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Did you know…?

Presales let you lock in today’s price for tomorrow’s home, but understanding the details  and careful planning are keys to a smart purchase.

A presale property is a unit sold by a developer before construction is complete. Buyers enter  into a contract to purchase the unit at a fixed price, with the home delivered once the project is  finished. Buyers typically pay a deposit upfront, with the final balance due upon completion of  the property. 

The Smart and Stylish Way to Invest in Your Future Home! (Smart point) 

  1. That New Home Feeling  

There’s nothing quite like the sparkle of a brand-new property. With no previous owners  and a 2/5/10 warranty, your home is truly yours—fresh, modern, and worry-free. Plus,  this “new-home magic” often attracts tenants willing to pay a premium, making it a win  for investors too. 

  1. Lock in Today’s Price, Plan for Tomorrow  

In Vancouver’s dynamic real estate market, presales let you secure today’s price for a  property that could appreciate in value by the time it’s ready. While market trends can  shift, it’s a smart move to invest in your future. 

  1. Your Credit Score Stays Intact  

Purchasing a presale property does not affect your credit score until the home is complete  and you secure a mortgage for it. This is ideal for those juggling multiple investments or  loans—maintain your financial flexibility while planning your next move. 

  1. More Time to Save, Less Stress to Pay  

With construction timelines often extending 2–3 years, you have a golden opportunity to  save up for your down payment. This extended timeline lets you plan your finances with  ease while locking in today’s market value. 

  1. Hassle-Free Investment  

During construction, there are no tenants, property taxes, mortgage payments, or strata  fees to worry about. Enjoy being in the real estate game without the immediate  responsibilities—just sit back as your future home takes shape. 

  1. Your Home, Your Style  

Many presale developments offer customization options, from choosing finishes to color  schemes and even upgrades like custom floor plans or sleek appliances. It’s your chance  to design a home that matches your vision, minus the hard hat.

  1. Extra Convenience and Peace of Mind  

Need additional parking or storage? Many presale properties offer add-ons like extra  parking spots or storage lockers. These little extras go a long way in making your future  home even more convenient and stress-free. 

  1. Modern Features and Energy Efficiency  

Presale properties are built to today’s standards, featuring energy-efficient systems, smart  home technology, and contemporary designs. They’re stylish, functional, and eco-friendly —perfect for comfortable, low-maintenance living. 

  1. Benefit from Market Growth  

While your home is being built, the market may appreciate, meaning your investment  could grow in value even before you get the keys. It’s like giving your future self a  financial boost. 

  1. Built-in Buyer Protection  

British Columbia’s seven-day rescission period lets you carefully review your decision  and move forward with confidence. Plus, the 2/5/10 warranty ensures you’re covered  long after you move in. 

By understanding these potential risks, you’ll be better equipped to weigh the pros and  cons of buying a presale property and make a decision that aligns with your goals and  circumstances. Connect with us and we can help you navigate these challenges with  confidence. (Smart Point to consider) 

  1. Potential Construction Delays 

While developers set an anticipated completion date, unexpected factors like weather,  labor shortages, or material delays can extend construction timelines. This can impact  your plans, especially if you’re counting on moving in or renting out the unit by a specific  date. 

  1. Market Fluctuations 

Real estate markets can be unpredictable. If property values decline between the time you  sign the contract and the completion of the unit, you could end up paying more than the  market value for your home. 

  1. Financing Challenges 

Mortgage approvals are typically issued closer to the completion date, meaning interest  rates or lending criteria could change before you finalize the purchase. This can make  financing more difficult or expensive than anticipated.

  1. Uncertainty in Developer Performance 

While most developers are reputable, there’s always a risk that a project may be delayed  indefinitely or even canceled if the developer encounters financial or logistical issues. In  such cases, your deposit is usually refunded, but it can be a lengthy process. 

  1. Limited Control Over Final Details 

Although presales often allow for some customization, the final product might not  perfectly match what you envisioned or what was shown in marketing materials. Changes  in floor plans, finishes, or layouts can occur. 

  1. Strata Fees and Additional Costs 

The projected strata fees at the time of purchase may increase once the development is  completed. Buyers should also prepare for potential “closing costs,” such as property  transfer tax, GST, and legal fees, which can add up. 

  1. Deposit Risks 

Presales require an upfront deposit, typically 15-25% of the purchase price. While this  secures your unit, these funds are tied up for years and may not generate a return during  this time. 

  1. Lack of Immediate Ownership 

Unlike buying a completed property, presales mean waiting years before you can move in  or begin earning rental income. This delay may not align with your personal or  investment goals. 

  1. Changes in Life Circumstances 

Life is unpredictable. If your financial situation or personal goals change during the  construction period, you may face challenges meeting the obligations of your presale  agreement. 

  1. GST and Tax Implications 

Buying a presale property often incurs a 5% GST, which can be a significant addition to  your overall costs. Familiarizing yourself with tax implications is crucial for accurate  budgeting.

