When purchasing a condo in Calgary, one of the most important details that buyers often overlook is parking and storage. These aren’t just conveniences—they can impact your daily lifestyle and even the future resale value of your property.

In most Calgary condo developments, parking and storage spaces fall into two categories: titled and assigned. Knowing the difference can help you make an informed decision before writing an offer.

Titled Parking & Storage

What It Means:
A titled parking stall or storage locker comes with its own land title, separate from your condo unit. In other words, you legally own that space, just like you own your condo.

Pros of Titled Parking/Storage:

• Ownership & Control – You can sell, rent, or even mortgage the space independently.

• Added Value – A titled stall or locker can make your condo more appealing to future buyers, especially in central Calgary where parking is in high demand.

• Security – You don’t have to worry about losing your spot or locker due to condo board changes.

• Customization – Subject to bylaws, you may be able to add things like an EV charger in a titled stall or shelving in a titled locker.

Cons of Titled Parking/Storage:

• Higher Cost – Titled spaces are usually priced higher and may come with additional property taxes and condo fees.

• Selling Challenges – If you keep the stall or locker but sell your condo, finding a buyer for just the space may be trickier.

Assigned Parking & Storage

What It Means:
Assigned stalls or lockers are designated by the condo board or management but remain part of the common property. You don’t own the space—it’s simply allocated for your use.

Pros of Assigned Parking/Storage:

• Lower Cost – Usually included in your purchase price with no separate title, taxes, or ownership fees.

• Flexibility – If you don’t need it, you may be able to swap with another resident or give it up without dealing with a land title transfer.

• Simplicity – Maintenance and management of the space are handled by the condo board.

Cons of Assigned Parking/Storage:

• Less Control – The board may reassign spaces, especially during renovations or policy changes.

• No Added Value – Since you don’t own it, assigned parking or storage doesn’t boost your resale value the way a titled stall or locker can.

• Potential Inconvenience – You may end up with a less desirable location if spaces are shuffled.

Which Option Is Right for You?

The choice between titled and assigned parking or storage depends on your budget, lifestyle, and long-term plans.

• If you want ownership, resale value, and control, titled spaces are worth the investment.

• If you prefer lower costs and don’t mind less control, assigned spaces can be a practical solution.

Final Thoughts for Calgary Buyers

In Calgary’s condo market, titled parking stalls and storage lockers often command higher demand and can make a big difference when it comes time to sell. Whether you’re buying downtown, in Beltline, or in a suburban community, always ask:

• Is the parking or storage titled or assigned?

• What are the costs associated?

• How does it affect long-term value?

📲 If you’re considering a condo purchase in Calgary, reach out to Deonte Doslov-Doctor for guidance. Understanding details like parking and storage can help you protect your investment and make the right choice for your lifestyle.

When buying property in Alberta, one of the most important (and often overlooked) considerations is the cost of shared community fees. Two of the most common structures you’ll come across are condo fees and HOA (Homeowners Association) fees. While the terms are sometimes used interchangeably, they serve different purposes and can impact both your budget and lifestyle.

Here’s what you need to know before making your purchase.

What Are Condo Fees?

Condo fees—also known as condominium fees—are monthly charges condo owners pay to cover the cost of maintaining and operating shared spaces within a condo building. These fees are determined by the condo board and are based on the building’s operating budget and reserve requirements.

What Condo Fees Typically Cover:

• Maintenance and Repairs: Upkeep of lobbies, hallways, elevators, and landscaping.

• Utilities: Common area utilities such as water, heat, or electricity.

• Insurance: Building insurance that covers the exterior and common areas.

• Amenities: Costs for gyms, pools, security systems, and other shared facilities.

• Reserve Funds: Savings set aside for long-term projects, like roof replacement or major mechanical upgrades.

Because condo fees are tied to a single building and its condo corporation, they’re specific to the residents of that property. For buyers, this provides peace of mind knowing that upkeep and long-term planning are taken care of.

What Are HOA Fees?

