Buyer/Agent FAQ

What is River Park Glen?

A best-in-class multifamily community that is majority owned by property investors. It is well-located in the northwestern corner of downtown Fort McMurray adjacent to the 18-hole Miskanaw Golf Club as well as the city’s premiere recreation center (MacDonald Island Park). Additionally, Keyano College, Northern Lights Hospital, and the amenities of downtown are within a short walk or drive.

What exactly am I buying?

When you buy a unit in River Park Glen you are also buying a share in the Condominium Corporation. The Condominium Corporation manages River Park Glen as a whole. Your share of the Condominium Corporation is determined by the number of unit factors associated with your unit(s) and titled parking stall(s).

What is a unit factor?

A unit factor is a measure used to determine a condominium unit’s share of condominium fees and voting rights. Unit factors are generally proportional to the surveyed size. The number of unit factors that your unit(s) have determines your share of the Condominium Corporation.

What are condominium fees?

Condominium fees are the fees paid to maintain the property’s common elements. Common elements are things “outside the unit” that are shared amongst the owners of the property such as upkeep of the lobbies, hallways, stairwells, elevators, lights, heating, ventilation, mechanical and plumbing systems, roofs, grounds, security, contractors, pest control, snow removal, waste removal, the Condominium Corporation’s insurance policy, reserve fund, and much more.

What are the biggest common expenses?

Insurance and utilities. Insurance is 23% of the budget. Insurance costs are high despite River Park Glen being in the “Star Program” for insurance and having received the score of “superior” in our most recent risk assessment where it states that the property has implemented “best-in-class management processes which significantly exceed similar condominiums in the area or province.” We can minimize the impact of insurance premiums by ensuring our property is viewed favorably by insurers (and lenders) through diligent preventative maintenance programs and wise capital investments. Utilities are another 22% of the budget and fluctuate based on market pricing of natural gas and electricity. Heating and lighting in a climate such as Fort McMurray’s can be expensive. The introduction of Canada’s carbon tax has further increased this cost. To help, contracts for preferential rates on energy and energy efficient upgrades are made where financially feasible and we actively manage our exposure to utility pricing.

Are the condo fees high?

This is a question of perspective. Unfortunately, it is becoming increasingly common across Canada for condominium projects to have major deferred maintenance issues that lead to owners having to pay large fees in addition to their monthly condominium fees — called special assessments — often tens of thousands of dollars. If a property has “low” monthly fees, but later requires owners to pay a $30,000 special assessment, what benefit was there? River Park Glen is expertly managed by a team with decades of experience in large multifamily investment properties. As such, when major projects require additional funds, rather than impose a special assessment on owners, the Condominium Corporation has historically taken out loans to fund their completion, building the repayment into the monthly fees and spreading the cost out over time. Large special assessments have never been issued. There have been some smaller special assessments, but they have been manageable in size and infrequent. It is also important to make an “apples to apples” comparison. River Park Glen sits on a fifteen-acre site with a dedicated leisure center and many community amenities. It would be misleading to compare River Park Glen’s expansive grounds, kilometers of hallways, and over forty years of age with a new single-building high-rise. The properties are very different. Their condominium fees will reflect this.

How do utilities work?

There are four buildings at River Park Glen and the utilities vary from building to building. The two High-Rise buildings and the Low Rise building use a hot water heating system. Therefore, in those buildings water and heat is included with the condo fees, but power is the responsibility of the owner. However, in the Mews units (units with two floors) the owner is responsible for water, heat, and power. The Mews units use forced air with individual furnaces for heat.

What is Rental Pooling?

Many investors prefer rental pooling because they consider it to be a safer, less expensive, and hands-free way to invest long-term. Hundreds of rental units work together as one financial portfolio. Revenue and expenses for all units within the portfolio are shared. Every month, each investor receives their share of the portfolio’s Net Operating Income (cash flow) along with a financial report. This is an ideal strategy for long-term investors because the risks and costs that all rental properties (eventually) contend with are managed for you (including full-scale renovations). As part of a large portfolio, your investment is safe, cash flow is stable, and all expenses or problems are taken care of for you.

If you are investing for the long-term, want stable cash flow, lower risks, and everything taken care of for you, then the rental pool will likely be a good fit. However, if you don’t mind paying for expenses yourself, and are okay taking on more risks in exchange for potentially better short-term cash flow, then individual management may be best for you.

I want a vacant unit, but the unit I’d like to buy has a tenant. What can I do?

