Calgary penthouse condos: the buildings, the areas, and what to check.

Riverfront towers across from Prince's Island Park, a short walk to the downtown core. Buildings: The Concord (738 1 Avenue SW, completed 2019), the Princeton buildings on Princeton Way (full concierge service), and Prince's Island Estates (400 Eau Claire Avenue SW). Penthouse buyers here are usually choosing between river views and the larger, older suites in the established buildings.

High-rises near Stephen Avenue, the Calgary Tower and the Bow River pathways. Buildings: Le Germain Residences (108 9 Avenue SW, beside the Calgary Tower), The Vogue (36 storeys, completed 2017), Five West (910 5 Avenue SW) and Avenue West End (1025 5 Avenue SW, 24 storeys, completed 2017). Top-floor suites in these towers often face west to the mountains.

Walkable streets, 17th Avenue restaurants and the most high-rise choice in the city. Buildings: The Guardian (twin 44-storey towers completed in 2015 and 2016), Park Point (24-hour concierge, beside Central Memorial Park), The Castello (530 12 Avenue SW, known for large terraces) and The Estate (concierge staffed around the clock).

Quieter inner-city living along the Elbow, between 4th Street and the river. Riverstone (built 1981, beside the Elbow River) is the building most often named for penthouses here; most of its suites have since been renovated, so condition varies widely from one unit to the next.

Newer, low-rise “estate” residences rather than towers: single-level suites of 1,500 sq ft and more, aimed at downsizers who want a house-sized home without the yard. Capella by Brookfield Residential, on Lebel Crescent NW, includes a building of only eight suites. Top-floor units here trade skyline views for space and quiet.

Lakeside condominiums with lake access in Calgary's largest freshwater lake community. The Streams of Lake Mahogany by Jayman BUILT includes the Reflection Estate condominiums on Marina Cove SE: single-level, lock-and-leave homes of about 1,600 to 2,050 sq ft, including top-floor penthouse suites.

A rooftop or wraparound terrace can be part of your unit on the condominium plan, or it can be common property assigned to you for exclusive use. The difference affects who pays to repair it, what you can build on it, and whether its size is in the unit's square footage. The condominium plan and bylaws answer this; the listing often does not.

A top-floor suite sits directly under the roof membrane. Read the reserve fund study for the roof's age and planned replacement year, and check board minutes for leak reports. If the terrace is over another unit, ask how its waterproofing is maintained and who pays.

Condo fees are normally shared by unit factor. A large penthouse usually carries a large share of the budget, and of any special assessment. Ask for the unit factor and compare the fee per square foot with other suites in the same building.

Check whether parking stalls and storage lockers are titled (registered as separate units) or assigned by the board. Titled stalls can be sold and mortgaged; assigned ones can change. Ask whether the penthouse level has dedicated or keyed elevator access.

Nothing in a condo title protects a view. Before paying for one, look at what could be built nearby: the City of Calgary publishes development permit and land-use applications, and the Beltline and downtown both have active tower proposals.

Read the building's insurance certificate for its deductibles, especially water damage. Top-floor and terrace units can be the source of a leak as well as the victim of one, so ask your insurer about deductible and loss-assessment coverage.

Fewer buyers shop above $1 million, and penthouses are each different, which makes them harder to price and slower to sell than standard suites. Compare recent sales of top-floor units in the same building, not the building average.