A presale property might be ideal if you’re looking for modern features, need time to save for a  down payment, or want to invest in a growing area. However, it’s important to assess your  financial readiness, lifestyle goals, and comfort with waiting for the property to be completed.

Consider factors like the location, reputation of the developer, amenities offered, your budget and  your long-term goals. At Presale Masters, we specialize in helping clients find the perfect presale  property to meet their needs. 

The deposit amount and payment schedule can vary depending on the project. Typically, deposits  range from 5% to 25% of the purchase price and are paid over a period of 3 to 24 months. It’s  important to note that developers may adjust the deposit structure or amount during the  construction phase, so staying informed about any changes is crucial.

You’d better consider this…

Use BC’s 7-day rescission period wisely—consult a lawyer to review your contract, a  mortgage broker and an accountant to plan your financing with confidence.

Deposits governed by REDMA are protected. If a project is canceled, your deposit is typically  refunded in full. However, the timeline for refunds may vary. Choosing a reputable developer  can help mitigate this risk.

You’ll typically need to pay a deposit upfront, which is held in trust until completion. The  remainder of the purchase price could be financed closer to the completion date which can be  even 2-3 years ahead. It’s recommended to get pre-approved for a mortgage and stay  updated on lending conditions. 

In addition to the purchase price, you may encounter costs like GST, closing fees, and upgrades  or add-ons. Working with Presale Masters can help you anticipate and budget for these expenses.

It is a wise choice to have a lawyer review the documents associated with your presale purchase  to ensure everything is clear and legally sound. 

A knowledgeable lawyer can: 

  • Help you understand the terms of the purchase agreement. 
  • Explain the developer’s disclosure statement in detail. 
  • Provide guidance on any legal issues or complexities that may arise during the buying  process. 

By involving a legal expert, you can navigate your presale purchase with greater confidence and  peace of mind.

In some cases, presale contracts can be assigned to another buyer, but this depends on the  developer’s policies and the terms of your agreement. Assignment sales may also involve  additional fees and tax implications. 

In British Columbia, buyers of presale condos or new homes are granted a seven-day rescission  period. This allows buyers to cancel their purchase agreement within seven days of receiving an  accepted offer, without incurring any penalties. 

During this time, buyers are advised to conduct their due diligence, such as reviewing the  disclosure statement, consulting with a lawyer, accountant, financial planner, or mortgage broker,  and ensuring the purchase aligns with their financial and personal goals. 

If the rescission period passes without action, the contract becomes legally binding on the buyer.

A presale property is a unit sold by a developer before construction is complete. Buyers enter  into a contract to purchase the unit at a fixed price, with the home delivered once the project is  finished. Buyers typically pay a deposit upfront, with the final balance due upon completion of  the property. 

The Smart and Stylish Way to Invest in Your Future Home! (Smart point) 

  1. That New Home Feeling  

There’s nothing quite like the sparkle of a brand-new property. With no previous owners  and a 2/5/10 warranty, your home is truly yours—fresh, modern, and worry-free. Plus,  this “new-home magic” often attracts tenants willing to pay a premium, making it a win  for investors too. 

  1. Lock in Today’s Price, Plan for Tomorrow  

In Vancouver’s dynamic real estate market, presales let you secure today’s price for a  property that could appreciate in value by the time it’s ready. While market trends can  shift, it’s a smart move to invest in your future. 

  1. Your Credit Score Stays Intact  

Purchasing a presale property does not affect your credit score until the home is complete  and you secure a mortgage for it. This is ideal for those juggling multiple investments or  loans—maintain your financial flexibility while planning your next move. 

  1. More Time to Save, Less Stress to Pay  

With construction timelines often extending 2–3 years, you have a golden opportunity to  save up for your down payment. This extended timeline lets you plan your finances with  ease while locking in today’s market value. 

  1. Hassle-Free Investment  

During construction, there are no tenants, property taxes, mortgage payments, or strata  fees to worry about. Enjoy being in the real estate game without the immediate  responsibilities—just sit back as your future home takes shape. 

  1. Your Home, Your Style  

Many presale developments offer customization options, from choosing finishes to color  schemes and even upgrades like custom floor plans or sleek appliances. It’s your chance  to design a home that matches your vision, minus the hard hat.

  1. Extra Convenience and Peace of Mind  

Need additional parking or storage? Many presale properties offer add-ons like extra  parking spots or storage lockers. These little extras go a long way in making your future  home even more convenient and stress-free. 

  1. Modern Features and Energy Efficiency  

Presale properties are built to today’s standards, featuring energy-efficient systems, smart  home technology, and contemporary designs. They’re stylish, functional, and eco-friendly —perfect for comfortable, low-maintenance living. 