Not very much. In Alberta, Landlords and their real estate agents must follow the Rules of the Residential Tenancies Act. If the tenancy is a monthly periodic, then you must give the tenant at between three to twelve full tenancy months’ notice (depending on the situation). If the tenancy is a fixed term tenancy, then you must wait until the end of the term for the tenant to vacate. It is sometimes possible to negotiate for a tenant to vacate earlier but this would normally be negotiated directly between you and the tenant (after the sale has closed). Generally, the easiest course of action is to close the sale and collect the cash flow until the tenancy ends, at which point the unit will be turned over to you for you to move in.

Why do you use fixed term tenancies in the Rental Pool?

Fixed term tenancies are superior for protecting a landlord’s interests, particularly with respect to pursuing tenants for unpaid rent and actively managing vacancies. This is why almost every tenancy from the rental pool is fixed term.

How can I schedule a sales showing for a Rental Pool unit?

Legally, tenants must be given at least 24 hours’ notice to enter the property. For that reason, showings are by appointment only Monday through Saturday with a minimum of one full business days’ notice so that our team has time to provide written notice to the tenant(s). To schedule an appointment, please call the River Park Glen office (780) 790-2077 or use our online scheduling calendar at the link below:

What do I need to know before buying?

The most important thing to understand is that you, as the owner, will be legally responsible for your unit, its occupants, manager, and/or any contractors who do work in the unit. There are bylaws regarding pets, lock-boxes, smoking, renovations, washing machines, dryers, dishwashers, parking, and rentals. If you have tenants or use a property manager, they must be registered and it is your responsibility to ensure that they follow the bylaws. Sometimes, people buy properties without reviewing the bylaws and end up with expensive problems. We do not want this to happen to you so please review the information summarized at the link below before you buy.

Do I need insurance?

Yes, as an owner you need insurance. The Condominium Corporation carries insurance to protect River Park Glen as a whole. This does not completely cover your unit! We strongly recommend you invest in a high-quality insurance policy with comprehensive liability and sufficient coverage for the $50,000 deductible which you may be charged by the Condominium Corporation if a loss originates from your unit. Additionally, if you rent your unit, it is imperative that both you and your tenant have sufficient coverage. (This does not apply to units in the Rental Pool as they are covered by the Rental Pool’s Group Insurance Policy). For more details, please read the insurance information at the link below.

Where is my parking stall?

River Park Glen has a four parking areas: First, there is a covered parkade with two levels. All parkade stall numbers end with the letter A. There is the parking lot located to the West of the Low Rise Building, all of these stalls end with the letter B. There is a parking lot located to the West of High Rise Two, all of these stalls end with the letter C. There is a parking lot located to the East of High Rise One, all of these stalls end with the letter D. Finally, there is an Overflow parking lot (for larger vehicles) located at the Northeast corner of the property, those stalls end with the letter C as well. Additionally, 2-Hour and 4-hour visitor parking is available in designated areas. You can locate your stall on the downloadable map below. (Parking is monitored by CCTV and patrolled by security).

How do postal codes and mailboxes work?

Due to the  size of the property, there are multiple civic address. There are 141 units in High Rise One, 149 units in High Rise Two, 96 units in the Low Rise and 112 Mews (bi-level) units. High Rise One, High Rise Two, and the Low Rise each have a Canada Post mail room and a Canada Post parcel locker in their lobbies. These mail rooms are only accessible by Canada Post. Each resident will require a mail key to their mailbox. The civic addresses of each building are listed below. The blanks space is a placeholder for the individual unit number.

• High Rise One: ___ – 11721 MacDonald Drive, Fort McMurray, AB, T9H 4H1
• High Rise Two: ___ – 13221 MacDonald Drive, Fort McMurray, AB, T9H 4H2
• Low Rise: ___ – 14921 MacDonald Drive, Fort McMurray, AB, T9H 4H3
• Mews Units: ___ – 21 MacDonald Drive, Fort McMurray, AB, T9H 4H4

How do I contact River Park Glen?

For all day-to-day issues (such as parking passes, fobs, bylaw violations, payments, appointments, etc.) please contact the River Park Glen Administration Office directly. Please remember, the office will not be able to assist you with any rental related issues unless your unit is in the River Park Glen Rental Pool. However, the office will be able to assist you with any day-to-day condominium related administrative issues. Also, please keep in mind that if you rent your unit out, but your property manager or tenants are not registered it will complicate the office’s ability to assist you.

• Address: 103, 117-21 MacDonald Drive, Fort McMurray, AB
• Office Hours: 9am to 5pm, Monday to Friday (excluding holidays)
• Office Phone: (780) 790-2077 (24-Hours for emergencies)
• Office Email: info@riverparkglen.ca

My purchase is about to close. How do I register as a new owner?

Contact the River Park Glen Administration office. We can send you the paperwork via DocuSign or in person at the office. Visit the link below for step-by-step instructions, including all of the forms and information you will need to register.