HOA (Homeowners Association) fees are more common in suburban communities or developments with shared amenities. Unlike condo fees, they aren’t tied to a single building but instead apply to the entire community.

What HOA Fees Typically Cover:

• Community Maintenance: Upkeep of shared roads, parks, pathways, and green spaces.

• Security: Gated entry systems or neighborhood security services.

• Landscaping: Beautification and seasonal maintenance of common outdoor areas.

• Amenities: Clubhouses, recreation centers, and playgrounds.

• Administrative Costs: Management, accounting, and legal services for the HOA.

HOAs often focus on maintaining community standards, which can include rules about exterior home appearance, fencing, or landscaping to ensure uniformity.

Can You Be Charged Both Fees?

Yes. If your condo building is located within a community governed by an HOA, you may be responsible for both condo fees and HOA fees. For example, your condo fees would cover the building itself, while HOA fees would cover shared community features like parks, pathways, or recreational centers.

Key Differences Between Condo Fees and HOA Fees

Governance and Decision-Making

• Condo Fees: Managed by a condo board elected by unit owners, focusing only on the building.

• HOA Fees: Managed by a board representing the broader community, with authority over neighborhood-wide issues.

Fee Structure

• Condo Fees: Fixed monthly charges that may increase if costs or reserve fund needs rise.

• HOA Fees: Can be charged monthly or annually, with amounts varying widely depending on amenities and services.

Impact on Property Value

• Condo Fees: Higher fees may raise concerns for some buyers if they feel costs outweigh benefits.

• HOA Fees: Excessive or restrictive HOA rules can affect resale appeal, but well-managed HOAs often enhance community value.

Making the Right Choice

As a homebuyer in Alberta, it’s important to review any fee structure carefully before committing to a property. Ask for:

• A breakdown of what the fees cover.

• Details on the condo or community’s budget.

• Reserve fund information (for condos).

These fees not only impact your monthly costs but also reflect how well the property or community is managed.

Final Thoughts

Whether you’re purchasing a condo with clearly defined monthly fees or a home in an HOA-managed community, being informed is key. Understanding these costs upfront ensures you can budget wisely and feel confident about your investment.

📌 If you’re exploring condos or communities in Alberta and want expert guidance, reach out to Deonte Doslov-Doctor for up-to-date insights tailored to your situation.

Disclaimer: The information provided in this blog is for informational purposes only and is accurate as of the date it was written. Always do your own research or connect with a licensed professional for current details.

How Your Credit Score Affects You

Your credit score is critical to your financial health, as it rates your creditworthiness. Essentially, your credit score determines how much money you can borrow, what interest rate and how much in fees you'll have to pay. Your credit score is based on your credit report, which includes information about your credit history - your payment history, how much debt you owe, how long you've had credit, the types of credit you have, and how often you apply for credit.

In Canada and the US, most lenders use the FICO credit score system, which ranges from 300 to 900. The higher your credit score, the more likely you will be approved for a mortgage and the better the terms you'll receive.

For example, if you have a credit score of 750 or higher, you can get a mortgage with a low interest rate and a small down payment. A lower interest rate means lower monthly payments, which can save you thousands of dollars over the life of your mortgage.

On the other hand, if your credit score is below 600, you may have difficulty getting approved for a mortgage and may be required to make a larger down payment or pay a higher interest rate. A higher interest rate means higher monthly payments, which can make it harder to afford your mortgage payment and other expenses.

Significant Factors Impacting Your Credit Score

Here are the most important factors affecting your credit score:

#1 Defaulting on a Loan Defaulting on a loan has the most severe negative impact on your credit score. It means you have failed to repay the loan as agreed, and it can stay on your credit report for up to seven years. A default can significantly reduce your credit score and make it challenging to get approved for credit in the future.

#2 Late Payments

Payment history is the most significant factor determining your credit score. Late and missed payments significantly reduce your credit score. The longer you delay your payments, the more it negatively affects your score. Even one late payment can have a considerable impact on your credit score.

