Presale Pro Tip Series: Presale 101
Presale 101: The Basics
A presale is a contract to buy a home before it’s built. You’re not buying the finished product — you’re committing to buy it later, often 2–4 years down the road, at today’s price.
Why Buyers Choose Presale
For many, presales offer:
- New construction with warranty coverage
- Time to plan and save before completion
- Early access to preferred layouts and pricing
- Potential for appreciation before move-in
But buying a presale isn’t as simple as picking your favourite floorplan. Understanding the process is key to making a smart purchase.
How the Presale Process Works
- Preview & Select a Unit
Visit the presentation centre, review floorplans, and choose your home. - Write the Offer
You’ll enter a contract with a 7-day rescission period under REDMA (Real Estate Development Marketing Act) — a no-penalty window to back out. - Submit Deposits
Deposits are paid in stages (e.g., 5% on signing, 5% after rescission, 5% within 6–12 months). The full deposit is usually 15–20%. - Wait for Construction
You’ll receive developer updates and possible amendments to your disclosure statement. - Complete the Purchase
When construction is done, you’ll finalize financing, pay closing costs (including 5% GST), and take possession.
What Most Buyers Don’t Realize
- Completion dates are estimates, not guarantees.
- You must re-qualify for a mortgage near completion — your financial situation needs to stay solid.
- GST is added on top of the purchase price.
- Disclosure amendments can change unit specs, layouts, or strata fees.
- You may not be able to customize anything after signing.
Local Insight: North Shore Presales
In North Vancouver and West Vancouver, presales are a strategic way to secure property in high-demand, low-inventory areas. However, they’re also highly nuanced.
Reputation matters — both for the developer and the project itself. Some buildings see resale success. Others? Less so.
Presales here are often snapped up quickly, and many assignment resale opportunities are never listed publicly. Knowing which developments are worth your time requires local knowledge, not just floorplan comparisons.
Pro Tip: Leverage Expert Eyes Before You Sign
Presales are about more than granite countertops and renderings. From disclosure review to assignment potential, there’s a lot beneath the surface — and realtor representation costs you nothing in a presale.
A real estate advisor familiar with North Shore developments can help you assess real value, understand contract terms, and avoid common pitfalls - before you’re locked in.
Thinking of Buying a Presale on the North Shore?
Let’s make sure you’re getting the right unit, in the right project, at the right time — with no surprises. Reach out for expert guidance on North Vancouver and West Vancouver presales, and let’s walk through your options together.
