Question 1

What is a presale condo?

Accepted Answer

A presale condo is a property that you purchase before construction is complete. You'll buy based on architectural plans, floor layouts, and renderings. This allows you to secure a unit at today's prices for a home that will be built and ready in 1-4 years.

Question 2

What are the benefits of buying presale?

Accepted Answer

Benefits include: lower prices than completed units, ability to choose from the best available units, potential appreciation during construction, flexible payment schedules, GST benefits for end users, and often better financing terms.

Question 3

How much deposit do I need for a presale condo?

Accepted Answer

Typically, you'll need to put down 15-20% of the purchase price as a deposit, paid in installments over the construction period. The exact amount and payment schedule varies by developer and project.

Question 4

When do I get possession of my presale unit?

Accepted Answer

Possession dates vary by project but typically range from 12-48 months after purchase. The developer will provide an estimated completion date, though this can change based on construction progress and permits.

Question 5

Can I rent out my presale condo?

Accepted Answer

This depends on the building's rental policy and local bylaws. Some buildings allow rentals, while others have rental restrictions. We recommend checking the disclosure statement and strata bylaws before purchasing.

Question 6

What happens if I need to sell before completion?

Accepted Answer

Most presale contracts allow assignment (selling your contract to another buyer) with developer approval and payment of assignment fees. Terms vary by developer, so it's important to understand the assignment policy.

Question 7

Do I need a realtor for presale purchases?

Accepted Answer

While not required, having an experienced realtor can help you navigate the process, understand contract terms, compare projects, and ensure you're getting the best deal. Our services are typically free to buyers.

Question 8

What's included in a typical presale unit?

Accepted Answer

Most presale condos include basic appliances (fridge, stove, dishwasher, washer/dryer), flooring, paint, and basic fixtures. High-end projects may include additional finishes and premium appliances. Check the features list for specifics.

Question 9

How long does the presale buying process take?

Accepted Answer

The initial contract can be signed within a few days, but you typically have a 7-day rescission period to review documents. The entire process from offer to completion can take 1-4 years depending on construction timelines.

Question 10

What is VIP access for presale condos?

Accepted Answer

VIP access gives you early access to floor plans, pricing, and unit selection before the public launch. This means you get first choice of units, often with better pricing and incentives. Register with us for VIP access to new developments.

Question 11

Are there risks with buying presale?

Accepted Answer

Yes, potential risks include construction delays, changes to the final product, market fluctuations, and developer financial issues. However, BC has strong consumer protections including mandatory deposit insurance and disclosure requirements.

Question 12

How do property taxes work for presale condos?

Accepted Answer

You won't pay property taxes until completion. Once you take possession, property taxes are based on the BC Assessment value and local municipal rates. New homebuyers may qualify for exemptions.

Question 13

Can I customize my presale unit?

Accepted Answer

Most developers offer a selection period where you can choose finishes, colors, and sometimes upgrade packages. Major structural changes are typically not allowed, but cosmetic choices are often available.

Question 14

What financing options are available for presale?

Accepted Answer

You can arrange traditional mortgage pre-approvals, though final approval happens at completion. Some developers offer financing programs. Your deposit is held in trust, and the balance is due on completion.

Question 15

How do I know if a presale is a good investment?

Accepted Answer

Consider location, developer reputation, market trends, rental potential, building amenities, and pricing compared to similar properties. Our team can provide market analysis and investment projections for specific projects.

Question 16

What documents should I review before buying presale?

Accepted Answer

Essential documents include the Disclosure Statement, Contract of Purchase and Sale, floor plans, strata bylaws, warranty information, and project specifications. We recommend having a lawyer review all documents.

Question 17

How is a presale different from buying a completed condo?

Accepted Answer

Presale offers lower prices, choice of units, and potential appreciation during construction. Completed condos allow immediate possession, no construction risk, and you can see the actual unit before buying.

Question 18

What happens if the developer goes bankrupt?

Accepted Answer

In BC, presale deposits are protected by deposit insurance through licensed insurance companies. If a developer defaults, your deposit is typically returned, though the project may be delayed or cancelled.

Question 19

Can I visit the presale site before buying?

Accepted Answer

Yes, most developers have presentation centers with show suites, display units, or virtual reality experiences. You can also visit the actual construction site, though access may be restricted during active construction.

Question 20

What are the best areas for presale condos in Vancouver?

Accepted Answer

Popular areas include Downtown Vancouver, Metrotown Burnaby, Surrey City Centre, Richmond, Coquitlam, and North Vancouver. Each area offers different price points, amenities, and investment potential. Browse our city guides for detailed information.

Question 21

How do I get started with buying a presale condo?

Accepted Answer

Start by getting pre-approved for a mortgage, researching areas and projects, registering for VIP access to new developments, and contacting our team for personalized guidance. We can help you navigate the entire process from start to finish.

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