#3 Credit Utilization

Credit utilization is the ratio of outstanding credit card balances to credit limits. A high credit utilization ratio indicates that you are using a significant amount of your available credit, which may suggest that you are overextended and need help to make payments. Keeping your credit utilization ratio below 30% is ideal for maintaining a good credit score.

#4 Credit Applications

When you apply for credit, the lender performs a hard inquiry on your credit report. Too many hard inquiries in a short period can lower your credit score as it suggests you are actively seeking credit and may be at a higher risk of defaulting on your payments.

#5 Credit Accounts

Closing credit accounts also negatively impacts your credit score, especially if you have a long credit history. Creditors prefer to see that you have a lengthy credit history and can manage multiple credit accounts effectively. Closing an account will reduce the average age of your credit accounts, which can harm your credit score.

Maintaining a Healthy Credit Score

Here are some tips to keep your credit score healthy:

• Pay your bills on time every month
• Keep your credit card balances below 30% of your credit limit.
• Don't apply for too much credit. Only apply for credit when you need it.
• Apply for credit products with lower interest rates you will likely be approved for (e.g. personal loans)
• Check your credit report regularly. Errors on your credit report can hurt your score, so you must check your report regularly and dispute any errors you find.
• Build a long credit history. The longer you've had credit, the better it looks to lenders. If you're new to credit, consider getting a secured credit card. With a secured card, you'll need to make a deposit upfront, which is collateral for your credit limit. Making regular payments on a secured card can help build your credit history and improve your score.

Building Up Your Credit Score

Improving your credit score takes time and effort, but because it results in getting the best terms on your mortgage, it is worth it. Here's how you can improve your credit score:

#1 Get a copy of your credit report

The first step to rebuilding your credit score is to get a copy of your credit report. You can request a free copy of your credit report from Equifax or TransUnion in Canada. Review your credit report carefully to identify any errors or inaccuracies that may negatively impact your score. If you find any errors, dispute them with the credit bureau.

#2 Pay down your debts

While having debt - if you are paying it off on time - helps you build your credit score, the amount of debt you have limits the amount you can borrow. If you have high credit card balances or other debts, work on paying them down as quickly as possible. If you're using a significant amount of your available credit, this may suggest that you are overextended and may struggle to make payments. The less debt you have, the better your credit utilization ratio will be, which can help improve your credit score.

#3 Start budgeting to pay your bills on time

Start paying your bills on time with no exceptions. Make this the #1 priority each month. Creating a monthly budget helps you take care of your financial health. You can use a budgeting app or a Google or Excel sheet to plan your expenses.

#4 Seek professional help

If you are struggling to rebuild your credit score, consider seeking professional help from a credit counselor or financial advisor. They can help you develop a plan to improve your credit score, manage your debts, and create a budget.

How to Save Thousands of Dollars in Interest and Pay Your Mortgage off Faster

There are a few easy ways to make extra principle payments that can save you a ton of money in interest expenses and get you mortgage-free sooner than you thought possible. Here are a few simple strategies you can use:

1. Round your monthly payment up

The results of this simple strategy can save you a fortune and drastically reduce the length of your mortgage.

As an example, if your monthly mortgage payments were $734 dollars a month, but you rounded it up to $800 per month, you would save more than $48,000 in interest payments, and reduce the length of your mortgage by 7.5 years!

2. Make One Time Pre-Payments Using Your Income Tax Refund

This is an easy way to save money and shorten your mortgage. For example, if you have a $100,000 mortgage, and you have a $1000 tax refund this year, you take apply that refund to your mortgage. Over time, this will save you more than $8600 and shave 1 year and 1 month off your mortgage! That's another amazing result from a simple strategy.

3. Choose a 15 Year Mortgage

If you can afford it, you are far better off getting a 15 year mortgage instead of 30. It won't cost you much more, and the interest savings are truly incredible.

If you have a mortgage of $100,000 at 8% interest over 15 years, your monthly payment would be about $200 more, but you'd end up saving $92,083 in interest over the life of your mortgage!

Using these strategies is the easiest way to reduce your interest expenses and shorten your mortgage period.