FAQ
What does Presale King offer?
At Presale King, we provide you with exclusive early access to new construction homes across Greater Vancouver and the Fraser Valley. As part of our VIP community, you'll receive priority updates on upcoming developments, detailed pricing, floor plans, and more—all before they’re available to the general public. We’re here to help you navigate the presale market with confidence and ease.
What is a presale?
A presale, also known as a pre-construction or off-plan property, is an agreement to purchase a condo or townhouse before it’s built. This method is common in British Columbia’s real estate market, allowing buyers to secure a home at today's price and move in once construction is complete.
Why do developers offer presales?
Developers use presales to demonstrate market demand to lenders and investors. Most construction projects require a specific percentage of units to be sold before financing is approved. Once the presale target is met, construction begins.
What happens if a presale project is cancelled?
If a presale project is cancelled—often due to unmet sales targets set by lenders—your deposit is protected. Under BC’s Real Estate Development Marketing Act (REDMA), deposits are held in trust, ensuring buyers receive a full refund in such cases.
How much is the deposit for a presale condo?
Deposits typically range from 5% to 35% of the purchase price and sometimes can be paid in installments depending on the developer.
What taxes apply to presales in BC?
- Goods & Services Tax (GST)
- Property Transfer Tax (PTT)
What is the 7-Day Rescission Period?
BC law provides buyers a 7-day rescission period for presale contracts, allowing time to:
- Review the contract in detail.
- Seek legal or financial advice.
- Cancel the agreement without penalties if needed.
What are the benefits of buying a presale?
- Future Value: Lock in today’s price and benefit from market appreciation.
- Customization: Choose finishes, layouts, and locations within the project.
- New Home Warranty: Most presales include a 2-5-10 year warranty for peace of mind.
Are there risks to buying a presale?
- Project Delays: Construction timelines may extend.
- Market Fluctuations: Property values can change before completion.
- Developer Reliability: Research the developer’s track record to minimize risks.
Can I get a mortgage for a presale?
Yes, but finalizing your mortgage typically occurs closer to the project’s completion. Pre-approvals are recommended, and working with a lender experienced in presales is essential.
How long does it take to complete a presale project?
Most presale projects take 2–5 years from sales launch to completion, depending on the size and complexity of the development.
Is the Foreign Buyers Ban still in effect?
Yes, non-Canadians and non-Permanent Residents are prohibited from purchasing properties in Canada until January 1, 2027. However, some visa and work permit holders may be exempt. Consult an immigration lawyer for advice.
Why choose Presale King?
We’re passionate about helping buyers make informed decisions in the presale market. Our team understands the complexities of pre-construction purchases and is committed to providing exceptional service, from exploring options to securing your dream home.
Have more questions? Contact us at info@presaleking.ca