Presale homes are a great opportunity for first time home buyers, investors, or people making a family legacy purchase. With proper research and due diligence, the promise of highly designed, innovative spaces could be extremely worthwhile, depending on your situation.

Let's talk about your real estate goals and if presales is the right direction for your purchase decision.

Schedule a FREE Strategy Session...
You will need 20 minutes for the call. Don't pick a time where you can't give 100% of your attention and at least 20 minutes.



Having an Expert on Your Team Protects You

What generally happens with new construction projects is that the Developer will hire an in-house sales team, or a group of licensed sales agents to act entirely in the favour of the Developer 
to assist the Developer with selling the units.

These agents must act for the sole benefit of the Developer, and will only take into consideration the Developer's best interests.


With over 20,000 REALTORs® around Greater Vancouver, how do you know who to choose?

Proper Representation is very important for you as a consumer in our ever-evolving complex markets.

One of the main points comes down to depth of knowledge. 

Presales can be very rewarding, but are not your ordinary purchase of real estate. With standard residential properties, you would use a traditional Purchase and Sale Agreement that usually comes with inspections and short closing times for something existing that you can see and feel. 

Presales on the other hand, usually have a much longer completion timeline, and are more complex with a variety of documentation and agreements, due to the fact that you will be purchasing something not yet built.

Thanks to COVID-19, our new era of presales see most agreements being signed virtually with a click of a few buttons. This makes life a lot more convenient, but does also come with risks if you don't understand the terms.

Real estate professionals that attended a few presentation centres and events does NOT mean they have any real, deep-level experience.

You will need a high-level REALTOR® who not only reads the thick stack of different documents, but can actually decipher and understand the fine-print, to best protect your interests.

We have deep level of experience and understanding behind the entire presale process.

For presale properties, we have represented both Developers and Buyers for townhomes, residential condos, mixed-use condos, office, retail, and industrial projects. 

We have been through the entire project life-cycle many times, from market analytics and product positioning, to disclosure statement design, to risk management, to reading between contractual terms, fine-print drafting, and more.

As a buyer with unique interests, we will help you by strengthening your position.

As your Buyer's Agent, let us help you make your presale purchase as seamless as possible. 
Most importantly, let us help you make sure you get the right unit that is truly perfect to your real estate goals.
Presale Buying Process
Beginning your presale search can be an overwhelming and daunting task. Because of that, we make sure that you, and all other potential buyers, understand each of the 8 steps that we take to make the process as easy and painless as possible. By the end of your search, with our support and guidance, you will be protected and enjoy the entire presale buying process.

Meet virtually and create a wishlist

Let's get to know each other! Once you're ready to work with our team, we'll meet together for a Buyer Consultation to focus your search and determine what you want and need with your presale unit. 


We'll introduce you to our mortgage partners, who can help you determine your buying price range with confidence in this ever-changing market. Be prepared to dig into paperwork during this part of the process such as pay stubs, T4's, and tax returns. The lender will do a full review and then tell you what you will be able to qualify for in order to purchase a presale. This is a vital step in the presale buying process!

Project alerts sent to you based on your criteria

Our agents get to know you - Is this presale for yourself to live in? Is this unit for your family? Are you purchasing to invest? Need to upgrade or downsize? At this stage in the process, we'll send you notifications about the projects that you're most likely to be excited about. Be sure to let us know if one (or more) jumps out at you so that we can skip to the next step and schedule a viewing of their presentation centre. We will be there for you every step of the way.

Schedule viewings and visit presentation centres

Here's where the buying process gets really fun! We'll visit presentation centres together and schedule viewings of the homes that you've loved from our project alerts. We'll talk about how the budget will work and make sure that we find you the perfect unit based on your real estate goals.

Find the perfect unit and write an offer

Now is the time to finalize on a project that you prefer. We'll talk about all the project details such as amenities, unique offerings, unit features and additional add-ons, proposed strata budget details, the positives and negatives based on your situation, and much more. When we find the perfect project and unit that matches with your purchase motivation, we'll help you secure it with a VIP buyer status. At this point, this is where our true expertise becomes helpful for you.

Acceptance, rescission and deficiency walkthrough

The developer accepted your offer, and the project is currently under construction, or will begin construction soon. Your offer will usually be presented with a small initial deposit. Upon the acceptance of your offer, you will have 7 calendar days to finalize on your decision of the purchase, otherwise known as the Rescission Period. 

If you decide that this is the best project and unit for you based on your needs, you'll go firm on the deal, which usually requires an increase of the deposit at the end of the 7-day Rescission Period. 

If you decide that you would rather go with a different project or unit, or want to just buy an existing resale unit, then we will need to rescind your offer. As long as we do this before the end of the 7-day Rescission Period, you will be entitled to be returned your full initial deposit amount.

Once the project has finished construction, the Developer will provide an opportunity for all purchasers to complete a deficiency walkthrough, which is simply a chance for all the buyers to walk through the units they have purchased and note down any details that need attention. Once the Developer has finished fixing the requests, they will apply with the municipality to obtain an Occupancy Permit. Once the Occupancy Permit has been received, you will soon be able to complete on your purchase and get your keys.

Time to close and get the keys

Get excited because it’s time to close on your presale unit! This process includes going through all of the final paperwork and signing autographs. Don't forget to bring all of the paperwork you’ve collected along the way. Your lawyer will make sure everything is in order to provide you with a seamless transaction.


