment can change.

Unit factor

A number assigned to each unit in an Alberta condo plan; all unit factors in the building add up to 10,000. Your unit factor sets your share of condo fees and special assessments, and weighs some votes. How your share is set →

Walk Score

A 0 to 100 rating of how easy it is to run errands on foot from an address, from walkscore.com. Transit Score and Bike Score rate transit and cycling the same way. Compare neighbourhood scores →

General information for Alberta condo buyers, not legal, tax or financial advice.