Converted Property Summary (CPS) for Alberta Condo Conversions
A Converted Property Summary (CPS) is a report that a developer must provide when an existing building is converted into a condominium in Alberta. It gives purchasers an independent picture of the building they are buying into: its condition, its defects and the capital costs the condominium corporation can expect. CMG Engineering Services Corporation has prepared Converted Property Summaries in Calgary, Edmonton and across Alberta.
Why the CPS exists
Buying a unit in a newly converted building is different from buying in a new build. The roof, envelope, windows, mechanical systems and parkade may be decades old, and the new owners will pay for their replacement through the reserve fund. Alberta's condominium rules require the developer to disclose this information up front, so buyers and their lenders can make an informed decision. The current CPS replaces the older Building Assessment Report format and adds further protection for condominium buyers.
What a Converted Property Summary covers
- A description of the property, its construction and its major components
- The condition of the structure, building envelope, roofing, windows and doors
- Mechanical, plumbing, electrical, elevator and fire and life-safety systems
- Site elements such as paving, parkades, drainage and landscaping
- Identified defects and deficiencies, with recommended repairs
- The estimated remaining life and replacement cost of each major component
- A forecast of capital expenditures over a 30-year term, similar to a reserve fund study
How we prepare it
A professional engineer inspects the building and reviews drawings, maintenance records, warranties and any previous reports. We assess each component, document defects with photographs, and estimate when each item will need repair or replacement and what it will cost. The result is written for buyers as well as for the developer, the condominium board that will take over and the lenders financing unit purchases.
Linked to the reserve fund
Because the CPS covers the same components and planning horizon as a reserve fund study, it gives the new condominium corporation a strong starting point for its first reserve fund plan. CMG can prepare both, so the numbers line up from day one.
Experience with older formats
CMG is also familiar with the older Building Assessment Report format, which used the ASTM E2018-15 property condition standard. That background helps when a conversion project already has an earlier report that needs to be brought up to the current requirements.
Who we work with
We prepare Converted Property Summaries for developers, investors and their lawyers on apartment, townhouse, mixed-use and commercial conversions in Calgary, Edmonton, Red Deer and other Alberta communities. If you are planning a conversion, involve us early so the report is ready before units are marketed.
To get an estimate, contact CMG with the property address, the property type and your timeline. We normally reply within one business day.
Frequently asked questions
What is a Converted Property Summary?
An Alberta disclosure report that a developer must give buyers when an existing building is converted into a condominium, covering its condition, defects and capital costs over a 30-year term.
Who needs a Converted Property Summary?
Developers converting an existing building into a condominium corporation in Alberta.
Is a CPS the same as a reserve fund study?
No, but they are closely related: both forecast capital costs over a long term. CMG can prepare both so the new corporation's reserve fund plan starts from the same numbers.