  1. Benefit from Market Growth  

While your home is being built, the market may appreciate, meaning your investment  could grow in value even before you get the keys. It’s like giving your future self a  financial boost. 

  1. Built-in Buyer Protection  

British Columbia’s seven-day rescission period lets you carefully review your decision  and move forward with confidence. Plus, the 2/5/10 warranty ensures you’re covered  long after you move in. 

By understanding these potential risks, you’ll be better equipped to weigh the pros and  cons of buying a presale property and make a decision that aligns with your goals and  circumstances. Connect with us and we can help you navigate these challenges with  confidence. (Smart Point to consider) 

  1. Potential Construction Delays 

While developers set an anticipated completion date, unexpected factors like weather,  labor shortages, or material delays can extend construction timelines. This can impact  your plans, especially if you’re counting on moving in or renting out the unit by a specific  date. 

  1. Market Fluctuations 

Real estate markets can be unpredictable. If property values decline between the time you  sign the contract and the completion of the unit, you could end up paying more than the  market value for your home. 

  1. Financing Challenges 

Mortgage approvals are typically issued closer to the completion date, meaning interest  rates or lending criteria could change before you finalize the purchase. This can make  financing more difficult or expensive than anticipated.

  1. Uncertainty in Developer Performance 

While most developers are reputable, there’s always a risk that a project may be delayed  indefinitely or even canceled if the developer encounters financial or logistical issues. In  such cases, your deposit is usually refunded, but it can be a lengthy process. 

  1. Limited Control Over Final Details 

Although presales often allow for some customization, the final product might not  perfectly match what you envisioned or what was shown in marketing materials. Changes  in floor plans, finishes, or layouts can occur. 

  1. Strata Fees and Additional Costs 

The projected strata fees at the time of purchase may increase once the development is  completed. Buyers should also prepare for potential “closing costs,” such as property  transfer tax, GST, and legal fees, which can add up. 

  1. Deposit Risks 

Presales require an upfront deposit, typically 15-25% of the purchase price. While this  secures your unit, these funds are tied up for years and may not generate a return during  this time. 

  1. Lack of Immediate Ownership 

Unlike buying a completed property, presales mean waiting years before you can move in  or begin earning rental income. This delay may not align with your personal or  investment goals. 

  1. Changes in Life Circumstances 

Life is unpredictable. If your financial situation or personal goals change during the  construction period, you may face challenges meeting the obligations of your presale  agreement. 

  1. GST and Tax Implications 

Buying a presale property often incurs a 5% GST, which can be a significant addition to  your overall costs. Familiarizing yourself with tax implications is crucial for accurate  budgeting.

A presale property might be ideal if you’re looking for modern features, need time to save for a  down payment, or want to invest in a growing area. However, it’s important to assess your  financial readiness, lifestyle goals, and comfort with waiting for the property to be completed.

Consider factors like the location, reputation of the developer, amenities offered, your budget and  your long-term goals. At Presale Masters, we specialize in helping clients find the perfect presale  property to meet their needs. 

The deposit amount and payment schedule can vary depending on the project. Typically, deposits  range from 5% to 25% of the purchase price and are paid over a period of 3 to 24 months. It’s  important to note that developers may adjust the deposit structure or amount during the  construction phase, so staying informed about any changes is crucial.

Deposits governed by REDMA are protected. If a project is canceled, your deposit is typically  refunded in full. However, the timeline for refunds may vary. Choosing a reputable developer  can help mitigate this risk.

You’ll typically need to pay a deposit upfront, which is held in trust until completion. The  remainder of the purchase price could be financed closer to the completion date which can be  even 2-3 years ahead. It’s recommended to get pre-approved for a mortgage and stay  updated on lending conditions. 

In addition to the purchase price, you may encounter costs like GST, closing fees, and upgrades  or add-ons. Working with Presale Masters can help you anticipate and budget for these expenses.

It is a wise choice to have a lawyer review the documents associated with your presale purchase  to ensure everything is clear and legally sound. 

A knowledgeable lawyer can: 

  • Help you understand the terms of the purchase agreement. 
  • Explain the developer’s disclosure statement in detail. 
  • Provide guidance on any legal issues or complexities that may arise during the buying  process. 

By involving a legal expert, you can navigate your presale purchase with greater confidence and  peace of mind.

In some cases, presale contracts can be assigned to another buyer, but this depends on the  developer’s policies and the terms of your agreement. Assignment sales may also involve  additional fees and tax implications. 

In British Columbia, buyers of presale condos or new homes are granted a seven-day rescission  period. This allows buyers to cancel their purchase agreement within seven days of receiving an  accepted offer, without incurring any penalties. 

During this time, buyers are advised to conduct their due diligence, such as reviewing the  disclosure statement, consulting with a lawyer, accountant, financial planner, or mortgage broker,  and ensuring the purchase aligns with their financial and personal goals. 

If the rescission period passes without action, the contract becomes legally binding on the buyer.

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