Let us congratulate you on this milestone with a celebration toast, a keepsake photo of you with your new set of keys, or even a housewarming party! Seriously, we are excited for you and so grateful to be a part of this journey.

Ready to find
your perfect presale?

Let us help you make that happen!


What are the Benefits of Buying Presale?
1) Seven-Day Rescission Period. The Real Estate Marketing Act legally requires that all purchasers are entitled to a 7-days rescission period to allow for the due diligence of reading the disclosure statement and ensuring this is the best purchase based on their real estate goals before committing to the purchase. Once the 7-day rescission period is over, the contract will become firm and binding.

2) Being Able to Choose from a Variety of Available Units.
 Working with a connected Realtor can provide early VIP access to new construction launches, which provide a larger selection of homes and preferred pricing. 

3) Customization. With many presales, you will be able to customize your unit such as the color schemes, upgrades and potentially have the ability to customize or even combine units, based on your needs.

4) Delay of Mortgage Payments. Presales usually have a completion time farther into the future. This allows you to have more time to save up for the down payment and closing costs of your purchase. There's still the opportunity to lock in a rate from a lender partner on the development. If rates go up, the locked-in rate will hold and apply. If the rates drop, the lower rate will be used for the mortgage term.

5) Building Up Equity. As construction costs and housing prices rise over the course of the construction timeline, the contract value of the presale purchase also rises in value. There will be a potential opportunity to actually see profits before even completing on your unit. The ability to leverage your capital and increase your return on investment is why presales are so popular with many investors.

6) Protection from Warranty Coverage. All presale units will come with 2-5-10 Year Home Warranty Insurance. This will cover your new purchase for 2-years on labour and materials (with some limitations), 5-years on the building envelope (including water penetration), and also 10-years on the structure of the building. 

7) Assignment of Contract. Most presale projects will allow the Buyer to assign and sell their contract to purchase before the completion date. With certain restrictions in place depending on the project, the Buyer will usually need to pay a small percentage assignment fee to facilitate the transaction, but will be able to create a profit without having to close on the property or obtain a mortgage. With only your deposit payments committed to the transaction, you could see a higher return on investment.
What are the Disadvantages of Buying Presale?
1) Federal Tax. All presale units will be required to pay a 5% GST on top of the purchase price. This will be payable on completion along with the other closing costs. 

2) Mortgage Approval. A mortgage can not be provided until completion. When you purchase a presale, lenders can issue a pre-approval, but another assessment on the property will be performed at completion to confirm the lending value of the property. If the property is valued less at completion than the purchase price, you could be responsible for making up the difference, depending on your mortgage terms. 

3) Market Fluctuations. The real estate market can go up, but it can also go down as well. If you purchase a presale unit, you will still be required to complete on the property regardless of the market fluctuations. 

4) No Guarantee of Profits. Presales are a very popular way of making money in a rising real estate market, but there will never be a guarantee on how the market will perform into the future. Anything can happen during the period between your purchase and the completion of the property. Ensuring that you are in a position to complete on the property no matter what happens with the market will help you mitigate this risk. This is related to "3) Market Fluctuations" as stated above. 

5) Purchasing a Specific Floorplan. Purchasing a presale unit will require some imagination and vision. During the construction life-cycle, there could potentially be changes to the floor plan. Your Purchase and Sale Agreement and the disclosure statement provided by the developer will note a slight variance allowance. Having a high-level professional Realtor represent you in the presale purchase from the developer will help you decipher the terms of your agreement and read between the lines to ensure you know what you are getting yourself into. 

6) Construction Delays. The Developer only estimates the completion date of the project, so you will need to be prepared for any possible delays. Anything could happen during the construction lifecycle of your new building. Especially in larger-scale projects, delays could be necessary for any number of reasons and the Developer has the contractual right to do so, which will also be outlined in the Disclosure Statement.

7) Deposit Money is Tied Up. Most projects require a deposit of 20% to 25% of the Purchase Price to be paid incrementally (usually 10% higher for foreign buyers). That money will be tied up for a number of years and does not earn you any interest either.
Are Presales for Me, or Should I Buy Resale Instead?
You know yourself better than anyone else knows you. The fact that presale units don’t actually exist yet and the real estate market is generally unpredictable, must be considered and accepted. Buying a presale could be thought of as investing into an idea, vision, promise, and future. Aside from the marketing materials, presentation centre and the material boards, there isn't anything tangible about your new building that can be examined. As a result, if you are more conservative and risk-averse home-buyer, you might be  more comfortable with a resale property instead of a presale unit.
How Much Does it Cost to Hire You?
The Developer pays us. The purchase price you pay is unaffected and potentially lower than what you would otherwise pay. With a connected Realtor, you could enjoy special incentives, promotions, free upgrades, or negotiated pricing. 
With over 8 years of experience, one-of-a-kind Vancouver Realtor®, Austin Yu and his vast network of high-performing professionals are available 7 days a week to help achieve your real estate goals. Contact us today!

Parallel 49 Realty

"Where Canadian Real Estate Starts!"
Unit 828 - 1200 West 73rd Avenue
Vancouver, BC, V6P 6G5

Contact Us 7 Days a Week

Mobile: 778-707-9937
Office: 604-566-7776

Connect With Me

©2022 AUSTIN YU REAL ESTATE - All Rights Reserved | Terms of Use | Privacy Policy
Maximum care is put towards the contents of this website, but cannot be guaranteed. Buyers to verify all details. No content, photography, video or graphics of the website may be used without written consent. This is not an offer for sale. 
Not intended to induce breach of an existing agency agreement.