Presale Condo FAQ — Your Questions, Answered

Presale Condo FAQ — Your Questions, Answered After helping over 400 families purchase presale condos and townhomes across British Columbia, we have heard just about every question imaginable. Here are the 15 most common — with straightforward, honest answers. --- 1. What is a presale condo? A presale condo is a unit you purchase directly from a developer before construction is complete. You buy based on floor plans, renderings, and a legal Disclosure Statement. The building is then constructed over 2.5 to 4 years, after which you take possession of your brand-new home. --- 2. How much does it cost to work with a presale agent? It costs you absolutely nothing . Developers pay real estate agent commissions when a presale unit is sold. Our job is to represent you — negotiate on your behalf, review your Disclosure Statement, guide you through deposits and completion — all at zero cost to you. --- 3. What is the typical deposit for a presale condo in BC? Deposits typically range from 5% to 10% at signing , with additional deposits due at construction milestones. Total deposits usually add up to 10-20% of the purchase price, spread across several installments over 6 to 18 months. All deposits are held in a lawyer's trust account — not by the developer. --- 4. How long does it take for a presale condo to be built? Most presale condos in BC take 2.5 to 4 years from purchase to completion. Concrete high-rises tend to take longer 3-4 years , while wood-frame low-rises and townhomes can be completed in 2-3 years. Delays of 6-12 months are not uncommon. --- 5. What is the 7-day rescission period? BC law gives you seven calendar days after signing a presale agreement to cancel the deal and get your deposit back — no questions asked, no penalties. This is mandated by the Real Estate Development Marketing Act REDMA and is one of the strongest buyer protections in Canada. Use this time to have a lawyer review your contract and confirm your financing. --- 6. What is an assignment sale? An assignment sale is when you sell your rights to a presale contract to another buyer before the building is completed . You are not selling property — you are selling your…

This article is part of the PresaleProperties.com BC real estate guide library. It is intended for buyers comparing presale condos, townhomes, assignments, deposits, completion timelines, neighbourhoods and developer incentives across Metro Vancouver and the Fraser Valley.

Because presale information changes quickly, readers should verify current project pricing, floor plans, incentives and availability before signing contracts or submitting deposits. For direct help, call 672 258-1100 or request VIP access on the relevant project page.