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.

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