The only way out for you would be if you could sell your interest in the condo as an "Assignment" which I have heard of in Vancouver, but I don't believe the developers typically allow this in Calgary.
You can't mortgage the property because you don't have legal title to it. In fact, you may not even get title for your condo until quite some time after you take physical possession. It is not uncommon for developers to allow you to take possession of your unit well before they are in a legal possession to pass title to you. (The entire project/complex must be finished before this can happen, and you essentially rent from them until they are done.)
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